Economic Analysis: Theory and Practice

Specifics of institutional crisis management at enterprises: Economic and legal approaches subject to institutional environment of the region

Vol. 17, Iss. 6, JUNE 2018

Received: 8 December 2017

Received in revised form: 27 February 2018

Accepted: 6 April 2018

Available online: 30 June 2018

Subject Heading: Crisis management

JEL Classification: D2, L2

Pages: 1114–1135

Buranova E.A. Kazan Innovative University named after V.G. Timiryasov, Kazan, Republic of Tatarstan, Russian Federation

ORCID id: not available

Importance The article addresses the interrelation of economic and legal approaches to enterprise crisis management.
Objectives The purpose is to identify factors of regional institutional environment impacting the quality of enterprise crisis management.
Methods The study rests on the abstract and logical method.
Results The paper reveals interrelations between legal and economic approaches to crisis management of the enterprise; the connection between procedures for pre-trial resolution, supervision and financial recovery with proactive crisis management; the interaction of reactive crisis management with external management. The constructed econometric model unveils the impact, though rather weak, of the level of social and economic development on intensity of enterprise bankruptcy in regions. I offer a new systematization of factors of institutional environment in the region with the allocation of active interaction with the enterprise and indirect influence on it. This will improve the development and implementation of policies to transform the region's institutional environment with an emphasis on the most significant factors for the enterprise. I also identify social and economic factors, formal and informal institutions as basic and equitable elements of the regional institutional environment.
Conclusions The effectiveness of crisis management (both through the arbitration manager and on a voluntary basis) depends on external and internal factors. Therefore, a strategy for crisis management should consider measures to eliminate threats and use the internal environment of the enterprise and the environment of the region.

Keywords: crisis management, institutional environment, region


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