European Journal of Management Issues

115-124

Authors: Dzhusov, O., & Rubtsova, N.

Purpose – to analyze the current trends and the state of the international market of leading cryptocurrencies and to evaluate the possible prospects for their further development and integration into the world financial system. Findings. The authors traced the history of the origin and formation of Bitcoin retrospectively, considered some features of the "Blokchain". The paper analyzed the positive and negative aspects of working with cryptocurrencies. The research considered the closest on capitalization to Bitcoin – the Ethereum cryptocurrency and analyzed the main differences between them. On the basis of results of the study, the authors made the forecast about the most likely direction of the development of the cryptocurrency market for the near future and the possibility of their integration into the world financial system. Theoretical implications. The issues studied in the work and its results should contribute to the solution of the global scientific task – the formation of scientifically grounded opinion of academic science to a new phenomenon in the economy – the cryptocurrencies and their role in the world financial system. Originality/Value. This research work is one of the few which is dedicated to the new phenomenon in the economy – cryptocurrencies; author's forecasts about possible directions of further development of the crypto-currency market are presented. Research limitations/Future research. This paper opens the possibility of further research in the field of the crypto-currency market, its further development and integration into the world financial system. Paper type – empirical.

135-143

Authors: Adamashvili, N., & Fiore, M.

Purpose. The main purpose of the research is to investigate the role of the marketing strategies and to verify if adopting a set of marketing strategies matching the company’s operation to can be a successful way to generate growth in sales and loyal customers for all sized businesses. Design/Method/Approach. This research consists of a systematic literature review of academic articles compatible with the marketing field topics. A hypothesis is designed based on a theoretical framework and two case studies are investigated. It is tested through applying examples of two renowned companies, Xerox and HubSpot, that adopted their preferred set of marketing techniques and gained higher profits and larger loyal customer segments. Findings. Based on collected data and its analysis, it can be said that following correctly selected marketing techniques can lead to increased sales and loyal consumers. Practical implications. Companies’ marketing policies about choosing marketing channels needs to carefully be monitored and updated in order to reach long-term successful effects. Originality/Value. The negotiation process between buyer and seller is strict, long-term and complex in business. Subsequently, selling the product is not sufficient if the buyers do not get offered good quality services to leave them pleased and consequently loyal in the long term. Thus, this research analyses the positive impact marketing techniques can have in the sales processes and in the customer loyalty. Paper type – empirical.

154-161

Authors: Steblianko, I., & Doroshkevych, V.

Purpose – to formalize of innovative investment mechanisms for regulating the economic security of the state and to justify the prospects for their development on the basis of modern economic approaches. Design/Method/Approach. The research used a systematic approach, general scientific methods of analysis and synthesis; the information basis of the research is the regulatory framework and reporting data of the State Statistical Service of Ukraine. Findings. The content of innovation-investment mechanisms for regulating the economic security of the state is formulated as a set of forms, methods, instruments to stimulate the creation, introduction and promotion of product, technological, organizational, managerial and other innovations to the market in accordance with the strategic priorities of national security. Theoretical implications. The research is the definition of priority innovative and investment mechanisms for regulating economic security: organizational, legal, financial, industrial and technological, personnel, expert-consulting. Practical implications. The practical significance of the results of the research is the development of recommendations to the state administration bodies regarding the implementation of a set of economic and administrative measures aimed to protect the national interests of Ukraine in the sphere of recreating and preserving the domestic scientific, technological and technological potential. Social implications. The social significance of the research results is manifested in strengthening the economic component of ensuring the citizens' constitutional guarantees for security, protecting their lives, health, honor, dignity and immunity by increasing the state's innovative investment potential. Originality/Value. The originality of the article is to determine the tangent points of the theories of dependence on the trajectory of previous development and transaction costs that will facilitate Ukraine's exit from the institutional trap. Research limitations. The limitation of the research is the imperfection of the method, the sampling of data, the inability to access certain innovative investment mechanisms in the analysis of the economic security of Ukraine due to the state secrets. Future research. Prospects for further research are the development of the theory of transaction costs and its adaptation to the definition of foreign economic aspects of the state regulation of the national security. Paper type – conceptual.

176-183

Authors: Zinchenko, O.

Purpose – to substantiate the influence of the project approach on creating a positive image of the region Findings. The research puts forward a hypothesis about the positive influence of the project approach on the formation of the territory's image. It is proved that the regions where the active implementation of the territory development projects is observed are more attractive both for investors and for tourists. Author offers algorithm for creating the territory image, which includes diagnostic, design, control stages and details in specific actions. The paper also highlights the necessity of using customer-centric technologies on each stage: the project should rely on the expectations of the population, authorities, investors, guests of the region from the opportunities provided by the territory. It also shows how the functions of image management are revealed through the project approach. Practical implications. The results of the study may be interesting in the practice of state management in Ukraine, as there is no region in this country for a comprehensive concept of imagemaking. Originality/Value. For the first time, it proposes to adapt the practice of the project approach in developing the image of the economic regions of Ukraine. Research limitations/Future research. In the future, it is advisable to explore the possibilities of project risk management in creating the image of the region, communicative technologies of interaction of power, business and population to promote the regional brand, to systematize the world experience of regional projects. Paper type – empirical.

24-29

Authors: Botts, M.

Purpose. Drawing on the concept of dynamic managerial capabilities, to propose a model that incorporates managerial human and social capital, and managerial cognition in the dynamic capabilities framework. Design/Method/Approach. The study is an empirical in the context of the current conflict in the eastern Ukraine and is an analysis a non-profit field with an extremely high dynamic environment. The data was collected using a quantitative survey with 70 private corps, non-commissioned officers, and higher-ranked officers. Findings. The model provides a direct relationship between dynamic capabilities and dynamic managerial capabilities, whereby the latter is constituted by the perceived manager’s competence (manager’s human capital), manager’s team (manager’s social capital), and manager’s goal congruence towards the goals of the organization (managerial cognition). Theoretical implications. This paper expanded the body of research on dynamic managerial capabilities by developing the following arguments: (1) dynamic managerial capabilities directly influence organizational dynamic capabilities; (2) managerial social capital mediates relationships between managerial human capital and organizational dynamic capabilities; (3) managerial social capital mediates relationships between managerial cognition and organizational dynamic capabilities. Originality/value. This research not only shows how a non-profit organization can act efficiently, it is also an example of an application of strategic management theory to a practical field with life or death consequences. Research limitations/Future research. This research opens avenues for future research on dynamic capabilities in non-profit organizations. Paper type – empirical.

64-71

Authors: Grytsenko, A., Shcherban, P., & Girman, Y.

Purpose – to characterize the internal risks arising in the management of the financial intermediaries (insurance company), determine their frequency and ways of crisis management of them. Design / Method / Approach. The research carried out using the methods of scientific abstraction, structural and decomposition analysis, the tools of cause-effect communication. Findings. The research describes the role and place of internal financial risks in the system of performance of the business entity and clients of the financial intermediary. The paper formulated recommendations for neutralization of atypical risks arising from financial intermediaries, in particular insurance companies, as a complex of anti-crisis measures, in particular, on the development of the activity of an insurance company through the forecasting of indicators and the application of non-financial regulatory methods. Practical implications. The results of researched can used to manage the non-typical types of internal risks of insurance companies and other financial intermediaries. Originality/value. The scientific novelty of the research is to presentation of an extended characteristic of non-typical internal risks of financial intermediaries and to formulate approaches to determinante of time trends of development directions for the insurer`s activity through the forecasting of its indicators and the application of non-financial regulatory methods. Research limitations / Future research. To improve the mechanism for managing the internal financial risks of financial intermediaries in an atypical environment and taking into account non-topic aspects of activities. Type paper – conceptual.

80-84

Authors: Ivanov, L.

Purpose/Research question. The increased opportunities for surveillance in glass offices motivate the study to pursue the following research question: how does normative control operate in a glass office working environment? Design/Method/Approach. A case study approach was adopted in order to explore the phenomenon in its context. The empirical data consist of twenty semi-structured interviews conducted at the business school of a large UK-based university. Findings. The article reveals the cognitive and emotional experiences of working in a glass office. Normative control is exercised through the building`s design and through managerial discourse. The study also captures employees´ response to the control attempt related to resistance to exposure and impression management. Theoretical implications and Originality. Prior literature that investigates the concept of organizational space as a structure of control links it to bureaucratic control functioning vertically through direct managerial supervision and instructions. The present article demonstrates how control can work on the horizontal level through the management of beliefs, norms, emotions, and social influence. Research limitations/Future research. To the limitations of this research belong issues concerning internal validity, such as the inability to use multiple sources of data generation (observations, document analysis) in order to ensure triangulation. Paper type – empirical.

92-102

Authors: Lipatov, V.

Purpose – to describe a compliance-monitoring equilibrium in presence of compatibility costs in a setting when managers and other parties have different attitude towards compliance. Design/Method/Approach. Classical game theory – Nash equilibrium. Findings. If compatibility costs are small, there exist a unique stable Nash equilibrium of the game between the tax authority and a population of heterogeneous firms. In this equilibrium, the relation between compatibility costs and compliance is non-monotonic and depends on the curvature of auditing function. However, compatibility costs reduce non-compliance in low cheating regimes and may enhance it when many firms are cheating. Limitations. The model is at high level of abstraction and neglects many important detail that characterize each field where it could be potentially applied. Theoretical implications. The results provide one rationale for developing countries to be cautious with employing refined auditing schemes and for developed countries to promote complicated accounting procedures. Originality/value. Compatibility costs are not previously considered in economic analysis of compliance. Paper type – conceptual.

4-9

Authors: Amigoni, G., & Gaedicke, J.

Purpose – to analyse the role of artefacts in creativity as a microfoundation for dynamic capabilities. Design/Method/Approach. This conceptual study aims at identifying core aspects of the physical workspace towards power representations and power symbols and delineates impact factors on creativity and its possible implications on the dynamic capabilities of the firm. Findings. We suggest that creativity, believed to be a core aspect for innovation, is a microfoundation and one of the most critical elements of dynamic capabilities to sustain and foster the evolutionary and entrepreneurial fitness of the firm. Practical implications. While it has been shown that hierarchies and power symbols affect the creative performance within a firm, research on the role of physical space as representation of power and its effect on creativity is still limited. Focusing on artefacts might help firms to evoke creativity and, thus, increase innovativeness and dynamic capabilities of a firm. Originality/Value. In fast-paced, globally competitive business environments, sustainable advantage requires unique and difficult-to-replicate dynamic capabilities. Analysis of microfoundations of dynamic capabilities usually goes only one level deeper, e.g. to the concepts of creativity and innovativeness. We made a further step and analyzed artefacts influencing these and other microfoundations. Paper type – conceptual.

18-23

Authors: Bogodistov, Y.

Purpose. Purpose of the research is to analyze of the concept of dynamic capabilities aiming at formation of the correct terminology. Design/Method/Approach. This a conceptual paper is based on the academic literature analysis. Findings. The paper analysed the historical development of the concept of dynamic capabilities from the moment of introduction of this expression and till now. The study described the main theoretical struggles іn the concept, which can have influence on the correct understanding and, thus, translation. The two main academic discussions concerned with dynamic capabilities are reviewed. Different definitions of organizational capabilities are analyzed and their influence on the formation of the understanding of dynamic capabilities is performed. A set of most popular definitions of dynamic capabilities is offered in the work. Those definitions indicate different aspects of the currently running academic discussion on the concept. Theoretical implications. This paper is important for the academic discussion on dynamic capabilities in the Ukrainian academic segment, since an approach for unambiguous understanding of the terminology of this concept is proposed. Originality/value. Since different understandings of the concept of dynamic capabilities may mislead the translators from English into Ukrainian, the most appropriate translation terminology is proposed. Paper type – conceptual.

36-42

Authors: Sardak, S., & Krupskyi, O.

Purpose – to highlight conceptual foundations of the theory of dynamic capabilities of an enterprise and to reveal its application potential. Results. The present research identified relevant problematic aspects of the theory of dynamic capabilities of enterprises and highlighted the ways of their solution. First, it is an imperative for the further development of fundamental base of the theory of dynamic capabilities and finding a scientifically-substantiated effective empirical procedure for their measurement. Second, there is a limited penetration of the concept of dynamic capabilities into Ukrainian scientific community and the existence of difficulties in the interpretation of the theoretical and applied English-language developments. The article revealed historical and scientific-methodical provisions for the formation of the theory of dynamic capabilities of enterprises. Authors defined conceptual provisions of the Western founders of the theory of dynamic capabilities and scientific coverage of this direction of research in Ukraine. The paper considers the potential of the application of theoretical-practical foundations of dynamic capabilities at enterprises. Methodological solutions are presented to measure the dynamic capabilities of Ukrainian enterprises. Originality/value/scientific novelty of the research. Authors conceptualized the logic of formation of the theory of dynamic capabilities and identified promising directions of its transformation in terms of studying the basic factors that affect the performance of key human resources; the ability is proven to implement the applied measures in countries with a different type of economic system, in different sectors and markets by enterprises engaged in commercial and non-profit activities regardless of their type and size; the basics of methodology were developed for the adaptation of the English-language methodological developments to the level of their practical application at Ukrainian enterprises with the possibility of obtaining statistically significant results and their further application in order to improve efficiency. Practical importance of the research. Results of the research provide the Ukraine-language scientific community with the possibility to explore the potential of the theory of dynamic capabilities, to create the possibility for enterprises employees to self-diagnose dynamic capabilities and to make comparisons over time of their own achievements with the success of other participants in market relations. Research limitations/Future research. The prospect of further research is to develop a comprehensive applied mechanism for measuring the dynamic capabilities of an enterprise, which would allow the design and implementation of measures to improve profitability, as well as attaining competitive success over tactical period and maintaining it over strategic period. Paper type – theoretical.

258-271

Authors: Svyatohor, V.

Modern dynamics of socio-economic development emphasized issues to improve efficiency of state innovation policy, its adequacy to contemporary priorities and problems in the country’s development. An appropriate and relevant question is the systematization of knowledge obtained in the study of theoretical foundations of the state innovation policy, and effectiveness of its implementation depending on the methods of realization. The aim of present work is the development of theoretical and methodological fundamentals of state innovation policy. To solve the set tasks, we applied such general scientific and special research methods as: analysis, synthesis, generalization, systematic approach. Author examined the types of state innovation policy, factors that influence its formation, components of development and implementation of the state innovation policy. It is highlighted that the implementation of the state innovation policy is coordinated with the strategy of innovative development; strategic directions of innovation development of the national economy are demonstrated. Special attention was paid by Author to stages in the formation of state innovation policy in industrialized countries with the methods characterized for the realization of state innovation policy. Based on the obtained results of scientific research, main directions were proposed of innovation policy for Ukraine under present conditions. A conclusion was drawn on that the state innovation policy is a set of interrelated and interdependent forms, mechanisms, instruments, technologies of influence of the state on the formation, development and realization of scientific-technical, technological and innovation potential of the country, based on the promising world trends in scientific and technological development. The implementation of the state innovation policy is coordinated with the strategy of innovation development whose main function is to define main long-term directions of scientific development, to implement innovations, to provide resources to achieve the set objectives. The state, when implementing innovation policy, above all in the R&D sector, applies two basic types of methods: administrative and program-targeted. In the course of development of program-targeted methods, there were formed several variants of their implementation: a system of subsidies, institutional programs and cooperative implementation programs. The scientific novelty of present research is in determining the methodology of the state innovation policy, which covers an integrated system of methods, ways, and means of its implementation, taking into consideration the priorities in modern development of leading industrial countries. A practical value of the research is in applying the features of theoretical and methodological foundations of the state innovation policy for the selection of such areas and methods of implementation of the innovation policy that are most acceptable for Ukraine under current economic conditions.