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. Updated List of Ukrainian Scientific Professional Journals (Order No 928 dated 11 June, 2026) Cluster name: Economic transformations, business and administration C1 Economics and International Economic Relations (by specialization) D1 Accounting and Taxation D2 Finance, Banking, Insurance and Stock Market D3 Management D5 Marketing 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» EDRPOU code: 02066769 Founder's ROR: https://ror.org/048j5n646 DOI prefix: 10.32620/cher Editor-in-Chief: Tetyana Calinescu, 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: t.calinescu@khai.edu; champion.reforms@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"
Автори залишають за собою право на авторство своєї роботи та передають журналу право першої публікації цієї роботи на умовах ліцензії Ліцензії Creative Commons Із Зазначенням Авторства — Некомерційна 4.0 Міжнародна, котра дозволяє іншим особам вільно поширювати (копіювати і розповсюджувати матеріал у будь-якому вигляді чи форматі), змінювати, реміксувати, трансформувати, і брати матеріал за основу на наступних умовах: Зазначення Авторства — Ви маєте вказати автора, розмістити посилання на ліцензію та вказати чи було внесено зміни до твору. Ви можете зробити це у будь-який розумний спосіб, але так, щоб не створювати враження стосовно того, що ліцензіар підтримує чи схвалює вас або ваше використання твору. Некомерційна — Ви не можете використовувати матеріал для комерційних цілей. Без додаткових обмежень — Ви не можете висувати додаткові умови або застосовувати технологічні засоби захисту, що обмежують права інших на дії дозволені ліцензією
PRIORITIES OF BUDGET POLICY IN THE RECONSTRUCTION OF THE LIBERATED TERRITORIES
Formulation of the problem. It analyzes the priorities of state budget policy in the reconstruction of the territories liberated from occupation in the Republic of Azerbaijan, especially the Karabakh and Eastern Zangezur economic regions. In this regard, the purpose of the study is to develop budget policy priorities in the process of renovation of liberated territories. 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. The methodology of the study consists of examining the experience of countries around the world in diversifying economic development and, based on these experiences, analyzing issues related to determining the role of agritourism in diversifying economic development. 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. Based on state budget data for 2021–2025, the study evaluates the volume, structure, and main directions of budget expenditures in the restoration and reconstruction process. The article examines the role of the state budget in financing infrastructure projects, restoring social facilities, and supporting the socio-economic reintegration of the regions. The originality of the work. The analysis shows that the state budget acts as the main financial instrument for ensuring regional development in the post-conflict period, and the funds allocated to this area are among the strategic priorities of fiscal policy. The dynamics and structural distribution of budget expenditures indicate that, in line with the state’s long-term development strategy, spending is directed toward infrastructure restoration, increasing economic activity, and integrating the liberated territories into the national economic system. Conclusions and prospects for further research. The study examined the priorities of budget policy in the reconstruction of the territories liberated from occupation in the Republic of Azerbaijan. The analysis shows that the state budget is mainly directed toward the restoration of infrastructure, social facilities, and residential complexes.
SPATIAL DEVELOPMENT OF ELECTRIC POWER INFRASTRUCTURE IN THE AFFECTED AREAS
Problem statement. The relevance of the study lies in the need to restore and modernize the electricity infrastructure of the affected territories in the context of war destruction, energy risks and the need to ensure sustainable socio-economic development of communities. Of particular importance are the issues of spatial planning, energy security, decentralization of energy systems and the introduction of modern technologies for the restoration of energy infrastructure. The purpose of the article is to form a scientifically grounded approach to the spatial development of electric power infrastructure in the affected areas. Methods used in the study: monographic analysis, systematization, generalization, visualization and clustering. The hypothesis of the study was the assumption that the spatial development of electric power infrastructure in the affected territories involves the organization of energy islands in the affected and de-occupied territories. Summary of the main material: it is substantiated that the restoration of a centralized model of Soviet-type generation based on thermal or nuclear capacities is strategically unpromising for the affected territories due to three interrelated restrictions: military vulnerability of large critical infrastructure facilities to repeated targeted strikes; investment unattractiveness for private capital due to high security risks; long implementation periods incompatible with urgent needs to restore power supply. A scientifically grounded approach to the spatial development of electric power infrastructure in the affected territories has been formed, which is reflected in the Concept of Energy Island Organization and defined as an operational model for the spatial development of electric power infrastructure in the affected and de-occupied territories. The originality and practical significance of the study lies in the definition of five logical levels: from the destruction of the centralized IPS and the emergence of an isolated state through the operational architecture of the island with distributed functions between the Initiator, DSO and TSO to a synthetic spatial solution capable of functioning autonomously without trunk connections to the unified power system. Conclusions. The spatial development of electric power infrastructure in the affected territories is not a technical task of restoring what was destroyed, but a strategic transition to a qualitatively new energy supply architecture. Further research consists in studying the conditions for the restoration of electricity infrastructure in the de-occupied territories and its development
Copyright (c) 2026 Інна Володимирівна Заблодська, Павло Андрійович Ляшенко, Тетяна Михайлівно Адаменко
PROSPECTS FOR THE DEVELOPMENT OF DOMESTIC TOURISM IN AZERBAIJAN
Formulation of the problem. Tourism is a strategic sector of the economy that is closely connected with more than 50 other industries, including transport, construction, trade, the agricultural sector, culture, and the arts. For the successful development of the tourism business, it is necessary to study the tourism potential of different territories, analyze the available resources, and understand how they influence the economic and social life of the country. The purpose of the study. From the perspective of sustainable development, tourism also plays an important role: it contributes to the formation of a healthy lifestyle, the creation of new jobs, and the improvement of the population’s welfare. The object of the study is the organizational, methodological and technological aspects of strengthening internal control systems through the implementation of modern digital technologies and innovative monitoring tools. Research methods. Using a descriptive-analytical methodology based on secondary data, regulatory documents, corporate reports, and international assessments, the paper evaluates the extent to which digitalization, automation, data analytics, and continuous control mechanisms have strengthened internal control effectiveness. The main hypothesis. The introduction of modern digital technologies (including automation systems, data analytics, artificial intelligence, and blockchain) into the internal control systems of Azerbaijani organizations will significantly increase their efficiency, reduce operational risks, improve the detection of financial violations, and ensure greater transparency of business processes, which will contribute to the overall strengthening of corporate governance in the country. Present of the main material. In the post-pandemic period, tourism is considered one of the key instruments for developing the non-oil sector of Azerbaijan’s economy. The growing interest in tourism services stimulates the development of production and the service sector, increases consumption, and positively affects regional development. One of the priorities is the digitalization of the tourism industry and improving the efficiency of local tourism destinations through active cooperation between the state and the private sector. Originality and practical significance. The article analyzes the current state of domestic tourism in Azerbaijan, including the consequences of the pandemic and the current level of infrastructure. The study is based on statistics on revenues and employment, as well as qualitative indicators such as digitalization, government initiatives, and principles of sustainable development. Conclusions and prospects for further research. Special attention is paid to the economic effect of tourism and ways to increase the attractiveness of regions. Based on data from national and international organizations, the paper proposes recommendations for the further growth of the industry
Copyright (c) 2026 Ельміра Годжаєва, Ількар Гафарлі Нурай, Фатіма Назім Рустамова, Вакіф Вукар Юсіфов, Валієв Алі Еркін
INDUSTRY 4.0 AND DIGITALIZATION APPLICATIONS IN THE RESTAURANT SECTOR: CONCEPTUAL FRAMEWORK AND FUTURE TRENDS
Formulation of the problem. This article systematically examines the theoretical foundations, technological components, and application possibilities of Industry 4.0 and digitalization processes in the restaurant sector. The purpose of the study is to evaluate, from a conceptual perspective, the impact of these technologies on operational efficiency, service quality, and strategic management in restaurant businesses. The object of the study is the organizational, methodological and technological aspects of strengthening internal control systems through the implementation of modern digital technologies and innovative monitoring tools. Research methods. Using a descriptive-analytical methodology based on secondary data, regulatory documents, corporate reports, and international assessments, the paper evaluates the extent to which digitalization, automation, data analytics, and continuous control mechanisms have strengthened internal control effectiveness. The main hypothesis. It is particularly emphasized that digitalization in the restaurant sector means not only technical renewal, but also a change in the management model, customer relations, and value-creation mechanisms. Present of the main material. The analyses show that, in the local higher education environment, the level of digitalization of management and financial models is unevenly distributed, which leads to inefficient allocation of administrative resources, weaker control over teaching quality, and serious financial risks. In particular, financial risks arising from disruptions in system operation have a direct negative impact on universities’ budget planning and investment attractiveness. Originality and practical significance. The research evaluates the customer service system based on three main stages pre-flight, in-flight, and post-flight processes using system indicators that reflect the degree of customer behavior change. The findings demonstrate that variations in service quality influence not only immediate satisfaction levels, but also passenger flow, repeat travel share, company profitability, and CLV as strategic indicators. Conclusions and prospects for further research. The study found that the application of digital technologies, electronic management platforms, and predictive analytics tools makes it possible to minimize administrative costs, optimize resources, and ensure the accessibility of educational services
Copyright (c) 2026 Айсель Сірадж Маммадлі
GRANT AUDITING: POINTS OF INTERSECTION BETWEEN INTERNAL AND EXTERNAL AUDIT
Problem Statement The article is devoted to examining the theoretical and methodological foundations of grant auditing in the context of the requirements of the International Standards on Auditing (ISA) and to enhancing its methodological support under conditions of increased oversight by international institutions. The purpose of the study is to advance the theoretical and methodological principles of grant auditing in accordance with ISA requirements, aimed at improving the quality of the evidence base, strengthening the objectivity of information assessment, and ensuring a high level of assurance regarding the targeted use of resources for both internal and external users (donors). The object of the study is the process of organizing and conducting the audit of grant resources in accordance with the requirements of the International Standards on Auditing (ISA). The methods used in the study include: systemic and logical‑content analysis – for the theoretical generalization of the essence of grant auditing and the identification of intersections between its internal and external functions; comparison, induction, and deduction – for aligning the requirements of the International Standards on Auditing, assessing internal control functions, and determining the sources of audit risk minimization; abstract‑logical generalization – for developing the author’s approaches to designing auditors’ working papers and formulating the final conclusions of the study. The research hypothesis is based on the assumption that the development and systematization of methodological support for grant auditing in accordance with the requirements of ISA 315«Identifying and Assessing the Risks of Material Misstatement» and ISA 610 «Using the Work of Internal Auditors» in practice will enhance the quality and reliability of the evidence base, ensure the soundness of auditors’ professional judgments regarding the assessment of internal control functions, and contribute to strengthening the confidence of international and domestic donors in the performance results of economic entities. Presentation of the Main Material. The intersections between internal and external audit in the process of auditing the reporting of grant‑funded entities are substantiated; it is demonstrated that donors require transparency and reliability of reporting, confirmation of expenditures, and an assessment of the internal control system of grant recipients. Particular attention is given to the role of internal audit in monitoring operations under grant contracts, as well as to the specifics of applying ISA 315 and ISA 610. The process of risk assessment by the external auditor in accordance with ISA 315 and ISA 610 is justified for determining whether it is appropriate to rely on the results of the internal audit function or to involve internal auditors in providing direct assistance. Author‑developed forms of external auditor working papers are proposed for testing internal regulations and evaluating the functions of internal audit; their practical application ensures the unification of control procedures and the minimization of audit risk to an acceptable level. It is argued that effective interaction between internal and external audit contributes to optimizing the audit process, increasing the level of trust from international institutions, ensuring the sustainability of grant resource management, and transforming audit from a formal regulatory requirement into an effective tool for the strategic development of economic entities. The originality and practical significance lie in the development of applied tools that make it possible to formalize and optimize the interaction between control actors, namely: an algorithm for risk assessment by the external auditor in accordance with the requirements of ISA 315 and ISA 610, which ensures an end‑to‑end logical connection between identifying the risks of material misstatement and determining the extent to which internal auditors should be involved. This minimizes subjectivity in forming the audit strategy for grant projects. The use of the working paper «Assessment of the Internal Auditor’s Work» ensures compliance with ISA 610, optimizes the time spent on the audit, provides clear justification for internal quality reviews at the level of a specific engagement, and documents the external auditor’s position in cases of differences in professional judgment regarding the sufficiency and appropriateness of the evidence obtained. Conclusions. The development of the theoretical and methodological foundations of grant auditing requires improving its methodological tools in accordance with the requirements of ISA 315 and ISA 610, which provides a reliable basis for obtaining sufficient and appropriate audit evidence and serves as a key factor in confirming the reliability of the grant recipient’s reporting. The implementation of the proposed approach to risk assessment by the external auditor, together with the recommended working papers, ensures the unification of control procedures, minimizes the influence of subjective factors on the formation of the audit sample, and optimizes time and cost expenditures by enabling the rational use of the internal audit department’s work results.
Copyright (c) 2026 Ольга Едуардівна Лубенченко, Руслан Олександрович Костирко
THE TRANSFORMATION OF THE PUBLIC-PRIVATE PARTNERSHIPS FINANCIAL MECHANISM IN THE CONTEXT OF POST-WAR RECONSTRUCTION AND THE EUROPEAN INTEGRATION OF THE UKRAINIAN ECONOMY
Statement of the problem. This article examines the rationale behind the prerequisites and priority areas for transforming the financial mechanism of public-private partnerships (PPPs) as a tool for restoring critical infrastructure and integrating the national economy into the European space. The aim of the study is to analyse the prerequisites for the implementation of PPP projects in Ukraine and to substantiate the theoretical and methodological foundations and practical recommendations for the transformation of the partnership’s financial mechanism in the context of the challenges of European integration and the tasks of post-war recovery of the national economy. The subject of the study is the financial mechanism of public-private partnerships in the context of post-war reconstruction and the European integration of Ukraine’s economy. Methods used in the study: the method of generalisation and comparison – for the analysis of theoretical approaches; logical and substantive analysis, induction and deduction – for justifying the transformation of the components of the PPP financial mechanism. The research hypothesis posits the need to transform the financial mechanism of public-private partnerships (PPPs) in the context of the requirements for Ukraine’s economic integration into the European Union, based on ESG principles and utilising a flexible toolkit for strategic decision-making, which will help to stimulate investment processes and create the necessary conditions for the post-war recovery of the domestic infrastructure market. Summary of the main findings. An analysis of the dynamics of the PPP project portfolio for 2023–2025 has revealed structural imbalances, in particular the dominance of the concession model (42.3% on average) against a backdrop of a high proportion of inactive contracts (85.1% as of 1 January 2026), which indicates high risks. The factors influencing PPP development have been categorised into security, financial and economic, and institutional and procedural factors. To harmonise domestic legislation with the requirements of the European CSRD Directive, recommendations have been provided regarding the mandatory disclosure of non-financial environmental, social and governance (ESG) KPIs as a basic condition for attracting resources from international institutional investors. The proposed approach to the methodological framework for the PPP financial mechanism, based on a combination of ESG validation tools, cash flow stress testing and currency hedging mechanisms to protect EBITDA, enables greater accuracy in assessing the risks and effectiveness of infrastructure projects. Recommendations have been formulated regarding the organisational support for PPPs, based on optimising inter-agency coordination and the digitalisation of project portfolio management processes, which makes it possible to minimise time and transaction costs and also to monitor the fulfilment of contractual obligations throughout the entire partnership lifecycle. The report makes a compelling case for the use of mixed-capital models that draw on resources from international financial organisations and development banks, based on a first-loss guarantee mechanism; by having the public partner cover the initial risks, this significantly reduces project risk and minimises barriers to entry for private investors. The strategic importance of a balanced system of risk management and state guarantees for high-cost projects in distributed cogeneration, renewable energy and cross-border logistics has been demonstrated, thereby enabling the increased mobilisation of private capital in high-risk sectors. A framework for state support of innovation has been proposed through the co-financing of venture capital funds on the basis of strategic partnerships, using budgetary and extra-budgetary resources as well as capital from development institutions, thereby optimising the forms of public sector participation. The recommendations for improving the financial framework of public-private partnerships (PPPs) through the integration of ESG validation, cash flow stress testing and currency hedging of EBITDA, as well as the use of blended finance models with first-loss coverage, which helps to reduce investment risks and create effective conditions for raising capital in the context of post-war reconstruction. Conclusions. The development of theoretical and methodological principles for the transformation of the financial mechanism of public public-private partnership based on a comprehensive approach and ESG validation tools lays the groundwork for a holistic reform of its regulatory, methodological, organisational and financial components, thereby ensuring the attraction of international capital in the context of Ukraine’s post-war recovery and European integration.
Copyright (c) 2026 Лідія Андріївна Костирко, Елеонора Валеріанівна Чернодубова
THE ROLE AND DEVELOPMENT PROSPECTS OF ELECTRONIC MONEY IN THE NATIONAL PAYMENT SYSTEM
Formulation of the problem. The application of electronic money plays a strategic role in the national payment system. It increases the share of cashless payments, expands financial inclusion, and ensures the security of payment operations. In Azerbaijan, the electronic money ecosystem has been formed mainly due to the development of payment systems by the Central Bank, the expansion of the fintech sector, and the promotion of digital payment services. The purpose of the study is to analyze the role and prospects of development of electronic money in the national payment system. The object of the study is the organizational, methodological and technological aspects of strengthening internal control systems through the implementation of modern digital technologies and innovative monitoring tools. Research methods. Using a descriptive-analytical methodology based on secondary data, regulatory documents, corporate reports, and international assessments, the paper evaluates the extent to which digitalization, automation, data analytics, and continuous control mechanisms have strengthened internal control effectiveness. The main hypothesis. Electronic money institutions enhance the speed of transactions, reduce operational costs, and strengthen the resilience of the national payment system. Present of the main material. This paper analyzes the current state of electronic money, its impact on the national payment system, and its future development prospects based on the official materials of the Central Bank. The study shows that the legal framework, real-time payment systems, cybersecurity, and fintech innovations constitute the main directions for the further development of electronic money. Originality and practical significance. Despite progress, the country faces shortages of domestic investment, technological dependence on imported high-tech equipment, the need to modernize digital networks, and challenges related to social adaptation of workers in traditional sectors. Conclusions and prospects for further research. In conclusion, it can be stated that electronic money has become one of the key strategic trends in the development of Azerbaijan’s national payment system. The broader adoption of electronic money provides a significant impetus for the country’s financial stability, the growth of the digital economy, and the development of a cashless society model. Therefore, the development of electronic money plays a decisive role not only in the financial sector but also in shaping the country’s overall digital future.
Copyright (c) 2026 Ісмаїл Джафар Гасанов, Самір Абдулзаде
THE PHENOMENON OF DIGITAL CURRENCIES AND THE DIVERSIFICATION OF THE CASHLESS PAYMENT SYSTEM IN THE GLOBAL ECONOMY
Formulation of the problem. In recent years, the rapid digitalization process in the global economic environment has had a serious impact on traditional financial instruments and money circulation. In this context, the emergence of digital currencies and the diversification of non-cash payment systems are shaping new transformation trends in the structure of the economy. The purpose of the study is to characterize the phenomenon of digital currencies and reflect the diversification of the cashless payment system in the global economy. The object of the study is the organizational, methodological and technological aspects of strengthening internal control systems through the implementation of modern digital technologies and innovative monitoring tools. Research methods. Using a descriptive-analytical methodology based on secondary data, regulatory documents, corporate reports, and international assessments, the paper evaluates the extent to which digitalization, automation, data analytics, and continuous control mechanisms have strengthened internal control effectiveness. The main hypothesis. The findings provide practical guidance for policymakers, businesses, and energy planners in implementing sustainable strategies. Present of the main material. These changes are leaving a deep mark not only on the technological, but also on the institutional and regulatory levels. Thus, digital currencies in particular, central bank digital currencies, cryptocurrencies and stablecoins have become an important phenomenon in the financial architecture of the modern era. Originality and practical significance. Their main function is not limited to being a means of payment, but also acts as a monetary policy instrument, a means of increasing financial inclusion, and a platform for the sustainable development of the digital economy. Conclusions and prospects for further research. A new legislative framework, modern technologies and security measures should be introduced in the country to stimulate cashless payments, which would allow increasing the number of cashless transactions in the economy. Active cooperation between the state and financial sector participants will ensure that this process progresses more quickly and sustainably.
Copyright (c) 2026 Іслам Хумай Гусейнзаде
THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON FINANCIAL PERFORMANCE: EVIDENCE FROM THE TURKISH BANKING SECTOR
Formulation of the problem. The relationship between corporate social responsibility (CSR) and financial performance remains a debated issue in finance and banking literature, especially in emerging markets where institutional frameworks and sustainability practices are still developing. In the Turkish banking sector, empirical evidence on whether CSR contributes to stronger financial outcomes is still limited. The purpose of the research. This study aims to examine the impact of CSR on financial performance in the Turkish banking sector and to determine whether CSR engagement improves bank profitability. The object of the research. The object of the research is the relationship between CSR practices and financial performance indicators in banks operating in Turkey. The methods of the research. The study applies a quantitative research design based on panel data analysis. The sample includes 23 banks operating in Turkey during 2015–2024, producing 230 bank-year observations. Financial performance is measured by return on assets and return on equity, while CSR is proxied by sustainability and disclosure indicators. Fixed and random effects models are estimated, and the Hausman test is used to select the appropriate specification. The hypothesis of the research. The study hypothesizes that CSR has a positive and statistically significant effect on financial performance in the Turkish banking sector. The statement of basic materials. The findings show that CSR positively and significantly affects both ROA and ROE. Banks with stronger CSR engagement tend to demonstrate higher profitability. Firm size has a positive effect, leverage has a negative effect, while bank age is statistically insignificant. The originality and practical significance of the research. The study provides updated empirical evidence from the Turkish banking sector as an underexplored emerging market context and shows that CSR can serve as a strategic tool for improving financial performance and stakeholder trust. Conclusions and perspectives of further research. The results confirm the positive role of CSR in enhancing bank performance. Future research may focus on cross-country comparisons, ESG-based indicators, and mediating factors such as corporate governance and digital transformation.
Copyright (c) 2026 Ділруба Пашаєва, Узеїр Йилдіз
RISK MANAGEMENT IN GRANT MANAGEMENT FOR TERRITORIAL COMMUNITIES
Problem Statement. In the context of the active development of international grant programs and the growing need of territorial communities for additional financial resources, issues related to improving the effectiveness of attracting grant funding and ensuring the competitiveness of communities in grant competitions have become particularly relevant. Despite the large number of grant opportunities available, many communities lack sufficient experience in grant writing and project management, which increases the risk of errors during the implementation of grant-funded projects. The aim of the article is to examine the main risks arising in the process of preparing grant applications by territorial communities, identify the causes and potential consequences of these risks, and develop practical recommendations for improving the effectiveness of attracting grant funding. Methodology. The methodological basis of the study is a systemic approach to project management, as well as methods of analysis, generalization, and comparison of practical approaches to risk management in grant activities. Findings. The article examines the key risks of grant management, including the absence of a strategic approach to fundraising, project misalignment with donor priorities, technical errors in the application submission process, insufficient team capacity, and ineffective resource planning. The causes of these risks, their possible consequences, and practical recommendations for their mitigation are analyzed. Originality and Practical Value. The originality and practical significance of the study lie in the systematization of the main risks of grant management and the adaptation of recommendations to the current needs of territorial communities in Ukraine. Conclusions and Prospects for Further Research. Effective risk management is a crucial prerequisite for the successful implementation of grant projects and the attraction of external funding. Further research may focus on the development of practical models for risk assessment in the grant activities of territorial communities.
Copyright (c) 2026 Тетяна Іванівна Бондарєва
THE ROLE OF SCIENTIFIC POTENTIAL IN THE FORMATION OF AN INNOVATION-DRIVEN MODEL OF ECONOMIC GROWTH
Problem Statement. Scientific potential, which includes personnel, infrastructure, and funding, serves as the foundation for an innovation-driven growth model. In-depth research into its impact on the economy is particularly relevant for developing strategies to enhance national competitiveness. Research Objective. To conduct a comprehensive analysis of the dynamics and structure of Ukraine's scientific potential under martial law, aiming to identify the relationship between funding and human resources, and to substantiate the role of R&D intensity (as a percentage of GDP) as a key factor in transitioning to an innovation-oriented model of economic growth. Object of Research. The process of forming and functioning of an innovation-driven economic growth model through the utilization of the state's scientific potential.Research Methods. Structural-functional and comparative analysis; statistical observation; and grouping. Research Hypothesis. An effective transition to an innovation-driven economic growth model is only possible if a critical level of R&D intensity (1.7–2.0% of GDP) is achieved, ensuring the transformation of scientific knowledge into technological advantages and preventing brain drain. Main Body of Research. In 2024, 616 organizations conducted scientific research in Ukraine, 55.8% of which were state institutions. Total expenditures on science reached 28.3 billion UAH in 2024, which is 35% higher than the 2021 level. The business sector accounted for 60% of funding, while the higher education sector received 6.7%, though demonstrating the highest growth rates in expenditures per researcher. The R&D intensity relative to GDP in 2024 was 0.37%, which is 0.11% lower than the pre-war level. Originality and Practical Significance. The originality lies in identifying the sectoral characteristics of scientific activity. The practical significance is found in substantiating the need to increase state funding for science to the legally prescribed 1.7% of GDP to stimulate economic growth. Conclusions and Prospects for Further Research. Ukrainian science has adapted to wartime conditions, as evidenced by the nominal growth in research expenditures; however, funding levels below 0.4% of GDP constrain innovation-driven growth. Further research should focus on mechanisms for the commercialization of ideas and the development of tools to attract young scientists, drawing on the experience of OECD countries.
Copyright (c) 2026 Олена Олександрівна Лемішко, Людмила Олексіївна Березовська
MODELING PREVENTION OF RUNNING INTO CRISIS PROCESSES FOR HOTEL DOMAIN OF THE CZECH REPUBLIC (CASE OF PRAGUE)
Formulation of the problem. Hotel domain of the Czech Republic is renowned worldwide for being comfortable, while its rooms’ offer stands out for vast variety of pricing. Hotels promote themselves via various Internet platforms and booking sites. Nowadays’ hotels provide price floor for daily residence inside any requested room. The purpose of the research is to investigate into the advancement of hotel domain of the Czech Republic (instantiated by Prague city), questing after mathematical signs of likelihood of running into crisis situations. The objects of the research are price floors for daily residence within each hotel, which turn basic for calculations on real price for any given traveler. The methods of the research include analysis, synthesis and statistical methods. The analysis conducted is based on resort to Microsoft Excel mathematical and statistical tools. Collected figures on initial prices were taken from online booking resources, as of October – November 2025. The hypothesis of the research assumes that overpricing could make guests turn down hotel services. The statement of basic materials. The research demonstrated that year by year number of hotels increases. Still, these are historic and resort hotels that bring steady profit. Furthermore, visitors’ requirements for accommodation conditions and for quality of services provided by accommodation businesses keep getting higher. When many guests turn downs hotel services, crisis situations in advancement of the hotel domain as such occur. The provided regressive model of exponential trend is proved to reflect current situation with the highest accuracy. The originality and practical significance of the research. Formerly elaboration of predictive regressive mathematical models (as form of statistical analysis) has never been applied to spatial spread of hotel rooms’ prices. This completely reorients research on crisis-free pricing within hotel domain. Conclusions. The analysis held demonstrated presence of a mathematically defined tendency. It is reflected on the chart elaborated and provided in the present article, where the function curve representing hotel rooms’ prices crosses the respective exponential mathematical function built basing on the same figures of hotels’ price floor. This signifies occurrence of crisis phenomena.
Copyright (c) 2026 Олена Вікторівна Лисенко
TRADE AND INVESTMENT RELATIONS BETWEEN UKRAINIAN BUSINESS AND THE EUROPEAN UNION IN NEW GEOPOLITICAL REALITIES
Problem Statement. In the context of geopolitical changes, Ukrainian businesses, in pursuit of sustainable and innovative development, are reorienting toward the European market. This shift enables them to meet current external requirements, ensure long-term stability, competitiveness, growth, and investment attractiveness. The purpose of the article is to examine the business activity of Ukrainian enterprises in the EU market and to identify the problems and barriers to market access, which will make it possible to determine перспективні directions for the development of trade and investment relations between Ukraine and the EU in the new geopolitical realities. The object of the study is the processes of Ukrainian businesses entering the European market, the associated problems and barriers, as well as ways to overcome them. Methods. The theoretical and methodological basis of the study is grounded in general scientific methodology, combining general and specialized research methods, including analysis and synthesis, statistical, monographic, and logical methods, as well as induction and deduction. This approach made it possible to identify and reveal the main external barriers and to outline mechanisms for facilitating access to the European market. Research hypothesis is based on the assumption that entry into the European market can be ensured through the implementation of an effective national policy. Main Findings. The study examines shifts in the geographical structure of Ukraine’s foreign trade with the EU and identifies its stages. A statistical overview of the position of Ukrainian producers in the EU market is provided. Trends in the development of Ukrainian industry, particularly mechanical engineering, are analyzed, and the main problems and barriers to entering the European market are identified. A statistical review of exports of selected categories of Ukrainian agricultural products to the EU is conducted, highlighting the key challenges and barriers to EU market access. Originality and Practical Significance. The study substantiates the need for further development of state policy aimed at enhancing production and export potential through the formulation of a comprehensive industrial policy and the harmonization of principles and modern approaches to state support of the economy with those already established or emerging in the EU. Conclusions. It is demonstrated that Ukraine’s prospects for European integration generate a number of challenges related to the need to improve and further develop state policy for strengthening production and export potential. Such policy should effectively combine and coordinate various investment incentives, tax benefits, foreign trade regulation instruments, trade diplomacy, measures to facilitate access to financial resources, and the development of education and technical training of specialists. Further research into international expansion requires the active use of digital technologies, adaptation of products to European market requirements, and improvement of logistics processes. Therefore, this range of issues requires separate and in-depth scientific study.
Copyright (c) 2026 Інна Олександрівна Самойленко
RESILIENT MANAGEMENT AS A NEW MANAGEMENT PARADIGM IN THE DIGITAL ECONOMY
Problem statement. The current stage of economic development is characterized by a high level of instability, increased global crisis phenomena, geopolitical challenges and rapid digitalization of society. In such conditions, traditional approaches to management, based on predictability and stability, lose their effectiveness. The digital economy, on the one hand, creates new opportunities for development, and on the other hand, generates additional risks that require the formation of new management approaches, in particular, resilient management. Research objective. The purpose of the study is to theoretically substantiate the essence of resilient management as a new management paradigm and determine the role of digital technologies in ensuring the adaptability and stability of organizations. Research object. Organizational management processes in the context of digital transformation and growing uncertainty of the economic environment. Methods used in the study. The study used methods of analysis and synthesis, logical generalization, a systems approach, comparative analysis, structuring and classification, as well as tabular methods for generalizing theoretical and practical provisions. The main hypothesis of the study. The formation and implementation of the principles of resilient management, reinforced by digital technologies, is a key condition for ensuring the stability, adaptability and competitiveness of organizations in the modern economy. Presentation of the main material of the study. The paper reveals the essence of resilient management as the ability of organizations to adapt, recover and transform in conditions of uncertainty. Its difference from traditional anti-crisis management and risk management is determined, and attention is focused on the proactive nature. The key features of the digital economy are systematized, in particular the development of digital platforms, the use of big data, automation and artificial intelligence. The need to transition to a new management paradigm is substantiated. The main principles of resilient management are determined and the role of digital technologies in ensuring business continuity is revealed. The practical aspects of implementing resilient management are analyzed, including business experience in wartime, remote forms of work, digital state services and adaptation of logistics systems. Originality and practical significance of the research. A systemic vision of resilient management as an integrated management concept combining adaptability, technologicality and strategic stability is proposed. Principles and practical tools that can be used in the activities of modern organizations are summarized. Conclusions and prospects for further research. It is proven that resilient management is a necessary condition for the effective functioning of organizations in the digital economy. Its implementation allows not only to minimize the impact of risks, but also to ensure development in crisis conditions. Further research should be directed towards the development of quantitative models for assessing the level of resilience and the integration of artificial intelligence tools into management processes.
Copyright (c) 2026 Ірина Олександрівна Шевченко
DEVELOPMENT OF THE ORGANIZATIONAL AND ECONOMIC MECHANISM FOR ADAPTING MARKETING STRATEGIES TO THE CONDITIONS OF THE DIGITAL ECONOMY AND MARTIAL LAW
Formulation of the problem. Rapid digitalization and martial law in Ukraine have caused unprecedented pressure on the marketing systems of enterprises forced to function under conditions of triple uncertainty. The scientific problem lies in the absence of a systemic mechanism for adapting strategies to these challenges, which requires new flexible management models. The purpose of the research is to develop an organizational and economic mechanism for adapting enterprise marketing strategies to the conditions of the digital economy and martial law. The object of the research is the processes of adapting enterprise marketing strategies in conditions of instability. The methods of the research: theoretical generalization, comparative analysis, step-by-step modeling, content analysis, and the Delphi method. The hypothesis of the research: the effectiveness of strategic adaptation increases due to the implementation of a cyclical mechanism integrated with a system of adaptive and classical performance indicators. The statement of basic materials. The article develops a five-stage model of the organizational and economic mechanism for adapting marketing strategies (OEMAMS) of a cyclical type: from diagnosing digital maturity (IITSZ) to selecting IT tools and strategic control. The central element of the model is an extensive KPI system. It is built on three levels (strategic, tactical, operational) and conceptually expanded with unique integral indicators: the Military Resilience Index (MRI), the Digital Adaptation Index (DAI), and the War Marketing Stability Index (WMSI), the weight coefficients of which are determined by expert methods. The originality and practical significance of the research: for the first time, a cyclical OEMAMS model with a system self-learning function has been developed, and an index methodology for assessing marketing stability through specific indicators (MRI, DAI, WMSI) has been substantiated. Conclusions and perspectives of further research: it is proven that the stability of companies depends on the speed of digitalization and marketing adaptability. Prospects are related to the quantitative verification of the proposed KPI targets in the sectoral context.
Copyright (c) 2026 Олена Володимирівна Гребенікова, Тетяна Володимирівна Денисова