Founded in: 2010 Field of science and issues in focus: coverage for socio-economic development of Ukraine, methodological and applied problems of modern economics, studies in economics, management, production and business; experience reforms in all spheres of economic activity. The edition is included in the List of Scientific Professional Publications of Ukraine (Category "Б") by the Ministry of Education and Science of Ukraine № 1301 of 15.10.2019. Fields of knowledge and specialties: Fields of knowledge Specialties in Ukrainian Specialties in English (ISCED-F 2013) С (05) Social Sciences, Journalism, Information and International Relations C1 (051) Економіка 0311 Economics D (07) Business, Administration and Law D1 (071) Облік і оподаткування 0411 Accounting and taxation D2 (072) Фінанси, банківська справа, страхування та фондовий ринок 0412 Finance, banking and insurance D3 (073) Менеджмент 0413 Management and administration D4 (281) Публічне управління та адміністрування 0413 Management and administration D5 (075)Маркетинг 0414 Marketing and advertising D7 (076) Торгівля 0416 Wholesale and retail sales J (24) Transport and services J2 (241) Готельно-ресторанна справа та кейтеринг 1013 Hotel, restaurants and catering ISSN: 2221-8440 (Print); 2663-2896 (Online) Media identifier No. R30-01721 (Decision dated 10/26/2023 No. 1146). Indexing: Vernadsky National Library of Ukraine, NRAT; «Ukrainika naukova»; «Dzerelo»; Ulrichsweb Global Serials Directory; OCLC WorldCat; Scientific Indexing Services, International Innovative Journal Impact Factor (IIJIF), Index Copernicus, Research of Bible, Google Scholar, ErihPlus, Scillit, OUCI DOI CrossRef Founders: Volodymyr Dahl East Ukrainian National University; National Aerospace University «Kharkiv Aviation Institute» Editor-in-Chief: Tetyana Calinescu, Doctor Sciences of Economics, Professor, Honored worker of science and technology of Ukraine. Responsible secretary: Ganna Likhonosova, Doctor Sciences of Economics, Professor. Editorial office address: 61070, Kharkiv, 17 V. Manka Str., editorial board "Time Description of Economic Reforms" Tel.: +38 057 7884814. E-mail: a.likhonosova@gmail.com Archives of issues are HERE & HERE This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Національний аерокосмічний університет "ХАІ"
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GREEN ECONOMY AND SUSTAINABLE DEVELOPMENT
In modern conditions, global environmental challenges, such as climate change, depletion of natural resources and environmental pollution, have jeopardized the possibility of stable economic growth and social well-being of future generations. The traditional linear model of the economy, based on the principles of "extract, use, dispose of waste", has exhausted itself. This necessitates a critical analysis of existing approaches and the search for new development paradigms, among which the concept of a green economy occupies a central place. The purpose of the article is to systematize theoretical approaches to defining the essence of a green economy, a comprehensive assessment of its role as a catalyst for sustainable development, as well as an analysis of the effectiveness of key instruments and mechanisms for its implementation at the national and regional levels. The object of the study is the socio-economic relations that arise in the process of transforming the traditional economic system towards a green economy and sustainable development. The subject of the study is the theoretical and methodological foundations, economic instruments, mechanisms of state regulation and institutional conditions that ensure the transition to a green economy. Research methods: To achieve the research goal, a complex of general scientific and special methods was used, including: system analysis (to study the relationships between the components of the green economy); comparative analysis (to assess international experience); statistical methods and correlation-regression analysis (to identify relationships between economic and environmental indicators); abstract-logical method (to formulate theoretical generalizations and conclusions). The main hypothesis of the study. It is assumed that the transition to a green economy is not only an imperative of environmental safety, but also a powerful driver of long-term economic growth based on innovation, energy efficiency and the creation of new "green" jobs. The effectiveness of this transition depends on the synergy between clear state policy, private investment and civil society activity. Presentation of the main material. The article examines the evolution of the concept of a green economy in the context of the sustainable development paradigm. The key tools for its implementation are analyzed: economic (pollution taxes, green procurement system, emissions trading), regulatory (environmental standards and regulation) and informational (eco-labeling). Successful cases of EU countries in stimulating renewable energy and the circular economy are considered using specific examples. Special attention is paid to the analysis of barriers to the "greening" of the Ukrainian economy and ways to overcome them are proposed. Originality and practical significance. The originality of the work lies in the comprehensive approach to assessing the transformational potential of the green economy, which combines macroeconomic analysis with an assessment of the effectiveness of specific mechanisms. The practical significance of the results obtained lies in the development of scientifically based recommendations for state authorities on the formation of an effective policy to stimulate "green" investments, modernize infrastructure and ensure environmental education of the population. The materials of the article can be used in the educational process. Conclusions and prospects for further research. It has been proven that the green economy is the basis for achieving sustainable development goals, as it provides synergy between environmental sustainability, economic efficiency and social justice. Integrated approaches that combine fiscal instruments, innovation incentives and international cooperation have been identified as the most effective. Prospects for further research lie in the quantitative assessment of socio-economic effects from the implementation of specific "green" projects, as well as in the study of the adaptation of circular economy mechanisms for key sectors of the national economy
COHERENCE OF LOCAL ECONOMIC DEVELOPMENT AND RESTORATION OF SOCIO-ECONOMIC INFRASTRUCTURE
Local economic development is a process of interaction and synergy of actions of all stakeholders in order to develop/rebuild the community and improve the quality of life of its residents, which is based on strategic planning in general and qualitative goal-setting in particular and is a source of restoration of socio-economic infrastructure in the de-occupied territories. Therefore, the coherence of local economic development and the restoration of socio-economic infrastructure requires the formation of a unique scientific and applied approach to evaluation. The article is aimed at forming a scientific and applied approach to assessing the coherence of local economic development and restoration of socio-economic infrastructure in the de-occupied territories. Methods used in the study: systematization and generalization, tabular, visualization, algorithmization, etc. The hypothesis of the study was the assumption that the scientific and applied approach to assessing the coherence of local economic development and restoration of socio-economic infrastructure should be unique and consolidate several methodological approaches. Summary of the main material: the fundamental role of the MERP in the processes of restoration of socio-economic infrastructure has been determined; scientific research has been systematized in the field of disclosure of the coherence of the MERP and the restoration/development of socio-economic infrastructure; a closed chain of coherence of local economic development and restoration/development of socio-economic infrastructure has been built; a matrix for assessing the impact of MERP on recovery has been formed socio-economic infrastructure and a set of indicators for assessing coherence. An algorithm for a consolidated scientific and applied approach to assessing the impact of the Ministry of Economic Development on the restoration of socio-economic infrastructure has been developed. The originality and practical significance of the study lies in the formation of a consolidated scientific and applied approach to assessing the coherence of MED and the restoration of socio-economic infrastructure. Conclusions. Assessment of the coherence of local economic development and restoration of socio-economic infrastructure involves the use of a unique scientific and applied approach that was formed in the article. Further research consists in approbation of the formed consolidated scientific and applied approach in practice
Copyright (c) 2025 Інна Володимирівна Заблодська, Світлана Іванівна Гречана, Юрій Григорович Дьякон
PROTECTION OF AZERBAIJAN'S NATIONAL INTERESTS WITHIN THE FRAMEWORK OF REGIONAL AND BILATERAL TRADE AGREEMENTS
This article examines the multifaceted dimensions of protecting Azerbaijan’s national interests through participation in regional and bilateral trade agreements. It explores the mechanisms by which economic, political, and security-related concerns are addressed and balanced in trade policy. Drawing on a qualitative methodology combining document analysis, expert interviews, and case-study comparisons, this research critically analyzes how Azerbaijan engages with institutions such as the Eurasian Economic Union (EAEU), the Commonwealth of Independent States (CIS)-region, and bilateral partners such as Turkey, Georgia, and the european union. the purpose of the study is to characterize the ways of forming the protection of Azerbaijan's national interests within the framework of regional and bilateral trade agreements. The object of the study is the Azerbaijan's national interests within the framework of regional and bilateral trade agreements. Research methods - modern methods and technologies of scientific knowledge, methods and techniques for conducting scientific research, tools for systemic, comprehensive, economic analysis, principles of managing enterprises and their labor resources. They allow us to consider existing approaches to managing innovations in the activities of enterprises in modern economic conditions. The hypothesis of the study. The ways of forming the protection of Azerbaijan's national interests depend on the terms of regional and bilateral trade agreements. Presentation of the main materials. The literature review highlights theoretical frameworks of economic statecraft, trade diplomacy, and strategic autonomy, and situates Azerbaijan’s experience within broader debates on small-to-medium states’ leverage in global trade governance. Key findings reveal that Azerbaijan successfully leverages energy export agreements, customs regulations, and tariff preferences to achieve macroeconomic stability, diversification goals, and geopolitical balancing. However, tension remains between openness and safeguards for strategic industries. The originality and practical significance of the study are confirmed by the proposed philosophy of innovation management at enterprises in modern conditions. Conclusions and prospects for further research. The research contributes empirical evidence to understand how resource-rich, transit-oriented economies negotiate national interest within trade liberalization frameworks. The article concludes with policy recommendations that include enhanced domestic institution-building, transparent investor-state dispute resolution, and strategic use of trade alliances to safeguard national sovereignty without impeding integration ambitions
ENERGY VULNERABILITY AS A RISK FACTOR FOR QUALITY OF LIFE: CASE OF MOLDOVA
The European energy crisis not only led to an increase in energy prices but also to a recession in the Moldovan economy. After the end of the energy crisis, stagnation was registered in Moldova. The recession and subsequent stagnation led to an increase in the number of people living below the poverty line, as well as to the rise in energy poverty. Thus, in these circumstances, the study of energy vulnerability and its impact on the quality of life has become especially relevant. Therefore, the main research problem in this article is to analyze energy vulnerability as a risk factor for the decline in the quality of life in Moldova. The aim of the research is to assess the relationship between energy vulnerability and quality of life in Moldova. The main objectives of this study are to analyze the theoretical aspects of the concept of energy vulnerability, identify and analyze the determinants of energy vulnerability, and conduct an empirical assessment of the impact of energy vulnerability on households in Moldova. The object of the study is energy vulnerability and its impact on the quality of life. The article examines the theoretical aspects of the concept of energy vulnerability, as well as the determinants of energy vulnerability. Research methods: abstract logical method, comparative analysis method, statistical and economic methods. The central hypothesis: Moldova’s energy vulnerability at the macro level is transformed into a decline in the quality of life and into deprivation of households at the micro level. The statement of basic materials: The conducted empirical analysis showed that Moldova is vulnerable to external energy shocks, as it mainly imports energy resources. Domestic primary energy production covered 22.2% of total energy consumption, while domestic electricity production covered 11.3% of total electricity consumption in 2023. The primary sources of electricity are the CHP (Combined Heat and Power) plants in Chisinau and Balti, as well as the growing green energy. But, unfortunately, the share of renewable energy is still small. Moldova is pursuing a strategy of energy resource diversification to strengthen energy security. To this end, the synchronization of Moldovan power grids with the European ENTSO-E (European Network of Transmission System Operators for Electricity) network and the construction of the Iasi-Ungheni-Chisinau gas pipeline were carried out. However, the implementation of these projects has not yet yielded tangible results. The main reason is the increase in the price of energy resources, which has negatively affected the competitiveness of goods, as their prices have also risen due to the rise in energy costs. As a result, there is a decline in production and an increase in the number of unemployed, which negatively affects the quality of life. At the same time, the increase in tariffs for energy resources has led to a rise in the share of energy expenditure above 10% of total consumer spending, which indicates both energy poverty and a decrease in the quality of life of the population. The originality and practical significance of the study: This study contributes to the scientific literature by presenting the results of an empirical analysis using the example of a country with a high dependence on energy imports. In this paper, the authors examine how the impact of external shocks on energy vulnerability is manifested in the quality of life of the population. Conclusions and prospects for further research: The results of the study revealed that energy vulnerability is a persistent issue in Moldova. It is leading to energy poverty and limiting the basic opportunities of the population to access quality food, to purchase clothes and shoes, since, within the available budget, households are forced to reduce other expenditure items to cover the costs of heating, hot water, and electricity. The transition to lower-quality nutrition leads to health problems. Thus, energy vulnerability will lead to a decrease in the quality of life and is an obstacle to a decent life.
MONITORING OF DEMINING OF REGIONS AND TERRITORIAL COMMUNITIES OF UKRAINE: AGRICULTURAL ASPECT
Demining monitoring is not only a technical or reporting tool, but a core element of the state policy for security, recovery and sustainable development of regions, which should be carried out regularly and systematically. The article is aimed at highlighting the results of monitoring the demining of regions and territorial communities, taking into account the peculiarities of demining of agricultural lands of Ukraine in wartime. Methods used in the study: comparative analysis, tabular, graphic, mapping, systematization and generalization, etc. The hypothesis of the study was the assumption that agricultural lands of Ukraine have peculiarities in the context of monitoring the demining of regions and territorial communities during the war. Summary of the main material: the dynamics of indicators for monitoring the implementation of work on clearing the territory of Ukraine from explosive objects for 2014-2024 is determined, the general dynamics is decomposed, which reveals the features of demining of regions and territorial communities over the past 10 years, the results of monitoring the implementation of work on clearing the territory of Ukraine from explosive objects on a quarterly basis for 2024 are highlighted. The map of Ukraine and mined territories as of 01.07 has been processed. 2025 and the most dangerous local territories – regions and territorial communities – have been identified. Technological, economic, organizational, logistical and features of demining of agricultural lands have been determined. The prospects for humanitarian demining in Ukraine are described and the importance and necessity of creating a Deminer Corps are noted. The originality and practical significance of the study lies in the modern approach to highlighting the results of monitoring the demining of regions and territorial communities, taking into account the peculiarities of demining of agricultural lands of Ukraine in wartime. Conclusions. Demining of agricultural territories appears as a key condition for the restoration of economic activity in the de-occupied lands, a factor in stabilizing the food market and an important prerequisite for the development of agricultural production. Monitoring of humanitarian demining processes in the context of agricultural purposes has made it possible to identify a number of important aspects that form the basis of state policy in the conditions of war and post-war recovery. Further research consists in analyzing the impact of demining on regional GDP and creating indices for assessing the readiness of territories for economic use after clearance
Copyright (c) 2025 Павло Андрійович Ляшенко
SYNERGY OF INNOVATION, DIGITALISATION AND ENTREPRENEURSHIP IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT OF TERRITORIAL COMMUNITIES
The article substantiates the importance of the synergy of innovation, digitalization and entrepreneurship as an integration resource for the sustainable development of territorial communities. It is shown that innovation is the driving force for the modernization of local economic systems, digitalization ensures the transformation of management and socio-economic processes, and entrepreneurship is the main factor in the economic activity and sustainability of communities. The purpose of the study is to theoretically substantiate and practically analyze the synergy of innovation, digitalization and entrepreneurship as an integration resource for the sustainable development of territorial communities, as well as to identify barriers and tools for its implementation to achieve sustainable development of local economies. The object of the study is the process of synergy of innovation, digitalization and entrepreneurship in the context of the sustainable development of territorial communities. Methods used in the study: mathematical methods, models and information and innovation technologies for nonlinear dynamics of socio-economic systems. Research hypothesis: their combination creates a synergistic effect that creates new opportunities for development, increased competitiveness and social integration. Presentation of the main material. Three key dimensions of synergy are identified: economic (development of small and medium-sized businesses, diversification of the local economy, attraction of investments), social (creation of jobs, spread of digital services, increased trust in the authorities), environmental (use of renewable energy sources, spread of "green" technologies, digital monitoring of the state of the environment). At the same time, risks and barriers that hinder the realization of the synergy potential are identified, in particular, digital inequality, limited financial resources, weak innovation infrastructure and personnel shortage. Originality and practical significance of the results obtained. The need to use a complex of organizational and economic instruments is substantiated, which include tax incentives, public-private partnership mechanisms, innovation hubs, business incubators, grant programs and digital development platforms. The emphasis is on the importance of the partnership "business - government - community - science" as a prerequisite for the effective implementation of a synergistic approach. Research conclusions. It is concluded that the integration of innovations, digital technologies and entrepreneurship is a determining factor in the sustainability and competitiveness of territorial communities, and its practical implementation requires systematicity, adaptability to local conditions and active involvement of all stakeholders
Copyright (c) 2025 Лілія Миколаїівна Мельник
ORGANIZATIONAL MECHANISMS FOR ENSURING THE ECONOMIC SECURITY OF THE SOCIO-ECONOMIC SYSTEM UNDER MARTIAL LAW
The issue of economic security of the socio-economic system under martial law is crucial for achieving sustainable development, ensuring national resilience, national security, and Ukraine’s defense capability as a whole. The purpose of the article is to substantiate theoretical and methodological foundations and to develop practical recommendations for the improvement and development of the organizational mechanism of ensuring economic security of the socio-economic system under martial law. Object of the research – the processes of enhancing the economic security of the socio-economic system and the mechanisms for its provision. Methods. The theoretical and methodological basis of the research rests on the principles of general scientific methodology, combining general and special research methods, analysis and synthesis, historical, monographic and logical approaches, induction and deduction. This made it possible to reveal mechanisms and tools for ensuring economic security. Research hypothesis. The hypothesis of the study is the assumption regarding the possibility of ensuring economic security through the use of civil-military cooperation. Main findings. The article substantiates the theoretical foundations for the formation of economic security of the socio-economic system and the mechanisms for its provision. It considers the interpretation of the essence of the concept of economic security of the socio-economic system, which made it possible to identify approaches to its definition. The system and mechanisms of ensuring economic security and its components have been defined: civil-military cooperation (CMC), state and local authorities, mass media, civil society, volunteers, and the non-governmental sector. The role of civil-military cooperation as a key factor in ensuring and strengthening economic security under martial law is substantiated. Originality and practical significance of the research. The necessity of developing the organizational mechanism through the use of CMC has been proven, both as a factor in ensuring economic security and as an instrument of effective interagency interaction at the stages of threat prevention and a factor of national resilience. Conclusions. It is demonstrated that under present conditions, the economic security of the socio-economic system functions as a factor of national resilience. It can be ensured through the development of an organizational mechanism by establishing effective interagency cooperation between CMC, state and local authorities, mass media, civil society, volunteers, and the non-governmental sector. This, in turn, requires the training of specialists in crisis management, strategic communications, and interagency coordination, as well as the formation of a network of research, analytical, and training centers for the development of cooperation mechanisms. Further research should focus on the development of a comprehensive organizational model of ensuring economic security and resilience of regions and territorial communities in Ukraine
Copyright (c) 2025 Інна Олександрівна Самойленко
EVALUATION OF THE RESULTS OF THE PRACTICAL IMPLEMENTATION OF THE THEORY OF INERTIAL INFLATION IN STRATEGIES FOR STABILIZATION OF THE BRAZILIAN ECONOMY
At the end of the 20th century, economic thought faced a fundamental challenge: the ineffectiveness of traditional monetarist approaches in addressing hyperinflation in several Latin American countries, including Brazil. In response, the theory of inertial inflation emerged, offering a novel paradigmatic approach that emphasized managing inflationary expectations and breaking the cycle of inflationary inertia. Despite its theoretical grounding, the practical outcomes of implementing this theory in Brazil remain a subject of scholarly debate. Consequently, there is a need for a systematic evaluation of the effectiveness of this approach to determine its actual contribution to economic stabilization and to assess its adaptability to contemporary macroeconomic conditions, which significantly differ from the realities of the 1990s. Research Objective. The study aims to analyze the foundations of the inertial inflation theory and the specifics of its practical implementation within Brazil’s stabilization programs. Research Subject. The process of implementing the inertial inflation theory in Brazil’s economic stabilization policies. Methods. The study employs a comparative-historical analysis to draw parallels between the stages of anti-inflationary strategies in Brazil and to identify causal relationships between policy decisions and their outcomes. Statistical analysis enabled the processing of empirical data arrays (inflation, interest rates, GDP). Time series analysis was used to examine inflation dynamics, while econometric modeling facilitated a quantitative assessment of the relationship between the introduction of inertial anchors, inflationary expectations, and consumer prices. Main Hypothesis. The practical implementation of the inertial inflation theory was a key factor in overcoming hyperinflation in Brazil during the 1990s. Presentation of Main Findings. The study elucidates the genesis and results of implementing the heterodox theory of inertial inflation in Brazil’s economic policy during the second half of the 20th century. It clarifies the interplay of inflationary expectations, indexation mechanisms, and structural imbalances that shaped the trajectory of the country’s macroeconomic dynamics. Unlike monetarist or Keynesian approaches, the inertial inflation theory is rooted in mechanisms of wage and price indexation, pricing models in oligopolistic markets, and inflationary expectations that can trigger a self-sustaining inflationary cycle. The study evaluates the effectiveness of key heterodox stabilization plans in Brazil (Cruzado Plan 1986, Bresser Plan 1987, and Real Plan 1994) in breaking the inertial cycle. It is demonstrated that the success of the Real Plan was driven by a strategy combining orthodox measures (exchange rate anchor, strict fiscal discipline) with heterodox tools aimed at dismantling the inertial mechanism. Originality and Practical Significance. The originality of the research lies in its comprehensive analysis of Brazil’s stabilization experience through the lens of the inertial inflation theory, with an emphasis on the interaction of psychological (expectations) and institutional factors, which are often overlooked in traditional economic studies. The practical significance is reflected in the potential application of the study’s findings to develop anti-inflationary strategies for modern economies facing high inflation. Conclusions and Future Research Directions. The practical implementation of the inertial inflation theory under the Real Plan proved to be a decisive factor in overcoming hyperinflation in Brazil. Its success stemmed from the ability to effectively break inflationary inertia by managing expectations and introducing transitional currency anchors. However, the sustainability of the achieved stabilization was conditional and depended on subsequent structural reforms and robust institutional frameworks. Future research directions include exploring inertial inflation in Brazil’s service sector in the context of prospective fiscal-monetary imbalances.
Copyright (c) 2025 Вікторія Вікторівна Цвірова
CHOOSING A STRATEGY FOR ENSURING ECONOMIC SECURITY BASED ON PACKAGE CHARACTERISTICS
In an unpredictable business environment, a methodological contradiction arises: a company's economic security strategy is often developed in isolation from its overall strategic course, leading to internal inconsistencies and reducing business stability. The purpose of this research is to develop a methodological approach for selecting a strategy to ensure a company's economic security based on package characteristics, integrating it into the overall strategic management system. The object of the research: theoretical and practical foundations for forming a company's economic security strategy in the context of integration with development and competition strategies. The methods of the research: a systematic and comparative-analytical approach, a matrix method, and a critical analysis of strategy classifications. The hypothesis of the research is the assumption that the formation of package characteristics at the intersection of development and competitive strategies will allow for a systematic justification of the choice of economic security strategy, ensuring its consistency with the company's overall goals. The statement of basic materials. The article analyzes the classification of corporate development strategies and competitive strategies, taking into account their impact on economic security; proposes a matrix for determining the focus of an economic security strategy; and identifies package characteristics based on a set of criteria. Practical applications are confirmed by examples of companies in crisis conditions. The originality and practical significance of the research. A methodological approach is proposed for forming package characteristics of a strategy for ensuring economic security at the intersection of development strategies and competitive strategies, which ensures the systematic integration of security into strategic management. The proposed algorithm is designed to facilitate a coordinated choice of strategy for ensuring economic security and increasing its stability in unstable conditions. Conclusions and perspectives of further research. The proposed approach ensures the integration of economic security strategies with development and competition strategies, thereby increasing the resilience of companies in uncertain conditions. Classical theories of strategic management are adapted to modern challenges, with an emphasis on flexibility and protection against threats.
Copyright (c) 2025 Лариса Миколаївна Христенко
DIAGNOSTICS IN THE ANTI-CRISIS FINANCIAL CONTROL SYSTEM: PRIORITIES, SYSTEM APPROACH
The article is devoted to the issue of the need to eliminate the ambiguity of conclusions when diagnosing a financial crisis at an enterprise. Traditional assessment methods used in isolation do not allow obtaining an objective and reliable picture of the probability of bankruptcy. This complicates the timely adoption of rational management decisions to prevent the risks of crisis phenomena and develop anti-crisis measures to ensure the financial capacity of the enterprise. The purpose of the study is to develop a systematic approach to diagnosing the financial condition of the enterprise in the system of anti-crisis financial controlling, which will allow a comprehensive assessment of the depth of the crisis and eliminate the shortcomings of individual methods and develop anti-crisis measures. The object of the study is the process of diagnosing and early warning of a financial crisis at an enterprise. Methods used in the study: generalization method, scientific knowledge, logical-substantive, comparison, methods of deduction and induction, analysis. The hypothesis of the study is that system diagnostics, based on the integration of indicators from different assessment methods, is more objective and reliable for determining the probability of bankruptcy than using each of the methods separately. Such a complex model allows to eliminate the ambiguity of conclusions and provide management with a reliable information base for making effective management decisions regarding the enterprise's development strategy in conditions of uncertainty. Presentation of the main material. The article analyzes scientific opinions on financial controlling and diagnostic tools in the system of anti-crisis financial controlling at the enterprise. The study includes an analysis of the main methods of diagnosing the financial condition and early warning of the threat of bankruptcy of a business entity. The relevance of applying an innovative approach to the implementation of financial controlling in the anti-crisis management system is proven. The advantages and disadvantages of traditional, integral and value-oriented approaches to diagnosing a financial crisis are demonstrated through their practical application for a comparative analysis of the current conditions of two operating enterprises. The conclusion is made about the insufficiency of the isolated application of each of the methods for an objective and reliable assessment of the probability of bankruptcy. The conclusion is formulated that in order to make timely management decisions in the field of using anti-crisis measures, it is advisable to be guided by a systematic approach. Indicators of the success of the financial and economic activities of enterprises are determined, which include indicators of various methods that comprehensively characterize the financial condition. A practical example clearly shows that when analyzing the resulting values of each indicator as single-factor criteria, it is impossible to unambiguously interpret the probability of a crisis situation. The proposed system diagnostics based on the three considered approaches in the form of a rating assessment model of the depth of the crisis at the enterprise has originality and practical significance. The model is based on the ranking of indicators of the success of financial and economic activities according to the criteria of objectivity and reliability of calculations, as well as priority in performing financial diagnostics tasks. Conclusions. A systematic approach to financial diagnostics, which is based on a combination of traditional, integral and value-oriented approaches, allows you to get a comprehensive assessment of the financial condition of the enterprise, taking into account not only static indicators, but also the dynamics of cash flows and the impact on the total value of the business, which is of crucial importance in the context of anti-crisis management. Such an approach to anti-crisis diagnostics can be considered quite objective due to the fact that it solves the problem of the need to eliminate the ambiguity of conclusions when using each of the methods that were previously used separately.
Copyright (c) 2025 Лідія Андріївна Костирко, Владислав Вікторович Конєв
FINANCIAL SECURITY THROUGH SUSTAINABLE MARKETING TOOLS: MANAGEMENT OPPORTUNITIES AND PITFALLS
Ensuring financial security is currently not only a task of financial management, but also an interdisciplinary problem that requires taking into account marketing, environmental and social factors. At the same time, sustainable marketing tools are considered as a potentially effective lever for increasing economic sustainability and reducing risks. However, in practice, the integration of sustainable approaches into marketing activities is associated with a number of pitfalls – from superficial ESG compliance to the lack of effective models for assessing the impact of marketing decisions on financial security. The purpose of the article is to develop a comprehensive approach to managing the financial security of enterprises based on sustainable marketing tools, to determine the management capabilities for their implementation and to identify traps that hinder the effective implementation of ESG principles in marketing policy. The object of the study is the processes of forming and supporting the financial security of an enterprise in the context of the transformation of marketing strategies on the basis of sustainable development. Research hypothesis. The introduction of ESG-oriented marketing tools allows not only to reduce financial risks, but also to increase the level of financial stability of the enterprise, however, the effectiveness of such an approach is limited by the lack of clear indicative models, risk assessment systems and control over the results of the impact. Methods used in the study: to achieve the set goal, the methods of GAP analysis (to identify gaps in the implementation of sustainable marketing), structural and functional analysis were used, and an indicative ESG panel was built and an analytical model for assessing the impact of ESG marketing on the financial security of the enterprise was developed, taking into account scenario modeling of risks. Presentation of the main material. As a result of the study, key factors that shape the financial security of the enterprise in the context of sustainable marketing were identified, in particular, transparency of communications, environmental responsibility, social reputation, digital tools of sustainable branding. A mechanism for integrating ESG approaches into the marketing strategy, taking into account a risk-oriented assessment system, was proposed. A formalized model for quantitative assessment of the impact of ESG marketing on financial stability has been constructed, which includes risk weights, sustainability indicators, and scenarios of changes in the external environment. Typical “traps” of ESG integration have been substantiated: greenwashing, short-term approach to KPIs, cost orientation without assessing long-term benefits. Originality and practical significance. The analytical model and ESG panel proposed in the article allow enterprises to adapt marketing strategies to the requirements of sustainable development, taking into account the needs of financial security. The practical value lies in the possibility of using the results of the study to audit marketing activities, build early warning systems for financial risks, and transform brand policy towards sustainable solutions. The originality of the work lies in the combination of risk management and ESG marketing methodologies to build an integrated approach to financial security. Research conclusions. The implementation of ESG-compliant sustainable marketing is a promising management tool for ensuring the financial security of enterprises. The results obtained allow us to recommend the use of an ESG indicator panel and an analytical model of the impact of sustainable marketing in corporate governance for enterprises operating in high-risk environments. The results can be used in research activities, as well as in consulting practice and corporate analytics.
Copyright (c) 2025 Ганна Сергіївна Ліхоносова
FINANCING OF CORPORATE ENTERPRISES IN CONDITIONS OF GLOBAL FINANCIAL AND ECONOMIC INSTABILITY
Global financial and economic instability generates significant challenges for the functioning of corporate enterprises, as it complicates access to capital, increases lending and investment risks, and strengthens dependence on external factors. Under conditions of high financial market volatility and rising costs of resource mobilization, there emerges a need to search for optimal sources and instruments of financing capable of supporting operational activities and ensuring the long-term development of the corporate sector. The purpose of the article is to provide a comprehensive analysis of the current state of corporate enterprise financing in Ukraine and the EU, identify the problems of existing financing mechanisms, and formulate practical recommendations for their optimization under conditions of economic instability. Subject of the research – the processes of corporate enterprise financing, the structure, mechanisms, and instruments of capital attraction under global economic instability. The methods of the research: a systemic approach to identify the key factors in the formation of corporate financial resources; comparative analysis to identify trends in the EU and Ukraine; statistical methods to assess the capital structure of the corporate sector; generalization and classification to determine forms and instruments of financing. The statement of basic materials. The article examines current trends and challenges of corporate enterprise financing, in particular the ratio of equity to borrowed capital, the role of equity and debt financing, and the specifics of using accounts payable as a short-term source of resources. Based on EU statistical data, the dynamics of the main forms of financing of non-financial corporations were analyzed, which made it possible to determine typical models of capital raising and to identify cross-country differences. Hybrid financing methods are also considered, such as mezzanine financing and public-private partnership mechanisms, which are becoming increasingly relevant under conditions of instability. Practical significance of the obtained results lies in the development of recommendations for improving the financing structure of corporate enterprises and increasing the resilience of the corporate sector to global financial shocks. Conclusions and perspectives of further research. Financing of corporate enterprises under global financial and economic instability is characterized by an increase in debt burden, the predominance of short-term liabilities, and a high dependence on accounts payable, which makes them vulnerable to external shocks. Comparison with EU experience has shown that developed economies rely on equity and share capital as the main source of financing, which ensures stability and reduces risks. For Ukraine, strategic directions include increasing the share of equity capital, diversifying sources of financing, limiting excessive accounts payable, and developing the institutional environment for hybrid forms of financing. The implementation of these measures will contribute to strengthening financial stability, competitiveness, and investment attractiveness of the corporate sector.
Copyright (c) 2025 Олена Олександрівна Середа
NATIONAL SECURITY, PUBLIC ADMINISTRATION AND ADMINISTRATION THROUGH THE PRISM OF ENERGY
The relevance of the topic is due to the critical role of the energy sector in ensuring the resilience of the state in the conditions of war, global crises and transformations of energy markets. Energy is not only an object of strategic management, but also an indicator of the effectiveness of public authorities in the context of security, independence and sustainable development. regulation and strengthening of interagency coordination. This justifies the need for a comprehensive analysis of the relationship between energy policy, public administration system and national security strategies. The article is aimed at studying the modernity of national security, public administration and administration through the prism of energy and determining development prospects. Methods used in the study: economic analysis, graphic, systematization and generalization, etc. The hypothesis of the study was the assumption of advantages and disadvantages of critical factors in the development of energy for 2025 - 2027. Summary of the main material: it has been established that energy as a sector of the national economy has acquired a new significance - not only as a source of economic and social sphere, but as a strategic sphere of public administration and a critical factor of national security. policy, and not just a tool for the implementation of political decisions. Conceptual directions for improving the state policy in the field of energy and national security are proposed. The originality and practical significance of the study lies in the modern approach to the development of national security, public administration and administration in the context of energy development. Conclusions. National security, public administration and administration through the prism of energy means the relationship between the energy security of the state, the system of public administration and administration, and ensuring overall national sustainability. And the system of public administration should be transformed from a reactive model to a strategic-preventive one, focused on strengthening the internal potential of the country, preserving its sovereignty and ensuring a decent standard of living for citizens. Further research consists in continuous monitoring of issues related to national security, public administration and administration in the energy sector.
Copyright (c) 2025 Євген Михайлович Ахромкін, Андрій Олександрович Ахромкін
Project management is currently a fairly effective tool in business and certain science, which is based on a system of knowledge, rules and standards. Therefore, the question arises of choosing appropriate methods and tools that should be used in the process of obtaining knowledge about project management in modern business. The purpose of the research is to analyze modern project management methods, determine their key features, differences and feasibility of application in the conditions of modern business. The object of the research is the project management process in modern business conditions. The methods of the research were modern methods and technologies of project management, methods and techniques of conducting scientific research, tools of systemic, comprehensive, economic analysis, and principles of project management, which made it possible to assess the impact of selected management methodologies on the functioning of modern business. The hypothesis of the research was the assumption regarding the possibility of choosing an appropriate project management methodology to ensure the successful functioning of business during the post-war reconstruction of Ukraine. The statement of basic materials. It is noted that each project has its own unique priorities that should be taken into account when planning the tasks set. It highlights factors that should be considered when choosing a project management and implementation methodology. It is emphasized that the role of artificial intelligence, automation and remote work is increasing in project management. It is recommended to choose program management methodologies to achieve strategic goals within a single organization in order to complete numerous projects. The originality and practical significance of the research is confirmed by the analysis of existing methods and methodologies for managing projects or programs and the identified factors that influence their appropriate choice, which will make it possible to substantiate the correctness of the selected management methodology and obtain positive results from the functioning of modern business. Conclusions and perspectives of further research. It has been proven that there are no universal methods, techniques or methodologies that are suitable for a specific project. The need to use different project management tools depends on the complexity of the projects, the team involved in its implementation, the speed of response to changes and the conditions of the project implementation. The prospects for the application of new project management systems are associated with the further development of artificial intelligence and integration with other management tools. Mastering program management allows to create value and bring positive results for the business. Further research will be aimed at adapting the best domestic and foreign practices in the field of project management to the conditions of modern business, which will allow increasing the effectiveness of its development strategies and improving methodological approaches to the successful implementation of projects and programs for the reconstruction of Ukraine in the post-war period
Copyright (c) 2025 Тетяна Василівна Калінеску
FINANCIAL MECHANISMS FOR STIMULATING INCLUSIVE AND SMART DEVELOPMENT OF TERRITORIAL COMMUNITIES
The article examines the need of modern territorial communities for financial instruments capable of combining the goals of inclusiveness and smart development. The challenges of decentralization and wartime conditions make the issue of finding effective mechanisms for mobilizing resources more relevant. The aim of the study is to form a holistic vision of financial mechanisms that will contribute to both inclusive and smart development of communities. The object of the study is financial mechanisms for stimulating the development of territorial communities. The study used analysis and synthesis of scientific sources, comparative and systemic approaches, as well as elements of statistical analysis. The hypothesis is put forward that the integration of tax, investment and grant policy instruments with digital solutions and inclusive practices can ensure sustainable growth of communities. The statement of basic materials. The work defines the content of the concepts of "inclusive development" and "smart development", emphasizes their complementarity, and summarizes the practices of applying tax benefits, state transfers, public-private partnerships, grant financing, support for small businesses, and digital technologies. It is shown that the effectiveness of these mechanisms depends on the institutional capacity of communities, transparency and accountability of management. The originality of the study lies in the combination of different groups of financial instruments into a single system for inclusive and innovative development, with an emphasis on the practical conditions for their implementation in Ukraine. The practical significance is determined by the possibility of using the results obtained to develop strategies for community financial policy. It is concluded that financial mechanisms provide not only infrastructure modernization and innovative growth, but also social cohesion and citizen participation. Further research should be focused on quantitative assessment of the effectiveness of the instruments, the development of fintech solutions and the study of successful cases of Ukrainian and foreign communities
Copyright (c) 2025 Ірина Богданівна Маркович