Legal support of innovative activity of small and medium enterprises in Ukraine

The argument holds that visionary and dynamic small and medium enterprises (SMEs) tend to position growth at the centre of strategy. However, there has been a growing body of literature that has examined how financial literacy can support owner-managers
of SMEs in making solid financial decisions that will enhance the growth of their businesses. In the present study, financial literacy and financial resource availability were modelled as different antecedents of SMEs growth. Nevertheless, the boundary condition for such models has received very little attention in the context of Ghana. Accordingly, in regard to resource-based view (RBV) logic, the current research examined the implications of contingency variable financial literacy (proficiency) on the relationship between financial resource availability and SMEs growth, particularly in the context of Ghana. The findings of the current research revealed that high financial literacy led to more positive effect of financial resource availability on SMEs growth.

Ukraine is the only major agricultural country whose production of biofuels has declined since 2010. Nevertheless, it has set a target of 11.5 percent of primary energy supply from biomass, biofuels and waste by 2035. Agricultural land needed to produce biofuels feedstock is calculated for two scenarios based on its current 11.5 percent target and previous 5.0 percent target specified as a share of transport energy consumption. The export orientation of Ukraine’s crop sector and resulting foreign currency earnings pose trade-offs if crops are diverted from exports to biofuel feedstocks. Given these trade-offs, policy options for developing a biofuels industry while satisfying Ukraine’s export and domestic markets are to (1) bring land not currently cultivated into production and (2) increase yield. Both options are found to have substantial potential.

The focus of the research is to develop recommendations of smart specialization (SS) for Ukrainian policymakers using European approaches. The authors revealed that the main SS projects are presented in such sectors as agri-food, industrial modernization and energy. More than 12 EU countries were the plot for conducted analysis of SS, as a result of which the level of activity of each country was determined. The creation of consortiums, including SMEs, associations, universities and other participants, disclosed the successful way of SS realization. The structure of SME’s innovative potential in Ukraine was identified underlining their main characteristic features like types of innovations and innovative activity, differentiation according to enterprise size, their regional distribution. The authors explored lack of innovations on regional and national level and significant territorial disparities, which could be eliminated through policy implementation of regional SS. The existing legislative norms for possibility of SS implementation in Ukraine were analyzed due to correspondence with the EU ones. The analysis provides the opportunity to consider them only as general framework documents without any action plans and sectoral prioritization at all. The weak points of these law documents are emphasized. As a result of research, the authors developed recommendations presented by direct action plan for Ukrainian policymakers, which include such activities as underlining key priorities (especially ICT applicability in every SS project) and their correspondence with the EU ones; eliminating regional imbalances by focusing on innovation development and reorientation of some regions according to SS priorities; respecting regional existing capacities; providing organizational mechanism for cooperation of stakeholders and financial mechanism for SS support through the EU structural funds.