Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
type: channel
description: 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,…
publisher: Черкаський національний університет імені Богдана Хмельницького
language: en-US
publication name: Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
issn: 2707-5036
copyright: 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, et…
items: HUMAN CAPITAL AS AN ENDOGENOUS DETERMINANT OF MACROECONOMIC STABILITY OF THE NATIONAL ECONOMY IN THE CONDITIONS OF EXOGENIC SHOCK
items: INSTITUTIONAL FACTORS IN THE FORMULATION OF FINANCIAL TERMS IN INTERNATIONAL COMMERCIAL CONTRACTS
items: CHALLENGES IN THE CONCEPT OF SMART CITY DEVELOPMENT: A BIBLIOMETRIC INSIGHT OF GLOBAL RESEARCH TRENDS
items: DIGITAL COMMUNICATIONS AS A FACTOR IN THE TRANSFORMATION OF SECTORAL MARKETS: MACROECONOMIC ANALYSIS AND STRUCTURAL SHIFTS
items: SUBSTANTIAL MODIFICATIONS OF THEORETICAL AND METHODOLOGICAL PRINCIPLES OF STRATEGIC MANAGEMENT OF ENTERPRISES IN THE REALITIES OF WARTIME
items: ANTI-CRISIS INDICATORS OF CORPORATE FINANCIAL STABILITY: INTEGRATION OF ESG FACTORS AND STRESS TESTING
items: FACTORS AND DIRECTIONS OF BUSINESS MODEL TRANSFORMATION OF UKRAINIAN FARMS DURING THE WARTIME PERIOD
items: FORMATION AND DEVELOPMENT OF THE DOMESTIC AND FOREIGN MARKETS OF AGRICULTURAL PRODUCTS IN UKRAINE
items: ECONOMIC EFFICIENCY OF DIGITAL COMMUNICATIONS: METHODOLOGY FOR ASSESSING INVESTMENT RETURN AND ENTERPRISE VALUE FORMATION
items: SPECIFIC FEATURES OF PROMOTING UKRAINIAN BRAND PRODUCTS IN THE ONLINE ENVIRONMENT
items: BUSINESS DEVELOPMENT MANAGEMENT IN THE CONTEXT OF DIGITAL UNCERTAINTY AND RISKS
items: DEVELOPMENT AND EFFICIENCY OF THE TAX SYSTEM OF UKRAINE IN THE CONDITIONS OF MARTIAL LAW
items: ADAPTIVE LABOR MARKET TRANSFORMATIONS UNDER THE INFLUENCE OF DIGITAL HR MANAGEMENT, PEOPLE-CENTERED HR STRATEGIES AND ARTIFICIAL INTELLIGENCE
items: DEVELOPMENT OF UKRAINE’S TAX SYSTEM UNDER THE TRANSFORMATION OF THE ECONOMIC AND INSTITUTIONAL ENVIRONMENT
items: INNOVATION AND INVESTMENT SUPPORT FOR THE MODERNIZATION OF UKRAINE’S ENERGY SECTOR UNDER MARTIAL LAW
items: ECONOMIC ESSENCE AND EVOLUTION OF INVESTMENT DEVELOPMENT STRATEGIES IN THE AGRO-INDUSTRIAL COMPLEX
items: FORESIGHT TECHNOLOGIES IN MANAGEMENT OF INSURANCE COMPANIES
items: DETERMINANTS OF INCREASING INNOVATIVENESS OF UKRAINIAN AGRICULTURE
items: EFFICIENCY OF THE TAX SYSTEM IN THE CONDITIONS OF TRANSFORMATION OF THE ECONOMIC AND INSTITUTIONAL ENVIRONMENT

HUMAN CAPITAL AS AN ENDOGENOUS DETERMINANT OF MACROECONOMIC STABILITY OF THE NATIONAL ECONOMY IN THE CONDITIONS OF EXOGENIC SHOCK
type: item
description: Introduction. A critical analysis of macroeconomic dynamics in recent years indicates a change in dominants: physical capital (fixed assets) has demonstrated high vulnerability to physical destruction, while human capital has shown signs of “antifragility” – the ability to quickly adapt, relocate and generate added value even in the absence of stationary infrastructure. A scientific contradiction arises between the objective necessity of using the potential of human capital to cushion external shocks and the lack of a coherent theoretical and methodological basis that would explain the transmission mechanism of the influence of human resource quality on the parameters of the state’s economic security. The purpose of the article is to provide a theoretical and methodological justification of the functional role of human capital as a key endogenous factor of macroeconomic stability (resilience) of the national economy in conditions of uncertainty and permanent threats. Results. The article conceptualizes human capital not as a growth resource, but as a fundamental factor of macroeconomic resilience (stability). Based on a comparative analysis of neoclassical and endogenous growth theories, the change in the functional role of education and qualifications in conditions of turbulence is substantiated. The impact of the population's mental health on its macroeconomic productivity is studied. A modified production function is developed taking into account the shock absorption parameter. The hypothesis is empirically confirmed using the example of the IT sector of Ukraine, which demonstrated antifragility during the war. The strategy of transition from the "social support" model to the "investment in resilience" model is substantiated. The transition to the "Human Capital First" concept is proposed: investment priority (expenditure on education and medicine should be classified not as social transfers, but as investments in national security); transition from the social pr…
creator: Mykola RUDENKO
creator: Tetyana USTIK
creator: Dimitrii LAKUTIN
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-4-14

INSTITUTIONAL FACTORS IN THE FORMULATION OF FINANCIAL TERMS IN INTERNATIONAL COMMERCIAL CONTRACTS
type: item
description: Introduction. The article investigates institutional factors shaping and transforming the financial conditions of international commercial contracts in the current stage of global economic development. The transition from liberal globalization to geo-economic fragmentation has led to the formation of differentiated financial zones based on geopolitical proximity of countries, which has become a decisive barrier to harmonizing parameters of international settlements. Purpose. The purpose of the article is to provide theoretical justification and analysis of the institutional transformation of financial conditions in international commercial contracts under structural changes in the global economy. The objectives include: identifying the impact of the geo-economic landscape and fragmentation of the global payment architecture; analyzing the role of financial monitoring as an institutional factor shaping new requirements for the initial stage of contract conclusion; and substantiating directions for adapting financial reporting to the use of smart contracts and algorithmic methods of confirming contractual obligations. Results. The study reveals that dollarization and strengthened banking compliance significantly influence the structure of payment mechanisms and the accessibility of international liquidity. The share of the US dollar in global reserves has fallen below critical thresholds, while the role of alternative currencies, particularly the Chinese yuan, has increased. Enhanced financial monitoring has evolved into a system of institutional control, raising compliance costs and liquidity requirements. At the same time, smart contracts emerge as a technological instrument ensuring the fulfillment of obligations, enabling automated execution of payments, dynamic liquidity management, and transparent auditing under IFRS standards. Originality. The originality of the research lies in substantiating the convergence of institutional and technological factors that join…
creator: Lesya PETKOVA
creator: Marina LESHCHENKO
creator: Ivan ZAGORUYKO
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-15-24

CHALLENGES IN THE CONCEPT OF SMART CITY DEVELOPMENT: A BIBLIOMETRIC INSIGHT OF GLOBAL RESEARCH TRENDS
type: item
description: Introduction. The article presents the results of a comprehensive bibliometric analysis of scientific publications on the barriers, challenges, and problems in the formation and development of smart cities. Purpose. The purpose of the study is to determine the level of scientific development of the subject, determine the main trends, and identify leading scientific centers and journals. Results. The information base was sourced from the Scopus database (as of January 2026). The search was conducted in the field "title, abstract, and keywords" using the keywords "barriers," "challenges," and "problems" in combination with "smart cities development". The following filters were applied: by document type (articles), source type (journals), language (English), and publication stage (final). The analysis included 347 articles published between 2018 and 2025. VosViewer was used as one of the tools to analyze the selected articles, graphically represent the results, and construct visualization maps. The results showed that the problem under study is in a growth phase. The increase in publication activity began in 2018 (15 articles). It peaked in 2025 (96 articles), and the citation rate of studies increased from 52 citations in 2018 to 2,609 in 2025. The selected articles were cited 7,926 times during the entire study period. It was found that, in the early stages, authors in scientific articles focused mainly on institutional aspects, public policy, multi-level governance, ICT implementation, the role of artificial intelligence and Big Data, and sustainable development issues. Subsequently, scientific discourse evolved towards human-centeredness, digital inclusiveness, ethical use of artificial intelligence, personal data protection, citizen trust, and cross-sectoral cooperation. Smart cities are increasingly seen not only as technological projects but also as comprehensive urban development strategies that require the coordination of technological, institutional, and soci…
creator: Liubov SYHYDA
creator: Сергій МАЛІЙ
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-25-39

DIGITAL COMMUNICATIONS AS A FACTOR IN THE TRANSFORMATION OF SECTORAL MARKETS: MACROECONOMIC ANALYSIS AND STRUCTURAL SHIFTS
type: item
description: Introduction. The digital transformation of the economy has made digital communications a key driver of structural changes in industry markets. While their importance is widely recognized, systematic macroeconomic analysis of the impact of digital communications on value-added formation and structural shifts remains insufficiently developed. This study addresses this gap by providing a comprehensive analysis of the relationship between digital communications intensity and industry market transformation. Purpose. The purpose of this study is to identify the macroeconomic impact of digital communications on the transformation of industry markets and structural shifts in the economy, to classify industries by their degree of dependence on digital communications, and to develop an econometric model for assessing the contribution of digital communications to gross value added formation across sectors. Results. The analysis of panel data from 25 European countries and Ukraine for 2018-2024 reveals a stable positive relationship between digital communications intensity and the growth of high-tech sectors' share in GDP. The elasticity coefficient of industry share in GVA with respect to the digital communications index is 0.28 on average across the economy, ranging from 0.52 for the information and telecommunications sector to 0.08 for agriculture. A classification of industries by degree of dependence on digital communications is proposed: high-dependence industries (elasticity >0.35), medium-dependence industries (0.15-0.35), and low-dependence industries (<0.15). Structural shifts in the Ukrainian economy show a steady increase in the share of high-dependence industries (information and telecommunications grew by 36.8%, financial services by 28.1%, trade by 18.3%) and a reduction in low-dependence industries (industry declined by 13.5%, agriculture by 17.3%). Forecast estimates indicate that under an optimistic scenario, the share of high-dependence industries could reac…
creator: Yuliia RADZIKHOVSKA
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-40-45

SUBSTANTIAL MODIFICATIONS OF THEORETICAL AND METHODOLOGICAL PRINCIPLES OF STRATEGIC MANAGEMENT OF ENTERPRISES IN THE REALITIES OF WARTIME
type: item
description: Since the beginning of Ukraine's independence, its national economic system has not yet faced so many risks and threats. Their largest source since 2022 remains war and the occupation of territories. War risks for the functioning of business structures can have catastrophic consequences - for example, the complete destruction of production facilities as a result of enemy attacks. They have other characteristic features compared to other types of risks - they are difficult to predict and almost not foreseen in advance, they generate a chain negative effect on the resources of the enterprise, as they create derivative economic, social, demographic, informational, financial risks, which, in turn, also affect the results of business operations. In view of this, the theoretical and methodological principles of strategic management of enterprises in the realities of wartime are undergoing significant transformations that require identification and characterization at the current stage of development of management science. The purpose of the study is to substantiate, specify, and generalize essential modifications of the theoretical and methodological principles of strategic enterprise management in the realities of wartime. Purpose - justification, specification and generalization of essential modifications of the theoretical and methodological principles of strategic enterprise management in the realities of wartime. It has been established that strategic management combines such processes as strategic resource management, formation of a set of strategic management decisions, definition of strategic goals and objectives, adjustment of the functioning of the strategic management mechanism, establishment of strategic communications, adaptation, updating, revision and modification of the strategy, updating of strategic guidelines, strategic analysis, strategic monitoring and strategic control. It has been found that strategic management as a vector of management of function…
creator: Oleksii TURUN
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-46-58

ANTI-CRISIS INDICATORS OF CORPORATE FINANCIAL STABILITY: INTEGRATION OF ESG FACTORS AND STRESS TESTING
type: item
description: Introduction. The contemporary economic environment is characterized by an unprecedented level of turbulence, where the frequency and severity of crisis phenomena – including pandemics, geopolitical conflicts, inflationary shocks, and disruptions to global supply chains – are steadily increasing. Simultaneously, non-financial risks encompassed by the Environmental, Social, and Governance (ESG) concept are gaining critical importance. Traditional crisis indicators (liquidity ratios, leverage ratios, Altman Z-scores) are retrospective, linear, and fail to capture the cascading effects of simultaneous shocks. This paper addresses the fundamental problem of developing an early-warning indicator system that integrates ESG factors with stress-testing methodology. Materials and Methods. The study employs theoretical generalization, comparative analysis of existing early-warning models, and conceptual modeling. Based on a critical review of recent literature (2021–2026) and regulatory documents from the European Supervisory Authorities, the limitations of conventional indicators are identified. A three-level indicator system is proposed: (1) basic financial ratios, (2) ESG-adjusted metrics, and (3) stress-testing indicators. Scenario analysis includes baseline, moderate stress, and acute stress scenarios, parameterized with shocks to energy prices, demand, carbon taxation, and social unrest. The methodological framework recognizes ESG factors not as a separate risk category but as drivers of traditional financial risks – credit, market, and operational risks – thereby ensuring consistency with existing regulatory frameworks. Results. The proposed indicators include the Carbon Intensity of Capital Index (CICI – Scope 1+2 emissions divided by equity), the Social License Index (SLI – a composite measure incorporating employee turnover, labor disputes, occupational safety, and local community survey results), and the Cash Flow Stress Indicator (CFSI – the ratio of stressed oper…
creator: Oleksandr YATSENKO
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-58-64

FACTORS AND DIRECTIONS OF BUSINESS MODEL TRANSFORMATION OF UKRAINIAN FARMS DURING THE WARTIME PERIOD
type: item
description: Introduction. The functioning of Ukrainian farms takes place under conditions of significant external shocks caused by the war, which has led to structural changes in the agricultural sector and transformation of traditional approaches to farm management. The instability of the external environment, disruption of logistics, and resource constraints require a revision of existing business models. Purpose. The research aims to identify the key factors influencing the transformation of business models of farms in Ukraine during the wartime period and to substantiate the main directions of their adaptation to new economic conditions. Results. The study identifies key security, resource, financial, market, and institutional factors that determine changes in the functioning of farms. It is proved that the transformation of business models is manifested through changes in production structure, financial approaches, distribution channels, and management systems. It is established that farms are reorienting toward less risky activities, optimizing resource use, and diversifying income sources. The growing role of innovation and risk management in ensuring economic resilience is emphasized. The influence of institutional regulation and state support on the adaptive capacity of farms is determined. The directions of transformation of business models are systematized, including production, resource, financial, marketing, innovation, and managerial components. Originality. A systematic approach to the analysis of business model transformation of farms in wartime conditions is developed, which integrates the influence of multiple interrelated factors on key elements of economic activity. Unlike existing studies, the proposed approach considers the transformation of business models as a holistic process that combines changes in production, financial, and institutional components. Conclusion. The transformation of business models of farms is a necessary response to wartime challeng…
creator: Viktor LOPATOVSKYI
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-65-75

FORMATION AND DEVELOPMENT OF THE DOMESTIC AND FOREIGN MARKETS OF AGRICULTURAL PRODUCTS IN UKRAINE
type: item
description: Introduction. Agriculture is a strategic sector of Ukraine's economy, ensuring food security and foreign exchange earnings. The effective functioning of domestic and foreign markets for agricultural products is critically important for the country's sustainable development. The full-scale invasion has significantly disrupted logistics, reduced sown areas, and changed the structure of exports, but the sector continues to demonstrate resilience and adaptability. Purpose. The purpose of the article is to analyze the current state of formation and development of domestic and foreign markets for agricultural products in Ukraine, assess the export potential of grain crops, and develop practical recommendations for their improvement. Methods. The study uses general scientific methods: analysis and synthesis (to assess market structure), statistical (to analyze export dynamics and the share of exports in production), graphical (to visualize data), and abstract-logical (to formulate conclusions). Data from the State Statistics Service of Ukraine, the Ministry of Economy, and the USDA were used. Results. The dynamics of production and export of grain crops in Ukraine for 2019–2024 are analyzed. It is established that the share of exports in total grain production exceeds 65%, indicating a high export orientation of the industry. Key problems are identified: logistical constraints (narrowing of Black Sea corridor capacity, destruction of port infrastructure), insufficient level of raw material processing (predominance of grain exports over flour and compound feed), price volatility, and the impact of martial law. Measures to improve markets are proposed: development of grain exchange infrastructure, stimulation of deep processing (production of bioethanol, starch, amino acids), diversification of logistics routes (increasing the role of Danube ports and land corridors with the EU), introduction of forward and futures contracts, and enhancement of the competitiveness of domesti…
creator: Volodymyr YATSENKO
creator: Oleksandr SOLOVEI
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-76-82

ECONOMIC EFFICIENCY OF DIGITAL COMMUNICATIONS: METHODOLOGY FOR ASSESSING INVESTMENT RETURN AND ENTERPRISE VALUE FORMATION
type: item
description: Introduction. The rapid digitalization of economic activity has transformed digital communications into a key driver of enterprise performance and value creation. However, despite the widespread use of digital channels, there remains a significant methodological gap between marketing analytics and financial evaluation tools, which limits the ability to assess the true investment return of digital communications and their contribution to long-term firm value. Purpose. The purpose of the study is to provide a theoretical and methodological justification and to develop an integrated approach for evaluating digital communications as an investment asset that contributes to enterprise value formation, as well as to propose practical tools for incorporating this approach into financial management and strategic decision-making. Methods. The research is based on a combination of general scientific and special methods, including analysis and synthesis of scientific literature, systematization and generalization of existing approaches, comparative analysis, and a structural-functional approach. In addition, elements of economic modeling are applied, including probabilistic attribution methods (Markov chains) and financial metrics (ROI, ROMI, LTV), to ensure the integration of behavioral and financial indicators. Results. The study substantiates the investment nature of digital communications and identifies their key characteristics, such as delayed effect, cumulative value creation, scalability, and integration into business processes. It is proposed to consider digital communications as market-based intangible assets that generate long-term economic benefits. An integrated methodological framework for evaluating investment return is developed, based on three principles: differentiation of short- and long-term effects, application of probabilistic attribution models, and capitalization of communication expenditures. The Integrated Model for Evaluating Investment Return on Digi…
creator: Nataliіa BUTKO
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-83-91

SPECIFIC FEATURES OF PROMOTING UKRAINIAN BRAND PRODUCTS IN THE ONLINE ENVIRONMENT
type: item
description: Introduction. The modern global economy is undergoing a fundamental shift toward total digitalization, making an online presence for Ukrainian enterprises not merely an advantage but an indispensable survival strategy under conditions of extreme uncertainty. The issue of digital transformation has gained critical importance in the context of martial law, mass relocation of production facilities, disruption of logistics chains, and audience migration. Under these conditions, digital channels become the only stable means of maintaining communication with consumers. The scientific problem lies in the contradiction between classical marketing paradigms and the specific realities of the Ukrainian market, characterized by severe budget constraints, increasing pressure from global competitors, and rapid shifts in consumer values toward national authenticity and ethical considerations. There is an urgent need to substantiate adaptive promotion mechanisms that enable the transformation of brand identity into a competitive advantage. Purpose. The aim of the article is to identify and systematize the key features of promoting Ukrainian brands in the online environment, as well as to substantiate the most effective digital marketing tools for domestic enterprises. Methods. To achieve the stated objective and ensure the validity of the results, a comprehensive scientific methodology was applied, combining general scientific and specialized marketing analysis methods. Methods of analysis, synthesis, and theoretical generalization were used to critically review academic sources and to develop the conceptual framework of the study. A systems approach was employed to analyze the e-commerce market as an integrated ecosystem operating under conditions of extreme uncertainty. Content analysis of digital communications and comparative analysis enabled the identification of the positioning specifics of domestic brands relative to global competitors. The analysis of analytical reports and…
creator: Svitlana KOLODII
creator: Svitlana SAVKINA
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-92-102

BUSINESS DEVELOPMENT MANAGEMENT IN THE CONTEXT OF DIGITAL UNCERTAINTY AND RISKS
type: item
description: Introduction. The modern stage of economic development is characterized by the rapid implementation of digital technologies, which significantly transform business processes and management systems. At the same time, digitalization increases the level of uncertainty and generates new types of risks related to technological instability, information asymmetry, and cybersecurity threats. Under such conditions, traditional approaches to enterprise development management lose their effectiveness and require transformation. Purpose. The purpose of the study is to substantiate the features of enterprise development management under conditions of digital uncertainty and risks, as well as to develop an adaptive approach to improving enterprise resilience. Results. The study reveals the essence of digital uncertainty and its impact on enterprise development. It is proved that digital transformation forms a new structure of risks, including technological, informational, cyber, and organizational risks. The necessity of integrating risk management into the overall system of enterprise development management is substantiated. Special attention is paid to the role of adaptive management based on the principles of flexibility, proactiveness, and continuous monitoring of the digital environment. The paper proposes an approach to enterprise development management that combines digital infrastructure, risk management systems, and strategic flexibility. It is determined that the use of big data, predictive analytics, and artificial intelligence allows timely identification of potential threats and improves the quality of managerial decision-making. Originality. The scientific novelty of the research lies in the substantiation of an adaptive approach to enterprise development management in conditions of digital uncertainty and risks, based on the integration of digital technologies, risk management mechanisms, and strategic flexibility, which ensures increased resilience and effectivene…
creator: Vitaliy RUDENKO
creator: Oleksandr KHMELNITSKYI
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-103-111

DEVELOPMENT AND EFFICIENCY OF THE TAX SYSTEM OF UKRAINE IN THE CONDITIONS OF MARTIAL LAW
type: item
description: Introduction. The tax system plays a crucial role in ensuring the financial stability of the state and regulating economic processes. In the context of martial law in Ukraine, its importance has significantly increased, as it must simultaneously provide sufficient budget revenues for defense needs and support economic activity under conditions of high uncertainty and risk. The war has caused substantial disruptions in economic activity, reduced production capacity, and increased fiscal pressure on the state. These challenges require the transformation of the tax system into a flexible and adaptive mechanism capable of responding effectively to crisis conditions. Therefore, the issue of improving the efficiency and development of the tax system under martial law becomes highly relevant. Purpose. The purpose of the study is to analyze the peculiarities of the development and functioning of the tax system of Ukraine under martial law and to substantiate the main directions for improving its efficiency in order to ensure financial stability and support economic recovery. Results. The study revealed that under martial law the tax system of Ukraine operates in conditions of reduced economic activity, increased shadow economy, and growing fiscal pressure. The key problems include instability of tax legislation, excessive tax burden on small and medium-sized enterprises, inefficiencies in tax administration, limited effectiveness of tax incentives, and low trust in tax authorities. It has been substantiated that improving the efficiency of the tax system requires a comprehensive approach, including the stabilization of tax policy, optimization of the tax burden, digitalization of tax administration, and strengthening of the stimulating function of taxes. The study also identifies the prospects for the development of the tax system in the post-war period, particularly its harmonization with European Union standards, expansion of the tax base, and creation of a favorable inve…
creator: Svitlana BILOUS
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-111-118

ADAPTIVE LABOR MARKET TRANSFORMATIONS UNDER THE INFLUENCE OF DIGITAL HR MANAGEMENT, PEOPLE-CENTERED HR STRATEGIES AND ARTIFICIAL INTELLIGENCE
type: item
description: Introduction. The relevance of the study is due to the fact that local and global labour markets are constantly changing, demonstrating adaptive trends to the challenges of digitalization and remote employment. The use by business entities of the capabilities of digital HR management, human-centered HR strategies and artificial intelligence in the future would allow partially to satisfy the staffing shortage and bring closer the achievement of consensus between employers and employees regarding workload, working conditions and the level of its payment, balance expectations regarding the ratio of working time and time for rest, staff involvement and loyalty and management's interest in its development and motivation. Purpose - identifying existing and forecasting promising adaptive transformations of the domestic labour market under the influence of the active development of digital HR management, human-centered HR strategies and artificial intelligence. Results. The characteristics of changes in the labour market, as well as the demand and supply of human resources, are established. The impact of digital human-centered HR management on changes in technologies for selection, recruitment, and adaptation of human resources during the interaction of employers and candidates for vacancies within the labour market is specified. The impact of artificial intelligence on the development of the labour market is traced, assumptions are made regarding the scaling of the digital employment segment in its architecture. The adaptation of the labour market to the influence of artificial intelligence, digitalization, and managerial human-centeredness is generalized. Originality. Digital recruiting is proposed to be understood as a format for closing a vacancy by an employer (with or without the participation of intermediaries), where all actions on the part of the recruiter - submitting a vacancy announcement, receiving and studying resumes, communicating with candidates, evaluating…
creator: Natallia ZACHOSOVA
creator: Olena HERASYMENKO
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-119-127

DEVELOPMENT OF UKRAINE’S TAX SYSTEM UNDER THE TRANSFORMATION OF THE ECONOMIC AND INSTITUTIONAL ENVIRONMENT
type: item
description: Introduction. The transformation of the economic and institutional environment in Ukraine has substantially changed the functional role of the tax system. Under conditions of war-related instability, digitalization, structural shifts in business activity, European integration, and growing requirements for fiscal sustainability, the tax system can no longer be interpreted only as a mechanism for collecting mandatory payments. It increasingly performs broader regulatory, stabilizing, controlling, and institutional functions. This makes the issue of the development of Ukraine’s tax system highly relevant both in theoretical and applied dimensions. Purpose. The purpose of the article is to substantiate the theoretical and applied foundations of the development of Ukraine’s tax system under the transformation of the economic and institutional environment and to determine the main directions for improving its efficiency. Methods. The study is based on a combination of general scientific and special methods. The methods of theoretical generalization, comparison, systematization, institutional analysis, and logical abstraction were used to clarify the essence of the tax system, tax policy, tax burden, and tax control in their interrelation. The systemic approach made it possible to consider the tax system as an institutionally organized set of legal, economic, administrative, and information instruments. Results. It has been established that the development of the tax system should be understood not only as a modification of taxes, rates, or fiscal instruments, but as a complex transformation of tax administration, control procedures, information interaction, and institutional trust. It has been proved that the current functioning of Ukraine’s tax system is significantly influenced by war challenges, digitalization, changes in the structure of business activity, European integration processes, the persistence of shadow practices, and the growing need for adaptive fiscal reg…
creator: Olena LAVROVA-MANZENKO
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-128-139

INNOVATION AND INVESTMENT SUPPORT FOR THE MODERNIZATION OF UKRAINE’S ENERGY SECTOR UNDER MARTIAL LAW
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description: Introduction. The full-scale armed aggression of the Russian Federation against Ukraine has caused massive destruction of energy infrastructure, resulting in unprecedented losses for the national economy and the energy security system. Systematic attacks on generation capacities as well as transmission and distribution networks have led to a significant decline in electricity production, increased operating costs, and reduced investment attractiveness of the sector. At the same time, martial law has highlighted the need for profound structural modernization of the energy sector based on decentralization, digitalization, and the development of renewable energy sources in line with European integration priorities. Objective. The aim of the study is to identify the features of innovation and investment support for the modernization of Ukraine’s energy sector under energy security threats and to substantiate priority directions and mechanisms for capital attraction for its recovery. Methods. The study employs systemic, structural, and comparative analysis methods, as well as economic and statistical approaches to assess the dynamics of investment flows and energy infrastructure losses. The information base includes official data from the State Statistics Service of Ukraine and the Ministry of Energy of Ukraine, as well as analytical materials from international organizations, including International Renewable Energy Agency, International Energy Agency, and World Bank. Results. A significant reduction in capital investments during the active phase of hostilities and the reallocation of financial resources toward critical infrastructure recovery were identified. The volume of direct losses in the energy sector was assessed, along with their impact on the country’s macroeconomic stability. It was substantiated that wartime challenges simultaneously act as a catalyst for structural transformation of the sector, particularly through the transition to distributed generation, …
creator: Kateryna ROMASHCHENKO
creator: Roman VYHOVSKYI
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-140-147

ECONOMIC ESSENCE AND EVOLUTION OF INVESTMENT DEVELOPMENT STRATEGIES IN THE AGRO-INDUSTRIAL COMPLEX
type: item
description: Introduction. The agro-industrial complex (AIC) is a strategically important sector of the national economy, ensuring food security, forming a significant share of export potential, and creating jobs in rural areas. However, the current state of the AIC in Ukraine and many post-socialist countries is characterized by chronic underfunding, high depreciation of fixed assets, limited access to long-term credit resources, and low investment attractiveness for private capital. The key problem is the absence or imperfection of strategic management of investment policy at the level of both individual enterprises and regions and the state as a whole. This necessitates a systematic study of the economic essence and evolution of investment development strategies in the AIC to develop theoretical and methodological foundations for their formation in modern conditions. Materials and Methods. The study is based on a systematic approach to analyzing the evolution of investment strategies in the AIC. General scientific methods were used: theoretical generalization, analysis and synthesis, classification, comparative analysis, and historical method. The information base includes scientific publications of domestic and foreign authors, analytical reports, and materials from international financial institutions. Results. The article reveals the economic essence of the investment development strategy of the AIC as a multi-component category that integrates target, resource, instrumental, and institutional components. Four stages of evolution of investment strategies in the AIC are identified and characterized: resource-oriented (1950s-1980s), production-modernization (1990s – early 2000s), innovation-technological (2010-2020), and ecosystem (from 2020). A typology of modern strategies is proposed, which includes conservative, extensive, intensive, innovation-technological, ecosystem (ESG-integrated), and integration types. Special attention is paid to the analysis of modern challenges…
creator: Andriy BARTETSKIY
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-148-154

FORESIGHT TECHNOLOGIES IN MANAGEMENT OF INSURANCE COMPANIES
type: item
description: Introduction. The article examines the opportunities and limitations of applying foresight technologies within the management system of insurance companies under conditions of digital transformation of the financial sector and increasing uncertainty in the risk environment. It is substantiated that classical approaches to strategic planning based on the extrapolation of retrospective indicators are insufficient for the insurance business, as the long-term nature of liabilities is combined with the nonlinear dynamics of macro-financial, regulatory, technological, and catastrophic risks. Based on the analysis of analytical materials of the National Bank of Ukraine, EIOPA recommendations on risk-based supervision and stress testing, as well as global assessments of Swiss Re Institute regarding the growth of catastrophic losses, the key drivers of uncertainty in insurers’ development are systematized, their interrelations are identified, and the necessity of transition to a scenario-oriented management logic is demonstrated. The purpose of the article is to substantiate the theoretical and methodological principles of applying foresight technologies in the management of insurance companies and to develop recommendations for the formation of a scenario-oriented model of strategic management taking into account digital innovations and modern risks of the insurance market. Results. A methodological design of the foresight process is proposed as an institutionalized managerial framework integrated with risk management and solvency assessment, combining strategic environmental scanning, expert validation of drivers, scenario modeling, and the transformation of results into strategic roadmaps. A scenario-based model for the development of an insurance company is developed, encompassing a baseline scenario of controlled adaptation, a technological scenario of digital breakthrough, a risk scenario of catastrophic volatility, and a regulatory scenario of enhanced supervision and…
creator: Lesia HARIAHA
creator: Viktoriia KOSTOHRYZ
creator: Valeriy BALEV
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-155-167

DETERMINANTS OF INCREASING INNOVATIVENESS OF UKRAINIAN AGRICULTURE
type: item
description: Introduction. The article identifies key determinants of increasing innovativeness of Ukrainian agriculture in the context of modern socio-economic and military challenges. The restraining factors of innovative development are analyzed, among which institutional restrictions, insufficient level of investment, technological differentiation of farms and the consequences of military operations are highlighted. The need for the formation of a comprehensive mechanism for stimulating innovation, combining economic, organizational and institutional instruments, is proven. Directions for increasing innovativeness of Ukrainian agriculture are proposed, which include the activation of digitalization, the development of the AgroTech sector, the improvement of state policy to support innovation and the strengthening of interaction between science and production. The main determinants of innovative development of Ukrainian agriculture are systematized, in particular economic, organizational and managerial, institutional, technical and environmental, as well as socio-behavioral factors. Keywords: innovation, agriculture, agricultural sector, digitalization, innovative development, determinants, innovative transformation. The purpose of the article is to summarize the determinants of increasing the innovativeness of Ukrainian agriculture. Results. The study systematizes the key determinants of innovation development in Ukraine’s agricultural sector, including economic, organizational and managerial, institutional, technical and environmental, as well as socio-behavioral factors. It is substantiated that the level of innovation in agriculture is primarily driven by investment capacity, quality of management decisions, institutional stability, technological modernization, and the readiness of human capital to adopt new technologies. It is determined that the interaction of these groups of factors forms an integrated system of innovation development, where economic conditions provide…
creator: Alina PROSHCHALYKINA
creator: Anastasia KHYZHNYAK
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-168-174

EFFICIENCY OF THE TAX SYSTEM IN THE CONDITIONS OF TRANSFORMATION OF THE ECONOMIC AND INSTITUTIONAL ENVIRONMENT
type: item
description: Introduction. In the context of modern economic transformations, the efficiency of the tax system becomes one of the key factors ensuring financial stability and sustainable economic development of the state. The tax system plays an important role not only in forming budget revenues but also in regulating economic processes, stimulating business activity, and creating favorable conditions for investment and innovation development. The transformation of the economic and institutional environment, the digitalization of the economy, and the strengthening of institutional mechanisms of public administration require the improvement of tax policy instruments and the modernization of tax administration mechanisms. Purpose. The purpose of the research is to analyze the efficiency of the tax system in the conditions of transformation of the economic and institutional environment and to substantiate the directions for its improvement taking into account modern economic challenges and the need to optimize the tax burden. Results. The article examines theoretical approaches to defining the essence and role of the tax system in the functioning of the national economy. The main factors influencing the efficiency of the tax system are identified, including tax policy, the level of tax burden, the effectiveness of tax control, and the institutional capacity of fiscal authorities. The dynamics of tax revenues to the state budget of Ukraine for the period 2022–2025 are analyzed, which made it possible to assess the fiscal efficiency of the tax system and identify the main trends in its development. The study proves that the growth of tax revenues is associated with the recovery of economic activity, improvement of tax administration mechanisms, and implementation of digital technologies in the tax sphere. Originality. The scientific novelty of the study lies in the comprehensive assessment of the efficiency of the tax system in the context of the transformation of the economic and in…
creator: Iryna KYRYLYUK
rights: Copyright (c) 2026 Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic Sciences
date: 2025-12-23
publication date: 2025-12-23
volume: 29
number: 4
doi: 10.31651/2076-5843-2025-4-175-182