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This article presents the results of scientific research on the development of theoretical and methodological provisions for the development of small businesses in an innovative economy. The purpose of the research is to develop methodology and conceptual framework, as well as methodological and practical recommendations for the small businesses development in an innovative economy. Following tasks were solved to achieve the goal of the research: substantiation of the endogenous nature of the relationship between culture and economy and entrepreneurship; investigation of the influence of cultural and value factors on goals, motives, behavior models and communicative practices of entrepreneur-ship; description of the mechanism underlying the influence of economic and cultural norms on the logic of decisionmaking of entrepreneurs; development of the model of entrepreneurial activity based on a combination of transactional and transformational approaches and obtaining different types of entrepreneurial rent; development of the theoretical and methodological approach that provides a systematic and holistic study of the mechanism of formation of competitive ad-vantages of small businesses in terms of center-peripheral differentiation of innovation processes. The conceptual development of scientists and economists who have formed and developed general scientific and socio-humanitarian methodological approaches (systematic, constructivist, historical, evolutionary, behavioral, situational), as well as research on current trends in the development of small businesses presents the theoretical and methodological basis of the research. The methods of historical-logical and comparative analysis, subject-object and functional-structural methods, of scientific observation methods were used in the article to justify the conclusions and positions. The main conclusions and provisions expand the theoretical ideas of small businesses development in an innovative economy. The usage of the results of the study in the development of programs of state regulation of small businesses at the regional and local levels presents the practical significance of the research.

This article aims to substantiate the factors by which the oil industry influences the sustainable development of OPEC++-participating countries under conditions of uncertainty. The impact of the price parameters of the world oil market and the tools of its regulation on the sustainability of OPEC++-participating countries was assessed using panel regression analysis. The sustainable development level of OPEC++-participating countries was analyzed by the integrated estimation method, focusing on crude oil market functioning features. Undoubtedly, we can testify that there is a direct correlation between the country’s level of socio-economic development and sustainable development. In resource economies, a reduction in oil production and exports cannot have the same effect on sustainable development as in countries that do not produce oil, or are characterized by a higher level of economic development. With an appropriate level of economic diversification and the effectiveness of the institutional framework for managing the oil market, sustainable development can be achieved. Based on the model of the integrated assessment of the sustainable development of oil-exporting countries, the impact of statistically significant financial investors’ panic factor on the imbalance of oil prices due to the uncertainty of economic development was determined. Key indicators that create a panic factor in the oil market were identified. These include the indicators of the number of countries enforcing lockdown and the pandemic’s duration. We argue for the need to develop an effective strategy for achieving the sustainable development goals (SDGs) in OPEC++-participating countries, based on the management of crude oil supply and demand forces and by considering the effect of financial investors’ panic factor on the oil market.

The article deals with the pressing issues of the growing significance of time as a fundamental factor in the economy development and the competitive behavior of firms. It proposes a conceptual approach to the time phenomenon analysis, in which, based on a synergetic paradigm, the temporal dimension of economy is viewed as a special projection (context), which allows studying its temporal characteristics, as well as functions of time acting as a system-forming phenomenon. The paper, in line with the developed approach, reveals the role of time as a unique instrument to measure the growth of productivity of innovative activities and to regulate allocation of resources in the economy. It is concluded that the level of gross domestic product (GDP) production per time unit reflects the performance of human resources and describes the value of time as a system parameter. At the same time the cost of production becomes a monetary form of manifesting the consumption of aggregate (macroeconomic) time, and the market price becomes the monetary value of the amount of macro-economic time, which a buyer is ready to spend on purchasing a product based on an available income. It is proved that the main source of income exceeding the normal level is innovation, which helps increase the productivity, save time and create Schumpeterian and Kirznerian rents. It shows the role of time as a coordinator of the rhythms of changes in industrial and technological, organizational and institutional, cultural and value connections. It considers the issues of changes in the temporal paradigm of development of entrepreneurial firms' competitive advantages, as well as of strategic management with a focus on time as a competitive factor.