Bulletin of Taras Shevchenko National University of Kyiv. Economics.

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Authors: E. Kahya Ozyirmidokuz, Assistant Professor, PhD Erciyes University, Turkey, E. A. Stoica, Lecturer, PhD "Lucian Blaga" University, Sibiu, Romania

Firms should manage their customer feedback so they can adapt to rapid changes in the environment. They have to interact with their customers to understand them and to turn their opinions into useful knowledge. Understanding customers' feelings about a product gives firmS competitive advantage through continuous market monitoring. They can thus generate improving strategies about the system to change perceptions that drive the behaviours of the customers. Firms can view their customers' happiness as a key tool for decision-making. This study calculates online product happiness by using the average emotional valence values of customer opinions. We analyse Turkish opinions about a product over a period of 3 months. We find the averages of the online emotional valence values of the product per month. We also determined the increase in happiness over time. According to the opinion valence values, we found the relations between the documents.

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Authors: A. Bulent, Doctor of Sciences, Professor Anadolu University, Department of Economics Unit of Southeastern Anatolia Project (GAP), Eskisehir,Turkey

When rich cultural structure, geo-politic, geo-strategic structures of the region are considered will have an important role in the cultural economy of the region. For this reason, it is important to assemble the cultural economy effectively and to use it for the development of the region which has important historical ruins such as Zeugma and Hasankeyf.

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Authors: R. Bratu, PhD in Economics, Assistant Professor "Lucian Blaga" University of Sibiu, Sibiu, Romania

The aim of this paper is to evaluate the state of development of financial system from 3 of those countries that European Union has established relation through Partnership Program, added Romania also. The research is based on the empirical evidence about the structure and performance of financial systems from RBMU's countries (Romania, Belarus, Ukraine and Moldova). The results are correlated with the influence of remittances inflows in fostering the development of financial systems, especially banking systems, analyzed from the reverse casualty approach.

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Authors: S. Yakubovskiy, Doctor of Sciences (Economics), Professor, A. Briatko, PhD Student I.I. Mechnikov Odessa National University, Odessa, Ukraine

The key components of government system based on the principle of sustainable growth of the national economy are analyzed. Basic indicators for successful implementation of this model are determined. The most effective measures for crisis management and creating of foundations for sustainable economic growth in Ukraine are defined.

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Authors: D. Petrașcu, PhD in Economics, Associate Professor Lucian Blaga University of Sibiu, Sibiu, Romania,, E. Dobre, PhD in Economics, Professor Ovidiu University, Constanța, Romania

The term AUDIT generally comes from the Latin word "audire" to listen and to inform others, from today's Anglo-Saxon countries, this term has the meaning of a revision of the accounting information and of those of a different nature, realized by an independent professional, in view of expressing an opinion regarding the regularity and honesty of the audited information (1 Ştefan Crăciun, Audit financiar şi audit intern, The Economic Publishing House, Bucharest, 2004, page 22). In a general register, an audit has the purpose to grant an entity added value by a systematic and methodic approach, evaluating the risk management processes, the control processes and the governing processes, all of which are materialized within an objective and professional report

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Authors: F. Tudorache, PhD in Economics, L. Nicolescu, Doctor of Sciences (Economics), Professor Bucharest University of Economic Studies, Bucharest, Romania, L. Belascu, Doctor of Sciences (Economics), Associate Professor University Lucian Blaga of Sibiu, Sibiu, Romania

A good indicator for the financial markets performance in different countries is the evolution of mutual funds in terms of their inflows and outflows. The goal of the present paper is to analyse the performance of the mutual funds in Slovakia. The research objectives are twofold: to study the flows of funds into and out of mutual funds from Slovakia during the period 2007-2014 and to analyse how investors in Slovakian mutual funds behave in terms of their investment choice. The analysis focuses on identifying patterns in investors' decision making process and on examining the similarity of their behavioural patterns with the ones identified at international level.

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Authors: G. Kharlamova, PhD in Economics, Associate Рrofessor Taras Shevchenko National University of Kyiv, Kyiv

To what extent can the scientific migration and mobility, and remittances impact the economic development of the donor and recipient states? How significant are they as a resource for the enhancement of the Eastern Partnership? The policy brief provides the results of the quantitative assessment of the costs and benefits of "smart" labour migration in the Eastern Partnership (EaP) countries and proposes some policy recommendations to enhance the benefits stemming from knowledge-based migration and mobility flows. We received the proof of mutual causality between human development indicator of donor-state and most significant performance indicators of EaP migration in the EU ("smart mobility"). This means that HDI of a donor-state is flexible to the internal situation in the country, and so the positive effect of smart mobility and remittance inflows can be easily absorbed inside the EaP. The same we observed for gross national income of EaP donor-states. However, our approach does not provide the answer: what is exactly the effect or the result. The convergence effect of scientific migration in the EU and the Eastern Partnership region is considered on the ground of the calculative assessment. We considered "β-convergence" approach, stating that it occurs when the EaP mobility rate grows faster than the EU ones. As for σ-convergence, we defined it as a reduction of future rates of variation (inequality, differentiation) in the levels of migration of regions (countries). We can conclude that there is the convergence between the EU & EaP in the scientific migration in the years of the EaP initiation, but no results in the process of its fulfilment.

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Authors: N. Skopenko, Doctor of Sciences (Economic), Professor National university of food technologies, Kyiv, Ukraine, N. Andreіuk, PhD in Economics, Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The article outlines and summarizes the risks of enterprises at different stages of product life cycle. A diagnose and assess of risks according to the main stages of the product development are offered. Groups of factors that shape the economic risks at different stages of the product life cycle, by the possible negative consequences of their impact are formulated. To reduce the probable losses of the company and a reasonable assortment portfolio formation generalized classification of risks that are typical for any company is proposed.

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Authors: J. Nakonechna, PhD in Economics, Associate Professor, L. Demydenko, PhD in Economics, Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

This article is devoted the method of calculating the Open Budget Index, which established by the international organization "International Budget Partnership". This article reveals the procedure of disclosure of budget documents that affects the ranking of countries within the open budget index. Determined are the Directions for improved index transparency of public finance in Ukraine. Described as well is the first results of the electronic public procurement system "Prozorro".

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Authors: Т. Zatonatska, Doctor of Sciences, Associate Professor, О. Melnychuk, PhD student Taras Shevchenko National University of Kyiv, Кyiv, Ukraine

The article carried out with complex overview of tax regulation approaches of e-Commerce market, the features of international practices of taxation are revealed, in particular, EU countries, USA, China, etc. The nature and characteristics of e-Commerce market tax regulation is also revealed by international organizations, in particular, the OECD .It is provided with the best practices of leading countries in the sphere of eCommerce market tax regulation and those which are the most appropriate for implementation in Ukraine are singled out. Based on experience of EU countries, USA and China the necessity of improving tax system is justified. It is provided with recommendations of tax regulation improvement in respect of a such groups of e-Commerce market subjects as "Producers" and "Intermediaries". Moreover it is determined with the most priority recommendations for implementation, in particular, tax-free period for hosting providers, the exemption of income tax for Internet retail trade enterprises and increase the maximum level of duty-free import of goods to Ukraine. Expected predicted effects are provided from implementation of such measures, the main of which are legalization, increasing the number of employees, attracting the world leaders of e-Commerce market to the domestic market, innovation incentives for market development and the intensification of cross-border trade.

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Authors: A.Snetkova, PhD student Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The article discusses the economic nature of the investment and summarizes the theoretical approaches to the interpretation of the essence of the concept of "investment" as an economic category. A comparative analysis of the existing definitions carries out on the basis of a critical study of foreign and domestic researchers theories, shows their inseparable relationship with the capital. The question of investments at the macro and micro levels to implement them. Formulated author detailed definition of the category "investment".

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Authors: O. Zhylinska, Doctor of Science (Economics) Taras Shevchenko National University of Kyiv, Кyiv, Ukraine

This paper proposes new methodological approaches in the study of development problems of scientific and technical activities in the information society. The essence and economic nature of development scientific and technical activities' from the standpoint of methodological collectivism are disclosed, a new phenomenon intensification of development scientific and technical activities by forming the global networks of scientific and technical knowledge users that provides sharing of the burden of transformation and transaction costs as generation as well as economic implementation of research and technical knowledge across the globe are showed. This study outlines the complementary effects in intensify development of scientific and technological activities components: research and development (R&D), training of scientific personnel, provision of scientific and technical services, which generates of world market's complementary goods, being world market of educational services of scientific and technical information, industrial properties, high technology products, venture capital investments and stock market.

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Authors: D. Chernenko, PhD Student Kyiv National Economics University named after Vadym Hetman, Kyiv, Ukraine

This article presents a review of capital structure studies paradigm, founded by the Miller- Modigliani theorem. The research includes a brief view on origins of capital structure issue, importance of the Miller- Modigliani theorem for modern research, and current agenda of modern studies. The article also suggests post-soviet scholars to adopt and use modern theories and methodology.

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Authors: I. Novikova, PhD in Economics, Senior Researcher Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The article highlights the historic features and modern trends of European orientation of Ukraine's economy. The analyzed dynamics of export / import of Ukrainian goods and services to / from the eurozone countries and means of stimulating export activities, in particular through the creation and implementation of innovative products. Was investigated the problems arising from the implementation of the strategic European principles in Ukraine. Provided recommendations to overcome barriers to European integration of the national economy.

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Authors: M. Naumova, PhD student Vadim Getman Kyiv National Economic University, Kyiv, Ukraine

The assessment of the current state and prospects of social entrepreneurship development in Ukraine based on qualitative and quantitative SWOT analysis, taking into account the synergy between the opportunities and threats, strengths and weaknesses of the object are suggested and conducted in the article. The expert survey method was applied to evaluate the factors are identified through SWOT analysis. The priority areas of social entrepreneurship development in Ukraine had been identified on the basis of the sophisticated matrix of the SWOTanalysis. The overriding objectives of social entrepreneurship development in Ukraine are making public authorities as well as civil society aware of the solutions required for the problems of social entrepreneurship development in Ukraine through media and communications. The adoption of the Act on social entrepreneurship and its support at the national, regional and local level; the formulation and adoption of the special long–term development programmes to promote social entrepreneurship, introduce legislation to set up a specific registration system for social enterprises, including the regularly monitoring of their activities – the measures are necessary to achieve more effective implementation and increasing the scope and scale of social entrepreneurship in Ukraine. The establishment of the education programmes in the field of social entrepreneurship in the universities, organizing and conduction of teaching workshops, trainings, and courses on social entrepreneurship for the wide public – would give new impetus to the development of social entrepreneurship in Ukraine as the source of the citizens' initiatives.