Economics, Finance and Management Review 2023-09-30T23:15:51+03:00 Iryna Mihus Open Journal Systems <p><strong>ECONOMICS, FINANCE AND MANAGEMENT REVIEW</strong>&nbsp;(EFMR) is a peer-reviewed journal that publishes economic research results in the form of scientific articles for worldwide publication.</p> <p>EFMR practices a policy of open access to published content, upholding the principles of free dissemination of scientific information and global knowledge sharing for general social progress.</p> <p>EFMR focuses on research that has a high level of scientific validation of the findings and presents new important information for a wide scientific community.</p> THE ROLE OF WELL-BEING IN SUSTAINABLE CORPORATE DEVELOPMENT OF COMPANIES 2023-09-30T17:48:54+03:00 Grzegorz Konieczny Paulina Kolisnichenko Magdalena Górska Tomasz Górski Tomasz.Gó <p style="font-weight: 400;"><em>This article emphasizes the importance of employee well-being in the sustainable development of companies. The purpose of the article is to study the theoretical and practical aspects of the impact of well-being on the productivity and loyalty of company personnel in the context of sustainable development. The methodological basis of the study is the results of the analysis of scientific works on the welfare, loyalty of personnel and their impact on the sustainable development of companies. Analyzing the results of the conducted research, the main characteristic features of the well-being of company employees were identified, as well as the factors that help retain employees in the company and can make them stay were systematized. It has been established that all types of well-being are closely interrelated, and the improvement of one of them will affect the well-being of a person as a whole. The search for universal means of increasing well-being is the final result of the successful study of this phenomenon. Means of improving the well-being of employees is one of the most important elements of the company's successful operation. The necessity of conducting corporate welfare programs is indicated. The implementation of corporate welfare programs increases the satisfaction and productivity of employees, and increases the effectiveness of the management team in conditions of uncertainty. An increase in employee loyalty and engagement due to better quality work with them is noted.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023 MEASURING DIGITAL ADVERTISING EFFECTIVENESS ON FACEBOOK AS PART OF A NATIONAL BRAND ADVERTISING CAMPAIGN 2023-09-30T17:48:07+03:00 Bohdan Kolesnyk Iuliia Kostynets <p style="font-weight: 400;"><em>The subject of the study is the problem of assessing the effectiveness of digital activations (advertising campaigns) on Facebook and social media in general; finding ways to measure the impact of digital activations and the causal link of online information campaigns on a brand. The purpose of the study is to find out whether it is possible to reach the necessary target groups as part of a national brand image campaign using Facebook advertising; to monitor key indicators, results, and outcomes; to formulate key Facebook indicators that can be demonstrate the effectiveness of online campaigns; to study the issues of assessing the effectiveness of such digital advertising campaigns. This paper uses the dialectical method of scientific cognition, the method of analysis and synthesis, the comparative method, the method of data generalization, the method of expert evaluation, and the monitoring method. This paper defines the place and role of Facebook activations in the digital toolkit as part of a national advertising campaign in the context of the war in Ukraine and uncertainty in society. On the example of a relevant advertising campaign of an international brand present on Ukrainian market, the authors outline strategies and approaches to conducting national campaigns to inform and improve the brand image. The study also considers assessment of the brand impact of a Facebook advertising campaign, provides examples of efficiency assessment and proposals for conducting relevant marketing research. The authors characterize Facebook metrics, its algorithm for evaluating advertising on this platform and conduct a comparative analysis of approaches to Facebook advertising methods based on the experimental experience of cooperation with representatives of medium and large businesses. Proposals for analysing the effectiveness of digital campaigns on Facebook are presented. The results of the study are as follows: a set of strategies for effective conduct of a national digital advertising campaign on Facebook is identified, which can be applied to international brands in the face of market uncertainty; possible measures for analysing the effectiveness of a campaign are proposed.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023 INTRODUCTION OF THE INTELLECTUAL CAPITAL MANAGEMENT MECHANISM AT MACHINE-BUILDING ENTERPRISES 2023-09-29T11:38:30+03:00 Zinaida Zhyvko Maryna Derzhevetska <p style="font-weight: 400;"><em>Intellectual capital plays a significant role in the activities of machine-building enterprises. The purpose of the article is to study the main approaches to the structure of intellectual capital at machine-building enterprises; The methodology of the conducted research involves the use of a complex scientific approach to the study of intellectual capital with the use of information systems for its management.</em> <em>The article examines the structure of intellectual capital, the main approaches to determining the structure of intellectual capital.</em> <em>The analysis of various intellectual capital management systems made it possible to propose such an intellectual capital management system of a machine-building enterprise, which is considered from the point of view of a combination of formalized elements, actions that are included in the management subsystem of structural internal and external (relational) capital and the human capital management subsystem.</em> <em>The introduction of cyber-physical systems into the practice of machine-building enterprises and their further integration into a single network is considered. Such unification is a key stage in the creation of industrial SMART enterprises within the framework of the fourth industrial revolution.</em> <em>Given that the management of intellectual capital is one of the elements of structural capital management, the formalization of the main elements and the data processing of these elements using appropriate mathematical models were investigated.</em> <em>With the help of analytical and simulation modeling, we came to the conclusion about the need for a scientific and practical approach to the implementation of the intellectual capital management mechanism at machine-building enterprises. It is proposed to modernize the operational decision-making algorithm based on the analysis of the dynamics of the main indicators of the financial state of the enterprise, as well as the components of intellectual capital, which may lead to the need to reconstruct modes and forms of work. of the entire enterprise.</em> <em>The organizational and information provision of the intellectual capital management mechanism of machine-building enterprises has been improved and expanded.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023 THE ECONOMIC POTENTIAL GROWTH MANAGEMENT FOR REAL ESTATE DEVELOPMENT COMPANY THROUGH AUTOMATION AND ARTIFICIAL INTELLIGENCE TECHNOLOGIES 2023-09-30T23:15:51+03:00 Andrii Rosynskyi <p style="font-weight: 400;"><em>Constant changes in the economic environment of development companies, as well as a large number of impact factors on the economic results of these companies, complicate the management processes of their economic potential formation and growth. Optimization of the management system for the economic potential growth of development companies requires the implementation of multifactorial models of informed decision-making, built on algorithms of fuzzy logical inference. Based on this, the article develops a multifactorial input-output model of fuzzy logical inference regarding the primary real estate price of the development project. The model is dynamic because it includes the time impact factors on the resulting values, thus it can be used throughout the entire cycle of the development project implementation. It grants obtaining of two output price values: full and with the maximum possible discount, depending on the input data for a specific real estate object, which is a tool both for increasing the company's pricing policy management effectiveness, as well as for developing of a system for profitability maximization of each development project.</em> <em>In addition, the algorithm of this model application in the economic potential growth management system of the development company is proposed, as well as the spheres of its practical utilization at different levels of managerial decision-making are considered. Analysis of the developed model disadvantages led to the development of methods for their minimization through automation and artificial intelligence technologies. The application of the Simulink environment of the MATLAB software complex made it possible to develop a software implementation of the developed model, which allows not only to minimize the identified disadvantages but also to apply artificial intelligence technologies for its further improvement. The software implementation, taking into account the features of the model, is presented in the form of a hierarchical system consisting of three subsystems, each of which is not only a component mechanism for obtaining the model resulting values but also allows for obtaining intermediate values for each separate subsystem, which favor multi-level result analysis to make informed management decisions.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023 FINANCIAL ASPECTS AND FINANCIAL RISK DISCLOSURE: EVIDENCE FROM VIETNAM 2023-09-21T11:11:48+03:00 Hong Duc Bao <p><em>This study delves into the dynamic relationship between profitability, liquidity, and financial risk disclosure within the context of the Vietnamese business landscape. Employing a comprehensive dataset spanning the period from 2011 to 2020, encompassing 350 publicly listed companies, we scrutinize the intricate interplay of these critical financial factors. Our investigation reveals significant insights into the influence of profitability and liquidity on the extent of financial risk disclosure by Vietnamese listed firms. Through rigorous statistical analysis and econometric modeling, we establish a clear and robust link between these variables. The findings underscore the pivotal role played by profitability and liquidity as determinants shaping the propensity of firms to disclose information pertaining to their financial risks. As Vietnam's financial landscape continues to evolve and integrate within the global economy, the implications of our research offer valuable insights for regulators, investors, and corporate decision-makers alike. By shedding light on the nuanced relationship between profitability, liquidity, and financial risk disclosure, this study contributes to a deeper understanding of the mechanisms that underpin corporate financial reporting practices in an emerging market context.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023 DEBT STRUCTURE AND FIRM PERFORMANCE IN VIETNAMESE STOCK MARKET 2023-09-21T11:11:19+03:00 Hoang Oanh Thoa Hoang Thi Nga <p><em>This study investigates the relationship between debt structure and firm performance among a comprehensive sample of 546 Vietnamese listed firms over the period 2010 to 2020. The purpose of the research carried out in the article is to establish the relationship between the debt structure and the results of the firm's activities. Employing a fixed-effect method, we analyze the intricate interplay between debt composition and various dimensions of firm performance within the unique economic and institutional context of Vietnam. Our findings reveal a significant and negative association between debt structure and firm performance, shedding light on the intricate dynamics that shape corporate financial decisions and outcomes in the Vietnamese market. Specifically, our analysis indicates that firms with a higher proportion of debt experience decreased levels of performance across multiple performance metrics, including profitability, growth, and operational efficiency. This negative relationship between debt structure and firm performance underscores the importance of optimal capital structure decisions and strategic financial management for Vietnamese listed firms. Our study contributes to the existing literature by providing empirical evidence that extends our understanding of the nuanced determinants of firm performance within emerging market economies. Moving forward, further research could delve deeper into the underlying mechanisms that drive the observed negative relationship. Additionally, exploring potential moderating factors, such as industry-specific characteristics or changes in economic conditions, could provide a more nuanced perspective on the interplay between debt structure and firm performance. Ultimately, this study contributes to the ongoing dialogue on optimal capital structure decisions and their ramifications for the long-term success and sustainability of Vietnamese listed firms, guiding them toward more informed and effective financial strategies.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023 PATTERNS OF INDIVIDUALS’ SECURITY-ORIENTED ECONOMIC BEHAVIOR UNDER THE RISK OF DISPLACEMENT IN BANI WORLD AND WAR CONDITIONS 2023-09-21T11:13:23+03:00 Nataliia Zachosova <p><em>Factors affecting economic behavior of a person are systematized, and the importance of education for the rationalization of economic decisions in the conditions of BANI World is characterized. It was established that the war had an impact on the economic behavior of Ukrainians, and two almost equal, but differently directed vectors of such an impact were clearly identified: a reduction in costs and an increase in costs to meet needs and realize economic interests. The respondents characterized their patterns of economic behavior as: 38% - active economic behavior; 22% - passive economic behavior; 40% - restrained economic behavior. Four main types of economic behavior in the conditions of BANI World, under the influence of war and the risk of displacement, are offered: emotional, episodic (active type, high level of irrationality); analytical, evaluative (restrained (active/passive) type, high level of rationality and effectiveness); strategic/tactical (passive type, focus on meeting needs in the future); search type - type focused on existing and potential opportunities (active type, diversification of goals, variability of behavior). The definition of the concept of "security-oriented economic behavior" is proposed - as such an algorithm for making an economic decision by a person, which aims to achieve and preserve its financial independence and develop its economic potential at the expense of existing or potentially available resources, which involves the assessment of information on which the possible the result of decision-making, analysis of alternatives, forecast of scenarios of expected results from an economic decision and consideration of risks when choosing the final option of economic action or inaction of a person in the specific conditions. It has been established that transformations of economic behavior under the influence of various challenges and threats, as well as taking into account the theory of generations, have led to a fundamental change in the focus of human economic behavior: middle-aged and elderly people choose a vision - what I have now and how to use it to meet existing needs; young people choose behavior in the context: what do I need and how to get it (at the expense of which resources, skills). Characterized patterns of economic behavior according to each characteristic of BANI World, taking into account the peculiarities of the wartime economy and the risk of displacement.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023 STRATEGIC MANAGEMENT OF A BUSINESS ENTITY IN THE CONTEXT OF ENSURING THE STATE ECONOMIC SECURITY: AN INNOVATIVE ASPECT 2023-09-29T10:08:23+03:00 Mykola Denysenko Svitlana Breus <p style="font-weight: 400;"><em>The study of the role and significance of innovations in the strategic management of business entities is especially relevant in the conditions of a full-scale russian invasion of Ukraine, while an important task at all levels of management is not only ensuring the country's survival, but also ensuring its prosperity and accelerating the recovery of the economy in the post-war period. The purpose of the article is to develop a set of measures to increase the innovative development of economic entities in the context of implementing their strategic management in order to speed up the recovery of Ukraine's economy in the post-war period. The object of the study is the process of strategic management of innovations in the conditions of a full-scale war between russia and Ukraine. The methodological basis of the article is the use of general scientific and special methods that serve as confirmation of the reliability of the obtained results and conclusions: in particular, such as: analysis, synthesis, structural-logical, terminological, statistical analysis, system- structural analysis, systematization and generalization, etc. Innovations as an important tool for the strategic development of business entities and their management for the future in the context of their adaptation to the conditions of a turbulent environment was conducted for a full-scale russian invasion of Ukraine. It was determined that they are the main aspect and component of the process of ensuring the economic security of the state and its management, in particular in the context of balanced strategic management of economic entities. It is proposed as recommendations to use a binary approach to the activation of innovative activities of enterprises, which involves the use of a tolerant type of adaptation in combination with innovations, which are classified according to the type "by type" (product, technological, raw material, organizational, sales and infrastructural) in combination with typical procedures for the formation of innovation management strategies by economic entities within the framework of strategic management.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023 ENSURING THE ECONOMIC SECURITY OF CUSTOMERS AND CONTRACTORS DURING THE ELIMINATION OF THE CONSEQUENCES OF ARMED AGGRESSION 2023-09-30T17:49:31+03:00 Lesya Sorokina Ljudmila Shumak Oleksandr Filippov <p><em>Ukraine is trying with all its might not to sink under the weight of the war. In the event of hostilities, the construction industry, like other sectors of the economy, found itself in a difficult situation, on the verge of collapse. Nevertheless, the Ukrainians could not be defeated, and most of the Developers resumed construction on the spot. The article is devoted to the topic of ensuring the economic security of Customers and Contractors of the construction industry of Ukraine while eliminating the consequences of armed aggression, which reveals the global problem of restoring the wartime housing stock. The article presents the mechanism of movement of financial flows, which should also be taken into account during the post-war recovery. Previously existing methods were analyzed. Examples of current documents regarding the determination of issues of economic security of construction enterprises are given, in which various methods and tasks are applied. An approach for improving methodical support for economic security monitoring is proposed. Economic security in Ukraine is one of the most prioritized functional areas of security. This is the state of protection of the country's national economy from external and internal threats, which ensures the country's economic sovereignty, the unity of its economic space, and the conditions for the implementation of Ukraine's strategic national priorities. The construction sector occupies one of the leading places in the country's economy. It is a multifaceted and multifunctional structure. Any changes that occur in any of the interrelated sectors of the economy lead to a reaction from the market, which undoubtedly affects the construction sector. One of the main features of the modern industrial and construction sector is the ability to work in the face of threats to economic security. One of the main tasks facing the economy of Ukraine and requiring serious consideration is the implementation of measures aimed at stabilizing the work of construction enterprises, including design enterprises. A competently built system of ensuring economic security with the use of existing or built corporate resources is able to create the necessary conditions for achieving business goals and maximizing profits. It is not yet known how all the processes will proceed in the conditions of military and post-war conditions. Economic factors in the construction industry are regularly reviewed. And these questions remain unresolved and relevant to this day.</em></p> 2023-09-30T00:00:00+03:00 Copyright (c) 2023