The Problems of Economy

14-20

Authors: Dodukalo M. Y., Danko N. I.

The article reveals the trends in tourism activities and analyzes the existing opportunities to improve its structure and territorial organization based on developing green tourism in rural areas. The natural conditions and resources of the picturesque rural areas, as well as the unemployed rural population are defined as resources. Forms, sources and mechanisms of organizing green tourism, as well as proposals for the provision and expansion of the range of services are suggested. Prospects for using the EU experience and the benefits of European integration processes for Ukraine are revealed. Recommendations for the establishment of ventures and other tourist associations in the countryside are developed. Research ss conducted in agricultural development; solving employment, organizational and economic problems related to the reproduction of labor potential in the agricultural sector; appearance of new trends in the production and marketing of agricultural commodities. Systemic approach to studying the formation and development of green tourism in the rural areas of Ukraine together with favorable natural potential and surplus labor make up the methodological basis for the work. It is concluded that the development of green tourism in rural areas helps to solve such socio-economic problems in the countryside as unemployment of the rural population. Green tourism in rural areas provides additional income to the rural population, expanding employment opportunities for farmers not only in the manufacturing sector but also in the services sector. With the increase in the number of vacationers it becomes necessary to meet their diverse needs, thus stimulating the development of services: excursions, communications, trade, livelihoods, recreation and entertainment, and so on.

29-41

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

The article is aimed at forming an organizational and economic mechanism of education, science and business integration on the basis of University 4.0. To achieve this goal, the methods of logical analysis and analytical modeling were used. The article clarifies the concept of “organizational and economic mechanism of education, science and business integration”, which is proposed to be treated as a set of organizational and economic interrelated elements, namely: instruments, forms, tools, levers, factors, and methods of management that work to improve the effectiveness of innovation and achievement of certain goals by coordinating the interests of the parties involved in its work. The organizational and economic mechanism of science, education and business integration should promote effective implementation of all the stages of the research and innovation cycle to ensure the socio-economic development of individual regions and the country as a whole. The organizational and economic mechanism of education, science and business integration according to the university 4.0 model is suggested, and its following components are substantiated: the purposes and tasks; legal norms; priorities and principles of its creation; organizational and economic forms, management methods, tools; means of implementing educational, scientific and innovative processes; levers and factors of influence; management effectiveness measures; resources. Actual use of the organizational and economic mechanism of education, science and business integration based on the formation of an innovative ecosystem around the university can enhance the positive influence of academic activity on the socio-economic development of individual regions and the country as a whole due to providing highly qualified personnel training according to innovative development needs, involving young people in research and startups development, stimulating the commercialization of research results, promoting large-scale use of scholarly knowledge as a virtually inexhaustible resource of economic growth for the development of high-performance technologies, tools, products, services, new knowledge, etc.

50-55

Authors: Prokhorova V. V., Babichev A. V., Yukhman Y. V., Varenko T. V.

It is determined that, the Ukrainian economy is facing systemic challenges which it needs to overcome to ensure sustainable development of its communities. This requires working out new effective mechanisms and forms of interaction between the government and businesses that would balance the interests and rely on the principles of mutual gain maximization. The limited investment resources of the state render it impossible to properly finance regional socio-economic projects and develop infrastructure. Historically, it so happened that the world would tackle the above problems, especially under unfavorable macroeconomic conditions, using the potential offered by the public-private partnership (PPP) as a form of interaction between the public and private sectors. The private sector tends to increase profits; obtaining more resources for doing business through attracting public resources; improving the efficiency of the use of their resources due to the effect of financial leverage in the merger of own resources with state resources; creation of a certain set of guarantees and preferences; removal of barriers to its development. It is concluded that, the specific nature of the state and municipal property and the limitations of the budget funding for social and infrastructure facilities, as well as the need to address socio-environmental and economic problems in an effective and efficient way determine the need to imtroduce PPP models into practice. Ukraine has embarked on the trajectory of PPP development as a pre-requisite for ensuring self-sufficiency of the state and its territorial communities. Its course is reasonably sensible because it strated with the relevant changes in the legal framework and creation of the supporting units to facilitate the PPP implementation and development. The main spheres the PPP projects are being implemented are major infrastructure facilities (electric power and heat production, water treatment, waste management, roads) and social life (health care and leisure).

67-78

Authors: Rayevnyeva O. V., Ostapenko V. M.

The article aims at studying the technology of transforming the interaction between the educational and scientific activity of a university taking into account the innovative model of economic development, which involves determining the stages of university transformation, while putting emphasis on peculiarities of R&D activity, interaction between the educational and scientific activity, and elements of their control system. The article identifies the factors determining the need for transformation of research and development and innovative activities, and the main areas of transforming research in Ukraine. The algorithm for transforming the interaction between the educational and scientific activity of a university is formed, consisting of individual but interconnected elements, such as legislative and statutory support in the educational and R&D activity; interaction between the educational and R&D activity of a university; management of the interaction between the educational and R&D activity of a university. Problems and priority areas in the work of the state policy carried out by the Ministry of Education and Science of Ukraine are highlighted. A number of legislative initiatives of the Ministry, launched in 2020 and planned for the future, have been approved in order to solve the existing problems in these areas. The Ministry of Education and Science has implemented and planned activities aimed at stimulating transformations in education, science and innovation. Legislative and regulatory support in the educational and R&D areas is grouped according to the stages of its adoption. The most common models used at modern universities are characterized in accordance with their peculiarities in combining R&D and educational activities of a university, its structural units and individual faculty members. Specific features of managing of R&D activity at a research (entrepreneurial, innovative) and educational universities are compared. The interaction areas of interaction between educational and scientific transformations in Ukraine that could influence its scientific development and promote its integration into the European Research Area are highlighted.

85-91

Authors: Babets I. G.

The relationship between the components of regional economic security and their dependence on changes taking place in the external environment is analyzed. It is proved that such components of regional economic security as foreign trade, productive, scientific and technological, and investment components are directly influenced by foreign economic factors, as these life spheres are subject to the rise of primary effects or consequences of external factors. A five-step methodology to study the way foreign economic factors influence regional economic security is developed. At the first step, external environment is analyzed, and a system of indicators is formed taking into account relevant external factors influencing the components of economic security, where the primary effects of the impact of these factors are observed. The second step involves the following: determining the integrated indicator for each component of the regional economic security; assessing the impact of foreign economic factors produced on the change of the relevant integrated indicator by the sensitivity method; and ranking indicators according to the level of threats arising from the deterioration of the correspondence of their actual values to security criteria. The third step is only relevant for the most influential indicators directly related to foreign economic factors. Here, change forecasts are developed. The fourth step concerns indicators with a probability of less than 50% of the optimistic change forecast and more than 50% of the pessimistic change forecast, which requires justification of measures taken to optimize them and ensure compliance with economic security criteria. The fifth step is modeling economic security components for a short term period by the method of change forecasts using hypothetical values of indicators calculated on the basis of forecasting.

101-107

Authors: Kruhliakova V. V., Zakhidna O. R., Yurchenko I. M.

Proper asset provision within local budgets during the implementation of social and economic regulation is the basis for creating and developing an effective national and regional economy, and is a good means of counteracting the crisis caused by the COVID-19 pandemic. The article is aimed at analyzing the results of the decentralization policy in Ukraine on the example of the Lviv region and of the impact made by the COVID-19 pandemic on the Lviv region budget; determining the state, problems and development prospects of the budget. The article examines the organizational and economic aspects of local budgets; considers the nature and effectiveness of the decentralization reform; analyzes the state of local budgets in the Lviv region; identifies several problems and suggests some ways to overcome them; and provides recommendations to improve local budgets and local communities. The budget asset provision in the Lviv region amid financial decentralization is characterized by decrease in both revenues and expenditures of the regional consolidated budget in 2020 by 25% and 45.3% respectively; reduction of new businesses growth by 2.4%; increase in unemployment by 1.1% due to some problems of Lviv enterprises and the subsequent dismissal of their employees; Ukrainians’ outflow abroad in search of jobs. The study has identified such problems as: the COVID-19 pandemic, which was the main reason for the deterioration of the economic condition of the Lviv region budget and other local budgets in Ukraine, as well as for the reduction of revenues and expenditures within the consolidated budget of the Lviv region; deterioration of the population’s living standard; reduction of the new businesses growth rate; increase in unemployment due to the problems of Lviv enterprises and dismissal of their employees; Ukrainians’ outflow abroad in search of jobs; conflicts caused by community consolidations; inexpedient changes of statutory and regulatory character; low initiative of local self-government bodies in some communities; and others. The solution will be: cooperation of all the authorities and business to improve employment; introduction of new business assistance programs to improve the companies’ financial condition; development of programs to attract foreign investment to communities; legislation improvement; introduction of innovative activities in solving problems, etc.

114-120

Authors: Kondratenko N. O., Kolesnyk T. М., Bratash M. A.

The article suggests a theoretical generalization of using statistical methods in the enterprise development management system. It is noted that the collection, arrangement and analysis of information on the current state and development perspectives of an economic entity is one of the most important enterprise development management instruments. That is, modern management methods require a reliable information supply, creation of a new strategy for collecting, processing and analyzing information. Statistical methods have been systematized according to their intended function. Statistical methods have been characterized within the enterprise development management system. The interrelation between the use of statistical methods and enterprise development management system is proved. An example of using statistical methods in managing financial risks at an enterprise is given. It is noted that while using statistical methods in financial risk management one should focus on the greatest possible unification of the existing risk level assessment that is revealed in the creation of universal parameters characterizing the size of the probable loss. It is also determined that the index method of enterprise management system is becoming more and more popular, taking a special place among statistical methods due to its simplicity and capacity to solve complex problems. Statistics is identified as an integral part of any enterprise management system, as it determines the dynamics of growth or decline in its development. That is, the systematic use of statistical methods is the key to qualitative and professional management and a quality and professionalism attribute of enterprise management. Conclusion is made that complex use of statistical methods makes it possible to identify and verify the causal links between social phenomena and processes, determine the influence and interrelations of various factors, justify managerial decisions, assess their efficiency, predict possible economic results of various situations occurring in the financial and economic activity of an enterprise.

127-133

Authors: Novikova M. M., Shved A. B.

Current trends in the development of HR-management at Ukrainian enterprises has been studied. It is noted that in today’s economic situation, people are the most valuable resources of any enterprise, because achievement of global development goals depends on their contribution. That is, the competitiveness of products and the enterprise, financial stability and prospects for strategic development depend on the efficiency level of personnel management. It is noted that today Ukrainian companies are forced to look for ways to solve the problem of the outflow of highly qualified personnel abroad and establish a personnel management system based on the introduction of new methods and innovative technologies in personnel management. The initial provisions of personnel management and the enterprise HR-management structure are considered. It is noted that HR-management is always focused on implementing competencies and professional abilities of an employee and achieving the greatest possible contribution of the staff to the performance and development of enterprises. Therefore, to increase the efficiency of personnel management, domestic companies should learn from the global experience in HR-management, as well as development and implementation of HR strategies, which in fact have a very serious impact on the performance indices of an organization, and adopt the best practices. The correspondence pattern between the enterprise strategy and its HR-strategy is given. It is established that rapid changes in the external environment, the introduction of modern technologies, and effective forms of organizing production have changed the attitude of business to a person. The staff has stopped being human resource only, becoming the key factor in the success of enterprise development. This role of a person in the production process necessitates the search for and implementation of innovative approaches to personnel management. It is concluded that the introduction of HR-management, and formation and implementation of HR strategies at domestic enterprises will significantly increase the efficiency of business processes and bring competitive advantages that will create the best conditions for development.

141-149

Authors: Shatilova O. V., Iakovenko M. V.

Recent research in the field of business management shows that the problems of the company's employees are closely related to the problems of the company itself. The efficiency of a company, in general and the efficiency of its employees, in particular directly depend on the well-being of staff. On the way to achieving sustainable development goals, the role of gender equality in companies is growing. The article considers gender aspects of the concept of well-being at the workplace as an integrated approach to corporate management, focused on achieving sustainable development goals. The article is aimed at substantiating gender equality as the basis for the well-being of the company's employees. To fulfil this task, direct connection between the sustainable development of a company and the well-being of its employees was identified. Sustainable development is understood as economic growth that does not harm the environment and contributes to the resolution of social problems, finding a balance between economic, environmental and social development. The sustainable development of a company is based on the principle of responsible business conduct and innovative potential, thus opening up new business opportunities for economic growth, as well as environmental and social well-being. Digital and non-digital components of staff well-being are singled out. Non-digital components of well-being are mental well-being, physical well-being, social well-being, and financial well-being. Facing current digital transformation, we propose to supplement this list with the digital well-being of staff. It is substantiated that gender equality is one of the elements of the staff well-being programs. The key gender issues in labour relations are analyzed. These issues are clearly expressed in access to work, professional growth and promotion, and most of all in the representation of women at different levels of management. Having compared the leadership style of women and men and their behaviour in a company, the authors come to conclusion that the staff efficiency is determined by a set of professional knowledge and skills, not gender. The principles of achieving gender equality are systematized and characterized within the concept of well-being at the workplace, and the problems of implementing such an approach are identified.

157-162

Authors: Soboliev V. M., Sobolieva M. V.

The article is aimed at revealing the possibilities of the behavioral economics theory to provide satisfactory scientific explanation of the causes of crises appearing amidst growing uncertainty of modern economic development in the global economic environment, and to suggest ways to overcome them. The 2007–2008 global financial crisis and the 2019–2021coronavirus pandemic are used as an example of such crises. Observation, the unity of quantitative and qualitative analysis, expert evaluation, logical modeling, analysis and synthesis were used as the methods of the research. Based on the author's understanding of the sweeping reasons for the global financial crisis, conclusion is made that one of the key ways of preventing its recurrence in the future is taking comprehensive educational measures to improve people’s financial literacy, e.g. modification of the state standards of secondary and higher education (compulsory formation of the corresponding general economic and financial competence of education seekers at certain education levels, regardless the educational program specialization). Having analyzed the impact of the coronavirus pandemic on socio-economic stability in individual countries and in the world as a whole, the authors have made two generalizations. First, the economic consequences of a pandemic at the initial stage of its development significantly depend on the awareness of its danger at the level of national consciousness. Secondly, the minimization of the negative socio-economic consequences of a pandemic should mainly lie within the responsibility of the state. Promising areas for further research on this issue are the following: a) the search for opportunities to develop a system of indicators showing the civil servant’s professionalism and their ability to work efficiently in current complex environment; b) the assessment of damage made by incompetent and unprofessional leadership in a particular area of public life; c) the analysis of mechanisms of spreading irrational economic and social behavior at the micro- and macro-levels, taking into account the national character peculiarities.

173-180

Authors: Khanin I. H., Sopin Y. O.

The PayTech sector, which is transforming payment methods, has become one of FinTech's largest segments. Electronic payment systems (EPS) are developing actively and acquiring certain specific features, which are important for their creation and refinement. The achievement and maintenance of the EPS economic efficiency is the fundamental prerequisite for their sustainable development, which fact is especially important for payment services providers. The article is aimed at clarifying the nature and structure of EPS, and singling out the features of their functioning and the basis for assessing their economic efficiency. The impact of the electronic payment development on the quality of goods-money relations and economic exchange is analyzed, and the process of forming a new payment mechanism in the markets is described. The most common payment methods in the B2B and B2C segments are considered, namely the automated clearing house, cash, checks, credit card, debit card, commercial credit card, and contactless payments. The essence and features of the electronic payment systems classification are specified. It is substantiated that they form the development basis for various FinTech areas. The functions of electronic payment systems are analyzed, and based on these functions the systems are considered as part of the payment infrastructure (functions of service, transfer, information, control, information and protection, organization). The main elements of an electronic payment system, the main blocks responsible for its functional implementation, and services for non-cash electronic payments are analyzed. The emergence of the electronic payment services market is substantiated. The roles of the new participants in this market are defined, which are the payment processor and payment gateway. The technological model of an electronic payment transaction is presented, which is transaction data processing and subsequent data exchange between the participants of this transaction within the payment system. The necessity of creating a new legal framework on payment services provision is substantiated. The issues and bases of the economic efficiency assessment in the field of electronic payment services are considered

191-202

Authors: Poliakova O. Y.

The article is aimed at studying and assessing the positive changes that occurred in the budgeting process due to changes in social standards in Ukraine during 2010-2020. The hypothesis testing is carried out on whether there is a link between changes in social standards such as the subsistence rate and the minimum wage, and the amount of tax revenues to the consolidated budget and the amount of budget expenditures. Modern approaches to assessing the impact of social standards are analyzed, and conclusion is made that fiscal effects are hardly studied in literature. Based on a comparative analysis of the dynamics of the established and actual subsistence rate and the main targets stated in the Consolidated Budget of Ukraine for 2010-2020, quarterly regression models are built, in particular, with pseudo-observed variables. A significant gap has been observed between the established and actual subsistence rates, which increases over time. At the same time, the minimum wage is approaching the actual subsistence rate for employable population, which is a positive fact. The aggregate income of the population main exogenous variable in tax revenues models. A model of household income dependence on average wages, average pension and subsistence rate is built. It is shown that the increase in the minimum wage in 2017 did not have the desired direct fiscal effect on personal income tax, unified social tax revenues and public expenditure on social insurance. The indirect impact on value added tax and excise tax revenues, which could be expected due to the increase in the household purchasing power, is also insignificant. The reason for this is the halving of the ratio between the minimum and average wages due to its concealment, the high level of the shadow economy and artificial understatement. It is shown that the consolidated budget expenditures on social security and wages are more sensitive to changes in various social standards, thus creating risks of macroeconomic instability in Ukraine.

211-216

Authors: Holian V. A., Medynska N. V.

The authors prove that decentralization of power and local governance reform have necessitated the reconsideration of the priorities in the rational environmental management, including resource conservation and energy efficiency at the level of amalhamated territorial communities (ATCs). Thus, it becomes necessary to transform the existing control system over the economic development of natural resource potential and environmental protection. It is substantiated that in the situation when new energy indicators are being implemented, numerous problems become mainstream, e.g. increase in the energy production output from renewable sources, e.g. solid and gaseous fuel on the basis of waste disposal. It is proved that the effective implementation of waste disposal projects is possible provided that the economic mechanism of resource conservation and energy efficiency is institutionalized at the level of ATC, which will provide budgetary, fiscal and credit prerequisites to increase financial support for modern waste management industry. The research carries out shows that in 2007–2021, the dynamics of the real volume of local budget expenditures on waste disposal has been declining, due to the lack of interest among local authorities in financing resource conservation and energy efficiency projects. It is established that the achievement of positive results in the financing of waste disposal directly depends on pooling part of the rent for the special use of natural resources and environmental tax in special funds within local budgets. It is substantiated that targeting natural resources and environmental payments accumulated in local government budgets will increase funding for waste disposal, thus increasing the use of the material substance of household waste and waste from agricultural and forestry production to produce solid and gaseous fuel. It is proved that the state should provide incentives for local governments to enhance resource conservation and energy efficiency based on waste disposal due to participation in financing and indirect promotion of such projects.

10-15

Authors: Hrabar M. V.

The article aims at studying current trends and key indicators of the digital transformation of the international travel industry. Due to the digital revolution, travel companies have changed the paradigm of approaches to understanding effective business processes. Digitalization has highlighted unprecedented opportunities for small and medium-sized travel businesses to access new markets, develop new tourism products and services, adopt new business models and processes, enhance their position in global travel value chains, and integrate into digital systems. Both quantitative and qualitative indicators of users’ stay on the Internet are given. As a result, it is stated that as people become employed, they create their own living environment and recreation environment on the basis of their interaction with the Internet. It is proved that travel business operates on a global scale and has an information-intensive nature, thus contributing to digitalization processes. It has been found out that digitalization changes and transforms tourism, provides business with direct access to global markets. It is established that digital economy has a profound impact on travel industry, as it transforms the process of communication with tourists and marketing of travel services, opens new and creative ways of providing such services. Having generalized information of the issue, the author has divided the digital tourism market into two categories. It is justified that the digital tourism market covers all the online transactions and purchases made through online payment or online booking. Conclusion is made that the United States holds the leading role in the digital tourism market. Governments have been found to play an important role in creating an appropriate framework for the digital transformation of travel business models.

22-34

Authors: Kornіvska V. O.

The paper presents analysis of European counter-crisis response programs: investment initiatives in response to the coronavirus; REACT-EU package of measures; a long-term recovery program (budget for 2021-2027) and Next Generation EU; and a banking package of measures titled “Supporting businesses and households amid COVID-19”. The sources of financial instruments for the recovery and adaptation of EU member states to the transcrisis state are described, and the most effective mechanisms for supporting entrepreneurship in the COVID-19 crisis are shown. The example of Slovakia and Poland is used to demonstrate the European experience in organizing the credit process, providing guarantees, intensifying social entrepreneurship in the face of the ongoing epidemic shock. The European investment trends and the participation of financial intermediaries in the post-crisis recovery are determined and used as a basis to characterize nationalization of the European long-term investment process. The special role of the state and the formation of state funds in the process of ensuring the effective adaptation of the Ukrainian financial and institutional environment to new challenges is substantiated; the importance of developing long-term programs for adapting the Ukrainian economy and society to the challenges of sanitary, humanitarian, climatic and political and economic nature, as well as forming appropriate institutions is shown. It is concluded that, given the peculiarities of the operational behavior of Ukrainian banking institutions, which are now focused on operations with government securities and commission activities, the adaptation investment process should be provided by public financial institutions.

42-47

Authors: Kanova O. A.

The article is aimed at forming an analytical basis for making decisions on determining the optimal role played by participants in financing partnership projects for the economic development of a state. The paper outlines the importance of distributing financial support efficiently in order to address problems related to the lack of funding and low efficiency of socially important projects implemented on a partnership basis. Statistical data testifying to the development of projects implemented in Ukraine on a partnership basis are considered. The most common forms of partnership agreements and financial support mechanisms used in partnership projects in Ukraine are also identified. The regions of Ukraine that are leaders and outsiders as for the number of partnership agreements concluded and / or implemented on their territory are identified. The effectiveness of various financial participation forms used by various parties to partnership projects is analyzed. To fulfill the task, the participation of potential investors is generalized by three sources of funding: state budget funds, local budget funds and other sources that include all extrabudgetary financial resources (own resources of program participants, businesses and individuals related to project implementation results, international organizations, as well as sponsorship and charitable funds, borrowed funds, etc.). Regression models have been constructed to determine the impact of the funding sources involved on the successful implementation of partnership projects in different areas (programs in economic, social and environmental areas are considered separately). Based on the modelling results, the elasticity coefficient has been calculated, which shows the extent to which the attraction of an individual funding source influences the success of the program. Conclusions are made on the extent to which the increase (or decrease) of the share of funding from a single source affects the success of the program in a certain area.

56-64

Authors: Matsuka V. N.

The article is aimed at studying the trends in tourism development in the regions of Ukraine. By analyzing, systematizing and generalizing statistical data and research works of many scientists, the author considers the state and trends of travel industry development in various regions of Ukraine, reveals problems in regional tourism development, substantiates areas of travel industry development in Ukraine, in general, and its regions, in particular. As a result of the study, current trends in tourism development in the regions of Ukraine are outlined, namely: the revival of tourism alternates with recessions; Ukraine’s image remains uncertain in the global market environment; the outbound tourist flow prevails over the inbound one; the private tourism share is the largest one in the structure of tourist flows both from Ukraine and to Ukraine; the neighboring countries share is the largest one in the geographical structure of tourist flows; tourism is most developed in the following regions of Ukraine: the city of Kyiv and Kyiv, Lviv, Dnipropetrovsk, Odesa and Zaporizhzhia regions; tourism is least developed in Luhansk, Kirovohrad, Zhytomyr, Ternopil, Rivne, and Sumy regions. The study reveals such problems of tourism development in the regions of Ukraine: logistics imperfection; ignoring environmental, sanitary and epidemiological issues; non-transparency of tourism business; social and political instability; global coronavirus pandemic; lack of effective demand, etc. The research in question has made it possible to determine such prospects for developing travel industry in the regions of Ukraine: the achievement of European and world standards for the ratio of service quality and prices for tourism services; adaptation of regulatory and legislative acts of the travel industry to the standards accepted in the European and world community; attracting investment in the tourism business; creation of an attractive tourist image of the regions and promotion of regional tourist products in the national and international tourist markets; development of the infrastructure of regional tourist markets, etc.

73-81

Authors: Dzhyhora O. M.

The article is aimed at identifying the main areas of regional policy with reference to ensuring economic security. It is proved that the state regional policy is an integral part of the state policy aimed at providing the spatial organization of a region, maintaining balance, eliminating regional differentiation. The mechanism of regional policy provision is considered. The powers of regional policy actors in Ukraine are apecified. The global and local goals of regional policy are characterized, the goal hierarchy is created with respect to ensuring regional economic security. Estimates of the local goals of regional policy on achieving the strategic goal of regional policy are defined. The main global goals of regional policy are highlighted, in particular: territorial integrity, socio-economic integration and spatial development, sustainable development of the region’s diversified competitive economy, development of rural territories and territories adjacent to cities, development of human capital and life quality, effective regional development management. It is determined that the following local goals are estimated highest for achieving the strategic goal of regional policy: protection of regional interests, territorial unity, prevention of deepening imbalances in regional development, rationalization of agricultural production pattern aimed at increasing its productivity, development of a competitive industrial sector.

91-99

Authors: Pyvovar P. V., Kostyuk L. P.

One of the fundamental tasks for Ukraine’s development is to ensure stable socio-economic development of both the country as a whole and its smallest territorial and administrative units. In turn, changes, which very often take place as transformation processes, are an integral element (prerequisite) for the development of any process or phenomenon. The article is aimed at identifying a system of subjects and objects of the transformation process in rural areas. To our opinion, the subjects of transformation in rural areas includes both producers and consumers of socially necessary goods, as well as those who ensure the functioning of economic entities in rural areas to achieve public welfare. The subject of rural areas transformation is the carrier of substantive and practical work, the source of socio-economic activity aimed at the transformation object. Both an individual resident of rural areas, and various socio-economic groups can take on the role of the subject of rural transformation. We have identified two groups of transformation subjects in rural areas: individuals (rural population, households, community, entrepreneurs) and legal entities (enterprises, rural authorities, NGOs). The main transformation objects in rural areas include the following: human potential, natural resource potential, financial potential, intellectual potential, information potential, and infrastructure. In the process of scientific understanding of any socio-economic phenomenon or process additi not only the subject and object are to be considered, but also the aspects which are part of the object. We have identified the following main aspects of transformation in rural areas: the relationship of society and nature, land (market) relations, market environment, R&D system, management system, financial relations, social relations.

110-116

Authors: Zinchenko O. A.

The article is aimed at substantiating the basics of adaptive control in the digital environment. The author puts forward and verifies a thesis on the necessity to develop adaptive strategic management amid the digital transformation of business on the basis of agile principles, which allow the most complete implementation of the customer-oriented approach. The author defines the adaptive strategy in the digital environment as a model of the company's adaptation to the digitalization of its interaction with customers, partners, competitors and other contact audiences. It has been suggested and proven that adaptive strategies are competitive in nature. Based on this hypothesis, adaptive strategies are systematized by the degree of their relevance in the digital environment. Strategies of cost optimization, differentiation, and focusing with reference to business digitalization are considered. The adaptive toolkit of these strategies is expanded by using more flexible methods and approaches. It is proved that the strategy of cost optimization is implemented thanks to such tools as business automation models, virtual product chains, combining real and virtual content of production processes (Building Information Model, blockchain technologies), and smart working model. A company can effectively differentiate its products and services by the digitalization of the existing products and services and the creation of new ones, convergence of consumer expectations based on SMAC (Social, Mobility, Analytics, Cloud) technologies, and through the omnichannel service of different customer groups. It is established that thanks to digital marketing and such technologies as authentic interaction, content marketing, social media marketing, performance branding, and affiliate marketing a company can strengthen its position in a certain market segment (or niche) and implement a customer-oriented approach. Risk management in the design of adaptive strategies in the digital environment can be seen as a prospect for further research.

124-131

Authors: Khaustova V. Y., Doronin A. V., Doronina M. S.

Global experience shows that society has to be focused on the model of new economy and recommendations of cognitology to improve the reliability of the functioning and development of society. Although many publications partially suggest options for solving this problem, complex analysis of the resources for the development of Ukrainian society still lacks methodological and practical substantiation. Thus, this article is aimed at summarizing the prerequisites for the development of theoretical and practical support for the formation of a social pattern within the new economy alongside with the development and utilization of cognitive resources. The article presents analysis of a) the trend to change social patterns, and b) factors that ensure the switch to using new knowledge that can provide designing and implementing successful reforms of society, as a whole and its economic system, in particular. The article proposes a variant of a collective survey hypothesis: “In a steady growth of the role and value of the latest knowledge in the innovative development of the economy, the cognitive capital of the firm, that is, knowledge of how to produce the latest corporate knowledge becomes a critical factor in providing large-scale and continuous innovations and progressive social and economic development of a country, in general.” Almost all scientists performing research of resources for the development of new economy have determined that it updates knowledge development. Combining provisions of philosophy, psychology and management presented in various research works, we have formed the theoretical basis for studying the cognitive potential of an employee. The necessity of gradual introduction of a research component into the academic activity of higher school is substantiated. The characteristic of each stage is presented as for the following: the purpose of the educational process, the criteria for assessing its results, the peculiarities of student's academic counselling.

140-146

Authors: Krasnova I. V., Prymostka L. O., Lavreniuk V. V.

The article is aimed at identifying, firstly, the features and the ways in which climate change influences the profile of financial business, and secondly, financial risks modification while taking into account climate change risks. Climate change is global, it causes new challenges for corporations, financial institutions and central banks, and for economy, as a whole. Statistics on the scale of the threatening impact produced by climate-re;ated risks on economy and its financial sector are presented. It is noted that the aggregate impact of climate change risks significantly exceeds the losses from the financial markets collapse. In particular, due to the natural disasters in 2020, the world economy suffered losses of about US$ 200 billion. The properties of climate-related risks are systematized and generalized, including the following: unpredictability, radical uncertainty, complex dynamics, chain effect, irreversibility, nonlinearity. Due to the high level of uncertainty, the problem of integrating climate change risks into the risk management system of financial institutions remains particularly complex. The ways in which risks generated by global climate change transform into financial risks are determined. It is noted that, despite the threatening impact of damage caused by extreme weather events and climate catastrophes, the management of these risks is still characterized by a low level of penetration into the system of risk-oriented management of financial institutions. In order for the financial business to effectively manage risks taking into account climate change, innovative approaches of strategic importance have been suggested, namely, green bonds and disaster bonds. The financial stability and sustainable dynamic development of economy will depend on the performance of financial institutions in implementing their policies in this area.

153-159

Authors: Ivanov R. V., Volkova V. V., Koval O. S.

The article is aimed at describing and testing a methodology for assessing the probability of bankruptcy of an enterprise operating in travel industry. In analyzing the activities of a travel industry entity with reference to sustainable development, attention is focused on indicators of financial stability and one of the main financial risks, i.e., the threat of bankruptcy. Modern methods of discriminant analysis used to determine bankruptcy probability, are analyzed as for the adequacy of their use to assess the activities of travel industry entities, and the specificity of their application is described. The available performance indices of a travel agency are analyzed, whose indicators of bankruptcy probability were defined and interpreted as showing that the financial situation at the travel agency in question was satisfactory as for its sustainable development. It is confirmed that of the most widely used methods estimating bankruptcy probability, Matviychuk's model and a modified Altman model are the most proper ones in assessing travel industry entities. Comparison of the results of their application with the entity classification made on the basis of a more commonly used Beaver coefficient shows a high level of consistency among the discriminant models considered. It is noted that taking into account the specifics of the model application and choosing financial indicators are the key to conducting a qualitative analysis and implementing effective anti-crisis policy at an enterprise with reference to its sustainable development. Further analysis of travel industry entities with reference to sustainable development is planned to be conducted using the concept of dynamic equilibrium of the economic system and its effective development.

167-174

Authors: Vonberg T. V., Motchana E. M.

The article is aimed at analyzing the motivational levers for effective work, which used to be effective before the beginning of the COVID-19 pandemic and became effective after it. The article substantiates the relevance of studying motivational factors and probable changes in the motivational components of employees that arose in response to the emergence of a new virus and the necessity to profoundly change the usual activity schemes. Having analyzed and summarized the research in the field of motivation and incentives to work effectively, the authors have found out that the issue of changing motivational levers during the pandemic remains greatly unsolved, despite numerous developments. The study makes it possible to draw certain conclusions, namely: the pandemic has clearly affected the employees’ motivation and productivity, but this effect remains rather insignificant. For example, with the beginning of the pandemic, the share of respondents experiencing an average level of satisfaction with their work decreased, while the share of both respondents experiencing the highest level of satisfaction and those who were dissatisfied with their work, increased. Also, with the onset of the pandemic, the share of productive respondents decreased, while the share of respondents showing high and low levels of productivity increased. The study shows that with the onset of a pandemic, stability, comfortable workplace conditions and the prospect of additional income have become more important; at the same time, such factors as competitive wages and career opportunities have gradually begun to lose their leadership in the list of important motivational components for productive work. The survey confirms that over the past year, employees have increasingly begun to value stability and socially responsible attitude demonstrated by employers; and more and more employees have begun to appreciate a company’s attitude to its personnel during the heyday of the pandemic, its willingness to change along with changes in the environment, its readiness to support its personnel and suggest help if need be.

17-22

Authors: Dankevych V. Y., Zakharina O. V., Zolotnytska Y. V.

Theoretic aspects of the formation and development of public-private partnership (PPP) are studied. By using a systemic approach, it is determined that the most important factor in improving the efficiency of public-private partnership is its institutional support. It is substantiated that globally, the PPP is mostly initiated by public authorities, which can be explained by a number of reasons. Firstly, public authorities are responsible for the country's strategic development. Secondly, public authorities formulate "rules of the game" for businesses and individuals, plan capital investments, and select PPP entities that are a priority in terms of public interest. In fact, it is the state that undertakes to address objectives facing society. Therefore, nowadays the importance of creating a favorable institutional environment to develop PPPs is recognized at all the levels of economic management and is emphasized in the scientific community. It is proved that the interests of public authorities, private businesses and the community are reconciled through the complementation of political, legal, and socio-economic norms and rules of conduct. The functions of public authorities at the national and regional levels of government are systematized.

37-48

Authors: Kurnosenko A. O., Sytnyk H. V.

In the knowledge-based economy, the role of intangible factors in providing economic development is increasing, thus mainstreaming research on the methodological foundations forming such factors, as well as the mechanisms of their impact on the state of economies. One of such factors is social capital, which is a set of stable communications within institutional environment, whose work is based on trust. The article aims at revealing the role of social capital in providing economic development, in general, and assessing its impact on Ukraine’s economic development, in particular. The research is based on the principles of the systemic approach and was carried out using such methods as analysis and synthesis, logical generalization, graphical and tabular methods of data presentation, and systematization method. The ways in which social capital influences the development of the economy are analyzed. They can be traced in the reduction of the transaction costs level, government corruptness, and shadow economy; the creation of new available forms of business financing. Using the main indicators of the social capital level, it has become possible to establish relation between social cohesion, social conditions and economic development of states. Ukraine’s place among other states as for its social capital level is considered. Connection between social capital development, the dynamics of economic development, and prosperity index is proven.

56-62

Authors: Svirko S. V., Tarasova T. O.

The article aims at forming a general vision of the institutionalization of public administration in the field of budget security and summing up the latest trends in the sphere. Systematic, integral, complex and logical approaches are used in the research. It is suggested to understand the institutionalization of public budget security management as the process of identifying relevant institutions, formalizing and systematizing fundamental provisions (object, purpose, principles, functions, tasks, forms, and norms), their connections and communications within public budget security management in particular and in general, as a whole or in the context of a particular focal request. Regulatory institutions of direct and indirect action as for budget security are identified in accordance with the legislation of Ukraine, namely: the Ministry of Finance and the Verkhovna Rada of Ukraine are institutions of direct action; the Ministry of Economy, the Accounting Chamber, the State Audit Service of Ukraine, the State Customs Service of Ukraine, the State Treasury Service of Ukraine, and the State Financial Monitoring Service are institutions of indirect action. A general institutional activity model for the Bureau of Economic Security of Ukraine is designed on the basis of the elaboration of legislative documents. The analysis made of its provisions provides grounds for formulating a proposal to clarify the Law of Ukraine "On the Bureau of Economic Security in Ukraine" by introducing a new section III "Lines of Activity of the Bureau of Economic Security of Ukraine" with a specific structure; provisions of budget security are presented in three draft articles of the law, enumerating the objects of regard for the Bureau of Economic Security and the grounds for starting activity and communication. Prospects for further research are seen in continuing to detail the institutional provisions for all the declared regulatory institutions, while identifying vulnerabilities for each of them with regard to the object of the research, i.e., public budget security management, and in suggesting recommendations for their solution.

70-85

Authors: Kyzym M. O., Bielikova N. V., Bekker M. L.

Formulating regional development goals stands out as an important part of the state regional policy, which in its essence has a purposeful character reflected in the state’s permanent influence on the socio-economic development of the country's regions. Analysis of modern research on the issue has shown urgent need to deepen the theoretical foundations and toolkit for solving problematic situations in the regions, the latter being the purpose of the study. The theoretical basis to enable setting the goals (goal-setting) for regional development is substantiated. It is proved that the cognitive approach is among the most powerful tools for studying poorly structured systems and situations, and the expediency of using fuzzy cognitive modeling to form regional development scenarios and solve problematic situations present in the relevant regions is substantiated. A special algorithm to carry out structural analysis of socio-economic regional development and to form a fuzzy cognitive model has been designed. Using this algorithm, a fuzzy cognitive model of socio-economic development of Ukraine’s regions has been formed. Pulse modeling based on the fuzzy cognitive model of socio-economic development of Ukraine’s regions by the self-development scenario is carried out. Scenario modeling has been implemented as for raising the strategic goals level of socio-economic development in the Kharkiv region on the basis of pulse modeling. The expediency of introducing a criterion showing the total impact effectiveness of certain scenarios exerted on goals achievement topical for the Kharkiv region is analyzed. It is substantiated that this criterion should be based on weighted additive convolution of the growth rate as for the level of target factors relative to the self-development scenario. The scenario modeling of the Kharkiv region socio-economic development based on the cognitive model formed in accordance with the approach mentioned above shows that reaching the top level of the region’s goals requires implementing development scenarios based on the effective growth of the region’s scientific potential and its combination with other domestic potentials.

95-102

Authors: Yaroshenko I. V., Semyhulina I. B.

Over time, the role of cities as centers of economic, political and cultural life has increased significantly; they are major participants in the globalization process, affect economic growth and state policy. Cities are the main elements in many spheres of public life: they determine the education level and trends; the largest production facilities are placed in them or near them; city dwellers work as managers of different levels and shape state policy. Thus, the issues of urbanization, life and development of large cities, towns and areas around them are central to the consideration of self-government. Today, effective local governance and, consequently, effective development and promotion of the people’s well-being are viewed through the prism of achieving a balance between economic development, environmental protection and social development. Due to high population density, cities possess significant potential for creativity and innovation, energy conservation, environmental friendliness, socio-cultural diversity, etc., so it is the dynamic interaction of these features that drives European development. Setting sustainable development of cities and territories as a goal makes it important to take into account European experience not only in solving the existing problems of their functioning, but also in choosing priorities for the development of modern cities based on innovative approaches and the introduction of "smart" components. The significance of forming the required legal framework for an individual administrative and territorial unit (region, territory, city, community, etc.) to function, and of assessing its state for further use in public management of territorial development, determines the importance of developing and implementing an effective system of legal documents to address socio-economic problems and encourage sustainable regional (territorial) development in Ukraine.

111-119

Authors: Bondar-Pіdhurska O. V., Khomenko I. I., Krauchanka U. U., Karangwa Charles

The article is aimed at studying the theoretical and methodological foundations of the process of managing and evaluating novelty portfolios at industrial enterprises focused on the international market, as well as at developing recommendations helping to improve their efficiency. The concepts of novelty portfolio (intellectual property portfolio) and innovation portfolio are analyzed, differentiated and further developed. The place and role of the process of novelty portfolio management in ensuring effective international economic activity of an industrial enterprise and its sustainable development are substantiated. A proprietary model for assessing a novelty portfolio and efficiency of its management process at industrial enterprises planning to enter the international market is developed and suggested for use as a basis for ensuring their competitiveness and sustainable development in the context of economy digitalization and the growing number of challenges and threats. Promising research areas on this issue are highlighted, such as developing optimizing programs for novelty portfolios in accordance with the industry specifics; improving the process of forming a novelty portfolio at industrial enterprises through carrying out marketing and patent research as a tool to harmonize stakeholders’ interests; and creating favorable conditions for the implementation of an already formed novelty portfolio by introducing relevant strategies in the activities of industrial enterprises as soon as possible.

126-133

Authors: Yevtushenko V. A.

The article is aimed at assessing the corporate social responsibility of organizations in Ukraine by using progressive international ratings, defining the relationship and interaction of the social responsibility and reputation of a company, and on this basis at developing a conceptual scientific and methodological approach to assessing the corporate social responsibility of Ukrainian companies. Modern international methodological approaches to assessing the management of the reputational component of social responsibility are analyzed, namely, Global CR RepTrak and Net Promoter Score. The research carried out shows the lack of a qualitative methodology to assess the reputational component of corporate social responsibility in Ukraine. Using the methodology of Global CR RepTrak and Net Promoter Score, and having analyzed open information sources, data from various ratings of Ukrainian companies, and own observations, the author proves the actual value of assessing the reputational component of corporate social responsibility of domestic enterprises, and performs the assessment itself. It is substantiated that both the external and internal reputational components of corporate social responsibility should be used for managing any national organization effectively. A new method for assessing the reputational component of corporate social responsibility is suggested with a view to providing socially responsible management of Ukrainian companies. Further research is needed to: define a system of institutional forms of the social responsibility of domestic enterprises; develop CSR models of national business structures; create comprehensive scientific and practical methods that will unambiguously assess the CSR of Ukrainian enterprises and turn the social responsibility of national producers into a competitive resource asset in global markets.

143-148

Authors: Kucher M. M., Levchenko H. P.

One of the defining sectoral features of the catering business as a component of a national economy is its increased sensitivity to changes occurring in the economic situation, environment and business practices. It is a priori impossible to take into account the absolute majority of factors influencing the process of resource potential formation, so it is necessary to determine the set of those factors that have a direct or indirect impact on the catering business in general and resource potential in particular, as well as on the formation of their comprehensive evaluation system. The article is aimed at evaluating the impact of these factors on the resource potential of enterprises in the catering industry. The macroenvironment is analyzed as a set of external factors of indirect impact by the following indices: GDP, investment, consumer price index, household income. The dualistic nature of the impact made by external factors of indirect impact is established, whereas these factors can be both opportunities and threats to the catering industry depending on certain criteria of the international economic situation. A comprehensive analysis of the meso environment from the standpoint of dividing impact factors in two groups: the market group (number of business entities in catering industry; gross output and volume of sales of goods; price indices for goods and services) and resource group (financial results of the catering industry and services; investment volume and structure in this area; employment and labor costs; information technologies usage). The presence and hidden sources by types of resources are established. Synthesis of the impact areas of external factors on the activity of catering business entities is made based on a symbiosis of the following methods: PEST-analysis, SWOT-analysis, PESTEL-analysis. A set of evaluation areas of factors influencing the formation of the resource potential of an enterprise is created, providing for the application of the distribution criterion depending on the area of evaluating external factors of indirect impact. The general economic indicator (GDP) is suggested to be used as a distribution criterion, whose range of values will indicate the transition of a particular index to the plane of "threat" or "opportunity".

159-168

Authors: Prokhorova V. V., Shkurenko O. V.

The article aims at substantiating the scientific and practical aspects of forming the resource and technological basis for innovation cooperation on the grounds of creating industrial and technological clusters, emphasizing the dominant features of enterprise innovation. The results of the study show that for a national economy to achieve sustainable development, it is necessary, among other things, to form and implement a whole system of innovation updating carried out through the latest forms of organizing innovation processes at different governmental levels. This requires a balanced partnership between the state, private and public sectors that are users of innovative products. It is substantiated that innovative cooperation is a creative, technological and knowledge technology of uniting the participants of the economic process in the socio-economic environment (industrial and non-industrial spheres), based on a convergent and synergistic approach. A structural and logical diagram of the process of forming innovative cooperation, whose development is determined by the logistics and management activities, and the resource and technological basis for such cooperation are suggested. The financing of innovative activity at industrial enterprises, the number of new technological processes and innovative types of products introduced in 2010–2019, capital investments in waste management are analyzed; the dependence of innovative products sold on innovatively active industrial enterprises is also studied. Scientific and practical aspects of creating a resource and technological basis for innovative cooperation are formed. The elaboration of an integrated logistics management mechanism designed to ensure the development of innovative cooperation can become a prospect for further research in this area.

181-186

Authors: Rybak H. I.

The peculiarities of innovative development in the interaction of economic and social components of the external and internal environment are studied on the basis of a complementary approach, namely the relationship between economic efficiency and social justice, their negative and positive impact on the quality of life and socio-economic development opportunities. As for complementary development, the idea of justice, which currently is an important factor in achieving European living standards and guaranteeing social-economic rights of a person and citizen, plays an important role in reforming all the spheres of public life, democratization of Ukrainian society, and providing Ukraine's integration into the European political and legal space. Complementarity research is becoming relevant at the present stage of global economic development, when the market situation is characterized by a fairly high rate of transformation, and innovation becomes the main competitive factor. The author considers the emergence of the complementarity concept in research works made in various areas (e.g., the concept of institutional complementarity), and also highlights the features of compensatory and supplemental complementarity. Unconditional following global examples without taking into account the state of real socio-economic and institutional structures in a certain state will not give a favourable result from implementing reforms and introducing innovations due to the lack of complementary connections. Therefore, the conditions for the emergence of new institutional changes and the impact of "social elevators" on social development in the long run are analyzed. The presence of complex unresolved problems in the development of our state actualizes the study of the complementary context of innovative development, aimed at rethinking the role of social justice in solving major economic problems. Due to a complementary approach, the economic system will be able to increase such features as adaptability and continuity by developing mechanisms of self-preservation, and will acquire systematic innovative development with a ripple effect.

194-202

Authors: Kornіvska V. O., Yaremenko O. L.

The research results on the global problem of household debt growth, its causes, consequences, social context, and influence on the formation of aggregate demand are presented. It is substantiated that with the growth of debts, households are losing their share in aggregate demand, and the state is becoming an increasingly influential player compared to others due to the strengthening of fiscal and regulatory government influence. Facing the increasing debt pressure, households start reducing consumption, thus negatively affecting aggregate demand. The government, on its part, trying to improve the situation, increases subsidies and provides policies that encourage banks to restructure loans, develops restructuring programs, etc. These trends are proven to be of an urgent character and should not be routinized, in order not to distort the market environment or increase the direct influence of the state on purely market processes. The analysis of global experience, carried out in the article, shows that in the condition of economic destabilization debt restructuring is the only way to help the population out of the debt trap. Special attention is paid to the analysis of the ways to harmonize the accumulation of household debt through restructuring, to identify its market mechanisms, and to prove that the state should provide extensive assistance to households trying to overcome the debt trap. Three options for the state participation in the restructuring process have been identified: institutional participation (when the state only provides regulatory support); design and implementation of state restructuring programs; adoption of regulations on compulsory restructuring. New Ukrainian norms and regulations related to forced debt restructuring are analyzed, and their social context is proved to be contradictory. On the one hand, the adoption of corresponding laws became a significant step towards maintaining the social stability of the Ukrainian population against the background of the growing poverty and increasing total indebtedness of the people (even in the sphere of payments for public utility services), and the growing currency risks. On the other hand, Ukrainian market players often show moral hazards of non-compliance with the conditions of debt discipline, which have become part of the financial behavior, negatively affecting the general financial culture.

210-216

Authors: Tataryn N. B., Yurchenko I. M.

The article aims at analyzing the Ukrainian market of domestic government bonds (IGLBs) in the context of the COVID-19 pandemic; determining its state, problems and development perspectives. The development of the domestic government bonds market during the coronavirus crisis is considered; the essence and purpose of IGLBs in Ukraine are revealed; IGLBs are classified by type of use. The differences between domestic and external government bonds are determined, and the advantages of the former are indicated; peculiarities of purchasing such securities by individuals and legal entities are revealed; requirements for issuing IGLBs by issuers are indicated, and the most reliable banks engaged in this activity are enumerated; the state of the government bond market during 2018–2020 is studied; the amount of ownership, the share of buyers of securities and the purpose of their purchase for each of the entities are given; the rate and yield of domestic government bonds in Ukraine are analyzed and compared with other countries, such as the United States, Germany, France and others. The study identifies the following problems: the economic crisis caused by the COVID-19 pandemic, the inadequate legal framework on IGLBs, the low level of public awareness of these securities, and others. To overcome these problems, the following actions are suggested: counteracting the coronavirus crisis by combining the efforts of the state and local authorities, business, and the population; directing most of the financial resources in this direction; spreading economic education among the population; introducing a simplified procedure for purchasing IGLBs; and working with banks to increase the availability of bonds purchasing. Statistical data obtained from the official website of the National Bank of Ukraine make up the basis for the study.

225-235

Authors: Labunska S. V., Serikova T. M., Sobakar M. V.

The article aims at assessing cryptocurrency dynamics in global economy; studying the prospects and risks of its use in business activities; suggesting approaches to recognize, record and value cryptocurrency in the accounting system of domestic enterprises. The article considers the prospects and risks of using cryptocurrencies by domestic businesses and identifies the importance of developing digital assets at an enterprise. The urgency of developing such accounting and of the necessity to manage cryptocurrencies at an enterprise is substantiated. It is established that the attitude to cryptocurrency and the level of development of the regulatory field significantly vary from state to state, and thus international regulations govern neither the use of nor accounting for such assets. The article substantiates the compliance of cryptocurrency with the recognition criteria for enterprise assets, thus making it necessary and possible for an enterprise accounting system to recognize cryptocurrency. The authors substantiate the options for attributing cryptocurrency to various types of enterprise assets. Due to the lack of regulation of cryptocurrency accounting at the legislative level, guidelines are suggested for the cryptocurrency accounting process, which include options for classifying cryptocurrency depending on the purpose of its use, namely: classifying cryptocurrency as intangible enterprise assets, but distinguishing between current and non-current assets, and monetary and non-monetary ones. Each of these options is accompanied by the use of separate accounts and the order of recording the valuation, use and disposal of cryptocurrency. Necessity to revalue cryptocurrencies due to their high volatility is substantiated. It is suggested to conduct revaluation of cryptocurrency to ensure objective valuation of assets and that of the enterprise in the form of revaluation (increase/decrease in the value) and by determining exchange rate differences.

11-20

Authors: Hubarieva I. O., Salashenko T. I.

The article substantiates the methodological approach to electricity safety monitoring and developing practical guidelines for its implementation. Electricity safety is a state of the electric power system, which ensures its existence and guarantees that the electric power interests of its elements are satisfied. Ensuring electricity safety means achieving a systemic state in which electricity consumers are aware of the effective level of their own consumption, which provides them with the chosen option of operation, and electricity producers can meet their electricity interests to the required extent. Electricity safety monitoring should be carried out regularly (daily) and be of an operational and preventive nature in order to quickly identify risks and respond to threats of electricity crises. The methodical approach to monitoring electricity safety includes the following points: development of the electricity safety components and synthesis of the electricity safety indicators; quantitative and qualitative assessment of electricity safety; generalized assessment and qualitative interpretation of electricity safety. A methodical approach to monitoring electricity safety is proposed, which requires daily assessment of the quantitative and qualitative state of electricity safety by consumer (adequacy margin), production (reliability margin) and fuel (supply margin) components, and makes it possible to quickly identify and respond to risks, thus avoiding electricity crises. The approbation of the proposed approach allowed us to specify the crisis level of the real electricity security and the pre-crisis level of the nominal electricity security. Such a situation requires immediate action by the central executive body to prevent power outages.

28-44

Authors: Onyschenko V. O., Berezhna A. Y., Filonych О. М.

The article aims at studying the manifestation features of the system of incentive tariff regulation of utilities given the need to attract investment to modernize the utilities infrastructure in cities in the field of electricity and centralized water consumption, indicating its risks and benefits. The following methods were used: decomposition, comparative analysis (when considering the methods of tariff calculation based on the "cost plus" principle and on the "rate of return on invested capital and regulatory asset base"), scientific abstraction, systemic approach, construction of scientific hypotheses (when studying the algorithm for the calculation and dynamics of the incentive tariff for electricity distribution services and centralized water consumption). A change in the electricity cost for end consumers under the transition to an incentive tariff for electricity distribution has been modelled. The dynamics of tariffs changes in centralized water consumption services is studied based on the concept of the rate of return on invested capital and regulatory asset base (RAB-methodology), and the number of investment resources that under such conditions can be directed to modernize urban water infrastructure is forecasted. The expediency of different approaches to determining the rate of return on capital (single and differentiated rate) given the legal status of assets is proved. The RAB tariff regulation concept is applied to services in the field of centralized water consumption with the identification of risks and benefits for consumers, service providers and potential investors in the modernization of the industry infrastructure. Given the energy intensity of the services, the impact of the full introduction of the electricity market on the tariffs dynamics and on the need for effective social tension preventers has been identified. The research results prove the necessity and validity of applying incentive tariff regulation in the field of electricity and water consumption, provided that the interests of consumers and service providers are balanced; and allow authorized persons to design a number of appropriate measures to ensure that the service provider invests the established amount of finance in the first regulatory period, given the uncertainty of this issue in the regulations.

52-57

Authors: Omelyanenko V. A.

Ensuring sustainable development at the level of individual territories becomes especially important for Ukraine. At the same time, the management of sustainable development processes should be improved with respect to the key aspects related to innovation. In these circumstances, the concept of innovation landscape helps to focus on creating competitive advantages and, on their basis, on developing strategies for sustainable development. Having analyzed the existing research results, we can conclude that theoretical, methodological and practical aspects of innovation policy development within sustainable development need further specification. Thus, the study in question aims at conceptualizing the innovation landscape in the context of sustainable development. The scientific analysis carried out allows us to suggest a new definition for the innovation landscape, understanding it as an integrative set of indicators, which reflects socio-economic conditions and includes the performance of public authorities, innovative management tools used, the activity of innovative economic entities, the availability and quality of innovation infrastructure, the development of cluster relationships, etc. aimed at solving problems of socio-economic development. Having generalized the research results, including those of the author's research, we can determine that the concept of innovation landscape and an appropriate applied approach based on it open wide opportunities for creating and managing the spatially rooted structures of innovative interactions between science, education, business and communities. It is proved that innovation landscape should be considered both at the regional and territorial level. It is determined that to form an innovative landscape of sustainable development of a region it is necessary to use new innovative practices, opportunities and challenges that arise at the local level in accordance with these trends. It can be done within the innovation audit mechanism recognizing these trends and supporting innovation management.

64-71

Authors: Vasylyk A. V., Stoliaruk K. S., Buluy A. V.

The main aim of the article is to update the research on identifying problems and developing measures to overcome professional burnout through a combination of instruments in the author’s sociological study, taking the staff of one of the domestic enterprises as the material for the research. The aim is also to identify and determine the key symptoms of burnout syndrome. Given the brisk growth of the service sector, it is obvious that it naturally affects the increase in the number of «man-man» professions, which are among the most vulnerable ones as for the burnout probability. That is why diagnosis of such problems has been performed at a restaurant from a popular chain in Ukraine. The key objectives of this study are the following: to determine the structure of the company’s staff by estimating the burnout level; to compare negative factors influencing the restaurant employees’ work; to assess the impact of working conditions on burnout; to find out the respondents’ attitude to work; to compare the respondents’ assessments of the components of the «Individuality» factor. The study has resulted in identifying the following problems: employees’ improper attitude to work; long working hours leading to overwork; conflicting clients; inadequate rest conditions for employees. Besides diagnosing these problems, the article also suggests measures to overcome them, naming some projected indicators of reducing the effects of employees’ burnout at the enterprise under study and the corresponding costs for taking these measures.

78-84

Authors: Kondratenko N. O., Novikova M. M., Spasіv N. Y.

The article examines some peculiarities of developing an adaptive financial management system at domestic enterprises. It was found out that the management and application of financial resources in a market economy is carried out through financial payments. This mechanism is based on the control over production expenses level and their divergence from socially necessary costs. It is noted that budgeting is the main basis for building an adaptive financial management system at an enterprise, which pays due regard to the impact of financial risks and the ways to avert them. Cash flow management cannot but use the scheme for behavioral modeling of the possible outcomes of the cash flows. The development of financial models for assessing and managing financial risks is part of the overall budgeting system at an enterprise. They are a fairly reliable instrument for assessing and managing the entire financial risks system at an enterprise, as they make it possible to assess different levels of risk due to different factors influencing them and to the different levels of risk controllability. To describe the relationship of financial indicators, a multifactor model is proposed, which allows a detailed study of the interdependence of features, the closeness of the relationship between variables, their subordination. It makes it possible to describe the mutual influence of internal and external factors on the total capital efficiency, to take into account changes (variations) in the parameters of this environment, the reaction of financial stability to these deviations. It is concluded that the development of an adaptive financial management system at an enterprise helps to improve the financial performance of the enterprise, provides transparency to the financial management and cash flow and allows the management to take viable solutions and create the most profitable financial plans.

91-97

Authors: Sova O. Y., Morozov Y. Y.

The article aims at summarizing the existing risk management strategies helping to prevent bankruptcy and liquidation of enterprises, taking into account modern environmental challenges and the impact of the COVID-19 pandemic on the performance of business units. As a result of the study, tactical and strategic methods of risk management were identified. The components of the risk management process are identified in accordance with international standards. The main types of enterprise management strategies in crisis situations are described, highlighting the ERM approach, together with its main differences and advantages for its use at enterprises. Statistical data on the number of business entities in Ukraine and the number of bankruptcy proceedings in 2016-2020 are analyzed. It is emphasized that the goals and main tasks of the state policy of the Ministry of Justice of Ukraine for 2021-2023 include the introduction of transparent bankruptcy procedures, which will quickly restore the debtor's solvency or fairly distribute the bankrupt's assets among creditors. Changes to the procedure for initiating bankruptcy proceedings of a legal entity, defined by the Bankruptcy Procedure Code of Ukraine, are suggested. Threats to businesses engaged in foreign economic transactions are presented based on an overall assessment of the global impact of risk scenarios on business (GBI). It is proven that the rationalization of strategic planning instruments and the implementation of a systemic approach to the crisis management of an entity, in general, and its financial and economic activities, in particular, influence greatly the effectiveness of restoring the financial solvency of that entity in a crisis situation. Determining the effectiveness of state support programs for carrying out business activity in the pandemic, and assessing the medium-term effectiveness of measures taken by government agencies make up the directions for further research.

107-122

Authors: Onyshchenko S. V., Berezhna A. Y., Filonych О. М.

Theoretical approaches to the formation of the budget mechanism as a form of practical implementation of budget policy are made more profound; budget decentralization as a budget regulating and stimulating mechanism in the current situation in Ukraine is studiedl and perspective directions of introducing various budget mechanism are outlined. The mechanistic concept was applied to budgetary relations, thus becoming the basis for highlighting the main features of the budgetary mechanism, determining the main provisions of forming the budgetary mechanism. Emphasis is placed on the relationship between budget policy, which is manifested through the dialectical unity of budget strategy and tactics, and the budget mechanism. The budgetary mechanism is defined as a system of measures aimed at influencing the mobilization of optimal funds, their efficient distribution and rational use in order to ensure macroeconomic balance, sustainable development and preservation of state sovereignty, as defined by state policy. It is suggested to integrate the constituent elements of the budgetary mechanism into the appropriate subsystems within its framework, through which the main functions of the budgetary mechanism aimed at achieving the goal are manifested. In order to study a subsystem of the budgetary mechanism, namely the regulatory mechanism, the peculiarities of the manifestation of budgetary decentralization in Ukraine are analyzed. It is proved that the introduction of the subsidiarity principle while constructing the decentralized model of inter-budgetary relations in the unitary Ukraine is currently the best option for it to find a balance between the advantages of budgetary federalism and the unitary form of budgetary relations. Systemic problems of budget decentralization have been identified, namely: decentralization occurs by bringing in new persons to act on the national level; it does not affect the mechanisms of autonomy in decision-making on taxation and the formation of additional sources of local budget revenues; statutory tax benefits for the local tax mobilization significantly reduce the financial resources of local budgets; local budgets remain significantly dependant from the state; in the regulation of local budget revenues, preference is given to transfer instruments, and the share of budget-generating taxes is reduced. Given the theoretical construct of the public sector theory, which gives grounds to the formation of local budget revenues, and the results of the research on budget regulation in Ukraine, budget decentralization processes are only proven to be pretentious, and the need to improve the division of budget authority is identified, while emphasis is made on financial self-sufficiency.

134-142

Authors: Khudolii Y. S., Khalievina M. O.

The article aims at studying the place of and prospects for financial technology development in the banking business during the digitalization process in the economy by using both the theoretical and empirical research methods. Having analyzed research works on the topic, the authors systematize the key trends in banking innovations in Ukraine and prove the relevance of financial technology in the banking business during the current digitalization. As a result, the current place of financial technology in the banking business is determined by identifying modern customers’ needs and current market conditions in the field of money services (the growing number of Internet users, gadgets, and hence the growth of the cashless money transfer turnover), and the following prospects are suggested: customer value and the quality of service provisioning (i.e., quickness, flexibility of the business structure and extensive use of various technologies). The results are based on the synthesis and analysis of the achievements of financial technology companies in the Ukrainian and world markets, their cooperation with banks, as well as their actions in the global pandemic, the latter reducing the financial inflow, but at the same time encouraging innovations. Research prospects in this context lie in suggesting the key trends of the future, such as including financial services in non-financial relations, the Internet of Things (seamless payments, where the focus shifts from payment to the service itself, providing long-term interaction between the seller and the buyer); the nature and consequences of changing the format of payment services in the domestic market (PSD2). Still, much will depend on further results of the work of the Ministry of Digital Transformation of Ukraine and the actions of the regulator, i.e. the National Bank of Ukraine, concerning the digital development of the financial sector.

155-168

Authors: Tyzhnenko A. G., Ryeznik Y. V.

The paper discusses the applicability of the two main methods for solving the linear regression (LR) problem in the presence of multicollinearity – the OLS and the ridge methods. We compare the solutions obtained by these methods with the solution calculated by the Modified OLS (MOLS) [1; 2]. Like the ridge, the MOLS provides a stable solution for any level of data collinearity. We compare three approaches by using the Monte Carlo simulations, and the data used is generated by the Artificial Data Generator (ADG) [1; 2]. The ADG produces linear and nonlinear data samples of arbitrary size, which allows the investigation of the OLS equation's regularization problem. Two possible regularization versions are the COV version considered in [1; 2] and the ST version commonly used in the literature and practice. The performed investigations reveal that the ridge method in the COV version has an approximately constant optimal regularizer (λ_opt≈0.1) for any sample size and collinearity level. The MOLS method in this version also has an approximately constant optimal regularizer, but its value is significantly smaller (λ_opt≈0.001). On the contrary, the ridge method in the ST version has the optimal regularizer, which is not a constant but depends on the sample size. In this case, its value needs to be set to λ_opt≈0.1 (n-1). With such a value of the ridge parameter, the obtained solution is strictly the same as one obtained with the COV version but with the optimal regularizer λ_opt≈0.1 [1; 2]. With such a choice of the regularizer, one can use any implementation of the ridge method in all known statistical software by setting the regularization parameter λ_opt≈0.1(n-1) without extra tuning process regardless of the sample size and the collinearity level. Also, it is shown that such an optimal ridge(0.1) solution is close to the population solution for a sample size large enough, but, at the same time, it has some limitations. It is well known that the ridge(0.1) solution is biased. However, as it has been shown in the paper, the bias is economically insignificant. The more critical drawback, which is revealed, is the smoothing of the population solution – the ridge method significantly reduces the difference between the population regression coefficients. The ridge(0.1) method can result in a solution, which is economically correct, i.e., the regression coefficients have correct signs, but this solution might be inadequate to a certain extent. The more significant the difference between the regression coefficients in the population, the more inadequate is the ridge(0.1) method. As for the MOLS, it does not possess this disadvantage. Since its regularization constant is much smaller than the corresponding ridge regularizer (0.001 versus 0.1), the MOLS method suffers little from both the bias and smoothing of its solutions. From a practical point of view, both the ridge(0.1) and the MOLS methods result in close stable solutions to the LR problem for any sample size and collinearity level. With the sample size increasing, both solutions approach the population solution. We also demonstrate that for a small sample size of less than 40, the ridge(0.1) method is preferable, as it is more stable. When the sample size is medium or large, it is preferable to use the MOLS as it is more accurate yet has approximately the same stability.

178-184

Authors: Drymalovska K. V., Bala R. D.

The article aims at analyzing domestic and foreign experience in social policy provision (the essence of the concept, its basic models and directions), as it acts as a kind of lever to determine the principles, priorities, directions of the social sphere development. The article suggests a new definition of the "social policy" concept through analyzing the content of the category in question. The public administration approach to understanding the "social policy" concept is also outlined. The article identifies the priority directions of transformations in the EU member states’ social policy, which are taking place due to globalization challenges. Based on these areas, the main principles of European social policy are identified, namely: inclusiveness, gender equality, digitalization, support for youth policy development (employment, education), and financial education of citizens. Social policy in such countries as Canada, Germany, China, and Australia is analyzed, and peculiarities of its changes due to the COVID-19 pandemic are considered in the following areas: support for employment, social protection and the unemployed; social support for certain social groups; support for business development. The main means helping to implement the outlined areas are identified, namely: creation of funds to support certain social groups; formation of favorable conditions for lending to small, medium and large businesses; financing of various social programs (providing employment, training, and wage subsidies). The main directions of domestic social policy in the COVID-19 pandemic are also given. Relevant conclusions on domestic and foreign experience in the implementation of social policy are formed. Further research can be related to the issues of creating a mechanism for an effective social policy implementation.

192-200

Authors: Chala T. G., Slavuta O. I., Korepanov G. S., Chernenko D. I.

The article aims at substantiating the theoretical and methodological foundations for creating a unified statistical indicators system and statistical analysis of the water resources management at the city level. The advantages of using standardized indicators in the field of sanitation and water supply at the city level are identified and characterized in accordance with ISO 37120: 2014 «Sustainable cities and communities – indicators of urban services and quality of life». Both the main and auxiliary indicators of urban services and quality of life on «Water and sanitary conditions» and «Sewage» topics are systematized as for their formulas, application features and data sources. It is established that, according to the Water Risk Filter, Ukraine can be divided into four regions depending on the water risk, namely, low, moderately medium, medium, and high water risk levels. Based on these data, such cities from the Global Register of Cities developed by the World Council on City Data (WCCD) were selected: Amsterdam (Netherlands), Barcelona (Spain), Dubai (United Arab Emirates), Guadalajara (Mexico). Their indicators in the field of sanitation and water supply were analyzed. It is established that these cities are characterized by a high level of water supply and sewerage services, as well as a fairly high level of the access to high-quality sanitary and hygienic conditions. The situation with quality indicators of water management is worse. For example, advanced waste treatment is only carried out in Dubai. In Guadalajara, 21% of urban wastewater is not treated at all. It is established that in general, Dubai is the leader in the quality of water supply and sanitation services, while Guadalajara is the outsider city, showing the lowest quality levels of most of the studied indicators. The national system of indicators is suggested to be expanded by including such an indicator as «Average annual duration of water supply outages per 1 household».