Economies

While extensive research has explored the determinants of foreign direct investment (FDI) and foreign portfolio investment (FPI) in BRICS nations, there remains a notable gap in understanding the influence of intangible factors, particularly soft power and nation branding. Historically, academic discourse has underemphasized the role of nation branding as a crucial emotional and perceptual component in investment decision-making processes. Consequently, governments in BRICS countries must enhance their national branding efforts to attract both capital and portfolio investment flows. The principal aim of this study was to jointly analyse the tangible and intangible determinants influencing FDI and FPI in BRICS from 1994 to 2024. Employing advanced econometric techniques, specifically the Autoregressive Distributed Lag (ARDL) bounds testing approach for cointegration and Vector Error Correction Models (VECM) for estimation. This study makes a unique contribution to existing literature by examining the nexus between nation branding, FDI and FPI, thereby introducing a novel perspective on the factors driving investment in the BRICS context with an emphasis on non-tangible determinants. The findings indicate that nation branding, along with exchange rate stability, property rights, and financial market development, are significant positive determinants of FPI in these countries. Conversely, capital openness demonstrated a negative relationship with FPI. Moreover, the positive impact of nation branding on FDI within BRICS nations was reaffirmed. This study substantiates the critical role of nation branding as a pivotal driver for both FDI and FPI, emphasising its strategic importance in the economic landscape of BRICS countries.

This study aims to assess whether country-level conditions traditionally associated with fostering entrepreneurship (such as digitization, economic climate, and government policies) explain the extent to which R&D leads to new commercial opportunities for small and medium-sized enterprises. Using data from the Global Entrepreneurship Monitor’s National Expert Survey, this study applies factorial analysis of variance models to evaluate the single and interaction effects of multiple categorical variables on R&D transference. Three models are constructed to test the significance of country: entrepreneurship-supportive factors, entrepreneurs’ recommendations, and pandemic-related government actions. The results reveal that country location consistently and significantly explains variance in R&D transference. In contrast, traditional entrepreneurship-fostering factors are not found to be statistically significant. Pandemic-related government actions also fail to demonstrate measurable explanatory power on R&D transference. These findings suggest that broader national contexts, rather than specific entrepreneurship-supportive conditions, are more critical in shaping R&D outcomes. Policymakers should reconsider the assumption that general entrepreneurship support mechanisms automatically enhance R&D transference. Instead, targeted interventions may be more effective. Entrepreneurs and investors should evaluate national contexts beyond perceived support factors when pursuing R&D-based innovation. The study underscores the need for context-sensitive strategies in fostering innovation and challenges one-size-fits-all approaches to entrepreneurship policy.

Local agri-food markets are a key link in the sustainability and resilience of rural communities, as they merge producers and consumers, create jobs and ensure food security. This paper analyzes the state and perspectives of the development of local markets in rural regions of Russia, relying on demographic, economic, structural and innovation indicators. The results show marked regional differences: in urbanized areas the share of the rural population is low and markets are weak, while in Siberia and the Far East, local markets remain vital, albeit under pressure from depopulation. Structural shifts in favor of plant production, along with worsening price parity, indicate reduced profitability of small producers, but also open opportunities for diversification through processing and branding. Analysis of production concentration shows that sectors with more dispersed production (vegetables, milk) enable greater flexibility and resilience of local markets. Highly concentrated sectors remain vulnerable to market shocks. The findings confirm that local markets can be not only guardians of tradition, but also drivers of modernization and growth. The work thereby makes an empirical contribution to the understanding of the sustainability of rural markets and shows that, with targeted policies that link demographic stability, economic incentives, digital tools and ecological practices, local markets can become a pillar of sustainable development and a significant instrument for strengthening the resilience of the agri-food sector in Russia and beyond. Methodologically, the article applies a mixed approach: (i) quantitative analysis of several sets of statistical data (Rosstat, supplementary FAO/OECD/Eurostat) through descriptive indicators and indices (incl. input/output price parity), as well as cluster typology of regions; and (ii) qualitative mapping of findings to contemporary policies and practices. This framework allows structural trends to be directly linked to implications for local food markets.