Factors of enterprises’ outstripping development in conditions of global economic crisis

Economic Annals-ХХI: Volume 156, Issue 1-2, Pages: 59-62

Citation information:
Polinkevych, O. (2016). Factors of enterprises’ outstripping development in conditions of global economic crisis. Economic Annals-XXI, 156(1-2), 59-62. doi: https://doi.org/10.21003/ea.V156-0013

Oksana Polinkevych
D.Sc. (Economics),
Lesya Ukrainka Eastern European National University
28 Vynnychenko Str., Lutsk, 43025, Ukraine
polinkevych@ukr.net

Factors of enterprises’ outstripping development in conditions of global economic crisis

Abstract. Introduction. The global economy develops cyclically, which means that a rise is followed by recession. The main task of the government is to maintain favourable conditions for business development in order to ensure GDP growth and formation Ukraine’s economy outstripping development contributing to its industrial development.

The purpose of the paper is to determine factors of enterprises’ outstripping development in order to support an innovative model and promote Ukraine’s economic growth.

Results. The author has analysed a number of countries with the highest number of profitable enterprises and compared their ratings with the ratings of developing countries according to information by Bloomberg. Based on this, the author has established patterns that are associated with the outstripping development of enterprises. It is noted that the USA, China and Russia have the largest number of profitable companies. It has been determined that China is a country with outstripping development; the USA is a leading country with regard to development, and Russia is a country with catching-up development. Various types of activities were defined with respect to the most profitable enterprises, including the oil and gas industry (before 2015), the financial sector and production of computers, electronic and optical products, the automotive and pharmaceutical industry. The article deals with factors of outstripping development of enterprises forming at macro-, meso-, and micro-levels. It was found that the level of outstripping development of enterprises in conditions of global economic crisis determine such factors, as: political stability in the country, the level of education and training, social responsibility, government policy in the field of innovation and investment development, type of economic activity, policy of local authorities in the field of innovation and investment development, social and production infrastructure development, consideration of production needs of enterprises by research and development institutions, elaboration of development strategies, financial condition of enterprises, level of organisational culture, innovation activity of enterprises and type of innovation.

Conclusions. The global crisis negatively affects the outstripping development of enterprises, slowing down the innovation development through the production of traditional goods, predominance of imports of innovations to exports, narrowing the capacity of the domestic and global markets, a lowering the level of social guarantees, the willingness of the authorities to obtain investment from international organisations. To promote an outstripping development of enterprises, it is essential to provide a clearly formulated strategy of enterprises’ development, a high level of organisational culture, an active use of innovation in production and management, continuous and multi-level training, human intelligence, knowledge and experience to develop new technologies, adopt innovative solutions, conquer new markets, promote the policy of local authorities towards support of investment and innovation development of a territory. All these actions would establish a basis for setting-up a breakthrough strategy and contribute to the prevalence of 6 and 7 technological modes in society and a high level of customer satisfaction.

Keywords: Outstripping Development; Innovative Development; Factor; Strategy; Innovation

JEL Classification: D21; O10; O51

DOI: https://doi.org/10.21003/ea.V156-0013

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Received 02.10.2015