Economics&Education

6

Authors: Denys Medvedovskyi

This article deals with the development of “Smart” technology, which is being developed on the basis of financial content management. Nowadays the evolution of smart technologies is impossible without the Internet and human intelligence. These two phenomena have become interconnected and formed a new definition, which was given the term “content management”. As the world began to undergo social transformation in the digital age, finance has become an integral part of it. A completely new definition of “financial content management” has appeared, which was not previously known to mankind. In the period of global digitalization society needs the development characteristic of today. In the world of finance, this is accompanied by processes that have received the term “smart technologies”. These smart technologies create new processes that are combined with the development of society, and also have a significant impact on finance as a separate industry. The article formulates the main idea of the future development of financial content management and the relationship of smart technologies with finance. It has been proven that smart technologies are an integral part of the development of the future society, and “financial content management” is a target component of finance.

6

Authors: Tetiana Tsygankova, Olena Iatsenko

The study analyzes the dynamics of the development of integration processes. It is determined that the current stage of development is characterized by a change in the structure of the World Trade in favor of services and innovative products; by dynamic growth of trade in intermediate goods and services within global value chains. Trade integration covers a much broader network of participants, including bilateral, multilateral and interregional initiatives. The regional trade agreements (WTO-extra, WTO-plus) are being deepened and expanded. It is determined that the most common form of integration processes is the establishment of the Free Trade Zones, in particular on the basis of bilateral initiatives. Based on this, the bilateral trade relations between the post-Soviet countries and their trading partners (Poland, Italy, Switzerland, Bulgaria, Turkey, Czech Republic, Great Britain, Finland, Sweden, Netherlands, Germany, Romania, China) were analyzed. The index of trade complementarity was calculated and analyzed in order to identify the compliance of the export structure of the post-Soviet countries with the general structure of imports of these trading partners for high-tech product groups, in particular: machines and apparatuses for soldering and welding (code 8515 according to UKTZED (Ukrainian Commodity Coding System)), transmission shafts and bearing housings (code 8483), machines and mechanisms for harvesting and threshing crops (code 8433), spare parts and aggregates for metalworking equipment (code 8466), pumps for liquids (code 8413), burners for solid fuel or gas (code 8416), equipment for filtering and cleaning liquids and gases (code 8421), woodworking machines (code 8465), spare parts for motor vehicles (code 8708), electrical transformers (code 8504)). The geographical vectors of strengthening bilateral trade in the studied countries are substantiated based on the assessment of the calculated trade complementarity index. It was proposed to use the world experience based on certain key promising areas of international trade development in the context of the COVID-19 pandemic.

6

Authors: Yuriy Zelenin, Alevtyna Kudinova

One of the main factors for successful formation and implementation of strategic goals of a company is the development of a modern innovative business model concept. The business model should focus on creating and maintaining value of its own product or service, as well as company as a whole. In this publication author studies process of forming a business model for adult education institutions as independent business units that are closely interconnected with business structures. The relevance of this issue is due to the lack in the scientific economic literature of comprehensive studies of business models of adult education institutions. In order to find and select most optimal business model for such organizations, author analyzes modern business models in works of famous scientists and concludes that at the moment in the scientific world there is no single approach to the definition of the essence of the “business model” concept. Based on the analysis of existing business models, author finds out that the main feature of interpretation of “business model” concept in the research of various scientists is a structuring of the main company functional elements aimed at creating value for all stakeholders. Each of the studied theories can be applied to the development of a business model for an adult education institution. Definition analysis of “business model” concept allowed author to single out his own definition of the business model of an adult education institution as a set of interrelated and mutually agreed structural elements of organization’s internal and external environment aimed at effective implementation of a continuous qualitative educational process in order to create value for all stakeholders. A promising direction for further research is the development of methodological and organizational support for formation of a business model for an adult education institution.

6

Authors: Oleg Skydan, Vadym Hrynyshyn

The article provides substantiation to the fact that ensuring food security of the state is an important component of its socioeconomic policy and a key indicator of the effectiveness of the national strategy in the local and global context. It has been proved that identification of risks and threats to food security in a timely manner makes it possible to assess the current trends of its main indicators and to further forecast them in a rapidly changing market environment. It has been identified and methodically supported that the system of risks and threats to food security is complementary related to the possibility of negative changes in its level, because the more likely the possibility of adverse changes, the higher the level of risk. It has been proved that the process of identifying food security risks should be based on the results of the analysis of the factors that cause them. Methodological steps in the context of risk assessment of the country in terms of the loss of food security have been identified: 1) systematization of food security indicators from the standpoint of risk management; 2) identification of all factors/threats that may cause adverse changes in indicators; 3) assessment of the possibility/probability of negative changes in food security indicators due to each of the identified factors/threats. The system of risks is determined from the standpoint of taking into account the sphere of formation and realization of resource potential, the sphere of food production, and the sphere of food distribution and consumption. A methodological approach to the calculation of the risk of negative fluctuations of food security indicators in the context of estimating the corresponding coefficients of semi-variation has been proposed. Strategically important types of agricultural products have been selected for the study, namely grain crops and legumes, sunflower, vegetables, meat and milk. In general, the calculations have shown an increased risk of negative fluctuations in the affordability of domestic food products against the background of intensification of internal and external threats to food security of Ukraine. The integrated risk coefficient for agriculture at large is 14.03 (the risk coefficient of crop production is 15.37, for animal husbandry 7.04).

7

Authors: Jevgenija Dehtjare, Igors Babics, Olga Verdenhofa, Viktoriia Riashchenko

The aim of the abstract is to investigate challenges the secondary and higher education institutions face during the pandemic times in Latvia and to discuss strategy to be developed in an order to ensure smooth transition into the remote study process with the help of a technological inventory appropriate to be used for remote study process. Challenges both secondary and higher education institutions and their staff experience have to be analysed as well, altogether with the outcomes. A combination of the remote and in-class education, issues and benefits are overviewed in the paper as well. ISMA, the University of Applied Sciences and its transition approach were examined thus establishing strong practical benefit of the research. The research problem is to analyse existing challenges education establishments in Latvia used to face with during the period of pandemic and to examine solution strategy and tools to be applied in an order to establish smooth transition from in-class to a remote study process. The conclusion of the research: no doubts the establishment of the transition process from in present studies into the remote mode was challenging and complicated, however it was realised in a consonance of the frameworks and recommendations designed both by the European and Latvian public bodies. The process of remote studies is challenging, still many advantages were discovered and this let to conclude the approach of combined education has a right to be applied even after the pandemic is over. The outcomes of the research are also beneficial for other educational establishments of Latvia and abroad, thus ensuring known approach when rapid and clear transition strategies must be taken. The developed strategy might be applied in case if there is a necessity to ensure establishment of remote studies within short period of time.

8

Authors: Liudmyla Tsymbal

The realization of the intellectual component is an important task in the context of the Fourth Industrial Revolution and the development of technology. The country's place on the global economic map is not least determined by the availability of resources and efficiency of their use, it can determine both the competitiveness of the economy and its opportunities in the future. Under the conditions of a market economy and the transition to a new technological system, the role of certain factors that in the previous technological systems ensured the competitiveness of the economy changes. Those that can ensure the singular development of the economy and its nonlinear progress come to the fore. First of all, it is knowledge-forming and knowledge-producing factors that can ensure innovative development and, especially, the development of fundamentally innovative products or innovative breakthroughs. This involves the intensification of investment activities in innovation, the use of broad financial and administrative tools, as well as the development of innovations in management systems and the formation of creative and innovative components of economic activity. All this, in turn, involves the formation of a holistic strategy for the development of the innovation ecosystem, which has a high efficiency of implementation given the practice of developed countries and countries that have formed their competitiveness on the basis of intelligence. The combination of such factors should facilitate the entry into the market of new competitive goods and services, which in the age of digitalization and networking will form new advantages of using existing opportunities.

10

Authors: Yaroslava Stoliarchuk, Denys Ilnytskyy, Glib Turolev

Modern literature lacks systematization and assessment of impact of network of international corporations and their off-shore models on development of national economies in post-industrial times. There is variety of tools besides well-known multinational corporate accounting policies and strategies of MNCs that provide mechanism for the management of transaction costs in reporting period, thus reducing the amount of taxable profit due to application of the method of accelerated depreciation and channels of tax deferrals, which allow to reduce corporate tax payments owing to the objective reduction of real purchasing power of money over time. The purpose of the article is to propose in-depth systematization of balanced pros and cons for further development of national FDI policies aimed at network of MNCs. The paper utilizes a compound methodology of review and systematization to calculate overall impact of offshoring that exceeds 1% of global GDP. While modern financial and economic activities of MNC’s distinguish both internal and external offshoring, the paper focuses upon endogenous one. The key attention is on dominant ones – tax inversion phenomenon is known as base erosion and profit shifting, tax planning strategies, international debt shifting, models of tax treaty shopping, tax deferral, tax hybrids, strategic transfer pricing tools. In business and financial management MNCs resort to the development of extremely complex network structures of parent and subsidiary companies in order to increase international competitive advantages. MNCs make special efforts to recruit staff capable of effectively performing key functions in the field of corporate offshoring. We find huge regional asymmetries in MNCs impact on development of national economies. On one hand, a number of highly profitable corporations pay almost zero tax in favour of their countries of registration; on the other, MNCs create jobs, markets, innovations and FDI, which outweighs negative impact. We find fluctuations in growing volumes and asymmetries of geographical structure of differences in the value of goods and services supplied through international trade between developing and developed countries due to enormous scale of business offshoring.

7

Authors: Rustam Aslanzade

The article is devoted to the substantiation of practical issues of implementing the principles of social responsibility in the company. An important part of any company’s business is supply chain management. In modern business, this is a comprehensive activity for managing all incoming and outgoing flows of company resources. Implementation of supply chain management on the principles of social responsibility is possible only on the basis of a consistent and integrated approach. The article substantiates the possibility of introducing the principles of social responsibility in the activities of the company based on a balanced scorecard. The balanced scorecard includes four blocks: finance, customers, personnel, and internal business processes. Each block includes a specific list of indicators, which assess the degree of implementation of the principles of social responsibility. A system of specific indicators for companies that manufacture, supply and install climate equipment is proposed: Finance (level of profitability; turnover growth; amount of Freon used (reuse); the amount of a modern group of environmentally sustainable fluorine-free refrigerants used; reuse of materials and assessment of their value; etc.); Customers (percentage of safe refrigerants used in products; percentage of customer refusals from cooperation; percentage of regular customers (more than 2 transactions; more than 1 year of cooperation; etc.); Personnel (the volume and share of expenses for employees’ certification; volumes and share of expenses for personnel development; volumes and share of expenses for stimulating employees); Internal business processes (accelerated service operations; reduction of time for placing orders; reduction of spoilage and waste; reduction of equipment maintenance and repair costs; reduction of time and costs of transportation operations; use of automated warehouse management systems; use of alternative energy sources; etc.). The proposed balanced scorecard allows the company to really build a green supply chain, which is an important competitive advantage.

8

Authors: Anna Verbytska, Nataliia Kholiavko

The globalization of the scientific-educational area determines the search for new competitive advantages of universities. One of the modern instruments of competition in the world educational services market is universities ranking. Nowadays the educational rankings are widespread; they are studied by researchers and experts of international organizations. In the same time the high dynamism of scientific educational area requires the permanent monitoring of the competitive positions of the national higher education systems. The purpose of the article is to analyze the competitive positions of higher education systems of selected countries in the world rankings, as well as to identify the directions of increasing their competitiveness in the context of globalization and digitization of the scientific-educational area. The authors studied the methodology of a range of popular rankings of educational systems, and analyzed the ranks of selected countries (United States of America, Switzerland, United Kingdom, Sweden, Denmark, Canada, Finland, Norway, Ukraine, Germany, France, Austria, Poland, China, and Spain). The selection is based on the differentiation of the countries according to the geographic position and ranking position. The source of data: bases of international organizations OECD, World Bank, UNESCO, ILO; and rankings ARWU, SCImago, Webometrics, and Leiden Ranking. Based on the comparative analysis, the article concludes that the increasing of competitiveness of the national higher education system needs the use of integrated approach combining the set of educational, research, financial, internationalization, and managerial components. The authors emphasized the urgency of developing and implementing institutional strategies for internationalization of universities, synchronized with national ones.

13

Authors: Oļegs Ņikadimovs, Tetiana Ivanchenko

The purpose of this paper is to develop a deeper understanding of talent management strategies and practices in the hospitality industry context paying additional attention to soft skills gap. This study on talent management is limited and fragmented, that is why integrative literature review has been chosen as a method used to identify and analyse relevant studies, theoretical concepts in order to develop a deeper understanding and create a more comprehensive study of the strategies reviewed, and possibly to provide some solutions. Results from the literature review showed that talent management has a positive and strong association with competitive advantage, performance and talent positioning (Anwar & Nisar, 2014). New theoretical concepts and framework for talent management in the hospitality industry are beginning to develop, and it is a pathway for a hospitality company to reach its strategic goals and objectives. Competencies that have remained on the list of required skills include the soft skills of communication, customer focus, interpersonal skills and leadership (Johnson, Ghiselli, Shea, and Roberts, 2011). The performance of the company can be negatively impacted by skills gap due to unsatisfying levels of productivity and lacking quality (Bennett & McGuinness, 2009). The limitations of this study might be listed as having limited design due to a variety of constraints, that is why it can be viewed as fragmented, although this study adds to adds to the overall scope of literature on talent management, soft skills gap in the hospitality industry. Practical implications can generally help the practitioners to place emphasis on the development of soft skills and implement better talent management strategies to ensure that a positive image of the organization is consistently presented. Based on results, the future research should be conducted on the outputs and effects of these talent management concept and strategies, as well as how it can facilitate the soft skills gap closure on individual and organizational performance. Conducting an empirical research, both qualitative and quantitative, which includes observation or implementation of these practices may be useful to further build on the literature.