VUZF Review http://papersvuzf.net/index.php/VUZF <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 vuzfreview@gmail.com (Ivan) ibritchenko@gmail.com (Ivan) Wed, 30 Jun 2021 11:51:13 +0300 OJS 3.1.2.1 http://blogs.law.harvard.edu/tech/rss 60 Customers’ expectations from savings products http://papersvuzf.net/index.php/VUZF/article/view/158 <p>Customers expect certain characteristics from long-term savings products. Providers are not able to supply all of these characteristics in one product at the same time. In addition, there are changing attitudes of the savers and the requirements to the financial institutions are evolving. The paper is analyzing the customers’ expectations from the long-term savings products. The manuscript is searching answer which are the most important characteristics of the savings products from the point of view of the client. The research is focused on three main areas: which are the customers’ expectations; what is the current environment in the market of savings products and what developments can we expect in the coming years. One of the conclusions is that the providers have to adapt their products to the customers’ expectations in order to succeed and to reach further development of the markets. Another conclusion is that customer centric products will gain greater trust among potential savers. We believe that the successful saving product has to be simple, transparent and cost-efficient. This reflects the surrounding environment of low interest rates, ageing population, increased informational flow, digitalization and alternative products development. To support the savers and the providers it is needed public help, targeting good coverage and constant efforts for active role of the stakeholders in the savings process.</p> Stanislav Dimitrov Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/158 Tue, 29 Jun 2021 00:00:00 +0300 Innovation through the prism of companies using direct marketing. An empirical example from Bulgaria http://papersvuzf.net/index.php/VUZF/article/view/159 <p>The current article presents empirical results on the frequency and type of innovations applied by companies in Bulgaria that are using direct marketing. The research is provoked by the dynamic and changing nature of direct marketing. As one of the main characteristics of direct marketing is the absence of intermediaries, the companies should constantly develop their knowledge and competences so they can improve their contact and communication with their customers in order to apply correctly and profitably the three approached associated with direct marketing. They are: the personalization in dealing with customers, the establishment of long-term relationships and the generation of customer’s loyalty, and they happen through different media. An appropriate application of these approaches requires collection, record and analysis of information which is being more and more executed as an automated process. The different and new types of media, in turn, require methods and understanding that further develop or eliminate existing practices, beliefs, and technologies. In this context, a theoretical analysis of innovations is being first conducted. After having a structured division of innovations by their types a brief questionnaire is being developed. As a result, the report summarizes the intersections of the theory with the established practice in 97 companies in Bulgaria.</p> Mihaela Mihaylova Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/159 Tue, 29 Jun 2021 00:00:00 +0300 Financial mechanisms of ensuring the development of business under high interest rates http://papersvuzf.net/index.php/VUZF/article/view/161 <p>In the given article the problems of choice as for the types and forms of debt and share financing on the developing and “frontier markets” with high interest rates have been considered, the definition of what kind of interest rates can be viewed as high and under which circumstances nominal interest rate and in which ones – the real interest rate is important for business. Also, the classification of debt and sharing financing is given and the comparative analysis of such financing is made. Some close attention has been paid to the calculation of the real interest rate according to the inflation forecast. Recommendations concerning attracting of relatively cheap trade financing including international financial and credit organizations, development of operation factoring, financing from captive financial institutions of the exporters of the materials and equipment from the EU and the US have been grounded. The opportunity of relatively free of charge share financing through the mechanism of placing shares IPO/SPO is emphasized, exemplified by the results of placing shares on stock exchanges and their alternative platforms of issuing banks with businesses in Ukraine in 2005 – 2013. As a result, the conclusion concerning the necessity of thorough analysis of financial conditions on the developing and frontier markets before gaining such financing has been made. High interest rates within the average indicators even on the basis of prime rates do not necessarily mean absence of attractive conditions of financing.</p> Vitaliy Shapran, Igor Britchenko Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/161 Tue, 29 Jun 2021 00:00:00 +0300 Migration and immigration representing an unwanted ally of terrorism http://papersvuzf.net/index.php/VUZF/article/view/162 <p>Migration and immigration as phenomena of the 21st century have a clear connection with terrorism, namely not only as its result, but also its reason. The main reason is represented by a doctrine of the world superpowers in their effort in gaining capital and looking for crude oil, and is also a result of the colonial past of the majority of the European countries. The individual world religions are experiencing breaking the armistice resulting in armed conflicts and illegitimate interfering of the world powers even without the UNO authorization to do so. Though the United Nations Organisation has a noble mission, its activities do not correspond with the content of the mission. Even the embargo imposed on the Russian federation cannot force anybody to think Russia is interested in solving the problem and does so only in favour of its interests. As has already been stated above the USA has its own interests and maybe also the feeling of guilt as the majority of the so-called Islamic state, just like opponents of the regimes in Lybia, Syria and Egypt, had to undergo training programmes and were armed by American specialists who asked for their Judas services a lot of money. Research tools used to write this article was analysis, analysis, synthesis of available information, reports, scientific articles on the subject and subsequent deduction to identify conclusions.</p> Marián Mesároš, Imrich Dufinec Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/162 Tue, 29 Jun 2021 00:00:00 +0300 Marketing competitiveness of hotel and restaurant enterprise: theoretical approach and methods of definition http://papersvuzf.net/index.php/VUZF/article/view/163 <p>The article considers topical issues of marketing competitiveness of hotel and restaurant business enterprises. The product marketing complex and the service marketing complex have been modernized by including the "period" element in the list of their components. The list of marketing functions of the manufacturer of a complex hotel and restaurant product has been supplemented with the function of implementing the time policy. The stages of the product life cycle are divided according to the principles of achieving effective interaction between producer and consumer based on cost structuring. The model of a complex hotel and restaurant product is presented. The principles of using a comprehensive approach to identifying different types of services in the process of integration in the direction of "producer-consumer" are formulated. An algorithm of effective actions of a hotel and restaurant enterprise to develop a marketing strategy to increase the level of competitiveness is proposed. The method of marketing assessment of the level of competitiveness of the hotel and restaurant enterprise on the basis of substantiation of quantitative criteria is developed. It is concluded that the role of digital services in the growth of a certain level of marketing competitiveness of the hotel and restaurant enterprise is growing rapidly. The priority directions for effective marketing management of the level of competitiveness of the hotel and restaurant enterprise are determined. The types of effects from the implementation of the results of the study in the practice of hotel and restaurant business are identified and grouped.</p> Sergiy Tsviliy, Darya Gurova, Tetiana Kuklina Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/163 Tue, 29 Jun 2021 02:58:22 +0300 Factors influencing and dynamics of the agricultural insurance market http://papersvuzf.net/index.php/VUZF/article/view/164 <p>The article is aimed at identifying modern features of insurance in the agricultural sector of the Ukrainian economy and defining the factors of influence on the agricultural insurance market. The article discloses interpretation of the terms of «insurance» and «agricultural insurance» and also presents the types of possible risks arising in the activities of agricultural enterprises. The performance indicators of leading insurance companies in the field of agricultural insurance are analyzed. The current state and dynamics of insurance of agricultural risks, which arise both in the field of crop production and in livestock, are researched. This will allow predicting the future prospects of the market for insurance services and products, as well as finding possible optimal ways to solve the problems of product insurance, faced by the agricultural producers. The main factors influencing the efficiency of the insurance market in the agricultural insurance sector are allocated. The basic principles of insurance of agricultural products with the State support are analyzed. It is defined that the further development of agricultural insurance should be directed towards creating a profitable and safe environment for all participants in the agricultural market, which provides for the distribution of risks between agricultural producers, processing enterprises, banks, insurance companies and the State. The agricultural insurance of risks creates possibilities for advantageous harmonizing the interests of participants in the agricultural insurance market and the State as a party whose first priority is to ensure stable economic growth.</p> Nataliya Tanklevska, Vitalina Yarmolenko Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/164 Tue, 29 Jun 2021 10:50:20 +0300 Benchmarking of modernization of the economy of the world: experience for Ukraine http://papersvuzf.net/index.php/VUZF/article/view/165 <p>The article contains significant analytical information regarding the study of the experience of economic modernization reforms in the countries of the world and the possibility of applying this experience in Ukraine. A characteristic is given to the technological structures of the world economy and the actual change of structures, the distinctive features of such a change are given on the example of energy prices. The research of the types of modernization - pioneer and catching-up is given, the interdependence between the economic and social cycles of the modernization of society is stated. The examples of modernization both in highly developed economic states (USA, Great Britain, Germany, Sweden) and in the countries of the former socialist camp (Slovakia, Poland, Bulgaria) are given. It is stated that the modern conditions of globalization and the expansion of market relations create special precedents in which a conflict of interests is potentially possible - between objective and subjective factors, namely: the corporate nature of the functional representation system and the individual nature of decision-making. It is emphasized that the modernization of the economy, even if at the initial stage is aimed at satisfying the interests of individual institutional groups, in the course of the implementation of the modernization measures will be reoriented to the corporate interest groups built into the system. Provides effective recommendations for Ukraine in terms of entrepreneurial opening, increasing industrial production in the volume of GDP, completing the decentralization reform.</p> Oksana Borodina Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/165 Tue, 29 Jun 2021 11:03:43 +0300 Development strategy of production enterprises to ensure competitiveness and development of economic systems http://papersvuzf.net/index.php/VUZF/article/view/166 <p>The paper deals with the problem of determination the development strategy enterprises of the food industry in the conditions of integration and globalization processes. The problems influencing the level of global competitiveness determined. Identified key competitive advantages and their relationship with the factors of the competitive environment. This allowed distinguishing the development of strategic priorities the food industry of Ukraine to achieve competitive advantages in the context of current operation conditions. The article deals with the fundamentals of developing the strategy of enterprise economic development. In estimating the level of economic development the graphic analytical model has been suggested. The development trends have been investigated for determining the range of enterprise strategic alternatives. The typical positions of enterprises have been stated depending on the life cycle and the position on the market in order to take into account the most probable prospective trends.</p> Valentin Susidenko, Julia Susidenko Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/166 Tue, 29 Jun 2021 11:12:07 +0300 Problems of income and expenditure balance of the pension fund budget of Ukraine http://papersvuzf.net/index.php/VUZF/article/view/167 <p>The steady budget deficit of the Pension Fund of Ukraine necessitates balancing its budget and finding effective opportunities to improve the current pension system. The revenue and expenditure part of the budgets of the Pension Fund for the last 7 years has been analyzed, time series characterizing various aspects of its activity have been constructed, polynomial modeling of trend series of revenues and expenditures has been carried out. To improve the actuarial basis of the joint pension system, it has been suggested to segregate social pensions, which are not provided by insurance premiums, and therefore cannot be the object of insurance payments, but should be subject to state (budget) funding. The shadow sector of the economy and the arrears of enterprises for the payment of salary to employees have been identified as a significant factor in the disproportion of the budget of the Pension Fund of Ukraine, measures to respond to these violations have been identified and analyzed. Relevant recommendations included a revision of the institutional position on limiting the amount of salaries on which SSC (single social contribution) is accrued, the redistribution of relevant contributions between employees and employers, and the harmonization of the accrual base with the average salary. Further research is recommended to focus on the peculiarities of balancing the revenues and expenditures of the budget of the Pension Fund in the case of entrusting it with the functions of other social insurance funds of Ukraine, as well as in connection with the introduction of the second level of pension provision.</p> Mariya Lalakulych, Erika Yuhas, Lesya Rybakova Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/167 Tue, 29 Jun 2021 11:25:02 +0300 Current status of human resource management in China and EU http://papersvuzf.net/index.php/VUZF/article/view/168 <p>This paper studies the situation of human resource management in the construction industry between China and the European Union. According to the analysis, it shows the importance of human resource management. It summarizes the current situation and existing problems of human resource management in China and the European Union. Corresponding measures are proposed to facilitate the sustainable and healthy development of human resource management.</p> <p>Since the establishment of diplomatic relations between China and the EU, bilateral relations have developed smoothly. Later, the two parties established a strategic partnership. Subsequently, trade cooperation in various fields continued to develop. China proposes to implement the "One Belt One Road" initiative, and the European Union actively participates in the "One Belt One Road" framework agreement. The two parties' research on human resource management in the construction industry will be of great significance to promote further in-depth cooperation between the two parties in the field of construction and human resource management, and to expand and create a broader development space.</p> <p>Suggested deepen the reform of teaching content and curriculum system in accordance with the modern development of human resources. Emphasized that education investment for developing human resources and improving the quality of workers is not a simple consumption, but a long-term productive investment. emphasis is placed on the personnel appraisal system establishment of its the guarantee for the stability of the management staff.</p> Liudmyla Batsenko, Roman Halenin , Wang Haibo Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/168 Tue, 29 Jun 2021 11:36:06 +0300 Management of BAIS: Technological Trends and Digital Initiatives 4.0 http://papersvuzf.net/index.php/VUZF/article/view/150 <p>Successful operation of modern banking institutions significantly depends on the use of the latest information and communication technologies in process management, from motivation and communication with staff, to remote control of banking operations. Purpose of scientific research is a study of the principles and features of banking automated information system in terms of implementation of the latest information and cloud technologies by banking institutions. The object of scientific research is banking automated information system of banking institutions. The result of the article: research proved that the creation and selection of banking automated information system of banking institution is based on the planning of all systems related to the functioning of the complete infrastructure of the bank, built on information technology; the causes and consequences of various risk situations by channels of their occurrence (information Web-site, e-mail, network systems, system failures, electronic payment systems and data transmission systems, electronic channel) in the banking sector as a result of using a bank automated information system are substantiated; key areas of banking automated information system and the elements of the system of risk situations that arise in the banking sector as a result of the use of banking automated information system are described; main requirements for information support of banking institution and the main criteria for choosing banking automated information system of a banking institution are identified. Practical implications: priority ways of overcoming the risks of introduction of banking automated information system are offered, taking into account the scope and spread of risks. At the same time, the methods of providing cloud services used by banking institutions were evaluated. Value/originality: the introduction of a banking automated information system of a banking institution today is impossible without the use of cloud technologies (infrastructure as a service – IaaS, software as a service – SaaS, platform as a service – PaaS), each of which has a number of strengths and weaknesses.</p> Kateryna Kraus, Nataliia Kraus, Oleksandr Marchenko Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/150 Tue, 29 Jun 2021 12:27:36 +0300 Marketing analysis of information and communication technologies as a factor of compliance function and business growth http://papersvuzf.net/index.php/VUZF/article/view/169 <p>The purpose of the study is to visualize the results of marketing analysis of the current state and prospects of ICT business. The impact of the use of technology on the activities of enterprises is assessed. The study used the method of SWOT-analysis to assess the internal and external environment of the industry. PEST analysis to study the external environment that may affect the industry. Trend forecasting method for calculating the number of enterprises that will use ICT. ABC analysis to determine the most promising services for specialized educational institutions. The analysis revealed weaknesses (insufficient number of marketing specialists, lack of domestic technology equipment of the required class of quality and productivity) and threats (unpredictable course and consequences of Covid-19, the tendency to reduce scientists and the share of enterprises implementing innovations) in the field of ICT and enterprises. In the activities of the computer academy «STEP» there is a group of services that bring the most profit. It is investigated that «STEP» has significant advantages over competitors. The proposed results of the study can be used in the further working of enterprises. In particular, the academy to promote its services in the education market focuses more on the site, site service and mobile application «Mystat», the social network Facebook. These communication channels are the best channel of connection between the educational establishment and service users. The use of information and communication technologies by enterprises allows them to work more productively in their field and communicate better with potential consumers.</p> Tetyana Dronova , Yuliia Horiashchenko Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/169 Tue, 29 Jun 2021 12:41:02 +0300 Social entrepreneurship as a factor in the development of rural communities in Ukraine http://papersvuzf.net/index.php/VUZF/article/view/151 <p>The results of empirical research of public opinion of rural areas residents and entrepreneurs working in rural communities to determine the need for the development of social entrepreneurship are presented. The purpose of the survey was to establish the feasibility, prospects and directions of the development of social entrepreneurship within the rural areas of Ukraine and to identify the readiness of the business environment for the perception of a new concept for doing business for them. The survey was conducted among the rural population and entrepreneurs of all ages, social status, education level, type of activity. The results of the study made it possible to find out the attitude of the rural population towards social entrepreneurship, to identify its potential loyalty to the consumption of the product, which will offer the specified category of entrepreneurs, identify the greatest problems of the rural territory, the level of satisfaction with the environment and business, the adequacy of information provision for social entrepreneurship, entrepreneurs' readiness to social activity and directions of its development; the reasons that restrain the spread of social ideas in business are identified. The conducted research has allowed to reveal the reasons of low level of spread of social enterprise in the Ukrainian society. The revealed sentiments among citizens can be used by the state authorities when developing the strategy of development of rural areas of Ukraine and tested in entrepreneurial activity.</p> Alla Pechenuik Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/151 Tue, 29 Jun 2021 00:00:00 +0300 Infrastructure development potential financial market of Ukraine http://papersvuzf.net/index.php/VUZF/article/view/170 <p>The research of infrastructural potential of development of the financial market of Ukraine in globalization conditions is research. The importance of forming a rational infrastructure of the financial market and finding sources to increase its potential is substantiated. The conceptual basis for ensuring the realization of the infrastructural potential of the financial market is presented, which is based on defining the basic preconditions, principles and tasks of the conceptual basis and developing methodological approaches to assessing the quality of the conceptual basis for building and realizing the infrastructural potential of the financial market. It is proved that the number and structure of financial intermediaries is one of the key characteristics of the development of the financial market and its infrastructure, as well as its response to global challenges. The dynamics of the penetration of insurance and lending by banks to the real sector of the economy tends to decrease, which indicates their negative impact on the security of the financial market as a whole. The dollarization index is twice the critical value, which also has a negative impact on the level of financial market security. In the context of ensuring the security of the technological component of the infrastructure potential of the financial market in Ukraine and its ability to withstand external threats, the authors propose to define the indicator of financial market flexibility as the ratio of foreign currency deposits to total deposits (dollarization). The lower this figure, the higher the level of financial market security.</p> Natalia Trusova, Iryna Chkan , Inna Yakusheva Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/170 Tue, 29 Jun 2021 13:10:10 +0300 The essence, content and role of digital transformation in development socio-economic systems http://papersvuzf.net/index.php/VUZF/article/view/171 <p>The relevance of the research topic is due to the active penetration of digital technologies into all spheres of life of modern society. The business community and the governments of the countries of the world, including Ukraine, have realized the need to accelerate the processes of digitalization and digital transformation of the economy in order to achieve competitive positions in the emerging digital space of the new world economy. The digital economy sets the vector along which socio-economic systems of micro, meso, macro levels will develop in the long term, which necessitates research and a comprehensive analysis of digital transformation processes. Previously a priority for individual innovative companies, today digital transformation has become a massive phenomenon, and related projects are vital for the success not only of individual companies, but also of regions and countries. In this regard, a new institution is emerging in the economy, a new category of business structures in the service sector – service integrators, whose role in progressive economic development is significantly increasing, but the mechanisms of their functioning, methods of management, network service interaction with other economic entities, as well as many others the issues remain insufficiently studied, which in practice hinders the development of companies – service integrators. The outlined circumstances determine the relevance of the research topic, both in terms of the formation and development of modern economic theory, and for the increment of the scientific and methodological base of the practice-oriented toolkit for the digital transformation of socio-economic systems.</p> Nina Avanesova , Tetiana Kolodiazhna Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/171 Tue, 29 Jun 2021 13:56:42 +0300 The features of direct marketing and personal selling as a form of marketing communications http://papersvuzf.net/index.php/VUZF/article/view/172 <p>The article summarizes approaches to defining the essence of the "direct marketing" concept. It is proved that the tools of direct marketing, as a component of internal marketing, are the most effective means of influencing the behavior of modern consumers and adaptive to market conditions of marketing activities, the implementation of which will contribute to achieving the corporate goal and mission of the enterprise with minimal time and resources. The necessity of using direct marketing tools in the activities of modern enterprises is justified. The problems of activating direct marketing based on the introduction of interactive systems are considered. The main advantages associated with the use of Integrated Marketing Communications in the formation of direct marketing strategies are revealed. The methodological bases of marketing communications are analyzed in the article. The expediency of using different types of marketing communications on the basis of their benefits and drawbacks for the effective implementation of the company's marketing policy. Particular attention was paid to the tools of direct marketing and the dynamics of the most influential communication features of digital marketing. As a result, it was determined that the tools of marketing communications should be combined thoroughly, and the most effective tool is eventually an integrated marketing.</p> Olha Matviiets , Viktoriia Kipen Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/172 Tue, 29 Jun 2021 14:06:27 +0300 The development of electronic payment systems in Ukraine and their security http://papersvuzf.net/index.php/VUZF/article/view/173 <p>The paper is devoted to the study of innovations in the market of modern payment systems. The pandemic and quarantine restrictions have accelerated the expansion of the payment infrastructure in Ukraine, which in turn raises the issue of security of electronic payment systems. Ukrainians are more actively switching to electronic payments. At the same time, the trend of growing popularity of contactless payment instruments and settlements with them continues. A comparative analysis of the security of payment systems using electronic technologies in the implementation of money transfer services in Ukraine has been performed. The components of the payment system, information security measures in the electronic payment system have been also considered. The schema of electronic payments and the block diagram of the information protection subsystem of electronic payment system have been constructed. The criteria for assessing the security of the electronic payment system have been determined. A total of fifteen safety criteria have been identified, they are divided into six groups according to the degree of safety. Six electronic system payments were used for the study and the research results have been presented in this paper. The tendencies of development of electronic payment systems in modern conditions and ways of improvement of their activity taking into account the newest information technologies have been outlined.</p> Liudmyla Polovenko, Svitlana Merinova , Kateryna Kopniak Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/173 Tue, 29 Jun 2021 00:00:00 +0300 Contemporary leadership in the human capital of organization http://papersvuzf.net/index.php/VUZF/article/view/174 <p>The dynamics of changes taking place in the contemporary world increases the interest in leadership, which is one of the essential elements of their functioning for the organization, affecting the ability to achieve the goals with the extremely important role of the human capital, which due to the appropriate support and engagement of the leader determines the success of the organization. A contemporary leader, in order to meet the requirements of the complex environment of the organization and the expectations of employees, should be aware that he is unable to perform personally all organizational activities, he must rely on human capital. Leadership is inextricably linked with the broadly understood ability to influence employees, resulting in the effective performance of their assigned duties. That is why, leaders should have certain necessary qualities, constant self-improvement, and an appropriate background in the form of properly managed human capital. This article deals with the issue of leadership and its impact on the human capital of the organization. The attention is paid to theoretical framework regarding its essence and effectiveness, among which the distinguishing features of leaders, including the leader improvement are described. In the article it is also described the differences between management and leadership, as well as the leadership paradigms that differently emphasize the importance of employees and their engagement.</p> Dariusz Kłak, Piotr Maziarz Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/174 Tue, 29 Jun 2021 14:31:11 +0300 Financial system and growth and economic development http://papersvuzf.net/index.php/VUZF/article/view/175 <p>The aim of the article is to present the role of the financial system in economic growth and development. The first part presents the traditional understanding of the relationship between the economic system and economic growth. The second part presents the experience of financial crises and their impact on the conversation on the mutual relations between the financial sector and the real sector. The third part shows the role of the state in the financial system. The article describes the arrangement of interrelated financial institutions, financial markets and elements of the financial system infrastructure.&nbsp; It shows what part of the economic system the financial system is, and whether it enables the provision of services allowing the circulation of purchasing power throughout the economy. The article presents the important role of the financial system, the role related to the transfer of capital from entities with savings to entities that need capital for investments. It shows the financial system as a set of logically related organizational forms, legal acts, financial institutions and other elements enabling entities to establish financial relations in the real sector and the financial sector, and this system forms the basis of activity for entities using money, enabling the conclusion of various economic transactions, in which money performs various functions. The article also presents the concept of a financial crisis as a situation in which there are rapid changes in the financial market, usually associated with insufficient liquidity or insolvency of banks or financial institutions, and as a result, a decrease in production or its deepening. The article also includes issues related to the impact of public authorities (state and local authorities) on the financial system in the economy.</p> Małgorzata Hala Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/175 Tue, 29 Jun 2021 14:46:07 +0300 Analysis of the transformation of enterprise activities under the influence of global shifts http://papersvuzf.net/index.php/VUZF/article/view/176 <p>The article identifies the main motives of transnational activities of companies, namely: the desire for cheaper and better factors of production; entering new markets; reduction of competition due to the acquisition of assets of foreign companies; the ability to achieve the effect of scale of production. The classification of factors that are the basis for the formation and operation of transnational companies (TNCs) on the following grounds: unit of study, level of analysis, level of universality, research architecture, factor analysis, genesis of factors, status factors. The author proposes a theory based on a generalized analysis of theories of transnationalization in the context of comparing the features of the development of TNCs and any other business entity. The author develops a mechanism of interaction between donors and recipients within the market theory of transnationalization of production. The factors influencing the dynamic development of TNCs and their transformation into one of the most important institutions of the modern market economy are described. The influence of TNCs on home countries and host countries is analyzed. The main characteristics of technological systems are investigated. It is noted that the formation of the optimal structure of TNCs is based on the optimal distribution of functions between structural units, establishing a system of relations between them, which allows for rapid exchange of information, management decisions and implement them in optimal time. The characteristic of organizational structure of mechanistic and organic types of TNCs is presented. The Hammer-Champi reengineering methodology is proposed. The investment activity of modern enterprises operating in the conditions of global transformations is investigated. The author has improved the mechanism for managing the investment attractiveness of an industrial enterprise.</p> Larysa Syvolap Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/176 Tue, 29 Jun 2021 14:52:20 +0300 Dynamic analysis and forecast of effective development of the agri-food sector of European countries http://papersvuzf.net/index.php/VUZF/article/view/177 <p>One of the relevant and demanded directions at this stage is the creation of modern tools for analytical and predictive projects in the development of the agri-food sector. Of particular importance is the substantiation of the globalization of agri-food markets, the integration of various types of activities. ensuring food security, development of exports and imports of agricultural products, levelling the standards of food consumption by various social strata of the population. Research into the problems of food security and independence of the European countries is necessary to substantiate a strategy for the development of the agri-food sector, including its sustainable innovative development. In modern conditions, the active participation of various countries in the world and regional trade is associated with significant competitive advantages. It allows to more efficiently use the available resources, to join the world achievements of science and technology, to modernize the economy at the optimal time, to more fully meet the needs of the population. In this article, an integrated approach is applied, which includes the study, assessment and forecast of various processes and factors of innovative development of the agri-food sector in modern conditions.</p> Robert Jurczak Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/177 Tue, 29 Jun 2021 15:01:23 +0300 The social assistance system in Poland and its financing in 2015-2018 as a factor of the stabilization of the socio-economic policy of the state in turbulent conditions http://papersvuzf.net/index.php/VUZF/article/view/157 <p>Most developed countries in the world strive to provide their citizens with adequate living conditions and ensure a high level of social security. This security system also includes social assistance, which is the last level of state policy in supporting its citizens who find themselves in a difficult life situation. Apart from fulfilling a protective role, the social welfare system also plays a stabilizing role in the socio-economic policy of the state. Problems related to the social system and financial resources allocated to their functioning from the state budget are the subject of many scientific publications around the world. Meanwhile, in Poland, there are few scientific publications on the effectiveness and financing of expenditure for social purposes, including the social assistance system. Identifying the level of financial resources allocated to the social assistance system may be the first step to rationalizing the system of financial transfers from the state budget. The article aims is to identify the level of budgetary expenditure allocated in Poland in 2015-2018 to the social assistance system. The analyzes carried out indicate that in the period 2015-2018, budget expenditure on the social assistance system and supporting families increased. In 2018, these expenses accounted for as much as 12.7% of the total state budget expenditure. There is a noticeable tendency consisting of reducing financial resources allocated to social assistance while increasing budgetary transfers directed to families with children - government's "Family 500+" program.</p> Piotr Fraczek, Mateusz Kaczmarski Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/157 Tue, 29 Jun 2021 15:06:37 +0300 Analysis of business activity management in the oil and gas production enterprise development system http://papersvuzf.net/index.php/VUZF/article/view/178 <p>The scientific work reveals the theoretical, methodological and practical aspects of business management of the oil and gas industry enterprise "Boryslavnaftogaz". Business activity management is the impact on the business activity of the enterprise through the development of a set of measures aimed at expanding existing and conquering new markets; attracting new suppliers of raw materials and supplies; optimization of inventories; accelerating the turnover of assets and capital; elimination of the influence of internal and external factors that reduce the efficiency of resources used; contribute to the survival of the enterprise in a competitive environment, stimulate the development of production, promote sustainable economic growth – in order to maximize the company's profits. The analysis of the financial condition and financial activity of Boryslavnaftogaz oil and gas production department is carried out and the level and dynamics of indicators of business activity of the researched enterprise are analyzed. The main indicators of assessment of business activity of the enterprise (internal and external) are characterized. A SWOT-analysis of the financial and economic condition of the Boryslavnaftogaz oil and gas production department was conducted. Proposals for increasing the efficiency of the Boryslavnaftogaz oil and gas industry enterprise have been developed and substantiated. An in-depth analysis of the structure of receivables (causes and repayment) and accounts payable (search for sources of repayment). The economic results of design decisions are estimated.</p> Khrystyna Danylkiv, Nataliia Hembarska, Lilia Khaidarova Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/178 Tue, 29 Jun 2021 15:17:37 +0300 The impact of digitalization on the formation and implementation of bank's deposit policy http://papersvuzf.net/index.php/VUZF/article/view/179 <p>The article considers the efficiency of banks in Ukraine, which in turn depends on sufficient volumes of resources. Given the rapid pace of innovation and unstable dynamics of investment, it is not enough to artificially reduce the cost of deposits and increase the cost of loans to sustain the successful operation of banking institutions. It is necessary to create an effective management system that will be able to develop a deposit policy and respond adequately to all events in society. Issues of deposit policy in banking, which is influenced by the complexity of financial relations, in particular in the context of globalization, are becoming increasingly relevant. Therefore, the article examines the peculiarities of the formation and implementation of deposit policy in terms of the digitalization of business processes. The authors analyzed the allocation and dynamics of deposits by volumes, currency, sectors of the economy and terms of repayment. The results of the study allow claiming that banks’ deposit policy needs constant improvement. To increase its efficiency, there are several ways, such as creating favourable conditions to meet customer needs in deposit services; ensuring the protection of depositors' interests, which, in turn, will increase the reliability of banks and the efficiency in the process of converting savings into investments; active digitalization of banks' relations with clients in solving all financial issues, including in the deposit sphere, which will simplify customer service processes and increase the banks’ resources by attracting new categories of customers due to innovative deposit products with favourable terms.</p> Raisa Kvasnytska, Iryna Forkun, Tetyana Gordeeva Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/179 Tue, 29 Jun 2021 15:28:49 +0300 The formation of open economies in post-communist countries: historical experience of Ukraine http://papersvuzf.net/index.php/VUZF/article/view/180 <p>The main purpose of the article is to identify the place of the Ukrainian economy in the global trading system as a result of post-communist transitions. It is historical and economic research of the specificity of Ukraine’s open economic model, formed in the early period of the country’s independence. Formation conditions of the exogenous model of Ukraine’s economic development in the 1990s – early 2000s are disclosed. It is analysed the political, economic, social and other factors of the country’s increased integration into the global trade space. An assessment of the impact of the high level of functional openness of Ukraine’s economy on the expansion of its foreign economic interaction is carried out. It is revealed that the high level of exogenization of the national economy caused superfluous consequences for the development of the country’s competitive advantages and strengthening of its role on the world markets. The article reveals the peculiarities of Ukraine's institutional openness development, which required trade liberalization. It is analysed the process of transformation of national customs and tariff regulation in terms of reduction of trade barriers, which became one of the factors of Ukraine’s accession to the World Trade Organization.</p> Tetiana Bodnarchuk Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/180 Tue, 29 Jun 2021 15:36:02 +0300 Immigrants in polish economy http://papersvuzf.net/index.php/VUZF/article/view/181 <p>This article deals with immigrants in Polish economy. The aim of the article is to present the most important research findings, concerning immigrants and enterprises where they are employed. This issue also includes the influence of the COVID-19 pandemic. The authors of this paper focused mostly on Ukrainian immigrants.</p> <p>It has been proven that increase in the number of immigrant workers leads to the growth of the Gross Domestic Product, and contributes to the faster growth in remittances from the Republic of Poland to Ukraine. As a result of the adverse impact of the COVID-19 pandemic on sales, non-employment costs were reduced in the service and industrial sectors. Employment changes were not correlated with company’s situation.&nbsp; It is worth noting, that because of the COVID-19 pandemic, some companies may be less inclined to recruit immigrants in the near future, and the overall demand for labor may decrease. This is particularly important, because the primary reason for employment people from abroad was the inability to meet labor needs of the citizens of Poland. The majority of immigrants are employed only to perform physical work which does not require qualifications. Large companies show greater interest in the foreign human capital. Over the past five years, there has been an increase in the number of immigrants who declared their intention to stay in Poland for a longer period of time. More than half of the immigrants stay in Poland, with at least, one family member. On this basis, it may be concluded that the number of immigrants willing to settle in Poland is growing.</p> Iwona Dudzik, Irena Brukwicka Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/181 Tue, 29 Jun 2021 15:46:39 +0300 The burden in the social insurance system on business entities in Ukraine and the EU http://papersvuzf.net/index.php/VUZF/article/view/182 <p>The article considers the burden in the social insurance system on business entities of Ukraine and EU countries. A comparison of northern European and continental models of social insurance is made. The system of social insurance in terms of payment of contributions by economic entities of Ukraine and EU countries is analyzed and a comparative description is made. An analysis of the reform of insurance rates for business entities for compulsory state social insurance in Ukraine, as well as the dynamics of the single social contribution from businesses. The influence of the load in the social insurance system on economic entities on the level of shadowing of the state economy is substantiated. The article defines the dynamics of the integrated indicator of the level of the shadow economy in Ukraine and the growth / decrease of real GDP. The factors that contribute to the growth of the shadow economy in the EU countries are identified and the shadow sector in these countries is analyzed. An approach to reduce the burden in the social insurance system on business entities of Ukraine is proposed.</p> Anastasiia Kyrychenko Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/182 Tue, 29 Jun 2021 16:04:59 +0300 Developing competition in the Ukrainian mobile communications market http://papersvuzf.net/index.php/VUZF/article/view/148 <p>Based on the study of the mobile market of Ukraine, the main elements of its structure and the degree of intensity of competition between the main actors have been determined. The necessity to take into account several factors that influence coordination capacity of the market and the conditions of collective dominance of the largest subjects of mobile services market have been outlined. The market concentration indicators and their characteristic tendencies have been analyzed, as well as the conditions and nature of the growth of the mobile market in Ukraine at the present stage. The study of the competitive environment has led to the conclusion about the oligopolistic structure of the Ukrainian mobile communications market with prominent leaders such as PJSC “Kyivstar”, PJSC “VF Ukraine”, LLC “Lifecell”. The study results allow to characterize the Ukrainian mobile communications market as favorable for collusion between the largest operators.</p> Yurii Umantsiv , Katerina Nikolaiets , Larysa Lebedeva, Evheniia Kononenko Copyright (c) 2021 VUZF Review http://papersvuzf.net/index.php/VUZF/article/view/148 Wed, 30 Jun 2021 00:00:00 +0300