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This paper reviews the literature on zombie firms to provide a holistic view by delineating their formation, impact, widespread nature, prevention and policy implications.

This paper uses a systematic literature review methodology, in which 76 papers published in journals ranked on the Australian Business Deans Council (ABDC) 2022 list were reviewed. The study period was from 2000 to 2022.

Among the main findings, the widespread problems of zombie firms were evident. The authors found that consistent support, either in the form of government grants or a weak financial framework, was responsible for their formation. The suboptimal performance of factors of production, depressed job creation, low innovation and overall negative impact on economic activity are the consequences of zombification. This can be controlled by ensuring better bankruptcy codes, focused on government assistance, technology use and better due diligence by banks.

This review serves as a reference point for future researchers as a cohesive and holistic study presenting a full picture of the problem, so that the proposed solutions are robust and tenable.

This review is among the initial attempts to comprehensively study published work on zombie firms in terms of analyzing their region-specific nature, with an emphasis on definition, causes, impact and prevention.

Introduction: Today the ability of nations to develop and implement innovations is core for their international competitiveness. Ukraine is striving for innovation progress; however, its innovation performance is relatively low. The research problem is to find the bottlenecks, affecting Ukraine’s innovation capability.

Purpose: This study aims to research the national innovation capability profiles, based on cluster analysis, to develop an understanding of drivers and threats for the innovation capability of Ukraine.

Need of the study: The knowledge-based economy, which had already turned into one of the most efficient developmental models of the 21st century, became a key driver of international competitiveness for the leading developed countries due to their progressive structural shifts towards the growth of high-technology manufacturing and knowledge-intensive sectors. These trends are significant to capture for the sake of increasing the innovation capability of the economy of Ukraine.

Methodology: The study is based on the K-means clustering method, which is employed for identifying 10 country clusters based on the indicators of their R&D and innovation activities, which allowed us to assess the innovation capability of Ukraine in comparison with 140 countries of the world. Data selection and normalisation were based on the 2019 Global Competitiveness Report indicators.

Findings: The study showed that Ukraine’s innovation capability problems are typical for most developing countries and are prevalently connected to low R&D expenditures, patent applications, and international co-invention activities. Most countries, except for the technologically developed ones, follow the so-called ‘passive technological learning’ strategies, which usually result in low economic productivity.

Practical implications: Several innovation policy implications have been developed for the government of Ukraine based on the cluster analysis results and accounting for the problems of the national innovation system (NIS).

The purpose of this study is shed light on the underlying forces behind entrepreneurship within a regional innovation system (RIS) in a remote rural region. The authors examine the following questions: Which are the main underlying forces behind the entrepreneurial process in a rural RIS characterized by traditionally low-tech, small-scale businesses? How can the development of a low-tech regional innovation system be conceptualized?

The design of the study is based on entrepreneurship theory. Data analysis followed practices used in phenomenography, a research approach used to analyse and identify commonalities and variations in populations' perceptions of a certain phenomenon. Data are composed using semi-structured interviews and a database composed of company information of all firms in the population.

A proactive mobilization of regional stakeholders and resources can be an important driving force behind the entrepreneurial process and generation of a rural RIS. Innovation can be generated within low-tech industries turning the rural context into an asset. An RIS in a remote rural context can be initiated and orchestrated by regional authorities, but knowledge brokering and orchestration can also be managed by networks of small-scale businesses brought together by mutual benefit and common interests.

Regional innovation systems theory is most often used to study high-tech industries. But by combining regional innovation systems with rural entrepreneurship and entrepreneurship context theory is a fruitful avenue to understand the role of rural entrepreneurship in regional development, even in remote and peripheral regions. Innovation does not need to entail high-tech international environments; it can appear as the result of efforts in low-tech industries in rural and remote environments. The authors’ findings need to be scrutinized; therefore, the authors call for more research on regional innovation systems in rural environments.

It is possible for regional authorities to orchestrate a development process through the actions of a strong regional agent but also by supporting the creation of networks of small businesses that are built on trust and common interests.

This study contributes to the literature with a new perspective to the study of entrepreneurship and of regional innovation systems. Entrepreneurship research with focus on rural contexts most often highlight limits to entrepreneurship and see entrepreneurship as “just running a business”. A perspective that starts from innovation and innovative behaviour, despite the rural context and embedded resources, helps to generate new knowledge that can enrich the understanding of entrepreneurship and also be the foundation for more precise business development policies in rural settings.

This study aims to analyse the impact of the big five personality traits on the financial risk tolerance of individuals. Furthermore, it also examines the differences in personality traits and financial risk tolerance across four generations: baby boomers, Generation X, millennials and Generation Z.

The data constituted 869 responses from Indian individuals, collected using a self-administered structured questionnaire using a convenience sampling technique.

Structural equation modelling analysis showed that openness to experience, extraversion and neuroticism had a significant impact on financial risk tolerance. Multivariate analysis revealed the role of specific personality traits in predicting the financial risk tolerance of generational cohorts. Mean difference showed that millennials and Generation Z had the greatest risk tolerance, whereas the tolerance levels were lower for Generation X and baby boomers.

This research provides insights into the role of personality on financial risk-taking among generational cohorts in India. Thus, these results cannot be generalised for other risk-taking domains or outside the Indian context.

This study’s results align with the pulse rate hypothesis of generational theory and contribute to the growing field of behavioural economics and finance. It provides a perspective of the emerging economy of India, where behavioural finance studies are still at a nascent stage.

While extant literature explores the influence of institutions on the national innovation system (NIS), most research has either focused on specific institutional aspects or treated institutions as a unified entity. This study aims to examine the effect of various institutional factors on a country’s NIS.

The conceptual model was empirically validated using regression analysis. The study sample comprised a total of 84 countries.

This study identifies and empirically validates a comprehensive set of institutional factors. It also highlights the significant institutional factors (including political stability, government effectiveness, ease of resolving insolvency and the rule of law) that can help improve a country’s NIS.

The research provides practical implications for organizations and policymakers seeking to understand and foster an innovative culture within the NIS. Policymakers are encouraged to develop a nurturing environment within the NIS by focusing on significant institutional factors. Organizations are encouraged to closely monitor developments in the NIS of a country to make informed strategic decisions at the business, corporate and international levels.