The author examines the complex relationship between stock liquidity, financial flexibility, management quality and investments of Russian public companies. The cost and volume of fixed assets affect the size of an organisation’s assets, which, in turn, determines the share price. The share price is an objective indicator of the financial position of the company. The quality of management allows you to assess the company’s ability to attract investments. The liquidity of shares has a causal relationship with investments. Financial flexibility affects management's ability to adjust the capital structure in order to attract additional capital investments. In addition, financial flexibility allows the company to respond quckly to investor proposals in the face of restrictive (sanction) measures. The management of Russian companies affects not only the share price (risk adjustment), but also the investment opportunities. The author identifies criteria for management integrity in the implementation of investments. Information asymmetry affects the financial policy of the company. Investment opportunities are favourable under a balanced financial policy and in the presence of high quality property collateral. Companies with a high level of property security have the necessary debt capacity, i.e. the ability to meet their obligations to creditors in a timely manner. Assets determine not only the share price, but also the financial position and investment attractiveness of a commercial organisation. Property security is an important factor in deciding on the choice of funding source, taking into account its price (adverse selection problem). The author presents the evaluation results using a dynamic panel data model (the Arellano-Bond – the generalised method of moments). The model allows us to solve the problem of endogeneity – the correlation of explanatory variables with an error in the regression.

The internationalisation of small and medium-sized enterprises (SMEs) is an important topic in economics, with numerous studies focusing on this process over the past decades. Many researchers have concluded that internationalisation of SMEs is a complex task requiring the consideration of many factors. A key issue in existing research is the insuffi cient attention given to the role of knowledge in the internationalisation process. Despite the recognition of the importance of knowledge, most studies focus on other aspects such as innovation activities, network structures, and management. While these aspects are important, the potential of SMEs remains untapped without adequate attention to the knowledge that underpins successful international operations.

This article proposes a new model of internationalisation based on knowledge-driven innovation, which views international market entry through the lens of knowledge acquired by SMEs and the resulting innovations implemented. The model is based on empirical research with 179 respondents representing SMEs operating in international markets.

The model views internationalisation as a dynamic process in which knowledge-based innovation plays a crucial role at each stage, helping SMEs adapt to international conditions and enhance their competitiveness. The study found that successful internationalisation of SMEs depends on the creation of knowledge-based innovations. Eff ective knowledge management - including collection, storage, dissemination and exploitation - is essential for the development of such innovations. To achieve better results, SMEs should prioritise aspects such as regular knowledge sharing, the use of effi cient information systems, and the involvement of management in knowledge management processes. The knowledge-driven innovation model provides a structured approach to internationalisation, covering the stages of preparation, initiation, and experienced market penetration. 

To successfully enter international markets, it is essential to create an environment where employees understand their role and the importance of knowledge, and where mangement actively supports knowledge sharing and innovation processes. Such approaches will help SMEs achieve sustainable success and remain competitive in international markets.

The author examined the strategic importance and promising areas for the development of scientific and technical cooperation (STC) among the BRICS (and BRICS+) countries. The emergence of the New World Order (NWO) has created conditions for the expansion cooperation among the BRICS members, and the development and, in particular, deepening of the scientific and technical cooperation among the BRICS countries (BRICS+) should make it possible to create a sustainable strategic basis for the development of all BRICS members (and BRICS as a whole). The most important condition for the development of the international STC is the existence of innovative technological and scientific technical potential in the participating countries. Their study allowed the author to establish: 1) their presence in the BRICS countries; 2) the presence of interest of all BRICS countries in the development of STC and in the development of STC with Russia; 3) that the pace of development of STC of the BRICS countries is significantly inferior to the pace of trade and economic cooperation; 3) the presence of both intergovernmental documents and facts of implementation of joint events and programmes in the field of academic and university science, in the field of education. The directions for the development of the BRICS S&T cooperation agreed upon by the participating countries so far should be considered as justified, but it is advisable to develop and deepen them, especially in the direction of environmental protection and in response to the digital transformations taking place in the modern economy. However, for the development of the STC of the BRICS members, it is necessary to define the strategic significance and formulate the principles of understanding the strategic significance of the implementation of the ISTC at this stage of development of science, technology and economy, which is important for almost all BRICS members. For this purpose, the author has formulated the main points that determine the decisions that need to be made, including those related to the assumption of relevant risks, and has first recorded the stages of development of the STC of the BRICS members. The author also suggests considering the possibility of creating cross-border inter-firm innovation ecosystems. In conclusion, it is emphasised that the formation of the strategy of the STC of the BRICS members requires respect for their interests and the use of an ecosystem approach and fine-tuning.

This article develops a complement to the integrative concept of the knowledge management cycle with a strategic competence subsystem, aimed at the sustainable growth of distinctive competences. The presented integrative concept of the knowledge management cycle and the organisation’s distinctive competences allows to extend the conceptual framework of the approach aimed at combining the paradigms of the resource approach to strategic management and knowledge management. It is an attempt at a broader and more systemic interpretation of the approach that has emerged in recent years around the concept of knowledge-based dynamic capabilities (KBDC). As the organisation evolves, capabilities and competencies are constantly and dynamically recombined in updated configurations that allow for a flexible response to changing business conditions while maintaining a conscious focus on the organisation’s significant long-term goals. At the same time, it is important to integrate knowledge as a kind of circulatory system that will circulate between the various competence bodies of the organisation, especially in relation to distinctive competences, although many of the principles are equally applicable to core competences. An organisation within the framework of such a paradigm in the context of the modern knowledge economy, can be defined as an intentionally directed knowledge system that strategically builds its pool of distinctive, key and unique competencies within the framework of an ascending and increasingly complex spiral reproduction of data, information and knowledge flows.

Wind energy is a renewable energy source, and wind power is a dynamically developing new branch of non-traditional green energy in Russia and in the world. Despite the sanctions and the unfavourable economic situation in the country, Russian energy specialists are pursuing a course for the wind energy development, supported by government programmes. The difficult situation for the implementation of the green energy programme is linked to objective difficulties: Russia has accumulated a surplus of oil and gas that is not needed in Europe, and Western manufacturers have left the Russian market, without which it is difficult to build new wind turbines. The industry has also accumulated methodological problems - on the choice of a methodology for calculating the efficiency of wind farms and tools for internal and strategic planning. This article is an overview of the amount of energy production from wind farms in Russia and countries around the world.

Since the entire healthcare system operates in a dynamically changing and unpredictable environment, it requires strategic management. In order to achieve a socio-economic outcome in the context of Russian healthcare, state outpatient clinics will be the most important, as most goals and objectives can be achieved in an outpatient setting.
The purpose of the study is a generalised assessment of the activities of all state outpatient medical institutions of the Russian Federation on key aspects of their activities in order to formulate a long-term development strategy for these institutions. 
This study uses the method of strategic analysis of the organisation's activities by means of PEST analysis. The PEST analysis was carried out with the participation of experts from various areas of the Russian Healthcare System.
The results of the study. On the basis of the literature studied, the main factors that can influence the activities of the state polyclinic have been identified. These factors were selected by the author from a total of 40 questions and submitted for assessment by health professionals. Experts assessed the level of influence of the factor and the likelihood of the factor occurring in a state outpatient facility. On the basis of the estimates, a PEST analysis table has been compiled for the activities of governmental outpatient institutions. A weight-adjusted estimate is also calculated for each factor and a table of the influence of the factors in descending order is compiled. On the basis of this analysis, the main directions for the development of state outpatient medical institutions were formulated. 
The practical application of the results is possible in the conditions of the state outpatient medical service of the Russian Federation, since the main points of the development direction are formulated. The economic aspect of this study is the effective economic functioning of an outpatient institution based on a scientific approach in the field of strategic management. 
The originality and significance of this study lies in the fact that it conducts a PEST analysis in relation to state outpatient institutions of the Russian Federation, which has not been done before. The main scientifically based directions for the development of state outpatient medical institutions are also formulated.

The article discusses compliance risks that can arise during the operation of IT products in the market and cause unacceptable damage to IT organisations. To achieve this goal, the author of this article conducted a study of civil, administrative and criminal judicial practice, where one of the parties was an IT company (OKVED 62), including disputes related to the infringement of exclusive rights to IT products. Based on the research conducted, 12 compliance risks were identified, of which 6 were civil, 1 was administrative and 5 were criminal. An analysis of judicial practice has shown that the withdrawal, distribution and operation of IT products on the market without taking into account these requirements exposes IT companies to civil, administrative and/or criminal liability. In addition, as part of the work carried out, the dynamics of criminal offences in the field of computer information was analysed, where it was found that in the period 2022-2023. The increase in offences related to unauthorised access to electronic devices rose from 9,308 to 36,788 crimes (an increase of 74.6%). The results of the study highlited the urgent need for IT stakeholdes to develop effective and efficient preventive measures to influence identified compliance risks. For example, the development of measures related to the review of requirements for documentary support of IT projects, the form and content of IT products, and ways of protecting computer information.

In this paper we look at the application of the theory and practice of dynamic capabilities of companies that adapt their current resources and competences. We review the Concept of Dynamic Capabilities that is developed by D.J. Teece, and discuss the context of the resource-based view and the Concept of Key Capabilities. In the article we highlight the three main components of dynamic capabilities: the sensory capabilities, the capacity to learn and strategic agility. 
The main part of the work includes an illustrative case of Netflix’s business transformation and the decline of Blockbuster Video. We take a closer look at the development of Netflix – its  key business innovations in ‘delivering’ content to the customer and the collapse of Blockbuster Video – the reasons for its inability to sense the changing business environment.
The conclusions of the cases are discussed through the prism of the three components of dynamic capabilities. We highlight which of these enabled the company to transform, develop new key capabilities and build competitive advantage.