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Economies
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The Relationship between Macroeconomics and Small and Medium Enterprises
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The Relationship between Macroeconomics and Small and Medium Enterprises

A special issue of Economies (ISSN 2227-7099). This special issue belongs to the section "Macroeconomics, Monetary Economics, and Financial Markets".

Deadline for manuscript submissions: 31 December 2024 | Viewed by 5029

Special Issue Editor

Dr. Katarina Valaskova

E-Mail Website
Guest Editor
Faculty of Operation and Economics of Transport and Communications, University of Zilina, 010 26 Zilina, Slovakia
Interests: business and management; economics and econometrics; social sciences
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue is focused on the importance of understanding the relationship between macroeconomics and SMEs in the context of contemporary economic dynamics. The extraordinary development of the macroeconomic environment caused by the pandemic or current wars led to significant changes in the development of SMEs. Thus, this SI focuses on several important topics to provide insights into sustaianable SME development and unravel the nuances of the macroeconomic–SME relationship through the following methods:

  • Examination of how macroeconomic factors impact the performance, growth, and sustainability of SMEs.
  • Analysis of the reciprocal influence, considering how SME activities contribute to macroeconomic indicators.
  • Exploration of regional and global variations in the relationship between macroeconomics and SMEs.

Dr. Katarina Valaskova
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • macroeconomic variability
  • economic fluctuation
  • bankruptcy prediction
  • earnings management
  • corporate finance
  • digitization
  • COVID-19 pandemic

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Published Papers (4 papers)

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Research

20 pages, 863 KiB  
Article
The Influence of Market Competition on SMEs’ Performance in Emerging Economies: Does Process Innovation Moderate the Relationship?
by Solomon Abekah Keelson, Juraj Cúg, John Amoah, Zora Petráková, Jacob Odei Addo and Abdul Bashiru Jibril
Economies 2024, 12(11), 282; https://doi.org/10.3390/economies12110282 - 22 Oct 2024
Viewed by 1066
Abstract
Small and medium enterprises (SMEs) are vital to the economic development of emerging economies, significantly contributing to employment, innovation, and GDP growth. This study investigates the influence of market competition on SME performance in emerging economies, specifically examining the moderating role of process [...] Read more.
Small and medium enterprises (SMEs) are vital to the economic development of emerging economies, significantly contributing to employment, innovation, and GDP growth. This study investigates the influence of market competition on SME performance in emerging economies, specifically examining the moderating role of process innovation. Using a sample of 365 SMEs in the western region of Ghana, the research employed a convenience sampling technique to gather data. The analysis utilized partial least square structural equation modeling (PLS-SEM) to explore the relationships between market competition, process innovation, and SME performance. The findings revealed that three direct hypotheses were supported, indicating a positive relationship between market competition and SME performance, while the moderated hypotheses were not supported. These insights provide valuable implications for SME owners, managers, and policymakers. Full article
(This article belongs to the Special Issue The Relationship between Macroeconomics and Small and Medium Enterprises)
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20 pages, 3987 KiB  
Article
Analysis of Effects of COVID-19 Pandemic on Small- and Medium-Sized Enterprises (SMEs) in Rwanda Using Wood Firm-Level Data
by Emmanuel Munyemana, Joseph Mung’atu and Charles Ruranga
Economies 2024, 12(8), 203; https://doi.org/10.3390/economies12080203 - 8 Aug 2024
Viewed by 1184
Abstract
This study assesses and quantifies the economic and financial impacts of the COVID-19 pandemic during the period of business operation restrictions countrywide (lockdown measures). We examine the strategies adopted by small and medium-sized enterprises (SMEs) to reopen their business operations after lockdown measures [...] Read more.
This study assesses and quantifies the economic and financial impacts of the COVID-19 pandemic during the period of business operation restrictions countrywide (lockdown measures). We examine the strategies adopted by small and medium-sized enterprises (SMEs) to reopen their business operations after lockdown measures had been relaxed or lifted. Data were collected in Rwanda from nearly 244 SMEs across the country, providing firsthand and reliable information on the effects of the pandemic on business performance, with a particular emphasis on wood-based enterprises. We used Exploratory Data Analysis (EDA) and multivariate linear regression methods to measure the pandemic’s effects on employment, sales, and tax payments among SMEs. The findings reveal that firms downsized employment by 36%, with significant deviations within different SME sizes. Small businesses were particularly affected by reduced sales levels due to the pandemic. Although there was an overall reduction in tax payments during the crisis, medium-sized enterprises experienced a more significant decrease in taxes paid to the government by 74.6%. Additionally, regression findings affirm that the COVID-19 effects on SMEs were manifested in reduced sales across all categories of SMEs, reduced employment, and a reduced amount of taxes paid to the government, which further translate to reduced economic performance during COVID-19 period. Furthermore, SME owners utilised various coping mechanisms during the reopening phase, including a reliance on savings and selling assets. The analysis recommends establishing medium-term financing mechanisms and providing technical support for SMEs to ensure a steady and sustainable recovery from the pandemic’s effects, as well as enhancing their resilience to future socio-economic shocks. Full article
(This article belongs to the Special Issue The Relationship between Macroeconomics and Small and Medium Enterprises)
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18 pages, 1870 KiB  
Article
Modeling of Complex State Financial Support for Small and Medium-Sized Enterprises
by Kristina Alekseyevna Zakharova, Danil Anatolyevich Muravyev and Egine Araratovna Karagulian
Economies 2024, 12(7), 188; https://doi.org/10.3390/economies12070188 - 18 Jul 2024
Viewed by 1041
Abstract
This article describes a new approach to determining the optimal amount of state financial support provided to business entities. It is shown that there are three available methods to support economic agents. The most cost-effective option is subsidizing business entities to expand their [...] Read more.
This article describes a new approach to determining the optimal amount of state financial support provided to business entities. It is shown that there are three available methods to support economic agents. The most cost-effective option is subsidizing business entities to expand their current assets. It has been revealed that there are not just optimal amounts of government financial support but also optimal not-to-exceed amounts that make it possible to identify the boundaries of the so-called highly productive state of the economy. In this case, when the economy is highly productive, the prices of goods (services) fall, workers spend their savings, and the volume of production increases. This ultimately leads to an increase in the well-being of the population. The differential equations are the basis for the model, which is similar to the model of a simple two-sector single-product economy. The Monte Carlo method is used to determine the optimal not-to-exceed amount for government financial support. The identification of such intervals allows us to determine the amount of state financial support that will lead to a highly productive state and will not contribute to an unreasonable expansion of the budget expenditure. This study’s results can be utilized by government authorities for the development of a comprehensive system of state financial support for entrepreneurship. Business entities can use the results of this research concerning the calculation of the optimal not-to-exceed amount of financial support. Full article
(This article belongs to the Special Issue The Relationship between Macroeconomics and Small and Medium Enterprises)
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17 pages, 1056 KiB  
Article
Institutional Quality and Internationalization: Empirical Evidence from Manufacturing SMEs in Vietnam
by Bao Dinh Ho and Tung Nguyen
Economies 2024, 12(6), 144; https://doi.org/10.3390/economies12060144 - 11 Jun 2024
Viewed by 1138
Abstract
This paper assesses how the local institutional environment affects the internationalization of manufacturing small- and medium-sized enterprises (SMEs) in Vietnam, exploiting a multi-dimensional institutional index and large-scale enterprise data. The authors find that the internationalization of manufacturing SMEs was influenced by several institutional [...] Read more.
This paper assesses how the local institutional environment affects the internationalization of manufacturing small- and medium-sized enterprises (SMEs) in Vietnam, exploiting a multi-dimensional institutional index and large-scale enterprise data. The authors find that the internationalization of manufacturing SMEs was influenced by several institutional aspects, such as the transparency of local authorities, access to land, informal charges, and local labor policies. Improvements in these institutional aspects can substantially enhance participation in international trade and its magnitude. This pattern diverges from their large and foreign counterparts, whose trade participation is primarily affected by land access and the transparency of local authorities. Additionally, the authors find heterogeneous effects of the institutional environment on SMEs in different manufacturing industries. Heavy industries rely more on the costs of entry and time costs, while land access is crucial for SMEs in manufacturing industries that require large-sized factories. Our findings suggest that the government should provide a supportive institutional environment to SMEs, which will lead to higher international participation and boost domestic economic growth. Full article
(This article belongs to the Special Issue The Relationship between Macroeconomics and Small and Medium Enterprises)
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