DOI: 10.37332/2309-1533 EDITOR-IN-CHIEF Yuriy Klapkiv Ph.D., assoc. prof. DEPUTY EDITOR-IN-CHIEF Anton Stelmashchuk Dr.Sc. (Econ.), prof. RESPONSIBLE SECRETARY Petro Putsenteilo Dr.Sc. (Econ.), prof. The topics: international economic relations; economy and innovative development of the national economy; economy and competitiveness of the enterprises; the economic policy of regional development and local government; demography, population employment and social – economic policy; statistics, accounting, analysis and audit; financial–сredit and monetary policy; information technology and economic security. Founder of the journal: HEI «Podillia State University» Ternopil State Agricultural Experimental Station of the Institute of Feeds Research and Agriculture of Podillia of NAAS. ISSN 2309-1533 (Print) ISSN 2310-4864 (Online) The scientific journal INNOVATIVE ECONOMY is indexed by: Google Scholar INDEX COPERNICUS (ICV 2021: 98.37) ERIH PLUS Eurasian Scientific Journal Index (ESJI) ResearchBib Polska Bibliografia Naukowa Crossref Directory of Research Journals Indexing (DRJI) Open-Access Journals National Library of Ukraine Vernadsky Founded in 2006 Language – Ukrainian, Russian, English (Multiple) Periodicity – quarterly
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THE REGIONAL CONTEXT OF THE INTEGRATION OF UKRAINIAN ENTERPRISES INTO GLOBAL INNOVATION ECOSYSTEMS
Varyha D.O., Mytsenko V.I. THE REGIONAL CONTEXT OF THE INTEGRATION OF UKRAINIAN ENTERPRISES INTO GLOBAL INNOVATION ECOSYSTEMS Purpose. The aim of the article is to substantiate of the regional context of the integration of Ukrainian enterprises into global innovation ecosystems by identifying key institutional and economic prerequisites, defining the role of regional specialization and innovation infrastructure, as well and systematizing the pathways and tools for including enterprises in international innovation networks. Methodology of research. The methodological basis of the study consists of general scientific and specialized methods of cognition, in particular the systems approach, methods of logical generalization, comparative analysis, structural and functional analysis, as well as elements of regional and institutional approaches. Their application made it possible to reveal the interconnection between the internal innovation potential of enterprises and the regional conditions for their inclusion in global innovation networks, as well as to identify the influence of innovation infrastructure, human capital, clustering, digitalization, and intersectoral interaction on integration processes. Findings. It has been demonstrated that the integration of Ukrainian enterprises into global innovation ecosystems depends not only on the level of technological development of individual businesses, but also on the specific characteristics of the regional environment in which they operate. It is determined that the region acts as an intermediate but strategically important link between the enterprise’s local resources and global channels of innovation, investment, scientific-technological, and production cooperation. Originality. The theoretical understanding of the regional context of Ukrainian enterprises’ integration into global innovation spaces has been deepened, viewed as a multilevel process shaped by the interaction of intra-firm, regional, and foreign economic factors. The content of regional prerequisites for innovation integration has been clarified, and their significance as a basis for the inclusion of enterprises in global networks for the creation and commercialization of knowledge has been substantiated. Practical value. The obtained research results can be used in the formation of regional economic policy, innovation development strategies, entrepreneurship support programs, cluster initiatives, and tools for stimulating international innovation cooperation. Key words: regional development, corporate innovation, management, globalization challenges, regional innovation systems, innovation integration, controlling, innovation ecosystems, digitalization, competitiveness, efficiency.
THE ECONOMIC ESSENCE AND FEATURES OF THE FORMATION OF THE INNOVATION AND INVESTMENT POTENTIAL OF ENTERPRISES IN A TERRITORIAL COMMUNITY
Kostetskyi Ya.I., Siranchuk V.I., Shynkarchuk M.B., Yarema V.V. THE ECONOMIC ESSENCE AND FEATURES OF THE FORMATION OF THE INNOVATION AND INVESTMENT POTENTIAL OF ENTERPRISES IN A TERRITORIAL COMMUNITY Purpose. The aim of the article is to deepen theoretical approaches to defining the economic essence of the innovation and investment potential of enterprises within a territorial community and to substantiate the features of its formation under conditions of decentralization and transformational changes in the economic environment. Methodology of research. The research process employed a method of analysis and synthesis, which made it possible to examine the structural elements of the innovation and investment potential of enterprises, identify the interrelationships between innovation resources and investment opportunities, and summarize the key factors in its formation at the local community level. To clarify the theoretical provisions and deepen the understanding of the category of “innovation and investment potential” an abstract and logical method was used, which contributed to the formation of a holistic view of the economic essence of this concept and the determination of its role in ensuring the sustainable development of local entrepreneurship. To identify trends in the development of local community enterprises and determine the impact of the institutional environment on innovation and investment processes, the method of induction and deduction was used, which made it possible to move from individual facts to general conclusions. The application of a systematic approach made it possible to consider the innovation and investment potential of enterprises as a multi-component system that is formed under the influence of internal resources of enterprises and external social and economic conditions of the territorial community. Findings. The economic essence of the innovation and investment potential of enterprises in the territorial community as a complex category combining innovation activity, investment capacity, and institutional conditions for local development has been clarified. Theoretical approaches to the interpretation of innovation and investment potential have been systematized, and its key components have been identified, taking into account the territorial aspect. The main factors shaping the innovation and investment potential of enterprises within the community in the context of decentralization have been identified, in particular the role of local authorities, business infrastructure, and human capital. The relationship between the level of development of the innovation and investment potential of enterprises and the social and economic growth of the territorial community has been substantiated. Originality. Theoretical approaches to interpreting the economic essence of the innovation and investment potential of local community enterprises have been deepened by considering it as an integrated category formed under the influence of the innovative activity of enterprises, investment capacity, and institutional conditions for local development. The essence of the innovation and investment potential of enterprises in the territorial community has been substantiated, taking into account the conditions of decentralization and changes in the economic environment. Practical value. The results of the study can be used by local authorities in developing and implementing strategies for the social and economic development of local communities, programs to support entrepreneurship and innovation. The obtained theoretical generalizations and conclusions can be applied by enterprise managers to substantiate management decisions regarding the formation and effective use of innovation and investment potential, increasing the investment attractiveness and competitiveness of business. The results of the study can serve as a methodological basis for further scientific developments, as well as be used in the educational process when teaching economic and management disciplines. Key words: innovation and investment potential, territorial community, innovative development, investment activity, regional development.
HISTORICAL EVOLUTION OF MANAGEMENT CONCEPTS: FROM THE DOMINANCE OF AUTHORITARIAN MODELS TO THE MODERN STRATEGIC APPROACH
Tkachenko A.M., Chernova I.V. HISTORICAL EVOLUTION OF MANAGEMENT CONCEPTS: FROM THE DOMINANCE OF AUTHORITARIAN MODELS TO THE MODERN STRATEGIC APPROACH Purpose. The aim of the article is to comprehensively cover the historical evolution of management theories with an emphasis on the transition from the dominance of authoritarian models to modern strategic approaches, as well as the identification the key factors that contributed to this transformation. Methodology of research. It is based on the comprehensive application of historical and logical, systemic, and comparative methods, which allows for a thorough reconstruction of the chronology and content of the evolution of management theory. The historical and logical method is used to analyse the evolution of management thought and identify patterns in its development. Comparative analysis allowed us to compare classical and modern management models according to key characteristics. The systemic approach was used to consider management concepts as integral entities formed under the influence of economic, social, and technological factors. The method of content analysis of scientific publications ensured the generalization of the current scientific discourse and the identification of leading trends in the development of management theory. The method of analogy and extrapolation was used to substantiate possible directions for the further transformation of management concepts. Findings. The article provides a comprehensive theoretical and methodological analysis of the historical evolution of management concepts in the context of the transformation of social and economic systems. It substantiates the transition from the dominance of authoritarian, hierarchically oriented management models to modern strategic and adaptive approaches based on the integration of behavioural, systemic, and resource concepts. A comparison of authoritarian models with modern strategic approaches is presented from the perspective of efficiency, adaptability, consideration of the human factor, and organizational culture. It is proven that modern management models do not deny the achievements of classical schools, but instead synthesize their rational elements with modern concepts of leadership, teamwork, and strategic analysis. Originality. Theoretical and methodological approaches to analysing the historical evolution of management concepts based on a systematic combination of classical authoritarian models and modern strategic approaches have been further developed. It has been substantiated that the effectiveness of modern management systems is determined not by the complete rejection of authoritarian models, but by the integration of their structured elements (formalization, hierarchy, standardization) into adaptive and behaviour-oriented management concepts. The conceptual approach to the use of historical management models as a basis for the formation of modern strategic paradigms capable of functioning in conditions of digital transformation and high turbulence of the external environment has been improved. Practical value. The results of the study can be used to develop strategies for managing organizations in conditions of instability, digital transformation, and the growing role of behavioural and social factors. Key words: history of management, management theory, strategic management, authoritarian models, managerial thought, management evolution, behavioural concepts, management paradigms.
THE POTENTIAL FOR THE DEVELOPMENT OF RESEARCH ECOSYSTEMS IN UKRAINE
Sydorovych O.Yu. THE POTENTIAL FOR THE DEVELOPMENT OF RESEARCH ECOSYSTEMS IN UKRAINE Purpose. The aim of the article is to is to conceptually substantiate the theoretical and methodological foundations for the functioning of research ecosystems and to provide a comprehensive analysis of their development potential on a national and global scale. This analysis is based on international determinants, including the Global Innovation Index, the international university ranking (QS World University Rankings), and the Global Startup Ecosystem Development Index. Methodology of research. The following general scientific and special methods were employed in the research process: induction and deduction ‒ used at the stage of collecting, systematizing, and processing information on global and national trends in scientific and technical policy to identify cause-and-effect relationships between external challenges (particularly military risks and competition for resources) and the necessity for the ecosystem transformation of Ukraine's scientific sphere; аnalysis and synthesis ‒ applied to assess the essence and structural elements of research ecosystems, determine their potential for ensuring systemic sustainability and accelerated commercialization of scientific results, and for developing strategic principles for their future growth; abstract and logical method ‒ utilized to generalize theoretical concepts and form a comprehensive understanding of the research ecosystem as an adaptive network model capable of responding effectively to crisis conditions and global challenges.; comparative cethod ‒ employed to compare models of research ecosystem functioning in countries with a high level of innovative development and to identify the most effective approaches for implementation in Ukraine; graphical method ‒ used to visualize the study's results, specifically for structuring the properties and functions of the ecosystem and determining the dynamics of key trackers of Ukraine's innovative development. Findings. Key indicators that determine the potential of research ecosystems were systematized, focusing on institutional quality (based on QS World University Rankings) and innovative activity (based on the Global Startup Ecosystem Report). An analysis of Ukraine’s positions in global rankings revealed the weak standing of Ukrainian universities against the backdrop of the high resilience of the national startup ecosystem (42nd place globally, showing a 26% growth). It was established that the dominant global trends are the rapid development of Artificial Intelligence (AI) and the increased sensitivity of ecosystems to geopolitical changes, which necessitates a strategic focus on regional orientation and management planning. The study found that Ukraine’s innovation potential demonstrates high resilience, confirmed by the rapid development of key cities, but requires strengthening through the transformation of universities into central innovation hubs and the acceleration of research commercialization. Prospects for further development were identified, emphasizing the necessity of public-private partnerships and robust international support for targeted scaling in critical technology sectors, such as SaaS and AI. Originality. It is proven that the development of research ecosystems in Ukraine, in contrast to the traditional institutional-oriented model of science, is taking place through strengthening the role of universities and their transformation from educational institutions into key innovation hubs and integration centers. This transformation makes it possible to enhance the economic self-sufficiency of the research sector and the effectiveness of its contribution to the country’s recovery. The provisions concerning the growing role of the commercialization of scientific research as a factor in the resilience of the national research system have been further developed. Approaches to substantiating strategic priorities for the development of research ecosystems in the face of modern challenges and threats have been improved. Practical value. The results of the study can be used in the formation and adjustment of state scientific, technical and innovation policy, as well as strategic plans for the development of universities and scientific institutions. Based on the findings of the study, the feasibility of strengthening institutional mechanisms for the commercialization of research outcomes through the development of technology transfer offices and targeted support for research and innovation projects focused on post-war recovery and national security needs is substantiated. The study also proposes improving models of public–private partnership in applied research and technological development, as well as integrating universities and research institutions into international innovation networks in order to ensure technological sovereignty and enhance the resilience of the national research system under conditions of global competition and military challenges. Key words: ecosystem, research ecosystem, innovative business startups, innovation, development potential.
ORGANIC WASTE MANAGEMENT IN THE CONTEXT OF ENSURING THE ECOLOGICAL SAFETY OF THE REGION
Faifura V.V., Sydoruk B.O., Liubezna I.V. ORGANIC WASTE MANAGEMENT IN THE CONTEXT OF ENSURING THE ECOLOGICAL SAFETY OF THE REGION Purpose. The aim of the article is to assess the structure and volume of biodegradable waste generation in agricultural production and the food industry of the Ternopil region, determine their potential as a secondary resource material, and substantiate the directions of forming a regional policy for the effective use of agro-industrial waste. Methodology of research. To prepare the scientific publication, methods of analysis and synthesis were applied, as well as a statistical method to assess the dynamics of volumes of crop production and the structure of bio-waste generation in the food industry within the Ternopil region; normalization – for researching the volume of bio-waste generation at the regional level, as well as systemic generalization – when forming conclusions and proposals. Findings. The volume of organic waste generation in key sectors of the agro-industrial complex of Ternopil region was estimated based on typical waste output standards from agricultural products. A structural analysis of the waste composition was conducted, which made it possible to identify the most significant sources of bioresources suitable for processing into organic fertilizers, biogas or other energy products. The potential resource and energy effect of involving agro-industrial waste in economic turnover was calculated, which demonstrates the economic feasibility of their utilization and processing. Originality. Directions for effective bio-waste management were proposed, emphasizing the connection between the problem of bio-waste management and environmental safety, which requires the integration of environmental, economic and management mechanisms within the framework of regional environmental policy. Practical value. The results of the analysis of the composition of the structure of bio-waste generation at the regional level are important from the perspective of forming a new environmental culture of bio-waste management at the level of territorial communities. Key words: organic waste, bio-waste, agriculture, environmental safety, region.
TRANSFORMATION OF THE STRUCTURE OF HUMAN CAPITAL IN THE CONTEXT OF WAR SHOCK
Chernenko D.Ye. TRANSFORMATION OF THE STRUCTURE OF HUMAN CAPITAL IN THE CONTEXT OF WAR SHOCK Purpose. The aim of the article is to identify the specifics of the impact of war shock on the structure of human capital and revealing transformational changes in its main components. Methodology of research. The methodological basis consists of a systematic approach, structural and functional analysis, comparative analysis, and a method of socio-economic diagnostics for assessing transformations in the sphere of human capital under the influence of war. Content analysis of analytical reports of international organisations, national statistical data, regulatory and legal documents of Ukraine, as well as scientific works devoted to the impact of armed conflicts on demographic and market-labour processes was used. The empirical base was formed on the basis of official indicators of migration, employment, educational losses, and demographic dynamics. Findings. It has been established that the war shock has a systemic and multidimensional impact on the structure of human capital, disrupting the established mechanisms of its formation, reproduction, and use. A summary of the results presented in a comparative matrix and structural diagram indicates simultaneous demographic, educational, professional, sectoral and social shifts caused by migration processes, labour market deformation, employment transformation and deterioration in the health of the population. It has been found that these changes are interrelated and manifest themselves with varying intensity depending on regional conditions, sectoral specialisation and the institutional capacity of the economy. The war simultaneously exacerbates the loss of human potential and initiates processes of forced adaptation that change the structure of skills and professional trajectories. In this context, the transformation of human capital takes on not only a destructive but also a structure-forming character, shaping new requirements for the quality of the workforce. The combination of these changes forms a new configuration of human potential, in which the importance of adaptability, mobility, digital competencies and the ability to quickly reorient oneself professionally is growing. Originality. The interpretation of human capital transformation processes in conditions of military shock as a systemic process combining increased structural risks and adaptive shifts has been further developed. The impact of military shock on human capital has been identified, taking into account demographic, educational, professional, sectoral and socio-psychological components, which, unlike existing approaches, allows for a more comprehensive interpretation of transformation processes in crisis conditions. Practical value. The results obtained can be used in the formation of state policy on the restoration and modernisation of human capital in the fields of education, health care, regional development, the labour market and migration policy. The research materials are useful for the development of retraining programmes, demographic recovery strategies, regional reconstruction plans and comprehensive mental health support measures. Key words: human capital, war shock, migration, employment, demographic change, educational losses, occupational structure, population health, labour market, post-war recovery.
BANK INVESTMENTS IN PRIORITY PROJECTS OF GREEN TRANSFORMATION: UKRAINE'S EUROPEAN INTEGRATION CHOICE
Kvasnytsia O.V., Darmohrai I.V., Novitskyi M.R. BANK INVESTMENTS IN PRIORITY PROJECTS OF GREEN TRANSFORMATION: UKRAINE'S EUROPEAN INTEGRATION CHOICE Purpose. The aim of the article is to substantiate the role of bank investments as a key instrument for financing the green transformation and European integration priorities of Ukraine, taking into account the European Union's strategic approaches to infrastructure development, energy security, digitalization, and sustainable economic growth; and to develop an adaptive three-level financing model that combines national initiatives, EU instruments, and public-private partnership mechanisms to ensure sustainable development and integration of Ukraine into a single European space. Methodology of research. The study employs a systemic approach to analyzing the European Union’s financial strategies in the context of their adaptation to national conditions. The comparative analysis method is used to contrast European financing instruments for infrastructure, energy, and digital projects with domestic initiatives. The structural-logical method enables the identification of interconnections between banking investments, public-private partnerships, and European integration processes. Elements of institutional analysis are applied to assess the role of European financial institutions in supporting the resilience and development of Ukraine’s economy. Findings. The article examines the role of bank investments in ensuring green transformation and supporting Ukraine's European integration course in line with the EU's strategic priorities in the areas of defense, energy, competitiveness, and support for Ukraine. It highlights that these priorities create conditions for infrastructure modernization, acceleration of reforms, and Ukraine's rapprochement with EU membership. Based on an analysis of the EU Modernization Fund's experience, the article substantiates the feasibility of adapting similar mechanisms to upgrade Ukraine's energy infrastructure and integrate it with European markets. It is noted that the EU's practical security strategies include investments in the training and equipping of the Armed Forces of Ukraine, as well as preparations for the opening of the “Fundamentals” cluster within the framework of the enlargement policy. It is determined that investments by the banking sector in transport infrastructure – within the framework of the Connecting Europe Facility programs, the greening of ports, the digitization of traffic management, and solidarity projects – contribute to the achievement of sustainable development goals and the harmonization of Ukraine's transport system with EU standards. Originality. The paper further develops a three-level model of strategic financing that combines existing financial instruments, national programs, and EU cohesion policy. It is argued that the absence of such a model could threaten debt sustainability and slow down European integration processes. Priority areas for modernisation have been identified: development of railway infrastructure (TEN-T, ERTMS), greening of ports, and formation of urban mobility hubs within the EU's decarbonisation policy. It is proven that the implementation of European standards of risk management and transparency can increase the role of the Ukrainian banking sector in mobilizing private capital, developing public-private partnerships, and attracting foreign investment. Practical value. The obtained results regarding Ukraine’s European integration priorities in the field of green transformation reveal opportunities for infrastructure modernization, enhanced security, and economic growth through the mobilization of banking investments. The implementation of such approaches will contribute to strengthening the financial stability of the state and ensuring long-term economic growth based on sustainable development. Key words: sustainable development, digitalization, credit resources, territorial communities, investment, public finance, green investments, financial resources, risk, security.
INTEGRATION AND ACCOUNTING AND INFORMATION TRENDS OF THE DEVELOPMENT OF ELECTRONIC COMMERCE IN UKRAINE
Shevchuk O.A., Shevchuk N.A., Farion V.Ya., Muravskyi V.V. INTEGRATION AND ACCOUNTING AND INFORMATION TRENDS OF THE DEVELOPMENT OF ELECTRONIC COMMERCE IN UKRAINE Purpose. The aim of this article is to systematize of integrative and information-accounting trends in the development of e-commerce to identify promising directions for improving the accounting and control of electronic trading. Methodology of research. The study employs system analysis, logical generalization, comparative analysis, and a structural-functional approach, which together made it possible to comprehensively reveal the impact of integration and digital transformations on the accounting and control of e-commerce activities. Findings. The development of e-commerce as one of the key drivers of the digital economy is examined, and the decisive role of modern information technologies in transforming electronic trade operations is substantiated. Despite pandemic-related and wartime risks, the Ukrainian e-commerce market continues to demonstrate growth, driven by the expansion of the online customer base and increasing electronic sales volumes. The study establishes that improving the performance of e-commerce enterprises directly depends on enhancing the management system of trade processes, which relies on high-quality, timely, and integrated accounting information. It is substantiated that the digitalization of accounting and control activities creates prerequisites for the development of complex integration processes in e-commerce, where information flows, technological solutions, communication channels, management approaches, and economic models converge. These integration changes contribute to the formation of a cohesive accounting and control system capable of supporting timely decision-making and ensuring stable enterprise performance in a dynamic digital environment. Ultimately, the study concludes that the integration and digitalization of accounting and control processes serve as key mechanisms for optimizing the operations of e-commerce entities, ensuring their resilience to external challenges, and forming the foundation for further development of electronic trade under the global transformations of the digital economy. Originality. For the first time, the study provides a comprehensive identification of integration processes occurring in the sphere of e-commerce, substantiating their impact on the accounting and control system. The research offers a holistic view of integration trends that encompass information interaction among market participants, the convergence of various digital platforms and technologies, the growing significance of communication channels, the alignment of business processes, and the integration of logistics, marketing, financial, and managerial functions, along with the intensification of globalization factors. The proposed conceptual model of the scientific paradigm of e-commerce generalizes these processes and provides a new theoretical approach to understanding the role of digital technologies in the transformation of accounting and control. Practical value. The research results can be used to improve the organization of accounting and control of electronic commercial operations at enterprises of various scales, particularly to enhance the efficiency of e-commerce management through the implementation of modern information technologies that ensure automation, integration, and digitalization of accounting processes. The developed theoretical and methodological approaches enable enterprises to optimize financial performance, improve the quality of management decisions, ensure a higher level of cybersecurity of accounting data, and strengthen the analytical capabilities of the control system. The practical value is also reflected in the fact that the proposed concept of integrating accounting-control instruments provides a foundation for enterprises to adapt to global changes accompanying the development of e-commerce, while supporting the formation of strategies for the continued digital transformation of trade process management. Key words: accounting, integration, control, information technologies, information trends, e-commerce, electronic trade, digital economy.
ACCOUNTING AS A TOOL FOR FINANCIAL LITERACY: CHALLENGES FOR ECONOMIC EDUCATION
Svynous I.V., Turzhanskyi V.A., Khoma D.M. ACCOUNTING AS A TOOL FOR FINANCIAL LITERACY: CHALLENGES FOR ECONOMIC EDUCATION Purpose. The aim of the article is to determine the role of accounting in the formation of financial literacy, to substantiate its importance for personal and professional development, and to outline the main challenges facing economic education in Ukraine in the process of integration into the global educational and economic space. Methodology of research. The article uses a bunch of general scientific and special methods of cognition. Methods of analysis and synthesis are used to reveal the essence of accounting as a tool for building financial literacy and figuring out its place in the economic education system. The comparative method made it possible to compare international and domestic experience in teaching accounting disciplines and integrating them into educational programmes. A structural and logical approach was used to systematise contemporary challenges and trends in the development of accounting education. In addition, elements of statistical analysis and content analysis of educational documents and scientific publications were used to assess the effectiveness of educational practices in the context of improving financial literacy. Findings. The study showed that accounting is an important tool for developing financial literacy, as it provides practical knowledge of financial management and economic decision-making. It was found that the integration of accounting disciplines into educational programmes increases students' ability to navigate financial flows and critically evaluate economic information. A comparison of international and Ukrainian experience indicates the need to adapt educational practices to the requirements of the globalised market. It has been established that the key challenges remain the digitisation of accounting, updating the content of disciplines and preparing teachers for new educational approaches. Overall, the results confirm that the modernisation of accounting education is a necessary condition for improving the financial literacy of young people and strengthening economic education in Ukraine. Originality. The article substantiates for the first time the role of accounting as a systemic tool for improving the financial literacy of students of economics. An integrative approach is proposed, which involves combining traditional accounting disciplines with digital technologies and innovative educational practices. The essence of financial literacy in the context of economic education is clarified, with an emphasis on practical competencies in the analysis and management of financial flows. Specific challenges for the Ukrainian higher education system related to adaptation to international standards and digitalisation are identified. The conceptual foundations for improving accounting curricula as a basis for increasing the competitiveness of graduates in the global labour market are formulated. It was found that the key challenges remain the digitalization of accounting, updating the content of disciplines, and training teachers for new educational approaches. Overall, the results confirm that the modernization of accounting education is a necessary condition for increasing the financial literacy of young people and strengthening economic education in Ukraine. Practical value. The obtained results have practical significance for improving accounting curricula in higher education institutions with an economic profile. The proposed approaches can be used in the development of courses and teaching materials aimed at developing students' financial literacy. The results can be used by teachers, university administrations and educational policy bodies to improve the quality of economic education. Key words: accounting; financial literacy; economic education; accounting training; digitalisation; educational programmes; competencies; financial stability.
DATABASES AS EMERGING ASSETS: CONCEPTUAL PRINCIPLES AND CHALLENGES OF REFLECTION IN ACCOUNTING AND REPORTING
Brukhanskyi R.F., Spilnyk I.V., Spilnyk P.M. DATABASES AS EMERGING ASSETS: CONCEPTUAL PRINCIPLES AND CHALLENGES OF REFLECTION IN ACCOUNTING AND REPORTING Purpose. The aim of the article is to study the conceptual principles, analyse the problematic aspects and challenges of recognizing, assessing and reflecting of databases as emerging assets of the digital economy in the accounting and reporting system. Methodology of research. The work uses a set of general scientific cognition methods (observation – to assess the role of databases in the modern economy; comparison – to identify the differences between databases and other intangible assets; generalization and systematization – to identify the essential characteristics of databases as accounting objects; formulation of conclusions from the conducted research; logical and cause-and-effect analysis to identify problematic aspects of accounting recognition and disclosure of information in reporting, as well as a critical review of current regulatory legal acts, the practice of their application and scientific publications related to the problem) based on a deductive approach. In general, the study is of a theoretical and analytical nature and was carried out using desk methods, which allowed us to make certain generalizations and substantiate proposals for improving standardization, developing the theory and improving the practice of accounting and reporting. Findings. The role of databases in the realities of the modern economy was analysed in order to achieve the specified goal; the advantages and main essential characteristics associated with them were systematized; based on the results of comparison with other intangible assets, their fundamental differences were revealed. In the course of studying and critically examining the norms regulating the accounting of documents, the current practice of displaying databases in the accounting and reporting system, as well as publications of scientists and practitioners related to the problem, based on logical and cause-and-effect analysis, a number of problematic aspects were identified for recognizing databases as independent accounting objects, which lead to further challenges in the possible application of accounting procedures to them. Based on the sources studied, the possibilities of applying different approaches to assessing the value of data assets were analysed and a comparative assessment of scenarios for choosing its methods was carried out, taking into account the economic context (the reason for its implementation). The logical conclusion of the consideration about the imperfection of traditional accounting approaches to atypical new objects was summarized in the article. The possible options for its elimination were proposed and prospects for further scientific exploration were identified. Originality. The work is a new contribution to the conceptual substantiation of databases as an independent type of new intangible assets that have specific features compared to traditional accounting objects. For the first time, the essential characteristics of databases as an economic resource were systematized, their key differences from other intangible assets were determined, and problematic aspects of their recognition and reflection in financial reporting were identified. Based on a critical analysis of accounting regulatory documents and related publications, the methodology for accounting for databases was improved, in particular by differentiating methods for their assessment according to the purposes of use and economic context. The problematic aspects identified during the study and possible further challenges for the relevant reflection of new digital assets have led to a proposal for the need to develop separate special or radical revision of the current accounting and reporting regulatory documents. Practical value. The considered provisions and proposals can be taken into consideration when improving (developing) regulatory documents governing accounting in order to eliminate gaps and ambiguities in the application of accounting standards for the recognition, evaluation and application of accounting procedures for databases, and, consequently, to improve the accounting methodology and improve the information value of financial and other reporting. At the same time, the study contributes to the theoretical substantiation of the development of data asset policy in the practice of corporate governance. Key words: accounting, reporting, databases, data assets, recognition, evaluation, accounting and reporting standards.
THE IMPACT OF THE FOURTH INDUSTRIAL REVOLUTION ON THE DEVELOPMENT OF HUMAN CAPITAL
Shvets A.S. THE IMPACT OF THE FOURTH INDUSTRIAL REVOLUTION ON THE DEVELOPMENT OF HUMAN CAPITAL Purpose. The aim of the article is to identify the system of factors influencing the fourth industrial revolution on the state and development of human capital, as well as to clarify the positive and negative consequences of such an impact. Methodology of research. The study is based on the use of methods of analysis and synthesis, grouping and classification, with the help of which technological, economic, institutional, social and psychological and environmental factors of the influence of the fourth industrial revolution on the characteristics of human capital were identified. The use of generalization methods made it possible to substantiate the positive and negative consequences of the influence of these factors on human capital. Findings. On the basis of a systemic approach, the need of allocation of technological, economic, social and psychological, institutional and environmental factors that determine the impact of the fourth industrial revolution on human capital has been proven. It has been substantiated that the impact of technological factors on human capital is manifested in the intellectualization of labour, personalization of the learning process, physical expansion of opportunities and extension of the period of professional activity of a person, acquisition and improvement of professional knowledge, skills and abilities, formation of global mobility and joint creativity, restoration of working capacity and health. It has been shown that the impact of economic factors is accompanied by an increase in the wage gap, structural changes in employment, differentiation of demand in the labour market for specialists of different qualifications, increased innovative activity of enterprises, transformation of employment models and management models, changes in the cost and investment in training and regional competition for talents. Institutional conditions of the formation and implementation of human capital characteristics determine the influence of institutional factors, and the role of environmental factors is characterized through the transformation of the work environment and the formation of "green" skills. Social and psychological factors of influence transform people's lifestyle and communication, and also form conditions for inclusive activity. Originality. The scientific novelty lies in the isolation of a system of interconnected technological, economic, institutional, social and psychological and environmental factors of the influence of the fourth industrial revolution on the characteristics of human capital. Unlike previous studies, it is proposed to consider social and psychological and environmental factors as independent factors of such influence. Practical value. The results obtained can be used by state authorities for programs aimed at the development of human capital. Key words: human capital, the fourth industrial revolution, new technologies, digitalization, education, skills, innovations, labour market.
UNRELIABILITY OF INFORMATION IN THE DIGITAL SPACE AS A CHALLENGE TO ARTIFICIAL INTELLIGENCE IN THE PROCESS OF RISK MANAGEMENT
Schuchmann V.А. UNRELIABILITY OF INFORMATION IN THE DIGITAL SPACE AS A CHALLENGE TO ARTIFICIAL INTELLIGENCE IN THE PROCESS OF RISK MANAGEMENT Purpose. The aim of the article is to investigate the impact of unreliable information and disinformation flows in the digital environment on the efficiency of using artificial intelligence in the enterprise risk management system, as well as to substantiate multi-level approaches to data verification in order to improve the quality of strategic management decisions. Methodology of research. A combination of general scientific and special methods was applied in the research process. System analysis was used to structure information threats; analysis and synthesis ‒ to establish the relationship between data quality and algorithmic errors; graphic modelling ‒ to display the logic of risk escalation; methods of generalization and classification ‒ to organize tools for reducing information risks. Findings. Key threats of the digital information environment affecting the reliability of decisions formed using artificial intelligence are identified. It is proved that these threats have an external nature related to the manipulation of information flows, and an internal one conditioned by the peculiarities of generative models' operation. It is substantiated that data distortion triggers a chain reaction of risks, which manifests in assessment errors at the operational level and leads to strategic miscalculations in the long-term development of the enterprise. A conceptual model of risk minimization is proposed, which involves a combination of preliminary data verification, interpretation of algorithm results, and mandatory expert assessment of management decisions. Originality. The theoretical substantiation of ensuring information reliability in AI-based risk management systems has received further development. A multi-level classification of data verification methods according to their processing stages is proposed, and a model of the cascade transformation of information distortions into strategic losses of the enterprise is developed. Practical value. The research results can be used in the activities of enterprises to improve decision support systems, reduce financial losses from disinformation, and increase the resilience of strategic management in conditions of digital uncertainty. Key words: artificial intelligence, efficiency, digital economy, information unreliability, AI hallucinations, Explainable AI, strategic management, data verification.
STRATEGIC MODEL OF MULTI-LEVEL MANAGEMENT OF SUSTAINABLE DEVELOPMENT OF UKRAINE'S NATIONAL ECONOMY BASED ON BENCHMARKING
Kramarchuk S.P., Krysko Zh.L. STRATEGIC MODEL OF MULTI-LEVEL MANAGEMENT OF SUSTAINABLE DEVELOPMENT OF UKRAINE'S NATIONAL ECONOMY BASED ON BENCHMARKING Purpose. The aim of the article is to substantiate and develop the strategic model of multilevel governance for the sustainable development of Ukraine’s national economy based on benchmarking, which ensures the coherence of economic, environmental, and social goals at the macro-, meso-, and micro-levels of governance, taking into account national and regional development specificities. Methodology of research. General scientific and special methods were used in the course of the study: induction and deduction – to generalize statistical and analytical information and identify patterns of sustainable development at the macro-, meso-, and micro-levels; analysis and synthesis – to examine modern approaches to multilevel governance and integrate benchmarking into the system of strategic management; the abstract and logical method – for theoretical generalization and formulation of the authors’ conclusions; the systemic approach – to consider the national economy as an integrated multilevel system; the comparative method (benchmarking) – for the comparative assessment of Ukraine’s sustainable development indicators against international and national benchmarks; and the graphical method – to visualize the research results. Findings. The study substantiates the necessity of transitioning from fragmented management of sustainable development to a systemic multilevel model based on benchmarking. A scheme of interrelations and mutual influences between the macro-, meso-, and micro-levels of the economy is developed, reflecting vertical and horizontal linkages as well as feedback mechanisms. A strategic model of multilevel governance of sustainable development is proposed, the key characteristics of which are structured according to goals, indicators, benchmarking objects, implementation instruments, governance mechanisms, and digital technologies. It is proven that the systematic application of benchmarking enhances the validity of managerial decisions, facilitates the identification of best practices, and ensures the adaptability of economic policy. Originality. A strategic integrated model of multilevel governance for the sustainable development of Ukraine’s national economy has been developed, in which benchmarking is considered a key instrument for coordinating and synchronizing goals at the macro-, meso-, and micro-levels. The approach to multilevel governance of sustainable development has been improved by integrating indicator systems, feedback mechanisms, and digital technologies into a unified management model. Practical value. The proposed model can be used by public authorities, regional administrations, and business entities in the formulation, monitoring, and adjustment of sustainable development strategies, as well as for the development of national and regional sustainability indicator systems, the improvement of corporate ESG strategies, and the enhancement of governance effectiveness in managing Ukraine’s post-war economic recovery processes. Key words: sustainable development, multilevel governance, benchmarking, national economy, macro-, meso-, and micro-levels, ESG, strategic management.
ECONOMIC DETERMINANTS OF THE DIGITALIZATION OF LOGISTICS PROCESSES IN GLOBAL SUPPLY CHAINS
Panasyuk V.M., Bobrivets V.V. ECONOMIC DETERMINANTS OF THE DIGITALIZATION OF LOGISTICS PROCESSES IN GLOBAL SUPPLY CHAINS Purpose. The aim of the article is to identify and systematize the economic determinants of the digitization of logistics processes in global supply chains and to substantiate their impact on investment decisions and the effectiveness of logistics activities. Methodology of research. Structural and logical analysis was applied to build the research framework and develop a conceptual model. Analytical and comparative analysis, deduction, and synthesis were used to generalize approaches to logistics digitalization and systematize digital tools (SCM/ERP integration, WMS, TMS, IoT, tracking and tracing, e-document workflow, data analytics). Classification and structuring methods were employed to identify groups of economic determinants and propose assessment indicators. Tabular and visualization methods were used to present the findings in summary tables and a conceptual scheme. Findings. The study substantiates that logistics digitalization in global supply chains is an economically driven transformation, and its performance depends on the cost structure of logistics, transaction costs, investment capacity, scale of operations, competitive pressure, institutional and regulatory conditions, and the level of digital infrastructure. The economic effect is primarily achieved through reductions in operational and transaction costs, shorter logistics cycle time, increased transparency and controllability of flows, lower losses from disruptions, and improved service. Sustainable positive outcomes are more likely under comprehensive implementation with data integration, process standardization, and analytics-supported decision-making, whereas fragmented initiatives often fail to deliver the expected payback. Originality. The study further develops the approach that conceptualizes logistics digitalization as a systemic managerial decision determined by a set of economic factors, and proposes a conceptual model linking economic determinants, the choice of digital tools, mechanisms of economic impact, and performance outcomes in global supply chains. Practical value. The proposed systematization of determinants and indicators can support firms in substantiating investments in digital logistics solutions, setting transformation priorities, and assessing economic feasibility. The findings may also inform public policy aimed at developing digital infrastructure, standardizing data exchange, and promoting paperless procedures to strengthen supply chain competitiveness and resilience. Key words: logistics, logistics process, economic determinants, efficiency, economic development, development, digital transformation, digitalization, digital economy.
CURRENT CHALLENGES IN AUDIT QUALITY MANAGEMENT WITHIN THE EUROPEAN REGULATORY FRAMEWORK: A COMPARATIVE ASSESSMENT AND DIRECTIONS FOR FURTHER IMPROVEMENT
Haievskyi O.O. CURRENT CHALLENGES IN AUDIT QUALITY MANAGEMENT WITHIN THE EUROPEAN REGULATORY FRAMEWORK: A COMPARATIVE ASSESSMENT AND DIRECTIONS FOR FURTHER IMPROVEMENT Purpose. The aim of the study is to examine and systematize the key deficiencies of quality management systems based on an analysis of reports issued by public oversight bodies for audit activities in the EU countries and Ukraine, in order to identify common and distinctive problems faced by audit firms and to assess the frequency of their occurrence. Methodology of research. The study employs methods of analysis and synthesis to generalize typical deficiencies of quality management systems; comparative analysis to examine the structure of violations across different countries; a structural and functional approach to develop a maturity matrix of oversight reporting; and content analysis to process official reports of regulators for 2023-2024. The methodological framework of the research is grounded in the International Standards on Quality Management. Findings. It is substantiated that in countries with developed audit markets, the predominant share of deficiencies relates to the conceptual design of quality management systems. A transformation in the structure of deficiencies in Ukraine has been identified, marked by a shift of focus toward the “Engagement Performance” component. National specificities of regulatory oversight priorities across seven European countries have been analysed. The existence of a dichotomy in external quality control approaches – preventive and transactional – has been demonstrated. Key directions for enhancing the effectiveness of quality management systems in the context of Ukraine’s integration into the European regulatory framework have been summarized. Originality. A dichotomy of approaches to external oversight of audit quality has been established, which allows us to systematically explain the differences between the preventive model of developed economies and the transactional model of developing countries. The theoretical substantiation of quality management systems as a key object of regulatory control under the implementation of ISQM 1 and ISQM 2 has been further developed. The approach to assessing the reporting of public oversight bodies has been improved through the development of a comparative maturity matrix. Practical value. The obtained findings may be used by public oversight bodies, audit firms, and professional audit organizations to enhance quality management systems, adapt internal policies and procedures to the requirements of ISQM 1, and improve the effectiveness of external oversight. Key words: audit quality, audit quality management, quality management system, external oversight, International Standards on Quality Management.
International Standards on Quality Management
ACCOUNTING AND LEGAL REGULATION OF AGRICULTURAL BUSINESS ACTIVITIES DURING THE PERIOD OF EMERGENCY SITUATIONS
Bryk M.M., Petruk A.R., Shnyrko A.M. ACCOUNTING AND LEGAL REGULATION OF AGRICULTURAL BUSINESS ACTIVITIES DURING THE PERIOD OF EMERGENCY SITUATIONS Purpose. The aim of the article is to study and analyse the regulatory and legal support for the activities of agrarian business and the organization of accounting in conditions of emergency situations. Methodology of research. General scientific and special methods of cognition were used in the course of the study: analysis and synthesis – to generalize the provisions of regulatory legal acts and scientific approaches to the regulation of agricultural activities; the systematic method – to consider agricultural legislation as a complex field of legal regulation; monographic method – to interpret the norms of current legislation; comparative legal method – to compare national and international approaches to regulating the activities of agricultural enterprises in emergency situations; generalization method – to form conclusions on ways to improve legal support and organization of accounting in crisis conditions. A structural and logical approach was used to the formation of accounting procedures and management strategies during times of crisis. Findings. The key provisions of legislative regulation of agribusiness activities in emergency situations are outlined, and its problematic aspects and shortcomings are identified. The need to improve the accounting and analytical support of agricultural enterprises is substantiated, in particular with regard to documenting losses, inventorying assets, preparing financial statements, and interacting with government authorities. The main directions of legal and financial support for the functioning of agribusiness in crisis conditions are established, in particular, mechanisms of state support, risk insurance, specialized accounting, and reporting. The necessity of improving the regulatory and legal framework, harmonizing it with international standards, introducing modern information technologies, and developing a system of internal and external auditing to increase the sustainability of agricultural enterprises is substantiated. Originality. Theoretical approaches to understanding accounting and legal support for agribusiness in crisis conditions have been improved by clarifying the structure of accounting procedures during emergencies and arguing for the need to form an integrated system of regulatory control, documentation, and information and analytical support. Unresolved issues have been identified, including the lack of a comprehensive regulatory mechanism, the lack of unified documentation standards, and insufficient digitization of accounting processes. Practical value. The results of the study can be used by agricultural enterprises to organize accounting in crisis situations, develop internal response procedures, substantiate applications for state support, and improve regulatory and legal acts in the field of agricultural business regulation. The proposed strategies increase the resilience of enterprises and contribute to the timely restoration of their production potential. Key words: agricultural business; emergencies; accounting; regulatory and legal regulation; financial security; management strategies; state support; risks; accounting and analytical support.
FORENSIC ECONOMIC EXPERTISE IN THE CONTEXT OF THE INVESTIGATION OF ECONOMIC CRIMES BY LAW ENFORCEMENT AUTHORITIES IN THE CONDITIONS OF GLOBALISATION OF ECONOMIC RELATIONS
Horlachuk О.А. FORENSIC ECONOMIC EXPERTISE IN THE CONTEXT OF THE INVESTIGATION OF ECONOMIC CRIMES BY LAW ENFORCEMENT AUTHORITIES IN THE CONDITIONS OF GLOBALISATION OF ECONOMIC RELATIONS Purpose. The aim of the article is to analyse the development of forensic economic expertise in the context of the investigation of economic crimes by law enforcement agencies in the context of the globalization of economic relations and to determine probable scenarios for its development in the future. Methodology of research. The theoretical and methodological basis of the work is based on the scientific works of specialists in the field of economics and regulatory legal acts. General scientific methods were applied to achieve the set goal, in particular analysis and synthesis, generalization – to identify conditions that affect the development of forensic economic expertise in the context of economic globalization; abstract and logical method – to formulate conclusions and recommendations. Findings. The key aspects of financial and economic globalization, which occupies a dominant position among the types of globalization, are considered. The stages of development of this process and the changes that it introduces into the activities of forensic economic expertise are analysed. Attention is drawn to the complication of economic violations that arise in the context of globalization processes, and to the growing need to involve economic specialists in their investigation. It was determined that the implementation of international standards in the field of forensic examination is limited by the influence of certain endogenous factors (in particular, the characteristics of national economies, the level of development of countries and property relations), which significantly affect the harmonization process. Originality. The study introduces new approaches to understanding the transformation of forensic economic examination in the context of globalization of economic relations. The impact of global economic changes on the functioning of forensic economic examination is analysed and the main factors limiting the integration of international standards into national legal systems are identified. Practical value. The results of the study may be useful for improving the mechanisms for harmonizing national forensic expert practices with international standards. The proposed endogenous factors determining the development of forensic economic examination can be taken into account when developing national strategies and policies in this area. Key words: globalization of economic relations, forensic economic examination, international economic standards, transnational corporations, integration, harmonization of legislation.
THE ROLE OF DIGITAL TECHNOLOGIES AND INTEGRATED INFORMATION SYSTEMS IN THE DEVELOPMENT OF ACCOUNTING AND ANALYTICAL SUPPORT FOR STRATEGIC MANAGEMENT
Radelytskyy Yu.О., Hrushytskyi O.М. THE ROLE OF DIGITAL TECHNOLOGIES AND INTEGRATED INFORMATION SYSTEMS IN THE DEVELOPMENT OF ACCOUNTING AND ANALYTICAL SUPPORT FOR STRATEGIC MANAGEMENT Purpose. The aim of the article is to substantiate the role of digital technologies and integrated information systems in the transformation of accounting and analytical support for strategic management and to determine the directions of its development in the conditions of the digital economy, post-crisis and post-war recovery, taking into account the need to increase the transparency of management decisions, the efficiency of resource use and the reduction of information asymmetries. Methodology of research. The research methods were applied consistently in accordance with the logic of revealing the transformation of accounting and analytical support for strategic management in the context of the digitalisation of the economy. A systematic approach was used to substantiate accounting and analytical support as an integrated multidimensional system that combines accounting, analytical, control, and information and communication management elements and operates within a single digital environment based on the interaction of ERP, BI, cloud technologies, Big Data, and artificial intelligence. Methods of abstraction and logical generalisation are used to form theoretical propositions regarding the transformation of accounting and analytical support from a retrospective tool for recording business transactions into a proactive system for supporting strategic management and risk management. Comparative analysis is used to compare the traditional model of accounting and analytical processes with the digital model of integrated information systems, in particular when assessing the transition from periodic reporting to continuous monitoring of indicators, from fragmented information flows to integrated digital platforms. Findings. It is shown that digital technologies, integrated ERP systems, BI platforms, cloud solutions, Big Data, and artificial intelligence are radically transforming accounting and analytical support for management, ensuring the continuity of information flows, the integration of financial, managerial, and non-financial data, as well as increasing the efficiency and analytical depth of management decisions. It is substantiated that integrated information systems transform accounting and analytical support from a retrospective mechanism for recording past results into a proactive system for supporting strategic planning, risk management, and assessment of the financial stability of enterprises and organisations. Key areas for improving the regulatory framework for digital processes have been identified, including the integration of accounting and analytical systems with state registers, the unification of data formats, and the introduction of internal regulations on information security and the distribution of responsibilities. Originality. A multidimensional approach to the development of accounting and analytical support for strategic management has been improved, integrating ERP, BI, cloud technologies, Big Data and artificial intelligence into a single information space, through the normatively substantiated integration of accounting systems of enterprises and institutions with state electronic registers and information resources based on unified data formats and inter-system interaction protocols; expansion of the functionality of accounting and analytical systems from retrospective recording of transactions to continuous monitoring, forecasting and scenario modelling of management decisions; combining financial and non-financial indicators (in particular ESG indicators) within integrated analytical platforms; introducing risk-oriented analytics and tools for automated internal control and continuous auditing. Practical value. The proposed approaches and tools can be used by enterprises, public authorities and local communities to improve the effectiveness of strategic planning, optimise resources, increase financial stability and adaptability to post-crisis and post-war challenges. They lay the foundation for the development of a transparent and integrated digital management environment, ensuring the reliability and completeness of analytical information, and increasing the level of trust in management decisions. Key words: accounting and analytical support, analysis, information systems, strategic management, digital technologies.
ANALYTICAL SUPPORT FOR FORECASTING INSURANCE MARKET DEVELOPMENT BASED ON THE EVALUATION OF INSURANCE PORTFOLIOS AND CLUSTERING OF INSURERS
Kozhan S.V. ANALYTICAL SUPPORT FOR FORECASTING INSURANCE MARKET DEVELOPMENT BASED ON THE EVALUATION OF INSURANCE PORTFOLIOS AND CLUSTERING OF INSURERS Purpose. The aim of the article is to substantiate an approach for the analytical support of forecasting the development of the Ukrainian insurance market based on the assessment of the quality of insurance portfolios and the clustering of insurers, combining a theoretical generalization of market structuring approaches with practical recommendations for forecasting and risk management. Methodology of research. The work uses a set of scientific methods: generalization of theoretical approaches (integration of domestic and foreign experience in analytical support for the development of the insurance market), statistical analysis (assessment of the scale of activity, risks and profitability of insurers), comparison of performance indicators (identification of market leaders and adequacy of tariff policy), correlation analysis (study of the relationship between the level of payments and profit margins of insurers), hierarchical clustering method (AHC) (allocation of homogeneous groups of non-life insurers and insurers of compulsory motor third party liability insurance according to insurance premiums, level of payments and profit margins). Findings. A clear structure of the non-life insurers market and the segment of compulsory motor vehicle liability insurance were identified, and clusters of companies with different levels of risk and financial stability were highlighted. It was shown that companies’ financial results depend more on the efficiency of expense management and investment activities than on pure loss ratios. The combination of statistical analysis and clustering enables forecasting companies’ stability and determining effective tariff policies. Originality. A comprehensive approach to analytical support for insurance market forecasting was developed, integrating the theoretical generalization of insurer performance assessment methods with practical tools for clustering and risk analysis. It was demonstrated that combining classical statistical methods with market structuring improves the accuracy of forecasting models and allows accounting for the internal heterogeneity of insurers. Practical value. The proposed approach provides a basis for managerial decision-making: portfolio optimization, tariff and underwriting adjustments, forecasting financial stability, enhancing the efficiency of risk-oriented regulatory oversight, and market segmentation for investors. The results allow for combining an analytical framework with practical application under the real conditions of the Ukrainian insurance market. Key words: insurance market, cluster analysis, financial stability, insurance portfolios, tariff policy, forecasting, compulsory motor third party liability insurance, risk, market structuring.
compulsory motor third party liability insurance
FINANCIAL SUPPORT FOR THE DEVELOPMENT OF LOCAL COMMUNITIES IN DEVELOPED COUNTRIES: IMPLEMENTATION IN DOMESTIC PRACTICE
Uhryn A.P. FINANCIAL SUPPORT FOR THE DEVELOPMENT OF LOCAL COMMUNITIES IN DEVELOPED COUNTRIES: IMPLEMENTATION IN DOMESTIC PRACTICE Purpose. The aim of the article is to summarise and systematise international experience in financial support for the development of local communities in developed countries and to substantiate the directions for its implementation in domestic practice, taking into account the tasks of strengthening the revenue base of local budgets in Ukraine, increasing the institutional stability of communities and ensuring their sustainable development in the context of post-war recovery and budget decentralization. Methodology of research. The methodological basis of the study is the systemic and institutional approaches, which made it possible to consider local finances as a complex multi-level system in which budgetary, tax, and transfer mechanisms interact within the current institutional environment. In the process of research, comparative analysis methods were used to compare models of local finance organization and mechanisms of fiscal decentralization in different countries, logical generalization to form theoretical conclusions and conceptual provisions, as well as structural and functional analysis to identify the role of individual elements of the budget system in ensuring the financial autonomy of local self-government. Thus, the research methodology is based on a comprehensive combination of modern theoretical and methodological approaches to analysing the functioning of the public finance system in decentralized conditions. The theoretical basis of the work is formed by the provisions of the theory of fiscal federalism, which reveal the patterns of distribution of revenue and expenditure powers between levels of government, the concept of tax autonomy of territorial communities, as well as scientific approaches to inter-budgetary equalization as a tool for ensuring financial capacity and balanced regional development. Findings. It has been established that the effectiveness of financial support for local communities is determined by a balanced combination of tax autonomy, stable own and fixed revenues, as well as effective mechanisms of vertical and horizontal financial equalisation. The institutional features of decentralised, cooperative and centralised models of local finance, their impact on the financial stability of communities and the quality of public services are revealed. It is substantiated that Ukraine's priorities are: strengthening the role of personal income tax and property tax in local budget revenues, improving formula equalisation based on European models, developing municipal investment and project financing instruments, and integrating international aid into the local finance system while maintaining budgetary discipline. The obtained results correspond to the tasks of improving the effectiveness of community’s information and communication resources and strengthening the financial capacity of territories. Originality. International models of financial support for territorial communities have been systematised through the prism of combining tax autonomy and solidarity mechanisms; adaptation guidelines for Ukraine have been substantiated, combining the expansion of communities' own revenue base with the improvement of inter-budgetary relations and the strengthening of the financial responsibility of local self-government bodies. Practical value. The proposed approaches can be used by public authorities and territorial communities of Ukraine to form a sustainable revenue policy, optimise the financial equalisation system, plan development investments and improve the quality of budget management. The research results are relevant to scientific and practical tasks of improving local budget revenue management and introducing strategic risk management into community activities. Key words: financial support for local communities, fiscal decentralization, local budgets, tax autonomy, inter-budgetary relations, financial equalisation, post-war recovery.
DEVELOPMENT OF SCIENTIFIC VIEWS ON THE MANAGEMENT OF AN ENTERPRISE’S EQUITY CAPITAL
Trynchuk V.V., Zelenytsa I.M., Boyko O.V. DEVELOPMENT OF SCIENTIFIC VIEWS ON THE MANAGEMENT OF AN ENTERPRISE’S EQUITY CAPITAL Purpose. The aim of the article is to provide a comprehensive analysis of the evolution of scientific approaches to enterprise equity capital management, from classical economic concepts to modern corporate finance theories, and to identify key trends and practical guidelines for financial management in a market economy. Methodology of research. General scientific and special research methods were used in the process of research, including the historical and logical method to examine the development of theoretical approaches; analysis and synthesis to generalize the provisions of classical and modern financial theories; the comparative method to compare alternative capital structure concepts; and a systemic approach to determine the role of equity capital within the enterprise financial management system. Findings. The article systematizes scientific views on enterprise equity capital management and reveals the content and significance of major capital structure theories, including the Modigliani–Miller theorem, trade-off theory, pecking order theory, agency theory, and market timing theory. The results demonstrate that there is no universal optimal capital structure, as the proportion of equity and debt capital is shaped by tax, informational, agency, and behavioural factors. Originality. The systematization of theoretical approaches to enterprise equity management has been improved by integrating classical economic concepts and modern corporate finance theories into a coherent logical model that allows for comprehensive consideration of tax, information, agency, and behavioural factors in capital structure formation. The theoretical justification for the absence of a universal optimal capital structure has been further developed by specifying the impact of the institutional environment, macroeconomic instability, and the peculiarities of enterprise functioning in Ukraine's transitional economy. Practical value. The findings can be applied in the practice of enterprise financial management when developing equity capital management policies, dividend strategies, and target capital structure benchmarks aimed at enhancing financial stability and business value. Key words: equity capital, capital structure, financial management, trade-off theory, pecking order theory, agency costs, market timing.
PRAGMATICS OF FISCAL DECENTRALIZATION IN THE CONTEXT OF FORMING LOCAL BUDGET REVENUES IN UKRAINE
Valihura V.A., Odaiskyi O.B., Vakulich I.P., Soroka M.V. PRAGMATICS OF FISCAL DECENTRALIZATION IN THE CONTEXT OF FORMING LOCAL BUDGET REVENUES IN UKRAINE Purpose. The aim of the article is to identify the prerequisites for the reform of fiscal decentralization in Ukraine, highlight individual stages of its implementation and assess the impact on the formation of local budget revenues. Methodology of research. The research process involved the use of general scientific and special methods of cognition, in particular analysis and synthesis, induction and deduction, systemic, structural and functional approaches. To assess the fiscal effects of the reform, comparative and dynamic analysis methods were used, as well as statistical methods for processing official data from the Ministry of Finance of Ukraine and the state budget web portal for citizens. The phasing of fiscal decentralization was substantiate using an institutional approach and elements of the concept of fiscal federalism. Findings. The article proves that fiscal decentralization reform in Ukraine had an uneven fiscal effect in the short term, but in the long term contributed to the growth of financial independence of local budgets. It has been established that in 2011–2014, the revenue base of local budgets was characterized by high dependence on interbudgetary transfers and the limited role of local taxes. The introduction of the reform in 2015 was accompanied by a temporary decrease in the share of own revenues due to the revision of personal income tax (PIT) crediting standards, but in 2016–2019, there was a gradual strengthening of the tax capacity of communities. It has been substantiated that the sharp reduction in official transfers in 2020 and 2022 was due to the completion of the administrative and territorial reform, the COVID-19 pandemic and the transition of the budget system to functioning under martial law. Originality. A comprehensive analysis of fiscal decentralization was conducted from the perspective of its pragmatic impact on the formation of local budget revenues in the long term. The author proposes an approach to the periodization of fiscal decentralization reform in Ukraine, taking into account institutional changes and crisis factors, and substantiates the relationship between the transformation of interbudgetary relations and the dynamics of tax revenues at the subnational level. Practical value. The obtained results can be used by state authorities and local self-government bodies in the formation of tax and budget policy, the improvement of interbudgetary equalization mechanisms and the development of a post-war strategy for the development of fiscal decentralization. Key words: fiscal decentralization, fiscal federalism, fiscal policy, local budgets, taxes, tax revenues, interbudgetary transfers, territorial communities, personal income tax.
TRANSFORMATION OF THE INSURANCE COMPANY'S RESERVE MANAGEMENT SYSTEM UNDER THE INFLUENCE OF FINANCIAL DIGITALIZATION
Vodolazska O.A., Kyrychenko S.S. TRANSFORMATION OF THE INSURANCE COMPANY'S RESERVE MANAGEMENT SYSTEM UNDER THE INFLUENCE OF FINANCIAL DIGITALIZATION Purpose. The aim of the article is to study the processes of transformation of the insurer's insurance reserve management system under the influence of financial digitalization, to identify the main trends, risks and prospects for the use of FinTech tools in the insurance market of Ukraine. Methodology of research. The research uses methods of analysis and synthesis to generalize theoretical approaches to the management of insurance reserves and determine the impact of financial digitalization on the activities of insurers. Comparative, structural and functional analysis made it possible to compare traditional and digital models of insurance reserve management and to identify their key differences. Findings. It is substantiated that financial digitization significantly changes traditional approaches to managing insurance reserves, providing a transition from static models to dynamic, risk-oriented and algorithmic solutions. A comparative description of traditional and digital models of insurance reserve management was conducted. It has been proven that the introduction of FinTech solutions, big data analytics, artificial intelligence and automated liquidity management systems contributes to increasing the accuracy of reserve calculations, optimizing the structure of assets, increasing liquidity and investment profitability. Originality. The theoretical and methodological provisions regarding the management of insurance reserves were further developed through the formation of the concept of digital transformation of reserves, which is based on the integration of artificial intelligence, algorithmic liquidity management and digital financial control. A generalized model of digital reserve management is proposed, taking into account the requirements of financial stability and regulatory oversight. Practical value. The obtained results can be used by insurance companies to improve the reserve management system, increase liquidity and competitiveness, as well as by regulatory authorities - to develop tools for digital financial supervision. Key words: insurance reserves, financial digitalization, insurance company, reserve management, FinTech, InsurTech, artificial intelligence, liquidity.
FINTECH AS AN INDICATOR OF TRANSFORMATIONS OF THE GLOBAL FINANCIAL LANDSCAPE: TRENDS, CHALLENGES AND POTENTIAL OF UKRAINE
Lutsyshyn O.O., Kravchuk N.Ya. FINTECH AS AN INDICATOR OF TRANSFORMATIONS OF THE GLOBAL FINANCIAL LANDSCAPE: TRENDS, CHALLENGES AND POTENTIAL OF UKRAINE Purpose. The aim of the article is to identify key trends in financial technology and assess their impact on the stability and adaptability of financial systems, particularly in Ukraine, in the context of global transformations. Methodology of research. The study uses an interdisciplinary approach that combines the tools of economic theory, financial analytics, innovation theory, and cybersecurity. The methodological basis consists of methods of scientific generalization and abstraction, content analysis of scientific and analytical sources, as well as the case method for analysing key FinTech trends. A systematic approach and elements of system modelling were used to identify the relationships between FinTech innovations, regulatory changes, and economic stability. The Ukrainian context was studied using comparative, analytical and descriptive methods, which made it possible to assess the specifics of FinTech development in wartime and determine its potential for post-war recovery and integration into the global financial space. Findings. Financial technologies (FinTech) were studied as a key indicator of transformations in the global financial landscape in the context of the digitalization of the world economy. It is substantiated that the dynamic development of FinTech innovations is changing traditional models of financial intermediation, the architecture of financial markets, and approaches to regulation, while creating new opportunities and risks for the economic development of states. The main global trends in the transformation of the global financial landscape are analysed, in particular the development of the Open Banking concept, the spread of central bank digital currencies (CBDCs), the introduction of artificial intelligence technologies in financial services, the growing role of ESG finance, and the strengthening of cybersecurity requirements. It is shown that FinTech is a systemic factor in increasing financial inclusion, payment infrastructure efficiency, and financial transaction transparency, while at the same time highlighting the problems of regulatory fragmentation, data protection and technological dependence. Particular attention is paid to analysing the Ukrainian context of FinTech development in the conditions of full-scale war and the prospects for post-war recovery. It is determined that Ukraine has formed a unique model of digital financial stability based on a high level of digitalization of public and financial services, the development of cashless payments, the adaptability of financial institutions, and innovative solutions in the field of cyber security. The potential of FinTech as a tool for economic recovery, attracting investment, expanding access to financial services for the population and businesses, and harmonizing financial regulation with European standards is substantiated. Originality. It has been proven that FinTech goes beyond a purely technological phenomenon and is becoming a strategic element of Ukraine's economic stability, competitiveness, and integration into global financial processes. It has been concluded that the effective realization of FinTech potential requires coordinated action by the state, the financial sector, and international partners in the areas of regulatory development, cybersecurity, innovation support, and human capital development. Practical value. The research has significant practical value, as its results can be used to shape and improve state policy in the field of financial technology development, modernization of the regulatory environment, and enhancement of the financial system's stability. The results can be used by government authorities and regulators in developing strategies for the digitalization of the financial sector, by financial market participants in implementing innovative FinTech solutions and managing risks, and in the scientific and educational process in training specialists in finance, economics, and digital technologies. Key words: financial technologies, FinTech, global financial landscape, Open Banking, central bank digital currencies (CBDC), artificial intelligence, cybersecurity, ESG finance, digital transformation, financial inclusion, economic stability.
RISK-BASED APPROACH TO MANAGING THE PRODUCTION AND ECONOMIC ACTIVITIES OF AGRICULTURAL ENTERPRISES IN THE MODERN INSTITUTIONAL ENVIRONMENT
Paska I.M., Hrynchuk Yu.S., Artimonova I.V., Nianko V.M. RISK-BASED APPROACH TO MANAGING THE PRODUCTION AND ECONOMIC ACTIVITIES OF AGRICULTURAL ENTERPRISES IN THE MODERN INSTITUTIONAL ENVIRONMENT Purpose. The aim of the article is to substantiate a risk-oriented approach to managing the production and economic activities of agricultural enterprises, taking into account the influence of the modern institutional environment and determining its importance for increasing the adaptability and economic sustainability of agrarian business. Methodology of research. General scientific and special methods of economic research were used in the process of research, in particular analysis and synthesis – to generalize the theoretical foundations of a risk-oriented approach to managing the production and economic activities of agrarian enterprises in the modern institutional environment. Institutional, systemic, and process approaches were applied to assess the impact of formal and informal institutions, state agrarian policy, and organizational mechanisms on the effectiveness of risk management. Comparative analysis, economic and statistical methods, and generalization of empirical data were used to substantiate the conclusions. Findings. It has been established that risk-based management ensures the integration of risks into the management decision-making system at all levels of the functioning of an agricultural enterprise. At the strategic level, it contributes to a well-founded choice of development directions and diversification of production, at the tactical level – it ensures flexible adjustment of production programs and resource provision, and at the operational level – it is implemented through monitoring of performance indicators and rapid response to deviations. It is substantiated that the systemic integration of a risk-oriented approach contributes to increasing the economic sustainability, competitiveness, and ability of agricultural enterprises to function long-term in the conditions of a transformational economy. Originality. The substantiation of the influence of the institutional environment on the formation of risk-oriented management models has been further developed, which creates the prerequisites for increasing the economic stability and adaptability of agricultural enterprises in the conditions of a transformational and war economy. A systemic approach to integrating institutional factors into the process of making strategic, tactical, and operational management decisions takes into account the multi-level risk structure of the agrarian sector. This allows for increased consistency of management procedures, reduced impact of institutional uncertainty, and allows for a more effective response by enterprises to external shocks. Practical value. A risk-based approach to managing production and economic activities can be used by agricultural enterprises to increase the validity of management decisions in conditions of high uncertainty, in particular, to improve strategic planning, risk management, optimize resource provision, and increase the efficiency of the internal control system of agrarian enterprises. Key words: risk-oriented approach, management of agrarian enterprises, production and economic activity, institutional environment, risk management, economic sustainability, competitiveness, military risks, digitalization of management, strategic planning.
COMPARATIVE ANALYSIS OF INNOVATIVE ACTIVITIES OF ENTERPRISES IN UKRAINE IN THE CONDITIONS OF GLOBALIZATION CHALLENGES
Varyha D.O. COMPARATIVE ANALYSIS OF INNOVATIVE ACTIVITIES OF ENTERPRISES IN UKRAINE IN THE CONDITIONS OF GLOBALIZATION CHALLENGES Purpose. The aim of the article is to conduct a comprehensive analysis of the state, dynamics, and structural features of the innovative activity of enterprises in Ukraine from the perspective of combining macroeconomic, institutional, and microeconomic factors, as well as to assess the compliance of the national innovation trajectory with international indicators of innovative development and competitiveness in the context of military and globalization challenges. Methodology of research. The methodological basis of the study is a set of general scientific and special methods: analysis and synthesis – to generalize theoretical approaches to innovative development; comparative and rating analysis – to assess Ukraine's position according to the Global Innovation Index, the Global Sustainable Competitiveness Index, and the Composite Innovation Index; statistical analysis – to study the dynamics of enterprises' innovation activity, innovation costs, and R&D performance; a systematic approach – to identify the interrelationships between innovation resources, results, and the institutional environment. Findings. It has been established that the innovative activity of Ukrainian enterprises is characterized by wave-like and fragmentary dynamics, high sensitivity to macroeconomic instability and external shocks. A structural gap has been identified between the growth of formal innovation activity and the economic effectiveness of innovations, which manifests itself in the insufficient commercialization of innovative products. It has been proven that, given limited innovation resources, Ukraine demonstrates relative stability in innovation “outputs,” but is held back by the weakness of the institutional environment, infrastructure, and mechanisms for inter-firm cooperation. The positive developments of 2024 are interpreted as an adaptive effect rather than an established sustainable innovation trajectory. Originality. The analytical approach to assessing the innovation activity of enterprises has been improved by combining dynamic analysis of national statistical indicators with international indices of innovation development and competitiveness. Practical value. The results obtained can be used in the formation and adjustment of state innovation policy, the development of programs to support the innovative activity of enterprises, the development of innovative infrastructure and intersectoral cooperation in the conditions of post-war economic recovery in Ukraine. Key words: innovative entrepreneurship, globalization, development trends, state support, digitalization, enterprises, innovation ecosystems, competitiveness, innovative approaches, efficiency, structural transformation of the economy.
structural transformation of the economy
THE ROLE OF PERSONNEL DEVELOPMENT IN FORMING THE STRATEGIC SUSTAINABILITY OF TOURISM ENTERPRISES
Okhota V.I., Huhul O.Ya. THE ROLE OF PERSONNEL DEVELOPMENT IN FORMING THE STRATEGIC SUSTAINABILITY OF TOURISM ENTERPRISES Purpose. The aim of the article is to determine the directions of influence of personnel development on the formation of strategic sustainability of tourism enterprises. Methodology of research. Achieving the goal involved the use of: a review analysis, necessary for a comprehensive study of scientific works devoted to the researched issues; a systematization method, with the help of which a list of areas of personnel development was established that influence the improvement of the formation of strategic sustainability of enterprises in the tourism sector; a comparative analysis, with the help of which the positions of scientists were compared regarding the issues of interdependence of the two components. Findings. The key areas of sustainable development of personnel in tourism sector enterprises are identified, in particular: promoting the formation and improvement of personnel skills, promoting the development of personnel well-being, adaptability and involvement in work. It is proven that these areas contribute to improving the implementation of the goals of strategic sustainability of tourism enterprises. It is determined that such an area as promoting the development of personnel well-being occupies an important place in the formation of strategic development of the tourism sector, which is due to its motivational impact on the activation of employees' efforts to support the development of employer enterprises. It was found that the effective use of the strategic area of promoting the development of personnel well-being is associated with the orientation on the theory of resource conservation, which assumes a direct relationship between labour productivity and the growth of resources invested in personnel development. It is substantiated that the application of the theory of resource conservation is relevant for forecasting intangible and material resources necessary to ensure the growth of personnel sustainability in industry enterprises. It was noted that such an area as promoting the development and improvement of personnel skills is a prerequisite for improving the strategic competitive positions of tourism enterprises, since customer loyalty and satisfaction depend on their formation. Originality. The theoretical support for the composition and characteristics of personnel development directions as elements of forming the strategic stability of tourism enterprises in conditions of uncertainty has been further developed. Practical value of the research results lies in the possibility of using provisions regarding the types and characteristics of personnel development directions that affect the strategic sustainability of tourism enterprises when creating strategic programs for industry entities. Key words: tourism enterprises, strategic sustainability, personnel development, personnel skills, personnel welfare development, labour conservation theory, adaptability, work engagement.
MODERN BUSINESS MODELS OF INNOVATIVE DEVELOPMENT OF ENTERPRISES
Uniiat L.M., Chorna N.P., Chornyi R.S. MODERN BUSINESS MODELS OF INNOVATIVE DEVELOPMENT OF ENTERPRISES Purpose. The aim of the article is to summarize research on modern business models of innovative development of enterprises in the context of increasing globalization, digitalization and transformation of social and economic processes. Methodology of research. General scientific and special methods were used in the research process, in particular: induction and deduction - at the stage of collecting, systematizing and processing the necessary information; analysis and synthesis - when combining various components of modern business models of innovative development of enterprises; dialectical - when learning the nature, content and essence of the business model of innovative development of enterprises; monographic - when studying the scientific experience of the components of modern business models of innovative development of enterprises; abstract and logical - when forming theoretical conclusions, presenting business models of innovative development of enterprises in tabular form. Findings. A generalization of theoretical aspects of modern business models, their classification and further development and impact on the final results in a competitive environment was carried out. It was found that in a competitive environment, it is necessary to clearly organize production in accordance with the requirements of business models of innovative development of enterprises, to carry out coordinated management of them in the direction of innovative improvement of structural restructuring by introducing technological changes in management updating, preparing enterprises for activities in conditions of fierce international competition. Originality. The issue of modern business models aimed at increasing the efficiency and competitiveness of enterprises in conditions of increasing globalization, digitalization and transformation of social and economic processes has received further development. Practical value. The use of the research results will contribute to increasing the economic efficiency of economic activities of enterprises. Key words: innovations, innovative development, business models, innovative activity, competition, digitalization, management, efficiency, profitability of the enterprise.
FORMATION OF AGRICULTURAL ENTERPRISE DEVELOPMENT STRATEGY BASED ON CLIMATE NEUTRALITY PRINCIPLES (CASE STUDY OF IMC AGROHOLDING)
Faichuk O.M., Hryniuk S.V. FORMATION OF AGRICULTURAL ENTERPRISE DEVELOPMENT STRATEGY BASED ON CLIMATE NEUTRALITY PRINCIPLES (CASE STUDY OF IMC AGROHOLDING) Purpose. The aim of the article is to theoretically substantiate and development of a conceptual approach to the formation of agricultural enterprise development strategy based on climate neutrality principles using a complex of strategic analysis tools (PESTEL, SWOT, TOWS, McKinsey/GE) on the example of IMC agroholding. Methodology of research. The methodological basis is the concept of sustainable development and Triple Bottom Line. Methods applied: PESTEL analysis (22 factors) for macro-environment assessment; SWOT analysis of internal potential and external opportunities; TOWS matrix for generating strategic alternatives; McKinsey/GE matrix for investment prioritization. Findings. Three types of development strategies have been identified for climate neutrality: technological modernization (precision farming), energy transformation (decarbonization), market diversification (carbon credits, ISCC). Using PESTEL analysis, a moderately favorable impact of the external environment (3.34 out of 5.00) was identified, with the most important positive factors being the European integration of Ukraine (0.60), the availability of green finance (0.50) and precision farming technologies (0.40). SWOT analysis confirmed the presence of the company's internal potential: land bank of 116 thousand hectares, EBITDA margin >40%, 100% precision farming coverage. TOWS matrix formed 11 strategic initiatives by combining strengths/weaknesses with opportunities/threats. Using the McKinsey/GE matrix, the concentration of investments in precision agriculture (4.7×4.5) and decarbonization (4.5×4.2), which are positioned in the Invest/Grow zone, was substantiated. Originality. For the first time, an integrated approach to agricultural enterprise development strategy formation was developed, combining classical strategic analysis tools with climate parameters under CBAM conditions, which, unlike existing approaches, ensures synergy of economic and environmental goals. Practical value. The methodological toolkit can be used by agricultural enterprises of various scales to form climate-oriented strategies. IMC's Smart Green Strategy experience demonstrates the possibility of combining EBITDA growth >40% with production decarbonization. Key words: development strategy, climate neutrality, PESTEL, SWOT, TOWS, McKinsey/GE, Smart Green Strategy, decarbonization, CBAM, agroholding.
TOOLS FOR IMPROVING THE MANAGEMENT SYSTEM OF ENTERPRISE ENVIRONMENTAL TRANSFORMATION IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT
Kryvokulska N.M. TOOLS FOR IMPROVING THE MANAGEMENT SYSTEM OF ENTERPRISE ENVIRONMENTAL TRANSFORMATION IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT Purpose. The aim of the article is to substantiate the integrated approach and tools for improving the management system of the environmental transformation of the enterprise, taking into account the modern challenges of sustainable development, aimed at increasing its competitiveness and investment attractiveness. Methodology of research. The theoretical and methodological basis of the article is formed by the principles of modern economic science as well as scientific works of domestic and international researchers in the field of sustainable development management and environmental transformation. The methodological basis of the study consists of a systematic approach and systematic analysis, which made it possible to consider the ecological transformation of an enterprise as a multi-component management system; methods of abstraction and logical generalization – to form the author's model of motivational support for the greening of activities; comparative analysis – to compare linear and circular models of economic management. The study employs systemic, structural, and functional analysis to substantiate the management system of enterprise environmental transformation, along with statistical methods to generalize and interpret available quantitative assessments and trends. Findings. From the perspective of a goal-oriented approach, the management system of enterprise environmental transformation is substantiated as an integrated, multi-component, and dynamic managerial system aimed at achieving environmental, economic, and social goals of sustainable development. The key elements of this system are identified, including target, subject–object, institutional–regulatory, organizational–managerial, instrumental, and control–adaptive components, and their functional roles in ensuring the effectiveness of environmental transformation are revealed. It is demonstrated that within environmental transformation, the circular economy should be considered not merely as a set of technological solutions but as a managerial paradigm integrated into the enterprise strategic management system. Originality: for the first time, a multidimensional system of effects of the ecological transformation of an enterprise (ecological, economic, resource, investment, managerial, informational, social and cultural, reputational, strategic and marketing) has been systematized and substantiated, which allows us to consider ecological transformation not as a costly activity, but as a source of creating long-term added value and competitive advantages; It was improved: - methodological approach to the formation of a system for managing the environmental transformation of an enterprise by isolating its structural elements and revealing their functional role in achieving sustainable development goals, which, unlike existing approaches that mainly focus on environmental management as a tool for complying with regulatory requirements or individual management functions, ensures the comprehensive integration of environmental, economic and social goals into a single multi-component and dynamic management system focused on the formation of long-term ecological, economic, managerial and strategic effects; - an approach to substantiation the effectiveness of an enterprise's environmental transformation by establishing a cause-and-effect relationship between the integration of environmental transformation management tools and the formation of a complex ecological, economic and managerial effect, which, unlike existing approaches that mainly record individual results of environmental measures or consider them within the framework of regulatory compliance, allows us to explain the mechanism of the influence of management tools on increasing resource efficiency, reducing environmental risks, increasing investment attractiveness and strengthening the market position of the enterprise. Practical value. The tools proposed in the article for improving the management system of the enterprise's ecological transformation in the context of sustainable development can be used by enterprises of the real sector of the economy as a tool for strategic planning of environmental changes, formation of ESG-oriented management decisions and justification of investments in circular technologies. Their practical implementation creates the basis for increasing resource efficiency, reducing environmental risks, adapting to growing institutional and regulatory requirements, as well as for strengthening the competitive position of the enterprise in domestic and foreign markets in the long term. Key words: sustainable development; management system; enterprise environmental transformation; corporate governance; circular economy; motivational mechanism; investment attractiveness; competitiveness.