Bulletin of Taras Shevchenko National University of Kyiv. Economics
Title: Bulletin of the Taras Shevchenko National University of Kyiv. Economics ISSN 1728-2667; eISSN 2079-908X DOI: https://doi.org/10.17721/1728-2667 Subject Areas: Business, Management and Accounting / Accounting; Management of Technology and Innovation; Marketing; Business and International Management Business; Management and Accounting (miscellaneous); Economics, Econometrics and Finance / Economics, Econometrics and Finance (miscellaneous) Registered:Ministry of Justice of Ukraine. Certificate of state registration КV № 25420 - 15360ПР dated 03.02.2023 The magazine is included in the list of scientific subject area journals of Ukraine (category B) Order of the Ministry of Education and Culture № 409 dated 17.03.2020 Founder-Publisher: Taras Shevchenko National University of Kyiv Year of foundation: 1958 Publication languages: Ukrainian, English, German Periodicity: twice a year Facebook
Київський національний університет імені Тараса Шевченка
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DYNAMIC OF ESG PERFORMANCE AND RISK-RETURN CORRESPONDENCE FOR LARGE US COMPANIES: EMPIRICAL ANALYSIS OF THE DJIA INDEX BASKET
B a c k g r o u n d . Legislative and regulatory changes are reshaping the landscape of Environmental, Social, and Governance (ESG) principles. This is prompting companies to reassess their commitments and implement new business development strategies that align with sustainable development. At the same time, certain "anti-ESG" trends, primarily in the US, are creating uncertainty regarding ESG performance dynamics, and the risk-return correspondence dynamics also appear unstable. These developments motivated the study's purpose: to examine the dynamics of ESG and risk-return correspondence from 2019 to 2024. This paper presents results on the dynamics of 10 ESG subindexes and the K-ratio indicator for the largest US companies from 2019 to 2024. We also analyzed the hypothesis concerning the correspondence between ESG performance and the investment risk-return ratio. M e t h o d s . Employed methods include factual and comparative analysis, statistical techniques, correlation estimation, risk-return measurement, synthesis, and deduction. R e s u l t s . We estimated the dynamics of subindices for 30 US companies from the Dow Jones Industrial Average (DJIA) index basket using statistical analysis of ESG scores. The subindexes exhibited convex upward trajectories, reaching their highest scores in the year when the COVID-19 pandemic began. Analyzing risk-return correspondence from 2019 to 2024 revealed persistent and significant changes in this ratio's value. A statistical analysis of the relationship between ESG scores and risk-return correspondence showed that there is no clear correlation between these two components. Therefore, it can be concluded that these two factors have distinct dynamics and that there is no clear relationship between ESG performance and market risk-return outcomes. C o n c l u s i o n s . ESG principles are becoming an important component of sustainable business development; however, this process remains multifaceted and complex for large companies. The implementation of ESG scoring systems by several global rating agencies enables the identification and analysis of numerical patterns of this development. Current research focuses on analyzing the impact of ESG reporting on corporate financial and investment performance. Identifying such regularities will improve our understanding of the role and significance of ESG in the holistic analysis of corporate development.
environmental, social, and governance reporting
Copyright (c) 2026 Андрій КАМІНСЬКИЙ, д-р екон. наук, проф., Марина НЕГРЕЙ, канд. екон. наук, доц., Нуно АЛЬМЕЙДА, д-р екон. наук, проф., Іван ШАЛЕНИК, асп. https://creativecommons.org/licenses/by/4.0
CONSUMER BEHAVIOUR MODEL FOR ORGANIC PRODUCTS: AN EMPIRICAL STUDY OF THE UK MARKET
B a c k g r o u n d . The growing global demand for organic products is driven by the intensification of environmental problems and a shift in consumer priorities toward safe and sustainable goods. The organic products market is shaped by a combination of economic, social, and cultural factors, which calls for a detailed examination of consumer behavior models in international markets. The purpose of this study is to enhance theoretical approaches and develop practical recommendations for applying consumer behavior models as a basis for effective strategies for businesses operating in international organic markets, thereby promoting the sustainable development of Ukraine's economy. The object of the study is the economic relations between producers and consumers in international organic markets, while the subject of the study is the theoretical and methodological aspects of forming consumer behavior models in these markets. M e t h o d s . The research is based on the comprehensive application of general scientific methods (analysis and synthesis, induction and deduction, analogy and comparison, classification, systematization, quantitative and statistical analysis, etc.) and specific scientific methods (hypothetical, theoretical modeling, and visual-graphical methods). This approach made it possible to combine theoretical analysis with empirical observations to achieve the research objectives. R e s u l t s . It was found that none of the analyzed consumer behavior models in the domestic or international economic literature fully captures all aspects of the behavior of organic product consumers. Therefore, a comprehensive model was developed that integrates cognitive, emotional, and value dimensions in shaping consumer intention and translating it into behavior. This model served as the foundation for developing a strategy to promote the company "Danube Agrarian" in the UK market. In addition, the study identified positive social and environmental effects of the organic sector's development on Ukraine's economy. C o n c l u s i o n s . The proposed model serves as a tool for predicting consumer behavior and can be used as a basis for developing strategies to promote products in international markets. The results obtained have practical significance for Ukrainian producers of organic products and will contribute to enhancing Ukraine's competitiveness in the global market and advancing its transition toward a sustainable development model.
Copyright (c) 2026 Алла СТАРОСТІНА, д-р екон. наук, Карло АДАМІ, канд. екон. наук, фінансовий аташе, Світлана ЮХИМЧУК, магістр https://creativecommons.org/licenses/by/4.0
MEZZANINE FINANCING OF UKRAINE'S ENERGY INFRASTRUCTURE IN THE POST-WAR RENEWAL
B a c k g r o u n d . The Government of Ukraine has developed the Energy Strategy up to 2050, which aims to strengthen energy security and resilience and introduces targets for energy efficiency, environmental safety, reducing carbon emissions, etc. Postwar recovery combined with simultaneous modernization of Ukraine's energy sector will require the mobilization of significant financial resources, highlighting the importance of examining advanced global experience in attracting investment to energy infrastructure. The aim of the article is to substantiate promising methods of financing energy facilities for their implementation and application in the Ukrainian economy during the post-war renewal period. M e t h o d s . Employed in the study include factual and situational analysis, synthesis, deduction, systems approach method, and theoretical generalization. R e s u l t s . The article analyzes global experience in applying and combining methods of financing energy infrastructure. It formulates the key principles for mobilizing investment in modern energy. The study provides analytical conclusions with justifications regarding the prospects and relevance of implementing and applying mezzanine financing for the post-war renewal of Ukraine's energy sector. The most priority and optimal mezzanine forms of attracting investments to the energy sector are identified. C o n c l u s i o n s . The study distinguishes the key principles for mobilizing investment in the energy sector, namely: consideration of energy security and socio-economic stability aspects, mobilization of non-state financing, minimization of the cost of capital, harmonization of the project's cash flows, fair risks and returns allocation. Based on global experience, a comparison of primary capital mobilization methods for energy infrastructure (from the state/IFIs, equity, debt, mezzanine) is performed. The prospects and relevance of mezzanine financing for implementation and application in the Ukrainian economy are substantiated. The most optimal forms of mezzanine financing for the energy sector are identified as securitization with tranching and subordinated debt financing. It is determined that Ukraine's institutional framework for these capital raising instruments has the potential for improvement and represents a promising direction for further researches. The study recommends the prompt implementation and institutionalization of mezzanine financing in the Ukrainian economy.
Post-war recovery of Ukraine’s energy sector
Copyright (c) 2026 Сергій ОСИПЕНКО, асп., Томаш ВОЛОВЕЦЬ, д-р екон. наук, проф. https://creativecommons.org/licenses/by/4.0
ECONOMIC GROWTH DRIVERS: EMPIRICAL FINDINGS FOR DEVELOPING EUROPEAN COUNTRIES
B a c k g r o u n d . The relevance of this article lies in the persistent importance of economic growth in developing economies as a central subject of modern economic research. The growing integration of global markets and rapid technological change have significantly influenced the pace and structure of development across countries. Identifying the fundamental drivers of growth is essential for shaping policies that ensure long-term stability and sustainable progress. The experience of countries that have successfully transitioned from developing to advanced status offers valuable empirical evidence. Examining these cases makes it possible to determine the most significant factors contributing to economic growth. In this context, the study of growth drivers in developing European economies acquires particular importance for understanding their prospects for accelerated and sustainable development. M e t h o d s . The study applies a combination of theoretical analysis, comparative assessment, and regression modeling to provide a comprehensive examination of economic growth drivers. R e s u l t s . In this study, using empirical analysis, it was found that the most important factors of economic growth were the amount of investment in real assets, the effectiveness of public spending, and investment in science and technology. However, the quality of institutions and demographic changes require a deeper analysis, since their impact has been ambiguous. Empirical analysis has shown that the significant factors of economic growth are the volume of investment in real assets, the rate of population growth, and the share of international trade in GDP. In contrast, the quality of institutions and spending on education and R&D require deeper analysis, since their impact is not observed in the short term. C o n c l u s i o n s . Based on the analysis of theoretical models and empirical findings, the key factors that have the greatest impact on the growth rate of GDP per capita have been identified. Drawing on both the theoretical analysis and empirical results, practical recommendations were formulated for Ukraine's future economic strategy. Today, the urgent need to define and build a path to post-war recovery and further economic growth in Ukraine makes this research relevant.
Copyright (c) 2026 Олена БАЖЕНОВА, д-р екон. наук, проф., Гіві БЕДІАНАШВІЛІ, д-р екон. наук, проф., Владислав ТАЛАЛАЄВСЬКИЙ, студ. https://creativecommons.org/licenses/by/4.0
QUANTIFYING THE INTERNATIONALIZATION CAPACITY OF SMALL AND MEDIUM-SIZED ENTERPRISES
B a c k g r o u n d . The article examines the problem of involvement of Ukrainian small and medium-sized businesses in foreign economic activity (FEA) in the context of deep structural changes caused by martial law, the transformation of the global economy, and digitalization. The relevance of the topic is driven by the need to formulate an effective policy to support small and mediumsized businesses to boost exports, imports, and integration into international markets, which are critical to the country's economic recovery. The purpose of the study is to quantify the export capacity, import activity, and overall involvement of enterprises of different sizes in FEA, as well as to identify barriers and formulate measures to enhance the internationalization of small and medium-sized businesses. M e t h o d s . The methods of statistical analysis, comparative approach, normalization of indicators (min-max method), and construction of integral indices are used in the study. An empirical analysis of the statistical data of the State Statistics Service of Ukraine for 2016–2023 is carried out. R e s u l t s . The results show that micro and small enterprises have increased the efficiency of export and import activities, especially under martial law, while large enterprises have lost momentum. The indices of export capacity, import activity, and overall involvement in FEA were constructed, which allowed us to establish the leadership of medium-sized enterprises in terms of export capacity in 2023 and the growth of import intensity of microenterprises. Barriers related to lack of funding, certification difficulties, and low digital readiness have been identified. C o n c l u s i o n s . The practical value of the study lies in the proposed tools for assessing the participation of small and medium-sized businesses in FEA and recommendations for supporting their internationalization.
involvement in foreign economic activity
Copyright (c) 2026 Ірина ФЕДУЛОВА, д-р екон. наук, проф., Вадим СТАДНИК, асп. https://creativecommons.org/licenses/by/4.0
INTEGRATION OF CIRCULAR ECONOMY AND RESILIENCE PRINCIPLES INTO STATE ANTI-CRISIS POLICY AND CORPORATE STRATEGIES
B a c k g r o u n d . Modern global challenges – from climate change to armed conflicts – have intensified the search for new economic models capable of combining the objectives of sustainable development with the enhancement of the resilience of societies and economies. The purpose of the study is to systematize theoretical approaches to the formation of new economic models of sustainable development and resilience, to determine their potential for strengthening the economic security of the state and enterprises, as well as to substantiate the possibilities of integrating the principles of the circular economy and resilience into state anti-crisis policy and corporate strategies using Ukraine as a case study. At the core of the research hypothesis lies the assumption that the spread of sustainable and resilient development practices among Ukrainian enterprises directly influences the country's economic security, shaping its ability to withstand military and global risks M e t h o d s . Analysis and synthesis, generalization; structural and functional analysis method; graphical and tabular methods. R e s u l t s . In the course of the study, a typology of new economic models (green, circular, frugal, solidarity, creative, etc.) was carried out, and their potential to ensure resilience and post-crisis economic recovery was analyzed. Particular attention was paid to the circular economy principles, which are considered an institutional basis for strengthening anti-crisis regulation and long-term economic security. The empirical part of the study is based on the analysis of sustainable development practices of the 22 largest Ukrainian enterprises from six industries, which demonstrate high adaptability during wartime. Among the most widespread practices are employee and community support, assistance to the Armed Forces of Ukraine, as well as ecological modernization of production. On this basis, key components of sustainable development that directly affect the economic security of the state were identified, and indicators were proposed for assessing the contribution of business to ensuring resilience. C o n c l u s i o n s . The results confirmed the research hypothesis: sustainable development practices in wartime strengthen the economic security of the state and form the foundation for inclusive post-crisis recovery. The study combines the systematization of theoretical models with an applied analysis of corporate strategies, which ensures its scientific novelty and practical significance. Prospects for further research are related to the development of integrated methodologies for assessing economic resilience, digital support for circular practices, and the harmonization of Ukrainian sustainability standards with those of the European Union.
Copyright (c) 2026 Яна ОЛІЙНИК, д-р екон. наук, доц., Мар'я КУЧЕРЯВА, канд. екон. наук, ст. досл., Алла ЗІНЧЕНКО, канд. іст. наук, доц., Вікторія ТИЩЕНКО, д-р екон. наук, проф., Світлана ВОРОБЕЙ, асп. https://creativecommons.org/licenses/by/4.0
MATHEMATICAL MODELING OF INFLATION PROCESSES IN THE ECONOMY USING DIFFERENTIAL EQUATIONS WITH FRACTIONAL DERIVATIVES
B a c k g r o u n d . When studying rapidly changing inflationary processes in economics, theoretical methods based on ordinary differential equations or partial differential equations are often used. However, as demonstrated in this paper, in certain cases it is more appropriate to use the apparatus of differential equations with fractional derivatives. This is due to the presence of various types of nonlinearities in functional relationships within inflationary processes, the influence of parameter values from previous time points on current values, the existence of scaling relations, and so on. In fact, all these characteristics are inherent to fractional calculus. M e t h o d s . The article is devoted to the application of differential equations with fractional derivatives of Caputo for the analysis of inflationary (deflationary) processes in the economy, based on the method of measuring inflation using the consumer price index, which takes into account changes in prices for a certain set of goods and services. This is demonstrated by changes in the specified index over finite time periods. R e s u l t s . It is shown that the use of fractional order differential equations can be useful for building flexible tools for forecasting inflation/deflation processes. The relationship between the inflation rate and the unemployment rate is also investigated. C o n c l u s i o n s . It has been established that the change in the fractional derivative index in theoretical models of economic processes allows describing different regimes of price dynamics – from moderate inflation to galloping and hyperinflation, as well as complex deflationary scenarios. The appearance of negative values of price indices for individual goods can be interpreted as a consequence of their excess production, which leads to a loss of market value. The proposed method of using differential equations with fractional values of the order of derivatives provides an expansion of the possibilities of modeling a wide range of economic processes.
inflationary (deflationary) processes in the economy
Caputo's fractional derivatives, and differential equations with these derivatives
Copyright (c) 2026 Вячеслав ОБУХОВСЬКИЙ, д-р фіз.-мат. проф., Микола МАКСЮТА, канд. фіз.-мат. наук, доц., Oлександр МАЗУР, студ. https://creativecommons.org/licenses/by/4.0
STRATEGY FOR INVESTMENT LEADERSHIP OF THE TERRITORIAL COMMUNITY: METHODOLOGICAL APPROACH TO EVALUATION
B a c k g r o u n d . The article substantiates the necessity of strengthening the competitiveness of the territorial communities of Ukraine through a rethinking of their investment leadership strategy with the aim of ensuring sustainable competitive advantages. The dynamic conditions of the functioning of the external and internal environment of the territorial communities of Ukraine necessitate the improvement of the methodological tools for assessing their investment attractiveness. The purpose of this article is to develop a methodological approach to the assessment of the level of investment attractiveness as the dominant integral indicator in the investment leadership strategy of the Irpin city territorial community. M e t h o d s . The sources of data for the development of the methodological approach were the author's empirical research and the experience of participation in the expert group on the development of the Post-war Development Strategy of the Irpin city territorial community for 2025–2035. In this work, a combined approach was applied on the basis of financial and general methods, grounded in expert assessment of a number of structural blocks. For this purpose, the most optimal and significant initial parameters were proposed and analysed: economic potential and competitive conditions; infrastructure and environment; administrative support of entrepreneurship; development of the socio-economic sphere; and regulatory support for community development. The parameters were given substantive characteristics, assigned a coefficient of comparative significance, determined a coordinated final assessment, and the distance of the target indicator. According to the developed qualitative evaluation scale of the values of the integral indicator of investment attractiveness, the ranking of these parameters was carried out by average values. Averaged values of the assessment parameters of investment attractiveness of the Irpin city territorial community were obtained by separate structural blocks. R e s u l t s . The results of the assessment showed that the most attractive factors determining investors interest in investing capital in the territorial community of Irpin and its conglomerate are the prospects and substantiation of the Community Development Strategy with a time horizon of certainty until 2035, on which a group of domestic and international experts is currently working intensively; the available qualitative results of the implementation of the Program of socio-economic and cultural development of the Irpin city territorial community; the provision of equal opportunities for participation in public procurement procedures; resource and information support for entrepreneurship; transparency of permitting procedures in construction; consideration of public opinion in addressing issues of planning and development of territories; the substantiation and quality of the urban planning concept, as well as the favorability of the competitive environment for the entry of new entrepreneurs into the market. C o n c l u s i o n s . Such components as the level of development of the industrial production sector and the existing economic potential of the community, the effectiveness of measures of financial, credit, and investment support for entrepreneurship, and the formation of favourable conditions for the realisation of the entrepreneurial potential of the Irpin city territorial community require substantial attention to enhance investment attractiveness.
Copyright (c) 2026 Агнешка ПОСТУЛА, д-р габілітований, проф., Світлана СИТНИЦЬКА, асп. https://creativecommons.org/licenses/by/4.0
ASSESSMENT OF THE COMPETITIVE ENVIRONMENT OF IT COMPANIES
B a c k g r o u n d . Ukraine's IT services market has remained a dynamic and export-oriented segment of the economy during the full-scale war, while undergoing consolidation, exits, mergers and acquisitions (M&A), and restructuring processes. Small and medium-sized enterprises (SMEs) are gaining visibility, yet competitive conditions remain ambiguous due to business groups comprising multiple legal entities. This study focuses on Ukraine's IT services market, examining the competitive environment and structural market asymmetries from 2022 to 2024. It aims to evaluate the level and dynamics of competition by analyzing market concentration and structural asymmetries during this period. M e t h o d s . A system-structural approach is applied, using concentration metrics for firms classified under Classificator of Types of Economic Activities (KVED) sections 62 and 63. Indicators include the Herfindahl–Hirschman Index (HHI), concentration ratios (CR₃, CR₅), the Gini Index, the Entropy Index, the Linda Index, and variance-based measures. Market shares are calculated from revenue; the SME share in total market revenue is also tracked. Descriptive statistics are complemented by comparative analysis across 2022–2024 on a research sample of 411 companies (13 large), with particular attention to the gap between the number of legal entities and verified active companies. R e s u l t s . The market exhibits complex corporate structures: 8.6 thousand legal entities provided IT services in 2024, but only 2,118 companies were verified as active. HHI fell from 433.68 (2022) to 170.86 (2024), signalling stronger competition. CR₃ declined from 26.18% to 17.77%, and CR₅ from 34.13% to 23.31%; the SME revenue share rose from 52.7% to 62.4%. Distributionsensitive measures reveal a hybrid structure: high entropy (E = 5.09) and low variance indicate broad participation, whereas the Gini Index (0.601), the Linda Index (169.2%), and the Lorenz curve point to a dominant core in the upper segment. By business model, outsourcing firms prevail (47% in 2024), followed by product (31%), mixed (19%), and outstaffing (3%). C o n c l u s i o n s . Ukraine's IT services market is moving toward a more competitive, decentralized configuration while an oligopolistic core persists. The simultaneous rise of SMEs and the weakening of top players' shares reduces monopolization risks, enhances resilience, and suggests growing value-added potential. Policy should balance SME entry and scaling with support for high-value, export-oriented capabilities through cooperation with market leaders. The proposed methodology can be applied to other high-tech markets, while future research should examine the links between concentration dynamics, financial stability, and the role of business models in shaping the competitive environment.
C1 Economics and International Economic Relations
Copyright (c) 2026 Галина ФИЛЮК, д-р екон. наук, проф., Олександр КУЗЬМЕНКО, асп., Станіслава СТОЯНОВА-АСЕНОВА, д-р філософії, доц. https://creativecommons.org/licenses/by/4.0
KEY TRENDS IN GOVERNING UKRAINE'S ENERGY SECTO RIN THE CONTEXT OF MILITARY AGGRESSION
B a c k g r o u n d . The energy sector of Ukraine is a critical component of the national infrastructure. In Ukraine, this issue is especially relevant under the influence of military aggression, since its facilities in all sectors (from mining to electricity generation and oil refining) are being constantly destroyed. The restoration of the energy sector of Ukraine and its further development require new approaches to its management and the application of new technologies to increase the efficiency of resource use. The purpose of the study is to identify key trends and develop approaches to the intensive use of Ukraine's energy resources using the latest technologies. The task of the study is to determine the prospects for using cogeneration to rebuild the energy sector of Ukraine. The object of the study is approaches to the intensive use of energy resources. The subject of the study: the main tools for rebuilding the energy sector of Ukraine. M e t h o d s . The methodological basis of the study is general scientific and special methods of scientific knowledge, in particular, theoretical and methodological analysis of modern literature on the development of the energy sector, and documents of world organizations in the energy sector. The method of analysis and synthesis was used to generalize and provide a unified approach to highlighting the advantages and disadvantages of the above-mentioned tools for rebuilding the energy sector. SWOT and PESTEL analyses were also used to determine the advantages and disadvantages of using cogeneration as a tool for rebuilding the energy sector of Ukraine. R e s u l t s . The study showed that significant destruction in the energy sector of Ukraine requires the application of new strategies for its development. Damage to electricity generation facilities requires their restoration on the principles of low-carbon technologies, and attacks on oil and gas fields led to the need to restore previously preserved sources of hydrocarbons. It was determined that the use of deposits that were closed due to unprofitability requires the transition to new, more modern technologies, which will allow for an increase in the resource base of hydrocarbons and, using cogeneration of energy, to solve the problem of energy independence and ecology. C o n c l u s i o n s . The introduction of cogeneration in the current conditions and war will allow attracting additional investments to increase the extractable reserves of oil and gas, maintain hydrocarbon production at the current level to increase electricity production, achieve energy stability and autonomy, save fuel, reduce the country's energy dependence, solve environmental safety, etc.
05. Social and behavioral sciences. 051 Economy.
Copyright (c) 2026 Дмитро РУЖЕВИЧ, асп. https://creativecommons.org/licenses/by/4.0
FUZZY COGNITIVE MAPS FOR HIGH-TECH COMPANIES' RESILIENCE MODELING
Background. Relevance. Modern high-tech companies are dealing with more uncertainty and a range of complex threats, such as cyberattacks, infrastructure disruptions, and personnel challenges. Building resilience in these businesses is now essential for the national economy. Objective. This study aims to develop a cognitive model for assessing the resilience of high-tech companies under complex threats based on fuzzy cognitive maps. M e t h o d s . The fuzzy cognitive map (FCM) method combined with fuzzy DEMATEL was used to determine factor weight coefficients. An expert survey of 10 top managers was conducted to assess the relationships between factors. The agreement among experts was assessed using Kendall's coefficient of concordance (W = 0.864, p < 0.01). Impulse modeling was applied to analyze system dynamics. R e s u l t s . The resulting FCM, with weights determined through Fuzzy DEMATEL, identified cyber threats as the most critical negative factor (–0.32) and physical infrastructure as the most significant positive factor (+0.28) influencing overall company resilience. C o n c l u s i o n s . The proposed model shows how different factors influence a company's resilience and helps managers set clear priorities. In practice, it can be used to model crisis scenarios and guide better resource allocation to strengthen business resilience.
Copyright (c) 2026 Дмитро БАЮРА, д-р екон. наук, проф., Дмитро ЦИБУЛЬСЬКИЙ, асп. https://creativecommons.org/licenses/by/4.0
ASSESSMENT OF THE PRIORITY OF SUSTAINABLE DEVELOPMENT GOALS IN THE CONTEXT OF CURRENT CHALLENGES FOR UKRAINE
B a c k g r o u n d . The global coronavirus pandemic, combined with economic, social, and environmental challenges during a full-scale invasion, has had a profoundly negative impact on the system of interaction among businesses, consumers, partners, and stakeholders. The modern business landscape requires coordinated actions by the global community to establish balance in the domestic business ecosystem, interacting with international donors and potential investors. A full-scale invasion is a catalyst for the sustainability of domestic businesses. It is the ability to ensure economic survival while simultaneously preserving social responsibility and the environmental interests of natural ecosystems. The goal of the study is to develop an algorithm for conducting a comprehensive assessment of the priority of sustainable development goals. We substantiate a methodological support. According to this approach, we group the goals by economic, environmental, and social indicators, generalizing the criteria for their selection in different periods (before and during the war), and identifying the changes that have occurred. M e t h o d s . One of the objectives of the study is to determine the priority of implementing sustainable development goals in different periods (before the war and during the war) and identify the changes that occurred. Solving the problem of determining the priority of implementing these goals at a practical level can be reduced to their ranking within each component using multicriteria analysis methods. They are widely represented in management theory and practice. To solve the research tasks, we use methods for evaluating alternatives. They are TOPSIS, SAW, COPRAS. R e s u l t s . The modern challenges that Ukraine faces today have somewhat changed the priority of implementing sustainable development goals across all components of sustainable development: by the economic component, "peace and justice" and "partnership for sustainable development" are becoming relevant for Ukraine; by the social component, the goals of "decent work and economic growth" and "quality education" are the first; by the environmental component, the goals of "affordable and clean energy" and "clean water and adequate sanitation" became prioritized. C o n c l u s i o n s . The war in Ukraine has brought to the fore the issue of theoretical discourse around the priority of sustainable development components for our state. But the war did not change the desire of entrepreneurs to solve their economic problems, taking into account the development of the concept of sustainable development, solving social issues, and respecting the environmental interests of society.
economic component of sustainable development
social component of sustainable development
environmental component of sustainable development
the priority of sustainable development goals
Copyright (c) 2026 Світлана ФІРСОВА, канд. екон. наук, доц., Тетяна БІЛОРУС, канд. екон. наук, доц., Леся ОЛІХ, канд. екон. наук, доц. https://creativecommons.org/licenses/by/4.0
MIGRATION CHALLENGES AND GOVERNMENT POLICIES IN EU COUNTRIES AND UKRAINE AMID THE RUSSO-UKRAINIAN WAR
B a c k g r o u n d . This article is part of the project No. 101132435 – SKILLS4JUSTICE Topic: HORIZON-CL2-2023-TRANSFORMATIONS-01-03 and presents a comprehensive analysis of current migration processes in Ukraine and the multifaceted challenges they pose for the European Union. Since 2014, and especially following the full-scale Russian invasion in 2022, Ukraine has experienced one of the largest migration waves in Europe since World War II. The study highlights the socio-economic, educational, and political aspects of these migration flows, considering both internal displacement and international migration trends. The research examines the composition, motivations, and regional distribution of Ukrainian migrants in EU member states, emphasizing variations in labor migration, forced displacement, and student mobility. Special attention is given to the gender, age, and professional characteristics of migrants, as well as structural challenges they face, such as access to education, language barriers, labor market integration, and social inclusion. M e t h o d s . The study employs a combination of statistical analysis, policy review, and thematic case studies across selected EU countries to provide an evidence-based perspective on migration dynamics and policy responses. R e s u l t s . The article examines the consequences of migration dynamics for the EU, including demographic pressures, labor shortages in certain sectors, strain on public services, and the need to adapt national and EU-wide migration policies. It analyzes how host countries address the integration of Ukrainian refugees and labor migrants, assessing the preparedness of education systems, labor markets, and social infrastructure to cope with a sustained influx. The paper evaluates the Ukrainian government's strategies for migration management and its cooperation frameworks with European institutions. It discusses potential long-term impacts of migration on Ukraine's human capital, including brain drain and the loss of skilled labor, alongside opportunities for circular migration and diaspora engagement. C o n c l u s i o n s . Based on the findings, the article offers data-driven recommendations aimed at building more coherent, inclusive, and sustainable migration policies. These results are intended to support the formulation of informed policies in both Ukraine and the EU, within the broader context of regional stability, educational development, and socio-economic resilience.
Copyright (c) 2026 Сергій МЕЛЬНИК, канд. екон. наук, доц., Ганна ТЕРЕЩЕНКО, канд. екон. наук, ст. наук. співроб., Андрій ЛИТВИНЧУК, канд. екон. наук, ст. наук. співроб., Відмантас ТУТЛІС, наук. співроб., Сігітас ДАУКІЛАС, наук. співроб. https://creativecommons.org/licenses/by/4.0
HOUSEHOLD DEPOSITS AND DEPOSIT GUARANTEE SCHEMES DURING CRISES IN UKRAINE
B a c k g r o u n d . Ensuring the stability of the banking system remains a key challenge during periods of economic and geopolitical crises. In Ukraine, the deposit guarantee system consists of both explicit and implicit components. While the explicit mechanism is represented by the Deposit Guarantee Fund (DGF), the implicit component reflects household trust in the state's role in protecting deposits, especially during force majeure events. This study aims to evaluate deposit stability in Ukrainian banks during crises. M e t h o d s . The study applies descriptive statistical analysis of deposit trends disaggregated by bank ownership (stateowned, foreign, private) and deposit currency (national vs. foreign) from 2013 to 2024. The analysis includes chain growth rates and deposit structure indicators (demand vs. time deposits) during key crisis phases: the 2014 military aggression, the COVID-19 pandemic, and the 2022 full-scale invasion. R e s u l t s . During the analyzed period, the structure of household deposits underwent significant transformations. First, the ratio between time deposits and demand deposits in the national currency declined from 2.63 to 0.52, while in foreign currency it dropped from 6.77 to 0.56. Second, households increasingly favored government-owned banks, while foreign banks retained a moderate level of trust and private banks showed greater volatility. Both explicit and implicit deposit guarantees played a role in maintaining depositor confidence. However, during major shocks, the implicit guarantee system proved particularly influential. C o n c l u s i o n s . In Ukraine, deposit analysis must consistently account for the currency structure due to persistent devaluation risks and the varying levels of depositor trust associated with different forms of bank ownership. A comprehensive understanding of deposit behavior under stress requires evaluating both explicit and implicit protection. While the DGF offers a solid foundation, it must be supported by credible implicit guarantees and effective crisis management frameworks.
D2 Finance, banking, insurance and stock market
Copyright (c) 2026 Ірина СЕРВЕТНИК, канд. екон. наук, Наталія ВЕРСАЛЬ, д-р екон. наук, проф., Наталія ПРИКАЗЮК, д-р екон. наук, проф., Марія БАЛИЦЬКА, канд. екон. наук, доц., Ігор ГОНЧАР, канд. екон. наук, доц. https://creativecommons.org/licenses/by/4.0
RISK ANALYSIS IN THE SYSTEM OF OTHER (NON-PRICE) METHODS FOR EVALUATING TENDER PROPOSALS
B a c k g r o u n d . Non-price criteria are an important strategic tool for achieving social, environmental, and economic objectives. However, their practical application may be accompanied by a number of problems and risks. This study aims to identify the main problems and risks associated with the use of non-price evaluation criteria and to develop well-grounded recommendations in the context of establishing effective safeguards to neutralize or mitigate these risks. M e t h o d s . The study employed the special legal method for analyzing the regulatory framework, case analysis to examine specific procurement examples, the statistical method for processing empirical data, as well as a systems approach to generalize findings and formulate reasoned proposals. R e s u l t s . An analysis was conducted of the regulatory framework, statistical data, and individual practical cases related to the use of non-price criteria in evaluating tender proposals in Ukraine and EU member states. The research showed that, despite the formal recognition of the advantages of this tool, its practical application remains limited due to legal uncertainty, low awareness among contracting authorities, and the risk of abuse. Even the positive experience of European countries demonstrates that the active use of non-price criteria does not always guarantee successful outcomes and, in some cases, leads to distorted bidding results. At the same time, under conditions of proper regulation and effective procurement oversight, non-price criteria can become a powerful tool for shaping a transparent, results-oriented, and socially responsible procurement system. C o n c l u s i o n s . Public procurement practice in Ukraine demonstrates a low level of application of non-price evaluation criteria, which is driven by legal ambiguity and the risk of abuse. To improve the situation and encourage more frequent use of non-price criteria by contracting authorities, it is essential not only to adopt European approaches but also to ensure appropriate conditions for their implementation through comprehensive reforms.
non-price methods for evaluating tender proposals
Copyright (c) 2026 Алім СИЗОВ, канд. екон. наук, доц., Любомира КОРОЛЬ, магістрант, Сергій ДЯЧЕНКО, ст. наук. співроб. https://creativecommons.org/licenses/by/4.0
INTERNAL MARKETING AS A STRATEGIC TOOL FOR DEVELOPING INNOVATIVE AND MANAGERIAL POTENTIAL AND ENHANCING THE COMPETITIVENESS OF BUSINESS ENTITIES
B a c k g r o u n d . Internal marketing is now viewed as a comprehensive system of partnership-based relations that fosters the development of corporate culture, employee loyalty, and customer orientation. This approach increases employee satisfaction, reduces resistance to organizational change, promotes interdepartmental synergy, and contributes to the achievement of the strategic objectives of the economic entity. The relevance of this topic stems from the ongoing transformation of economic conditions, the growing significance of human capital, and the increasing necessity for strengthening internal organizational interactions. M e t h o d s . To generalize the stages of internal marketing evolution and to formulate the authors' approach to defining it, the methods of induction and deduction, along with a comprehensive approach, were employed. To examine scientific approaches to the interpretation of internal marketing and to identify interconnections among elements of the personnel management system, methods of analysis and synthesis were used. Additionally, to construct a conceptual model of internal marketing as an integrated system of interaction, methods of abstraction, logical generalization, and a systemic approach were applied. The study's information base comprised scientific works by foreign and domestic scholars on service marketing, personnel management, organizational behaviour, and internal communications. It also included analytical materials and methodological sources reflecting contemporary approaches to implementing internal marketing in economic entities. R e s u l t s . The article substantiates the evolution of approaches to defining the essence of internal marketing within economic entities, as well as its role in shaping an effective personnel management system and influencing organizational behavior. It establishes that modern interpretations of internal marketing encompass not only activities related to attracting, training, and motivating personnel but also the development of communication systems, the formation of a value set-up, corporate philosophy, and culture. The authors propose a definition of internal marketing based on the identified key principles, factors, and functions, and present a model of internal marketing for an economic entity. This model is based on elements of the classical marketing "4P" framework and encompasses components such as planning, communications, control, and reputation management, among others. C o n c l u s i o n s . The conducted research enabled the authors to define internal marketing as an integrated system of partnership relations in human resource management. This system focuses on creating and maintaining a motivational climate and organizational working conditions within the economic entity to ensure customer orientation and employee loyalty. In this framework, employees not only perform functions aimed at improving service quality and meeting the needs and demands of the customers but also actively participate in implementing corporate philosophy, values, and strategies to achieve objectives and maintain a positive company image. A conceptual model of internal marketing is proposed as a human resource management mechanism that integrates motivational, communicative, organizational, and cultural components within the economic entity.
Copyright (c) 2026 Олена БІЛОВОДСЬКА, д-р екон. наук, проф., Олена БОЄНКО, канд. екон. наук., доц., Мехмет КИЗИЛОГЛУ, д-р філософії (менеджмент і організація), доц. https://creativecommons.org/licenses/by/4.0
MANAGERIAL AND FINANCIAL ASPECTS OF INNOVATIVE ACTIVITIES OF INTERNATIONAL COMPANIES: CASE ANALYSIS OF APPLE, GOOGLE, SAMSUNG, AND TESLA
B a c k g r o u n d . The relevance of this study lies in the analysis of innovations as a key factor for competitiveness under globalization, the examination of modern approaches to organizing innovation activities, and the specific features of implementing innovation strategies in leading transnational corporations. The aim of the study is to offer both a theoretical foundation and a practical analysis of the specific aspects of innovation management in international companies. The object of the study is the processes of managing innovation activities in international companies, while the subject of the study comprises the approaches and tools used to manage innovations in transnational corporations and other international business entities. M e t h o d s . To achieve the stated aim, general scientific and specialized methods were employed, including generalization and systematization, case studies, comparative analysis, and content analysis. R e s u l t s . Based on open analytical sources, an assessment of the level of innovation activity of Apple, Google, Samsung, and Tesla revealed both commonalities and distinctions in their innovation models. C o n c l u s i o n s . The guidelines for enhancing innovation management systems in international companies have been substantiated, with particular focus on proposing methods to improve adaptability, openness to change, and the integration of digital technologies into innovation development processes.
Copyright (c) 2026 Тетяна ДЛУГОПОЛЬСЬКА, канд. екон. каук, доц., Анастасія ВІРКОВСЬКА, канд. екон. наук, доц., Шан ЛІВЕЙ, асп., Богдан МІЛУХ, студ. https://creativecommons.org/licenses/by/4.0
DATA-DRIVEN ATTRIBUTION MODELING IN DIGITAL MARKETING
B a c k g r o u n d . In the contemporary digital environment, marketing communications have evolved into multi-channel, personalized, and dynamic interactions, necessitating an increasingly precise quantification of the efficacy of each user touchpoint with a brand. Conventional rule-based marketing attribution models, which exclusively assign value to a singular touch-point of contact, no longer yield the requisite level of analytical granularity. In response to these methodological challenges, advanced economic and mathematical methodologies, notably models predicated on Markov chains and Shapley values, are progressively being deployed to facilitate a rigorously reasoned and quantitatively justifiable allocation of value across all contributing channels. M e t h o d s . The research methodology is based on a combination of general scientific and specialized methods. Specifically, it utilized theoretical modeling, comparative analysis, as well as stochastic modeling (Markov chains) and cooperative game theory (Shapley values). R e s u l t s . This research rigorously investigated marketing attribution in the digital environment, demonstrating the inherent limitations of traditional rule-based models and substantiating the superior efficacy of adaptive approaches, particularly Markov chains and Shapley values. The empirical implementation and comparative analysis of the Shapley value model confirmed its enhanced precision and capacity to objectively quantify each channel's contribution, leading to actionable insights for strategic marketing optimization. This study provides a robust framework for understanding multi-touch attribution, emphasizing the critical role of data-driven methodologies in contemporary marketing analytics. C o n c l u s i o n s . The work is relevant for marketing analysts and digital strategy teams, as it presents a comparative analysis of rule-based and algorithmic attribution models and offers practical solutions for campaign optimization. The Shapley Value model was implemented in Python and tested on real-world marketing data. The practical value lies in the ability to use the results for better budget allocation, identifying undervalued channels, and increasing return on marketing investment (ROMI).
Copyright (c) 2026 Галина ЧОРНОУС, д-р екон. наук, проф., Маріана ПЕТРОВА, д-р фіз.-мат. наук, проф., Марина ГОРНА, канд. екон. наук, доц., Ніколай ПЕНЕВ, канд. екон. наук, доц., Майя ПУСТОВІТ, бакалавр https://creativecommons.org/licenses/by/4.0
GENDER COMPONENT OF THE RISKS OF THE BUDGET PROCESS IN UKRAINE
Background. This article is devoted to the study of gender aspects of the risks of the budget process in Ukraine, particularly the implementation of gender budgeting, as well as the assessment of risks that arise during the implementation of management decisions at all stages of the budget process of public authorities in Ukraine. Methods. To carry out an in-depth analysis of the scientific problem under study, the article uses general scientific and special methods, including comparison, specification, typology, etc. Results. The article presents the results of the analysis of the institutional and legal environment of gender aspects of the risks of the budget process at the state level. Following this analysis, the authors provide a list of risks at each stage of the budget process and possible consequences of failure to consider the gender aspects of these risks. Conclusions. Based on the study, the authors provide examples of risks at all stages of the budget process regarding gender aspects, characterize them, and emphasize the need to continue developing in-depth methodological support for assessing the risks of the budget process concerning gender aspects at all stages of its implementation by the state authorities of Ukraine.
072 Finance, banking, insurance and stock market
Copyright (c) 2026 Олександр РОЖКО, д-р екон. наук, проф., Наталія МЄДВЄДКОВА, канд. екон. наук, доц., Наталія МЕЛЬНИК, асп. https://creativecommons.org/licenses/by/4.0
CURRENT CHALLENGES IN FINANCING HIGHER EDUCATION
B a c k g r o u n d . The key foundation for the qualitative development of a country's economy lies in the level of advancement of its education and science. Amid current challenges, this is critically important for the country's survival. The state of education and science in Ukraine largely depends on the availability of funding resources, the search for successful international models, and their implementation and adaptation to the country's present realities. It is also essential to apply rigorous criteria when prioritizing funding for education and science. The aim of this study is to analyze the state of higher education financing in Ukraine, its relationship with the Human Development Index, and to explore possible trajectories for further development of this sector. M e t h o d s . To achieve the research objectives, the study employed methods of analysis and synthesis (generalization and identification of key aspects), statistical analysis (processing data on the current state of higher education financing), and graphical methods (for visual representation of the studied processes). R e s u l t s . The article analyzes the financing of higher education as a critically important factor in developing Ukraine's knowledge-based economy. It identifies the link between education funding, the Human Development Index, and the country's innovation potential. The paper examines international practices-specifically, Germany's competitive grant-based funding model and Israel's strategy for building a "startup nation." It highlights key domestic challenges: low efficiency of resource use, a lack of innovative financial mechanisms, and weak integration of science into the global arena. The need for infrastructure investment and support for high-potential universities is substantiated. C o n c l u s i o n s . The study concludes that the development of a knowledge economy requires high-quality education and effective financing, including transparent use of public funds and encouragement of student loan systems. Major challenges include the absence of innovative financial mechanisms, weak business investment activity, and poor integration of Ukrainian science into the global research space, all of which reduce resource efficiency. A breakthrough in education demands investment in universities' infrastructure, optimized budget spending, and support for institutions with strong development potential.
Copyright (c) 2026 Алла СТЕПАНОВА, канд. екон. наук, доц. https://creativecommons.org/licenses/by/4.0
SOCIAL IMPACT INVESTMENT: ITS ROLE AND PLACE IN THE INVESTMENT ECOSYSTEM OF A NATIONAL ECONOMY
B a c k g r o u n d . Over the last decade, Social Impact Investment (SII) has significantly evolved as a response to growing socio-economic challenges and increasing interest from both individual and institutional investors in achieving measurable social outcomes. Governments worldwide have recognized the limitations of traditional subsidy-based approaches and are turning toward innovative, market-based mechanisms that mobilize private capital to address pressing social needs. M e t h o d s . This study employs a mixed-methods approach that includes a systematic literature review, analysis of relevant policy and evaluation reports, and examination of statistical data. The geographic scope is primarily limited to the European Union. To ensure analytical rigor, the study also applies methods of content analysis, synthesis of scientific literature, and market data evaluation. R e s u l t s . The article offers a comprehensive definition of SII, identifying its fundamental components. The authors argue that for SII to achieve its full potential, an ecosystem-based approach is essential. The paper conceptualizes the core elements of the SII ecosystem, including social needs, demand- and supply-side actors, and intermediaries operating within a supportive environment. It further generalizes the principles governing their interactions, suggesting a paradigm shift in the development and functioning of national investment ecosystems. This shift involves the emergence of new factors in investment environments, the evolution of interaction models, and the formulation of new regulatory principles and policy instruments. The authors examine the role of SII within national investment frameworks, introducing an original model titled "The House of SII – National Investment Ecosystem Interaction Framework". This model serves as a comprehensive tool for organizing various types of investments and stakeholder relations, as well as for assessing their efficiency, effectiveness, and socio-economic impact–both nationally and globally. The article also evaluates the prospective contributions of SII to achieving of the Sustainable Development Goals (SDGs) and the expansion of SII markets. C o n c l u s i o n s . The findings indicate that while SII markets vary across countries, there is a universal need for stronger government engagement to support the development of robust and sustainable SII frameworks. The study emphasizes that SII, through its integrative and impact-driven nature, has the potential to become a cornerstone of contemporary social and economic policy, particularly in facilitating systemic change through investment.
National Investment Ecosystem Interaction Framework
Copyright (c) 2025 Оксана Булкот, канд. екон. наук, доцент, Анна Грація Каранта, канд. екон. наук, доцент https://creativecommons.org/licenses/by/4.0
THE SYNERGY OF ARTIFICIAL INTELLIGENCE AND BLOCKCHAIN TECHNOLOGIES IN THE FINANCIAL SECTOR
B a c k g r o u n d . Artificial intelligence (AI) is a powerful driver of innovative transformation and proactive service delivery, generating demand based on the use of personalized information that clients can access in real time. The implementation of integrated solutions based on generative artificial intelligence (GenAI) and blockchain technologies lays the foundation for a synergistic effect through the transformation of traditional approaches M e t h o d s . To identify forms of integration and reveal the synergy between artificial intelligence and blockchain technologies in the financial sector, a combination of methods was applied, including expert assessment, analysis and synthesis, hierarchy structuring, rating, decomposition, and multicriteria analysis. Drawing on data from BIS, McKinsey & Company, and Deloitte, the benefits of implementing integrated GenAI and blockchain-based solutions were highlighted in terms of enhancing the transparency, security, and efficiency of financial operations and transactions. Based on methodological approaches from the IMF, OECD, Financial Stability Board, and the World Economic Forum, key areas for the practical application of integrated AI and blockchain solutions in the financial sector were identified. R e s u l t s . The article presents the evolution of artificial intelligence during 2022–2025 and defines its main models. It analyzes the costs of implementing AI platforms across different sectors of the economy and characterizes the main forms of integration of artificial intelligence and blockchain technologies in the financial sector, such as smart contracts, fraud and cyber threat detection, credit scoring and risk assessment, automation of financial processes, trading, and asset management. The benefits and risks of AI–blockchain synergy were outlined depending on the application domain. Particular attention is given to strengthening Ukraine's institutional readiness to adopt AI in the financial sector. The results obtained may be used in strategic planning for the digital development of the financial sector under the growing influence of technological innovation. C o n c l u s i o n s . The combination of GenAI and blockchain technologies generates a synergistic effect that acts as a catalyst for innovation in the financial sector, particularly in the areas of security, efficiency, and personalization of financial services. At the same time, the integration of GenAI and blockchain introduces a range of challenges related to scalability, system interoperability, and the management of decentralized structures, which require comprehensive implementation of OECD principles regarding the development and ethical use of AI, harmonized standards, and the creation of a flexible regulatory environment.
Copyright (c) 2025 Cвітлана МІЩЕНКО, д-р екон. наук, проф., Світлана НАУМЕНКОВА, д-р екон. наук, проф., Євген ТІЩЕНКО, канд. екон. наук, докторант https://creativecommons.org/licenses/by/4.0
FUNDING OF THE SCIENTIFIC SECTOR IN UKRAINE: ISSUES AND DIRECTIONS FOR CHANGE
B a c k g r o u n d . Thе article analyzes the science funding model in Ukraine, focusing on its primary sources, dynamics, and impact on research activities. The study is grounded in statistical data and contemporary theoretical approaches to science funding. Special attention is paid to the role of governing and private science funding and their impact on total research and development (R&D) expenditures. The purpose of this study is to assess the impact of relevant factors on the dependent variable – the volume of science funding in Ukraine – to develop a strategic vision forenhancing the country's scientific potential. M e t h o d s . The study employs a combination of general scientific and specific research methods: a comparative analysis – to identify current threats and challenges to Ukraine's scientific sphere; analysis and synthesis – to determine key directions for supporting Ukraine's scientific potential; and economic and statistical analysis – to examine trends in the development of science in Ukraine and to construct econometric regressions for analyzing the influence of key factors on R&D funding. R e s u l t s . The analysis focused on key indicators of research activity, including the number of researchers, total R&D expenditures, governing and private science funding shares, and R&D expenditures as a percentage of GDP. Based on the developed econometric model, the findings indicate that per-scientist funding has a significant positive effect on total R&D expenditures, while the share of private funding exhibits an inverse relationship. This may be attributed to inefficient resource allocation or insufficient business integration into the research sector. Conversely, the number of researchers and the share of governing science funding in GDP were statistically insignificant in modeling the total R&D expenditures, possibly due to the increasing emigration of scientists and the dominance of short-term funding strategies. C o n c l u s i o n s . The study recommends enhancing state funding efficiency, incentivizing long-term private investments, and creating a balanced financial structure that ensures both fundamental and applied research development. Strengthening international cooperation and grantbased funding mechanisms could also contribute to the stability and growth of the national scientific sector.
Copyright (c) 2025 Ганна ХАРЛАМОВА, д-р екон. наук, проф., Марія НАУМОВА, канд. екон. наук https://creativecommons.org/licenses/by/4.0
THE POTENTIAL OF CROWDFUNDING FOR FINANCING RELOCATED BUSINESSES IN UKRAINE
B a c k g r o u n d . The relevance of this study concerns the necessity to find alternative sources of financing for localized businesses in Ukraine. Crowdfunding can help not only to attract additional financial support but also to form effective networking between potential stakeholders. The purpose of the study is to substantiate the potential of crowdfunding as a modern tool for financing localized businesses in Ukraine. The object of the study is the relocated business in Ukraine and the challenges that accompany its activities after relocation. The subject of the study: crowdfunding as a modern mechanism for financing relocated businesses, including financial and managerial aspects of its application. M e t h o d s . To achieve this goal, general scientific and specialized methods were used, including the analysis of modern literature, statistics, cases of successful crowdfunding campaigns, and a survey of representatives of relocated businesses. The method of analysis and synthesis was used to summarize the data obtained on crowdfunding. R e s u l t s . The study showed the need for significant changes in production activities, fundraising and marketing activities after business relocation. The key problems of displaced businesses that cause difficulties in attracting funding from traditional sources have been identified. The digitalization of all areas of business activity creates prerequisites for organizing campaigns on crowdfunding platforms. The analysis of the crowdfunding market, the specifics of crowdfunding platforms and successful crowdfunding cases allowed us to identify the strengths and weaknesses of crowdfunding, threats and opportunities. C o n c l u s i o n s . The use of crowdfunding can significantly increase the adaptability of displaced businesses to new business conditions. Therefore, it is important to maintain the awareness of domestic businesses about the benefits and opportunities of crowdfunding at the state level.
Copyright (c) 2025 Євгенія ПОЛІЩУК, д-р екон. наук, проф., Юлія ГЕРНЕГО, д-р екон. наук, доц., Владислав ГОРБОВ, канд. соц. наук, доц., Гліб АЛЕКСІН, канд. екон. наук, доц., Владислав ЛАВРЕНЮК, канд. екон. наук, доц. https://creativecommons.org/licenses/by/4.0
A MODEL FOR ASSESSING THE EFFECTIVENESS OF STATE-OWNED ENTERPRISES BY FINANCIAL INDICATORS: ANALYSIS AND IMPROVEMENT
B a c k g r o u n d . The relevance of this study is determined by the novelty of the corporate governance practice regarding the annual approval of Order for specific financial indicators of state-owned enterprises and the corresponding model for calculating the integral evaluation indicator. The I study aims to identify potential ways to improve the quality of results obtained through the application of the model. The object of the study is the methodological approaches to assessing the effectiveness of state-owned enterprises, while the subject is the compliance of financial ratios with the model for evaluating specific financial indicators, as well as the volumes of payments to the state, budget financing, and quasi-fiscal operations concerning sectoral and other distinctive characteristics of enterprise activities. M e t h o d s . The study utilized critical analysis methods, test-mode financial indicator calculations, synthesis of generalized conclusions, and comparative analysis to identify similarities between the national model and the IMF SOE Healthcheck Toolkit, which serves as an international standard for assessing the financial efficiency of state-owned enterprises. R e s u l t s . A comparative analysis of the two methodological tools revealed that the national model is more well-thought-out than the IMF instrument but still requires refinement. The article presents a list of potential ways to improve the results obtained through the model by addressing methodological shortcomings in its construction. The main problematic aspect of the model–its lack of consideration for sectoral specifics–was identified and illustrated through a practical application to a financial sector enterprise. Based on the results, recommendations for improving thequality of evaluation were provided. C o n c l u s i o n s . The integral indicator calculation model is generally a useful tool for assessing the financial health of state-owned enterprises but requires certain refinements by its developers. Special attention should be paid to adapting the model's coefficients to the needs of financial sector enterprises, as the study found that a significant portion of the indicators is unsuitable for evaluation, distorting the actual financial condition of enterprises. Based on the analysis results, a series of recommendations were provided to enhance the methodological aspects of the implemented assessment model.
Copyright (c) 2025 Лариса ШАУЛЬСЬКА, д-р екон. наук, проф., Леся ЧУБУК, д-р екон. наук, доц., Дар'я ГАЙДАМАКА, магістр, консультант https://creativecommons.org/licenses/by/4.0
THE RELEVANCE OF APPLYING THE GROWTH POLE CONCEPTIN THE CONTEXT OF UKRAINE'S ECONOMIC RECOVERY
B a c k g r o u n d . The relevance of this article lies in the need for an in-depth study of regional policy instruments capable of simultaneously promoting economic recovery and growth, as well as leveling regional disparities, which have deepened since the beginning of the full-scale invasion. The research objective is a comprehensive analysis of the growth poles concept as a tool for stimulating entrepreneurship and attracting investment in the context of Ukraine's economic recovery. The object of the research is the growth poles concept as a regional policy instrument aimed at economic recovery. The subject of the research encompasses the theoretical foundations, international experience, identification indicators, implementation mechanisms, and potential impact of the growth poles concept on economic recovery, overcoming regional disparities, and attracting investment in Ukraine. M e t h o d s . The study employs a comparative analysis of international experience in implementing the growth poles concept, the domestic legal framework, and approaches to indicator selection, as well as an analysis of domestic research related to the topic. This allowed for a comprehensive assessment of the prerequisites, mechanisms, and consequences of implementing growth poles for economic recovery. R e s u l t s . Within the scope of the research, a comprehensive assessment of the state and specific characteristics of regional development in Ukraine was conducted, including an analysis of territorial disparities and the existing methods for addressing them. Based on a comparative overview of foreign practices (in Romania, Poland, France, and others), the study generalizes approaches to implementing growth poles and identifies five core groups of indicators to define potential "poles" (administrative status, demographic factors, innovation activity, economic capacity, and spatial integration). It is demonstrated that with targeted support and sufficient institutional capacity, growth poles can generate a multiplier effect on surrounding areas, exerting a positive influence on employment figures, investment attraction, and overall economic recovery dynamics. C o n c l u s i o n s . The introduction of growth poles in Ukraine can become a critical factor in mitigating disparities, expediting economic recovery, and preparing for European integration. Its effectiveness will depend on the careful selection of priority centers, adaptation of foreign expertise, and the development of well-designed government policies and financial incentives aimed at key urban centers.
Copyright (c) 2025 Ярослав ЖИДИК, асп., Людмила АНІСІМОВА, канд. фіз.-мат. наук, доц. https://creativecommons.org/licenses/by/4.0
B a c k g r o u n d . The development of international trade and the increasing influence of transnational corporations have elevated the issue of international taxation to a new level, with transfer pricing control being one of the most pressing contemporary challenges. Conducting qualitative functional and economic analyses of controlled transactions is a crirical component of transfer pricing documentation. These analyses facilitate the accurate determination of the appropriate comparison method and enable a comprehensive comparative study regarding the compliance of prices in controlled transactions with the arm's length principle. The aim was to investigate and determine ways for enhancing both the theoretical and practical aspects of conducting functional and economic analyses of transfer pricing. M e t h o d s . The research employs the following methodologies: logical generalization is usedto identify the key aspects of conducting functional and economic analyses, assessing the necessity for comparability of the economic conditions of the parties involved in the transaction, and the issues of adjusting for country risk. Additionally, the method of analysis is utilized to evaluate the state and prospects for enhancing functional and economic analysis, review existing regulatory legal acts, research on the structure of applying transfer pricing methods. Furthemore, tabular methods and grouping techniques are employed to display generalized information on analytical aspects of functional and economic analyses and their improvement. R e s u l t s . The process of conducting a functional analysis during a comparative study has been generalized and improved, a step-by-step approach for analyzing the feasibility of applying a specific transfer pricing method has been developed, along with a test for enterprises to evaluate the applicability of the principle of grouping controlled transactions. Additionally, the importance of the geographical location of comparable companies in conducting a comparative study has been established, and strategies for further improving the functional analysis, considering the geographical location factor, have been identified.
Copyright (c) 2025 Анастасія ГОНЧАР, асп., Тетяна МЕЛЬНИК, канд. екон. наук, доц. https://creativecommons.org/licenses/by/4.0
DESIGNING A BALANCED STRATEGY MECHANISM FOR THE INNOVATIVE DEVELOPMENT OF METALLURGICAL ENTERPRISES
B a c k g r o u n d . The applicability of this study is in a balanced strategy mechanism designed for the innovative development of metallurgical enterprises. The objective of the research is to examine the theoretical and methodological principles of establishing a mechanism that supports a balanced strategy for the innovative development of metallurgical enterprises in Ukraine. The object of the study is the process of formulating and implementing management strategies for the innovative development of metallurgical enterprises in Ukraine. M e t h o d s . To achieve the research objectives, the following methodologies were used: analytical and formalization methods to study the theoretical framework for understanding the essence of the mechanism underlying a balanced strategy for the innovative development of etallurgical enterprises; qualimetric forecasting to identify the components of this mechanism; taxonomy and synthesis methods for the generalization of risk management components in the process of development of metallurgical enterprises; and the abstract-logical method for theoretical generalizations and conclusions derived from the study. R e s u l t s . The development of a mechanism for a balanced strategy aimed at the innovative advancement of metallurgical enterprises involves several key stages. The first stage entails an analysis of the current state of the innovative capabilities of the metallurgical enterprise, along with the formulation of proposals to enhance these capabilities in alignment with industry standards, innovation criteria, and the prevailing level of competition. The second stage focuses on establishing the objectives of the metallurgical enterprise's innovative activities. The third stage proposes strategies for managing the risks associated with the potential loss of innovative capabilities. Finally, the fourth stage culminates in the establishment of a comprehensive mechanism for a balanced strategy that supports the innovative development of the metallurgical enterprise. C o n c l u s i o n s . The establishment of a mechanism for a balanced strategy aimed at the innovative development of metallurgical enterprises enables adaptation to the conditions of intense market competition. This approach facilitates the advancement of modern technologies, the creation of innovations, and the production of complex innovative products by leveraging existing innovative potential while simultaneously enhancing it Ultimately, this process boosts the competitiveness of the integrated structure.
mechanism of balanced strategy implementation
Copyright (c) 2025 Євген ЗАБАШТА, д-р філософії, асист., Генріх ГУДЗЬ, канд. екон. наук, асист. https://creativecommons.org/licenses/by/4.0
CONCEPTUAL APPROACHES TO DEFINING THE ESSENCE OF THE "CREATIVE INDUSTRIES" AND THEIR CLASSIFICATION IN THE MODERN CONTEXT
B a c k g r o u n d . The dynamic development of the economy under globalization and digitalization enhances the role of creative industries as a key factor in innovation and economic growth. According to Ukraine's National Strategy 2030, the goal is to increase the share of creative industries in GDP to 10%, alongside higher contributions to value-added creation, exports, and employment. Studying creative industries is thus crucial for understanding their impact on economic development, innovation, and the labor market. However, the diversity of definitions and classification approaches complicates the development of a unified methodological basis for evaluating their socio-economic role. M e t h o d s . To systematize existing views on the essence of creative industries, a content analysis of definitions and typologies was conducted based on national and international sources. Structural and logical analysis identified the core components of the concept, while comparative and analogy methods highlighted common and distinctive features. Using an inductive-deductive approach, an integrated classification model was proposed, combining traditional cultural sectors and modern technology-oriented segments, and outlining key features for further strategic analysis. R e s u l t s . An author's definition of creative industries was formulated, integrating key elements of creativity, innovation, and intellectual property as the foundation for economic value creation. Key characteristics of creative industries were identified. An enhanced classification was developed based on three criteria: the method of value creation (creative activity or technological solutions), the form of the final product (material or intangible), and the nature of consumer interaction (direct or mediated). C o n c l u s i o n s . The study systematizes existing theoretical approaches to creative industries and proposes a conceptual model that deepens the understanding of their structure and role in the modern economy. The developed classification enables clearer differentiation between traditional and technology-driven sectors, offering a foundation for further research and practical strategies to foster a competitive creative economy.
Copyright (c) 2025 Ірина СВИЩУК, асп. https://creativecommons.org/licenses/by/4.0
THE IMPACT OF THE WAR EFFECTS ON HUMAN SOCIAL SECURITY IN UKRAINE
B a c k g r o u n d . The paper explores the impact of such external factors as military aggression from russia on the human social security system in Ukraine. During the war, this system is affected mainly by external factors. Moreover, in the case of Ukraine, the dominant external influence is the military aggression against Ukraine. Thus, the purpose of this study is to determine the impact of external disturbances that determine the sustainability of human social security in Ukraine during a hybrid and full-scale war. M e t h o d s . For this purpose, we used the most influential internal factors that exerted an influence on human social security in Ukraine during the war (people using at least basic sanitation services as % of population, proportion of people living below 50 percent of median income in %, domestic credit to private sector by banks in % of GDP, internally displaced persons, new displacement associated with conflict and violence, number of cases, armed forces personnel in million people). To study the impact of military aggression from russia on the human social security system in Ukraine we used vector autoregression models framework. The fact of military aggression we incorporated in models by using russia's military expenditures in current billion US dollars as it correctly reflects the most acute phases of the conflict and preparation for the war in 2021. R e s u l t s . The results of the models showed that the dynamics of the proportion of people living below 50 percent of median income is characterized by significant deterioration, especially after the eighth period after the shock. Fluctuations of this indicator are explained at almost 50% by changes in military expenditures in russia. The decrease in domestic credit to the private sector by banks in the first period after the shock in military expenditures in russia is up to 7%. Then the situation improves, but it still is lower than the equilibrium level. The volatility of domestic credit to the private sector by banks is nearly 22% explained by fluctuations in russia's military expenditure. In addition, we observe an immediate increase in the number of internally displaced persons and new displacements associated with conflict and violence by up to 35 %. At the same time, the volatility of the number of internally displaced persons and new displacements is explained by the volatility of military expenditures in the Russian federation at 95%. Also, an immediate rise of the personnel of the armed forces in Ukraine due to the shock is up to 8% which tails off until the sixth year. Changes in military expenditure in russia explain 91% of fluctuations of this indicator. C o n c l u s i o n s . Finally, it may be concluded that the system of human social security in Ukraine is relatively stable due to the influence of external factors.
Copyright (c) 2025 Олена Баженова, д-р екон. наук, проф. , Оксана Банна, канд. фіз.-мат. наук, доц. https://creativecommons.org/licenses/by/4.0