Business Inform

6-12

Authors: The Determinants of Success and Divergent Aspects of the Startup Companies Development in the Global Business Environment

The article is aimed at researching the determinants of success and divergent aspects of the development of startup companies in the modern global business environment in order to substantiate effective technologies for their development. Thus, the global vector of economic, technological, socio-cultural development determines the emergence of progressive economic concepts, which are currently represented by the following formulations: digital economy, gig economy, knowledge economy, service economy, innovative and creative economy, sharing economy, etc. The authors analyzed two significant criteria that are most common in determining a startup company: innovative product and rapid growth rate. A comparative analysis of both startup-based and traditional business was carried out, which allowed to outline key divergent aspects of these concepts, namely: local and global ambitions; scalability of business; product innovativeness; information and digital technologies; trajectory of successful development; commercial interests; organizational structure; business model transformation; business ecosystems, etc. The authors analyzed key determinants of success and failures of startup projects based on the following criteria: idea, business model, launch time, team, marketing strategy, investment, system of mission, goals, and values. Prospects for further research in the context of the development of startup companies in the modern business environment are the systematization of successful cases and the development of certain mechanisms for improving the efficiency of activities of startup companies.

19-28

Authors: Ostapenko S. O., Namiasenko Y. O.

The analysis of the impact of foreign direct investment (FDI) on the rate of economic growth on the example of China and Ukraine is carried out. It is shown that foreign direct investment has a positive impact, but this is not the only factor that determines economic growth. Apart from the attracted foreign investment, the country must have developed institutions that will protect foreign capital from both the internal political and the external risks. Such an institutional environment will contribute to the growth of foreign direct investment and the effectiveness of their implementation. It is shown that at the same levels of foreign direct investment per capita – investments in China tend to grow steadily and less volatility. At the same time, foreign investment in Ukraine is unstable and highly dependent on macroeconomic factors, such as global economic crises and armed aggression of the neighboring country. To determine the impact of foreign investments on the pace of economic growth, the article used a regression and correlation apparatus. A cross-correlation function was used to assess the lagging impact of foreign investment on economic growth. The novelty of this publication is that by using correlation analysis, a significant difference in the lags of FDI impact on the GDP growth rates for the economies of Ukraine and China has been proved. It is found that Ukraine is characterized by a rapid short-term response to foreign direct investment with zero and single lag, while for the Chinese economy this response is dissolved over time. The main stagnation factors in Ukraine include the following: practical absence of the possibility of direct investment of the population into the country’s economy (underdeveloped stock market), significant political (risks of loss of property), macroeconomic and corruption risks.

40-47

Authors: Khomenko I. I., Krauchanka U. U.

The successful implementation of the Strategy for the development of the sphere of innovation activity for the period up to 2030 involves taking into account the peculiarities of the organization of management of the creation, protection of intellectual property rights objects (IPRO) and technology transfer. Therefore, the article is aimed at studying these aspects in scientific institutions and developing effective proposals in this context. The article considers the importance of the role of objects of intellectual property rights in the activities of scientific institutions and the need for full functioning in these institutions of the units for technology transfer, innovation activity and intellectual property. The authors examine the problems that hinder the development of such units in scientific institutions and institutions of higher education. Based on the research of the experience of the aforementioned units in both domestic and foreign scientific institutions, it is recommended to introduce and develop in Ukraine mechanisms of the State support for innovation activities, technology transfer, commercialization of research results, intellectual property objects taking into account the experience of the EU Member States, technologically developed countries, directed towards developing innovations in business; combining business and scientific institutions, higher education institutions for research and development for transfer of technologies in the interests of enterprises; support of high-tech industries; development of innovative activities at the regional level. Important issues, in particular, are the development of model agreements for research and development with various options for the distribution of intellectual property rights between scientific organizations and national or foreign counterparties, which would take into account the international practice of concluding such agreements; development of provisions defining the peculiarities of creation and use of intellectual property objects by employees of the NAS of Ukraine who work in foreign projects and scientific institutions, as well as foreign specialists conducting research and development in institutions of the NAS of Ukraine. The nuances of management of the creation, protection of objects of intellectual property rights and technology transfer in scientific institutions related to the innovative attractiveness of enterprises are planned to be highlighted in further scientific research.

54-60

Authors: Lupak R. L., Polishchuk V. V.

The historical prerequisites for the formation of migration waves of the population of Ukraine are analyzed as follows: the first wave («old migration» – the second half of the nineteenth century with the predominance of migration of workers); the second wave («new migration» – the end of the nineteenth – the first half of the twentieth century. with the predominance of migration of poor peasantry); the third wave («political» – after World War II until the 1980s, with a predominance of low-skilled workers and intellectuals); the fourth wave («migrant workers», since the mid-90s of the twentieth century.). It is noted that the fifth, «intellectual» wave (since the 2010s) can be transformed into a «corporate», which provides for the withdrawal of business abroad in the context of increased tax burden in Ukraine. The likelihood of a «corporate» wave also strengthens the stimulating policy of European countries to attract businesses that offer stable economic conditions. Ukraine’s place on the global migration map confirming its inclusion in the international space as a democratic and legal State has been studied. The number of international migrants from Ukraine is gradually increasing, reaching 6.1 million people in 2020, but the problem of such dynamics is exacerbated by the declining dynamics of immigration and threatening depopulation processes: in 2020, the share of international expats in the population reached 11.9%, when in 1990 it was equal to 10.8%. Studying the migration processes of the population of Ukraine, scientists and experts often focus on the problem of human losses due to emigration. However, the modern world, even during the pandemic, is developing in the context of globalization. Many countries have an effective policy of attracting human potential, thus ensuring positive development dynamics. Therefore, the authorities of Ukraine are forced to intensify the State regulation of migration processes, guided by the consequences of their impact on socio-economic development.

68-81

Authors: Kyzym M. O., Kotliarov Y. I., Khaustova V. Y.

The article is aimed at defining the main tendencies in the development of centralized heat supply in Ukraine. Objective prerequisites for the use of centralized heating sources, as well as levels of development of heat supply systems of settlements are identified. It is determined that the development of heat supply systems largely depends on climatic conditions and the climatic characteristics of certain cities of Ukraine are considered. The main stages of construction of district heating systems in localities of Ukraine are formed. Types of heat supply of cities of Ukraine are identified. The genesis of development of heat generation and heat supply processes in Ukraine is researched. The peculiarities of formation of the national legislative framework for regulation of issues on production and consumption of heat energy are analyzed. The provisions of the Concept for the implementation of the State policy in the sphere of heat supply are analyzed. Based on the carried out analysis, it is determined the following: firstly, the imbalance of financial capabilities and needs for financing investment projects of heat supplying enterprises, as well as a shortage of investment resources, which requires careful substantiation of investment programs, directions and order of modernization and reconstruction of available capacities; secondly, shifting the focus to the powers of local authorities (through decentralization of public administration), which received broad powers to license and set tariffs for heat energy, but at the same time received a wider range of obligations to maintain heat supply systems in working condition; thirdly, the lack of medium- and long-term planning for the development of heat supply systems in localities, which largely explains the current state of the heat supply sector. It is substantiated that such features of the current state of heat supply in Ukraine require the development of new approaches to planning and implementation of works on organizational-technological modernization of heat supply in conditions of limited financial resources.

95-101

Authors: Tkachenko T. P.

The article is aimed at improving the theoretical and methodological principles and formalizing the methodological provision of the processes of formation of a comprehensive system of economic security of industrial enterprises. The article analyzes the theoretical principles of interpretation and management of the economic security system of enterprises. In particular, it is defined that modern scientific define the economic security system as an aggregate of elements that provide protection along with threat assessment. The author proposes to consider the concept of «economic security system» as an aggregate of resource elements and functions for harmonization of interests, complexity, flexibility, interaction and coherence of space, which determines the economic efficiency of adaptability of units, management elements, subsystems and allows comprehensively and fully diagnosing risks and threats, potential deviations, as well as substantiating the cost of resources for the systematic provision of security of industrial enterprise. A functional-resource approach to the formation of the economic security system is substantiated. Internal incentives and motivators of the formation of the economic security system are formalized, which are disclosed through structural elements of the system and process flows in the internal environment of the enterprise. To activate the resource and functional elements, it is necessary to establish the goals of the system formation and formalize their species composition. This will allow to determine and substantiate the cost of security provision, minimization of risks and the instrumentarium of the organizational and economic security mechanism. The article describes elements of the security space, which include the resource and functional constituents, methodological means of diagnostics and regulation, as well as economic agents who are in contact with external actors. Motivators, strategic guidances and tasks of its development are defined as strategic elements of the economic security system. The formation of the economic security system of industrial enterprises should be based on the conceptual coordination of elements and functions in accordance with the subjective impact of the environment, as well as on strengthening innovation and integration processes and increasing the cost of preventive activities. The specified aspects are implemented through the instrumentarium of organizational management, which is formalized through the subjects, object, tasks and directions of ensuring economic security.

109-116

Authors: Krysovatyy A. I., Tkachyk F. P.

The modern paradigm of effective social and economic development of regions must take into consideration the dialectics of fiscal federalism in the symbiosis of its essential determinants with fiscal decentralization. The purpose of the article is to scientifically and conceptually substantiate the model of fiscal federalism of the United States of America in the field of implementation of adequate provisions into Ukrainian decentralization. The article examines the conceptual provisions of fiscal federalism, substantiates the forms of decentralization of powers among levels of government. The architectonics and evolutionary paradigm of fiscal federalism in the United States of America are covered. The risks and effects of fiscal federalism were monitored for the purposes of implementing its basic aspects into Ukrainian practice. Theories of the first and second generations of fiscal federalism are considered. It is ascertained, that the principles of fiscal federalism are used in the practice of unitary countries. Public authorities actively apply mechanisms of cooperation with municipalities in the context of delegation of tax and expenditure powers. Emphasis is placed on the tax component of the intensification of fiscal autonomy of local governments. At the same time, the experience of the United States of America has shown the importance of directing grants and transfers to social projects of municipalities. The priorities of adaptation of actual postulates of fiscal federalism into Ukrainian system of interbudgetary relations under conditions of decentralization of powers are outlined. It is emphasized that fiscal federalism should not be limited to the redistribution of financial resources between the State and local governments. It should encourage amalgamated territorial hromadas to financial autonomy and increase tax potential to improve the prosperity of citizens

127-134

Authors: Zhulyn O. V.

The article is aimed at studying the theoretical, organizational and methodical aspects of financial inclusion; conducting an analytical research on the development of financial inclusion and its impact on the welfare of the population; formation of recommendations for improving the financial services market in the conditions of ensuring the financial inclusion in Ukraine. The theoretical foundations of financial inclusion and its components are considered, the author suggests to enclose therein the speed and security of obtaining a financial service, which is provided with the help of digital technologies, which is relevant in the context of the COVID-19 pandemic. The carried out analytical studies of financial inclusion in the world and in Ukraine have shown that its level is constantly growing and there are sufficient prerequisites for its development, including in the financial market the maximum number of the population who will be able to benefit from the use of financial services. As a result of the analysis, a framework for financial inclusion has been developed that allows identifying entities that are often unwittingly excluded from the financial services market – due to low levels of financial literacy, low incomes or discrimination on the part of financial institutions. An important aspect of the implementation of the concept of financial inclusion is the motivation to use financial services, using behavioral finance methods for this – not only by those who are forced to exclude, but also those who voluntarily refused to use them. The publication proposes recommendations and instruments for improving the financial services market, which will increase the level of financial inclusion, which in turn will contribute to economic growth, mobilization of savings, their preservation and increase, introduction of innovations and development of entrepreneurship.

140-150

Authors: Zamaslo O. T., Kozak D. A.

The article is aimed at examining the problem of laundering black money in the offshore jurisdictions. Attention is paid to the key factors that attract economic entities regarding business registration in offshore zones. The impact of the tax burden on the process of moving profits to offshore jurisdictions is considered. The volumes of losses of the State Budget of Ukraine related to tax evasion of the funds placed on the accounts of offshore companies have been studied. The most typical schemes of laundering black money in offshore zones are presented, as well as a number of stages that form the process of laundering are highlighted. Emphasis is placed on round tripping investment as a key mechanism for returning foreign funds to a resident in the form of foreign direct investment, the main factors in the use of round trip transactions by Ukrainian business entities are allocated. Attention is drawn to the percentage of countries, which are the largest investors in Ukraine. It is determined that the use of offshore schemes by Ukrainian businesses contributes to the growth of the shadowing of the national economy and causes a direct negative impact on Ukrainian financial security, which is confirmed by the results of the National Risk Assessment 2019. Emphasis is placed on the OECD / G20 Base Erosion and Profit Shifting (BEPS) initiative to prevent money laundering offshore, and Ukraine’s key measures to implement relevant international standards are specified. Prospects for further research in this direction are to identify measures directed towards deoffshorization of the national economy, including through the implementation of the BEPS 2.0 Action Plan.

156-162

Authors: Kobko R. V.

The article is aimed at defining the theoretical aspects of managing the economic security of the insurance services market of Ukraine, searching for ways to develop special practical recommendations to solve the outlined problem. In the context of transformational changes and globalization metamorphoses, the issue of ensuring a high level of economic security of the insurance services market in Ukraine is one of the priorities. The article discusses the risk factors influencing the provision of a high level of economic security of the insurance services market of Ukraine, analyzes the mechanisms for managing the economic security of the insurance services market. Particular attention is paid to the characterization of models of the State regulation of economic security of the insurance services market of the countries of the world, which helps to form the main emphasis on the state of development of the insurance services market of Ukraine. The practice of developed countries of the world indicates the inadmissibility of such a mechanism for ensuring economic balance as insurance premiums, and the need to focus on the formation of insurance reserves. Based on the practice of the developed countries of the world, it is advisable to summarize the mechanisms for ensuring the economic security of the insurance services market as a single system, monitoring of which will ensure systematic economic development, quick managerial decisions in transformational conditions and attraction of investment funds for long-term strategic planning. In addition, the article draws a parallel between ensuring a high level of economic security of the insurance services market and the development of the Ukrainian economy in the context of a rapid change in external influence factors, involving priority mechanisms for ensuring the long-term investment development of the country. The main directions of improvement of the State regulation of economic security of insurance services market are proposed.

173-183

Authors: Semenog A. Y.

The article is aimed at determining the consequences of digitalization and development of the fintech sector for the financial services market. According to the results of the analysis, a number of transformational trends for the financial services market are identified and characterized, among which the major ones: disintermediation in the financial services market – as a process of «cutting out» the classical financial institutions from the direct process of financial asset exchange; democratization of financial services processes – as a process of expanding the range of financial products; disaggregation of financial services – as a process of splitting financial services into separate financial products; increasing the inclusiveness of financial services, which provides better availability for different categories of customers; emergence of decentralized finances – as a concept and ecosystem of financial services, in which the provision of financial services and products is carried out directly without traditional financial intermediaries within the public open and decentralized blockchain network; development of automation and virtualization of financial services, which involves the widespread use of artificial intelligence technologies, algorithmic assessment of customer creditworthiness, autonomous risk management, automated trading on the exchange, the work of virtual assistants, robo-advisers and security systems against fraud; appearance of built-in financial products as part of services outside of the applications of financial institutions. The consequence of these trends is a reduction in the demand for financial services as a separate product of classical financial institutions; reducing the profits of traditional financial service providers; expansion of new business models of financial services provision in cooperation with technology companies; increasing the need to update the regulatory support of financial services processes, as well as the integration of mass financial products into the client offers of non-financial companies within a single ecosystem of products and services of a digital company.

190-196

Authors: Khlevytska T. B., Guseva O. Y.

The need to ensure the conditions of viability of enterprises through flexibility and adaptability against the modern hard-to-predict changes requires the use of modern, worldwide-recognized instruments and forms of management, the main place among which is reengineering. The expediency of this approach to managing financial-economic security is due to the fact that, on the one hand, financial-economic security is the initial prerequisite for long-term development, and on the other hand, it acts as a criterion for the efficiency of enterprise management. The article is aimed at substantiating the theoretical-methodical approach to the use of business process reengineering instruments in ensuring the financial and economic security of enterprises in accordance with its strategic orientation. The basic principles of building a system of financial-economic security are defined. On the basis of the system-structural approach, the classification of types of financial-economic security with the separation of market and interface security was carried out. The system of indicators for monitoring the level of financial-economic security is proposed to be built on the basis of sustainable development with the obligatory separation of ecological, social and directly financial-economic groups of indicators. A definition of the financial-economic security management from the position of strategic management is presented as follows: a set of the most significant decisions directed towards ensuring a programmed level of security of the enterprise. The relationship between the financial-economic security management strategy and the mechanisms of business process reengineering is demonstrated.

203-210

Authors: Kosar O. V.

The article is aimed at forming and substantiating the theoretical and conceptual basis for managing the marketing activities of a network of enterprises according to the proposed elements with the possibility of determining parametric characterizations and their implementation in the practical activities of enterprises, including restaurant business establishments. As a result of thorough research of works of domestic and foreign scholars on the theoretical and methodological principles of formation and development of management of marketing activity, the subject, object and main tasks for the network of enterprises are determined. The defined tasks are proposed to be divided into three blocks, for each of them are distinguished key aspects that the network of enterprises should take into account when managing marketing activities. The theoretical and conceptual basis for managing the marketing activities of a network of enterprises, including restaurant business establishments, is developed, which will strengthen the fundamental foundations of marketing as a science and increase the adaptability of the implementation of management of marketing activities of enterprises to the current conditions of their functioning in the market. As a result of the formed theoretical and conceptual basis, the parameters of marketing management for a network of enterprises that can be implemented in the activities of enterprises of most spheres and types of economic activity, including restaurant business establishments, are determined. Further scientific researches will be concerned with the formation of structured methodological principles for improving the efficiency of the management system of marketing activities of the restaurant business network.