Кафедра фінансів

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5 инструментов для развития вашей бизнес-модели
(2011) Мертенс, О.
Цей посібник підготовлено в рамках проекту Міжнародної фінансової корпорації (IFC) з подолання наслідків кризи в корпоративному секторі.В межах проекту в різних частинах України було проведено декілька десятків семінарів з управління бізнесом в посткризових умовах. В посібнику запропоновано 5 завдань до обговорення менеджерами компаній для пошуку нових ідей та рішень для вдосконалення бізнес-моделі.
A review of approaches to understanding corporate crisis
(2014) Lytvyn, Anton
У статті розглянуто основні академічні підходи до визначення організаційних криз. Разом із оглядом визначень поняття «криза» дослідниками сфери антикризового управління, наведено міркування щодо суті криз, їхнього впливу на підприємства та настанов управління ними. Зроблено висновки щодо розвитку подальших досліджень у сфері криз на підприємствах.
Analysis of Advertisement Financial Efficiency in Pharmaceutical Sphere
(2017) Dadashova, Pervin; Khobta, V.
This paper defines the main trends of pharmaceutical market development in Ukraine and presents the most common measures of the demand stimulation for pharmaceutical products, primarily advertisement. The scope of the investigation included the analysis of the impact of these measures on the companies’ revenue from sales, with the use of the panel data model, and the group of products with the low income level without advertisement was defined. The respective group was additionally analyzed with the use of cluster analysis that allowed for conclusion on the most efficient demand stimulation instruments. The obtained results show that in order to perform an efficient advertisement campaign, it is necessary to analyze statistical data regarding separate products sales with the application of the methods presented in the paper.
Artificial intelligence application in auditing
(2023) Ivakhnenkov, Serhii
Artificial intelligence (AI) is a rapidly evolving technology that has gained prominence in various industries, including auditing. AI enhances the effectiveness of auditors by automating routine tasks and improving data analysis. Major audit companies, such as EY and PwC, have integrated AI into their practices to save time, increase accuracy, and provide better services to clients. AI applications in auditing include anomaly detection, fraud prevention, revenue analysis, risk assessment, and financial data analysis. Machine learning algorithms, a subset of AI, play a crucial role in analyzing large volumes of financial data, identifying patterns, and making predictions. AI implementation in auditing involves different stages, including pre-planning, planning, contracting, control risk assessment, and substantive tests. The benefits of AI for auditors and clients include improved data analysis, reduced human error, increased efficiency, and enhanced audit quality. However, the successful implementation of AI in auditing requires a clear understanding of its strengths, limitations, and challenges, as well as interdisciplinary collaboration and the development of specialized frameworks. AI has the potential to transform audit procedures, but human expertise and understanding are still essential for its proper use. It is important to recognize that while AI can automate certain tasks, it cannot replace auditors’ judgment and critical thinking skills. There are also challenges associated with AI implementation in auditing. These include the need for extensive data preparation, ensuring data quality and integrity, managing complex algorithms, and addressing regulatory and compliance issues. Furthermore, auditors must stay updated with the latest advancements in AI and continuously adapt their skills to leverage the technology effectively.
Assessing how large is the market for prostitution in the European Union
(2017) Adair, Philippe; Nezhyvenko, Oksana
Prostitution regimes in the EU-28 include prohibition, regulation and abolition; we tackle this typology from the perspective of both free sex work and forced labour, in order to gauge the magnitude of the European sex market as of 2010. We document the behaviour of customers on the demand-side for prostitution. Next, we address the supply-side, using HIV prevalence among sex workers to achieve a first series of two estimates. We design a second series of two estimates from miscellaneous sources (NGOS and the police). We investigate forced sexual labour trafficking, providing an additional series of estimates from the ILO and from Eurostat and UNODC. We check the magnitude of prostitution as regards employment figures and ranking with respect to the distribution of population in the EU countries. Thanks to an ordered probit, we test all five estimates; eventually, we come up with one best estimate (from HIV prevalence) that is also the lowest one.
Budget Security as Factor of Economic Development of the State
(2020) Bondaruk, T.; Momotiuk, Liudmyla; Bondaruk, O.
A system analysis of the core threats to the budgetary security of the state shows that the current performance of the budgetary system in Ukraine was formed under the pressure of destructive external and internal risks aggravating the budgetary security problem. The article’s objective is to deepen theoretical and methodological foundations for the assessment of core threats to the budgetary security of the state. It is demonstrated that the occurrence of external and internal threats to the budgetary security is characterized by the following tendencies: high level of GDP redistribution through the budgetary system; the growing figures of the total public debt, the government guaranteed debt and the payments to service and repayment of the public debt in Ukraine; the persisting high deficit of the public budget; high level of centralization of the budgetary funds. It is substantiated that the execution of budget revenues involves two main dimensions of risk activities, which are the threats related with the proceeding of taxes and other categories of obligatory payments to the budget, and the administrative threats stemming from the existing system of tax administering. The impact of the first group of threats can be minimized by building up a rational budgetary system with the optimal level of fiscal burden. Minimization of the impact from the second group of threats will enable for the effective work of government bodies charged with administering and control. The factors that cause risks and threats of budget losses resulting from failures in the budget revenues administration system are determined: risks which occurrence will result in the budget revenues never reaching the expected levels due to the inefficiency of forecasting and planning of budget revenues and failures in the routine operation process, first and foremost when mobilizing payments to the budget; risks of the excessive costs with the occurrence of which the costs for guaranteeing the projected figures of budget revenues by revenue category will exceed the economically viable ones; risks of the violation of the law, and risks of budget revenues administering per se.
Can We Afford (In)Formal Wages?
(2016) Nezhyvenko, Oksana
Ukrainian workers are regarded as highly educated and skilled, entrepreneurial, hard-working and even able to hold multiple jobs at the same time. Nevertheless, abroad Ukraine is continuously considered to be a poor country, not attractive as a country of work destination from developed economies. This short paper discusses whether informal employment may be a reason for this.
The Canonical New Keynesian Monetary Policy Model: A System Dynamics Translation : [preprint]
(2018) Wheat, David; Oleskevych, Marianna
Material of the speech at 36th International Conference of the System Dynamics Society, Reykjavík, Iceland, August 7-9.
Circular economy: the future of aquaculture sector in Ukraine
(2023) Ozhohanych, T.; Iermakova, Olga; Klenin, Oleh; Dolinskyi, Leonid; Glushchevsky, V.; Tkach, O.
Ukraine stands on the threshold of economic development and outdated habits. At the same time, the situation with landfills and ecologically oriented productions is much wider than in Western countries. But thanks to the popularity of the transition to alternative energy sources, even the country's population already partially uses it. The aquaculture sector is one of the promising areas of the Ukrainian economy. Currently, it is only taking its modern form. This study examines the prospects for the development of the aquaculture sector in the circular economy, as a reliable pillar of Ukraine's food security in the long term. Weaknesses and opportunities of the sector, as well as pre-war growth trends, are identified. A number of recommendations are also offered to direct attention to the issues of the sector.
Comparative evaluation of the labor markets development in the Republic of Moldova and Ukraine
(2017) Blyzniuk, Victoria; Rojco, Anatolii
The relevance of the article is due to the fact that the functioning of labour markets in the Republic of Moldova and Ukraine is facing a number of serious problems. Among them, the most acute are the problem of inefficient employment, the widespread informal employment, and the imperfect wage system. The aim of the research is to analyze the challenges and risks in the labour sphere of Moldova and Ukraine, to identify commonalities and differences in the process of transforming the labour markets of both countries, and to develop proposals for resolving the most acute problems. Information base of the research is represented by data of national statistics, international databases, legislative and normative acts. The authors are using the following methods: monographic, statistical, analogue based, and comparison based ones. They proposes various measures to bring the minimum wage to European standards, reduce the level of informal employment, and improve the system of social protection of the unemployed.
Comparison of Running a Small Enterprise in Germany and Ukraine
(2016) Bazilinska, Olena; Panchenko, Olena; Dovhinka, Yelyzaveta
In this article work of private enterprises in Ukraine and Germany is compared. It is highlighted a set of features that determine successful functioning of small business enterprises in Germany compared to Ukraine. In addition, the system of private enterprises is considered in the article as the basis of social and economic development of a country. Particular attention is paid to national characteristics of accounting. Also the importance of maintaining small private enterprises by the state is emphasized.
The Concept of Tax Elasticity as a Measure of Taxation System Efficiency in Ukraine
(2003) Lukianenko, Iryna
Rather than allocating resources and setting quarters for output, the state in transition countries now provides certain public services, such as national defense, law enforcement, environmental protection, and social security nets for vulnerable sections of population. The success of such government activity significantly depends on the budget revenues collected from taxation. In assessing the efficiency of a tax system in terms of collecting revenue for the budget and determining the scope for necessary reforms the concept of tax elasticity is useful. It is often of interest to have a measure of how “responsive” tax revenue is to some changes in tax rate or any other taxation requirements. One of such measures is elasticity that can give a picture of built-in flexibility of taxation system in terms of raising budget revenue. Therefore, our analysis applies the concept of elasticity of a particular tax with respect to GDP and the tax base. This can allow to evaluate the efficiency of current Ukrainian tax system. We use the elaborate econometrics models to investigate different aspects of the elasticities of Ukrainian tax system. Special attention was paid to VAT (Value Added Tax) as one of the main sources of budget revenue. The issues of whether in Ukraine VAT works properly in terms of budget revenue collecting and stimulating economic activity are examined. The responsiveness of VAT revenue and the budget execution on VAT with respect to changes in the tax base were estimated. The empirical analysis showed that efficiency of Ukrainian tax system in terms of raising budget revenue can be enhanced by simplifying the tax law, lowering and differentiating the tax rate. Simple and transparent tax law allows taxpayers to diminish compliance and administrative costs. Lowering and differentiating the tax rate implies different tax rate for different goods and services that in their turn could expand the tax base. Based on examined models the improvements in VAT implementation were proposed.
Conceptual bases to define shadow economy
(2015) Nezhyvenko, Oksana
The article presents theoretical bases to define shadow economy. The importance is stressed to study and tackle this challenge in transition countries and in Ukraine particularly. It is emphasized that a substantial size of shadow economy affects the official economy by causing corruption and, being a feature of a survival economy, hinders long-term growth perspective on a country level. The definitions of the "shadow economy", "non-observed economy" and "underground economy" are provided based on the System of National Accounts and the principles of the Organization for Economic Cooperation and Development.
Consumer Lending in Ukraine: Estimation of the Equilibrium Level
(2020) Csajbok, Attila; Dadashova, Pervin; Shykin, Pavlo; Vonnak, Balazs
In line with Kiss et. al (2006), we have constructed an analytical framework for the timely detection of risks connected with the rapid growth of consumer lending, based on an econometric model for the equilibrium level of household and consumer loans. Results from an estimation on a panel of countries were extrapolated to the Ukrainian banking sector. The model suggests that after two waves of strong deleveraging starting in 2009 and in 2014, the consumer credit stock in 2019 is still well below its equilibrium level in Ukraine, despite the recent strong nominal dynamics.
COVID-19: crisis or new opportunities time for the agricultural sector of Ukraine
(2021) Kaminskyi, Andrii; Nehrey, Marina; Zomchak, Larisa
COVID-19 is a huge problem for the sustainability of the global economy, both short and long term. The spread of COVID-19 has led to a decline in business and economic activity, as well as a contraction in production - virtually all world economies have shown a sharp decline in GDP. World experience shows that agriculture is less vulnerable to a pandemic. In general, there is a calmer reaction to the demand for agricultural products than for industrial ones. The impact of agricultural production volume on the real GDP of Ukraine is investigated with a distributed-lag model on the data for the period 2008-2020. The effects of the impact distribute almost evenly between the four quarters of the year, which means that the lockdown effects in the agriculture sector will affect the GDP of Ukraine for a long period. The decline in production, the closure of markets and borders, the cancellation of orders led to the fact that the agricultural sector faced serious logistical problems. In addition, the economic downturn has affected farmers' access to financial resources. However, COVID-19 also opened new opportunities for the Ukrainian agricultural sector: accelerating and expanding the process of digitalization, the opportunity to expand the market for export products, and increase skilled and unskilled labor. The authors propose six steps to ensure the sustainable development of the agriculture sector of Ukraine.
Cоціальновідповідальні інвестиції як перспективний напрям інвестиційної діяльності: сутність і тенденції
(2016) Дяковський, Дмитро
Розглянуто сутність соціально-відповідального інвестування, ключові віхи історії його розвитку, зарубіжний досвід та сучасні тенденції. Проаналізовано чинники виникнення та поширення цього явища, а також сучасні принципи, які використовують соціально-відповідальні інвестори при формуванні інвестиційних портфелів. Наведено пропозиції щодо розширення сучасного трактування цих принципів. Розглянуто питання їх дотримання фінансовими установами. Окреслено сучасні тенденції у здійсненні соціально-відповідального інвестування у світі та в Україні, а також перспективи його подальшого розвитку в контексті глобалізації та у межах ідеології сталого розвитку. Підкреслено важливість усвідомлення важливості такої інвестиційної стратегії та сприяння її впровадженню як на рівні інвесторів, бізнесу, так і на рівні держави, її інститутів, на законодавчому рівні, на рівні суспільства і громадських організації.
Designing a System Dynamics Model of Shadow Wage Formation in Ukraine
(2020) Novik, Alina
The formation of the shadow wage in Ukraine is a major problem and a threat to economic growth. According to different valuation methods, the shadow economy in Ukraine ranges from 35% to 54% of GDP, and the shadow wage is estimated at 18% of GDP. The general scheme for tax evasion by businesses is to informally pay cash to workers in "envelopes", which results in a large amount of cash in the economy and, as a consequence, further opportunities for tax evasion. Despite the urgency of the current issue for Ukraine and a large number of works by Ukrainian and foreign scientists dedicated to finding positive and negative features of the existence of shadow wages, there is still a lack of research that determines the formation of shadow wages through the use of economic and mathematical tools. Based on that, a model of shadow wage formation using the system dynamics method was constructed, which takes into account such factors as the amount of cash in the economy and the size of the minimum wage. Based on the modeling results it was found that raising the minimum wage would reduce the share of the shadow component in GDP. Taking that into consideration, conclusions were drawn regarding the first objectives of government policy, which should aim at creating opportunities for economic growth and reducing the amount of cash in the economy in order to lower the size of the shadow sector in Ukrainian economy as a whole.
Determination and description of endogenous and exogenous factors of the financial services market development in the conditions of economic turbulence
(2021) Dubyna, Maksym; Panchenko, Olena; Bazilinska, Olena; Pylevych, Dmytro; Kozlianchenko, Olena; Konoplia, Nataliia
The aim of the study is to determine and describe endogenous and exogenous factors in the development of financial services in a turbulent economic environment. In the study, the authors used general economic and specific methods of scientific knowledge, including: formalization, abstraction, dialectical, graphic, decomposition, monographic, analysis and synthesis, abstract-logical, generalizations, observations, comparisons and others. The article systematizes and analyzes the basic factors that determine the development and functioning of the financial services market. It is proved that an important role in the development of the financial services market is played by economic factors, among which the authors selected certain groups and studied the peculiarities of their formation.
Development of the Financial Services Market in the Conditions of Economic Turbulence
(2022) Ostrovska, Natalia; Popova, Liubov; Pylevych, Dmytro; Panchenko, Olena; Kozlianchenko, Olena; Bazilinska, Olena
The article is devoted to the study of the development of the financial services market in conditions of economic turbulence. The concept, essence and approaches to its understanding are clarified. Stabilizing and destabilizing factors that affect the development of financial services market are identified. In order to study the development of financial services market in conditions of economic turbulence, the article focuses on its essence and leading manifestations. For the purpose of effective functioning in the conditions of economic turbulence the process of detection of turbulence and development of the corresponding actions taking into account preconditions, the reasons and catalysts of turbulent processes is offered. The main turbulent processes that negatively affect the development of the financial services market are identified, including: occupation of part of the territory, hostilities and further escalation of the conflict, political instability, devaluation of the national currency, deteriorating macroeconomic situation, reducing the number of financial services market participants. These processes are considered and their impact on the development of financial services market is outlined.
Distance learning as a tool for enhancing university academic management processes during the war
(2023) Kuzheliev, Mykhailo; Zherlitsyn, Dmytro; Nechyporenko, Alina; Lutkovska, Svitlana; Mazur, Hennadii
The ongoing war in Ukraine has posed unprecedented challenges to traditional education systems, disrupting learning and affecting education quality. As universities adapt to these challenges, the growing reliance on distance learning strategies becomes crucial for maintaining academic management processes. This paper investigates the role of distance learning tools in addressing wartime challenges and enhancing university academic management. Utilizing a mixed-methods approach, the study combines quantitative data analysis of student performance with qualitative insights from educators and students affected by the war. The results prove the effectiveness of distance learning tools in maintaining education quality during the war while also addressing the unique challenges faced by universities in conflict areas. The findings reveal that distance learning tools serve as a valuable resource for universities to mitigate the negative impact of the war on education quality as part of academic management processes. However, specific challenges such as developing digital competencies, ensuring access to technology, and designing effective distance learning materials must be addressed in war-related disruptions. The quantitative analysis of student performance data highlights the potential of innovative distance learning tools in maintaining education quality during crises and wars. However, the efficiency of their use during the large-scale war in Ukraine has shown a decline and thus necessitates further research. Nevertheless, these insights provide valuable guidance for educators and academician managers to support students and educators during challenging times.

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