Bekim Syla, PhD
“Cyril and Methodious” Skopje, North Macedonia, ORCiD iD: 0000-0002-7712-3848, E-mail: bekimsylaj@hotmail.com
Arbnor Hajdari, PhDc
“Cyril and Methodious” Skopje, North Macedonia, E-mail: contact@adea-pro.com
Kiril Postolov Prof. Dr.
“Cyril and Methodious” Skopje, North Macedonia, contact@adea-pro.com; Kiril.Postolov@eccf.ukim.edu.mk
Abstract
Global financial and economic crises since 2008 have highlighted the structural vulnerability of small and medium-sized enterprises (SMEs), particularly in terms of access to finance, human capital preservation, and adaptive capacity. In this context, crisis management and adaptive financing strategies have become critical determinants of SMEs’ long-term sustainability and growth. This study examines the role of human capital-oriented financing strategies in shaping SME development during global crises, using a comparative framework between Western Europe and the Western Balkans. The research applies a mixed comparative methodology, integrating qualitative and quantitative analysis of data from 352 SMEs covering the period 2008-2025. The analysis is structured around the BiKon Model (Binomial Comparative Model), which enables a probabilistic assessment of SME development under differing institutional and economic regimes. The model incorporates key indicators, including financial flexibility, public policy support, workforce retention, and post-crisis recovery capacity, allowing for an integrated evaluation of financial and human capital resilience. The empirical results reveal pronounced regional differences. SMEs operating in consolidated institutional environments in Western Europe demonstrate significantly higher probabilities of sustaining growth and preserving human capital compared to SMEs in the Western Balkans, where public support remains fragmented and adaptive financing relies largely on informal mechanisms. The findings confirm that the interaction between adaptive financing strategies and active labor market policies plays a decisive role in mitigating crisis effects and strengthening long-term SME performance. This study contributes to the literature by introducing a replicable analytical framework that integrates financial strategy, human capital resilience, and institutional context in the analysis of SME performance under crisis conditions. The results offer important implications for policymakers and SME managers, emphasizing the need for coordinated financing instruments and human capital focused policies to enhance SME resilience during periods of systemic economic disruption.
Keywords: SME resilience, human capital financing, adaptive strategies, crisis management, Western Balkans, Western Europe, BiKon Model, cross regional comparison.
- Introduction
Small and medium sized enterprises (SMEs) constitute the backbone of national economies worldwide, representing a substantial share of employment, innovation, and value creation (OECD, 2022; Eurostat, 2021). Despite their pivotal role, SMEs are disproportionately vulnerable to global financial and economic crises due to their limited access to capital markets, smaller liquidity buffers, and higher sensitivity to institutional constraints (Beck & Demirgüç-Kunt, 2006; Ayyagari et al., 2011). The global financial crisis of 2008, followed by successive macroeconomic shocks including the COVID-19 pandemic, regional instability, and supply chain disruptions has underscored the structural fragility of SMEs, highlighting the urgent need for strategic crisis management practices (Bloom et al., 2019; EBRD, 2021).