Pub Date : 2023-04-20DOI: 10.31521/modecon.v38(2023)-04
Hanziuk Svitlana
Abstract. Introduction. In the conditions of deepening financial instability of our country, increasing threats to all levels of security, it is important to constantly analyze the values of the main indicators of the country's financial security and identify potential threats, since in order to implement effective mechanisms for stabilizing the financial system, it is necessary to dynamically assess the most dangerous risks for its functioning. Purpose. The purpose of the study is to identify and analyze potential threats to the country's financial security before and after a full-scale invasion of the Russian Federation through a system of indicators. Results. Based on the analysis of changes in the country's financial security indicators for the period before and after the beginning of the full-scale invasion of the Russian Federation, dangerous zones and threats to the state's financial security were identified: the debt burden on the state budget, the level of inflation, lending by banks to the real sector of the economy, the dependence of the banking system on foreign capital and the level doubtful debt in the credit portfolio of banks. The situation is related to a full-scale war and forces Ukraine to build up debt to finance hostilities and solve important social issues in conditions of uncertainty, which in the long run, without the possibility of debt cancellation, will have a disincentive effect on the economy. The safe zone includes the share of domestic state loan bonds and international reserves. The forecast of indicators of financial security that were in the critical zone for 2023, using analytical alignment of the dynamic series, demonstrated the deterioration of the values of these indicators. Conclusions. 2022 is expected to be a critical year for most indicators of the country's financial security. It is proposed to implement transformational measures that would take into account the changes taking place in the market of financial services due to the emergence of problems, first of all, resource provision. It is recommended to regulate the regulatory and legal field regarding financial security during martial law and detailing the threats that arose during the war.
{"title":"Threats to the Financial Security of Ukraine","authors":"Hanziuk Svitlana","doi":"10.31521/modecon.v38(2023)-04","DOIUrl":"https://doi.org/10.31521/modecon.v38(2023)-04","url":null,"abstract":"Abstract. Introduction. In the conditions of deepening financial instability of our country, increasing threats to all levels of security, it is important to constantly analyze the values of the main indicators of the country's financial security and identify potential threats, since in order to implement effective mechanisms for stabilizing the financial system, it is necessary to dynamically assess the most dangerous risks for its functioning. Purpose. The purpose of the study is to identify and analyze potential threats to the country's financial security before and after a full-scale invasion of the Russian Federation through a system of indicators. Results. Based on the analysis of changes in the country's financial security indicators for the period before and after the beginning of the full-scale invasion of the Russian Federation, dangerous zones and threats to the state's financial security were identified: the debt burden on the state budget, the level of inflation, lending by banks to the real sector of the economy, the dependence of the banking system on foreign capital and the level doubtful debt in the credit portfolio of banks. The situation is related to a full-scale war and forces Ukraine to build up debt to finance hostilities and solve important social issues in conditions of uncertainty, which in the long run, without the possibility of debt cancellation, will have a disincentive effect on the economy. The safe zone includes the share of domestic state loan bonds and international reserves. The forecast of indicators of financial security that were in the critical zone for 2023, using analytical alignment of the dynamic series, demonstrated the deterioration of the values of these indicators. Conclusions. 2022 is expected to be a critical year for most indicators of the country's financial security. It is proposed to implement transformational measures that would take into account the changes taking place in the market of financial services due to the emergence of problems, first of all, resource provision. It is recommended to regulate the regulatory and legal field regarding financial security during martial law and detailing the threats that arose during the war.","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127618642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-20DOI: 10.31521/modecon.v38(2023)-05
I. Honcharenko
Abstract. Introduction. The article considers mergers and acquisition deals that took place in the agro-industrial sector of Ukraine's economy in 2018-2020 and assesses key trends in the rural development of the country. Territorially the biggest part of Ukraine is rural areas, thus it’s obvious that their development shall and may have significant influence on the development of the country, as a whole. Purpose. The study was preceded by the following tasks: to describe and assess the main features of the processes of mergers and acquisitions in the agro-industrial sector of Ukraine's economy in 2018-2020. The theoretical basis of the study was papers related to the processes of mergers and acquisitions, the development of rural areas. Methods of synthesis and analysis were used. Data and information from the InVenture Investment datatbase, as well as the State Statistics Service of Ukraine (SSSU), were analysed, including data on changes in employment and unemployment for 2018 – 2020 in Ukraine. The obtained data were processed descriptively by statistical analysis methods. Results. According to the results of the analyses was find out that in the agro-industrial sector of Ukraine, the strategy of inorganic growth of enterprises (through the merger and acquisition deals) remains relevant and popular, the participants of the deals are mostly Ukrainian companies, and the subject in most cases is 100% stake in the company, however, foreign investors are also interested in the Ukrainian companies and find out Ukrainian economy, especially its agro sector, extremely interesting for investments. Conclusions. Speaking about the potential influence of the M&A activity on the rural areas development lets look at the employment rate on such territories, as this is one of the most direct indicator of the people’s prosperity. Observations show that the employment of the population of rural areas of Ukraine is declining much faster than the urban population. The connection between the activity of the local enterprises in the M&A deals and the prosperity of the local community has no linear dependences. The list of references includes appropriate literature, which forms a good base for the performed research.
{"title":"Features Of the Processes Of Mergers And Acquisitions In The Agro-Industrial Sector Of Ukraine's Economy","authors":"I. Honcharenko","doi":"10.31521/modecon.v38(2023)-05","DOIUrl":"https://doi.org/10.31521/modecon.v38(2023)-05","url":null,"abstract":"Abstract. Introduction. The article considers mergers and acquisition deals that took place in the agro-industrial sector of Ukraine's economy in 2018-2020 and assesses key trends in the rural development of the country. Territorially the biggest part of Ukraine is rural areas, thus it’s obvious that their development shall and may have significant influence on the development of the country, as a whole. Purpose. The study was preceded by the following tasks: to describe and assess the main features of the processes of mergers and acquisitions in the agro-industrial sector of Ukraine's economy in 2018-2020. The theoretical basis of the study was papers related to the processes of mergers and acquisitions, the development of rural areas. Methods of synthesis and analysis were used. Data and information from the InVenture Investment datatbase, as well as the State Statistics Service of Ukraine (SSSU), were analysed, including data on changes in employment and unemployment for 2018 – 2020 in Ukraine. The obtained data were processed descriptively by statistical analysis methods. Results. According to the results of the analyses was find out that in the agro-industrial sector of Ukraine, the strategy of inorganic growth of enterprises (through the merger and acquisition deals) remains relevant and popular, the participants of the deals are mostly Ukrainian companies, and the subject in most cases is 100% stake in the company, however, foreign investors are also interested in the Ukrainian companies and find out Ukrainian economy, especially its agro sector, extremely interesting for investments. Conclusions. Speaking about the potential influence of the M&A activity on the rural areas development lets look at the employment rate on such territories, as this is one of the most direct indicator of the people’s prosperity. Observations show that the employment of the population of rural areas of Ukraine is declining much faster than the urban population. The connection between the activity of the local enterprises in the M&A deals and the prosperity of the local community has no linear dependences. The list of references includes appropriate literature, which forms a good base for the performed research.","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130669381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-20DOI: 10.31521/modecon.v38(2023)-01
M. Abramova
Abstract. Introduction. In order to cope with such changes during the analysis, it is necessary to understand the essence of the methods and approaches that should be used by the researcher. The authors of this article aim to inform a wide range of scientists about the possibilities of using additive modeling not only to forecast data with seasonal and random components, but also to take into account its results at each stage of analysis to determine the essence (features) of the dynamics of processes (on the example of the gross domestic product of the Russian Federation and Ukraine until 2026), as well as to compare its forecast data with the results of extrapolation using a sixth-order polynomial. The authors of this paper extrapolated the data of the gross domestic product of the Russian Federation and Ukraine to 2026 using additive modeling. Purpose. The purpose of the article is to convey to a wide range of scientists the possibilities of using additive modeling not only for forecasting data taking into account the seasonal component, but also taking into account its results at each stage of analysis to determine the essence (features) of the dynamics of processes (on the example of data on the gross domestic product of the Russian Federation and Ukraine with a forecast until 2026), as well as a comparison of its forecast data with the results of extrapolation using a sixth-order polynomial. Results. Thus, based on the results of calculating the average percentage error, average absolute percentage error, coefficient of determination and the results of checking the adequacy of the model, the following conclusions were made: the specificity of the statistical data proposed for analysis (GDP of Ukraine and the Russian Federation) fully meets the requirements of additive modeling; there are no significant deviations from the average variation in the statistical data proposed for analysis, so the reliability of extrapolation is high; similar values in the changes in the average percentage error, average absolute. Conclusions. That is, to bring the extrapolation closer to reality, the value of the seasonal component was calculated. According to the results obtained, the dynamics of Ukraine's GDP, based on the data for 1986-2022, is more stable than that of the Russian Federation (1987-2022). According to the results obtained after evaluating the results of the two calculations, the following conclusions can be drawn: although Ukraine's GDP indicators reacted more sharply to changes in the national economy (sharper drops in the sample than in the Russian Federation's indicators), the extrapolation data of both approaches have a similar trend, which is evidence of a faster recovery of economic processes within the country; the results of extrapolation of the two approaches do not coincide, which indicates the presence of hidden processes in the national economy that have a significant impact on the dynamics of Thus, today the problem is not only i
{"title":"The Importance of Taking into Account the Results of Additive Modeling During Dynamics Process Analyzing","authors":"M. Abramova","doi":"10.31521/modecon.v38(2023)-01","DOIUrl":"https://doi.org/10.31521/modecon.v38(2023)-01","url":null,"abstract":"Abstract. Introduction. In order to cope with such changes during the analysis, it is necessary to understand the essence of the methods and approaches that should be used by the researcher. The authors of this article aim to inform a wide range of scientists about the possibilities of using additive modeling not only to forecast data with seasonal and random components, but also to take into account its results at each stage of analysis to determine the essence (features) of the dynamics of processes (on the example of the gross domestic product of the Russian Federation and Ukraine until 2026), as well as to compare its forecast data with the results of extrapolation using a sixth-order polynomial. The authors of this paper extrapolated the data of the gross domestic product of the Russian Federation and Ukraine to 2026 using additive modeling. Purpose. The purpose of the article is to convey to a wide range of scientists the possibilities of using additive modeling not only for forecasting data taking into account the seasonal component, but also taking into account its results at each stage of analysis to determine the essence (features) of the dynamics of processes (on the example of data on the gross domestic product of the Russian Federation and Ukraine with a forecast until 2026), as well as a comparison of its forecast data with the results of extrapolation using a sixth-order polynomial. Results. Thus, based on the results of calculating the average percentage error, average absolute percentage error, coefficient of determination and the results of checking the adequacy of the model, the following conclusions were made: the specificity of the statistical data proposed for analysis (GDP of Ukraine and the Russian Federation) fully meets the requirements of additive modeling; there are no significant deviations from the average variation in the statistical data proposed for analysis, so the reliability of extrapolation is high; similar values in the changes in the average percentage error, average absolute. Conclusions. That is, to bring the extrapolation closer to reality, the value of the seasonal component was calculated. According to the results obtained, the dynamics of Ukraine's GDP, based on the data for 1986-2022, is more stable than that of the Russian Federation (1987-2022). According to the results obtained after evaluating the results of the two calculations, the following conclusions can be drawn: although Ukraine's GDP indicators reacted more sharply to changes in the national economy (sharper drops in the sample than in the Russian Federation's indicators), the extrapolation data of both approaches have a similar trend, which is evidence of a faster recovery of economic processes within the country; the results of extrapolation of the two approaches do not coincide, which indicates the presence of hidden processes in the national economy that have a significant impact on the dynamics of Thus, today the problem is not only i","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"2015 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132875908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-20DOI: 10.31521/modecon.v38(2023)-18
Pavliuk Svitlana
Abstract. Introduction. In our days modern society is characterized by changes. The economy of production has been replaced by the economy of service. The hotel and restaurant sector is one of the most profitable and promising economic systems, which has been developing at the fastest pace. Satisfying and focusing on the needs of consumers requires hotel and restaurant owners to respond to their changing requirements and make rational management decisions. An effective business organization is essential for solving such problems and ensures long-term success. The conceptual foundations of the theory of business processes were considered in their works by both foreign and domestic scientists. Purpose. The purpose of the article is to systematize theoretical aspects regarding the organization of the head business processes in the hotel and restaurant business. Results. The dynamic development of the market environment requires enterprises to improve their management systems and a new way of thinking. The hospitality industry has several ranges of services. The implementation of system and process approaches in practice will allow hotel and restaurant companies to carry out their activities in a high-quality manner. The activity of business entities is a synergistic socio-economic-technological and management process consisting of various separate operations (business processes). This diversity has positive and negative challenges. Insufficient standardization and inefficiency of business processes lead to a low level of customer satisfaction, high costs, and reduced profitability, while their perfect organization increases the competitiveness of the institution as a whole and its products or services. The activities of hotel establishments focus on the main business processes. There are hotel management, supply of necessary resources, arrival and departure of guests, and production and serving of food and beverages. It is claimed that the considered typical business processes can be supplemented by others. Besides, the hotel management should create its development methodology, and on the other hand, have complete information on quality management. Conclusions. The implementation of the process approach is reflected in the flexibility of the accommodation facility, its ability to implement innovations, and reengineering business processes to meet the needs and expectations of service consumers. A close relationship between the functional divisions of the hotel and between employees leads to their considerable contribution to the realization of competitive advantages and helps to establish teamwork and cooperation. This organization of business processes helps to focus attention on guest pleasure, and as a result, increases labor productivity and profitability.
{"title":"Business Processes Organization in the Hotel and Restaurant Business","authors":"Pavliuk Svitlana","doi":"10.31521/modecon.v38(2023)-18","DOIUrl":"https://doi.org/10.31521/modecon.v38(2023)-18","url":null,"abstract":"Abstract. Introduction. In our days modern society is characterized by changes. The economy of production has been replaced by the economy of service. The hotel and restaurant sector is one of the most profitable and promising economic systems, which has been developing at the fastest pace. Satisfying and focusing on the needs of consumers requires hotel and restaurant owners to respond to their changing requirements and make rational management decisions. An effective business organization is essential for solving such problems and ensures long-term success. The conceptual foundations of the theory of business processes were considered in their works by both foreign and domestic scientists. Purpose. The purpose of the article is to systematize theoretical aspects regarding the organization of the head business processes in the hotel and restaurant business. Results. The dynamic development of the market environment requires enterprises to improve their management systems and a new way of thinking. The hospitality industry has several ranges of services. The implementation of system and process approaches in practice will allow hotel and restaurant companies to carry out their activities in a high-quality manner. The activity of business entities is a synergistic socio-economic-technological and management process consisting of various separate operations (business processes). This diversity has positive and negative challenges. Insufficient standardization and inefficiency of business processes lead to a low level of customer satisfaction, high costs, and reduced profitability, while their perfect organization increases the competitiveness of the institution as a whole and its products or services. The activities of hotel establishments focus on the main business processes. There are hotel management, supply of necessary resources, arrival and departure of guests, and production and serving of food and beverages. It is claimed that the considered typical business processes can be supplemented by others. Besides, the hotel management should create its development methodology, and on the other hand, have complete information on quality management. Conclusions. The implementation of the process approach is reflected in the flexibility of the accommodation facility, its ability to implement innovations, and reengineering business processes to meet the needs and expectations of service consumers. A close relationship between the functional divisions of the hotel and between employees leads to their considerable contribution to the realization of competitive advantages and helps to establish teamwork and cooperation. This organization of business processes helps to focus attention on guest pleasure, and as a result, increases labor productivity and profitability.","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122153436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.31521/modecon.v37(2023)-06
V. Havrysh
Abstract. Introduction. Fossil fuel-based energy systems are limited by a number of factors such as their exhaustibility, harmful emissions, and increasing prices. Sunflower seed production strives to achieve high yields with the least production costs and environmental burden. Future development should be achieved mainly by recycling field-based and process-based residues instead of natural resources. The use of a circular economy strategy can overcome the above challenges. Purpose. The purpose of this paper was to study the impact of residues-based biorefinery (bio-fertilizer production, electricity, and heat generation) on primary circular economy indicators. Renewable energy production and carbon dioxide emission savings were the subjects of the current manuscript. The objectives of this study were as follows: the identification of suitable indicators; the analysis of current technologies; the calculation of circular economy indicators. Results. To reach the purpose, we used scientific methods such as abstract-logical (to establish the problem statement and draw the conclusions), monographic (to analyze scientific works devoted to the circular economy), and dialectical knowledge. The novelty of our study is the analysis of energy saving technologies in sunflower oil production and related circular economy indicators. Promising energy saving technologies for sunflower seed cultivation and oil production were analyzed. The use of recycled municipal sewage water for irrigated agriculture is a promising technology in arid and semi-arid regions. It can save scarce reserve of fresh water. The implementation of a circular model in sunflower cultivation and processing requires an application of suitable business models. Conclusions. Sunflower field-based and process-based residues can be resources for biorefinery and ensure a way toward sustainable development based on the principle of the circular economy. Utilization of by-products allows substituting of hydrocarbon fossil fuels, generating renewable energy, and decreasing of carbon dioxide emissions. Recycling of crop residues (sunflower stalks) has a positive impact on circular economy indicators. According to our research, the use of sunflower husk for co-generation gives the best results. The implementation of the circular economy model in sunflower seed cultivation and oil production will contribute to the sustainable economic development of agriculture.
{"title":"Sunflower Oil Production on the Principles of Circular Economy: Regional Aspects","authors":"V. Havrysh","doi":"10.31521/modecon.v37(2023)-06","DOIUrl":"https://doi.org/10.31521/modecon.v37(2023)-06","url":null,"abstract":"Abstract. Introduction. Fossil fuel-based energy systems are limited by a number of factors such as their exhaustibility, harmful emissions, and increasing prices. Sunflower seed production strives to achieve high yields with the least production costs and environmental burden. Future development should be achieved mainly by recycling field-based and process-based residues instead of natural resources. The use of a circular economy strategy can overcome the above challenges. Purpose. The purpose of this paper was to study the impact of residues-based biorefinery (bio-fertilizer production, electricity, and heat generation) on primary circular economy indicators. Renewable energy production and carbon dioxide emission savings were the subjects of the current manuscript. The objectives of this study were as follows: the identification of suitable indicators; the analysis of current technologies; the calculation of circular economy indicators. Results. To reach the purpose, we used scientific methods such as abstract-logical (to establish the problem statement and draw the conclusions), monographic (to analyze scientific works devoted to the circular economy), and dialectical knowledge. The novelty of our study is the analysis of energy saving technologies in sunflower oil production and related circular economy indicators. Promising energy saving technologies for sunflower seed cultivation and oil production were analyzed. The use of recycled municipal sewage water for irrigated agriculture is a promising technology in arid and semi-arid regions. It can save scarce reserve of fresh water. The implementation of a circular model in sunflower cultivation and processing requires an application of suitable business models. Conclusions. Sunflower field-based and process-based residues can be resources for biorefinery and ensure a way toward sustainable development based on the principle of the circular economy. Utilization of by-products allows substituting of hydrocarbon fossil fuels, generating renewable energy, and decreasing of carbon dioxide emissions. Recycling of crop residues (sunflower stalks) has a positive impact on circular economy indicators. According to our research, the use of sunflower husk for co-generation gives the best results. The implementation of the circular economy model in sunflower seed cultivation and oil production will contribute to the sustainable economic development of agriculture.","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116174415","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.31521/modecon.v37(2023)-03
O. Bodnar
Abstract. Introduction. Climate change requires actions that must be directed at both mitigation and adaptation. Many sectors of the economy will feel the impact of this process, so they will need comprehensive measures to successfully conduct operational activities in new conditions. This generates great needs for financing, which in turn provides great opportunities for the MFIs. Purpose. The main purpose of the academic paper is to study the peculiarities of regulation and practical application of "green" microfinancing in EU countries, which will contribute to faster adaptation of Ukraine to European requirements and practices in the field of green "microfinancing". Results. For European microfinance institutions (MFIs), which are in close contact with vulnerable groups and specialized in supporting them with financial and non-financial services, the integration of green practices and products into their business models is an opportunity to meet the needs of vulnerable populations by pursuing a triple bottom line (positive social & environmental impact and financial sustainability). At the EU and global level, we are witnessing a growing societal and political interest in sustainability and climate change, which is expected to shape the microfinance sector’s activities. The EU has accelerated the pace of the green transition in recent years with several regulatory developments, such as the Action Plan on Sustainable Growth, EU taxonomy, and European Green Deal. Bringing green finance to the forefront will have concrete impacts and provide opportunities for the development of the sector. Other initiatives that will soon impact MFIs include the adoption of new green standards by he inclusive finance sector (e.g., Green Index 3.0) or the introduction of an environmental clause in the European Code of Good Conduct for microcredit provision, which might have an effect on investor reporting requirements, as well as material opportunities available to MFIs. Conclusions. The research conducted makes it possible to argue that in recent years the EU has accelerated the pace of the "green" transition with the help of several regulatory developments, such as the Sustainable Growth Action Plan, the EU Taxonomy and the European Green Deal. Bringing green finance to the fore will have concrete results and create opportunities for the sector to grow. Other initiatives that will soon affect MFIs include the adoption of new environmental standards in the inclusive financial sector (e.g. Green Index 3.0) or the introduction of an environmental clause in the European Code of Conduct for microcredit, which may affect investor reporting requirements as well as facilities available to MFIs. Constant monitoring of the evolution of the initiatives summarized in the work is key to supporting the sector in preparing for the future stimulation of innovation and the use of financing opportunities in EU countries, as well as the introduction of green microfinancing in mod
{"title":"Green microfinance in Europe: regulatory trends and current practices","authors":"O. Bodnar","doi":"10.31521/modecon.v37(2023)-03","DOIUrl":"https://doi.org/10.31521/modecon.v37(2023)-03","url":null,"abstract":"Abstract. Introduction. Climate change requires actions that must be directed at both mitigation and adaptation. Many sectors of the economy will feel the impact of this process, so they will need comprehensive measures to successfully conduct operational activities in new conditions. This generates great needs for financing, which in turn provides great opportunities for the MFIs. Purpose. The main purpose of the academic paper is to study the peculiarities of regulation and practical application of \"green\" microfinancing in EU countries, which will contribute to faster adaptation of Ukraine to European requirements and practices in the field of green \"microfinancing\". Results. For European microfinance institutions (MFIs), which are in close contact with vulnerable groups and specialized in supporting them with financial and non-financial services, the integration of green practices and products into their business models is an opportunity to meet the needs of vulnerable populations by pursuing a triple bottom line (positive social & environmental impact and financial sustainability). At the EU and global level, we are witnessing a growing societal and political interest in sustainability and climate change, which is expected to shape the microfinance sector’s activities. The EU has accelerated the pace of the green transition in recent years with several regulatory developments, such as the Action Plan on Sustainable Growth, EU taxonomy, and European Green Deal. Bringing green finance to the forefront will have concrete impacts and provide opportunities for the development of the sector. Other initiatives that will soon impact MFIs include the adoption of new green standards by he inclusive finance sector (e.g., Green Index 3.0) or the introduction of an environmental clause in the European Code of Good Conduct for microcredit provision, which might have an effect on investor reporting requirements, as well as material opportunities available to MFIs. Conclusions. The research conducted makes it possible to argue that in recent years the EU has accelerated the pace of the \"green\" transition with the help of several regulatory developments, such as the Sustainable Growth Action Plan, the EU Taxonomy and the European Green Deal. Bringing green finance to the fore will have concrete results and create opportunities for the sector to grow. Other initiatives that will soon affect MFIs include the adoption of new environmental standards in the inclusive financial sector (e.g. Green Index 3.0) or the introduction of an environmental clause in the European Code of Conduct for microcredit, which may affect investor reporting requirements as well as facilities available to MFIs. Constant monitoring of the evolution of the initiatives summarized in the work is key to supporting the sector in preparing for the future stimulation of innovation and the use of financing opportunities in EU countries, as well as the introduction of green microfinancing in mod","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116396155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.31521/modecon.v37(2023)-11
B. Pohrishchuk
Abstract. Introduction. At the current stage of development for regional economies, the problem of not only overcoming the consequences of crisis phenomena that increase the uncertainty and risk of business activity and life of the population, but also their prevention is becoming more and more relevant. Accordingly, insurance is starting to play an increasingly important role in the redistribution of risks in the regional economic system, creating conditions for strengthening the stability of households and businesses, as well as ensuring the socio-economic security of regions in general. The latter in the context of sustainable development acquires special importance, because it allows to establish a balance between the satisfaction of modern needs of humanity and the protection of the interests of future generations through the satisfaction of the need for insurance protection. Purpose. The purpose of the article is to justify the content and role of insurance in ensuring regional socio-economic security in the context of sustainable development. Results. In the article the emergence of society's need for insurance protection, which is expressed in three sources of demand from different institutional sectors, is argued. The functions of insurance are identified and structured, with a division into primary (control and distributive) and secondary (risk, creation and use of insurance funds, preventive, savings, investment and compensation). The impact of insurance on structural blocks and components of socio-economic security of regions is considered. Advantages and disadvantages of insurance are defined. The place and task of insurance in ensuring regional socio-economic security in relation to economic growth, social integration and environmental protection, which are the basis for the sustainable development of households and enterprises in the respective territories, are argued and specified. Conclusions. It has been proven, that in the context of sustainable development, insurance aims to ensure the socioeconomic security of regions through risk reduction, development of innovative solutions, improvement of business efficiency and promotion of environmental, social and economic stability.
{"title":"The Role of Insurance in Ensuring Social and Economic Security Of Regions in the Context of Sustainable Development","authors":"B. Pohrishchuk","doi":"10.31521/modecon.v37(2023)-11","DOIUrl":"https://doi.org/10.31521/modecon.v37(2023)-11","url":null,"abstract":"Abstract. Introduction. At the current stage of development for regional economies, the problem of not only overcoming the consequences of crisis phenomena that increase the uncertainty and risk of business activity and life of the population, but also their prevention is becoming more and more relevant. Accordingly, insurance is starting to play an increasingly important role in the redistribution of risks in the regional economic system, creating conditions for strengthening the stability of households and businesses, as well as ensuring the socio-economic security of regions in general. The latter in the context of sustainable development acquires special importance, because it allows to establish a balance between the satisfaction of modern needs of humanity and the protection of the interests of future generations through the satisfaction of the need for insurance protection. Purpose. The purpose of the article is to justify the content and role of insurance in ensuring regional socio-economic security in the context of sustainable development. Results. In the article the emergence of society's need for insurance protection, which is expressed in three sources of demand from different institutional sectors, is argued. The functions of insurance are identified and structured, with a division into primary (control and distributive) and secondary (risk, creation and use of insurance funds, preventive, savings, investment and compensation). The impact of insurance on structural blocks and components of socio-economic security of regions is considered. Advantages and disadvantages of insurance are defined. The place and task of insurance in ensuring regional socio-economic security in relation to economic growth, social integration and environmental protection, which are the basis for the sustainable development of households and enterprises in the respective territories, are argued and specified. Conclusions. It has been proven, that in the context of sustainable development, insurance aims to ensure the socioeconomic security of regions through risk reduction, development of innovative solutions, improvement of business efficiency and promotion of environmental, social and economic stability.","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127550754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.31521/modecon.v37(2023)-15
I. Chernyavs'ka
Abstract. Introduction. In modern scientific works on economics and management, the concept of "cognitive" is increasingly common, with the help of which the authors draw attention to the management of the process of continuous learning on the basis of various collective experiences, overcoming organizational resistance, management of corporate knowledge as the most important resource and, accordingly, the key direction of development enterprises. Cognitive management is considered to be the management of the process of cognition, as a result of which knowledge is identified, accumulated, distributed and used for the purpose of developing one or another social system. In this regard, the study of theoretical and methodological aspects of cognitive management is timely and relevant. Purpose. The purpose of the study is to clarify and generalize the theoretical and methodological aspects of cognitive management. The theoretical and methodological basis of the work is a set of principles and methods of scientific research: the principle of systematization and theoretical generalization, graphic methods of information presentation. According to the goal, the task of analyzing scientific approaches to determining the essence of cognitive management and the effectiveness of the use of its tools by enterprises is set. The basis for the analysis was the scientific works of domestic and foreign scientists on the mentioned issues. Results. An analysis of conceptual views on cognitive management has been carried out, which makes it possible to identify characteristics, sources of managerial efficiency, and the basis for influencing the spheres of interests of enterprises. The methodical toolkit of cognitive modeling of managerial decision-making is considered. Cognitive maps of the simulation of possible states of the production system of the enterprise were built in order to form effective management decisions in the form of a formal model. Conclusions. Cognitive management is the basis for influencing the development of enterprises. The use of modeling technologies based on cognitive maps can be useful for the formation of effective management decisions, the analysis of problematic situations in the development of the enterprise, the development of strategic management decisions, etc.
{"title":"The Essence and Methodical Tools of Cognitive Management","authors":"I. Chernyavs'ka","doi":"10.31521/modecon.v37(2023)-15","DOIUrl":"https://doi.org/10.31521/modecon.v37(2023)-15","url":null,"abstract":"Abstract. Introduction. In modern scientific works on economics and management, the concept of \"cognitive\" is increasingly common, with the help of which the authors draw attention to the management of the process of continuous learning on the basis of various collective experiences, overcoming organizational resistance, management of corporate knowledge as the most important resource and, accordingly, the key direction of development enterprises. Cognitive management is considered to be the management of the process of cognition, as a result of which knowledge is identified, accumulated, distributed and used for the purpose of developing one or another social system. In this regard, the study of theoretical and methodological aspects of cognitive management is timely and relevant. Purpose. The purpose of the study is to clarify and generalize the theoretical and methodological aspects of cognitive management. The theoretical and methodological basis of the work is a set of principles and methods of scientific research: the principle of systematization and theoretical generalization, graphic methods of information presentation. According to the goal, the task of analyzing scientific approaches to determining the essence of cognitive management and the effectiveness of the use of its tools by enterprises is set. The basis for the analysis was the scientific works of domestic and foreign scientists on the mentioned issues. Results. An analysis of conceptual views on cognitive management has been carried out, which makes it possible to identify characteristics, sources of managerial efficiency, and the basis for influencing the spheres of interests of enterprises. The methodical toolkit of cognitive modeling of managerial decision-making is considered. Cognitive maps of the simulation of possible states of the production system of the enterprise were built in order to form effective management decisions in the form of a formal model. Conclusions. Cognitive management is the basis for influencing the development of enterprises. The use of modeling technologies based on cognitive maps can be useful for the formation of effective management decisions, the analysis of problematic situations in the development of the enterprise, the development of strategic management decisions, etc.","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122934046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.31521/modecon.v37(2023)-10
O. Luhova
Abstract. Introduction. Professional accountants of today have careers that use a wide variety of skills applicable to highly specialized roles. International Accounting Education Standards prescribe the technical competencies and skills accounting professionals need to develop. But there is another category of skills no less important for a financial specialist soft skills. Numerous foreign publications consider the accountant's professional skills in tandem with their soft skills. Purpose. The research aims to analyse the content, role and factors of development of soft skills of professional accountants in the context of business requirements in the current economic environment. Results. The study shows, as requirements for hiring, professionals who demonstrate, in addition to the hard skills exclusive to accountants skills, such as critical thinking, problem solving and teamwork. In a world that is becoming more digital, computerized, and automated, soft skills can be the differentiator between two employees competing for the same promotion or position. Poor organisation and time management skills could cause unnecessary stress, and accountants could risk tarnishing their reputation if important deadlines are missed. Accountants have to stay organised throughout their processes and work. Regulations are constantly changing, as is the technological environment in which accountants function, so the best accountants are open to change and remain adaptive and flexible in approaching their day-to-day activities. Effective communication is essential to all business roles, accountants included. They’re responsible for translating data in a visualised and easy-to-understand format. Since accounting and finance teams touch every area of the business, they are expected to work cross-functionally and collaborate well with other employees. Learning and education are constant in the accounting profession. Accountants are required to remain objective, ethical, and honest with regard to their tasks. The contribution of this research is to provide institutions, educators and professionals in the area, with insights into the requirements demanded by the job market for accounting professionals. Conclusions. To develop certain soft skills is always necessary in tandem with hard skills. Some of soft skills are character traits, the rest are acquired with life and professional experience. However, it is possible to develop soft skills at any age, the main thing is to set up such a goal and clearly determine the competencies that require improvement. The study found that the importance of both groups of skills to perform professional tasks by the accountant is undeniable. The success of the accountant's career depends directly on achieving the balance of soft and hard skills.
{"title":"Soft Skills of a Modern Successful Accountant","authors":"O. Luhova","doi":"10.31521/modecon.v37(2023)-10","DOIUrl":"https://doi.org/10.31521/modecon.v37(2023)-10","url":null,"abstract":"Abstract. Introduction. Professional accountants of today have careers that use a wide variety of skills applicable to highly specialized roles. International Accounting Education Standards prescribe the technical competencies and skills accounting professionals need to develop. But there is another category of skills no less important for a financial specialist soft skills. Numerous foreign publications consider the accountant's professional skills in tandem with their soft skills. Purpose. The research aims to analyse the content, role and factors of development of soft skills of professional accountants in the context of business requirements in the current economic environment. Results. The study shows, as requirements for hiring, professionals who demonstrate, in addition to the hard skills exclusive to accountants skills, such as critical thinking, problem solving and teamwork. In a world that is becoming more digital, computerized, and automated, soft skills can be the differentiator between two employees competing for the same promotion or position. Poor organisation and time management skills could cause unnecessary stress, and accountants could risk tarnishing their reputation if important deadlines are missed. Accountants have to stay organised throughout their processes and work. Regulations are constantly changing, as is the technological environment in which accountants function, so the best accountants are open to change and remain adaptive and flexible in approaching their day-to-day activities. Effective communication is essential to all business roles, accountants included. They’re responsible for translating data in a visualised and easy-to-understand format. Since accounting and finance teams touch every area of the business, they are expected to work cross-functionally and collaborate well with other employees. Learning and education are constant in the accounting profession. Accountants are required to remain objective, ethical, and honest with regard to their tasks. The contribution of this research is to provide institutions, educators and professionals in the area, with insights into the requirements demanded by the job market for accounting professionals. Conclusions. To develop certain soft skills is always necessary in tandem with hard skills. Some of soft skills are character traits, the rest are acquired with life and professional experience. However, it is possible to develop soft skills at any age, the main thing is to set up such a goal and clearly determine the competencies that require improvement. The study found that the importance of both groups of skills to perform professional tasks by the accountant is undeniable. The success of the accountant's career depends directly on achieving the balance of soft and hard skills.","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124173546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.31521/modecon.v37(2023)-05
S. Volosovych
Abstract. Introduction. Mechanism of civic crowdfunding allows financing both private and public projects, so it becomes especially relevant as alternative way of financing some projects in addition to the funds of the state and local budgets. Civic crowdfunding provides both financing of projects and participation of citizens in public life. Purpose. The purpose of the study is to identify the features of civic crowdfunding as a form of public-private partnership. Results. The article highlights functional, resource and institutional approaches to understanding civic crowdfunding. The factors influencing the decision-making of citizens regarding participation in the financing of public projects are disclosed, in particular, the presence of an active public position, the possibility of access to technical means, the presence of political interest. Funding models for public projects based on funds raised through crowdfunding are identifed: co-financing by the state or local authority and full financing at the expense of citizens' collected funds. SWOT-analysis of civic crowdfunding as a form of publicprivate partnership was carried out, defined that civic crowdfunding can provide opportunities to intensify the implementation of projects in the field of culture, science, increasing the defense capability of Ukraine, social assistance, regional development. Conclusions. Proposed to consider civic crowdfunding as an innovative state service, with the help of which, on the one hand, citizens realize their political interests, and on the other hand, satisfy their needs for participation in public administration and get satisfaction from helping other people, saving the environment or cultural heritage. Revealed that the basis of civic crowdfunding as a form of public-private partnership is financial technology tools.
{"title":"Civic Crowdfunding as a Form of the Public-Private Partnership","authors":"S. Volosovych","doi":"10.31521/modecon.v37(2023)-05","DOIUrl":"https://doi.org/10.31521/modecon.v37(2023)-05","url":null,"abstract":"Abstract. Introduction. Mechanism of civic crowdfunding allows financing both private and public projects, so it becomes especially relevant as alternative way of financing some projects in addition to the funds of the state and local budgets. Civic crowdfunding provides both financing of projects and participation of citizens in public life. Purpose. The purpose of the study is to identify the features of civic crowdfunding as a form of public-private partnership. Results. The article highlights functional, resource and institutional approaches to understanding civic crowdfunding. The factors influencing the decision-making of citizens regarding participation in the financing of public projects are disclosed, in particular, the presence of an active public position, the possibility of access to technical means, the presence of political interest. Funding models for public projects based on funds raised through crowdfunding are identifed: co-financing by the state or local authority and full financing at the expense of citizens' collected funds. SWOT-analysis of civic crowdfunding as a form of publicprivate partnership was carried out, defined that civic crowdfunding can provide opportunities to intensify the implementation of projects in the field of culture, science, increasing the defense capability of Ukraine, social assistance, regional development. Conclusions. Proposed to consider civic crowdfunding as an innovative state service, with the help of which, on the one hand, citizens realize their political interests, and on the other hand, satisfy their needs for participation in public administration and get satisfaction from helping other people, saving the environment or cultural heritage. Revealed that the basis of civic crowdfunding as a form of public-private partnership is financial technology tools.","PeriodicalId":201493,"journal":{"name":"Modern Economics","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132114512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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