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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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.
THEORETICAL ASPECTS OF MANAGEMENT OF INTELLECTUALIZATION OF ENTERPRISE ACTIVITIES IN THE CONDITIONS OF DIGITIZATION
Boіchyk V.Ye., Sobko O.M. THEORETICAL ASPECTS OF MANAGEMENT OF INTELLECTUALIZATION OF ENTERPRISE ACTIVITIES IN THE CONDITIONS OF DIGITIZATION Purpose. The aim of the article is to study the theoretical aspects of managing the intellectualization of an enterprise's activities and substantiate its role in the formation of intellectual capital and ensuring the competitiveness of an enterprise. Methodology of research. The following research methods were used to achieve the set goal, as particular: scientific generalization and systematization, analysis and synthesis, logical abstraction and comparison, which made it possible to specify the conceptual and categorical apparatus of intellectualization of the enterprise's activity and to substantiate the cause-and-effect relationships between intellectualization and intellectual capital. Findings. The theoretical essence of the intellectualization of enterprise activity as a dynamic process of increasing the role of knowledge, intellectual work, innovations and digital technologies in shaping the results of economic activity is revealed. The cause-and-effect relationship between the intellectualization of activity and the formation of intellectual capital of the enterprise is substantiated, according to which intellectualization is the primary process, and intellectual capital is the result and at the same time a factor in the further development of this process. The content of technological knowledge and technological assets of knowledge is clarified; their differences and role in the structure of intellectual capital are defined. It is shown that technological knowledge assets are formed in the process of transforming technological knowledge from an implicit and personified form into a formalized and economically significant one. The importance of cognitive knowledge in the processes of intellectualization of the company's activity is determined, in particular in the context of the formation of mental models, management practices and improving the quality of management decisions. The role of digitization as a factor in accelerating the intellectualization of activity and effective use of the enterprise's intellectual capital is substantiated. Originality. The author's approach to the interpretation of the intellectualization of the company's activity as a process of transformation of cognitive knowledge and technological assets of knowledge into integrated intellectual capital, which is formed in conditions of digitalization, is substantiated. Practical value. The obtained results can be used in the process of managing the intellectualization of enterprise activities, in particular, in the formation and development of intellectual capital, improving the knowledge management system, and making managerial decisions in the conditions of the digital economy. Key words: intellectualization, intellectualization of enterprise activity, intellectual capital, cognitive knowledge, technological assets of knowledge, digitalization, management, intellectualization management, knowledge management.
intellectualization of enterprise activity
FORMATION OF STRATEGIC RESILIENCE OF ENTERPRISES BASED ON PERSONNEL DEVELOPMENT
Brych V.Ya. FORMATION OF STRATEGIC RESILIENCE OF ENTERPRISES BASED ON PERSONNEL DEVELOPMENT Purpose. The aim is to investigate how personnel development shapes the strategic sustainability of enterprises in conditions of turbulence and uncertainty. Methodology of research. Methods of analysis and synthesis of scientific sources, systematization of HR statistics, analytical comparison of indicators of personnel retention, turnover and engagement were used. A structural and logical analysis of factors of stability and HR practices was conducted. Findings. It is shown that investments in professional development are directly correlated with personnel retention: 93% of employees are ready to stay in the company longer if there is career growth, and the priority of well-being reduces turnover by 40%. The growth trends in training costs (from $ 1,280 to $ 1,490 per employee in 2022–2024) and the structure of popular training methods are systematized. It is shown that the largest gaps are in digital literacy, communication and leadership, data analysis and change management. Four key elements of resilience through HR development are summarized: continuous learning and competence development; knowledge management and innovation; motivation, involvement and support for well-being; adaptability of organizational structures and flexibility of employees. It has been established that the synergy of these elements ensures the ability of an enterprise to quickly adapt processes, maintain important competencies, and increase productivity during crisis changes. Originality. The substantiation of the role of personnel development in shaping the strategic sustainability of enterprises has been further developed. Unlike common approaches, where resilience is considered through the prism of technological, resource or financial determinants, the work substantiates the need to take into account the human dimension as a key carrier of adaptability and recovery capabilities of the organization. The content of the components of personnel development (competences, knowledge, motivation, adaptability) is specified, through which the individual flexibility of employees is transformed into the macro-level sustainability of the enterprise. Practical value. The practical value of the work lies in the formation of managerial conclusions on how enterprises can increase strategic resilience through systemic HR practices. The obtained results may be useful for HR managers, business leaders, consultants in organizational development and anti-crisis management. Key words: organizational resilience, human capital, knowledge and innovation, personal, motivation, future skills, sustainability, resilience, flexibility, adaptation, uncertainty.
IMPLEMENTATION OF ESG STRATEGIES AS A FACTOR IN STRENGTHENING THE ECONOMIC POTENTIAL OF AGRICULTURAL ENTERPRISES
Hubeni Yu.Ye., Zelisko N.B., Raiter N.I. IMPLEMENTATION OF ESG STRATEGIES AS A FACTOR IN STRENGTHENING THE ECONOMIC POTENTIAL OF AGRICULTURAL ENTERPRISES Purpose. The aim of the article is to provide a scientific substantiation of the theoretical and methodological foundations and to develop practical recommendations for the implementation of Environmental, Social, and Governance (ESG) strategies as a key tool for increasing the economic potential and competitiveness of agricultural enterprises in the context of global transformations. Methodology of research. A complex of general scientific and special methods was used in the research process: the method of systematic analysis to study the components of economic potential; methods of induction and deduction to determine the impact of non-financial indicators on financial stability; comparative analysis to evaluate international experience in implementing ESG standards in agriculture; and the graphical method for visualizing of the ESG factor influence model. Findings. It has been proven that the integration of ESG strategies into the operations of agricultural enterprises transforms the traditional business model, orienting it toward long-term value. It has been established that the environmental factor (E) promotes cost reduction through resource efficiency; the social factor (S) enhances labour productivity and community loyalty; and the governance factor (G) minimizes operational risks. Furthermore, the implementation of such strategies is identified as a prerequisite for attracting foreign investment and gaining access to international capital markets within the context of Ukraine’s European integration. Originality. The definition of the “economic potential of an agricultural enterprise” has been further developed through the prism of sustainable development, where non-financial indicators (environmental footprint, social capital) are considered active drivers of market value growth. A conceptual model for the implementation of an ESG strategy has been formed, which, unlike existing ones, takes into account the specifics of agricultural production and land relations. Practical value. The formulated recommendations can be utilized by executives of agro-holdings and farming enterprises to develop internal sustainable development policies. The proposed model of ESG factors enables the monitoring of resource potential utilization efficiency and the preparation of non-financial reporting in accordance with international standards. Key words: ESG strategy, economic potential, agricultural enterprises, sustainable development, investment attractiveness, environmental responsibility, agribusiness.
PRACTICAL ASPECTS OF THE MECHANISM FOR MANAGING THE PERFORMANCE AND DEVELOPMENT OF ACTIVITIES OF NATIONAL ECONOMIC ENTITIES BASED ON DIGITALIZATION
Kuprina N.M. PRACTICAL ASPECTS OF THE MECHANISM FOR MANAGING THE PERFORMANCE AND DEVELOPMENT OF ACTIVITIES OF NATIONAL ECONOMIC ENTITIES BASED ON DIGITALIZATION Purpose. The aim of the article is to substantiate the feasibility of using modern digital tools in the process of budgeting the future activities of a national economic entity in order to increase the efficiency of the management mechanism and the functioning of its personnel. Methodology of the research. The following research methods were used to achieve the set goal, in particular: to build the structure and logic of the article - the method of structural and logical analysis; to substantiate the use of the budgeting process and individual digital tools (Beyond Budgeting, Zero-Based Budgeting), for the functionality and characteristics of the UBC Analytics budgeting system on the IBM Planning Analytics platform – the method of analytical and comparative analysis, deduction, synthesis; for a visual presentation of the research results and characteristics of the structural components of the proposed digital tool – the UBC Analytics budgeting system on the IBM Planning Analytics platform – tabular and structuring method. Findings. It is substantiated that the use of such a tool as budgeting of the future activities of such an entity significantly increases the efficiency of management personnel and allows you to form a profitable business, ensure financial stability, the effectiveness of its future activities and build a development strategy. It is proposed for use in the budgeting process of such a digital tool by business entities in Ukraine as the UBC Analytics budgeting system on the IBM Planning Analytics platform. Its functionality and main characteristics are shown. Originality. The approach to using the UBC Analytics budgeting system on the IBM Planning Analytics platform in the mechanism for managing the activities of national economy entities was further developed, as a modern digital tool for planning the future activities of the entity, in order to increase the efficiency of the work of both management personnel and the entity of the national economy as a whole and build a strategy for its development. Practical value. The substantiated proposals based on the results of the study can be used in practical and managerial activities by state and local government bodies, auditing and consulting firms, business entities in order to ensure the efficiency of functioning, competitiveness, the formation of a profitable business, ensuring financial stability, the effectiveness of future activities and to build strategies for the development of entities of the national economy and the efficiency of their personnel, as well as by higher education institutions in educational activities for the training of specialists in economic specialties. Key words: management, mechanism, personnel, digital tools, formation, performance, development, budgeting process, strategy, national economy, entities.
ASYMMETRY IN FOREIGN ECONOMIC ACTIVITY OF UKRAINE’S DAIRY SECTOR: CHALLENGES FOR VALUE CHAINS
Lishchynskyy I.O., Lyzun M.V. ASYMMETRY IN FOREIGN ECONOMIC ACTIVITY OF UKRAINE’S DAIRY SECTOR: CHALLENGES FOR VALUE CHAINS Purpose. The aim of the article is to investigate the structural transformations of Ukraine's dairy foreign trade as an indicator of the shifting model of the domestic industry's participation in global value chains amidst geopolitical turbulence and martial law. Methodology of research. The study employs a set of general scientific and special methods: system and structural analysis to examine the commodity structure of exports and imports broken down by HS codes 0401–0406; comparative analysis to juxtapose trade volumes and determine the balance for specific product groups; the method of statistical groupings to rank key trading partners and identify geographic concentration vectors; the graphical method to visualize the dynamics of export and import operations for the period 2013–2024; and the abstract and logical method to draw conclusions regarding the industry's "raw material drift" and threats to food security. Findings. Based on the analysis of large statistical datasets, it has been established that Ukraine's dairy sector has undergone a radical transformation, reorienting from CIS markets to the EU and Moldovan markets. A critical asymmetry in the commodity structure of trade was revealed: Ukraine is increasing exports of semi-finished products and raw materials (condensed milk, whey) to EU countries, particularly Poland, thereby integrating into European value chains at lower tiers. Simultaneously, the domestic market is rapidly losing ground in high-value-added segments (cheeses, yogurts), where imports, primarily from Poland and other EU countries, exceed exports several times over. The study proves the emergence of a “mirror dependency” phenomenon, where market diversification is substituted by swapping one dominant partner (the Russian Federation in the past) for another (Poland in imports and Moldova in exports of finished products). It was determined that military actions and the logistical blockade led to the loss of promising Asian and African markets, forcing exporters to compete in the saturated European market or rely on situational regional partners. Originality. The paper substantiates for the first time the concept of structural asymmetry in the integration of Ukraine’s dairy industry into global value chains, which, unlike existing approaches (viewing the reorientation to the EU market exclusively as a positive European integration trend), identifies the threat of entrenching the national producer’s status as a supplier of raw semi-finished products (HS 0402, 0404) for the European processing industry, thereby enabling a revision of state export policy priorities towards stimulating deep processing. Practical value. The results of the conducted study have applied value for formulating a new export strategy for Ukraine's agricultural sector. They can be utilized by relevant ministries and associations to develop instruments for protecting the domestic market and programs to support deep milk processing. The conclusions regarding the risks of mono-dependency on specific partner countries serve as a foundation for diversifying logistical routes and seeking new market niches, particularly in the Global South, following the restoration of maritime logistics. Key words: dairy industry, foreign trade, global value chains, export potential, import substitution, food security, European integration, commodity structure.
MOTIVATIONAL MECHANISMS FOR RETAINING HUMAN CAPITAL IN RURAL AREAS
Pronko L.M. MOTIVATIONAL MECHANISMS FOR RETAINING HUMAN CAPITAL IN RURAL AREAS Purpose. The aim of the article is to substantiate the motivational mechanisms for consolidating human capital in rural areas and identify areas for increasing their effectiveness. Methodology of research. The research methodology is based on the use of systemic, institutional and economic approaches to the analysis of motivational mechanisms for consolidating human capital in rural areas. The work uses methods of scientific abstraction, analysis and synthesis, induction and deduction to clarify the essence of motivational factors and substantiate their role in reproductive processes. Comparative, structural and functional analyses are used to generalize scientific approaches and form practical conclusions. Findings. The study found that motivational mechanisms play a key role in consolidating human capital in rural areas and are characterized by multidimensionality, due to the interaction of economic, social and institutional incentives. It has been proven that the highest efficiency is provided by an integrated approach that combines income growth and employment stability with the development of social infrastructure and strengthening the institutional capacity of local governments. It is substantiated that the differentiation of motivational mechanisms by demographic and professional groups, primarily for young people and qualified specialists, is a necessary prerequisite for reducing migration losses and ensuring sustainable development of rural areas. Originality. Scientific provisions on the formation of motivational mechanisms for consolidating human capital in rural areas as a multidimensional system formed as a result of the interaction of economic, social, and institutional incentives within the framework of an integrated development policy have been further developed. Such a system involves a coordinated combination of increasing incomes and employment stability with the development of social infrastructure and strengthening the institutional capacity of local governments as key factors in the long-term motivation of the population. Practical value. The obtained conclusions and recommendations can be used in the activities of state authorities and local governments in the development and implementation of programs for the development of rural areas and human capital. The proposed approaches to the formation and differentiation of motivational mechanisms can be applied to improve employment tools, support for youth and attract qualified specialists to rural areas. The results of the study can also be used in the educational process of higher education institutions and in analytical activities when assessing the effectiveness of social and economic policies for the development of rural areas. Key words: motivational mechanisms, human capital, rural areas, consolidation of human capital, standard of living, employment of the population, social infrastructure, institutional environment, local self-government, sustainable development.
REPRODUCTION OF HUMAN CAPITAL OF RURAL AREAS AS A PREREQUISITE FOR THE RESILIENCE OF THE FOOD SYSTEM
Svynous I.V., Prysiazhniuk N.M., Fedoruk Yu.V., Pavlichenko A.A. REPRODUCTION OF HUMAN CAPITAL OF RURAL AREAS AS A PREREQUISITE FOR THE RESILIENCE OF THE FOOD SYSTEM Purpose. The aim of the article is to theoretically substantiate and generalize the role of human capital reproduction in rural areas as a prerequisite for food system sustainability. Methodology of research. A complex of general scientific and special research methods was used in the process of preparing the article. Theoretical generalizations were carried out using the methods of analysis and synthesis, induction and deduction, systemic, structural and functional approaches, while to assess the impact of human capital reproduction on the sustainability of the food system, economic and statistical methods, comparative analysis and analysis of dynamic series based on data from the State Social Security Service of Ukraine and international organizations were used. Methods of logical generalization, expert assessments and graphical interpretation of the research results were used to form practical conclusions and recommendations Findings. The results of the conducted study show that the reproduction of human capital in rural areas is a determining factor in increasing the adaptability of the agricultural sector and strengthening the sustainability of the food system. It is substantiated that the qualitative parameters of human potential – the level of education, professional and managerial competencies, innovative activity and motivation to work – directly affect the ability of agricultural production to respond to external challenges, reduce production risks and ensure the continuity of food supply. The obtained results confirm the feasibility of considering the policy of reproduction of human capital in rural areas as a strategic component of state management of food security and long-term development of the agricultural sector. Originality. The theoretical approach to studying the interdependence between qualitative parameters of human capital and the ability of the agricultural sector to adapt to climatic, economic and military challenges is specified. It is determined that the orientation of state agricultural policy on the development of human potential increases the adaptability of food chains and reduces their vulnerability to external shocks. The proposed approach allows us to consider human capital not only as a production resource, but as a key element of the food sustainability management system. Practical value. The results of the study can be used by state authorities and local governments to substantiate rural development programs, train personnel for the agricultural sector, and improve mechanisms for supporting employment and entrepreneurship in rural areas. It is advisable to apply certain provisions in the activities of agricultural enterprises when developing human resources management strategies, improving employee skills, and strengthening the adaptability of production activities in conditions of instability. Key words: human capital, reproduction of human capital, rural areas, food system, food security, food system resilience, agricultural sector, state agricultural policy, sustainable development.
ECONOMIC AND LEGAL TRENDS OF THE TRANSFER OF DUAL-USE TECHNOLOGIES IN THE CONDITIONS OF GLOBAL GEOPOLITICAL CONFLICT
Novikova I.E. ECONOMIC AND LEGAL TRENDS OF THE TRANSFER OF DUAL-USE TECHNOLOGIES IN THE CONDITIONS OF GLOBAL GEOPOLITICAL CONFLICT Purpose. The aim of the article is to conduct a comprehensive economic and legal analysis of the trends in the transfer of dual-use technologies under conditions of global geopolitical confrontation and to formulate recommendations for enhancing the effectiveness of national policy, export control, and international coordination in this field. Methodology of research. The methodological basis is a systemic and interdisciplinary approach combining economic analysis, comparative legal methods, content analysis of EU and Ukrainian regulatory acts and reports of the European Commission, analysis of statistical data (Eurostat, State Export Control), case studies of the Ukrainian UAV market and a case study of the rapid development of Ukraine’s UAV sector. The theoretical framework incorporates concepts of international security, dual-use governance, and global technology regulation. Findings. The evolution of the EU export control regime for dual-use items is analysed and it is shown that the European Union is strengthening its role as a key regulatory centre in this field. It is established that the value of authorised exports of dual-use goods in the EU increased to EUR 57.3 billion in 2022, while the number of licence denials rose to 831, which indicates both an expansion of controlled exports and a tightening of risk filtering. It is demonstrated that the geo-economic confrontation between the United States and China generates new constraints on the transfer of sensitive technologies, affecting trade flows and regulatory policy and re-export risks. It is shown that the Ukrainian case is characterised by a unique dynamic: during the war, the number of drone manufacturers increased approximately twelvefold and the output of UAVs grew roughly one hundredfold against the background of a structural transformation of the defence-industrial complex. It is substantiated that this dynamic is combined with the selective liberalisation of imports of critical technologies and the strengthening of export control regimes, which necessitates the adaptation of national policy and mechanisms of international coordination in the field of dual-use technologies. Originality. The article for the first time offers an original integrated framework for analysing dual-use technology transfers, combining economic, legal, and geopolitical dimensions. It reveals new mechanisms through which global power shifts and EU regulatory evolution reshape national innovation systems and security-sensitive technology flows. The research substantiates a model of synchronised multi-level policy for countries operating under high-security constraints. Practical value. The findings can inform the development of Ukraine’s export control policy, its integration into European and global dual-use value chains, the improvement of national innovation and R&D support mechanisms, and the formation of sectoral strategies for UAVs, cyber technologies, surveillance systems, and other critical dual-use capacities. Key words: dual-use technologies, export control, geopolitical confrontation, innovation policy, national security.
DIRECTIONS OF UKRAINE'S INTEGRATION INTO GLOBAL VALUE CHAINS
Mytsenko V.І. DIRECTIONS OF UKRAINE'S INTEGRATION INTO GLOBAL VALUE CHAINS Purpose. The aim of the article is to systematize the directions of Ukraine's integration into global value chains, taking into account the sectoral, regional, institutional, and digital dimensions, as well as to align these directions with the priorities of economic security and the transition from an export-raw material model to a high value-added model. Methodology of research. The methodological basis of the study comprises a systems, structural and logical analysis, institutional and comparative approaches, as well as the synthesis of scientific findings of domestic and foreign researchers in the field of global value chains. The systemic approach was used to analyse Ukraine’s participation in GLSVs at the macro, meso and micro levels, taking into account production, logistics, institutional and digital factors. Structural and logical analysis ensured the sequential identification of key sectors and areas for deepening Ukraine’s integration into the GVCs. The institutional approach was used to evaluate the impact of the regulatory environment, state policy and international support on the resilience of value chains in the face of military challenges. The comparative approach allowed us to compare models of Ukraine’s participation in GVCs in different periods and sectors. The synthesis of scientific sources contributed to the formation of comprehensive conclusions regarding the prospects for Ukraine’s integration into global value chains with high added value. Findings. The article demonstrates that global value chains have become the dominant form of organization of contemporary global economic relations, within which countries are positioned not so much as producers of finished goods but rather as performers of specific functions – from raw material supply to processing, logistics, services, quality control, and compliance with environmental standards. It is substantiated that digital transformation should be considered a horizontal infrastructure for Ukraine’s integration into GVCs and includes the implementation of ERP and logistics systems, electronic registries, customs and phytosanitary clearance services, as well as traceability and certification platforms. The key role of institutional factors is identified, in particular the harmonization of the regulatory framework with EU law, improvement of quality and safety standards, and the development of mechanisms for monitoring the risks of participation in GVCs. Originality. It has been substantiated that the integration of Ukraine into global value chains in the context of military and post-military transformations is a multi-level process that combines sectoral, regional, institutional and digital dimensions. Unlike sectoral approaches, this allows for a comprehensive evaluation of the quality of a country’s participation in GLVC from the perspective of economic resilience and security. The role of the agricultural sector has been further developed through the substantiation of the transition from a raw materials-based model to an integrated model involving deep processing and the development of agrologistics. The approach to determining the directions of Ukraine’s integration into the GVCs has been improved by taking into account the digital transformation of the horizontal infrastructure of the value chains, which increases the adaptability and competitiveness of national producers. Practical value. The results of the study can be used when forming state and regional economic policy, developing sectoral strategies and programmes to support enterprises, and promoting Ukraine's participation in global value chains. Key words: global value chains, integration, value added, digitalization, logistics, economic security, sustainable development.
TRANSITIONING FROM A RAW-MATERIAL EXPORT MODEL TO VALUE-ADDED CHAINS: STRUCTURAL TRANSFORMATION OF UKRAINE’S AGRI-FOOD EXPORT SECTOR
Seheda S.A. TRANSITIONING FROM A RAW-MATERIAL EXPORT MODEL TO VALUE-ADDED CHAINS: STRUCTURAL TRANSFORMATION OF UKRAINE’S AGRI-FOOD EXPORT SECTOR Purpose. The aim of the article is to study the place of agri-food products in the commodity structure of Ukraine's exports through the prism of creating and maintaining added value, as well as developing proposals for improving the areas of use of agricultural sector products within national value-added chains. Methodology of research. The research is based on a combination of general scientific and applied economic methods. These include statistical and comparative analysis of export dynamics, structural analysis of the commodity composition of agri-food exports, and factor analysis of export revenues by volume and price effects. Time series analysis was used to assess long-term trends in the production and export of key agricultural commodities, and elements of the value chain approach were used to assess the position of Ukrainian agri-food products in national and global value chains. Findings. The transformation of Ukraine's agri-food exports during 2000-2024 is studied through the prism of the formation and maintenance of added value in the national economy. It is substantiated that the rapid increase in the production of grain and oilseed crops and the growth of the share of agricultural products in commodity exports (up to 59.1% in 2024) is accompanied by the consolidation of raw material specialization and insufficient development of internal value-added chains. Based on the analysis of the dynamics of foreign exchange receipts, the countercyclical role of the agricultural sector in periods of economic shocks is shown, while structural imbalances are revealed: the dominance of products of plant origin and primary processing (grain, oilseeds, vegetable oils) with a simultaneous reduction in the share of finished food products and livestock products. It is established that the growth of export revenue is largely ensured by the quantitative factor of price volatility, which increases vulnerability to the world market and limits the economic effect of the export-oriented model. The need for a state policy of reorienting exports from raw materials to products of deep industrial and "biological" processing, the development of feed, flour and cereal, food and bioenergy industries, the restoration of livestock farming and the expansion of the production of finished products and ingredients is argued. The proposed directions should ensure the strengthening of internal value chains, increasing the sustainability of the agricultural sector, increasing employment and budget revenues, and enhancing food security. Originality. Theoretical and methodological provisions on assessing the role of the agricultural sector in foreign trade have been further developed by combining the analysis of the commodity structure of exports with the positioning of products in national value-added chains, which allows us to clarify the economic boundaries of the countercyclical function of agricultural exports and its impact on the long-term competitiveness of the economy. It is proven that the dominance of raw and semi-raw agri-food products in Ukraine's exports forms a stable model of "lost added value", which, unlike existing approaches, does not ensure proportional economic growth and restrains the innovative development of the agricultural sector due to the narrowing of internal value-added chains. Practical value. The results of the study can be used in the formation and adjustment of the state agrarian, export and innovation policy of Ukraine, in particular by the Ministry of Agrarian Policy and Food of Ukraine, the Ministry of Economy of Ukraine, as well as regional authorities in the development of programs to support the development of processing industries, livestock farming and bioenergy as key links in the formation of added value. In addition, the results obtained can be used in the educational process of higher education institutions when teaching the disciplines "Economics of agricultural enterprises", "Foreign economic activity", "International trade", as well as in further scientific research into the problems of transformation of agrarian and food exports and the formation of value added chains. Key words: agri-food exports, agri-food products, agricultural sector, commodity structure, value added, value chains, cereals, oilseeds, deep processing, livestock production, bioenergy, public policy.
THE EVOLUTION OF INSTITUTIONS FOR THE DECENTRALISATION OF ECONOMIC POWER IN UKRAINE: THEORETICAL FOUNDATIONS AND MACROECONOMIC EFFECTS
Prushkivska E.V., Prushkivskyi V.H. THE EVOLUTION OF INSTITUTIONS FOR THE DECENTRALISATION OF ECONOMIC POWER IN UKRAINE: THEORETICAL FOUNDATIONS AND MACROECONOMIC EFFECTS Purpose. The aim of the study is to conduct a comprehensive analysis of the evolution of institutions of economic power decentralization in order to identify their macroeconomic effects and substantiate the peculiarities of their formation in Ukraine. Methodology of research. In the course of the research, institutional and evolutionary approaches were used to analyse the development of institutions of economic power decentralization. Systemic and structural-functional analysis was used to identify the administrative, political, fiscal and institutional dimensions of decentralization, as well as a historical-logical method to study the stages of their evolution. Comparative analysis made it possible to compare theoretical approaches and national features of the formation of decentralization institutions. The empirical basis of the study was statistical data on local budgets, gross regional product and regional development indicators, which made it possible to assess the macroeconomic effects of decentralization in Ukraine. Findings. It has been established that decentralization of economic power is a complex institutional process, the evolution of which occurs through a combination of administrative, political, fiscal and institutional changes. It has been substantiated that at different stages of the development of decentralization institutions, different macroeconomic and regional effects are formed, determined by the level of autonomy of territorial communities, the degree of institutional maturity and the adaptive efficiency of the institutional environment. It is shown that in the conditions of martial law, decentralization has transformed from an instrument of development into a mechanism of economic stability and crisis management. The growing role of local budgets in supporting economic activity in the territories has been revealed, with a simultaneous increase in regional asymmetry. It has been proven that in the context of post-war recovery, decentralization institutions are of strategic importance for the restoration of the regional economy and the implementation of multi-level self-government policies. Originality. The scientific novelty lies in the comprehensive combination of evolutionary and institutional approaches to the analysis of the decentralization of economic power, which made it possible to consider it not as a separate management reform, but as a dynamic process of transformation of economic power institutions. Unlike existing studies, the interconnection between the stages of evolution of decentralization institutions and the change in the nature of their macroeconomic effects in the context of a transitional economy and military shocks is substantiated. Practical value. The results obtained can be used by state and local government bodies in shaping policies on decentralization, regional development and post-war recovery. The proposed approaches create an analytical basis for assessing the economic capacity of local communities, improving inter-budgetary relations and increasing the effectiveness of multi-level self-government in Ukraine. Key words: decentralisation of economic power, institutions of economic power, institutional environment, macroeconomic effects, regional economy, local budgets, transformation processes, post-war recovery, adaptive efficiency of the institutional environment.
adaptive efficiency of the institutional environment
GENDER EQUALITY MANAGEMENT IN HEALTHCARE INSTITUTION: CURRENT STATE AND DIRECTIONS FOR IMPROVEMENT
Fedoryshyna L.M., Krasnoportko Yu.O. GENDER EQUALITY MANAGEMENT IN HEALTHCARE INSTITUTION: CURRENT STATE AND DIRECTIONS FOR IMPROVEMENT Purpose. The aim of the article is to assess the current state of the gender equality management process in the municipal enterprise “Khmelnytskyi City Children's Hospital” of the Khmelnytskyi City Council and outline directions for its improvement. Methodology of research. The following general and special research methods were used to achieve the set goal, in particular: analysis and synthesis, monographic, abstract and logical, systematization ‒ for processing scientific publications, regulatory legal acts regarding ensuring gender equality in society and healthcare institutions, in particular, the formation of proposals for improving the gender equality management process in the conditions of a specific institution; sociological method (survey) ‒ for conducting a questionnaire survey of personnel regarding ensuring gender equality in the institution; tabular ‒ for a visual presentation of data regarding the personnel structure and survey results. Findings. A diagnosis of the process of ensuring gender equality by surveying the personnel of the municipal enterprise “Khmelnytskyi City Children's Hospital” of the Khmelnytskyi City Council was carried out. A number of recommendations have been formulated to improve the process of managing gender equality, in particular: development and adoption of the Regulation on ensuring equal rights and opportunities for women and men, appointment of an authorized person (coordinator) on these issues, introduction of gender-sensitive procedures for selection, promotion, evaluation and motivation of personnel; support for the professional development of women and the formation of female leadership; consideration of a gender approach in strategic planning and budgeting. Originality. The study of the process of ensuring gender equality and its management in a healthcare institution by conducting a questionnaire and propose, based on the obtained results and a detailed analysis, a number of recommendations aimed at integrating a gender approach into the existing management system have received further development. Practical value. The obtained results of the study can be directly used in the activities of the ME “Khmelnytskyi City Children's Hospital” of the Khmelnytskyi City Council to increase the efficiency of personnel management, reduce the risks of discrimination and more rational use of labour and financial resources. Individual proposed measures can be adapted and used by other healthcare institutions, local governments and specialized departments when developing industry development strategies taking into account the gender dimension. Key words: gender, gender equality, healthcare institution, gender equality management, gender mainstreaming, gender budgeting, survey.
THEORETICAL CONCEPTUALIZATION AND ASSESSMENT OF GLOBAL ECONOMIC PROGRESS SCENARIOS
Ivashchuk I.O., Zapukhlyak V.Z. THEORETICAL CONCEPTUALIZATION AND ASSESSMENT OF GLOBAL ECONOMIC PROGRESS SCENARIOS Purpose. The aim of the article is a theoretical substantiation of the scenario approach to global economic progress and development of probable scenarios with subsequent assessment of the integral index of global economic progress for each of them. Methodology of research. An interdisciplinary approach to achieving the set goal was used in the study, in particular: logical and theoretical method and abstraction were used for the theoretical substantiation of the scenario approach to global economic progress; scenario analysis method – for the identification and structuring and classification of scenarios of global economic progress; comparative method was used for comparison of scenarios; analysis and synthesis – for the isolation of the main components of global economic progress; economic and statistical analysis – for the assessment of the integral index of global economic progress and identification of stress points in each scenario. Findings. The relevance of scenario analysis in the study of global economic development is theoretically substantiated and individual scenario models are analysed. Alternative scenarios of global economic progress are proposed and their basic characteristics are revealed. The probabilities of each scenario are substantiated. A comparative assessment of the impact of key components of global economic progress in different scenarios is carried out, their asymmetric nature is confirmed and their priority is determined. An integral index of global economic progress is proposed for different scenarios and its evaluation and analytical interpretation are carried out. The existence of stress points in each scenario is argued. Both hard and soft stress points that reduce the effectiveness of scenarios are identified. It is confirmed that the most optimal in modern conditions is the hybrid scenario, and for the long-term perspective, the neointegration scenario. Originality. Theoretically substantiated is a conceptual approach to conducting scenario analysis of global economic progress, which integrates structural components, takes into account their priority and allows identifying both development scenarios and critical points of regression of scenarios. The author's typology of scenarios is proposed, the integral progress index is estimated and hard and soft stress points in scenarios of global economic progress are calculated. Practical value. A toolkit for strategic planning of global economic development is created, which allows to assess not only the direction of development of the global economy, but also specific institutional, technological and social factors that determine global economic progress. The research results can be used in forecasting studies, in scientific activities and in the educational process. Key words: world order, globalization, global development, global economic progress, scenario modelling, multipolarity, fragmentation, deglobalization, neointegration, human development, institutional coherence, integral index, stress points.
FINANCIAL COMPETITION OF COUNTRIES AND TRANSFORMATION OF TAX STRATEGIES IN CONDITIONS OF GLOBAL UNCERTAINTY AND HYBRID CHALLENGES
Bukovskyi M.M., Mykhaylyak Y.Z. FINANCIAL COMPETITION OF COUNTRIES AND TRANSFORMATION OF TAX STRATEGIES IN CONDITIONS OF GLOBAL UNCERTAINTY AND HYBRID CHALLENGES Purpose. The aim of the article is to substantiate the transformation of tax strategies aimed at maintaining economic activity and financial competitiveness of countries in a global environment characterized by a high level of uncertainty and the presence of hybrid challenges. Methodology of research. The methodological basis of the study is created by a set of general scientific and special approaches that allowed for a systematic study of financial and tax competition in the context of global uncertainty and hybrid challenges. The following methods are used in the work: theoretical generalization – to substantiate the content of the concepts of “financial competition” and “tax strategy”; systemic approach – to determine the relationship between global challenges, economic security and tax strategies of the state; statistical, analysis and synthesis – to assess the main changes in tax systems; comparative analysis – to compare tax models of different countries; abstract and logical method – to generalize the directions of transformation of tax strategies in the context of global uncertainty, and to formulate conclusions. Findings. It is substantiated that the global polycrisis caused by energy, financial, technological and security shocks have strengthened the role of fiscal policy in ensuring the stability of states. It is established that financial competition is multi-level in nature; therefore, it often intersects with tax competition in practice, because under the influence of hybrid challenges, countries can be attractive for investment through improving tax systems, introducing incentives, increasing transparency and harmonizing fiscal norms. The state of global economic uncertainty and its impact on financial competition are assessed. Trends in corporate taxation in the world that contribute to the formation of fairer tax architecture are analysed. The features of the formation of Ukraine's tax strategy are clarified, including from the beginning of 2022. The parameters of the transformation of tax strategies are substantiated, in particular, adaptability, sustainability, digitalization, environmental orientation, social justice, etc. Originality. The substantiation for the transformation of tax strategies implemented at the global, regional and national levels has been further developed. This transformation is due to the need to take into account fiscal sustainability, institutional capacity and security guidelines in the context of increasing global uncertainty. The mechanism of the influence of hybrid challenges on the structure of financial competition of states was revealed and the need to integrate tax policy into the system of economic security was proven. Practical value. The obtained results can be used by public administration bodies to develop tax strategies aimed at increasing financial stability and ensuring financial competitiveness, forming a predictable tax environment, harmonizing national fiscal policy with international standards, as well as when developing programs for the post-war recovery of the Ukrainian economy. Key words: financial competition, tax competition, tax strategy, global uncertainty, hybrid challenges and threats, fiscal policy, financial system, economic security, BEPS, digitalization, investments, competitiveness of countries.
FINANCIAL INSTRUMENTS FOR SUPPORTING ENTREPRENEURSHIP IN THE AQUACULTURE SECTOR: INTERNATIONAL EXPERIENCE AND UKRAINIAN REALITIES
Prysiazhniuk N.M., Horchanok A.V., Hubanova N.L., Yakovyshyn Ya.V. FINANCIAL INSTRUMENTS FOR SUPPORTING ENTREPRENEURSHIP IN THE AQUACULTURE SECTOR: INTERNATIONAL EXPERIENCE AND UKRAINIAN REALITIES Purpose. The aim of the article is to substantiate the theoretical foundations and generalize international experience in the application of financial instruments to support entrepreneurship in aquaculture, as well as to develop practical recommendations for adapting these mechanisms to Ukrainian realities, taking into account modern social and economic challenges and the needs of the post-war restoration of the agricultural sector. Methodology of research. A set of research methods that provide a comprehensive analysis of financial instruments for supporting aquaculture is used in the article. The method of a systems approach is used to reveal the relationship between state policy, international programs and entrepreneurial initiatives. Comparative analysis allowed us to explore the differences in financing aqua-entrepreneurship between Ukraine and leading countries of the world. Based on the statistical method, the volume of financial support and its effectiveness in dynamics are analysed. The generalization method is also applied, which made it possible to formulate practical recommendations for improving the Ukrainian aquaculture support system. Findings. The results of the study showed that international experience confirms the key role of state financial support in the development of competitive aquaculture. It was found that direct financing, lending and grant programs create a multiplier effect, stimulating the attraction of private investment. In the EU, Canada and Asia, aquaculture has been transformed into a strategic sector of the economy due to active state participation. At the same time, in Ukraine financial instruments remain limited and require institutional improvement and integration of international practices. Thus, it was established that increasing the effectiveness of financial support mechanisms is a key prerequisite for activating the entrepreneurial potential of aquaculture. Originality. For the first time, the mechanisms of state and international support for the development of aqua-entrepreneurship (budget subsidies, credit instruments, grant programs, risk insurance) were generalized and organized from the standpoint of their impact on increasing the investment attractiveness of the industry. The peculiarities of the functioning of financial instruments in Ukraine were identified and it was substantiated that their further improvement requires the implementation of the most effective international approaches. The conceptual principles of a synergistic combination of state support and private capital as a key factor in the long-term and sustainable development of entrepreneurship in the aquaculture sector were developed. Practical value. The practical application of state support mechanisms will allow creating an effective system of financial support for aquaculture, focused on long-term investment growth and sustainability of the industry. The introduction of specialized credit programs for fish farming will ensure the availability of loan capital for small and medium-sized producers, and the formation of a national aquaculture development fund will allow accumulating targeted resources for the modernization of the production base. The introduction of an aqua insurance system will help minimize environmental and market risks and increase the investment reliability of the sector. Stimulating cooperative and cluster models will help increase efficiency, reduce transaction costs, and expand sales opportunities. The integration of aquaculture into global green financing programs opens up opportunities for attracting ESG investments and issuing “green” bonds, which will allow diversifying sources of financial revenues and forming a sustainable financial basis for the development of aqua entrepreneurship. Key words: aquaculture, financial instruments, entrepreneurship, state support, investments, international experience, food security, lending, grant programs.
THE IMPACT OF MILITARY AND ECONOMIC SHOCKS ON HUMAN RESOURCES IN THE MANAGEMENT SYSTEM OF INDUSTRIAL ENTERPRISES
Huk V.V. THE IMPACT OF MILITARY AND ECONOMIC SHOCKS ON HUMAN RESOURCES IN THE MANAGEMENT SYSTEM OF INDUSTRIAL ENTERPRISES Purpose. The aim of the article is to diagnose the impact of military and economic shocks on the human resources of industrial enterprises in Ukraine and to develop management recommendations to increase their resilience. Methodology of research. The methodological basis is a systematic and comparative approach to the analysis of the labour market and HR practices in industry. The analysis of statistical data from international organizations and national institutions (OECD, KSE, Bank of Israel, DTDA, US–Ukraine Business Council, Frontliner) was used, the results of modern scientific works on personnel management in crisis and war conditions were summarized, and the Ukrainian experience was compared with the practices of other countries experiencing armed conflicts or deep economic shocks. Findings. It is shown that the combination of military and economic shocks creates double pressure on labour supply and demand: mass mobilization, external and internal migration, and the destruction of the industrial base lead to an acute shortage of personnel, a change in the gender and professional structure of employment, and an increase in labour costs, while a decline in demand, financial difficulties, and the destruction of logistics limit the possibilities for job creation. Based on Ukrainian data, the scale of personal losses and structural shifts in the labour market are characterized, in particular, the redistribution of vacancies between sectors and the increase in demand for blue-collar professions, defence specialists, and mental health specialists. A comparison with the experience of Israel and the lessons of the COVID-19 pandemic allowed us to show common features (labour shortage, reassessment of the importance of flexible forms of employment, digitalization of HR processes) and differences in the dynamics of unemployment and wages. The tools for adapting industrial enterprises to personnel shortages and uncertainty (internal mobility and retraining, digitalization of personnel management, mental health support, work with vulnerable groups) have been systematized and eight key areas for improving HR management in conditions of prolonged shocks have been formed. Originality. The content of the category “military-economic shocks” in relation to the management of human resources of industrial enterprises has been clarified, a conceptual framework for analysing HR systems through the prism of supply shocks (mobilization, migration, destruction of infrastructure) and demand shocks (decline in production, quarantine restrictions, decline in investments) has been proposed. For the first time, based on the integration of macroeconomic indicators, labour market data and practices of individual countries, the complex impact of military and economic shocks on the human resources of industrial enterprises of Ukraine has been systematically described. Practical value. The proposed approaches and recommendations can be used by heads of industrial enterprises, HR directors, personnel services specialists and state authorities when developing recovery and development strategies in the war and post-war periods. The formulated directions of action create a practical basis for strengthening the resilience of HR systems of industrial enterprises and reducing long-term losses of human capital. Key words: labour market, personnel shortage, digitalization of personnel management, mobilization, external and internal migration, structural shifts in the labour market, redistribution of vacancies.
DIAGNOSTICS OF THE PROBABILITY OF BANKRUPTCY OF AN AGRICULTURAL SECTOR ENTERPRISE
Fedoryshyna L.M., Artemchuk D.V. DIAGNOSTICS OF THE PROBABILITY OF BANKRUPTCY OF AN AGRICULTURAL SECTOR ENTERPRISE Purpose. The aim of the article is to analysis of the operating environment of agricultural enterprises and determination of the probability of bankruptcy of LLC AE “AHROS-VISTA” with a comparison of the results obtained using different models. Methodology of research. The following general and special research methods were used to achieve the set goal, in particular: analysis, monographic, abstract and logical, systematization ‒ to study the problems of agricultural enterprises and their characteristics, and to evaluate the performance indicators of enterprises; Lees and Taffler models ‒ to determine the probability of bankruptcy of LLC AE “AHROS-VISTA” in 2022‒2023; tabular ‒ for a visual presentation of the initial data and calculations performed. Findings. Key problems of the functioning of agricultural enterprises were identified, including external risks associated with military operations; volatility of world and domestic markets; financial and credit constraints; technological and innovation challenges; personnel problems; climate and natural risks; uneven regional development; regulatory and institutional risks. The performance indicators of enterprises under СTЕA A01 (Classification of types of economic activity A01) Crop and animal production, hunting and related service activities for 2020-2024 were analysed. The probability of bankruptcy of LLC AE “AHROS-VISTA” was diagnosed using the Lis and Taffler models based on data from 2022‒2023 and it was found that it is not threatened with bankruptcy, since the calculated values significantly exceed the limit values. Originality. The study of the operating environment of agricultural enterprises with the identification of key challenges, as well as determination of the probability of bankruptcy of an agricultural enterprise, has received further development. Practical value. The results of the study can become the basis for further scientific research in the context of improving existing/searching for new models for predicting the probability of bankruptcy of agricultural enterprises, taking into account its specifics (dependence on weather conditions, uneven cash flows, volatility of the world agricultural market, etc.). Key words: agricultural sector, enterprise, bankruptcy, Lis model, Taffler model, diagnostics, risk, probability of bankruptcy.
INSTITUTIONAL AND ECONOMIC ASPECTS OF THE DEVELOPMENT OF THE SUNFLOWER MARKET
Datsenko I.V. INSTITUTIONAL AND ECONOMIC ASPECTS OF THE DEVELOPMENT OF THE SUNFLOWER MARKET Purpose. The aim of the article is a comprehensive analysis of the institutional and economic aspects of the development of the sunflower market in Ukraine, as well as determining the prospects and directions of its sustainable transformation in the context of global instability and military challenges. Methodology of research. The research methodology is based on a combination of theoretical and applied approaches, which provided a comprehensive analysis of the institutional and economic aspects of the development of the sunflower market. The dialectical method and system analysis were used to identify the relationship between economic and institutional factors, which allowed us to consider the market as a holistic system with a multi-level structure and interaction of the main actors. Economic and statistical methods were used to assess the dynamics of production, exports, price fluctuations and the level of market concentration, which made it possible to trace the key trends in its development. A comparative analysis of international experience was also used, which made it possible to identify ways to adapt leading world practices to Ukrainian conditions. Findings. The results of the study showed that the Ukrainian sunflower market has strategic potential, but its development is limited by institutional and economic factors. Dependence on external markets, high concentration of exports, price instability and imperfect state regulation were identified. The institutional environment is formed under the influence of formal mechanisms (legislation, state policy) and informal factors (market practices, partnerships). The role of state regulatory mechanisms in ensuring market stability in the face of military challenges and global instability was clarified. Export diversification, development of storage and processing infrastructure, and strengthening of institutional support are necessary to ensure market stability. The obtained results create a basis for improving the organizational and economic mechanism and increasing the competitiveness of the sunflower market. Originality. Conceptual approaches to improving the organizational and economic mechanism are proposed, which involve adapting best international practices to Ukrainian conditions in order to increase competitiveness and strengthen food security. It is substantiated that the dominance of crude sunflower oil production hinders the possibility of creating high added value in processing chains. Promising areas of diversification include expanding the production of further processed products - margarines, mayonnaises, food concentrates, protein ingredients, as well as technical oils for the needs of bioenergy and industrial production. At the same time, it is advisable to stimulate domestic demand, which is significantly lower in level compared to the dominant export segment. The growth of the domestic market can act as an additional stabilization tool for producers during periods of external economic and geopolitical upheavals. Practical value. The provisions proposed in the study can be used in the formation of mechanisms for diversifying export flows, improving the regulatory system, and stimulating domestic processing of sunflower products. The application of the outlined approaches will help strengthen institutional support for the agricultural sector, increase the efficiency of the use of production resources, and reduce the industry's sensitivity to external shocks. The obtained results can serve as a practical basis for agricultural enterprises, specialized associations, and government agencies in forming development strategies and strengthening the competitive positions of the Ukrainian sunflower market. Key words: sunflower market, institutional and economic aspects, institutional environment, state regulation, export, food security, agricultural sector, competitiveness, economic development, international experience.