Baltic Journal of Economic Studies

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ISSN / EISSN : 2256-0742 / 2256-0963
Published by: Publishing House Baltija Publishing (10.30525)
Total articles ≅ 977
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Vladyslava Lyfar, Yuliia Sokolova
Baltic Journal of Economic Studies, Volume 8;

The study aims is to determine the components of the region’s inclusive development and its results through the analysis of population welfare. Methodology. To achieve the goal of the study, the general methods (analysis, deduction), methods of abstraction for building models, empirical methods (comparison, measurement, questionnaire) were used. Findings. Analyzing studies devoted to the inclusive development of the economy, the authors put forward a personal vision of the basis for the inclusive development of an industrial region, consisting of the economy of the region, the community living in a given territory and the environment, and their interrelationships, which made it possible to propose a conceptual model for the involvement of members of the territorial community in inclusive development. Originality. The author's inclusive business model for the development of the region is proposed. It is aimed at attracting investments through the existing positive image, brand of the territory and additional value, which, unlike the existing ones, does not focus on factor conditions (minerals, land) of economic development, but focuses on human resources, that constituted an element of scientific novelty of the study. One of the main prerequisites for the implementation and development of the inclusive business model – the well-being of the population – was detected. Therefore, a study, which assessed and compared the welfare of the population of different regions of Ukraine, based on clearly defined indicators of living standards and quality of life was conducted. The inequality of development of different regions of Ukraine was also assessed, and its causes were identified. The conducted research the principles of regional justice contributed to the formulation of recommendations for overcoming the gaps in the welfare of the population of the Ukrainian regions. Practical value. The results obtained can be used as a scientific substantiation of reforms in the internal regional, social, and economic policy of Ukraine aimed at ensuring qualitative structural changes in the domestic economy.
Viktor Oharenko, Olga Pokatayeva, Mariia Diachenko
Baltic Journal of Economic Studies, Volume 8, pp 111-117;

The purpose of the article is to elucidate the training of future heads of education institutions for economic activity in the modern context; cover the management aspect and the results of an experimental test on the readiness of master’s students, specialty 073 Management (Educational institution management), for economic activity. A scholarly discussion on the problem of training future heads of education institutions for economic activity is presented. The authors describe the essence of the management aspect of training concerned. It is determined the levels (high, sufficient, average, low), structure, and criteria of the readiness of future heads of educational institutions for economic activity: motivational, cognitive, activity, and reflective. The foreign experience in training education managers for economic activity is considered. The requirements for training future heads of educational institutions for economic activity in Ukrainian universities are analyzed. The authors clarify the peculiarities of teaching the following disciplines of economics to master’s students, specialty 073 Management (Educational institution management): “Management of financial and economic activity”, “Legal and financial-economic fundamentals of educational institution management”, and “Educational fundraising”. It is identified core theoretical knowledge and practical skills that a graduate of the specialty 073 Management (Educational institution management) must possess. Emphasis is placed on the understanding of the principles of financial management of an educational institution; accounting organization as a separate area of an educational institution; the economic essence of salaries in educational institutions and accounting tasks; financial management of an educational institution, etc. Results. The authors have developed components of educational institution management amidst the educational system’s modernization and economic progress of the state, as well as the main ways to train future managers of educational institutions for economic activity. The results of an experimental test on the readiness of future managers of educational institutions for economic activity are presented: in the process of professional training, the number of students with a high level of EA readiness increased by 22.2%, the low-level indicator significantly decreased – by 18.4%, and the indicator of a sufficient level increased by 14.2%. This is also confirmed by qualitative changes in the readiness of future education managers for economic activity.
Olena Tarasenko, Maksym Dubyna, Olha Popelo
Baltic Journal of Economic Studies, Volume 8, pp 134-147;

Financial resources of households in most developed countries are the largest in volume, stable in terms of the development of the financial services market and economy as a whole. It is the development of the mechanisms for attracting these funds from economic entities, knowledge of the process of making financial decisions, is an important and integral part of forming a solid foundation for sustainable economic development. Accordingly, conducting research in this area is relevant and necessary. Thus, theoretical and methodological provisions for the formation of deposit behavior of households in current changing conditions of the financial services market is the subject of this research. Within the study, a range of classical scientific approaches is used. The following general and special research methods were used, namely: analysis, synthesis, content analysis, system approach and method of logical generalization, process approach, etc. Methods of graphic visualization of research results were used as well for better presentation. The purpose of the article is to study the nature and features of the formation of deposit behavior of households in the financial services market in terms of its transformation. Thus, as a result of the study, within the article, a detailed analysis of the essence of deposit behavior of households is carried out, and the author’s concept of the interpretation of the following categories “deposit behavior”, “deposit behavior of households” is formulated. The article identified and systematized the main factors influencing the formation of this type of behavior; these factors are divides into groups: endogenous and exogenous. The detailed consideration of the formation process of deposit behavior of households in the financial services market allowed to identify the main stages of its formation and to describe their features. It is established that the process of reflection of economic entities plays an important role in the formation process of deposit behavior of households, which highlighted the need to deepen theoretical issues of this direction. Accordingly, the essence of financial reflection is specified, the specific features of the implementation of reflective management of the formation process of deposit behavior of households in the financial services market is considered.
Nataliia Bondarchuk, Aljona Minkovska, Lesia Kriuchko
Baltic Journal of Economic Studies, Volume 8, pp 21-27;

The objective of this article is to summarize theoretical provisions and develop practical recommendations for improving staff motivation in agricultural businesses to insure financial and economic security (including cooperative farms). Methodology. The following scientific methods and techniques were used in addressing this objective: analysis and synthesis (to study the essence of theoretical categories of “motivation” and “competency profile”), the calculation and constructive method (to define work performance of agricultural business employees); and the monographic method (to summarize the conclusions). Practical Implications. The article states that the main management objective of agricultural businesses at their current development stage is to motivate employees to work effectively in order to organize high-quality and efficient work and insure their financial and economic security. Existing personnel motivation models and systems do not allow for a complete use of all the possibilities of labor resources of agricultural businesses and need to be reviewed. The main issue in the implementation of motivational mechanisms by agricultural businesses is low wages and a lack of interest of labor resources in achieving high performance both in production and product sale. Personnel marketing is a special type of management activity aimed at the most effective planning of staffing needs, provision of staffing, development and use of staff, and employee motivation in order to achieve business goals and meet staffing needs. This article suggests using the following algorithm in agricultural businesses (including cooperative farms) to develop a staff motivation system based on the marketing approach: studying the human resources of the business and identifying qualitative and quantitative staff needs; conducting a personnel audit; monitoring the labor market; streamlining the job profile; identifying competitors in the labor market; researching ways to attract staff; implementing professional development programs etc. The article furthermore considers the use of the KPI method, which will allow applying a differentiated approach to wages and identify employees with the lowest efficiency and performance, and optimize the number of labor resources of agricultural businesses, and suggests their use by such businesses. For agricultural businesses, the use of 3–7 KPIs per employee is suggested. The article offers indicators that demonstrate personal performance. The article uses the KPI methodology together with the employee’s competency profile. The combination of KPIs and the competency profile can provide an opportunity to assess the quantity and quality of work of each employee. A competency profile is defined as follows: a list of characteristics that correspond to each position in an agricultural business that comprises key and professional competencies. A five-point scale has been developed to assess the competencies of labor resources. Value/originality. The combination of a KPI system with an assessment of the competency of an individual employee and the marketing approach will ensure transparency in using labor resource stimulation mechanisms; form a new high-quality motivation system in which the end result expressed as the salary amount will depend on the quantity-quality labor force performance indicators; and allow for the differentiation of bonuses for each individual employee depending on the quality of performance of his/her job responsibilities and changes in his/her labor competencies.
Hanna Kotina, Maryna Stepura, Pavlo Kondro
Baltic Journal of Economic Studies, Volume 8, pp 75-82;

The challenges of the digital economy are leading to radical changes in public governance, creating conditions for convenient and prompt access to public services and public information. Moreover, the pandemic has caused drastic changes in the use of digital public service – it has become a necessity. Ukraine has significant prerequisites for the development and effective transformation of public administration to a higher technological level. Furthermore, during the time of crisis (2013-2014, 2020-2021), the government priorities were shifted to support digital transformations to improve the effectiveness of public administration and ensure the sustainability of public finance. The purpose of the paper is to investigate and assess a correspondence between efficiency of governance and sustainability of public finance based on digital transformations under the Ukrainian approach. The main scientific question was: How does the active digital transformation in public governance affect the sustainability of public finance in Ukraine? Methodology. Seeking the solution, own methodological developments were used; correlation analysis of main indicators of government effectiveness and sustainability of public finance was estimated. To assess the impact of digitalization on public governance efficiency, Ukrainian governance practices over the past 13 years were analyzed, expressed by indicators of governance effectiveness, through the introduction of digital technologies. Results. Based on empirical research, it has been found that due to several limitations, a strong direct relationship between active digital transformation and the sustainability of public finances (debt security) has not been identified. But at the same time, significant progress has been made in efficiency of public governance through the implementation of costly but effective digital change. This correspondence is especially noticeable during the crisis caused by the pandemic (2020-2021), during which the involvement of citizens in digital services is very high. Practical implications and value/originality. The convergence of synergies between key aspects – public governance, digitalization, finance, and security – has great potential for relevant solutions that provide a broader view of sustainable development issues. It can be noted that this issue is extremely relevant for further research in the field of public administration and finance in the context of sustainable development of the digital economy.
Oksana Pidvalna, Tamara Kachala, Kateryna Romashchenko
Baltic Journal of Economic Studies, Volume 8, pp 118-125;

The purpose of the paper is the research of organizational, methodological and economic imperatives of developing an innovation strategy of sustainability for a region on the basis of intellectual capacity building. Methodology. Methods of scientific analysis and synthesis, structural, factor, system and functional analysis, methods of economic and statistical analysis were used as main methods in this research. In addition, we used special methods of complex economic analysis: monographic method during the research on the specific features of intellectual capacity building, historical method during the research on principles and factors of a region's intellectual capacity building and development strategy, abstract and logical methods in defining modern requirements for the intellectual potential of a region, systematic and comprehensive methods in formulating a model of economic sustainability of intellectual capacity development in a region, structural objectives to develop the strategic mechanism of intellectual capacity development in a region. Results. An innovation strategy of a region economic sustainability is proposed in this paper. The strategy is a scheme of achieving significant long-term competitive advantages and the main tool of a sustainable region development that creates a possibility for the efficient use of intellectual, productive, technological and market resources. Structural interconnection of resource components of innovational capacity in the system of a region strategic sustainability support is analyzed. The research presents the algorithm of innovation strategy development in the system of a region strategic sustainability support. An integrated benchmark and indicator system that helps to choose a certain innovation strategy of region development is characterized. The mentioned criteria and indicators provide more rational and effective choice of innovative behavior. We proposed principal directions of investment in the intellectual capacity of a region and developed a scheme for evaluation and selection of investing alternatives for the intellectual capacity of a region. Practical implications. The proposed organizational and economic tools allow implementing relevance and efficiency of intellectual capacity management in order to ensure its strategic sustainability. Value/originality. The acquired results show a theoretical base of organizational, methodological and economic imperatives of developing an innovation strategy of region sustainability and the growth of the regional economics.
Sergey Kovalenko, Natalia Bykovets
Baltic Journal of Economic Studies, Volume 8, pp 62-74;

The purpose of the article is to investigate the essence and significance of the cluster initiative and the cluster policy as tools for strategic development and increasing of the economy competitiveness of the Euroregion “The Lower Danube” based on the analysis of factors providing state support for cluster initiatives in the context of the promotion of the European Union Strategy for the Danube Region. The theoretical and methodological background is the works of Ukrainian and foreign academic economists studying general systems theory, systemic analysis, and also strategic planning methodology at enterprise, regional and national levels. The research is based on the fundamental provisions of economic theory, the theory of strategic planning, institutionalism, regional and global economics, cluster theory, the location theory, the growth pole theory, M. Porter’s competitive theory, networked economy theory, spatial economic agglomeration, as well as modern theoretical developments on the problems of formation and implementation of the Euroregional policy of the EU. The research hypothesis is the assumption that the cluster approach is the most effective mechanism for the development of international economic cooperation in modern conditions and, eventually, the meso-level of competitive cross-border integration systems and a necessary requirement for qualitative growth of Ukraine’s integration into the European Economic Area. The goal statement can be described as a meso-economic synthesis of concepts of the development of innovation clusters and international integration associations. Based on the analysis of problems of formation and development of clusters, the methods and tools of state support of cluster initiatives are explained, and the most important strategic directions of activity of executive bodies aimed at stimulating the processes of formation and development of clusters in the Euroregion “The Lower Danube” are formulated. Cluster policy aimed at stimulating cluster initiatives with a further formation of cross-border innovation clusters can be considered as one of the effective tools for intensifying innovation activity in the Euroregion “The Lower Danube”. The authors conclude that the creation of cross-border clusters in the Euroregion “The Lower Danube” with the participation of Odesa region of Ukraine is associated with the necessity to form a united cross-border area. At the same time, the state is given a leading role in ensuring a favorable cluster environment (including the reduction of barriers to trade) and stimulating international cooperation. It is proposed to develop meso-level integration processes within the Common Economic Space of Euroregions, with the active participation of Ukraine on the basis of a cluster approach, forming cross-border cluster systems based on competition, cross-border cooperation, virtualization of interinstitutional networks and formation of “clouds” of highly efficient intercluster interactions.
Larysa Poliatykina, Iryna Samoshkina, Victoria Borisova
Baltic Journal of Economic Studies, Volume 8, pp 126-133;

The purpose of the article is to study the problems of implementing the credit mechanism in the agrarian sector, the rationale for the need to increase the amount of lending to the agro-industrial complex and the analysis of existing studies of bank lending to agricultural enterprises. The issue of solving the problems of lending to the agro-industrial sector in the modern scientific literature is not addressed enough. In light of this, the above-mentioned issues require further comprehensive research in order to identify effective ways to solve the existing problems. Problem statement. The task of the research is to: study the current state of bank lending in the country, analyze the state of accounting and financial support for lending to agro-industrial enterprises and determine the prospects for the development of agricultural enterprises in Ukraine; analyze the shortcomings and formulate the main trends of these enterprises. As a result of the research to investigate the accounting and financial problems of lending to agricultural enterprises, to highlight in detail their main problems and features. Methodology. The analysis of the activities of agricultural enterprises and the peculiarities of its management. The issues of formation and functioning of farms, as well as document management and business administration in these farms are debatable. Results. According to the research, accounting and financial problems and possible prospects for lending in the agricultural sector of Ukraine were analyzed. As a result of the study, we have analyzed the state, problems and possible prospects of lending in the agrarian sphere of Ukraine. The features of credit relations of agro-industrial enterprises with commercial banks are revealed, the state and trends of development, as well as the modern conditions of bank lending to agricultural enterprises are analyzed. The need for the state support in providing this industry with affordable long-term lending resources and the introduction of preferential credit mechanisms for agricultural commodity producers is determined. Practical implications. Peculiarities of credit relations of agro-industrial enterprises with commercial banks are revealed, their state and development tendencies are analyzed, as well as modern conditions of bank crediting of agrarian enterprises. They develop the real economy, expand employment opportunities and promote competition. The necessity of intensifying the development of agro-industrial enterprises, which is an important task of the state, has been proved. The solution of accounting and financial problems of bank lending to agro-industrial enterprises in Ukraine should be based on the introduction of European experience, which will contribute to the creation of a modern market economy with social justice. Lending to agricultural enterprises by commercial banks is currently quite complicated, and sometimes even impossible. The reasons are low profitability, return on capital employed and liquidity of the property. At present, farmers are considering alternative options for the replenishment of working capital. Therefore, the avalisation of bills and agrarian receipts may be used as an alternative to bank lending to meet the needs for the crop protection agents, fertilizers and planting material. These methods make it possible to obtain a delay in payment for the acquired resources or financial resources for the acquisition of working capital in the provision of agricultural enterprises with future harvest. The formation of strategic directions of creditor activity of banking institutions of Ukraine is considered on the example of activity of JSB "UKRGASBANK". The article pays attention to the issues of credit insurance in order to protect the interests of banking institutions and improve the formation of directions for solving the problems of bank lending to agricultural enterprises. Value/originality. The need for state support in providing agricultural enterprises with affordable long-term loans and the introduction of mechanisms for targeted lending to agricultural producers, which is possible only through a balanced government policy of comprehensive support for this sector of the economy. The directions of the decision of problems of bank crediting of the agricultural enterprises are offered. The improvement of legislation on the agrarian policy, the regulation of lending operations, the rational distribution of funds, their effective use and timely repayment of debt, and the corresponding policy of the state could remedy the situation.
Oleksandr Manzhura, Galyna Pochenchuk,
Baltic Journal of Economic Studies, Volume 8, pp 94-102;

The purpose of the research is to present the features of innovative changes in financial and tax systems in terms of digital transformation as a foundation to build a new quality of economic system in terms of virtual mobility and financial technologies that change business in the direction of its electronic direction. The object of the scientific research is the process of digitizing innovative changes in financial and tax systems in terms of virtual mobility, which has every chance to become a decisive step in implementing digital development strategy of Ukraine through the development of digital financial instruments, digitized financial de-velopment institutions, smart services and efficient defining a new quality of management of financial and tax systems. Methodology. By relying on compara-tive-retrospective analysis, synthesis, and system method, the digitalization of innovative changes of financial and tax systems is investigated. It determines the new quality and format of work of financial development institutions in the times of deepening virtual mobility. Comparative analysis was used to study the con-tent of regulatory and supervisory financial technologies, namely: RegTech, SupTech; the functions of financial system that reveal its role are indicated. The result of the article. Factors contributing to the development of financial system are presented; the authors give their vision of the content of non-financial com-panies that provide traditional financial services in virtual reality. The content of some innovative and digital changes in the Ukrainian tax system has been identi-fied and disclosed. Practical implications. It is argued that key innovative chang-es that need to be addressed in the context of reforming and digital transfor-mation of financial system have been revealed. Factors contributing to the devel-opment of financial system are presented. The peculiarities of digital initiatives that take place in the taxation system are indicated. Value/originality. In order to timely inform taxpayers in the media and on the web portal of the tax service, it is proposed to systematically covers main issues regarding the procedure for fil-ing tax returns, categories of taxpayers required to file reports, deadlines for such reporting, list of costs included as part of tax rebate. Payer Service Center should implement this awareness. Author’s vision of the content of practical work of non-financial companies providing traditional financial services in the conditions of virtual mobility is presented and thoroughly revealed.
, Volodimir Bilozubenko, Yevhen Sopin
Baltic Journal of Economic Studies, Volume 8, pp 148-158;

Digitalization ensured a revolutionary change in the ways of delivering and consuming financial services, in particular payment services. One of the key prerequisites for the sustainable operation and development of e-payment systems is the achievement of a high level of effectiveness of e-payment services (EPS), which occurs in the global context of building a digital economy. The goal of the research is to develop the conceptual framework and identify the key areas for improving the economic effectiveness of e-payment services in a global digital economy. The theoretical framework of the research includes: the best practices in the sphere of digital technology, digitalization and digital transformations; a concept of digital economy, determining its structure, technological “core” and contours, and functional features. An enhanced role of the Internet as a general economic infrastructure, being the key for the global quality of digital economy, has been taken into consideration. The methodology of the research is based on an evolutionary approach and includes: historical, systemic and structural, functional, and comparative analysis. The results of the research are represented by a number of theoretical, conceptual and practical provisions. Above all, the essence of FinTech was clarified and the key areas of its development were identified; the crucial importance of the problem of economic effectiveness for this sphere of digital technology was substantiated. The paper identified the essence and specific features of PayTech, which transformed the ways to carry out payment transactions and provide the respective services. The purpose and key components of e-payment systems were clarified as well as the specific features to ensure EPS in various aspects. The attention was drawn to the issues of effective EPS in terms of the provider (related to ensuring mass retail payments using Internet and mobile technologies). Taking into consideration different description models of payment operation, the emphasis was laid on the technological model and functionality of e-payment systems, which demonstrated an integrated approach to achieving the high quality and effectiveness of EPS. Taking into account the external and internal prerequisites to accomplish this, the following strategic areas for improving the economic effectiveness of EPS were identified: 1) enhancing the risk management quality; 2) innovation development; 3) development of the ecosystem of EPS delivery. Every area was clarified in terms of its critical importance, relation to strategic management and marketing, which enables to advance the methodology of creating new e-payment systems or improve the existing ones. Practical recommendations on the intensification of e-payment systems include: governmental support activities for EPS providers; proposals on enhancing the innovative function of regulatory “sandboxes” and expanding the use of the technologies which ensure the compliance with regulatory standards (SupTech and RegTech). Value/originality: the paper specified and identified the focus areas and activities to improve the economic effectiveness of EPS delivery, which is of strategic importance in the global digital economy, being of particular value for future studies.
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