VUZF Review <p><strong>Focus and Scope:</strong>&nbsp;finance, financial markets, banking, marketing, insurance, accounting and control, business, entrepreneurship, application of mathematics and ICT in economics.</p> en-US (Ivan) (Ivan) Tue, 30 Jun 2020 00:00:00 +0300 OJS 60 Innovative logistics as a tool to increase the competitiveness of the polish construction industry <p>The role of logistics and logistic potential in effective development of building branch of economy is investigated in article. The authors focus on the need to actively implement progressive innovations in logistics activities of Polish companies. The innovative approach in the development of the logistics system will contribute to an increase in the level of competitiveness of Poland and increase the efficiency of operation of related sectors of the national economy.</p> Bohdan Cherniavskyi, Radostin Vazov Copyright (c) 2020 VUZF Review Mon, 29 Jun 2020 19:09:54 +0300 The key factors affecting the polish investment attractiveness for foreign investors <p>The article researches the role of formation of favorable investment climate in increasing investment activity in the territory of Poland. It focuses on the creation of favorable macroeconomic conditions for attracting direct (real) foreign investments to implement innovative projects. As a result of the study of investment conditions on the basis of PEST-analysis, the key factors of IA development were identified and their possible future impact (both positive and negative) was assessed. The results of the PEST-analysis allow their implementation in the program development and also in the investment activity management mechanisms.</p> Monika Artman, Tetiana Cherniavska Copyright (c) 2020 VUZF Review Mon, 29 Jun 2020 19:17:06 +0300 Quantitative methods in the field of economic sciences <p>The usage of quantitative tools for creating the mathematical models of functioning different economic facilities abounds the opportunity for better understanding and acquaintance of the surrounding reality. A lot of thinkers identify even universality of the particular branch of knowledge with the extent of its ‘mathematization’. Applying mathematical methods so called quantitative provide great and not to overestimate services not only in the science research of technique, physics, astronomy, biology and medicine, but also – within the qualitative methods- in the field of social science in the sphere of the control of the quality of production or in the process of service management or decision making. Complex nature of the social and economic phenomena requires making the usage of the most modern means and the ubiquitous computerization significantly confirms the usefulness of these methods. Progressing ‘mathematization’ and computerization of the science forces creating and applying quantitative (mathematical) models including economic science. The model of operating of studied system was considered in two variants. I. when the process of the product delivery to the store represents inclusively the subsystem of production and the subsystem of the transportation – it could be then said that the level of filling the store up is controlled by the aggregated process of the delivery of the product.&nbsp;</p> <p>when the process of the product delivery to the store takes into account explicate both the production process and also the operating of transportation subsystem, so it is then the structural process of the product delivery. Both in the aggregated and structural version, the analyses of the functioning of the system was made in three variants of the store filling: intermediate state of the store filling; zero state of the store filling that is lower barrier; the state of full storage of the store, that is the upper barrier. The result of my analyses are two proprietary probabilistic models of system operation which are presented through the system of differential equations both in the aggregated and structural variant. Probabilistic models of functioning of the system in both variants presented throughout the probabilistic model also enable determining sizing prognosis which are characteristic for the functioning of this system. These prognoses are transferred to the unit of the management system and they provide the premises to the streamline of its functioning.</p> <p>These tools create the basics of theoretical and methodological constructed computer programmes of the informative systems of decision-making support.</p> Maria Borowska Copyright (c) 2020 VUZF Review Mon, 29 Jun 2020 19:24:37 +0300 Financial Strategy Formulation and Implementation under Economic Uncertainty: Ukrainian companies’ case <p>Factors of economic uncertainty are considered. Economic uncertainty factors’ effect on financial managerial decisions is studied. Financial strategy matrix is proposed on the basis of a sample of Ukrainian companies. The proposed financial strategy matrix covers both financial and market goals – according to the BSC methodology. Thus, in the proposed tool, financial goals are reflected by the level of leverage A/E (Assets-to-Equity), market goals in turn are represented by ROA level; combination of the financial goal (A/E) and market goal (ROA) produces ROE, i.e. level of value creation for stakeholders. Within the proposed methodology financial strategy uses an analytical tool that combines financial and market goals of the enterprise, where the abscissa axis plots ROA level, the ordinate axis plots A/E level. The algorithm of making managerial decisions on financial strategy is described on an example of a company from selected sample – PJSC “Carlsberg Ukraine” – over 2014-2018. A set of managerial decisions targeted at further financial and market position is proposed.</p> Glib Aleksin Copyright (c) 2020 VUZF Review Mon, 29 Jun 2020 19:29:23 +0300 Quantitative analysis on interest group influence using data from EU open consultations <p>Online submission of interest group comments was introduced in year 2000 and since then has become a regular instrument of stakeholder consultation, providing a new, recent data source, which has largely been ignored so far. The empirical analysis in this research confirms that information supply via online consultations has only a limited effect on interest group influence. The findings of this research are valuable in gaining a more improved view of the effects of interest group activity targeting EU decision-making.</p> Tatyana Todorova Copyright (c) 2020 VUZF Review Mon, 29 Jun 2020 19:35:58 +0300 Evaluation of the effectiveness of the internal control system of the institution using key performance indicators <p>The conducted research may be of interest to specialists of internal audit, internal control, and managers of all levels, who organize the functioning of internal control in subordinate structural units. The article practically substantiates the use of the matrix of key performance indicators (KPI) in assessing the effectiveness of the internal control system of the Ministry of Defense of Ukraine. The research conducted in the article is the result of the practical implementation of the developed comprehensive methodology for assessing the effectiveness of the internal control system of the Ministry of Defense of Ukraine. To achieve this goal, the study conducted its decomposition and separately: evaluated the selected indicators of the effectiveness of the internal control system through appropriate testing and analysis of financial (accounting) statements; a matrix of key performance indicators is formed; the generalized indicator of efficiency of functioning of system of internal control is defined; the corresponding assessment of efficiency of system of internal control according to the chosen criterion is carried out. The results of the study made it possible to determine a numerical value that can objectively indicate the effectiveness of the internal control system of the institution. The results of the evaluation of indicators can be further systematized in the appropriate database for the formation of statistical information and taken into account in the risk-oriented planning of internal audit activities. The results of the study in the article can be used in part and applied thematically when checking other indicators in the internal control system. The article formulates the prospect of further research in the subject area to improve the accuracy of assessing the effectiveness of the ICS, as well as in finding alternative methods for its evaluation.</p> Anatolii Syrotenko, Ivan Tkach , Anatolii Loishyn , Mykola Tkach Copyright (c) 2020 VUZF Review Mon, 29 Jun 2020 19:40:00 +0300 Innovative component of Ukraine’s military-technical cooperation with foreign states as an instrument of public-private partnership <p>The research considers the role of the innovative component of Ukraine’s military-technical cooperation with foreign states. The legislative and legal basis for the implementation of international military-technical cooperation of Ukraine is analyzed, taking into account recent changes in the country’s foreign policy direction. The examples of promising prospects for collaboration at the level of defense enterprises are presented.</p> Ivan Ablazov, Denys Radov Copyright (c) 2020 VUZF Review Mon, 29 Jun 2020 19:43:56 +0300 Civil and environmental safety problems of the upper reaches of small mountain rivers (on the example of the Tysmenytsia River, Ukraine) <p>Small rivers are highly important elements of fresh water and sanitary-domestic supplies, local ecosystems functioning, thus they are essential for the environmental and civil safety of local areas. Chemical composition of the upper parts of rivers determines the chemical composition of waters downstream. The article represents the results of long-term researches of the Tysmenytsia upriver and its tributaries. The peculiarity of this area is its location within one of the oldest European oil recovery centers. According to the results of this research, the spatial changes of mineralization and the main components of chemical composition were established: the main ions, nitrogen compounds, petroleum products and phenols. The upper tributaries of the Tysmenytsia are characterized on average by hydrocarbonate calcium-magnesium composition with mineralization of 0,450 g/dm<sup>3</sup>, and the waters of the main river streambed by sulfate-hydrocarbonate sodium-calcium composition with mineralization of 0,207 g/dm<sup>3</sup>. The waters of the Tysmenytsia upper part on average contain nitrites (NO<sub>2</sub><sup>-</sup>) of 0.12–0.20 mg/dm<sup>3</sup>, nitrates (NO<sub>3</sub><sup>-</sup>) of 1.8–3.4 mg/dm<sup>3</sup>, ion ammonium (NH<sub>4</sub><sup>+</sup>) of 0.21– 0.24 mg/dm<sup>3</sup>, petroleum products of 0.27-0.66 mg/dm<sup>3</sup>, phenols of 0.007- 0.010 mg/dm<sup>3</sup>and characterized by a COD value of 7.74-13.6 mgO<sup>2</sup>/dm<sup>3</sup>. This article also provides explanation of spatial changes of chemical composition of waters, conducts comparison with the composition of other Carpathian mountain rivers. Analyzed waters refer to the 2<sup>nd</sup>class of water quality. Established facts and analysis of their causes are potent scientific base of forming civil protection measures and environmental safety of investigated areas.</p> Vasyl Karabyn, Yulia Rak, Vladyslav Shuryhin Copyright (c) 2020 VUZF Review Tue, 30 Jun 2020 00:00:00 +0300