Economics, Finance and Management Review Economics, finance, accounting, auditing, management en-US (Iryna Mihus) (Oleksandr Tkachenko) Fri, 05 Jun 2020 00:00:00 +0300 OJS 60 ORGANIZATIONAL AND ECONOMIC TOOLS TO INCREASE THE CONTRIBUTION OF SMALL BUSINESS TO THE SUSTAINABLE DEVELOPMENT OF THE REGION <p><em>In modern conditions, entrepreneurial activity is increasingly becoming the basis of prosperity and economic stability of industrialized countries. The contribution of small business in solving problems of sustainability and further development of the economy of Ukraine, job creation, meeting the needs of national and regional economies and the population in goods and services, is becoming increasingly important in modern conditions. </em></p> <p><em>The article substantiates the organizational and economic tools to increase the contribution of small business to sustainable development of the region, taking into account the informal component of reducing excessive administrative pressure, which provides an opportunity to determine the optimal level of administrative requirements for economic entities. </em></p> <p><em>The key determinants of effective socio-economic development of individual regions that need priority attention are identified: infrastructure, investment, innovation, institutions and initiative. The conceptual model of social and economic development of the region and the algorithm of formation of priorities of sustainable development of the region taking into account the specified factors are offered. The directions of increasing the socio-economic contribution of small business to the sustainable development of the region at the present stage are identified.</em></p> Elena Berezina, Andrey Radchenko, Anastasia Pavlova Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 SECTORAL STRUCTURE OF THE REGIONAL ECONOMIC COMPLEX: INVESTMENT COMPONENT <p><em>The article considers the main approaches to the definition of a regional economic complex. The paper analyzes a wide range of indicators that are the subject of analysis and assessments in the long-term planning and forecasting of development indicators of the regional economic complex. The paper substantiates, both in theoretical and methodological, and practical plans, the use of a systematic approach, which involves the allocation of internal and external components of the regional economic space. The main functions that perform the external and internal components of the economic space are analyzed. The main approaches to determining the structure of the economic system are investigated. The traditional criteria that determine the classification of economic entities to a specific industry are highlighted. The principles of sectoral (sectoral) classification of regional economic systems are considered. The author substantiates the statement that to manage the development of the regional economic complex and bring it to the path of sustainable development, a three-sector model of the economy can be applied and its main components are presented.</em></p> Tatiana Chechetova-Terashvili, Natalia Chechetova, Joanna Stuglyk Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 STRUCTURE OF PRODUCTION AND ECONOMIC POTENTIAL OF THE REGION <p><em>The article considers the concepts of "economic potential of the region" and "production potential of the region", which are a factor in the economic development of the region. The article conducts a thorough study of scientific approaches to defining the definition of "economic potential of the region" and "production potential of the region" and as a result the author's definition of the concept of "production and economic potential of the region". The main differences between the author's definition and those already existing in economics are proved. Substantiated systematic approach to managing the development of the region, which in turn allows to determine the system of economic and financial indicators that characterize the state of production and economic potential of the region by structural units: financial potential; labor potential; stock potential; scientific potential; natural resource potential; institutional capacity; information and communication potential, which in turn is presented in the article in the form of a graphical diagram of the structure of production and economic potential of the region. The paper also provides a brief description of all types of potentials involved in the structure of production and economic potential of the region. The article also considers scientific approaches to the definition of fixed and working capital, analyzes their differences and similarities. Given the lack of a clear definition of the concept of fixed capital in the economic literature, the author presented his own vision of the definition of this concept, which in his opinion most fully reveals the meaning of this economic category.</em></p> Svetlana Boguslavskay Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 FACTORS OF FORMATION OF INTELLECTUAL POTENTIAL OF REGIONAL ECONOMIC CLUSTERS <p><em>The article considers the problems of managing the development of intellectual potential of regional economic clusters. In our work we studied the influence of regional factors on the development of intellectual potential of clusters, increase the efficiency of formation and use of intellectual potential of regional economic clusters, its adaptation to innovative changes. The methodological basis of the study is theoretical-empirical, retrospective, statistical approaches, which we used to determine the influence of various factors and indicators of the formation of intellectual potential of regional economic clusters. The article considers the formation of a cluster policy for the development of the region, identifies the main subjects of this policy, which allowed to provide the author's definition of the definition of «regional economic cluster». The intellectual environment of the regional economic cluster and its subjects is analyzed. It is determined that the intellectual potential of regional economic clusters and components of its subjects is formed under the influence of a number of factors: intellectual climate, conjuncture, policy and system in the region. Accordingly, the article provides a specific description of each presented factor with a specific definition of the impact of this factor on the intellectual potential of regional economic clusters.</em></p> Svetlana Belous, Grigory Melnichenko Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 KEY INDICATORS OF EFFICIENCY OF INNOVATIVE ACTIVITY IN REGIONAL COMPANIES OF TOURISM INDUSTRY <p><em>The article explores the main methods and approaches to assessing the effectiveness of innovation in companies in the tourism industry. The analysis of economic and organizational-legal mechanisms, the acquisition of which leads to an increase in the management of innovation in tourism. It was determined that within the framework of the acquisition of these mechanisms, the main task is to combine the efforts of all interested parties to ensure the synergistic effect of various actors. A number of specific indicators are presented: the integrated effect of all new products and technologies; profitability index for each new product; rate of return on tourism activities; payback period of the resources involved; with the help of which the effectiveness of the results of innovation in the tourism sector is assessed. A basic set of parameters is proposed for a system of indicators for assessing innovation in the tourism industry in the region. </em></p> Oksana Podvalnaya Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 OPERATIONS OF THE UKRAINIAN ENERGY MARKET IN TERMS OF ACCESSING FOREIGN MARKETS – WAYS OF IMPROVEMENT <p><em>Socio-economic stability of any society, quality assurance and improvement of life of its population largely depend on the reliability and efficiency of the country's energy market. Ukraine's energy sector has sufficient electricity and a well-developed network to supply electricity to consumers, but the current significant problems are due to outdated technologies, depreciation of fixed assets, imperfect management, non-transparent legal framework and others leading to a crisis. Thus, the urgent issue of reforming the energy market of Ukraine in order to create a full and competitive environment, incentives for investment, improvement of financial and economic indicators is particularly relevant. An important aspect in this regard is also to determine the prospects of the Ukrainian energy market.</em></p> <p><em>The purpose of the article is to develop ways to improve the operations of the Ukrainian energy market in terms of entering foreign markets. </em><em>The author used the methods of static and logical comparison, systematization and generalization, which made it possible to achieve the goal of the study.</em></p> <p><em>To achieve the goal set in the article, ways to improve the activities of the energy market of Ukraine in terms of access to foreign markets were developed. The article studies and systematizes the basic requirements for the production, transportation and consumption of products of the energy market of Ukraine in accordance with international standards.</em></p> Dmytro Tkach Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 ECONOMIC SECURITY AND PRINCIPLES OF SELF-ORGANIZATION: CHINA'S EXPERIENCE <p><em>The article proposes to analyze the theme of self-organization of China’s economy and examining the issues of security of the economy of the state from the point of view of the systematic and self-organizational approaches. </em><em>The main scientific tried to explaining the reasons for the growth of the shadow economy. R. Coase and his followers, the shadowing of the economy is linked to the costs of using the market mechanism or transactional costs.. Soto. the main reason for the emergence of mass shadow economic activity should be considered to be an inefficient legal regime, not the "failures of the market" but the "failures of the state" are the main threat to the national economy. </em><em>Tries to consider the mechanism of self-organizational development for ensuring economic security, which is a complex concept that presupposes the protection of the most important elements of the economic system and self-sufficiency in the occurrence of destabilizing internal and external factors that threaten it, rhythm of it’s functioning. </em><em>Investigation of security issues of the state's economy should be based on transdisciplinary approach and use Nature’s like models. Also it should be methods of theory of system and theory of synergetic considered on the mechanism of self-organizational. The economic system must be open, non-equilibrium, nonlinear and emergent. Nonlinearity describes its behavior by nonlinear multifactor equations, with small changes in the system parameters its state and properties change abruptly. </em><em>Accordingly, first, the formulation of a diversified structure of energy imports, and second, the development, improvement and implementation of energy-saving technologies domestically. </em></p> <p><em>The cybernetic approach of self-organization dominates the Chinese economy, state intervention is actively present in economic relations, sometimes over-regulation in one area and under-regulation in the other sphere adversely affect the stability of the economic system. Designing of the system of economic security of the state (as a special case of designing a sustainable system based on the principles of self-organization) we should comply with the law of structural harmony of the systems, the attractor of the golden ratio or be carried out on the basis of a recursive series of golden sections: 0.618 ...; 0.682 ...; 0.725 ...; 0.755 ... 1.0 as the nodes of the measure and involves the transitions of integrated measures of system from one node to another.</em></p> Tatiana Yegorova-Gudkova, Panj Li Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 PRIORITIES FOR IMPROVING THE HIGHER EDUCATION FUNDING SYSTEM IN UKRAINE <p><em>The article examines the issue of improving the system of financing higher education in Ukraine. The study has been conducted both on the basis of the experience of developed countries and taking into account the peculiarities for financing the educational environment in Ukraine. The main purpose of the study is to manage the financial support of higher education in order to achieve positive dynamics of its development to fully meet the needs of the population in quality and affordable education, as well as the needs of the business environment in qualified professionals. The article reveals the priorities for improving the higher education funding system, analyzes foreign experience in the distribution of financial resources between universities, identifies the main problems, risks and areas of education in Ukraine. The main measures aimed at overcoming the problems in higher education financing have been analyzed. In particular, the most relevant tools for developing partnerships between the state and business structures have been studied. It has been established that the use of foreign experience in diversifying sources of funding institutions of higher education is of a strategic nature and will contribute to the full satisfaction of the population’s needs in quality and affordable education, as well as the business environment needs in qualified professionals.</em></p> Iryna Tarasenko, Antonina Verhun, Julia Bondarchuk, Oleksiy Tarasenko Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 USE OF WORLD EXPERIENCE IN INCREASING INVESTMENT ATTRACTIVENESS OF UKRAINE REGIONS <p><em>The article is devoted to the research of the issues of using the world experience of increasing investment attractiveness and its adaptation for the regions of Ukraine. The experience of formation and development of investment attractiveness of the territory of such European countries as Poland, France, England, Scotland, Ireland, Germany, Sweden is considered. The advantages of these countries in achieving positive results in the development of the investment sphere have been established. The experience of the USA and China is studied, as in terms of economic indicators these countries have a positive experience in forming the investment attractiveness of the territory. The results of generalization of positive world experience in promoting the investment attractiveness of the territory in tabular form are presented. The expediency of using certain elements of the mechanism of public-private partnership of Sweden, Canada, the USA at development of the mechanism of maintenance of investment attractiveness of regions of Ukraine is proved.</em></p> Klaus Lagler Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 ROLE, PLACE AND CONCEPTUAL PRINCIPLES OF HUMAN RESOURCES MANAGEMENT OF THE ENTERPRISE <p><em>The manuscript is devoted to solving a scientific task related to the development of theoretical and methodological basis and applied fundamentals on evaluation and decision making in the enterprise’s personnel security system (EPSS).</em></p> <p><em>The methodology of evaluation of management of EPSS is developed, which includes: theoretical bases for personnel safety evaluation; system of personnel risks of the enterprise; the clustering of the indicators of personnel security evaluation of the enterprise on various grounds and allows to fix the points of the break, the moments of the onset of emotional burnout or, conversely, the career growth of the individual worker, which eventually creates conditions, and first of all, to prevent threats to the enterprise by its staff.</em></p> <p><em>Developed and justified a dynamic decision-making model in the EPSS using the method of analyzing hierarchies based on the principles of identity and decomposition, allows you to choose the best alternative to the multi-criteria management model of the specified system, to calculate the static and dynamic indicators of a potential candidate and the main employee, to track the development dynamics individual employee in the enterprise, and the structural unit or organization as a whole, as well as to establish and adjust the requirements for potential candidates for employment, ultimately allows to improve the level of EPSS.</em></p> <p><em>The content of the main categories has been improved («personnel security», «personnel security system», «personnel security system management», «personnel security subjects», «personnel security threats», «enterprises personnel security evaluation indicators», «enterprises personnel security evaluation methodology»), which, unlike the existing ones, formed by combining the theoretical and methodological foundations of management and personnel security of an enterprise, provide a unified approach to the evaluation and adoption solutions in the EPSS.</em></p> Volodymyr Panchenko Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 LEGAL BASIS OF ENSURING CYBER SECURITY OF UKRAINE: PROBLEMS AND WAYS OF ELIMINATING <p><em>In the study we tested the analysis of modern data on cyber security in Ukraine, we highlighted the main aspects of the regulatory and legal support of the national information security. Identified key reported measures to counteract threats to state information security in the whole and in each individual types and the lack of practical implementation these activities.</em> <em>Found, that at the legislative level had been adopted only two documents on cyber security: Law of Ukraine on “Fundamentals of National Security of Ukraine”, and the Decree of the President of Ukraine </em><em>№ </em><em>47/2017</em> <em>of February 25, 2017 about des approved the Doctrine of Information Security of Ukraine. In these documents cyber security is given priority in the security system.</em> <em>Determined the main problems of ensuring the cyber security: ineffective regulatory and legal support and system of governance; the lack unified strategy of cyber security; low level of government management in cyber defense; temporal inconsistence of state regulation in information area and development of a legal system for the regulation in protection of critical infrastructure seams; the lack of transactional approach to the state cyber security governance by the state part; no requirement for security system(SIS); employment outdated standards.</em> <em>Offered the replacement of technical security information documents (TS ID), more effective and modern basic standards, establish industry standards for information security system (ISS). Amend the Law of Ukraine “Information security and telecommunication system” and provide a new approach of the method for confirming compliance of information system of information security requirements by establishing criteria for compliance; conduct regular audits to ensure compliance with the requirements and proper functioning of the security management process; conduct proven system of security information.</em></p> <p><em>For further development we propose to provide new approach of the method for confirming compliance of information system of information security requirements by establishing criteria for compliance. The purpose of such event is to legislate the requirements of the standards of the family of information security management system (ISMS) for certain categories of information, which is protected by the legislation of Ukraine. </em></p> Zinaida Zhyvko, Taras Rudyi, Volodymyr Senyk, Liliia Kucharska Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300 IMPACT OF THE STATE REGULATION OVER INVESTMENT PROCESSES IN THE CONSTRUCTION SECTOR: FOREIGN EXPERIENCE AND POSIBILITY TO THE UKRAINE <p><em>The article examines the main areas of investment in the development of enterprises in the construction industry, which are used in different countries. The most developed countries such as the United States, Britain, Germany, France and China have been studied. Methods and tools of state regulation of the process of attracting investment in construction have been studied. The government of Great Britain is a supporter of attracting foreign direct investment to the country, which is accompanied by the introduction of advanced foreign technology and an increase in the number of jobs. German provides equal business conditions to foreign and national investors. German law does not impose any restrictions on the import and export of foreign capital, on the participation of foreigners in the capital of companies that are established or on the holding of senior positions by foreigners in such companies. The attitude of France to foreign investment is generally friendly although the government's position towards it is changing from time to time. Investment of foreign capital is not allowed or it is limited only in certain sectors of the economy like subsoil exploration, mining or pharmaceutical industry. The main priorities of the USA investment policy are to attract investment to the country, as well as to stimulate foreign investment in order to create additional jobs and economic recovery. Thanks to foreign investment, China the issue of employment is solved, the transition to high-tech production is carried out, the economy is transitioning to a market format and becomes integrated into the world economy. The experience of attracting investment from foreign countries can be useful for the Ukrainian government.</em></p> Vasyl Dmitrenko Copyright (c) 2020 Economics, Finance and Management Review Fri, 05 Jun 2020 00:00:00 +0300