COGNITIVE MICRO-FOUNDATIONS OF FIRM SURVIVAL: A PRIMARY SURVEY OF MANAGERIAL PERCEPTIONS OF REGULATORY BUREAUCRACY IN UZBEKISTAN

Abstract

The survival of small and medium-sized enterprises (SME) in transition economy countries, for example Uzbekistan, is mostly investigated using aggregate macroeconomic parameters. Such reliance creates a research gap, taking into account the uniformity of companies, ignoring their appetite for risk. To solve this issue, the study systematically analyzes the existing literature on managerial mindset, dynamic capabilities and strategic risk-taking. The findings show that strategic sustainability stems from subjective managerial understanding, which lays the foundation to conduct primary surveys in order to precisely identify cognitive micro fundamentals of firm survival.