Bulletin of Taras Shevchenko National University of Kyiv. Economics.

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Authors: O. Boguslavskyy, PhD in Economics, Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

This article is devoted to the study of the nature, functions and operations of business associations in Ukraine. Classification criteria of business associations are distinguished. The main stages of business associations in Ukraine are determined and their specificities are shown.

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Authors: V. Novytskyi, PhD in Economics, Associate Professor University of State Fiscal Service of Ukraine, Irpin, Ukraine

In article was made the monitoring of current tendencies of development of world economy offshore sector, analyzed the growth of tax policy pressure on European offshores that are linked to Great Britain, overviewed the modern antioffshore tax policy of EU and USA and analyzed the influence of these tendencies on Ukraine

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Authors: I. Kychko, Doctor of Sciences (Economics), Associate Professor, A. Holodnytska, PhD in Economics, Associate Professor Chernihiv National Technological University, Chernihiv, Ukraine

The article deals with conceptual approaches to the investment policy in the restructuring of the economy of Ukraine. Detailing the prospects of investment projects with foreign partners. The analysis of structural changes value sectors of economic activity, trends in investment processes. Argued the need for structural changes to address the social problems of economic development, increasing the share of industries with high added value content. Outlined priority areas of increasing investment attractiveness of Ukraine in the context of economic transformation.

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Authors: R. Holly, Professor, Dr. Hab., E. Greszta, Doctoral student The Warsaw School of Economics, Collegium of Socio-Economics Policy, Warsaw, Poland

This article introduces subject of an insurance captive entity, with focus on how it could be used as insurance formula for risk management. Captive might be the most appropriate insurance formula for risk management. However, the level of achieved success depends on many factors.Insurance captivesare understood as entities which are formed and owned by companies mostly for the purpose of insuring own risks (pure captive or single parent captive). More and more often captives are also formed by a group of companies (group captives) to insure their properties and liabilities towards 3rd parties. Captives are widely used by many companies nowadays. However, many of them,are used solely for a purpose of a risk cession and premium transfer, with an intention to use captivesmore as a profit center in a low taxation country rather than for the purpose of risk management (i.e. a more appropriate role for captive would be to support their owners in enterprise risk management – ERM). This article touches on why captives are not used to their full potential. It may be toochallenging for many decision makers to embrace on captives as risk management formula and extend captives' roles to utilize all possible advantages resulting from owning a captive. Captive can deliver risk management in a more comprehensive way than most commercial insurers on the market. The article also presents advantages and disadvantages of owning an insurance captive

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Authors: H. Sanko, Professor Colorado State University, Global Campus, USA

This article reviews the changes of consumption patterns in the Ukrainian society over the last 25 years and the impact this transformation had on Ukrainian consumers. The author researches the market forces and the influence those market forces had on the consumer behavior. Finally, the author concludes that the market forces present on the Ukrainian market resulted in transforming consumption patterns and consumer behavior. In this scientific research also presents a critical analysis of the implications for the Ukrainian society and the possible choices of market models.

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Authors: D. Tutberidze, PhD Student at Ilia State University, Assistant Researcher, D. Japaridze, Doctor of BA, Professor Institute of Economics and Business at Ilia State University (ISU), Tbilisi, Georgia

There are many arguments that can be advanced to support the forecasting activities of business entities. The underlying argument in favor of forecasting is that managerial decisions are significantly dependent on proper evaluation of future trends as market conditions are constantly changing and require a detailed analysis of future dynamics. The article discusses the importance of using reasonable macro-econometric tool by suggesting the idea of conditional forecasting through a Vector Autoregressive (VAR) modeling framework. Under this framework, a macroeconomic model for Georgian economy is constructed with the few variables believed to be shaping business environment. Based on the model, forecasts of macroeconomic variables are produced, and three types of scenarios are analyzed – a baseline and two alternative ones. The results of the study provide confirmatory evidence that suggested methodology is adequately addressing the research phenomenon and can be used widely by business entities in responding their strategic and operational planning challenges. Given this set-up, it is shown empirically that Bayesian Vector Autoregressive approach provides reasonable forecasts for the variables of interest.

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Authors: A. Sholoiko, PhD in Economics, Senior Researcher, Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

Insurer's choice of the priority type of insurance under uncertainty using game theory and decision-making criteria is grounded. The priority types of insurance for investigated insurance company are identified. These are such types of insurance: compulsory insurance of civil liability of owners of vehicles; voluntary cargo and luggage insurance; accident insurance; voluntary medical insurance. The advantages and disadvantages of using game theory in the field of determination of priority types of insurance for insurer are found. The advantages include the relative simplicity and availability of the method, taking into account the different states of the environment, simultaneous comparison of different types of insurance. The advantages include ignoring the principle of diversification of the insurance activity and some contradiction in the results obtained from the gains matrix based on insurance premiums and loss matrix based on insurance payments. That is why it is better to compile matrix not for all types of insurance but for some groups such as property insurance, liability insurance etc. It is also necessary to combine game theory and other methods to reach more precise results.

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Authors: V. Zhurylo, PhD in Economics, Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The study addresses the problem of the formation of customer loyalty in the market of high-tech products. It examines existing approaches to defining the determinants that influence the formation of loyalty in the consumer market. On the basis of generalization of existing approaches it is proposed to divide the determinants of such groups: behavioral, perceptual, marketing and individual determinants of customers loyalty. Marketing research was conducted to identify the features of the market behavior of Ukrainian consumers of high-tech products. As the result, the main tends of consumers behavior, external and individual factors of actualization and influence on the consumers motivation were determined. Ukrainian consumers' loyalty was sorted depending on the reasons to buying high-tech products and consumer involvement in this process. Each type of market behavior of consumers corresponds to a certain type of consumer loyalty. Cognitive, agreement, demonstrative loyalty are formed in the case of high consumer involvement in the buying process. Active, perceptual loyalty and loyalty of convenience are observed in the case of low involvement.

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Authors: I. Mazur, Doctor of Sciences (Economics), Professor, Taras Shevchenko National University of Kyiv, Kyiv, Ukraine, A. Shyshak, PhD student National academy for public administration under the President of Ukraine, Kyiv, Ukraine

The socio-economic nature of the shadow economy is revealed. The shadow economy has both positive and negative signs for the society; the possibility for the population to survive in conditions of economic crisis, reducing transaction costs authors refer to positive signs, and the destructive economic development to negative. The common (prohibitions and restrictions) and partial (high tax burden and inefficient system of its administration; numerous bureaucratic procedures; mistrust to the government institutions and the judiciary; corruption in all levels of the governance, etc.) causes of the shadow economy in entrepreneurship are disclosed. It is argued that the shadow economy is neither a sector nor a certain part of the legal economy, it can be in any sector of the legal economy closely interlaced with it, and therefore its limits cannot be clearly identified (determine) in the formal economy. The shadow economy is not possible to determine especially in the information society. The categories of the shadow economy and its structuring are suggested. It has been researched the historical roots of the shadow economy spread in entrepreneurship, and lie in the shadow of public-private partnership which carries interests of "civil servant-entrepreneurs" and allows to manage state resources and control market. Therefore, the shadow policy creates favorable conditions for the entrepreneurs to work in the shadow. At the same time, access to the shadow entails stricter regulation by the state. It is proved that corruption is a part of the shadow economy, not an independent phenomenon, so they should be research comprehensively and systematically. Instead of overcoming the shadow economy and its component – corruption has been suggested to establish favorable business environment for their unfavorable existence, that is to carry out deshadowing of the economy

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Authors: Y. Petlenko, PhD in Economics, Associate Professor, К. Mуlovanova, economist Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

The question of an essence and types of the government fiscal policy on different stages of economic cycle are investigated in this article. The main types of fiscal policy in Ukraine during 1991-2015 years on the different phases of the economic cycle are described in the given research.

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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.