The digital economy development leads to a change in the institutional conditions of human resources management and an aggravation of the contradictions between technological capabilities and managerial responsibility. The purpose of the research is to identify and analytically comprehend the key contradictions (paradoxes) in the human resources management processes in companies in Central European countries caused by the dynamism of digital transformations. The methodological basis of the research is an institutional, critical and comparative analysis based on the synthesis and interpretation of statistical data, industry analytical reports and practices in HR outsourcing. The empirical basis of the study is the Visegrad Group countries (Czech Republic, Slovakia, Poland and Hungary), characterised by a similar trajectory of post-socialist transformation and comparable labor market models within the framework of the pan-European regulatory environment. The results of the study conceptually substantiate and empirically confirm the existence of structural paradoxes of human resources management, including contradictions between automation and the growth of managerial responsibility, algorithmization of decisions and lack of trust, standardization of processes and the need to take into account the local institutional context. It is proved that these contradictions are institutional in nature, cannot be eliminated solely through technological or process tools, and require institutional and analytical thinking, including strengthening the role of human-centered management.

The objective of the research presented in the article was to develop a management concept of regional business ecosystems with an assessment of the qualitative changes of Small and Medium-Sized Enterprises (SMEs) in the Russian Federation and its regions. The aims include the following: clarification of functions of SME in the national economy in the context of justifying state participation in managing its development, including at the regional level; streamlining the conceptual apparatus of regional entrepreneurial ecosystems as a necessary research foundation in this area; formalizing the features of their structure; analysing fluctuations in this segment within spatial-sectoral and categorical contexts; development of theoretical provisions and methodological tools for assessing structural changes in regional SME sectors. Research materials and methods. The works of Russian and international scholars have become the theoretical basis for this study related to the theory of spatial economic development, entrepreneurial ecosystems, and the management of complex economic systems. During the research, the author used system analysis methods, analysis of structure and dynamics, comparative assessments construction, as well as econometric methods. The author resorted to information databases provided by Rosstat, the Federal Tax Service of the Russian Federation (FTS), and by relevant ministries and departments. Scientific novelty. For the first time, the concept of SME conversion was introduced into scientific circulation, methodological tools for its quantitative assessment were proposed and tested, including regions with high and low SME conversion, as well as the relationship of SME conversion with the change in gross value added created by SMEs. Practical implementation. The article may be of value to researchers and managers interested in developing effective measures and mechanisms to support the rapid growth of SMEs in the regions of Russia.

Objective. The article under consideration presents a comprehensive analysis of the value chain of the Russian ferrous metallurgy industry based on the methodology of the inter-industry balance and input-output tables. The study reveals the economic role of the industry, the structure of production and consumer links, as well as sustainability in view of external constraints. Scenario modeling is utilised to evaluate the consequences of declining exports and the possibilities of compensation through domestic demand and import substitution. The scientific novelty of the research lies in its integration of inter-industry analysis with an assessment of the structural adaptability of the industry. The study employs a quantitative assessment of the links between sectors including calculation of full cost coefficients and multipliers. It is specifically applied to the Russian ferrous metallurgy sector in reference to the data of 2021. The findings emphasise the necessity for modernisation, in-depth processing and the development of internal industry links. Therefore, the authors suggest measures to be implemented for reducing raw material dependence, increasing added value and ensuring the sustainable development of metallurgy in the context of global transformations.

The subject of the study is to determine, how the environment of decentralised finance (DeFi) replicates the functions previously provided by institutional intermediaries. This is not concerned with the preservation of banks, as financial entities, but rather with the fate of mechanisms, which render their activity essential, as well as the means and modifications they operate in DeFi. The objective of the study is to identify functions related to financial intermediation without the reference to the organisational form. Besides, it is aimed to explore the specific features of their implementation in a decentralised environment, as well as determine the circumstances, which necessitate the existence of entities with institutional responsibility. The scientific novelty of the research is a comparative analysis of the methods of implementing functions instead of descriptive or purely technological interpretation of DeFi. The study’s primary focus is pinpointed on the content of operations, rather than on the structure of protocols or program code: namely, the actions performed, the consequences for the redistribution of resources, the sustainability of obligations, as well as the formation of trust between parties.

The relevance of this study is driven by the growing popularity of equity crowdfunding as an alternative source of financing for small and medium-sized enterprises, as well as the need for institutional support for this market in Russia. The objective of this article is identifying institutional factors that constrain the development of equity crowdfunding in Russia, as well as determining successful elements of foreign practices potentially applicable for development of the domestic market. Methodology: the study implies current cross-cultural research based on G. Hofstede’s model of national cultures, analyses legal frameworks system, contractual practices, and market statistics. Scientific novelty lies in the theoretical conceptualisation of equity crowdfunding as an institutional phenomenon shaped by the interaction of cultural norms, formal rules, and contractual practices. The article develops O. Williamson’s approach, demonstrating its relevance for analysing specific features of financial markets. Research results: a comparative analysis is conducted of the institutional environment for equity crowdfunding in Russia and the United Kingdom. Key differences are identified in value orientations, regulatory regimes, contractual forms, and specific market practices. The article outlines the interrelated mechanisms of the institutional environment and the maturity level of the crowdfunding market and it shapes key directions for institutional transformation. Practical significance: the findings can be used by regulators, platform operators, and policymakers in designing mechanisms to improve accessibility and foster the development of equity crowdfunding in Russia.

Subject. The rapid economic growth of China and other developing countries has led to a large-scale transformation of the global economy and formation of a new center of power, around which countries have begun to get united focusing to abolish financial and economic dependence on the United States and its allies. To maintain its leading position, the United States instigated an escalation of geopolitical tensions. This aggravated the fragmentation of the global economy and world finance. As a result of such fragmentation, currently, there coexist two main blocs of countries: the G7 and BRICS+. The article presents an analysis of the basic financial and economic indicators of these groups of countries. The objective of the study is to identify the current state and development prospects of the financial and economic potential of the G7 and BRICS+. Methodology. Key features of the economic and financial development of country members of these groups are revealed stemming from comparative and economic-statistical analysis. In conclusion, indicates a significant financial and economic potential of the BRICS+. Besides, it is recommended to initiate a dialogue between developed and developing countries regarding the formation of a fundamentally new global financial and economic architecture.

The research objective. Global finance is a complex and multifaceted concept associated with the functioning of the global financial market (GFM), the global monetary and financial system (GMFS) and the global financial architecture (GFA). The GFM distributes and redistributes financial resources between transnational companies, investors, government institutions and international organisations. The GMFS facilitates international trade and investment through internationally agreed financial instruments and mechanisms. In turn, the functionality of the GFM and GMFS is ensured by the global financial architecture. The smooth functioning of the GFM, GMFS and GFA depends on the ability of economic entities to finance promptly and fully international transactions in means of payment acceptable to creditors. Meanwhile, in modern conditions, the creation of international liquidity is not the subject of interstate agreements and goes beyond the control of government bodies into the sphere of activity of supranational monopolies, mainly of Anglo-American origin. The purpose of the article is to substantiate the privileged role of Anglo-American institutions in the functioning of modern global finance as the reason for creating conditions for unequal exchange in the global economy. The article considers the specific features of the circulation of global financial capital, which ensures the synergy of the processes of economic and financial globalisation. The functional and hierarchical structure of global financial institutions is systematised. The article reveals the role of Anglo-American monopolies in the formation of restrictive rules and standards for access of private and sovereign borrowers to the resources of the global financial market. The research describes the reasons for the long-term Anglo-American dominance in the system of world finance and the problems of reforming their institutional structure. Therefore, it follows that China, as a rising superpower, needs to develop non-trivial approaches to attract allied states to its side, capable of creating a conceptual alternative to the unipolar structure of modern world finance.

The objective of the research is to identify human capital as the basis of innovative development in the context of the digitalising economy and its growing role within the framework of automation, AI and global competition. The impact of human capital on innovation processes and strategies of the leading countries worldwide is analysed, including the challenges of digitalisation, automation-driven risks and ethical aspects of AI. The methodology employed is comparative analysis of various types of intellectual capital (human, structural and customer ones), as well as its practice in Germany, the USA and China. The article describes modern digital technologies (cloud solutions, AI), their impact on the labour market. It also conducts a critical analysis of relevant statistics and reports (e.g. on scarce information security personnel). Findings. The article emphasises the significance of training personnel in the domain of security and digital technologies, which is of particular relevance for the Russian economy. Reference to specific universities and training programs serves to enhance a practical value to the given research.

The objective of the present article is to explore the accomplishments of the 2025 Nobel Prize laureates in the field of Economic Research. Findings. The research analyses the concept of the Nobel Prize winners, according to which scientific and technological progress represents creative destruction generating new realities and demolishing the old ones. It also explores the divergence in development paths between European countries and the rest of the world. Particular attention is focused on the winners’ research on the causes and mechanisms of the first industrial revolution and long-term statistical indicators of time series ranging two to six centuries. The econometric portion of abovementioned achievements is presented in the article using the Aghion-Howitt model. In conclusion, the author pays the tribute to the significance of the laureates’ work for the future development of the global economy and emphasises a significant impact of their ideas on the future in two aspects: the integration of artificial intelligence into scientific and technological progress and the formation of the so-called “knowledge economy”.

Relevance. In the contemporary world, universities face challenges such as gaining technological supremacy and enhancing the volume and quality of socially responsible practices. This requires intensified participation by educational institutions in the socioeconomic development of regions via generation of innovations. It can be succeeded by transitioning to the model of a socially responsible university in three dimensions, such as the following: organisational values, and both the values of research and the work of employees. The objective of the study is to substantiate the author’s methodology for assessing the organisational culture of university using the “Double S Cube” model by Rob Goffee and Gareth Jones, based on key organisational values such as sociality and solidarity adequately constituting the university’s organisational values. The methodology comprises a systemic analysis and evaluation of expert data on the organisational values of universities. The scientific novelty focuses on structuring the diagnostics of the university’s organisational culture in accordance with the specified model.

The relevance of the research topic stems from the growing importance of regional innovation ecosystems (IES) in organising innovation processes. An innovation ecosystem is defined as a network of innovation actors and regional institutions, where high levels of interaction under open innovation conditions promote self-organisation, self-regulation, and self-development, thereby driving innovative development in the region as a whole. The purpose of this research article is to develop an original methodology for clustering regions according to potential of IES in order to form an information base for differentiated regional economic policy. Methods: the author used the principal component method, theoretical and factor analysis, as well as methods of comparison, grouping, and ranking. Scientific novelty: the paper presents original methodological evaluation of the potential of regional IES. The results of the study: the article proposes an algorithm for constructing an integral indicator to assess the potential of regional IES. Practical significance: the results can be implemented by government authorities in developing differentiated instruments of regional economic policy for the identified groups of regions.