Social Economics

MODERN FEATURES OF ENTREPRENEURSHIP IN UKRAINE: INVESTMENT AND INNOVATION ACTIVITY AND FORMATION OF THE IMAGE OF AN ECONOMIC ENTITY

Mykhailo Arych, Olha Pietukhova — Sat, 30 May 2026 00:00:00 +0000

The study investigates the theoretical foundations and contemporary features of entrepreneurship, taking into account the specificities of investment and innovation activities as well as the formation of the business entity’s image. Key practical aspects of investment and innovation activities and corporate image formation under current conditions are analyzed with due consideration of the Ukrainian context. Furthermore, the principal challenges are identified, and directions for improving investment and innovation activities and enhancing the image of business entities in modern conditions are proposed.

The research identifies and examines the following theoretical and practical features of entrepreneurship in Ukraine: (1) the essence of entrepreneurship and the specificities of its interpretation in contemporary conditions; (2) the necessity and conditions for ensuring the principle of freedom of entrepreneurial activity; (3) commercial activity as a component of investment and innovation processes and corporate image formation; (4) investment and innovation activities and corporate image formation in the context of venture firms and small businesses; (5) social entrepreneurship in relation to investment and innovation activities and corporate image formation.

It is substantiated that entrepreneurial activity should be interpreted as a set of legitimate actions carried out on a professional and regular basis by an entity that has formally acquired the status of an entrepreneur, involving the assumption of individual risk and oriented toward achieving an economic outcome in the form of profit. At the same time, entrepreneurship is conceptualized as a dynamic and initiative-driven segment of the business environment, characterized by a high degree of autonomy, responsibility, and adaptability.

The study further demonstrates that the economic nature of commercial activity (including investment and innovation processes and corporate image formation) is revealed through a system of commodity exchange processes encompassing the purchase and subsequent sale of goods. These processes operate within a continuous cycle of “resource provision – commodity form – realization – gross income formation – final financial result.”

CLASSIFICATION OF ON-CHAIN METRICS FOR STRUCTURAL ANALYSIS OF DIGITAL ASSET MARKETS

Veronika Hanusych — Sat, 30 May 2026 00:00:00 +0000

This study develops a structured classification of on-chain metrics for the analysis of digital asset market structure and introduces a five-dimensional analytical framework that integrates blockchain-derived indicators into a coherent system of market interpretation. I examine the analytical roles of transaction activity metrics, supply distribution indicators, liquidity measures, network participation variables, and investor behaviour signals as complementary dimensions describing capital circulation processes within distributed ledger environments. I construct a methodological taxonomy that organizes heterogeneous blockchain indicators according to their structural contribution to market analysis rather than their technical measurement properties. I demonstrate that transaction metrics capture the intensity and direction of capital flows, supply distribution indicators reflect ownership concentration and accumulation regimes, liquidity measures describe the availability of assets for exchange participation, network activity metrics signal changes in user engagement, and behavioural indicators reveal shifts in investor positioning across market cycles. I further propose a five-dimensional structural model that explains how these analytical layers interact and jointly determine the internal configuration of digital asset ecosystems.

I introduce the concept of structural on-chain analytics as an integrated methodological approach that interprets blockchain-based indicators as components of a unified analytical environment rather than isolated measurements of network activity. I show that this framework improves the consistency of market diagnostics and supports the identification of structural transitions between accumulation, distribution, expansion, and consolidation regimes observable in distributed financial systems. The results extend the methodological foundations of digital asset market research and provide a systematic basis for integrating blockchain-derived indicators into investment analysis, risk evaluation, and structural monitoring of cryptocurrency markets. The proposed classification framework supports the development of multidimensional analytical models capable of improving the interpretation of capital allocation dynamics within blockchain-based financial infrastructures.

A PARADIGM FOR SHAPING SOCIALLY RESPONSIBLE BUSINESS BEHAVIOR IN TERMS OF SUSTAINABLE DEVELOPMENT

Taras Landiak, Liliya Melnyk — Sat, 30 May 2026 00:00:00 +0000

The article conceptualizes a transformational paradigm of socially responsible corporate behavior in terms of sustainable development through the lens of ESG (Environmental, Social, Governance), which is interpreted as an integrative methodological framework for institutionalizing environmental, social, and governance determinants within the modern architecture of corporate governance. The study analyzes the synergistic impact of environmental, social, and governance factors on the emergence of a new configuration of corporate priorities, in which non-financial indicators become key determinants of long-term competitiveness. Particular attention is paid to the Ukrainian context: the processes of integration into the European economic environment, post-war reconstruction, and the implementation of regulatory innovations (CSRD, CBAM, directives on human rights in supply chains), as well as the specific challenges of the local business ecosystem. It is shown that proactive implementation of ESG policies not only optimizes management practices and enhances companies’ resilience to market turbulence, but also shapes a new dimension of competitive advantage, in which intellectual and intangible assets take on key importance. An original model of ESG-oriented corporate social responsibility has been developed, which provides an analytical breakdown of the factors influencing its formation, enables the verification of causal relationships between ESG parameters and business performance, and establishes a methodological foundation for strategic management decision-making. The research findings have practical significance for strategic planning, preparing companies for European sustainability standards, and enhancing the international reputation of Ukrainian business entities.

SYSTEM OF CIRCULARITY INDICATORS FOR THE NATIONAL ECONOMY: AN AUTHOR’S METHODOLOGY

Tetiana Maslak — Sat, 30 May 2026 00:00:00 +0000

The purpose of this article is to develop an author’s system of circularity indicators for the national economy and to calculate on this basis the Composite Circularity Index of the National Economy (CINE), adapted to the specific statistical base of Ukraine. We establish that none of the existing international monitoring frameworks — not the Eurostat Monitoring Framework (11 indicators across 5 thematic areas), nor the OECD inventory (474 indicators across 5 categories), nor the UNECE/OECD Guidelines (19 core indicators) — is directly applicable to Ukraine, due to the absence of corresponding statistical series and the specific structure of waste generation. We propose an author’s four-block system comprising 18 indicators grouped into the following blocks: material flows, waste management, secondary resource use, and the socioeconomic dimension. Each block is assigned a weight coefficient (w₁=0.30; w₂=0.30; w₃=0.25; w₄=0.15) reflecting its importance for the national transition strategy. We apply min-max normalization to all indicators and compute CINE as a weighted sum of the normalized block sub-indices. We find that Ukraine’s CINE equals 0.140, compared with 0.548 for the EU-27 average, documenting a critical ‘circularity gap.’ We estimate Ukraine’s circular material use rate at approximately 2.8%, while the EU-27 reached 11.8% in 2023. The municipal solid waste recycling rate in Ukraine does not exceed 8%, against the EU average of 48%. We construct target values for CINE over 2027–2040 and propose a corresponding set of policy measures: ecological tax reform, development of source-separation infrastructure, introduction of extended producer responsibility, and support for green research and development. The scientific novelty of this study lies in the synthesis of international methodological experience and adaptation of the indicator system to the conditions of a country undergoing European integration, creating prerequisites for Ukraine’s alignment with EU circular economy governance standards.

VIRTUAL ASSET MARKET AND SUPPLY-DEMAND MODEL

Nino Mushkudiani — Sat, 30 May 2026 00:00:00 +0000

Virtual assets are driving a new stage of technological progress and becoming an increasingly vital component of the digital economy, gaining popularity globally. The price of these assets reflects not only their intrinsic value but also market trust, usage, and investor expectations. In this sense, prices signal the strength, reliability and demand for these assets within the ecosystem. The general mechanisms of price formation are often explained by the classical common economic supply-demand model. This paper examines price formation mechanisms in virtual asset market using a standard supply-demand framework with differentiated supply elasticity structures. By modeling Bitcoin, Ethereum and fiat-backed stablecoin within a unified microeconomic system, the study demonstrated that volatility patterns are structurally determined by protocol-level supply design. A numerical simulation and elasticity analysis reveal that Bitcoin behaves as a demand-driven asset due to near-zero supply elasticity, Ethereum exhibits hybrid adjustment through partially elastic supply and stablecoins reverse the classical adjustment mechanism by fixing price and allowing quantity to absorb demand shocks. An empirical specification using log-linear regression models is proposed to estimate demand and supply elasticity.

The study shows that the applicability of the model varies significantly depending on the type of asset and that the virtual assets market requires hybrid theoretical frameworks. The analysis is inherently theoretical due to the difficulty in measuring supply and demand in the virtual assets market. This market lacks transparency and investor emotions significantly influence prices. While the findings may not offer practical results due to the virtual assets market’s dynamic nature, the article provides valuable insights for economists, analysts, investors, and traders. It helps assess fair market value, potential risks and how changes in supply or demand could affect prices, offering strategic guidance for those involved in the crypto space.

The findings carry significant regulatory implications, suggesting that virtual asset supervision should be elasticity-centered rather than technology-centered. Policy recommendations include differentiated prudential treatment, reserve requirements for stablecoins and volatility-aware investor protection frameworks.

THE IMPACT OF GLOBAL INSTITUTIONALIZATION OF SOCIAL INVESTMENT AND THE IMPLEMENTATION OF SOCIAL PROJECTS ON THE FORMULATION OF STRATEGIES FOR ENSURING ECONOMIC SECURITY OF ENTERPRISES

Nataliia Oliinyk, Dmitry Ilyashenko — Sat, 30 May 2026 00:00:00 +0000

This article examines the impact of the global institutionalization of social investment and the implementation of social projects on the transformation of approaches to developing strategies for ensuring the economic security of enterprises. The aim of the article is to provide a theoretical justification and develop a practical toolkit for integrating social investment into the strategic planning of corporate economic security in the context of global institutionalization and increasing turbulence in the external environment. Key trends in the global transformation of the social investment market have been identified, among which the dominant trend is the transition from voluntary corporate social responsibility to strict institutional regulation through ESG reporting mechanisms (GRI, SASB, CSRD). It has been demonstrated that social investment instruments have a comprehensive and multiplier effect on all functional components of a company’s economic security. The study confirmed the existence of a direct correlation between a company’s level of social responsibility and its resilience to external economic threats. It was found that companies with a high level of social investment integration are characterized by resilience and the ability to use crisis situations as a source of strategic opportunities. The authors propose a model for integrating social investment into a strategy for ensuring an enterprise’s economic security. The model provides for the interaction between the external institutional environment and internal management processes through analytical, strategic, instrumental, and control components, thereby ensuring the cyclical nature, adaptability, and continuous improvement of strategic decisions. It has been demonstrated that its application enables the transformation of social projects into a strategic tool for risk management and enhancing an enterprise’s economic security. It is argued that the modern paradigm of enterprise economic security is undergoing a significant transformation: from the dominance of reactive-defensive approaches to the formation of proactive strategies focused on sustainable development and the management of non-financial risks.

CORPORATE SOCIALLY RESPONSIBLE INVESTMENT IN ENERGY INDEPENDENCE OF ENTERPRISES: ROLE IN SHAPING THE SOCIOECONOMIC VALUE OF THE EMPLOYER BRAND

Ivan Ryabokon — Sat, 30 May 2026 00:00:00 +0000

The article examines the mechanisms for transforming socially responsible investment into an effective tool for shaping the socio-economic value of an employer brand within the framework of domestic technology enterprises. The author substantiated that, in conditions of systemic infrastructure instability, the long payback period of energy projects—which, according to classical financial models, exceeds sixteen years—necessitates a shift toward the concept of a continuity premium. Under this approach, investments are capitalized not only through direct resource savings but primarily through ensuring the operational stability of business processes and offsetting costs associated with forced staff downtime.

Based on an adapted methodology for assessing carbon impact and the principles of cognitive ergonomics, the author proposes a model of an autonomous workspace aimed at minimizing the phenomenon of energy precarization among specialists. The author pays particular attention to the socio-technical aspect of veterans’ reintegration. The study demonstrated that engaging this category of employees in roles as security operators and monitors of office energy systems contributes to their professional stabilization by restoring a subjective sense of control over the work environment.

The scientific novelty of the study lies in expanding theoretical approaches to assessing the effectiveness of socially responsible investment by introducing the definition “Sustainability as an Advantage” into scientific discourse. Unlike existing methodologies, the study proposes for the first time to consider energy self-sufficiency not as an infrastructure cost, but as a strategic component of the employer’s value proposition, integrating environmental standards with the psychological safety of personnel.

The study identifies the role of environmentally oriented software development in reducing indirect emissions. It also examines how social responsibility indicators influence the cost of capital. The article established that the implementation of socially responsible investing into a company’s HR strategy allows for the transformation of technical infrastructure parameters into a strategic intangible asset. This directly influences the strengthening of the employer brand’s position and the dynamics of employee loyalty indices amid global and local economic turbulence.

The methodological basis of the study was a comprehensive approach based on a combination of methods for financial modeling of high-reliability uninterruptible power supply systems and analytical processing of experts’ infrastructure expectations. Within the framework of modeling the socioeconomic effect, the parameters of the value of saved working time and employee behavior patterns under conditions of power grid capacity shortages were verified. The results confirm that implementing the proposed model reduces the actual payback period of projects to three to four years by incorporating non-financial indicators into the company’s total cost structure. The practical significance of this work lies in the development of a “resilience as a competitive advantage” toolkit that management can use to optimize strategies for retaining human capital and socially rehabilitating the veteran segment of the workforce by giving them a leading role in managing business resilience.

ARTIFICIAL INTELLIGENCE IN ECONOMIC ANALYSIS AND FORECASTING OF THE REPUBLIC OF MOLDOVA

Serghei Stiroi — Sat, 30 May 2026 00:00:00 +0000

The relevance of this study is driven by the growing need for high-precision macroeconomic forecasting tools for the Republic of Moldova — a small open economy that is historically highly exposed to external price shocks, significant energy import dependence, and continuous real sector volatility. Traditional forecasting methods have shown their limitations during recent crisis periods, emphasizing the demand for more advanced analytical frameworks. The purpose of this research is to conduct a comprehensive comparative assessment of the predictive capacity of three distinct model classes — multiple linear regression (MLR), Autoregressive Integrated Moving Average (ARIMA), and Long Short-Term Memory (LSTM) recurrent neural networks. These models are applied to forecasting Moldova's inflation rates and Gross Domestic Product (GDP) growth based on macroeconomic data spanning the period from 2018 to 2025. The empirical information base is derived exclusively from official publications provided by the National Bank of Moldova (NBM) and the National Bureau of Statistics of the Republic of Moldova. To ensure methodological rigor, the quality and accuracy of the models were evaluated and cross-validated using standard statistical metrics, specifically Root Mean Square Error (RMSE), Mean Absolute Error (MAE), and Mean Absolute Percentage Error (MAPE). The comparative results compellingly show that the deep learning LSTM model demonstrates significant and consistent superiority over traditional econometrics. Specifically, it reduces the RMSE of inflation forecasts from 1.139 (linear regression) and 0.973 (ARIMA) down to 0.354, while improving the MAPE from 21.4% and 17.3% to a highly accurate 6.85%, respectively. Furthermore, a generated scenario forecast for the upcoming 2026–2027 period indicates that inflation will likely consolidate near 5.0% and 4.5%, which remains entirely consistent with the NBM's established target corridor. Additionally, GDP growth in the baseline scenario is projected at stable rates of 2.2% in 2026 and 3.0% in 2027. The practical value and novelty of this study lie in the potential direct integration of the proposed AI-driven predictive models into the strategic analytical systems of the National Bank and the Ministry of Economic Development and Digitalization of the Republic of Moldova, thereby enhancing policy formulation under uncertainty.

ECONOMIC AND SOCIOECONOMIC BARRIERS OF HIGHER EDUCATION: A CASE STUDY OF AUTONOMOUS REPUBLIC OF ADJARA, GEORGIA

Natela Tsiklashvili, Tamari Poladashvili — Sat, 30 May 2026 00:00:00 +0000

The given paper studies the key socioeconomic factors that influence young people to access and complete higher education (HE) in Georgia. The research focuses on regional context, mainly on Adjara, Georgia. Even though all citizens are equal to receive HE in Georgia, in practice, many students face invisible barriers long before they apply to university and during their studies too. This research examines how background social and economic conditions shape access to higher education, focusing on income level, family background, gender, place of residence etc.

The study is based on a quantitative research design, suing a structured questionnaire administered among 315 undergraduate students across six municipalities of Autonomous Republic of Adjara: Batumi, Kobuleti, Khelvachauri, Keda, Khulo and Shuakhevi.

Based on these quantitative research methods and structured questionnaires, the study analyzes how the above-mentioned factors affect students’ educational choices and their opportunities to complete HE without delays.

The findings show that financial constraints, family background and the regional disparities remain a major barrier to accessing HE. The problem is particularly evident among low-income households. The majority of respondents belong to low or lower-middle income households ad students from these groups allocate a disproportionately large share of households’ income and education-related costs.

Limited financial resources limit students to from fully engaging in their education, instead they combine studies with employment or search for other financing sources to support themselves. As a result, this process increases the risk of delayed graduation or dropout. It must be mentioned that students with full time job tend to have less time and available energy for academic work.

Gender differences are also evident as female students rely more heavily on state-finance funding programs, while male students are more frequently self-finance through employment.

Recent government reforms to restructure the HE system have caused controversial arguments. In this context, the findings of the paper underline the need for targeted policy measures aimed at reducing educational inequality, strengthening social mobility and supporting students in need. The study provides practical implications for HE managers, policymakers and local stakeholders that are involved in educational planning and social development.

THE SOCIO‒ECONOMIC DIMENSIONS OF HIGHER EDUCATION: TRENDS, CHALLENGES, AND TRANSFORMATIONS IN GEORGIA

Lia Charekishvili — Sat, 30 May 2026 00:00:00 +0000

Higher education systems worldwide are undergoing profound and accelerating structural transformation, driven by the simultaneous macroeconomic pressures of massification, technological disruption, changing labor market demands, and evolving public and private financing models. This article presents a comprehensive literature review and empirical analysis of tertiary education trends, exploring their socio‒economic challenges, structural shifts, and system‒wide transformations. The study integrates a systematic engagement with international scholarly and economic policy literature with original statistical data drawn from the Georgian national higher education and vocational education and training (VET) sectors for the 2025/2026 academic year.

This dual focus facilitates a rigorous dialogue between globally theorized human capital dynamics and contextually specific empirical realities, contributing to a comparative literature in which post‒Soviet and South Caucasian educational economies remain significantly underrepresented. The literature review component critically examines six thematic domains: access and equity; institutional quality assurance and market accountability; governance and cost‒sharing models; internationalization and global student mobility networks; digital pedagogy infrastructure; and graduate outcomes relative to the higher education–labor market nexus.

The empirical findings from official statistical data reveal robust institutional expansion alongside persistent structural distortions. Key trends include an 8.0% year‒on‒year increase in new admissions, a 19.7% surge in international student enrollment—which generates substantial revenue and positions Georgia as a regional educational exporter—and a dynamic 15.3% growth in VET enrollment. Conversely, a 16.0% decline in doctoral completions and a sharp geographic concentration of educational infrastructure in the capital city of Tbilisi present major systemic risks to regional human capital development and long‒term economic sustainability. The paper concludes with policy recommendations focused on optimizing financial resource allocation, mitigating regional economic imbalances, and enhancing the efficiency of public investments in tertiary education.

DEMOGRAPHIC PRECONDITIONS FOR PROVIDING HUMAN RESOURCES TO THE ECONOMY OF UKRAINE

Gаlina Urchik, Natalia Samoliuk — Sat, 30 May 2026 00:00:00 +0000

The purpose of this article is to determine the demographic prerequisites for the formation of human resources of Ukraine in the context of the prospects for resource provision of the national economy. Based on the purpose of the study, the article analyzes the natural and migration movement of the population of Ukraine in the pre-war and war periods based on various sources of information. with the beginning of hostilities (2022) the State Statistics Service of Ukraine does not update data on the main demographic indicators, which creates an information "vacuum" in the relevant area and necessitates the use of alternative sources of information. For 2022, the State Statistics Service published data on the population of Ukraine at the level of 41.2 million people, which is currently not true. Other sources of information (governmental, non-governmental, expert) provide different data on the population of our country. According to the UN, with the beginning of full-scale hostilities, the population of Ukraine has significantly decreased and by 2024 amounted to 37.9 million people. Data on the population of Ukraine that are close to the UN estimates are provided by Worldometer and the World Bank. The most “pessimistic” data on the population of Ukraine are provided by demographers (28-30 million or 34 million people). According to the UN, since the beginning of hostilities in Ukraine, there has been a critically low birth rate (5.5-5.7 per 1,000 people) compared to 8-9 per 1,000 people in the EU. As for mortality, Ukraine has not published official statistics on the number of deaths/killed since 2022. At the same time, according to the UN, since 2022, the mortality rate in Ukraine has decreased compared to the relatively peaceful 2021 (14.2 versus 17.1 per 1,000 people, respectively). This raises a number of questions and doubts, because the fact of a high level of excess mortality among military and civilians as a result of military operations is obvious. The average life expectancy at birth in Ukraine has significantly decreased since the start of hostilities and in 2023 was 64 years compared to 83 years in the EU. Ukraine has a regressive age structure (the share of the population aged 60+ in 2022-2023 was about 28%), and the average age of the population has increased to 44 years.

Official data on the scale of interstate migration in Ukraine do not reflect real migration losses (according to the State Statistics Service, in 2021 the number of people arriving from foreign countries to Ukraine was 41.7 thousand people, while those leaving were 22.6 thousand people). According to the International Organization for Migration, full-scale hostilities in 2022 and 2023 caused a sharp increase in interstate migration in Ukraine (-139 and -8 per 1,000 people of the current population, respectively). In 2024, the balance of interstate migration flows became positive, but the fact of significant irreversible migration losses for Ukraine is obvious. Thus, unfortunately, Ukraine has a deep demographic crisis, which creates problems in providing the Ukrainian economy with human resources today, and will only worsen in the near future.

STRATEGIC PARTNERSHIPS AS AN INNOVATIVE FORM OF COOPERATION AMONG BUSINESS ENTITIES IN THE MODERN BUSINESS ENVIRONMENT

Tetyana Yashchuk — Sat, 30 May 2026 00:00:00 +0000

This article examines the nature and role of strategic partnerships as an innovative form of interaction among business entities in today’s business environment. It justifies the relevance of developing partnerships in the context of globalization, the digitalization of the economy, intensifying competition, and the need for enterprises to adapt quickly to dynamic changes in the market environment. It is determined that strategic partnerships are an important tool for ensuring the long-term development of enterprises, facilitating the pooling of resources, competencies, and knowledge to achieve common strategic goals and build competitive advantages.

The theoretical and methodological foundations for forming strategic partnerships are outlined, and their key characteristics, principles, and benefits for participants are identified. Particular attention is paid to the study of a structural-logical model for forming strategic partnerships, which reflects the sequence of stages in establishing partnership relations – from initiating cooperation and selecting partners to implementing joint projects and evaluating the effectiveness of the collaboration. The proposed model takes into account the influence of internal and external factors, mechanisms for coordinating participants’ actions, and partnership management tools.

This study analyzes the main forms of strategic partnerships, including strategic alliances, clusters, network structures, and cooperative models of interaction. It has been established that their use contributes to increasing enterprises’ innovation activity, optimizing resource utilization, reducing risks, expanding market opportunities, and accelerating the implementation of innovations. The key factors for the success of strategic partnerships have been identified, including trust among participants, alignment of goals, effective management, high-quality communication, and the ability to adapt to changes in the external environment. The main challenges and risks associated with developing partnerships are outlined, and strategies for minimizing them are proposed. It is concluded that strategic partnerships serve as an important tool for ensuring the sustainable development of enterprises and enhancing their competitiveness amid current economic transformations.

TRANSFORMATION OF LOGISTICS PROCESSES AS A COMPONENT OF DIGITALIZATION OF MARKETING MANAGEMENT OF THE AGRO-INDUSTRIAL COMPLEX

Alla Humeniuk, Nataliia Biloshkurska — Sat, 30 May 2026 00:00:00 +0000

We examine the importance of effective organization of logistics processes as a key factor that ensures stable operations and competitiveness of agro-industrial enterprises, especially under military challenges in Ukraine. We emphasize logistics as an integrated system that connects production, storage, transportation, and distribution of agricultural products and we show how it supports timely delivery to domestic and external markets. We highlight the importance of uninterrupted functioning of the agricultural sector because it guarantees state food security, stabilizes regional economies, and ensures the supply of essential products and resources, including delivery to frontline and remote territories affected by instability.

We analyze the role of digital competence of employees in applying modern marketing management tools and in using online services and digital platforms. We argue that digital literacy directly influences managerial decision-making, communication with partners, and adaptability to rapidly changing market conditions. We define the main components of digital competence in agricultural production, including the ability to use specialized software, stable Internet access, cloud-based services, web resources, and mobile applications for farm management, monitoring, and market analysis.

We further examine modern digital technologies in the agricultural sector, including geographic information systems (GIS), sensors and measuring devices, unmanned aerial vehicles (drones), robotic systems, the Internet of Things (IoT), and blockchain technologies. We show how these tools improve management efficiency, optimize production processes, and support continuous monitoring of soil conditions and crop development. We also demonstrate that these technologies increase transparency and traceability across supply chains and strengthen trust between producers, suppliers, and consumers.

We conclude that we must implement innovative digital solutions as a necessary condition for improving productivity, reducing operational costs, and strengthening resilience of agricultural enterprises. We also find that digital transformation significantly enhances competitiveness of agro-industrial enterprises under modern economic changes and supports their integration into global markets.

SOCIO-ETHICAL PRINCIPLES OF PERSONNEL DEMOTIVATION AT THE ENTERPRISE AS A FACTOR OF PROFESSIONAL BURNOUT

Svitlana Biriuchenko, Tetiana Ostapchuk — Sat, 30 May 2026 00:00:00 +0000

The purpose of this article is to substantiate methodological approaches to examining the socio-ethical principles of employee demotivation within an enterprise as a factor contributing to professional burnout. In this study, professional burnout is interpreted not merely as an individual psychological response to excessive workload or occupational stress, but as a complex multifactorial phenomenon shaped by the organizational, managerial, social, and ethical characteristics of the internal business environment. The use of digital analytics tools enabled the identification of increasing scholarly attention to the phenomenon of psychological and occupational exhaustion in interdisciplinary research and facilitated tracing the gradual institutionalization of professional burnout within both academic and public discourse. The findings indicate that the key determinants of professional burnout extend beyond work intensity and psychological overload to include unfair managerial practices, lack of trust in leadership, non-transparent reward systems, ineffective ethical communication, and violations of employee dignity and respect in workplace interactions. It is argued that the persistent influence of these factors generates moral stress, which gradually transforms initial employee demotivation into a sustained condition of emotional exhaustion, professional alienation, and declining productivity. The scientific novelty of the study lies in advancing a conceptual approach to understanding professional burnout as a consequence of socio-ethical distortions in the personnel management system, as well as in developing an integrated model for burnout prevention and mitigation based on the interconnection of an ethical organizational environment, fair managerial practices, psychological safety, and mechanisms for restoring employee resources. The practical significance of the research lies in the potential applications of the proposed model for designing HR management programs, improving corporate culture, and implementing early-stage diagnostic systems to identify and prevent professional burnout risks in enterprises.

DIGITAL ECONOMY FACTORS AS A BASIS FOR MODERNIZING COMPETITIVE ANALYSIS IN STRATEGIC MANAGEMENT

Olga Lyshtva — Sat, 30 May 2026 00:00:00 +0000

The article explores the transformations of competition in the context of economic digitalization and their impact on approaches to analyzing the competitive environment. The study finds that digital markets are characterized by specific structures, including multi-sidedness, the presence of network effects, significant economies of scale and scope, dominance of intangible assets, and a high pace of innovation. The article proves that these characteristics not only alter the conditions under which markets operate but also fundamentally change the nature of competition, shifting it from price rivalry to a contest for data, user bases, and ecosystem advantages. The study emphasizes the limitations of traditional competitive analysis tools in the digital environment, highlighting the need for their adaptation to account for non-price parameters, behavioral demand characteristics, and potential competition from innovators. Additionally, the study systematizes the key features of digital competition as factors driving the transformation of industry competitive landscapes. An approach to industry competitive analysis is refined by integrating the characteristics of digital competition with Porter’s Five Forces model, enabling consideration of how digitalization affects both the structure and intensity of competitive interactions among market participants. The research proposes a set of indicators to assess the influence of digital competition factors on industry analysis parameters, providing a methodological basis for further empirical studies of organizational competitive environments. The study is aimed at the further development of using competitive analysis results in strategic management in the context of the digital economy, taking into account changes in the sources of competitive advantage and the transformation of value creation chains.

SOCIO-ECONOMIC PERFORMANCE OF ECONOMIC ENTITIES IN THE CONTEXT OF INTEGRATING SUSTAINABLE DEVELOPMENT GOALS

Danylo Lopatin — Sat, 30 May 2026 00:00:00 +0000

The article examines the role of the Sustainable Development Goals (SDGs) in shaping the socio-economic performance of economic entities amid the transformation of contemporary approaches to evaluating their efficiency. Attention is drawn to the limitations of traditional financial and economic performance indicators and the need to complement them with social and institutional parameters aligned with the principles of sustainable development. Socio-economic performance is interpreted as a multidimensional category that integrates economic, social, and institutional–managerial dimensions and is shaped through the integration of SDG into strategic decisions, organizational structures, and management practices of economic actors. The study substantiates a system of criteria for the comparative analysis of SDG integration, covering institutional, economic, social, and managerial aspects of organizational activity. It is shown that CSO achieve large-scale social impact, a high level of accountability, and systematic processes due to the institutionalized integration of SDG, the existence of programmatic documents, monitoring systems, and non-financial reporting. At the same time, it is established that their economic sustainability largely depends on external donor and grant resources, limiting the long-term autonomy of their operations. Social enterprises are characterized by flexible management models, higher levels of economic self-sufficiency, and adaptability, while their social impact is localized and personalized, formed through the combination of market mechanisms and a social mission. The study concludes that the models of civil society organizations and social enterprises are complementary and that integrating their approaches is promising for enhancing socio-economic performance and effectively implementing the SDG within the national economy.

ACCOUNTING AND ANALYSIS AS TOOLS FOR MANAGING A COMPANY’S PROFITS

Inna Berzhanir — Sat, 30 May 2026 00:00:00 +0000

The aim of this article is to systematize and summaries the theoretical aspects of corporate profit management, as well as to develop practical recommendations for its improvement.

The research has established that, in the current economic climate, business entities operate in a complex competitive environment, where financial performance is the key factor determining their viability and prospects for development. Profit plays a significant role in the system of financial indicators, as it characterizes the final outcome of an enterprise’s economic activity.

This is precisely why profit plays a crucial role in the system of financial indicators, as it reflects the final outcome of business operations and determines a company’s ability to invest, modernize its facilities, expand production, and maintain an adequate level of competitiveness. This is why the issues of generating, allocating, and effectively utilizing profit are vital to ensuring the stability of a company’s operations.

The dynamics of profit volumes of Ukrainian enterprises have been analyzed, and the factors causing these changes have been investigated. It has been established that the total volume of losses has also increased, a situation characterized by a severe economic shock caused by the full-scale invasion by the Russian Federation in 2022, as enterprises reduced production volumes, logistics faced serious obstacles, and demand and exports also declined significantly. The profitability of Ukrainian enterprises was also analyzed across individual sectors.

This paper examines the components of a profit management system, specifically: profit planning, cost management, break-even management, corporate dividend policy, profit distribution management, and tax optimization. The application of these components will enable the adoption of well-considered and effective management decisions aimed at the entity’s development.

REMITTANCES AND INDIRECT TAX REVENUES IN ALGERIA: EVIDENCE FROM THE ARDL AND ECM MODELS

Fateh Jmafou, Ahmed Bensada, Aboubaker Khoualed, Hassiba Almi — Sat, 30 May 2026 00:00:00 +0000

This study investigates how remittances from migrants affect Algeria's indirect tax collection between 1977 and 2023. The study uses autoregressive distributed lag (ARDL) and error correction model (ECM) methods to analyse long-term structural impacts and short-term dynamic effects while using the GDP import share and inflation rate as control variables to address the single-country study gap. The research findings show a complex relationship and use bounds testing to establish a long-run equilibrium between the two systems. However, the research shows that remittances do not affect indirect tax revenue through structural changes in the economy. The short-term dynamics responded positively to remittance shocks because the transfers led to temporary increases in consumption, which did not translate into permanent growth in tax revenue. Error correction revealed that institutional adjustment was extremely slow, with indirect tax revenues adjusting toward their long-term balance at an annual rate of 10.5%. Granger causality tests show no predictive feedback of remittances and indirect tax revenues at any level. This study shows that indirect tax collection suffers from two problems: structural rigidity and the informal economy. Addressing these constraints requires two complementary policy interventions: expanding access to formal banking and promoting businesses’ use of digital payments. The government must establish a new VAT policy to turn temporary remittance expenses into tax revenue for the country. Furthermore, the study enriches the limited empirical evidence on the fiscal effects of remittances in developing economies and provides insights for policymakers seeking to strengthen domestic revenue mobilisation.

MODELING THE FINANCIAL PROVISION OF AGRICULTURAL ENTERPRISES IN THE POST-WAR DEVELOPMENT SYSTEM: ASSESSMENT OF FINANCIAL IMMUNITY AND ADAPTIVE CAPITALIZATION

Oleksandr Zaiets — Sat, 30 May 2026 00:00:00 +0000

The purpose of the article is to substantiate the methodological toolkit and construct a predictive model for the financial provision of agricultural enterprises within the post-war development system, based on the author's indicators of financial immunity and adaptive capitalization. The phenomenon of financial endurance of agricultural entities is analyzed through the prism of military and economic destabilization. It is established that classical analytical tools lose relevance under "war shock" conditions, necessitating the search for new determinants to evaluate resource potential. The model for diagnosing the financial state of enterprises has been improved, built on the principles of stress testing and the assessment of capital "exhaustion points." A system of indicators forming the enterprise's "financial immunity passport" is proposed: the Financial Immunity Index (FI), which determines the loss absorption threshold without halting the investment cycle, and the Adaptive Capitalization Coefficient (Kac), which for the first time treats state support not as financial donation but as a synergetic catalyst for internal growth. The high reliability of the research results is argued through a two-stage verification procedure: the initial hypothesis of high financial elasticity of resources (developed using the author's model based on 2022–2023 trends) was confirmed and refined at the second stage in accordance with the findings of the Independent Auditor's Report (Crowe Global) for 2024. It is proved that the identified excess of actual recapitalization rates over the initial model calculations by 6.7 times demonstrated the enterprise's extraordinary capacity for self-development and confirmed the adequacy of the proposed analytical framework. The methodological approach to the strategic positioning of enterprises within a resilience matrix has been expanded, allowing for the transformation of the business's financial structure into a high-tech system capable of independent operation. It is substantiated that the target state of "strategic growth" (forecasted through 2026) is ensured by forming a breakthrough surplus of free capital, which is 1.7 times higher than the regulatory requirements for modernization.

DIGITAL TECHNOLOGIES IN THE BANKING SYSTEM FOR RISK MANAGEMENT CONTROL

Tinatin Mshvidobadze, Nanuli Kokashvili, Maka Sosanidze — Sat, 30 May 2026 00:00:00 +0000

The digitalization of the economy poses serious challenges to existing business models, including the structural divisions of the banking system, which is currently undergoing transformation worldwide. Digital banking offers customers significant advantages, such as ease of transactions and savings. By using digitalization, banks can offer customers improved services that provide convenience, save time, reduce human errors, and thereby increase customer loyalty. Digitalization will also benefit customers by facilitating cashless transactions. That is why it is important today to improve service processes in banks and implement digital transformation through the effective use of digital technologies. As a result, there is a growing trend in the number of digital banking users worldwide. Digitization also has various serious drawbacks, such as fraud cases and cyberattacks, which have increased especially in recent years. In this context, the aim of this study is to assess the status of digital banking in the world, to provide effective and secure mobile banking services in digital banking, which requires risk management. The article, also based on the latest literary sources, examines the issue of "financial risk management" on the example of the Georgian banking sector. The banking sector has a great impact on the country's economy. Difficulties in the banking business can become the cause of the country's economic crisis. These difficulties affect a large part of society. Therefore, it is necessary to analyze, develop and improve existing methods of financial risk management. The banking sector has a great impact on the country's economy. Difficulties in the banking business can become the cause of the country's economic crisis.

RESILIENT MANAGEMENT OF ENTERPRISE FINANCIAL FLOWS IN THE CONTEXT OF EXPORT EXPANSION

Kateryna Oriekhova, Olena Golovko, Nataliia Hnyp — Sat, 30 May 2026 00:00:00 +0000

In conditions of economic instability caused by global challenges and martial law, the issue of ensuring resilient management of enterprise financial flows becomes especially important. The development of export expansion not only helps to diversify sources of income, but also increases the stability of financial flows against internal and external shocks. This is very important for enterprises operating in a dynamic global environment. The study of approaches to financial flow management when entering international markets makes it possible to identify effective ways of stabilising these flows, adapting them to external requirements, and creating long-term competitive advantages.

The aim of the study is to identify ways to improve the efficiency of resilient financial flow management of enterprises in the context of export expansion and to develop approaches for their implementation under economic instability and global market challenges.

The object of the study is the process of formation and management of financial flows of enterprises in the context of export expansion and its impact on financial stability and resilience of the enterprise under current economic challenges.

The following methods were used in the study: system analysis, structural and functional analysis, comparative analysis, economic and statistical methods, and expert evaluation.

The results of the study confirm that the formation and implementation of an effective system of resilient financial flow management is a key factor in ensuring the financial stability of an enterprise during export expansion. The analysis of the activities of PJSC “Kharkiv Biscuit Factory” showed that successful entry into international markets requires adaptation of the financial model to new market conditions, diversification of cash flows, improvement of cost management systems, implementation of digital solutions in logistics and financial processes, and development of partnerships with foreign partners.

Among the main directions for ensuring the resilience of financial flows, special attention should be given to diversification of sales markets, optimisation of the structure of cash inflows and outflows, implementation of risk management mechanisms, and formation of financial reserves. The evaluation of these approaches shows their ability to reduce financial risks, ensure stable cash flows, and increase the adaptability of enterprises to changes in the external environment, which is especially important in the current conditions of global economic instability.

The practical significance of the study lies in developing scientifically grounded recommendations for improving the financial flow management system of enterprises in the context of export expansion. In particular, approaches to forming a resilient model of financial flow management are proposed, taking into account external conditions, allowing effective risk management, and ensuring continuity of financial activity.

The results obtained can be used for further improvement of export strategies of Ukrainian enterprises, increasing their financial stability and competitiveness, as well as for developing economic policies aimed at supporting the integration of enterprises into the international business environment.

ANALYSIS OF THE FINANCIAL CONDITION OF ENTERPRISES TO MAKE EFFECTIVE MANAGEMENT DECISIONS

Kateryna Semenova, Daria Kravets — Sat, 30 May 2026 00:00:00 +0000

The article examines the theoretical and practical aspects of financial condition analysis of enterprises as a key tool for improving management efficiency in conditions of economic instability. Particular attention is paid to the role of financial analysis in ensuring the sustainability of business operations under the influence of external shocks, including the challenges caused by wartime conditions in Ukraine. The study explores modern approaches to assessing liquidity, solvency, and financial stability, which enable timely identification of risks, prevention of crisis situations, and support informed managerial decision-making.

It is emphasized that the effectiveness of enterprise management largely depends on the quality and depth of financial analysis, as it provides a comprehensive understanding of the company’s resource potential, capital structure, and ability to adapt to a rapidly changing external environment. The article also considers the impact of macroeconomic and institutional factors, including disruptions in logistics, increased costs, limited access to financial resources, and labor shortages, which significantly complicate the financial and economic activities of enterprises across various sectors of the economy.

The paper proposes directions for improving the system of financial analysis, including enhancing analytical tools, strengthening the connection between financial indicators and management decisions, and optimizing the structure of assets and capital. These measures are aimed at increasing the overall efficiency of enterprise management and ensuring long-term financial stability.

For illustrative purposes, the research findings are applied to the example of an enterprise in the construction industry, which allows for a more detailed demonstration of the identified trends, problems, and risks. However, the conclusions obtained have a broader significance and can be extended to enterprises operating in different sectors of the national economy.

ASSESSMENT OF A COUNTRY’S TAX POTENTIAL

Tetiana Stetsenko — Sat, 30 May 2026 00:00:00 +0000

The aim of this article is to provide a quantitative assessment of Ukraine’s tax potential. Achieving the aim of the study involves carrying out the following tasks: identifying the components of tax potential that can be calculated on the basis of open data; and calculating the tax potential and the level of tax effort in Ukraine. In Ukraine’s tactical and strategic regulatory and legal documents, tax potential, the level of its realisation and the tax gap are not used as indicators of the state of public finances in general or the tax system in particular. The use of these indicators makes it possible to quantitatively assess tax collection efforts in the country, evaluate their adequacy and identify further directions for their development. The results of the study on Ukraine’s tax potential have shown that there is a tax gap caused both by tax losses arising from the informal sector of the economy and by the granting of tax incentives. Over the period 2015–2023, the level of tax potential realisation fluctuated between 60 and 70 per cent. Given the existence of productive tax incentives, tax potential cannot be realised to 100 per cent. The average tax potential realisation rate in countries across Europe and Central Asia – 82.5 per cent – could serve as a benchmark for further tax reform efforts. Based on the findings of international studies, Ukraine should focus not on the realised component of tax potential – achieved through changes to tax rates and other tax elements – but on the unrealised component. It is considered advisable to work actively to promote voluntary tax compliance in Ukraine, to continue legitimising the obligation to pay taxes through the optimal allocation of budgetary funds, and to combat corruption and tax evasion. Further research will focus on refining the indicators used to calculate Ukraine’s tax potential, particularly with regard to the forecast component and tax expenditures.