Regional Economics: Theory and Practice
 

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The role of small business in regional economic development: The Volga Federal District case

Vol. 17, Iss. 5, MAY 2019

Received: 23 January 2019

Received in revised form: 1 April 2019

Accepted: 15 April 2019

Available online: 16 May 2019

Subject Heading: SOCIOECONOMIC POLICY

JEL Classification: R11, R15, R58

Pages: 868–880

https://doi.org/10.24891/re.17.5.868

Mirolyubova T.V. Perm State National Research University, Perm, Russian Federation
mirolubov@list.ru

ORCID id: not available

Baranov M.A. Ministry of Finance of Perm Krai, Perm, Perm Krai, Russian Federation
mark.baranow@gmail.com

ORCID id: not available

Subject The study addresses the totality of economic and administrative relations associated with assessing the role of small business in the regional economy.
Objectives The purpose is to investigate the importance of small business in the regional economy, unveil and describe the nature of GRP dependence of the Volga Federal District on economic performance indicators of small business, using regression models.
Methods The study draws on data aggregation, analysis of statistical data, correlation analysis, induction, deduction, synthesis, and the abstraction technique.
Results We formulate a definition of small business, describe its functions in the regional economy, evaluate the relationship between the small business’ economic performance indicators and regional GRP in the Volga Federal District.
Conclusions The small business development will contribute to creating a socially oriented model of market economy thus increasing the consumer surplus. The economic performance indicators of small business have strong positive relationship with the GRP of regions in the Volga Federal District. The findings may be useful for government institutions involved in small business development.

Keywords: small business, multiplicative effect, Volga Federal District

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