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

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

Journal: Economic Analysis: Theory and Practice, #6, 2018

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.

Specifying the concept of institutional crisis management of an enterprise

Buranova E.A. Institute of Economics, Management and Law, Kazan, Russian Federation ( )

Journal: Finance and Credit, #32, 2015

Subject The study addresses the issue of specifying the definitions of institutional management of the enterprise, institutional environment of crisis management of the enterprise, and institutional crisis management of the enterprise, and their interaction.
     Objectives The aim is to summarize and review the opinions of scientists studying the said concepts, to clarify the institutional management concept, to formulate the institutional environment of crisis management of an enterprise concept, and to summarize scholarly opinions and develop the concept of institutional crisis management of the enterprise.
     Methods In the study, I employed the abstract-logical method.
     Results The scientific novelty of the specified concepts is in the recognition of priority of institutional governance within crisis management of the enterprise, of diagnostics of the institutional environment of crisis management as one of important stages of the crisis management process, and of the opportunity to improve the institutional environment within anti-crisis procedures. Furthermore, the specified concepts will help recognize the unity of purposes of institutional and crisis management, the interaction of internal and external institutional factors as one of important objects of institutional crisis management, and the need to consider the influence of political factors, psychology of counterparts and employees on institutional crisis management.
     Conclusions The revised definitions will enable to involve earlier disregarded internal and external institutional factors, and to enhance the efficiency of crisis management decisions. Under efficient institutional crisis management, any crisis, whether internal or external, may become a factor of enterprise development and trigger progressive institutional changes.

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