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
The authors published in this journal agree with following conditions: 1. The authors reserve to themselves the right to the authorship of their works and transfer the right of their first publication to the journal on the terms of Creatіve Common Attrіbutіon Lіcense which allows to freely extend to other persons the published work with an obligatory reference to the authors of the original work and its first publication in this journal. 2. The authors have the right to complete independent additional agreements concerning the not exclusive distribution of their work in the form in which it was published in this journal (for example, to place the work in the electronic storehouse of an establishment or to publish as a monograph component), under the condition of the preservation of the reference to the first publication of the work in this journal. 3. The journal’s policy allows and encourage the authors to place their manuscripts into the Internet (for example, in depositories of establishments or on personal web-sites) either before submitting of the manuscript for publication or during its editorial processing as it assists the occurrence of a productive scientific discussion and positively affects the efficiency and dynamics of citing of the published work. AGREEMENT ABOUT TRANSMISSION OF COPYRIGHT I, the author of the article / We, the authors of the manuscript _______________________________________________________________________ in case of its acceptance for publication, we transfer the following rights to the founders and editorial boards of the scientific publication "BULLETIN OF THE CHERKASY BOHDAN KHMELNYTSKY NATIONAL UNIVERSITY. ECONOMIC SCIENCES. SERIES "ECONOMIC SCIENCES": 1. Publication of this article in Ukrainian (English, Russian, Polish) and distribution of its printed version. 2. Dissemination of the electronic version of the article through any electronic means (placing on the official journal web site, in electronic databases, repositories, etc.). At the same time we reserve the right without consent of the editorial board and the founders: 1. Use the materials of the article in whole or in part for educational purposes. 2. To use the materials of the article in whole or in part for writing your own theses. 3. Use article materials to prepare abstracts, conference reports, and oral presentations. 4. Post electronic copies of the article (including the final electronic version downloaded from the journal's official website) to: a. personal web-pecypcax of all authors (web sites, web pages, blogs, etc.); b. web-pecypcax of the institutions where the authors work (including electronic institutional repositories); with. non-profit, open-source web-pecypcax (such as arXiv.org). With this agreement, we also certify that the submitted manuscript meets the following criteria: 1. Does not contain calls for violence, incitement of racial or ethnic enmity, which are disturbing, threatening, shameful, libelous, cruel, indecent, vulgar, etc. 2. Does not infringe the copyrights and intellectual property rights of others or organizations; contains all the references to the cited authors and / or publications envisaged by applicable copyright law, as well as the results and facts used in the article by other authors or organizations. 3. It has not been previously published in other publishers and has not been published in other publications. 4. Does not include materials that are not subject to publication in the open press, in accordance with applicable law. ____________________ ___________________ First name, Last name, signature of the author "___" __________ 20__
STRATEGIC DIRECTIONS FOR ENHANCING FOREIGN DIRECT INVESTMENT ATTRACTION MECHANISMS IN THE CONTEXT OF UKRAINE’S ECONOMIC RECOVERY
Introduction. In the context of ongoing wartime challenges and large-scale economic destruction, attracting foreign direct investment (FDI) has become a critical prerequisite for financing Ukraine’s post-war reconstruction and ensuring long-term economic modernization. Despite the country’s considerable investment potential, foreign capital inflows remain significantly constrained by elevated military and political risks, institutional weaknesses, insufficient investor protection mechanisms, and limited availability of comprehensive war-risk insurance instruments. These challenges necessitate the development of innovative and resilient approaches to establishing an effective FDI attraction framework capable of supporting economic recovery under conditions of uncertainty. Purpose. The purpose of the article is to examine the current state and structural characteristics of foreign direct investment inflows into Ukraine and to substantiate strategic directions for improving FDI attraction mechanisms during the period of post-war economic recovery. The study considers international best practices, contemporary global investment trends, and the specific characteristics of Ukraine’s wartime economic environment. Methods. The methodological framework of the research is based on a combination of general scientific and specialized methods, including analysis and synthesis, comparative analysis, statistical assessment, systems analysis, economic and mathematical modeling, forecasting, and scenario analysis. The empirical and informational foundation of the study includes scientific publications by Ukrainian and international scholars, as well as analytical reports and official data from the World Bank, the Multilateral Investment Guarantee Agency (MIGA), the Ministry of Finance of Ukraine. Results. The study examines the dynamics, sectoral characteristics, and structural transformations of foreign direct investment in Ukraine under conditions of geopolitical instability and economic shocks. A comprehensive framework of strategic priorities for enhancing FDI attraction mechanisms is proposed, including institutional modernization, strengthening investment protection guarantees, expanding war-risk insurance instruments, and improving cooperation between public authorities and international financial institutions. Particular attention is devoted to the adaptation of international experience through the development of Military-Tech clusters as drivers of technological modernization, the introduction of special economic regimes, the expansion of public-private partnership mechanisms, acceleration of European integration processes, and implementation of the “Paperless Investment” digital model. Furthermore, the article proposes a conceptual framework for leveraging international investment guarantee mechanisms to stimulate private foreign capital inflows and reduce investment barriers. Originality. The scientific novelty of the research lies in the development of an economic forecasting model for assessing potential FDI inflows into Ukraine until 2030. Unlike existing methodological approaches, the proposed model is based on an adapted Weighted Average Cost of Capital (WACC) framework, supplemented by a dynamic war and political risk coefficient ($R_{war}$), which reflects the gradual reduction of uncertainty under the influence of international institutional guarantees and security mechanisms. The study further develops the conceptual foundations of state FDI policy by integrating the principles of “Build Back Better”, targeted risk-mitigation instruments, and digital transformation approaches. In addition, the multiplier (“crowding-in”) effect of international donor support as a catalyst for attracting private foreign capital is theoretically and mathematically substantiated. Conclusion. The study demonstrates that effective attraction of foreign direct investment is a primary determinant of Ukraine’s successful economic recovery and long-term resilience. Implementing the proposed strategic framework will contribute to enhancing the country's investment attractiveness, reducing systemic risks, and fostering a new model of high-tech economic growth. The practical significance of the findings lies in their applicability to the development of state investment policy and national recovery programs, enabling Ukraine to transform from a recipient of reconstruction aid into a regional hub of advanced production and international investment cooperation.
Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
KEY PRINCIPLES OF RETURN AND REINTEGRATION OF FORCED MIGRANTS TO UKRAINE
Introduction. Russia launched a full-scale armed aggression against Ukraine, resulting in unprecedented losses of the country’s human potential, unparalleled in post-war Europe. Beyond extensive physical destruction—damage to transport, energy, housing, and social infrastructure—the war has triggered profound demographic shifts, large-scale forced displacement, labor market disruption, and long-term social vulnerability. Millions of citizens have been internally displaced or forced to seek refuge abroad, leading to significant labor shortages, skills mismatches, and the risk of permanent human capital outflows. Rising poverty, educational interruptions, deterioration in public health, and psychosocial trauma have further weakened the demographic and socio-economic foundations of national development. In this context, the restoration and enhancement of human capital emerge as a strategic priority, as sustainable economic recovery is impossible without rebuilding the country’s knowledge base, workforce capacity, and social cohesion. Purpose. To develop a scientifically grounded and long-term strategy for the restoration and enhancement of human capital in the context of post-war reconstruction, taking into account demographic losses, structural economic transformations, and institutional challenges. Methods. The research is based on a comprehensive analysis of verified statistical data from leading international institutions, including the Fourth Rapid Damage and Needs Assessment (RDNA4, 2025), the World Bank, the United Nations High Commissioner for Refugees, and the Organisation for Economic Co-operation and Development. Comparative, structural, systemic, and trend analysis methods were applied to assess demographic, educational, healthcare, and labor market losses, as well as to identify key structural imbalances and long-term risks for socio-economic development. Results. The study finds that direct material damages amount to USD 176 billion, while total recovery and reconstruction needs are estimated at USD 524 billion, equivalent to nearly 2.8 times Ukraine’s GDP in 2024. The poverty rate increased dramatically from 5.5% in 2021 to 37% in 2024, reflecting a substantial decline in household welfare and resilience. The war has also intensified demographic decline, reduced employment levels, and exacerbated regional inequalities. Based on the conducted analysis, a four-phase conceptual model for the strategic development of human capital with a planning horizon of up to 20 years has been elaborated. The model provides for sequential stabilization, recovery, modernization, and innovative transformation of the healthcare, education, labor market, and social protection systems. It also identifies priority directions of public policy, including reintegration of displaced persons, stimulation of employment and entrepreneurship, modernization of vocational and higher education, strengthening public health systems, and institutional capacity building. Financing mechanisms are substantiated, combining international financial assistance, foreign direct investment, domestic budgetary resources, public–private partnerships, and structural reforms aimed at improving governance and transparency. Originality. The paper proposes a comprehensive four-phase model for the strategic restoration and enhancement of human capital, integrating financial, economic, social, demographic, and institutional recovery mechanisms into a unified long-term planning framework. Unlike fragmented sectoral approaches, the proposed model ensures policy coherence, sequencing of reforms, and alignment between short-term stabilization measures and long-term development objectives. Conclusion. The restoration of Ukraine’s human capital requires a systematic and coordinated state policy, substantial long-term investment, and sustained international support. Ensuring security, macroeconomic stability, institutional reforms, targeted social policies, and inclusive labor market development will be critical for reversing demographic decline and preventing permanent human capital losses. The combination of structural reforms, strategic financing, development of social infrastructure, digital transformation, and stimulation of economic activity will create the preconditions for sustainable demographic recovery, increased productivity, and resilient economic growth in the post-war period.
HUMANCENTRISM IN SOCIETY 5.0 AND MANAGEMENT 3.0: HARMONIOUS HR MANAGEMENT AS A MEANS OF TRANSFORMING HIGHER EDUCATION INSTITUTIONS INTO TURQUOISE ORGANIZATIONS AND PRESERVING THEIR INTELLECTUAL CAPITAL
Introduction. The relevance of the study is due to the need to bridge the gap between outdated hierarchical models of higher education management and the requirements of the human-centered Society 5.0. The implementation of the Management 3.0 toolkit allows universities to transform into flexible “turquoise organizations”, where self-government and the evolutionary goal become the basis of development. In the conditions of military challenges in Ukraine, harmonious HR management acts as a strategic means of preventing talent drain and professional burnout of personnel. This approach ensures reliable conservation and regeneration of intellectual capital through the priority of personnel well-being. Purpose - concretization of the paradigmatic principles of human-centrism in Society 5.0 and Management 3.0 and establishing their impact on the harmonization of HR management strategies in order to preserve the intellectual capital of HEIs and transform them into turquoise organizations in the future. Results. The characteristics of a "smart university" are determined, which are: human-centered personnel management, intelligent and socially oriented organization of space, digitalization of the educational process, automation of routine tasks, information transparency, care for the mental and physical health of employees, individual career trajectories and assistance in improving qualifications, retention of talents and encouragement of young people to a career in higher education, effective time management and work-life balance, profiling tasks according to the interests and abilities of scientific and pedagogical staff. It has been established that the organization's HR management system, in order to be suitable for the task of preserving intellectual capital in the realities of wartime, economic uncertainty, digitalization and prolonged social perma-crisis, must meet such signs of human-centeredness and harmony as technologicality and digital flexibility, humanity and empathy, patriotism. Originality. Four areas of harmonization of approaches to HR management for domestic organizations seeking to preserve their intellectual potential in conditions of uncertainty and wartime risk are identified, such as the transition to "HR conservation" of knowledge in order to preserve knowledge and experience for the needs of the organization in the event of an employee's dismissal or mobilization; the introduction of a model of flexible labour relations and control of employee actions; concern for the mental health and well-being of employees and reskilling and development of internal intellectual reserve. Conclusion. To preserve intellectual capital, owners and top managers (academic managers in higher education institutions) need to stop treating people in teams as “replaceable units” (an analogue of the Soviet model of labour relations, where a person is a cog in a mechanism). In Ukraine, every carrier of knowledge and experience is now a strategic intellectual resource for post-war economic recovery. Harmonizing HR management and scaling up human-centeredness in personnel management strategies, especially in knowledge-intensive industries and critical infrastructure, is the only way to prevent this resource from dissolving in the global labour market.
THE INFLUENCE OF A LEADER'S IMAGE ON TEAM EFFECTIVENESS
Introduction. In the contemporary context of organizational development, characterized by a high level of competition, the dynamic nature of the external environment, and the growing importance of human capital, the issue of ensuring effective teamwork has become increasingly relevant. One of the key factors determining team performance is the leader’s personality and the image formed in the perception of employees. The leader’s image represents a complex socio-psychological phenomenon that combines professional, ethical, communicative, and behavioral characteristics, shaping employees’ attitudes toward the leader and influencing their motivation, trust, and willingness to cooperate. Despite the considerable body of research devoted to leadership studies, the issue of the leader’s image and its impact on team effectiveness requires further scientific consideration in light of modern management trends. Purpose. The purpose of the article is to investigate the influence of a leader’s image on team effectiveness, identify the main components of a positive leadership image, and substantiate their significance in creating a favorable psychological climate, enhancing employee motivation, and ensuring high levels of collective performance. Methods. The theoretical and methodological basis of the study is grounded in general scientific and specialized research methods. The research employed methods of analysis, synthesis, generalization, and systematization of scientific sources related to leadership, human resource management, and organizational behavior. In addition, the logical method was applied to identify the relationships between the characteristics of a leader’s image and indicators of team effectiveness, while theoretical generalization was used to formulate conclusions regarding the role of leadership image in contemporary organizations. Results. The findings of the study indicate that a leader’s image is a significant factor influencing the quality of internal team interaction and the overall effectiveness of collective performance. It has been established that a positive leadership image is shaped by professional competence, responsibility, ethical values, communication culture, and the ability to effectively organize collective activities. The study demonstrates that a high level of trust in a leader contributes to stronger team cohesion, increased employee motivation, reduced conflict, and an improved psychological climate. It is substantiated that communication culture serves as one of the key elements of a leader’s image, as it ensures effective information exchange, the development of partnership-based relationships, and the maintenance of a high level of employee engagement in achieving organizational goals. Conversely, a negative leadership image may lead to decreased productivity, loss of trust, and deterioration in the quality of team interaction. Originality. The scientific originality of the study lies in its comprehensive consideration of a leader’s image as an integrated factor affecting team effectiveness. Unlike approaches that focus primarily on leadership styles or managerial competencies, this study substantiates the significance of image as a multidimensional system of characteristics that determines the level of trust, motivation, and organizational commitment among employees. Furthermore, the role of communication culture as an essential component of a positive leadership perception and effective team functioning within the modern organizational environment has been specified and expanded. Conclusion. The results of the study confirm that a leader’s image constitutes an important resource for enhancing team effectiveness and achieving organizational strategic objectives. The development of a positive leadership image contributes to strengthening trust, fostering cooperation, increasing employee motivation, and creating a favorable psychological climate within the team. The practical value of the findings lies in their potential application for improving human resource management systems, developing leadership competencies, and training managers at different organizational levels. It is advisable to implement programs aimed at developing communication culture, emotional intelligence, and interpersonal interaction skills among managers as important factors in shaping a positive leadership image. Future research should focus on examining the impact of a leader’s image on the effectiveness of virtual and hybrid teams, as well as on developing methodologies for assessing the extent of its influence on organizational performance.
DEVELOPING AN INNOVATIVE MODEL FOR THE DEVELOPMENT OF AGRICULTURAL ENTREPRENEURSHIP IN A DIGITAL ENVIRONMENT
Introduction. The current development of agribusiness in Ukraine is being shaped by the digital transformation of the economy, which necessitates a re-evaluation of traditional approaches to the organisation of production, management and marketing processes. It has been found that the main challenges to the digital development of agricultural enterprises remain the uneven levels of digital maturity, limited access to innovative technologies for small and medium-sized producers, insufficient digital skills, and the piecemeal implementation of digital solutions. This highlights the need to develop an innovative model for the development of agricultural entrepreneurship, one that ensures a comprehensive integration of the technological, organisational and institutional components of digital transformation. Purpose. The aim of the study is to establish the principles for developing an innovative model for the development of agribusiness in a digital environment and to identify avenues for its practical implementation. Results. A positive trend in the digital transformation of Ukraine’s agricultural sector has been observed: the comprehensive digitalisation index rose from 0.184 in 2019 to 0.527 in 2025. A significant digital divide has been identified between different categories of enterprises: the level of digital technology adoption in large agricultural enterprises in 2025 stands at 82 per cent, whilst in small and medium-sized enterprises it is 45 per cent. The main challenges to digitalisation have been identified, including insufficient funding, a shortage of digital skills, underdeveloped digital infrastructure and a lack of comprehensive integration of digital solutions. Key directions for implementing an innovative model for the development of agricultural entrepreneurship have been proposed, involving the development of digital infrastructure, the introduction of modern management technologies, the formation of digital ecosystems and the strengthening of institutional support. Originality. An innovative model for the development of agribusiness in a digital environment has been proposed; unlike existing approaches, this model is based on a comprehensive combination of technological modernisation, the transformation of the enterprise’s business model, the development of digital agri-ecosystems, and the institutional framework for digitalisation. An integrated approach to assessing the level of digital transformation in the agricultural sector is proposed, which makes it possible to determine the dynamics of digital development and identify problem areas in the implementation of innovative technologies. Conclusion. It has been established that the development of an innovative model for agricultural entrepreneurship is a prerequisite for enhancing the competitiveness of the agricultural sector in the digital economy. It has been determined that the further development of digitalisation requires a comprehensive improvement of technological, organisational and institutional mechanisms. Prospects for further research relate to the development of models for managing digital agro-ecosystems and the refinement of methodological approaches to assessing the digital maturity of agricultural enterprises.
ARCHITECTONICS OF MARKET ORGANIZATION IN THE CONTEXT OF ECONOMIC DIGITALIZATION
Introduction. The rapid development of digital technologies has significantly transformed the functioning of modern markets, affecting institutional arrangements, competitive structures, and the behavior of economic agents. Existing studies predominantly focus on particular aspects of digitalization, such as technological innovations, platform business models, digital infrastructure, or consumer behavior. However, such approaches often fail to explain the systemic nature of market transformation. This creates a need for a comprehensive conceptual framework capable of revealing how digitalization reshapes the overall organization of market relations and the mechanisms of economic coordination. Purpose. The purpose of the article is to develop a conceptual model for analyzing digitalization as a factor in the transformation of the architectonics of market organization and to identify the key mechanisms through which digital technologies affect institutional regimes, structural modes, and behavioral patterns of economic agents. Methods. The study is based on a systemic and institutional approach to the analysis of market organization. The research employs methods of theoretical generalization, comparative analysis, abstraction, and logical modeling. The concept of the architectonics of market organization is used as an analytical framework for integrating institutional, structural, and behavioral dimensions of digital transformation. Results. The study substantiates the feasibility of applying the concept of the architectonics of market organization to the analysis of digitalization processes. A conceptual model is proposed in which digital transformation is driven by technological, institutional, socio-economic, and global determinants and is manifested through the interconnected transformation of institutional regimes, structural modes, and behavioral patterns. It is demonstrated that digitalization changes the rules of economic interaction, strengthens the role of data and digital platforms, promotes platformization and ecosystem development, transforms competition mechanisms, and alters the behavior of firms and consumers. As a result, a new market architectonics emerges, characterized by multi-level coordination mechanisms, platform-mediated interactions, network-based value creation, and increased adaptability of economic systems. Originality. The scientific novelty of the study lies in the development of a conceptual approach that interprets digitalization not merely as a technological process but as a factor in the systemic transformation of the architectonics of market organization. Unlike approaches focused on isolated manifestations of digital transformation, the proposed framework integrates institutional, structural, and behavioral dimensions into a unified analytical model and reveals the mechanisms of their interaction. Conclusion. The findings suggest that digitalization leads to a comprehensive reconfiguration of market organization by transforming institutional regimes, structural modes, and behavioral patterns of economic agents. The proposed conceptual framework expands the theoretical understanding of digital transformation and provides a basis for further research into the evolution of market systems under conditions of digital economic development.
INSTITUTIONAL FRAMEWORKS FOR THE DEVELOPMENT OF THE SOCIAL SUPPORT SYSTEM IN THE CONTEXT OF THE TRANSFORMATION OF STATE SOCIAL POLICY
Introduction. The current transformation of Ukraine’s state social policy, which is taking place against a backdrop of economic instability, demographic changes, rising social risks and crisis phenomena, necessitates a re-evaluation of institutional approaches to the formation and development of the social support system. It has been established that the existing model of social support is characterised by a number of structural problems, including fragmented institutional interaction, insufficient coordination of management mechanisms, limited targeting of social benefits and incomplete integration of digital tools. This reduces the efficiency of social resource utilisation and limits the system’s ability to respond promptly to contemporary socio-economic challenges. In this context, there is a growing need to establish new institutional foundations for the development of the social support system, aimed at enhancing its effectiveness, adaptability and resilience. Purpose. The aim of the study is to establish the institutional foundations for the development of the social support system against the backdrop of the transformation of Ukraine’s state social policy, and to identify ways of enhancing its effectiveness, targeting and adaptability to current socio-economic conditions. Results. The current state of the social support system in Ukraine has been analysed, and it has been established that the share of social benefits in the structure of household income in 2019–2025 averaged 28–32 per cent, confirming the significant role of state support in ensuring social stability. A gradual increase in the level of targeting of social assistance has been identified: the relevant indicator rose from 50 per cent in 2019 to 60 per cent in 2025, indicating a gradual reorientation of the system towards a more targeted use of budgetary resources. Significant progress has been made in the digitalisation of the social sector – the share of digital social services has increased from 15 per cent in 2019 to 62 per cent in 2025, reflecting the development of e-services and digital mechanisms for administering assistance. Key institutional challenges to the development of the social support system have been identified, including fragmented governance, shortcomings in the regulatory framework, an insufficient level of digital integration, and limited adaptability to socio-economic changes. Directions for improving the institutional framework have been proposed, involving enhanced coordination between levels of government, modernisation of the regulatory framework, the development of digital social services, and the introduction of mechanisms to improve the targeting of support. Originality. An institutional approach to the development of the social support system in the context of the transformation of state social policy has been justified; unlike traditional approaches, this approach involves a comprehensive combination of organisational, regulatory, digital and managerial components. Conceptual directions are proposed for improving the institutional foundations of the social support system’s development, aimed at forming an adaptive model of social policy capable of ensuring the effective use of resources and a prompt response to new social challenges. Conclusion. It has been established that the further development of the social support system in Ukraine requires a shift from a fragmented model of assistance provision to an integrated institutional system based on the principles of coordination, digitalisation, targeting and effectiveness. It has been demonstrated that improving the effectiveness of social support depends on the quality of the institutional environment, the level of digital interaction and the ability of social policy mechanisms to adapt to changing socio-economic conditions. Prospects for further research relate to refining methodological approaches to assessing the effectiveness of the social support system, developing digital models for the delivery of social services, and studying international experience in the development of adaptive social systems.
INTERNAL INVESTMENT PORTFOLIO: PSYCHOLOGY AND ECONOMICS OF SELF-DEVELOPMENT
Introduction. Today, in an era of total uncertainty and rapid change, the traditional understanding of «investment» extends far beyond bank accounts or real estate. The individual themselves—their mental health, educational level, and capacity for adaptation - is becoming the most stable and high-yield asset. In this context, the problem of investing in one's own development as a factor in ensuring psychological resilience and professional mobility acquires particular urgency. Purpose. The Financial Freedom Forum «Investments in Your Own 'Self'», held on April 24, 2026, by the Department of Psychological and Economic Education of the Municipal Institution «Cherkasy Regional Institute of Postgraduate Education for Pedagogical Workers of Cherkasy Regional Council» was timed to coincide with International Financial Independence Day. It served as a platform for a profound rethinking of how economic categories intertwine with psychological well-being. Financial literacy is often viewed merely as the ability to count money; however, contemporary challenges prove that true financial freedom begins with managing one's own desires and overcoming internal barriers. This research represents a synergy of expert insights, each revealing a unique aspect of building «internal human capital». Results. For educators, who by nature are inclined to give more than they receive, financial insecurity deals a double blow. It not only restricts their opportunities for quality recovery but also intensifies feelings of injustice and helplessness. Therefore, it is no longer possible to ignore the fact that emotional burnout in education has a distinct financial undertone. The portfolio «Investments in Your Own 'Self'» is a comprehensive strategy for managing an individual's internal and external resources. The primary objective of this portfolio is to provide the educator with the highest level of professional resilience, protect them against the inflation of mental strength, and establish a reliable antidote to professional burnout. This portfolio consists of resource, operational, intellectual and social, and strategic hubs. Responsible investment in mental health, particularly that of an educational subject through the effective self-management of desires, emotions, and thoughts, is viewed as a strategic asset. This asset ensures stress resistance, increases personal effectiveness, fosters the development of critical thinking, enhances the level of mental and communicative culture, and improves the overall quality of life. From a psychological perspective, investing in oneself is appropriately interpreted as an individual's conscious, purposeful activity aimed at developing their cognitive, emotional, behavioral, and physical characteristics. In this context, investing in oneself manifests not only as external actions but also as the internal work of the individual - reflection, the rethinking of experience, and the formulation of new life strategies. Conclusions. The conducted analysis allows for the conclusion that investing in oneself is a necessary condition for the effective functioning of an individual in modern society, which is characterized by high dynamism, uncertainty, and increasing demands on professional competence. Investments in personal and professional development ensure the formation of key characteristics of the modern individual, particularly adaptability, psychological resilience, the capacity for self-development, and professional mobility. These investments possess a cumulative character and are realized through systematic activity directed at developing cognitive, emotional, and behavioral resources. Investing in oneself acquires special significance in the professional activity of an educator, where the specialist's personality serves as the primary tool of influence.
ORGANIZATION OF ACCOUNTING IN LOCAL SELF-GOVERNMENT BODIES: CURRENT STATE, PROBLEMS, AND PROSPECTS
Introduction. The modernization of accounting in local self-government bodies has become an essential prerequisite for improving public financial management in Ukraine under the conditions of decentralization, European integration, digital transformation, and post-war recovery. Purpose. The purpose of the study is to identify the main directions for improving the organization of accounting and accounting policy in local self-government bodies, to determine current methodological and practical problems of accounting and taxation, and to develop recommendations for their solution in the context of digitalization and institutional transformation. Results. The study demonstrates that the accounting system of local self-government bodies has significant sector-specific features caused by the nature of public administration activities. Particular attention is paid to accounting for earmarked financing, humanitarian assistance, land resources, lease transactions, war damages, and the provision of non-monetary benefits to community members. The research identifies methodological deficiencies in the widespread accounting treatment of valuable gifts provided by local governments, proving that the payment of personal income tax and military levy from budgetary funds constitutes misuse of public resources. A legally compliant accounting model is proposed, based on advance reimbursement of tax liabilities by recipients (or their legal representatives) and the application of the in-kind coefficient when determining the taxable amount. Furthermore, the study substantiates the importance of digital transformation through ERP systems and integrated accounting software, which improve transparency, strengthen internal control, automate accounting procedures, and reduce the impact of human error. Recommendations are also provided regarding the modernization of accounting policies to reflect legislative changes related to land accounting, lease operations, war damage assessment, consolidated reporting, and sustainability reporting in accordance with European Sustainability Reporting Standards. Originality. The scientific novelty of this study lies in its comprehensive approach to examining the organizational and methodological aspects of accounting in local government bodies under current conditions of transformation. The paper develops an improved accounting approach for taxation of non-monetary benefits that eliminates violations of budget legislation and proposes practical directions for updating accounting policies considering digitalization, post-war recovery, and European integration requirements. Conclusion. The development of accounting in local self-government bodies should be based on continuous modernization of accounting policy, harmonization with IPSAS and national accounting standards, wider implementation of digital technologies, and strengthening of financial transparency. The proposed accounting model for taxation of valuable gifts contributes to lawful budget execution and more effective financial management. Further development should focus on expanding digital accounting technologies, improving financial and non-financial reporting, enhancing land resource accounting, assessing war-related losses, and integrating sustainability reporting into the management of territorial communities.
FORMATION OF ANALYTICAL INDICATORS FOR ASSESSING THE ECONOMIC SUSTAINABILITY OF FARMS
Introduction. The functioning of farms in Ukraine is currently taking place under conditions of prolonged military and economic instability, accompanied by significant resource, financial, and demographic constraints. Under such circumstances, ensuring the economic sustainability of farms becomes a key prerequisite for preserving agricultural production, maintaining employment in rural areas, and strengthening regional food security. The growing influence of external shocks necessitates the development of analytical tools capable of providing an objective assessment of the sustainability of farming entities based on available statistical and reporting information. Purpose. The purpose of the study is to substantiate a system of analytical indicators for assessing the economic sustainability of farms and to evaluate the dynamics of its key components using the example of farms in Mykolaiv region during 2020–2025. Methods. The research is based on the application of a systemic approach, structural and functional analysis, methods of economic comparison, dynamic analysis, grouping, and analytical coefficient assessment. Official statistical data on the activities of farms in Mykolaiv region were used as the empirical basis of the study. Results. A system of analytical indicators for assessing the economic sustainability of farms was developed and structured according to four interconnected components: production-resource, financial, personnel-social, and investment. The proposed system includes indicators characterizing land-use concentration, labor provision, the share of leased land, labor productivity, operational profitability, the ratio of accounts receivable to accounts payable, personnel sustainability, capital investment dynamics, and investment self-sufficiency. The empirical assessment revealed significant structural transformations within the farming sector of Mykolaiv region. The average farm land area increased by 36.2%, the area of agricultural land per employee grew by 34.9%, and labor productivity more than doubled. At the same time, the number of employees decreased by 17.7%, indicating the growing importance of labor-saving organizational and technological solutions. The study also identified an increase in operational profitability and investment activity, accompanied by a deterioration in the balance of settlement operations due to the growth of accounts receivable relative to accounts payable. Originality. The scientific novelty of the study lies in the development of an integrated system of analytical indicators adapted to the conditions of wartime economic transformation. Unlike existing approaches, the proposed methodology combines production-resource, financial, personnel, and investment characteristics within a unified analytical framework and enables the assessment of economic sustainability using official statistical reporting data. Conclusion. The findings indicate that the economic sustainability of farms is determined by the interaction of production-resource, financial, personnel, and investment factors. Despite positive changes in labor productivity, profitability, and investment activity, personnel losses and growing imbalances in settlement operations remain significant constraints to sustainable development. The proposed system of analytical indicators can be applied for monitoring the condition of farms, supporting managerial decision-making, and developing regional agricultural support policies under conditions of military and economic uncertainty.
REGULATORY AND LEGAL FRAMEWORK OF INVENTORY PROCEDURES IN UKRAINE: ACCOUNTING AND TAX DIMENSIONS
Introduction. Inventory is an essential component of the accounting system that ensures the reliability of financial and tax reporting and serves as an effective instrument of internal control. Under martial law, enterprises encounter significant difficulties related to restricted access to assets, accounting records and primary documents, which complicates inventory procedures, increases uncertainty in accounting estimates and creates additional tax risks. These challenges are particularly relevant for agricultural enterprises due to the presence of biological assets, seasonal production cycles and increased exposure to external factors. Purpose. The purpose of the study is to examine the regulatory framework governing inventory procedures in Ukraine in the context of the interaction between accounting and tax legislation and to develop proposals for improving accounting policy provisions under martial law. Methods. The research is based on general scientific and special methods, including analysis and synthesis, comparison, systematization, generalization, regulatory analysis and logical modelling. These methods were used to assess legislative requirements, identify inconsistencies between accounting and tax regulations and develop practical recommendations for enterprises. Results. The study identifies key inconsistencies between accounting standards and tax legislation regarding the recognition and reporting of inventory results. It is established that the greatest difficulties arise in accounting for inventory differences, documenting losses caused by military actions and confirming the existence of assets when physical access is restricted. A comparative analysis of accounting and tax approaches to inventory results is conducted. Particular attention is paid to inventory procedures in agricultural enterprises. An adaptive algorithm for organizing inventory procedures under martial law is developed, taking into account the availability of safe access to assets, accounting records and supporting documentation. Furthermore, proposals aimed at improving organizational and technical provisions of accounting policy are formulated. Originality. The scientific novelty lies in the development of an adaptive decision-making algorithm for inventory procedures under martial law and in substantiating the use of alternative evidence to confirm the existence and condition of assets for accounting and taxation purposes. Conclusion. The findings confirm the necessity of harmonizing accounting and tax requirements related to inventory procedures. The proposed amendments to accounting policy contribute to improving the reliability of accounting information, strengthening documentary support for inventory results, reducing tax risks and enhancing the protection of enterprises during tax audits and dispute resolution procedures.
ECONOMIC EFFICIENCY OF IMPLEMENTING MODERN THERMAL PROCESSING EQUIPMENT IN RESTAURANT-TYPE ESTABLISHMENTS
Introduction. Restaurant establishments operate under conditions of intensifying competitive pressure, rising energy costs, and increasing consumer demands for product quality. Thermal processing of food products is one of the most energy-intensive technological processes, determining a significant share of operational costs in the hospitality industry. Despite the rapid development of thermal processing technologies – from induction heating to smart systems with artificial intelligence – there is a lack of systematic research that quantitatively assesses the economic impact of equipment modernization. This creates difficulties in making informed investment decisions and highlights the need for a comprehensive analysis of the economic efficiency of implementing modern thermal equipment, including combi-steamers, induction systems, and multifunctional cooking appliances. Purpose. The purpose of this study is to substantiate the economic feasibility and identify the key efficiency factors of implementing modern thermal processing equipment, particularly combi-steamers, in restaurant-type establishments based on the analysis of scientific sources, industry research, and quantitative indicators of operational efficiency. The study aims to: systematize current technological innovations in thermal equipment; quantify the impact of various equipment types on energy consumption, labor productivity, and product weight loss; assess the investment attractiveness of modernization based on payback periods and internal rate of return; and identify the main barriers to the implementation of innovative equipment. Methods. The research employs a comprehensive methodological approach combining: systematic literature review of scientific publications indexed in WOS and Scopus over the past five years; comparative analysis of the technical and economic parameters of different types of thermal processing equipment; quantitative assessment of energy efficiency coefficients, product weight loss reduction, and cooking time savings; financial modeling of investment attractiveness including discounted cash flow analysis and payback period calculation; and synthesis of empirical data from industry case studies and equipment manufacturers' research. Results. The global market for hot food processing equipment is projected to reach US$64.8 billion by 2030 with a CAGR of 4.9%. Induction technology demonstrates energy transfer efficiency of up to 90% compared to 40% for gas and 74% for standard electric equipment, providing energy savings of 30-50%. Combi-steamers combine convection and steam heating, reducing cooking time by 30-40%, decreasing meat product shrinkage by up to 10%, and lowering energy consumption by 20-35% compared to conventional ovens. Multifunctional cooking systems such as iVario increase productivity fourfold while saving up to 40% energy. The use of wok-type pans reduces product weight loss by 4-13% and cooking time by 30-60%. Investment analysis reveals a dynamic payback period of 3.4 months, an internal rate of return of 128%, and a 97.6% probability of positive net present value. Additional efficiency factors include reduced HVAC load, simplified cleaning and maintenance, lower dependence on highly qualified personnel, enhanced product quality standardization, and consistent food safety through precise temperature control. Originality. The scientific novelty of the research lies in: the comprehensive comparative analysis of the economic efficiency of various types of modern thermal equipment, including combi-steamers, induction systems, and multifunctional cooking appliances, within a unified analytical framework; the quantitative assessment of the combined effect of multiple efficiency factors (energy savings, product loss reduction, labor productivity increase) on the overall economic performance of restaurant establishments; the development of a holistic approach to evaluating investment attractiveness that considers both direct operational cost reductions and indirect benefits such as improved product quality and competitive advantages; the identification of the specific contribution of combi-steamer technology to economic efficiency through the combination of energy savings, product yield improvement, and time reduction; and the systematization of barriers and drivers for technology adoption in the restaurant industry, providing a practical framework for investment decision-making. Conclusion. The implementation of modern thermal processing equipment, particularly combi-steamers, induction systems, and multifunctional cooking appliances, represents an economically justified strategic direction for enhancing operational efficiency in restaurant establishments. Combi-steamers offer a unique combination of energy efficiency, product quality preservation, and versatility that makes them particularly attractive for establishments with diverse menus. The rapid escalation of energy prices and tightening environmental regulations make modernization not only economically beneficial but also necessary for the long-term competitiveness of restaurant establishments. Specific recommendations for industry practitioners include: prioritizing induction and combi-steamer technologies for new establishments and major renovations; implementing comprehensive staff training programs to overcome resistance to change; utilizing smart cooking systems with AI capabilities to reduce dependence on highly skilled personnel; and conducting detailed energy audits before equipment selection to optimize technology choice based on specific operational profiles. Future research should focus on long-term performance monitoring of modern equipment in real-world commercial kitchen environments and the development of industry-specific benchmarks for equipment efficiency.
GLOBAL INSTABILITY AND ADAPTIVE FINANCIAL MANAGEMENT OF RAILWAY TRANSPORT ENTERPRISES
The article substantiates an adaptive financial management model for railway transport enterprises amid global crises. JSC Ukrzaliznytsia's 2021–2025 indicators reveal a systemic deterioration in liquidity, financial stability and profitability. A six-block model integrating risk monitoring, scenario planning, Value-at-Risk, DSCR-monitoring and rolling budgeting is proposed for practical implementation.