Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
Founded in: 1997 (1997-2018: Bulletin of the Cherkasy University. Economic Sciences) Subject areas: Business, Management and Accounting (BUSI), Economics, Econometrics and Finance (ECON) ISSN 2707-5044 Online; ISSN 2707-5036 Print ISSN 2518-1335 Online (1997-2018); ISSN 2076-5843 Print (1997-2018) Certificate of state registration: KV No. 16161-4633 PR dated 11.12.2009; KV No. 23902-13742R dated 11.05.2019 Extract from the Register of Subjects in the Field of Media Registrants: R30-01515 (decision №1224 dated 31.10.2023). Professional registration with the State Accreditation Commission of Ukraine: Order of the Ministry of Education and Science of Ukraine № 455 of 15.04.2014; Order of the Ministry of Education and Science of Ukraine №1301, 15.10.2019 (Annex 8) Specialty: 051 - economics; 056 - international economic relations; 071 - accounting and taxation; 072 - finance, banking and insurance; 073 - management; 075 - marketing; 076 - entrepreneurship, trade and exchange activities Frequency: four times a year Language of the edition: Ukrainian, English, Polish Founder: Bohdan Khmelnytsky National University of Cherkasy (EDRPOU 02125622). ROR founder: https://ror.org/009apaj69. Publisher DOI prefix: 10.31651. Editorial Board: Chief editor:: Oleksandr Yatsenko, Doctor of Economics science, professor, Bohdan Khmelnytsky National University of Cherkasy (Cherkasy, Ukraine), Deputy executive editors: Yevhen Kyryliuk, Doctor of Economics science, professor, Bohdan Khmelnytsky National University of Cherkasy (Cherkasy, Ukraine), Executive Secretary: Alina Proshchalykina, PhD in Economics, Associate Professor, Bohdan Khmelnytsky National University of Cherkasy (Cherkasy, Ukraine) Editorial Board: Natalia Zachosova, Doctor of Economics science, professor, Bohdan Khmelnytskyi National University of Cherkasy (Cherkasy, Ukraine) Lyubov Kibalnyk, Doctor of Economics science, professor, Bohdan Khmelnytskyi National University of Cherkasy (Cherkasy, Ukraine) Oleksandr Melnychenko, dr hab., Professor at Gdańsk University of Technology (Gdańsk, Poland) Andreas Vasilache, Dr, Professor, Bielefeld University (Bielefeld, Germany) Tetiana Voronko-Nevidnycha, Doctor of Economics science, professor, Poltava State Agrarian University (Poltava, Ukraine) Natalia Kraus, Doctor of Economics science, professor, Separate Structural Unit “Institute of Innovative Education of the Kyiv National University of Construction and Architecture” (Kyiv, Ukraine) Marina Dubinina, Doctor of Economics science, professor, Mykolaiv National Agrarian University (Mykolaiv, Ukraine) Phone: +380931190863 E-mail: etime.cnu@gmail.com URL address: http://econom-ejournal.cdu.edu.ua
Черкаський національний університет імені Богдана Хмельницького
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SPECIFIC FEATURES OF INTERNATIONAL BUSINESS CONTACTS IN WARTIME: THE CASE OF UKRAINE
Introduction. The full-scale Russian invasion of Ukraine directly affected the functioning of international business. Today, all enterprises and companies operating in Ukraine-controlled territory face numerous challenges, including security risks, damaged infrastructure, disrupted supply chains, and extremely unpredictable conditions for doing business. However, despite the massive challenges of wartime, Ukraine's economy and its main actors continue to demonstrate impressive resilience to shocks. In this context, the study of the specific features of international business contacts in Ukraine during the war is of considerable interest, as the transformation of companies engaged in foreign economic activity and their adaptation to constant changes and challenges make a significant contribution to ensuring Ukraine's economic survival. Purpose – to analyse specific manifestations of the evolution of international business contacts in Ukraine, starting from the moment of the full-scale invasion in 2022. Methods. In the course of writing the article, the following research methods were used: content analysis, scientific generalisation, systematisation and comparison. Results. The Russian-Ukrainian war has led to significant transformations in Ukraine's foreign economic activity. These changes have also affected international business contacts involving national and foreign economic actors. The theoretical analysis conducted made it possible to identify characteristic features in the activities of companies during the organisation and conduct of business negotiations with foreign partners, the conclusion and execution of international commercial contracts, the protocol support of international cooperation, and the implementation of corporate social responsibility (CSR) in a vulnerable socio-humanitarian context. Originality lies in the authors' definition of international business contacts, which are understood as a comprehensive system of business relations between firms, organisations or their subsidiaries in different countries, aimed primarily at generating profit through the advantages of international division of labour and cooperation in the manufacturing, trade, investment or financial areas. Conclusion. The identification and generalisation of the specific features of international business contacts in contemporary Ukraine have made it possible to develop a number of recommendations for enhancing the efficiency of international business in the context of the ongoing military conflict. These suggestions include developing a security infrastructure for international business communications, improving the existing legal framework to bring it into line with the requirements of the new military and political reality, accelerating the digitalisation process to facilitate doing business in Ukraine, as well as optimising business protocol and business ethics standards.
Copyright (c) 2025 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
CRISIS AND REFORMS IN GREAT BRITAIN FOR UNDERSTANDING THE FUTURE DEVELOPMENT OF UKRAINE
Introduction. The state of public health in the United Kingdom is a matter of serious concern. The number of people living with chronic illnesses continues to grow, while the health gap between wealthier and poorer regions is widening. Life expectancy has stalled, and the disparity in healthy life expectancy between social groups is striking. Key risk factors—smoking, poor diet, and alcohol misuse—continue to drive a significant burden of preventable diseases, particularly among vulnerable populations. At the same time, the UK’s healthcare system (NHS) and social care services are struggling to meet growing demand. Waiting lists for planned treatment have reached record highs, and access to emergency and primary care has become increasingly difficult due to years of underfunding, resulting in shortages of beds, equipment, and especially healthcare staff. Workforce shortages, stress, and burnout are widespread. Purpose. To identify the key challenges facing the UK's healthcare and social care systems and to explore how this analysis can inform healthcare policy in Ukraine through a comparative lens. Results. Despite declining satisfaction with the NHS, public support for its core principles—free access, universal coverage, and tax-funded financing—remains high. However, ongoing reforms have proven ineffective, and social care remains largely neglected by policymakers. Social and economic factors such as austerity measures, the COVID-19 pandemic, and deteriorating conditions in housing, employment, and income have worsened the crisis. As a result, disability rates have increased and life expectancy has stagnated. Notably, the phenomenon of multimorbidity (the co-existence of multiple chronic diseases) is particularly prevalent among socioeconomically disadvantaged groups. Recent studies, including The Marmot Review 10 Years On, highlight that life expectancy had already stopped improving before the pandemic, and in some groups, it is decreasing. The gap in healthy life expectancy between rich and poor exceeds 20 years. Analytical institutions like the Nuffield Trust confirm record delays in medical care and persistent underperformance of key service indicators, all while public health and capital investments remain insufficient. Originality. This article presents the UK’s healthcare crisis as a case study for Ukraine, a country undergoing systemic transition. By comparing both systems, it is possible to identify common structural weaknesses as well as country-specific challenges. The UK experience demonstrates how ineffective policy responses, superficial reforms, and neglect of social care can critically undermine health outcomes. For Ukraine, these lessons offer valuable insight into designing more resilient healthcare policies. Conclusion. The UK’s health and social care systems are at a critical juncture. The new government will inherit a system under extreme pressure, marked by high demand, workforce shortages, and declining public health indicators. Understanding these challenges not only informs domestic policy reform but also supports comparative research aimed at adapting successful strategies to the Ukrainian context. Drawing from the UK experience, Ukraine can avoid common pitfalls and tailor evidence-based solutions to its national realities.
KEY PRINCIPLES OF RETURN AND REEMIGRATION OF FORCED MIGRANTS TO UKRAINE
Introduction. The deep demographic crisis and mass forced migration caused by military aggression make it strategically important to develop effective mechanisms for the return and involvement of migrants in post-war socio-economic recovery. The issue of developing effective mechanisms for the reintegration of Ukrainians living abroad is of strategic importance. Contemporary scientific thought considers the process of migrant return not only in humanitarian or social terms, but also as a tool for restoring economic potential, stimulating innovation, and forming a new quality of human capital. In view of this, the urgent task is to develop the conceptual foundations of state policy aimed at creating a favorable environment for the return, adaptation, and involvement of forced migrants in the processes of Ukraine's post-war recovery. Purpose. Substantiation of the mechanisms and conditions for the return of forced migrants to Ukraine and the involvement of their potential in post-war socio-economic recovery. Methods. Theoretical analysis of the key foundations of re-emigration and reintegration of forced migrants. Results. The conditions that will facilitate the voluntary re-emigration of citizens who were forced to leave the country as a result of military operations are analyzed, the main challenges and problems on the way to the return of migrants are considered, it is found that in order to ensure the effective and timely return of migrants, this process should be initiated during the active phase of the war or immediately after its end. State institutions need to focus on the formation and implementation of comprehensive repatriation programs, the central element of which should be financial and economic mechanisms for stimulating the return and reintegration of citizens. Originality. The main mechanisms for the return of forced migrants to Ukraine are argued. Conclusion. The mass return of refugees is only possible if security and stable peace are restored and favorable socio-economic conditions are created, including the development of investment activity and the economic revival of the country. In this context, the implementation of large-scale investment projects, including with the participation of foreign capital and the Ukrainian diaspora, can ensure the restoration of the housing stock, the creation of high-paying jobs, and stimulate the process of voluntary return of citizens. An important prerequisite for the successful implementation of the repatriation policy is the active involvement of international partners and the use of external financial resources, including proceeds from frozen assets of the aggressor state, to provide comprehensive support for socio-economic and demographic recovery. In addition, an effective communication strategy and ensuring public consensus on the need for citizens to return are critical to minimizing social polarization and building trust in state policy. Only a combination of economic incentives, institutional reforms, security guarantees, and information support can create real conditions for the voluntary, safe, and sustainable return of Ukrainian refugees and ensure the full revival of the country.
TRANSFORMATION OF UKRAINE’S LAND POLICY WITHIN THE SUSTAINABLE DEVELOPMENT PARADIGM
The article is devoted to substantiating the current state and development vectors of Ukraine’s land policy in the context of the sustainable development paradigm. The influence of global environmental challenges on the transformation of state land use policy is revealed; key risks, threats and factors complicating effective, environmentally safe and socially oriented land resource use are analyzed. Conceptual foundations of forming a prospective land policy are proposed, which can be fixed in a national strategic document with clearly outlined goals, tasks, institutional structure, and tools ensuring its implementation. A set of practical measures is provided for the implementation of this policy in the conditions of wartime and post-war period.
INTERNATIONAL FINANCIAL REPORTING STANDARDS AS A BASIS FOR STRATEGIC ENTERPRISE MANAGEMENT
In the modern globalized economy, the transparency, comparability, and reliability of financial information have become critical factors influencing the competitiveness and sustainability of enterprises. International Financial Reporting Standards (IFRS) serve as a globally recognized framework for the preparation and presentation of financial statements, ensuring consistency across jurisdictions and facilitating informed decision-making by stakeholders. For enterprises operating in Ukraine, the adoption and implementation of IFRS are not merely a matter of regulatory compliance but also a strategic tool that strengthens corporate governance, enhances investment attractiveness, and supports effective resource allocation. By aligning financial reporting practices with international norms, Ukrainian companies can improve the quality of management decisions, as reliable financial data form the basis for strategic planning, performance evaluation, and risk management. Moreover, the integration of IFRS into corporate accounting systems fosters a unified financial language that bridges the gap between domestic enterprises and the global business environment. This harmonization enables management to respond promptly to market challenges, attract foreign capital, and pursue sustainable growth strategies. In this context, IFRS is not only an accounting standard but also a foundation for strategic enterprise management, shaping the long-term trajectory of organizational development. The analysis reveals that the integration of IFRS into the accounting and reporting systems of Ukrainian enterprises contributes to improved transparency, reliability, and comparability of financial statements. This, in turn, facilitates more informed strategic decisions, optimizes resource allocation, and strengthens the trust of investors and other stakeholders. Furthermore, IFRS implementation enhances enterprises’ adaptability to changing market conditions and fosters greater alignment with global business practices. The originality of this study lies in its focus on IFRS not only as a regulatory requirement but as a strategic management instrument. The research highlights the interplay between standardized financial reporting and strategic decision-making processes, offering a comprehensive view of IFRS as a catalyst for long-term enterprise development in Ukraine.
Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
DIGITAL TRANSFORMATION AS A CONDITION FOR SUSTAINABLE DEVELOPMENT: ESG-ORIENTED APPROACH IN ENTERPRISES MANAGEMENT
Reducing the negative impact on the environment from the activities of business structures, increasing the level of social indicators through equal access of the population to resources, services and opportunities that determine the quality of life of large social groups, as well as fair treatment of employees by the company's management are closely correlated with the goals of sustainable development, which Ukraine adheres to at the national level, integrating into the global space as a country that cares about the future of the planet. Therefore, the management staff of modern enterprises faces an urgent challenge - to transform approaches to business management using the advantages of digitalization to ensure success on the path to sustainable development in the current and long-term prospects. Purpose -establishing the role and opportunities of digital transformation of enterprise management on their path to pursuing sustainable development goals and characterizing an ESG-oriented approach in the management of modern enterprises. The characteristics of the ESG-oriented approach in enterprise management are summarized and the potential consequences of digitalization for the implementation of this process are determined. In the field of environmental goals, these are: greening of production; responsible use of resources; introduction of energy-saving technologies; cost and waste management; initiation and participation in environmental projects and initiatives; minimization of emissions. In the field of business socialization, these are a human-centered approach in management - in relation to employees, customers, partners, stakeholders; expansion of corporate social responsibility practices; adherence to the DEI principle in HR management. Regarding the management of organizations in general, the expected changes from the introduction of the ESG-oriented approach should be: openness and transparency of the management system; broadcasting the mission, vision, and culture of the enterprise through social networks; promoting employee involvement in the process of making management decisions; balancing the interests of stakeholders; independence of supervisory bodies; effective supervision and protection of shareholder rights; progressive risk management (including environmental and social risks); dependence of management remuneration on achieved goals. The role of digitalization and digital transformations in the processes of qualitative restructuring of business models of modern enterprises to meet the needs of pursuing sustainable development goals is determined. The characteristics of the ESG-oriented approach in enterprise management are summarized. The impact of digitalization on the environmental, social and managerial aspects of the functioning of enterprises is specified and the possibilities of using digital transformations to increase the level of achievement of strategic goals of sustainable development of business entities are established. The implementation of an ESG-oriented approach to enterprise management can be considered successful if it results in: a reduction in the level of impact of the business entity's activities on the environment, an increase in the level of satisfaction of employees, suppliers, customers, local communities and other categories of stakeholders and social groups from interaction and cooperation with the enterprise; the internal management systems of the enterprise are optimized, automated and digitized, and the process of such management itself is characterized by social responsibility and transparency.
SCIENTIFIC APPROACHES TO SPECIFYING THE CONTENTS OF MOTIVATION IN THE RESEARCHES OF PERSONNEL MANAGEMENT PROBLEMS
Rethinking conceptual approaches to motivation and motivating, identifying the deep, substantive essence of this concept, specifying the main motivational factors that had a significant impact on employee behaviour in the past, will allow forming a qualitatively new focus of the motivational process in working with the personnel of Ukrainian enterprises in accordance with the current problems of the time, taking into account the realities of the functioning of business entities in Ukraine. The study is aimed at generalizing scientific approaches to specifying the content essence of the concept of motivation in the context of research into personnel management problems. The analysis of motivational theories and existing theoretical and methodological approaches to specifying the essence of motivation demonstrated the superiority of process behavioural theories that combine managerial, economic and psychological aspects of employee motivation. The disadvantages of popular concepts are the widespread use of the concept of motive or motivation factor, which differ significantly for people of different professions, without specifying; as well as ignoring the importance of using diversified approaches to motivating ordinary employees and management personnel. Only a few motivational concepts take into account the theory of generations, and none of the analysed one’s focuses on gender differences in the hierarchies of needs. Insufficient attention is paid to motivation in managerial talents and motivation of the role in forming the employer's brand. The issue of personnel motivation under the influence of the threat of wartime, which is relevant for Ukrainian enterprises, remains unresolved in the theoretical and methodological plane. Existing theories of motivation are analysed, their common and distinctive features are identified. The author's definition of the concept of motivation is proposed, the feasibility of using different approaches to motivating ordinary employees and managers of enterprises is proven. The composition of the essential understanding of motivation as a phenomenon and as a process that arise in the human resources management system of a business entity is visualized. The concept of motivation in personnel management is proposed to be defined as the ability of a manager to identify, find and use factors that can satisfy the interests, desires and needs of an employee. Existing theories of motivation are based on the concept of human (employee) needs, which can be satisfied with the help of material or intangible tools available to an enterprise, institution, organization. The variability of types of motivation depending on the object of motivation requires different theoretical, methodological and practical approaches to the implementation of the motivation function in the HR management system of organizations. There should be differences in motivating an ordinary employee and managers of different levels. The presence of leadership qualities in a person increases his need for involvement, responsibility, and increases the value of intangible forms of motivation, and the ability to self-motivate allows companies that have human resources with such abilities to avoid additional costs.
THEORETICAL FOUNDATIONS OF THE SYNERGY BETWEEN ECONOMIC SECURITY MANAGEMENT AND STRATEGIC ENTERPRISE MANAGEMENT
Modern enterprise strategies should be formed with a focus on achieving a state of economic security, which becomes a condition and "starting point" for all further forecasts and plans for increasing economic potential, strengthening influence in market niches, and expanding the boundaries of the production, trade, financial, and other types of activities of a business entity. Purpose -generalization, critical reflection and addition of the theoretical basis of the synergy of approaches to economic security management and strategic management of enterprises. The areas and directions of synergy of approaches to economic security management and strategic management of enterprises are specified. To obtain a positive effect from coordinated security-oriented and strategic management, it is necessary to integrate security-oriented management into the components of strategic planning during the formation of the company's strategy; to develop and provide resources for the process of functioning of the enterprise's economic security management mechanism; to set up a system for ensuring economic security; if necessary, to include in the enterprise's development strategy as a strategic guideline the formation of an economic security system, to take into account security needs in existing and future strategies for the functioning and development of the enterprise; to initiate planning of strategic guidelines for activities with adjustments to the impact of risks and threats and to ensure the possibility of updating or transforming existing strategies taking into account sudden changes in the external or internal security situation. The synthesis and synergy of economic security management and strategic enterprise management are reflected in the fact that the formation of an economic security system involves a set of strategic and tactical actions to protect the company's resources necessary to achieve its strategic goals. In turn, the development and functioning of the enterprise's economic security management mechanism should be aimed at achieving its strategic goal, at analysing the company's strengths and weaknesses, its opportunities and threats, which is traditionally the task of strategic analysis of the enterprise's activities and precedes the stage of developing a strategy for its functioning and development. Establishing a system for ensuring economic security management should provide for the availability of the business entity's human resources, material resources and information support for making management decisions. The integration of security-oriented management into the components of strategic planning should involve planning and forecasting financial, human, material and investment resources, which should be previously assessed for the likelihood of the risks accompanying them. The implementation of a synergistic approach, within which economic security management and strategic management are not separate tools for achieving current and long-term goals, but function as a single coordinated mechanism, allows the enterprise not only to respond promptly and effectively to threats, risks and challenges, but also to actively plan its economic future. The synergy of security and strategy makes it possible to transform existing risks into competitive advantages and ensure sustainable development of the enterprise in the long term. Such integration of two important areas of management is not just a search for new opportunities in the management plane, but an urgent necessity for the survival of modern Ukrainian business in the conditions of total uncertainty of wartime.
THE IMPERATIVE OF OPTIMIZING ENTERPRISE BUSINESS PROCESS MANAGEMENT FOR STRENGTHENING ITS COMPETITIVENESS AMIDST DYNAMIC CHANGES
Introduction. In the modern economic space, characterized by volatility, uncertainty and the impact of digital transformations and war on economic processes, traditional approaches to enterprise management are ineffective in achieving the goal of their strategic survival. Comprehensive and rapid optimization of business processes is the main tool for economic stabilization of business, its acquisition of competitive advantages and sustainable development in the long term. The search for ways and opportunities for such optimization in the theoretical and methodological plane using management tools is of fundamental importance for the development of practical recommendations and approaches to the adaptation of Ukrainian enterprises to dynamic changes in the external and internal environment of their activities at the applied level. Purpose - justification of the need to find ways to optimize the management of the enterprise's business processes to strengthen its competitiveness in the face of dynamic changes in the economic environment. Results. It is specified that although there are many approaches to identifying the definition of a "business process", however, in general they can be grouped according to the understanding of this concept as a set of processes, a set of interconnected and repetitive actions, types of activities, an ordered set of works, functions, tasks. A mandatory requirement for starting the implementation of a business process is the use of corporate resources of the enterprise - time, human, financial, material, information, digital, intellectual, etc., or their combinations in various proportions. Also, a formative identification feature of a business process is obtaining at the end of its execution a certain result - planned, predicted, desired or unexpected, but one that differs from the input set of resources, gives them new characteristics, additional value or creates a new solution, product or service. Originality. The following possibilities for optimizing the management of these business processes are outlined: using ERP systems to implement resource management systems to integrate and standardize all major business processes; active use of artificial intelligence, machine learning, automation to ensure the ability to operate business online; introduction of comprehensive business process management systems in enterprise management ecosystems; use of business models with modelling of various business development scenarios under the influence of dynamic changes; following the principles of customer orientation and human-centeredness; transformation and reengineering of business processes, with a focus on digitalization and saving time and other resources; use of flexible management approaches, project management principles, Lean and Agile methodologies. Conclusion. The objectives of optimizing the business processes of an enterprise, as a result of which it is predicted that its competitiveness will increase, are: reducing costs for financial, economic and business activities, which will allow investing the released resources in marketing and improving customer service, improving their customer experience; improving the quality of products and services, which will allow them to provide new consumer qualities, scale the level of innovation and make their own goods and services better compared to competitors; accelerating the achievement of desired results from business processes - for example, launching new products faster, occupying new market segments; increasing the level of management flexibility, which will ensure a prompt response to new trends, risks, and opportunities.
FINANCIAL INDICATORS AS MEASURES OF ECONOMIC RESILIENCE: CLASSIFICATION, ADVANTAGES, AND LIMITATIONS OF EXISTING APPROACHES
Introduction. The global economy is facing an era of unprecedented turbulence caused by pandemics, wars (notably Russia’s full-scale invasion of Ukraine), energy crises, and systemic shocks. These conditions expose the limitations of traditional financial indicators in assessing firms' ability to withstand and recover from crises. Financial resilience is becoming a key priority for stakeholders, yet existing financial metrics—developed for stable environments—fail to capture the speed, scale, and multidimensional nature of current economic risks. Purpose. The purpose of the study is to classify financial resilience indicators and critically analyze their advantages and limitations under crisis conditions. The authors aim to develop an improved toolkit for diagnosing and forecasting financial resilience, particularly under extreme uncertainty and shocks. Results. The article presents several key findings: Traditional financial indicators (e.g., liquidity and profitability ratios) lag in response and fail to capture crisis-specific risks such as disrupted supply chains or geopolitical instability. A crisis-adaptive toolkit is proposed, including real-time liquidity measures (e.g., Cash Runway ≥ 60 days), adjusted liquidity ratios accounting for credit lines, and the ESG Resilience Index. Additional tools include early warning systems for counterparty risk, zero-based budgeting, stress-testing models (VaR), and AI-based cash flow forecasting. These instruments enable a shift from retrospective analysis to proactive financial monitoring and crisis preparedness. Originality. The novelty of the research lies in the integration of financial and non-financial indicators within a multi-level framework (strategic, operational, analytical, and organizational). This includes the adaptation of ESG metrics, liquidity stress tests, and scenario planning methods for enterprise-level resilience assessments—tools traditionally reserved for macroprudential analysis. Conclusion. The study concludes that transitioning from passive financial monitoring to active crisis forecasting is essential for ensuring enterprise resilience in an era of permanent global shocks. The implementation of the proposed tools can significantly enhance crisis readiness, reduce liquidity losses, and improve the accuracy of financial distress predictions. Ukrainian businesses, in particular, must embrace flexibility and innovation-driven resilience rather than merely preserving the status quo.
TRANSFORMATION OF THE CONTENT OF SOCIAL COMMUNICATIONS AS AN INSTRUMENT FOR SHAPING CONSUMER BEHAVIOR
The article examines the transformation of social communications in seller–consumer interaction within the context of digitalization. Based on a literature review, two approaches to the term’s interpretation are identified: as a scientific discipline and as a tool of socio-communicative engineering. It is demonstrated that in the digital environment, the communication process has evolved from the linear «sender – message – receiver» model to a multi-channel, interactive system with real-time feedback and personalization capabilities. A conceptual clarification of the term «social communications» in the context of consumer behavior formation is proposed. The application of the AIDA model illustrates the differences in the implementation of its stages in the pre-digital and digital eras. Prospects for further research are outlined, including the development of tools for assessing the effectiveness of socio-communicative engineering and exploring the ethical aspects of digital communications.
EMPLOYEE MOTIVATION AT UKRAINIAN ENTERPRISES IN THE CONTEXT OF INTERNATIONAL EXPERIENCE
Introduction. The onset of Russia’s full-scale war against Ukraine has triggered, among other challenges, the need to revise and develop new approaches to wage regulation and the preservation of labor relations. Economic activity under martial law is characterized by significant uncertainty and risk. Substantial losses in the labor force—both in quantitative and qualitative terms—hinder national recovery and development, increase the economic burden on employed individuals, and reduce contributions to state budgets and social funds while simultaneously increasing pressure on these systems. These circumstances underscore the relevance of studying international practices in labor motivation and stimulation. Purpose. The purpose of this article is to deepen the theoretical foundations of material labor motivation in Ukraine by analyzing international experience and assessing its applicability within the national context. Methods of research: the study employs general scientific and specialized methods, including theoretical generalization, grouping, and comparative analysis. Results. The article defines the concept of personnel stimulation in Ukraine under martial law, where stress and instability among employees are prevalent. It examines the experience of Sweden and Germany in implementing solidarity-based wage systems that promote productivity growth, the UK’s use of individual employment contracts, France’s salary individualization practices, and the Czech Republic’s approach to wage bonuses. Based on this comparative analysis, several strategies are proposed to help sustain employee motivation and productivity even under wartime conditions. Originality. The study refines the conceptual and terminological framework and presents a comprehensive analysis of employee motivation in Ukrainian enterprises, incorporating international practices. It offers recommendations for adapting leading European approaches to both material and non-material stimulation. Conclusion. The findings confirm that enterprise development in Ukraine is feasible through the implementation of modern employee motivation systems. There is a pressing need to design a motivation model that reflects the specificities of the national economy, political context, cultural mindset, and traditions. However, each enterprise must independently develop its own motivational framework aligned with its strategic goals. Contemporary motivation mechanisms should integrate both material and non-material components. European experience demonstrates the effectiveness of combining these elements. Ukraine may benefit from adopting Germany’s and the UK’s productivity-based wage systems and individual contracts. Implementing effective employee stimulation measures will strengthen human resource policies and enhance employee engagement, thereby improving labor productivity—even under the challenging conditions of martial law.
METHODOLOGY FOR PREPARATION AND ANALYSIS OF AN ENTERPRISE'S FINANCIAL STATEMENTS
Introduction. In modern conditions of market economy, with the active development of entrepreneurial activity and Ukraine's integration into the European economic space, the importance of financial reporting as a management tool is growing significantly. Requirements for the quality, transparency, and timeliness of financial information used by both external and internal users to make strategic and tactical decisions are increasing. The reform of the accounting system in Ukraine, in particular the introduction of International Financial Reporting Standards (IFRS), requires the improvement of reporting methods to ensure its reliability, comparability, and analytical usefulness. At the same time, the issue of high-quality financial analysis remains relevant, as it allows for the assessment of the effectiveness of an enterprise's activities and the identification of financial risks, internal reserves, and development prospects. Thus, research into methodological approaches to the preparation and analysis of financial statements is relevant from both a theoretical and practical point of view, as it directly affects the quality of management decisions, investment attractiveness, and financial stability of an enterprise. Purpose. Research methodological approaches to the compilation and analysis of a company's financial statements, taking into current requirements of accounting and the laws of Ukraine. Identify modern methods for compiling and analyzing companies' financial statements, and identify their practical significance for ensuring effective management. Results. The article examines the composition and content of the main forms of financial reporting; clarifies the structure and information content of financial reporting; analyzes the methodology for preparing reports; studies methods for analyzing financial reporting; characterizes the regulatory framework for reporting in Ukraine; summarizes methods of financial analysis and determines the significance of reporting analysis for corporate management. Originality. Based on an analysis of current practices and recent research, a number of proposals can be formulated to improve the quality of financial reporting, presentation, and analytical use: - Expand the use of single-format reporting for small businesses (based on IFRS for small and midsize enterprises). - Provide access to free online report builders based on government resources (Ministry of Finance, State Tax Service). - Provide access to free online report builders based on state resources (Ministry of Finance, State Tax Service). - Introduce a single API interface between accounting programs (M.E.Doc, 1C:Enterprise, BAS) and the State Tax Service/Statistics. - Encourage the integration of artificial intelligence to verify the accuracy of reporting forms before submission. - Introduce mandatory calculation of basic financial coefficients (liquidity, profitability, turnover) in the notes to the reports. - Adapt forms for comparative analysis with previous periods (for example two-year or three-year structure of indicators). - Revise NABU (National Accounting and Business Uniformity) standard 1-34 to bring them fully into line with the relevant IFRS. - cancel duplicate regulations and develop a single methodological instruction for the transformation of reporting in the format “NABU - IFRS.” - enshrine in law the requirement to disclose key accounting policies and reasons for significant changes in reports (for example a significant decrease in assets or income); - Introduce a standard form of management analysis for the reports of large enterprises. - Expand the state program for retraining and upgrading accountants' skills, focusing on IFRS, digital tools, and analytics. - Create an open national methodological portal that'll have explanations, templates, examples, and video tutorials. Conclusion. Financial reporting is an important tool for strategic and operative management of an enterprise. Its formation requires compliance with legal requirements, methodological accuracy, and reliability. Analysis of reporting allows assessing financial stability, identifying internal reserves, avoiding risks, and making informed decisions. Following established accounting standards, filling out reporting forms correctly, and taking a deep analytical view when evaluating them makes sure the financial information needed for effective decision-making is trustworthy. In the current environment of digitalization and integration into the international economic environment, the use of IFRS, automated accounting systems, and analytical platforms for flexible and objective analysis of financial statements is also of particular importance. In today's environment, it is recommended to use automated analytical systems, comparative analysis with competitors, and to integrate internal reporting with external performance indicators to form a comprehensive picture of the enterprise's activities.
WORLD EXPERIENCE IN MANAGING THE EFFICIENCY OF INNOVATIVE ACTIVITIES OF MACHINE-BUILDING ENTERPRISES
Introduction. The machine-building sector serves as a core component of the industrial framework in any developed country, as it determines the technological maturity of related industries and significantly influences the overall competitiveness of the national economy. Current challenges, such as globalization, rapid scientific and technological advancement, and the digitalization of production processes, are profoundly reshaping the operational environment of machine-building enterprises. In this context, there is an increasing need for the continuous improvement of innovation management practices. Enhancing the efficiency of innovation activities becomes especially critical in light of the transition to the Industry 4.0 paradigm. Purpose. The study consists of a comprehensive analysis of the world experience in managing the efficiency of innovative activity of machine-building enterprises and developing recommendations for its adaptation in the conditions of the Ukrainian economy to increase the competitiveness of domestic machine-building enterprises. Results. A comprehensive analysis of global best practices in enhancing the efficiency of innovation activities at machine-building enterprises was conducted. The study systematically examined innovation ecosystems in both developed countries (such as the USA, Germany, Japan, and South Korea) and emerging economies (China, India, Brazil). Distinctive features of national innovation models and institutional environments were identified, which determine the success of innovation policies at both the state and enterprise levels. A number of established models for assessing innovative potential were analyzed, including SPACE-analysis, the Balanced Scorecard (BSC) framework, and quantitative approaches based on index calculations and matrix evaluation techniques. These models served as the methodological foundation for evaluating the innovation capabilities of machine-building enterprises in a comparative and adaptable format. A multi-level system of criteria for comprehensive assessment of the efficiency of innovation activity was proposed. It is based on three core indicators: development of new machinery and equipment; advancement of technological processes; effectiveness of implementation of design and technological innovations. This system incorporates 18 key performance indicators covering technological, economic, organizational, and social aspects of innovation, ensuring a holistic view of enterprise-level innovation dynamics. Originality. The correlation-regression analysis revealed statistically significant relationships between the level of innovation activity and the financial and economic performance of machine-building enterprises. Key drivers of successful innovation were identified, including investment in R&D, digital transformation, human capital development, and collaboration with research institutions. The analysis also underscored a gap between the innovation performance of Ukrainian machine-building enterprises and their international counterparts, largely due to limited integration into global value chains, outdated production capacities, and insufficient institutional support for innovation. In light of these challenges, the study substantiates the necessity of developing adaptive innovation strategies for Ukrainian enterprises. These strategies should be responsive to both global technological trends and national economic constraints. A conceptual model for innovation activity management was developed. It integrates: strategic innovation planning; operational management of R&D processes; performance monitoring and continuous improvement mechanisms. Priority areas for improving the innovation performance of Ukrainian machine-building enterprises were formulated. These include: adoption and scaling of Industry 4.0 technologies (IoT, AI, additive manufacturing, cyber-physical systems); creation of technology transfer mechanisms; formation of innovation clusters and inter-firm networks; enhancement of state policy instruments for stimulating innovation (grants, tax incentives, public-private partnerships). Conclusion. The conducted research highlights the crucial role of integrated and adaptive innovation management in strengthening the competitive positions of machine-building enterprises, particularly in the context of global technological shifts. Drawing on international experience and tailored to national realities, the proposed methodological tools and strategic recommendations provide a roadmap for enhancing the innovation capacity of Ukraine’s machine-building sector. Implementation of these approaches will foster technological modernization, increase value-added production, and promote sustainable industrial development. Active state support, business-academic collaboration, and a focus on digital innovation are key conditions for the successful transformation of the machine-building industry in Ukraine.
THE CONTENT ESSENCE OF THE LABOUR MARKET: MULTIDIMENSIONALITY OF DEFINITIONS AND THE EVOLUTION OF ECONOMIC THOUGHT
The labour market is a complex multifunctional system governed by the general laws of a market economy, however, since the commodity here is a specific resource – human labour – which is difficult to measure and manage, and which, unlike other resources, has its own vision of its fate and possibilities for the application of consumer values, the functioning and evolution of this market have their own characteristics. Such features become a constant cause of transformations of market mechanisms and determine the type of behaviour of their participants. However, understanding the basic concepts and substantive essence of the labour market at the theoretical level can be a prerequisite for using its advantages and opportunities for promising economic reforms in a strategic perspective. Purpose - concretization and clarification of the substantive essence of the concept of the labour market in the context of the multidimensionality of existing definitions and taking into account the evolution of economic thought under the influence of continuous scientific progress. Fundamental and innovative theories of the existence and functioning of the labour market are analysed, such as classical theory, Keynesian theory, human capital theory, job search theory, neoclassical labour market theory, employment theory, institutional theory of the labour market, theory of effective wages, theory of behavioural economics in the labour market, theory of labour market segmentation, gender theory of the labour market, theory of the impact of technologies on the labour market. The areas of knowledge in which the scientific interests of modern scientists focusing on the problems of the labour market are located are tracked. The author's definition of the labour market, formalized using a systems approach, is proposed. The terminological field of the concept of the labour market is outlined, which includes such categories as employment, wages, unemployment, labour resources, human resources, personnel, labour force, employees, human capital, intellectual capital, labour supply, labour demand, labour relations, labour productivity, education, experience, personnel shortage, demographic policy, and employment policy. Taking into account the consequences of technological progress and the transformation of market processes, the following terms were integrated into it: digital employment, digital recruiting, online employment, remote work, employer brand, gig economy, outsourcing, out staffing, platform employment, soft skills, upskilling, reskilling, competencies, knowledge economy, employee well-being, mentoring, coaching. It is proposed that the labour market be understood as a system of multilateral relationships between buyers of labour and human capital (employers) and sellers of labour (persons who are looking for an opportunity to satisfy their own needs by performing work or services for remuneration), as well as their own knowledge, skills and abilities that determine the quality of labour and its ultimate value for the buyer. Tracing the evolution of understanding the substantive essence of the labour market demonstrates how this definition has transformed from the concept of matching supply and demand for human labour through a factor such as its price, i.e. wages, to a complex, multi-element and multifunctional dynamic system that adapts to external risks, forms synergistic effects and creates new properties for a more rational use of human capital with an orientation towards the interests of labour resources and business. The modern labour market is not only a set of market mechanisms governed by the laws of economic relations, it is a significant strategic social, demographic, economic factor of sustainable development of the state, a factor of its competitiveness in global markets, an indicator of the level of qualitative evolution and human centrism on a national scale.
GEOECONOMIC DETERMINANTS OF UKRAINIAN TOURISM INDUSTRY DEVELOPMENT UNDER SECURITY CHALLENGES
The article examines the influence of geoeconomic determinants on the development of Ukraine's tourism industry under security challenges caused by the Russian-Ukrainian war. The transformation of the spatial structure of tourist flows during 2022-2025 is analyzed, identifying features of tourism activity redistribution in favor of western and central regions of Ukraine. Changes in the typological structure of domestic tourism are investigated, particularly the growing share of rural green, cultural-cognitive, and festival tourism. The impact of security factors on tourists' motivation and behavioral models, length of stay in destinations, and seasonality of tourist flows is characterized. Prospects for tourism infrastructure restoration and Ukraine's integration into the European tourism space are considered. Strategic directions of state policy for supporting the tourism industry during wartime and post-war recovery are proposed, taking into account geoeconomic transformations and international experience. Problem statement. In recent years, Ukraine’s tourism industry has undergone significant transformations under the influence of geopolitical and geoeconomic factors. The full-scale invasion of the Russian Federation has fundamentally changed the conditions of the tourism sector’s functioning, aggravating existing problems and creating new security challenges. The geoeconomic dimension of these changes is of particular importance, as it determines not only the current state of the industry but also outlines the prospects for its recovery and further development in the context of the country’s overall post-war economic reconstruction. The transformation of international economic relations, changes in logistics routes, and the reorientation of trade flows and investment directions directly affect the functioning of the tourism industry. Geoeconomic determinants define the nature of interaction between the national tourism system and the global services market, shaping new opportunities and constraints for realizing Ukraine’s tourism potential. Military actions on the country’s territory have altered the traditional geography of tourist flows, generated new forms of tourism, and triggered a reassessment of tourism resources in line with current security conditions. At the same time, security challenges have significantly transformed the structure of demand and supply in the domestic tourism market. A considerable part of tourism infrastructure has been damaged or completely destroyed, and some traditionally attractive tourist destinations have become temporarily inaccessible or lost their potential. Instead, tourist flows have been redirected toward the relatively safe western regions of Ukraine, which have become centers of attraction for domestic tourists as well as a limited number of foreign visitors. Such changes require a comprehensive analysis to develop an adequate strategy for the industry’s development under new geoeconomic realities. The relevance of the study is reinforced by the need to identify innovative approaches to restoring the country’s tourism potential. Understanding the interconnection between geoeconomic processes and the functioning of the tourism system makes it possible to determine priority directions of state policy aimed at supporting the industry and integrating it into the European tourism space. The purpose - of the article is to identify the geoeconomic determinants of the development of Ukraine’s tourism industry under security challenges and to elaborate conceptual foundations for its recovery, taking into account the transformation of the global economic space. Originality. The scientific novelty of the study lies in identifying the systemic impact of geoeconomic determinants on the spatial, typological, and behavioral structure of tourism in Ukraine under wartime conditions; in determining the priority directions for the development of the tourism industry, taking into account international adaptation experience; and in proposing conceptual foundations for the recovery of the sector that integrate security, economic, and technological factors. Conclusion. The study demonstrates that Ukraine’s tourism industry has undergone profound spatial, structural, and behavioral transformations under the impact of geoeconomic determinants during the war. Security factors have reshaped the geography of tourist flows, redirected activity toward western and central regions, and stimulated the rise of new destinations and innovative forms of tourism. Structural shifts in domestic demand are marked by the growing importance of rural green, cultural, health, and festival tourism, alongside the decline of recreational and shopping segments. Geoeconomic reorientation toward the EU, North America, and the Asia-Pacific region provides opportunities for diversification and resilience of the industry. Large-scale destruction of infrastructure underscores the urgency of comprehensive recovery policies, where digital technologies play a dual role in preserving cultural heritage and sustaining international tourist interest in Ukraine.
THE SYNERGY OF INTERNATIONAL COOPERATION AND INTERCULTURAL COMMUNICATION IN SHAPING THE GLOBAL TOURISM SPACE
Introduction. In the field of international tourism, one can observe an imbalance between the active development of international forms of cooperation and their insufficient focus on deepening intercultural interaction. This can lead to an increase in the risk of negative stereotyping, intercultural conflicts between tourists and host communities, and thus - to a decrease in the quality of the tourist experience. Purpose. The purpose of this article is to provide a theoretical justification for the mechanisms of synergy between intercultural communication and international cooperation in the field of tourism, viewed as key factors in shaping an integrated global tourism space. The study seeks to identify the interconnections and mutual influences of these components in promoting sustainable, culturally sensitive, and innovation-oriented tourism development. Results. The study demonstrates that intercultural communication and international cooperation are interdependent and mutually reinforcing dimensions of global tourism development. Their interaction generates a synergistic effect that enhances the efficiency of cultural exchange, tourism innovation, and international partnership. The article presents examples of EU and Belt and Road initiatives that illustrate the practical realization of this synergy through joint cultural projects, transport connectivity, and sustainable tourism programs. The findings also highlight potential risks related to cultural conflicts, asymmetry of benefits, and the threat of losing local authenticity. Originality. The novelty of this research lies in the conceptualization of a synergy model for global tourism development, which integrates intercultural and cooperative mechanisms into a unified theoretical framework. This model provides a new perspective on how intercultural dialogue and international partnership can function as co-determinants of global tourism sustainability. Conclusion. The study concludes that coordinated interaction between intercultural and cooperative mechanisms forms the foundation of a sustainable global tourism space based on values of cultural understanding, mutual respect, and partnership. To strengthen these mechanisms, the article proposes institutional support for intercultural communication, competence development among tourism professionals, and harmonization of international cooperation strategies. Further research should focus on quantitative assessment of the correlation between intercultural communication intensity and the effectiveness of international cooperation in tourism, as well as on strategies for minimizing intercultural interaction risks.
ANALYSIS OF VOLATILITY AND AUTOCORRELATION PROPERTIES OF THE BTC-USD CRYPTOCURRENCY PAIR IN THE CONTEXT OF GLOBAL SOCIO-ECONOMIC SHOCKS
Introduction. This article investigates the nonlinear dynamics and statistical properties of the BTC-USD cryptocurrency pair between September 1, 2015, and August 1, 2025. The study is timely due to the unique nature of cryptocurrencies as a new asset class and the highly turbulent global socioeconomic environment during the analyzed period. The theoretical foundation of the work is based on econophysics concepts and the theory of complex systems, specifically the analysis of stylized facts of financial markets. Traditional linear models, which assume a Gaussian distribution, have proven inadequate for describing and forecasting the behavior of cryptocurrencies, especially during periods of high uncertainty. Purpose. The main goal of this article is to identify and analyze nonlinear patterns in the BTC-USD dynamics from 2015 to 2025 and to interpret these patterns in the context of major global socioeconomic and geopolitical events. The research methodology includes calculating and analyzing autocorrelation functions for the price series, returns, and absolute returns, as well as using a moving window method to assess the dynamics of volatility and autocorrelation over time. Results. The scientific novelty of this work lies in its comprehensive analysis of the evolution of key nonlinear indicators—volatility and autocorrelation—for the BTC-USD pair over a long period that includes a sequence of diverse global crises (pandemic, geopolitical, monetary). Unlike most previous research that focused on the market's reaction to single events, this study examined the cumulative effect and interaction of these shocks as they are reflected in the dynamics of the market's statistical properties. The findings underscore the need for a shift from traditional retrospective analysis to a proactive forecasting system based on an understanding of the nonlinear nature of financial markets. Conclusion. The study confirms that the dynamics of the BTC-USD market are characterized by pronounced nonlinear properties, making classical linear models based on a Gaussian distribution inadequate for description and forecasting. The results highlight the deep integration of the cryptocurrency market into the global financial system and its high sensitivity to macroeconomic uncertainty. The research emphasizes the need to use nonlinear dynamics and econophysics to model the behavior of financial assets under conditions of high uncertainty.
PROBLEMS OF NON-PROFIT ORGANIZATIONS DEVELOPMENT IN UKRAINE
Introduction. Non-profit organizations (NPOs) are an important factor in the social and economic stability of Ukraine in times of war, contributing to the development of civil society and strengthening social cohesion, helping people feel part of the community. In times of war, the economic burden on the non-profit sector increases significantly, which makes the problem of its sustainable development more urgent. At the same time, the functioning of non-profit organizations in Ukraine is accompanied by a number of systemic economic problems, including insufficient and unstable financial resources, limited access to budget and investment financing, fragmentation of state support mechanisms, low quality of management and institutional capacity of individual organizations. Imperfection of regulatory and legal regulation and the lack of effective economic incentives hinder the development of the non-profit sector as a full-fledged subject of economic relations. The purpose of the article is to determine the economic prerequisites and limitations of the development of non-profit organizations in Ukraine. Results. The key problems of the development of non-profit organizations in Ukraine in the context of transformational socio-economic processes and military challenges were studied. The institutional, financial and organizational and managerial limitations of the functioning of the non-profit sector were analyzed, in particular, the instability of financing, imperfect regulatory and legal regulation, limited access to state support and the low level of managerial capacity of individual organizations. The main directions of development of non-profit organizations in Ukraine were determined, in particular, diversification of funding sources, strengthening financial transparency and accountability, implementation of digital management tools, development of partnerships with the state and business. Conclusion. In recent years, Ukrainian NPOs have become key players in providing assistance to war victims, demonstrating an exceptional level of mobilization and efficiency. They often prove to be more flexible and operational than state structures in responding to crisis situations. Despite numerous challenges, the Ukrainian non-profit sector demonstrates impressive examples of successful adaptation and innovative approaches to solving social problems. The aggravation of its development problems has necessitated the transformation of NGO management. The need to coordinate efforts and combine resources of different organizations to maximize the effect of assistance has increased sharply. New cooperation platforms, networks and coalitions of NGOs are being created to respond more effectively to challenges. Volunteer movements, veteran organizations and associations of internally displaced persons have become new influential groups of civil society, shaping the agenda and demanding systemic changes from the authorities.