Economic forum <p><img src="/public/site/images/ira/homepageImage_uk_UA.jpg"></p> <p><strong>DOI: <em>10.36910</em></strong><strong><a href="">/</a><a href=""></a></strong></p> en-US (Nataliia Vavdiiuk) (Iryna Salivonchyk) Tue, 23 Nov 2021 00:00:00 +0000 OJS 60 PROBLEMS AND CONTRADICTIONS OF THE WORLD MONETARY SYSTEM <p>The article is devoted to the problems and contradictions of the functioning of the world monetary system in modern conditions.</p> <p>At the present stage, the consequences of the global financial and economic crisis of 2007-2008 continue to have a negative impact on the world economy, which is characterized by a high degree of volatility, instability, unfavorable and contradictory economic policies of leading states, integration associations and others. This situation threatens new applications in the world economy and reveals its future is largely uncertain. One of the main reasons for this uncertainty is the instability of the world monetary system (MIA), due to the unregulated expansion of financial markets and instruments; liberalization of international capital flows; increasing the impact of transnational financial institutions on the economies of developing countries; dollarization of the world economy. Thus, the structural principles of the Jamaican monetary system, developed in the 60's of XX century in the interests of leading developed countries, especially the United States (USA), ceased to correspond to the realities of the world economy. In these conditions, the topic of reforming the Ministry of Internal Affairs and regulating international monetary relations becomes extremely relevant.</p> <p>The article identifies the main weaknesses and strengths of the global foreign exchange market.</p> <p>Based on the analysis, it is established that the international foreign exchange market in its current form reflects the real demand and supply for different currencies. Sharp fluctuations in it during the crisis reflect the usual behavior of its participants, who invest in the currency - asylum, and real supply and demand, caused by the fact that investors withdraw from transactions using borrowed funds. Thus, the foreign exchange market is actually functioning normally.</p> <p>It is proved that in the near future the world monetary and financial system will face any serious crisis, there is no reason. The principles of its construction are fully consistent with the principles of building the structure of the world economy, the balance of power on the world stage and the interests of leading economic centers and countries.</p> <p>The status of the US dollar as the main reserve currency is not in doubt. First, there are no serious macroeconomic and statistical reasons for this yet. Secondly, changes in this direction threaten serious economic problems for all countries, although we are not talking about the crisis of the entire world monetary system (even when the status of the US dollar changes).</p> <p>Summing up the article, we can say that the main reserve currency in the world - the US dollar remains stable.</p> Visyn V. , Visyna T., Marchuk N, Tomchuk I. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 08:17:53 +0000 SUCCESS FACTORS OF INTERNATIONAL STRATEGIC ALLIANCES IN THE IT SPHERE IN THE CONDITIONS OF COVID-19 SPREADING <p>International business in the IT sphere occupies an increasing share of the world market, largely due to the development of inter-firm integration and the formation of international strategic alliances. Implementation of intersectoral innovation projects, formation of new conditions of interaction between states and business, technological integration of science and production allow to successfully overcoming barriers of economic blocs and borders of countries and mastering new international sales markets.</p> <p>The scientific article solved a difficult task – to carry out a classification of types of the success factors of international strategic alliances in the IT sphere in the conditions of the spread of COVID-19. Despite the large number of publications devoted to the problem of the formation and development of international strategic alliances, it was only partially disclosed, defining the subject essence of strategic alliances, organizational and legal conditions of their formation, advantages and disadvantages of creation and management specifics. The problem has not been solved at all for modern conditions – the spread of COVID-19. And equally important is to determine the factors that contribute to the success of strategic alliances in international markets.</p> <p>Made analysis of the current dynamics and forecasting of global IT cost in the period of 2020–2022 revealed a significant increase in interest in the IT business sectors in the conditions of the spread of COVID-19, the formation of favorable conditions for investing in software products, compared to most companies in the world that are still experiencing declining revenues. This, of course, emphasizes the importance of studying the factors that contributed to the identified trends in the development of IT business and the role of international strategic alliances, the share of which is about 20% of their total number.</p> <p>In the study of factors influencing the formation and development of international strategic alliances in the IT field, ones that contributed the most to their success in conditions of the spread of COVID-19 were identified. The classification of types of such factors was made based on following classification features of their division into internal and external factors motivating the creation and development of international strategic alliances: by the differences in partnerships and organizational culture, by the degree of contiguity of business fields, the degree of contiguity of management, by the possibilities of achieving a synergetic effect, by the nature of actions by management, by the economic situation in the world, by the degree of technological development of countries, by the political situation in the world. The recommended theoretical and methodological approach interconnects and complements the internal and external factors that motivate the creation and development of international strategic alliances in the field of IT.</p> <p>The practical significance of the study is the need to take into account certain internal and external factors of motivation of the creation and development of international strategic alliances in the IT sphere in order to identify their impact on the dynamics of IT costs and revenues and obtain more reliable results for forecasting their change in the future.</p> Kryvovyazyuk I. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 08:35:11 +0000 MODEL OF EUROPEANIZATION OF MIGRANTS AS A WAY TO OVERCOME THE MIGRATION CRISIS IN EUROPEAN COUNTRIES <p>The article examines the problem of finding ways out of European countries from the migration crisis, which is relevant and important for Ukraine as one of the main donors of migrant workers to the EU.</p> <p>The existing experience of integration of migrants into the socio-economic system of European countries, which simultaneously alleviates social tensions in the communities of host countries on the emergence of "foreigners" and also allows effective use of the positive aspects of immigration, in two forms: multiculturalism and assimilation.</p> <p>Based on the studied experience, empirical analysis of the Europeanization process and hypothetical-deductive method, a model of Europeanization of migrants into European society was developed as a way to overcome the migration crisis, which involves the simultaneous application of polar forms of migration policy: liberalization and protectionism. This is due to the need for the EU in the process of overcoming the migration crisis to be able to simultaneously reap the benefits that may occur in the current situation, as well as ensure supranational and economic security of the Union, due to the real threat of uncontrolled increase in migration flows to the EU.</p> <p>The grounds for introducing a model of Europeanization of migrants in the current context of the Crown virus pandemic are identified, and it is argued that the model of Europeanization of migrants will help the EU not only overcome the migration crisis and strengthen by overcoming a number of domestic socio-economic problems through migrants, but also extend European values ​​based on democracy and respect for human rights and freedoms to other peoples, which will ensure the mental convergence of different peoples of the world and thus reduce the authority destabilizing forces in the region, will accelerate the integration of new members into the EU, and Ukraine in particular.</p> Korolchuk L. , Chernjakova G. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 08:51:46 +0000 ECONOMIC AND MATHEMATICAL MODELING OF THE DEPENDENCE OF THE SOCIO-ECONOMIC SPHERE OF UKRAINE FROM EXTERNAL-ECONOMIC FACTORS <p>The article examines the dependence of the level of development of the socio-economic sphere of Ukraine on foreign economic factors. The vector of Ukraine's development approved at the legislative level is integration into the European and world economy. Our country has significant competitive advantages, such as convenient geographical location, high level of natural resources, availability of labor resources, and so on. Given the historical features of the domestic economy, in particular, and Ukraine as a whole, integration processes not only have a positive impact on the domestic economy and the welfare of the population but also pose significant challenges and threats. This is the relevance of the chosen research topic of a scientific publication.</p> <p>The main indicator that characterizes the level of development of the socio-economic sphere of the country is the value of the gross domestic product. The main factors of foreign economic activity are exports and imports of goods and services, foreign trade balance, and foreign direct investment. The period from 2001 to 2020 was chosen for the study. The assumption of a high relationship between GDP and exports of goods and services was not confirmed in the study. As a result of research using economic and mathematical modeling, the high dependence of Ukraine's GDP on imports of goods and services has been confirmed.</p> <p>These results of the study are explained by the structure of domestic imports, which is dominated by products of mechanical engineering, chemical industry, and mineral products. This creates a high dependence of domestic industry and socio-economic sphere in general on imported products, which is one of the main negative consequences of economic integration. To reduce the risks of economic integration processes, it is necessary to introduce resource- and energy-saving technologies in the industry, which will increase the competitiveness of domestic products. It is important to intensify innovation processes in the national economy, increase exports and support domestic producers.</p> Larysa Savosh, Liudmyla Pavliuk, Pavlo Kravchuk Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 09:00:47 +0000 CURRENT TRENDS OF TRANSNATIONAL BANKS AND THEIR INFLUENCE ON THE WORLD ECONOMY IN THE CONTEXT OF FINANCIAL GLOBALIZATION <p>Financial globalization is the development of global financial markets, the growth of cross-border capital flows and increased activity of international financial organizations. At the same time, speaking of financial globalization means the free movement of capital between countries.</p> <p>A key feature of international banking is the strengthening of transnationalization in the context of financial globalization. As a result of this process, at the present stage of the development of the world economy, there is no net national banking capital in any state of the world.</p> <p>Transnational banks are one of the main actors in the world economy. They occupy a leading position in the international financial market and are the participants in the globalization process in the financial sphere. Thus, the international financial system has become for transnational banks the so-called arena of activity of «financial giants» as transnational banks.</p> <p>The combined capital of multinational banks is easily transferred from one state to another with the most controversial consequences. On the one hand, consolidated capital becomes a driving force for the development of STP (scientific and technological progress) on the world stage, and on the other hand for severe global crises transforming into speculative capital. The importance of transnational banks both in the economic environment of an individual state and in the world economy as a whole is growing rapidly.</p> <p>One of the important roles that transnational banks play is the role of an intermediary between financial means owners and investors who, in order to implement international business activities, borrow capital from TNB.</p> <p>Usually, the arrival of transnational banks on the foreign market becomes a certain stimulus factor for the restructuring of the banking system of the host country. This is manifested in an increase in the concentration of bank capital or the creation of a strong competitive environment among local banking institutions. Moreover, very often host countries make a big mistake in implementing too liberal risk policies to maximize income, in which case transnational banks can cause a crisis in the country, and thus become characteristic causers of financial fluctuations that can eventually lead to the inequality of the world's banking systems.</p> Galaziuk N. , Zelinska O. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 09:21:30 +0000 THE DIGITALIZATION: CATEGORY FEATURES AND SPECIFICS OF INTERPRETATION <p>The categorical features and specifics of the interpretation of the concept of «digitalization» has been analyzed in the article. The lack of a single unambiguous interpretation of this category has been revealed, and most scholars and practitioners associate the above concept with the theory of information economy. The conceptual field of «digitalization» in the context of English-language scientific literature and domestic sources is considered in detail, as the studied concept is full of different interpretations and interpretations, including those related to the translation of interpretation from English into Ukrainian.</p> <p>It has been revealed that in domestic science the study of the problems of digitalization of the economy and the interpretation of the concept of «digitalization» does not have a long history, as in the West. The analysis allows us to state that the theoretical substantiation, interpretation and use of the concept of «digitization» within the domestic science and society is based mainly on the etymology of borrowed foreign, mostly English, terms.</p> <p>It has been determined that digitalization is mostly considered by foreign and domestic authors as a separate modern scientific field, and the main part of research is focused on the impact of digitalization on sustainable development of economic systems in terms of individual countries, regions, industries and enterprises.</p> <p>The grouping of the concept of «digitalization» and definitions of scientists according to technological, economic, social, philosophical and normative approaches with outlining the essence of interpretation of each group, which allowed to systematize the vectors of definition of «digitalization» in modern dynamic economic and social development.</p> Rudenko M. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 08:05:16 +0000 INTERBUDGETARY TRANSFERS AS AN TOOL OF FINANCIAL EQUALIZATION OF REGIONS: THE ORETICAL ASPECTS AND INTERNATIONAL PRACTICE <p>The article examines the nature, types and significance of interbudgetary transfers. A synonymous connection between the terms official and intergovernmental transfers has been established. A significant part of the existing scientific approaches to the examined concept is considered, the differences and similarities between them is designated. According to the analysis of existing theoretical definitions of «interbudgetary transfer» it is established that it means a financial mechanism consisting of free and non-refundable transfer of funds from one budget to another, to finance expenditures in the declared amount and for socio-economic development. Among the interbudgetary transfers there are basic dotation, subventions, reverse dotation, and additional dotation.</p> <p>The functions of intergovernmental transfers, in particular allocation, redistributive, regulatory, administrative, equalizing, stimulating, are defined and disclosed. The significance of intergovernmental transfers has been studied and, in fact, the necessity of the existence of this instrument in modern realities has been established, even with the implementation of the decentralization policy.</p> <p>It is established that high-level transfer regulation and the implementation of decentralization policy are essentially mutually exclusive phenomena. Therefore, at the present stage of development of local budgets and local authorities, the importance of interbudgetary transfers is to ensure the financing of expenditures in transition, equalization of the economic situation of the territories, as well as providing funding for socially significant and resource costly areas.</p> <p>A thorough analysis of world practice on budget equalization was made, which allowed to establish the most optimal and appropriate option for building inter-budgetary relations in Ukraine, which considers the strengths and avoidance of risks that have arisen in other countries. This approach allowed to define the theoretical basis for the use in Ukraine of a comprehensive system of inter-budgetary relations, which involves the use of various mechanisms in certain parts of them.</p> Ishchuk L., Martyniuk A. , Reveychuk Y. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 10:22:08 +0000 DEVELOPMENT OF THE HOTEL FACILITY IN THE STRUCTURE OF TOURIST DESTINATIONS OF UKRAINE <p>The article defines that the hotel industry is part of tourist destinations and components of the tourism industry of Ukraine. It is proved that today the hotel industry of Ukraine is determined by a number of problems complicated by the impact of economic and political crises, the COVID-19 pandemic and so on. The current state of the number of hotel facilities in most regions of Ukraine does not meet international norms, rules and standards. The number of hotels and similar accommodation for many tourist destinations is in most cases insufficient. In addition, the material and technical base of most hotels is outdated and needs urgent modernization.</p> <p>The conceptual principles of hotel industry analysis in the structure of regional systems are substantiated based on the analysis, which showed that in 2019 compared to 2018 slightly increased the number of hotels in Odessa, Zaporozhia, Dnepropetrovsk, Kirovograd regions, the number of hotels increased. A significant reduction in the hotel stock took place in Donetsk and Luhansk oblasts, which are on the demarcation line. Analysis of the number of places in hotels and similar accommodation by region of Ukraine, according to the State Statistics Service of Ukraine showed significant regional disparities. The number of beds decreased in the Kherson region and the city of Kyiv. However, an increase in the number of hotel beds was observed in Dnipropetrovsk, Zaporizhia, Kyiv, Odesa, Vinnytsia, Cherkasy and Zakarpattia regions. In other regions, the dynamics of changes in the number of beds remains almost constant.</p> <p>The international experience of hotel industry development is studied. The structure of the hotel industry is systematized according to the approach of the World Tourism Organization. An analysis of the development of the hotel industry in the dynamics and in the regional context.</p> <p>Hotel business entities are invited to unite in hotel alliances and clusters. It is determined that the tourist hotel cluster is characterized by a low level of administratively centralized influence on the work of cluster elements, compliance with established standards and principles of equality, ensuring proportionality in pricing policy and balanced, optimal use of the proposed set of hotel and other services.</p> Matviichuk L., Kravchuk I., Mykhailo Lepkyi Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 10:38:45 +0000 INSTITUTIONAL PRINCIPLES FOR IMPROVING THE QUALITY LEVEL PRODUCTS AND SERVICES OF TOURIST DESTINATIONS <p>The article identifies the main reasons that hinder the quality of products and services of tourist destinations and regions of Ukraine: underdeveloped tourist infrastructure, imperfect institutional support, low qualification, low level of promotion and communication between tourism entities</p> <p>The content of the institutional infrastructure for ensuring the quality of the studied processes is highlighted. Elements of tourist infrastructure of destinations are defined. It is proposed to use tools to improve the quality of products and services of the hospitality industry in the region, which are based on the methodological principles of step-by-step analysis of achieving certain goals, in accordance with the current situation in the region and the influence of relevant factors. It has been proven that incentive levers are extremely relevant in the quarantine and post-quarantine period, as the tourism industry is most sensitive to such processes. The process of improving the quality of products and services is based on organizational and economic principles of development of tourist destinations and the method of hierarchy of determining the levers for achieving goals and policies to promote the quality of products and services of the hospitality industry in the region.</p> <p>To implement regional programs for the development of products and services of the hospitality industry and in the formation of standardized products and services of the hospitality industry, it is proposed, based on international experience and taking into account current factors such as COVID-19, to introduce new quality standards for the hospitality industry. It is proposed to form regional standards of quality of products and services of the hospitality industry taking into account the specifics of tourist attractiveness of the region. Such a documentary regulation of the quality of products and services of the hospitality industry will help create conditions for increasing the region's income by increasing tourist flows, increase the competitiveness of regions, reduce unemployment and stimulate socio-economic development.</p> Smal B. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 10:57:30 +0000 OPTIMIZATION OF ORGANIZATIONAL STRUCTURES OF DOMESTIC ENTERPRISES <p>The article considers the issue of low efficiency of domestic enterprises and substantiates the need to increase it. The inadequacy of organizational structures of domestic enterprises to the processes taking place in the real economy and the negative impact of this on the efficiency of their activities are revealed. The main problems in the formation of organizational structures of domestic enterprises and the negative consequences it leads to are described. The necessity of optimization of organizational structures of domestic enterprises as preconditions of increase of efficiency of their functioning in the market is substantiated. It is revealed that the need to optimize the organizational structure of the enterprise arises in the case of significant changes in the market situation, when changing goals and adjusting strategies of the enterprise, when the company reaches certain stages of development, when the existing structure inhibits growth. The basic modern tendencies in development of organizational structures of the enterprises are defined. The main criteria according to which it is necessary to optimize the organizational structure of the enterprise are given. Features of a choice of organizational structure of the enterprise depending on its kind are considered. The main stages and principles of the process of optimizing the organizational structure of the enterprise are described. The main approaches to the optimization of the organizational structure of the enterprise are considered: functional approach, organizational approach, process approach, project approach, benchmarking. The practical expediency of using the considered approaches to optimization of organizational structure at domestic enterprises is analyzed. The use of software for the formation and optimization of organizational structures of domestic enterprises: ARISToolset, BonitaSoft, BPMN 2.0 CamundaModeler, Business Architect for ER / Studio, Erwin Business Process,, FoxManager, IBM Rational System Architect.</p> Koshchii O. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 11:16:32 +0000 FINANCIAL SECURITY OF THE ENTERPRISE: VECTOR OF MANAGEMENT <p>The vector of financial security management of the enterprise directly depends on such components as financial stability, liquidity, efficiency, which ultimately form a financial strategy for the long term proved in the article.</p> <p>Therefore, the theoretical and applied postulates of the research constructed in this way. It is established that under the management of financial security of the enterprise we define the protected stable condition of the enterprise at which neutralization of influence of negative factors is traced. This ultimately works to improve the financial situation and basically leads to self-fulfillment, self-reproduction, effective management, sustainable development and the formation of a quality investment climate.</p> <p>The concept of the financial security management system of the enterprise formed, which works through the efficiency of financial management, interaction of financial resources and the total effect of the result, which systematically assess the level of financial security through indicators. Strategic financial security management is subject to evaluation through vector benchmarks. Ensuring an optimal level of financial security through threat assessment and neutralization. Maintaining financial security works through security and efficiency.</p> <p>Developed by forming strategic architecture vector guidance to ensure financial security, based on a system of selecting the type of financial strategy through the formation principles and performance indicators that enhance security status.</p> <p>The effect of the implementation of the type of financial strategy in the system of financial security, which is to ensure economic, super-additive and financial effects for the company, substantiated.</p> <p>Financial security is a direction of development of financial activity of the enterprise, strengthening of a condition of social and economic safety, reliability and safety that testifies to the adjusted system of effective financial management. After all, it is inequalities in the formation and distribution of financial resources that provoke the loss of the optimal level of financial potential, require the company to respond quickly to challenges.</p> Kupyra M. , Ivanisik S. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 11:22:49 +0000 EVOLUTION OF THE DEVELOPMENT OF ENTERPRISE MANAGEMENT INFORMATION SYSTEMS <p>The relevance of this topic is directly related to the need to increase the level of competitiveness of Ukrainian enterprises, which in comparison with foreign still remains low. The purpose of the article is to analyze modern scientific developments in the field of management decision support systems based on the analysis of their evolutionary development.</p> <p>It is established that the development of IT systems that support management began in the 1950s and 1960s. The oldest IT systems were called transactional or data processing systems. The first systems were simple: they used calculating and analytical machines. They were based on mass operations, which were accompanied by significant costs and low reliability. These systems were used to calculate wages, material management, invoicing, accounting, control of receivables and payables, accounting for working time and its efficiency, as well as accounting for production costs.</p> <p>The turn of the 20th and 21st centuries is a period of dynamic changes in the development of IT systems that support management, mainly through network systems, corporate intranets and knowledge management systems. It is substantiated that Business In-Intelligence (BI) systems are the culmination of the evolution of changes in the field of decision support systems and system expertise. They form solutions based on: statistics and econometrics, operational research and artificial intelligence.</p> <p>The genesis of IT systems allowed to determine the stages of development of integrated management systems, which developed in parallel with the above generation of systems and aimed at supporting the implementation of management functions. Initially, these were Material Requirements Planning (MRP I) systems, created in the 1960s based on the inventory management model. (for manufacturing enterprises), then the Closed-Loop MRP (MRP) model and the Manufacturing Resources Planning (MRP II) system. Another version of these systems is the Enterprise Resources Planning (ERP) systems created in the 1990s. Changed functional contents of these systems have led to the appearance of such versions as ERP II, EERP (Extended ERP), @ERP, EAS (Enterprise Application Suite), eERP, IERP (Intelligent ERP ERP), ERP +, ERP III and are characterized as a new generation integrated systems - ERP IV. It is proved that the emergence of new versions of systems is the result of changing business conditions and opportunities created by the development of ICT.</p> Lipych. L., Khilukha O., Kushnir M. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 12:17:45 +0000 BRAND AS AN INTANGIBLE ASSET IN INNOVATIVE ECONOMY <p>The article shows that in today's competitive environment, the struggle of brands, rather than goods, for their place in the minds of consumers. Enterprises do not form the potential of strategic development at the expense of the brand as an intangible asset.</p> <p>New categories of consumers have been identified: people need simple, convenient and compact things (small apartment); ecologists - restriction of consumption and preservation of nature; eco-activists - reduction of harmful emissions into the atmosphere (reduction of business trips, holding Zoom conferences); nutrition issues - most people want to become vagans or vegetarians, eat more vegetables and fruits; supporters of reuse of resources, processing of materials.</p> <p>Detailed defining characteristics of the concept of "brand". The author's definition of a brand as intellectual property (intangible asset), which has a certain value and reflects the features of the product, its uniqueness and creates an unforgettable impression on the consumer.</p> <p>The spheres of modern use of the brand are singled out. It is noted that brands are created through innovation and thrive in the presence of a continuous flow of innovation. It is the innovations that cause a temporary competitive advantage, as innovative products give consumers the feeling that the brand is truly a leader and is aimed at meeting the needs of consumers.</p> <p>The process of brand management of the enterprise should be aimed at increasing its strength and value. According to these main characteristics of brand management, it is possible to assess the effectiveness of the formation and use of brands and brand capital of the enterprise.</p> <p>The use of intangible assets increases with the transition of competition to non-price form. For their effective use it is necessary to introduce fundamentally new methods of accounting. The issue of valuation and reflection of intangible assets in accounting remains controversial.</p> <p>It is proved that there is no real model for calculating the value of a brand; the main factor in the imperfection of the assessment of the value of the brand is its isolation from the reporting of companies and the reflection of such intangible assets on the balance sheets of companies; force majeure has a direct effect on the value of tangible assets, while intangible assets do not lose their value.</p> Rud N. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 12:23:42 +0000 SSESSMENT OF ECONOMIC EFFICIENCY OF FUNCTIONING OF INDUSTRIAL ENTERPRISES OF UKRAINE <p>The most important indicators of economic activity of any enterprise or industry are indicators that characterize the efficiency of their activities, is the ratio of the result to the costs incurred.</p> <p>Performance indicators are influenced by many factors that depend on industry characteristics, territorial, marketing and management system. The task of each enterprise in the context of efficient management is to reduce costs and obtain higher financial results, taking into account the risks of the enterprise. That is why there is a need for a comprehensive, structural study of the efficiency of economic activity of enterprises in various sectors of the national economy using the methods of economic analysis.</p> <p>The article describes the scientific approaches to the economic essence of the concept of "efficiency", "economic efficiency" and the system of indicators that characterize the level of economic efficiency of the enterprise. It is found that economic efficiency is the result of financial and economic activities of the entity, which covers all costs for its implementation and contains the net profit that remains for business development.</p> <p>The analysis of economic entities of Ukraine by types of economic activity is carried out and it is found out that industrial enterprises accounted for 6.7% of the total number of economic entities, they provide 24.4% of Ukraine's GDP and sell 30.7% of total products. enterprises of the national economy of Ukraine. Based on statistical research methods and methods of economic analysis, the dynamics of the main indicators of economic efficiency of industrial enterprises of Ukraine are calculated, analyzed and factor analysis of their change is carried out. It has been found that over the last 5 years, industrial enterprises have been increasing sales volumes, the amount of net profit and increasing economic efficiency.</p> Talakh Т. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 12:29:32 +0000 APPROACHES TO THE FORMATION OF FORESTRY ENTERPRISE MANAGEMENT SYSTEMS ON THE BASIS OF SUSTAINABLE DEVELOPMENT <p>The article proves the need for changes in the forest management system based on sustainable development. The implementation of an interdisciplinary approach in the study convincingly demonstrates the growing importance of forests due to their performance of environmental, economic, and social functions at the local, national and global levels. Based on the analysis of scientific sources and official international documents, the approaches to determining the essence of sustainable and established forest use, balanced development of forestry are generalized, namely as: 1) harmonious combination of ecological, economic, and social functions of forests; 2) sustainable development of forest ecosystems and the landscape in general; 3) comprehensive application of measures for the use, reproduction, formation, protection, and conservation of forests, taking into account the interests of all stakeholders; 4) inexhaustible and rational use of (potential) forest resources. The content of these approaches requires the usage of appropriate forest management systems, which reflect the strategic goals and priorities and use proper tools for their implementation. Namely, when interpreting sustainable forest use according to the first approach, it is advisable to use integrated management systems based on international standards. If the second approach features dominate, we should apply sustainable forest management, ecologically oriented forest management, ecosystem, and ecological management. In the third approach – sustainable forest management based on SA 8000 (Social Accountability) standards, social administration; in the fourth approach – environmental management based on ISO 14000 standards, business process management. The essence and features of the specified system's application of management of the forestry enterprises are characterized.</p> Cherchyk L., Burda A. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 12:36:36 +0000 DETERMINANTS OF SPREADING CYBERTHREATS IN FINANCIAL SECTOR <p>With the onset of the global pandemic, which has provoked the digital transformation of business, there has been a significant increase in the number of cyberattacks on government agencies, private companies, and individuals. The purpose of the article is to determine the reasons for the rapid spread of cyber fraud in the financial sector of the economy and the peculiarities of their implementation. Systematization of literature sources and approaches to the study of financial cyber fraud has shown that the growing number of cyber attacks in the field of financial services is the result of rapid use of innovative digital technologies in financial institutions, the emergence of fintech companies and increasing demand for digital financial products due to the COVID-19 pandemic. The main initiators of cyberattacks and features of their illegal actions in the financial sector are identified. The study found that the most common forms of cyberattacks in the financial sector are ransomware, supply chain attacks, cryptojacking, and destractive attack. The paper analyzes the world's largest cybercrime groups that carry out attacks on financial institutions. It is substantiated that in order to build an effective system to combat cyber threats and ensure the stability of the financial system, it is advisable to take a set of measures aimed at monitoring the information security of financial institutions, combining efforts of national regulators and heads of financial institutions to inform about real and potential competencies in the field of information security by improving the skills of employees of financial institutions and the national regulator. Prospects for further research in this area are to build an economic and mathematical model to determine the determinants of spreading the cyberattacks using data of the European Union countries.</p> Bozhenko V., Kushneryov O., Kildei A. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 12:46:47 +0000 CREDIT COMPONENT OF THE MARKETING SERVICES MARKET: TRENDS AND GROWTH PROSPECTS <p>The relevance of banking credit services and their significant impact on the development of any economic system is an indispensable reality of today. Therefore, the banking market operates at all levels of economic development - from the ordinary household to the macro level. The domestic banking system has been cleaned up due to the reduction of dubious banks, has recovered and is coming out of the crisis period. Therefore, the article is devoted to the credit component of the banking market.</p> <p>The study considers the concept of "banking service", based on theoretical aspects of domestic researchers, presents the author's approach to this concept. The permeability of the domestic credit services market is studied. To conduct the study, special indicators were identified: the share of loans granted by banks to residents of customer access to credit services, gross loans to deposit-taking corporations, loans to residents (excluding deposit-taking corporations) in GDP, number of bank divisions per 100,000 economically active population and interest margin. According to the results of the analysis, a slowdown in GDP growth and a significant reduction in the total volume of gross loans generally issued by deposit-taking corporations were noted. It is noted that the permeability of the credit market and the reproductive role of credit in the economic system is significantly narrowed.</p> <p>The indicators of the state of the financial services market of Ukraine for credit operations of the banking sector were calculated and the analysis for compliance with the criteria of the World Bank Group was performed. It was found that in terms of the share of loans granted to resident banks, the Ukrainian market at the beginning of the analyzed period approached the markets with high per capita incomes, and gradually lost its position, being among the indicator typical of countries with "below average". In terms of customer availability of banking services, including credit, we see a downward trend. This indicator will gradually lose its relevance for market assessment, due to the widespread introduction of digital services by domestic banks, the penetration of Internet banking and the course to maximize the overall range of remote banking services, based on widespread innovation in the banking segment, digital customer verification and more. In terms of interest margins, or "spread of interest rates", the domestic credit market is moving confidently towards low-income countries. The result of banks' activity in absolute terms - net interest income is analyzed. Conclusions are made about the tendencies and prospects of growth of the credit component of the banking services market.</p> Mostovenko N., Korobchuk T. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 12:59:38 +0000 ECONOMIC ANALYSIS USING MS EXCEL FORECASTING FUNCTIONS <p>Profitability indicators are relative indicators used to compare enterprises of different industries, forms of ownership, sizes, sales volumes, etc. The calculation of profitability indicators, assessment of management efficiency with their help and calculation of their forecast values ​​using MS Excel is an important element in assessing the financial performance of each enterprise. Currently, various approaches, methods of calculating the financial results of the enterprise, including the use of functions and capabilities of MS Excel, and therefore change the characteristics of these indicators, their interpretation, calculation conditions and more. The use of Excel spreadsheets allows not only to calculate the profitability of the enterprise, identify trends and build graphs that show the dynamics of indicators, but also to calculate the forecast profitability, which will improve the management of the enterprise and direct its development prospects.</p> <p>The article describes the scientific approaches to the economic essence of the concept of "profitability" and the system of indicators that characterize the profitability of the enterprise. It was found that all economists agree that profitability is an indicator of the efficiency of financial and economic activities of the enterprise and reflects the ratio of business results to its costs. However, there is no consensus on the system of profitability indicators. The article highlights a system of indicators that characterizes the efficiency of forestry in the Volyn region.</p> <p>An analysis of profitability indicators for 9 years of economic activity of five forestries was conducted. The trend of enterprises is clarified and it is determined that the development of enterprises takes place on a sine wave. This made it possible to calculate and propose for practical application the forecast of these indicators using the forecasting functions TREND, FORECAST, GROWTH, LINEST.</p> <p>It is substantiated that the functions TREND, FORECAST, GROWTH, LINEST and Forecast Sheet allow you to make a "quick" forecast of changes in indicators for any period.</p> Holiachuk N. , Talakh Т. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 13:21:26 +0000 CHANGE OF ESSENCE, PURPOSE AND CONTENT OF THE ACCOUNTING BALANCE IN THE HISTORICAL RETROSPECTIVE <p>The purpose of writing the article is to cover the history of changes in the balance sheet as a form of financial reporting; determining the nature, purpose and content of the balance in different periods of development of accounting science.</p> <p>In ancient times, the balance sheet was the main reporting document designed to meet the information needs of various users of reporting. The balance performed information and control functions.</p> <p>A more understandable concept of balance for the accountant was formed in the second half of the fifteenth century with the appearance of the work of Luca Pacioli «The sum of arithmetic, geometry, the doctrine of proportions and relations», namely the XI treatise of this book entitled «On Accounts and Records» (1494).</p> <p>According to translations of works of scientists of the XV-XVIII centuries, the balance sheet was an inventory of property in the asset, which was identical to the total amount of capital.</p> <p>During the XVIII-XIX centuries there were industrial revolutions, which influenced the method of accounting for all business transactions and the method of drawing up a balance sheet. In the scientific community, the controversy between supporters of static and dynamic balance continued.</p> <p>As for the content and purpose of the balance in Ukraine in the XX-XXI centuries, it is worth noting the period of socialist Ukraine as part of the Soviet Union and the period of independent Ukraine.</p> <p>The balance sheet has been, is and will be the main form of financial reporting. This is an important statement of the financial position of the enterprise, recorded as of a certain point in time, as determined by applicable law or the needs of business owners. The balance sheet drawn up on a certain date is static, but it is the result of dynamic processes occurring in the economic life of the enterprise. The smallest business transaction changes the state of balance sheet items. Dynamic changes in balance sheet items make it possible to analyze trends in enterprise development and predict economic growth or possible economic collapse of the business and make the necessary management decisions. These points in the future will necessitate changes in the structure of the balance sheet and the method of its compilation.</p> Pisarenko T., Kulynych М. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 13:28:16 +0000 APPLICATION OF MARGIN ANALYSIS FOR MANAGEMENT DECISIONS <p>The article describes the importance of marginal analysis in decision-making. It is substantiated that costs and margin profit are key indicators in management decision-making.</p> <p>It is established that the costs for break-even analysis are divided into variable and constant, meanwhile, the price should cover the full cost, which is determined solely for management accounting needs. The method of costing in management accounting has certain peculiarities; in particular, different types of costs are determined for management needs.</p> <p>The method of variable and fixed costing of manufactured and sold products has been considered. The necessity of calculating the production cost applying a "direct-costing" method for marginal analysis has been substantiated. The method of margin analysis and break-even point calculation has been considered.</p> <p>For the needs of management accounting and cost management, it is proposed to detail and determine the marginal profit by its sources, namely by product sale and by the total marginal profit.</p> <p>For management decisions making, it is recommended to compute the break-even point sequentially by stages and types of marginal profit: computation of break-even point on the basis of fixed production costs and marginal sales profit; calculation of break-even point based on total fixed costs, total variable costs, and marginal profit of the enterprise. This allows determining the upper and lower limits of the break-even point, prices and sales volumes to cover fixed costs and not to receive losses. Undertaking more detailed marginal analysis and enterprise`s profit by the types of economic activities, marginal profit should be computed by the types of activity as well, allocating incomes, variable and fixed costs by types of activity.</p> Tluchkevych N. , Nuzhna O. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 13:37:25 +0000 PECULIARITIES OF CORPORATE CULTURE OF ORGANIZATION IN MODERN REALITIES <p>The article considers the essence of corporate culture, features of its functioning in the modern business environment. The role of corporate culture in the organization’s management system was determined. The managerial and socio-psychological influence of corporate culture on the organization in general, and its staff in particular, was characterized. An attempt is made to prove the influence of corporate culture on all organizational processes. There are production, labor, technology, marketing, communication, career and socialization processes, decision-making; organizational behavior (individual and team, motivation and socio-psychological climate); competitiveness, potential of the organization.</p> <p>Considering the grouping of organizational values according to certain characteristics: ethical-social, economic-pragmatic and emotional-developmental, the proposed options for their supplementation, dictated by modern requirements and the global pandemic COVID-19. There are the values of life, security, unity, self-discipline and mutual assistance, involvement. Proposed measures to modernize corporate culture in unstable environment, given the challenges of the environment, which include individual diagnosis of the impact of the pandemic on the organization, development of a scheme of relocation and protection of personnel, organization of work in new realities, providing staff with necessary technologies and new approaches to managing staff cohesion and loyalty. Formed advice for managers on management in a hybrid work environment (mixed type online and offline). The vector of development of corporate culture with an emphasis on ensuring business security, personnel security, which provides for the cultivation of updated values, norms, rules; staff involvement; introduction of a support system for employees; introduction of innovations into the work environment, etc.</p> Sazonova T. , Potapiuk I. , Janush V. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 13:52:42 +0000 PECULIARITIES OF PERSONNEL MOTIVATION IN THE PROCESS OF TEAM PERSONNEL ORGANIZATION <p>The article examines the features of staff motivation in the process of teamwork, in particular through conflict management. The mechanism of motivation of employees of a modern enterprise should be based on the basic provisions of socially oriented management. In order to implement the basic provisions of socially-oriented management in the daily activities of organizations, it is advisable to create teams that allow you to respond quickly to dynamic changes in the external and internal environment.</p> <p>Teamwork is an important component of the management process, which allows to improve and correct existing deviations from the desired state in the system of motivation of employees of the organization. It is clear that this is extremely important, in particular for optimizing managerial influences on employees.</p> <p>To do this, it is necessary to develop an appropriate mechanism, ie a system of goals, requirements, principles, methods and forms of motivation of team members. In this system, each element is interconnected and depends on the others.</p> <p>The main indicator of well-established team interaction is to increase the effectiveness of the organization. Effective teamwork is the manager's ability to find optimal ways to interact in many issues, including managing conflicts that occur in the teamwork process.</p> <p>Conflict management skills are based on the manager's deep knowledge of the nature, characteristics, technology and features of the relevant tools. In addition, conflicts and their resolution should remain professional and not move to personal accusations and discussions. The goals and consequences of team building are both prerequisites for conflict prevention in the organization and a method of managing them.</p> <p>Cohesion and coherence of team interaction with a high probability will affect the system of motivation and activities of the organization in the long run.</p> Shulzhenko I., Doroshenko M., Sosnitskyi A. Copyright (c) 2021 Economic forum Wed, 24 Nov 2021 14:00:48 +0000