Economics, Finance and Management Review

THE RELATIONSHIP BETWEEN THE ACCOUNTING BENEFITS GAINED FROM ERP IMPLEMENTATION AND THE SATISFACTION OF ITS USERS: EVIDENCE FROM VIETNAM

Hoang Oanh Thoa — Mon, 31 Mar 2025 00:00:00 +0300

This study aims to explore the relationship between the accounting benefits derived from the implementation of Enterprise Resource Planning (ERP) systems and the satisfaction of their users in the Vietnamese business context. To address this objective, a structured survey was conducted among accounting personnel from enterprises across various sectors that have implemented ERP systems. The data collection process employed a combination of convenience and snowball sampling techniques and was administered over six months. A total of 113 respondents from 62 companies provided input through a Likert-scale questionnaire, which assessed perceptions of five distinct groups of accounting benefits associated with ERP use. The responses were analyzed using exploratory factor analysis (EFA) to validate the measurement scales, followed by multiple linear regression modeling to examine the strength and significance of the relationships between each benefit group and user satisfaction. The results indicate that four out of five categories of accounting benefits—namely IT-related benefits, time-based operational benefits, organizational benefits, and managerial benefits—are positively and significantly associated with user satisfaction. These findings suggest that ERP systems are viewed favorably by users when they lead to more integrated workflows, reduce the time needed for routine tasks, and enhance the quality of financial information used for decision-making. In contrast, the study found that cost-related operational benefits, such as reducing accounting personnel or overhead, were not statistically significant in affecting user satisfaction. This outcome reflects a localized organizational mindset in Vietnam, where ERP adoption is more strongly associated with enhancing quality and capacity rather than downsizing or cost-cutting. Overall, the study highlights the critical role ERP systems play in modernizing accounting functions in Vietnam. It underscores that user satisfaction is closely tied to the perceived improvements in workflow efficiency, data management, and strategic support—rather than reductions in labor costs. These insights provide practical implications for ERP vendors, enterprise managers, and policymakers, encouraging a shift in focus from mere automation toward the strategic and human-centric integration of technology in accounting. The research also calls for increased investment in training and communication to ensure users understand and fully leverage the value ERP systems can bring to their professional roles.

THE RELATIONSHIP BETWEEN FOREIGN OWNERSHIP AND BANK RISK-TAKING: A NEW EVIDENCE FROM CANADA

Devon Locke — Mon, 31 Mar 2025 00:00:00 +0300

This study investigates the dynamic relationship between foreign ownership and bank risk-taking within the Canadian banking sector. The purpose of the research is to assess whether increased foreign participation in bank equity has a stabilizing or destabilizing effect on institutional risk levels. Given the progressive liberalization of ownership structures in Canada's banking industry, the study provides a timely analysis of how international capital affects risk behavior in a mature financial environment. The central aim is to explore whether foreign stakeholders act as risk-mitigators or risk-enhancers in the operational strategies of commercial banks. To explore this relationship, the research adopts a panel data methodology using information collected from a sample of Canadian commercial banks over a multi-year period. The model specification includes lagged dependent variables and a series of financial and macroeconomic control variables. Three estimation techniques—Ordinary Least Squares (OLS), Random Effects (RE), and the Generalized Method of Moments (GMM)—are employed to ensure robustness and correct for potential endogeneity. The inclusion of lagged risk indicators helps capture temporal stability effects, while foreign ownership ratios are introduced to isolate the influence of international participation in equity holdings. In addition, macroeconomic indicators such as inflation and GDP growth are used to control for external financial shocks that may influence bank behavior. The results indicate a statistically significant and consistent negative relationship between foreign ownership and bank risk. In all model specifications, banks with higher levels of foreign equity participation demonstrated lower risk, as measured by standard financial stability metrics. These findings suggest that foreign owners, by bringing improved governance standards, global oversight practices, and reputational discipline, help reduce risk-taking behavior in the banking system. Furthermore, the presence of lagged positive effects in the model implies that previous periods of stability reinforce future risk moderation, pointing to a cumulative effect of prudent banking practices. This pattern is particularly pronounced in larger banks, where international partnerships are more common and oversight structures more developed. The study concludes that foreign ownership in Canadian banks serves as a constructive force for risk management, offering valuable policy implications for financial regulators and institutional investors seeking to enhance resilience in banking systems.

CONCEPTUAL APPROACHES TO ENSURING FINANCIAL SECURITY OF IT COMPANIES IN THE CONTEXT OF SMART ECONOMY AND DIGITALISATION

Ihor Rumyk, Polina Puzyrova — Mon, 31 Mar 2025 00:00:00 +0300

The article examines comprehensive approaches to ensuring financial security, which take into account the specifics of digital technologies, economic changes, and also ensure compliance with regulatory requirements that require constant updating of knowledge, introduction of innovative approaches to financial planning and risk management, which is the key to stability and successful functioning of IT companies in the context of the smart economy and digitalisation. The purpose of the article is to study conceptual approaches to ensuring financial security of IT companies in the context of the smart economy and digitalisation, focusing on integrated approaches to managing financial flows and risks in the context of digital business transformation, contributing to the development of methods that allow IT companies to adapt to new economic realities while maintaining their financial stability and competitiveness in the market. It is established that the smart economy and digitalisation not only increase the efficiency of financial management, but also contribute to the resilience of IT companies to external and internal challenges, which ultimately ensures their financial security and sustainable development. It is proved that the financial security of IT companies in the context of the smart economy and digitalisation is a key factor in sustainable development and competitiveness, which includes a set of measures aimed at protecting financial resources, ensuring risk resilience and effective management of financial flows. The article proposes the implementation of an algorithm for ensuring financial security of IT companies in the context of the smart economy and digitalisation, which will help IT companies to ensure financial security, adapt to the challenges of the digital economy and maintain stability in a dynamic market environment. The area for further research is to develop financial security models that take into account the specifics of digital technologies, such as blockchain, artificial intelligence, big data, and process automation.

CRYPTOCURRENCY VOLATILITY AND RISK MODELING: MONTE CARLO SIMULATIONS, GARCH ANALYSIS, AND FINANCIAL MARKET INTEGRATION

Sergiy Andriychuk — Mon, 31 Mar 2025 00:00:00 +0300

Cryptocurrencies have rapidly emerged as a significant financial asset class, influencing global monetary systems and financial markets. However, their extreme volatility, speculative nature, and evolving regulatory landscape pose challenges to investors, policymakers, and financial analysts. This study presents an in-depth quantitative analysis of cryptocurrency volatility and risk assessment, focusing on Bitcoin (BTC-USD) and its correlation with traditional financial assets, including the EUR/USD exchange rate and S&P 500 index. Our research employs Generalized Autoregressive Conditional Heteroskedasticity (GARCH) modeling to measure the dynamic volatility patterns of Bitcoin, revealing the asset’s substantial fluctuations over time and its sensitivity to market shocks. Additionally, we utilize Monte Carlo simulations to forecast potential future price movements of Bitcoin, highlighting risk scenarios and the probability distribution of price trajectories over a one-year period. The Value-at-Risk (VaR) model is implemented to estimate potential losses within a given confidence interval, providing a robust measure of downside risk. Furthermore, the study examines the integration of cryptocurrency markets with traditional financial instruments by analyzing cross-asset correlations and volatility spillover effects. The findings suggest that while Bitcoin remains a highly volatile asset, its correlation with the broader financial system is increasing, indicating a potential shift towards mainstream financial adoption. The results contribute to the ongoing debate on whether cryptocurrencies serve primarily as speculative instruments or as viable components of diversified investment portfolios. These insights are valuable for institutional investors, risk managers, and policymakers in designing more effective risk mitigation strategies for cryptocurrency investments.

POLAND’S SOCIETY 4.0: HOW DIGITAL TOOLS ARE CHANGING EVERYDAY LIFE

Paulina Kolisnichenko — Mon, 31 Mar 2025 00:00:00 +0300

The dynamic integration of digital tools into all facets of Polish society has redefined how citizens interact with public services, education, healthcare, commerce, and each other. As Poland enters a new phase of digital development, the importance of understanding both the depth and the disparities of this transformation becomes increasingly urgent. This study sets out to explore the practical realities of Poland’s digital evolution within the conceptual framework of Society 4.0, emphasizing the interconnectedness of technological advancement, institutional adaptation, and social inclusion. The research identifies key components of this transformation, including the adoption of digital technologies by enterprises, the state of digital skills among the population, the accessibility and quality of internet infrastructure, the effectiveness of e-government services, and the broader economic implications of digitalization. The methodology employed combines qualitative analysis with comparative data review. The study covers developments between 2020 and 2024, reflecting the most recent data available at the time of writing, and offers a comparative perspective on Poland’s position relative to other EU countries. The results reveal that while Poland has achieved significant progress in internet connectivity and the digitalization of public services, considerable challenges remain. The level of digital skill acquisition among citizens is still insufficient, particularly among older and less-educated demographics, posing a substantial barrier to inclusive participation. Businesses, especially small and medium-sized enterprises, show low adoption rates of advanced technologies such as artificial intelligence and cloud computing. E-government services, though increasingly available, are fragmented and inconsistently integrated, limiting their effectiveness and user satisfaction. In rural and economically disadvantaged areas, broadband infrastructure and digital engagement continue to lag behind urban centers, reinforcing existing socioeconomic divides. The economic benefits of digitalization, although growing, remain unevenly distributed, with digital entrepreneurship and foreign investment concentrated in major cities. The study contributes valuable insight into the real-world dynamics of digital change and provides a foundation for policy recommendations that promote equity, efficiency, and long-term national competitiveness in the digital age.

DIGITAL TRANSFORMATION OF SOCIAL GOVERNANCE: ECONOMIC CHALLENGES AND OPPORTUNITIES OF SMART CITIES

Oleksandr Kutkov, Andrii Zolotov, Liudmyla Akimova, Oleksandr Akimov — Mon, 31 Mar 2025 00:00:00 +0300

The increasing integration of digital technologies into public administration has led to a reconfiguration of how social services are managed in urban environments. This study focuses on the economic dimensions of digital transformation in the social sector within the framework of smart cities. The relevance of the topic stems from the growing demand for cost-efficient, transparent, and inclusive public service delivery in the face of rapid technological advancement and societal expectations for digital equity. The research aims to explore the extent to which these innovations contribute to efficiency improvements and what challenges hinder their successful implementation in the governance of education, healthcare, and social protection. The study employed an empirical methodology based on structured sociological surveying, utilizing remote digital tools for data collection. A representative sample of respondents was selected according to demographic, educational, and territorial criteria, enabling an inclusive and statistically relevant dataset. Data were processed through statistical and content analysis methods, allowing both quantitative and interpretive insights into the dynamics of digital service adoption, accessibility, and institutional readiness. The results reveal several critical trends. First, digital services in the social sector are perceived as beneficial, especially in terms of convenience and speed, but they are not yet universally accessible. Infrastructure limitations and disparities in digital literacy remain persistent barriers to equitable service delivery. Second, public trust in artificial intelligence, particularly in automated decision-making related to welfare and benefits, is cautious and highly dependent on context. Many individuals express concerns over transparency, data security, and the ethical dimensions of automation. Third, financial constraints and organizational inertia within local administrations significantly hinder the rollout of smart city technologies, despite their potential for long-term economic benefits. At the same time, the emergence of new models of budgeting, public-private partnerships, and performance-based planning shows promise in bridging the gap between innovation and sustainability. Ultimately, the study demonstrates that while the digital transformation of social governance offers substantial economic opportunities, its success depends on inclusive policy design, public engagement, and the capacity of institutions to adapt to change.

THE IMPACT OF STATE POLICY ON THE ECONOMIC SECURITY OF ENTERPRISES IN UKRAINE: CURRENT CHALLENGES AND STRATEGIC RESPONSES

Sergii Laptiev, Oleksandr Zakharov — Mon, 31 Mar 2025 00:00:00 +0300

This article investigates the influence of state policy on the economic security of enterprises in Ukraine under conditions of systemic instability and wartime disruption. The purpose of the study is to reveal the mechanisms through which government actions contribute to strengthening or weakening the resilience of businesses operating in a high-risk environment. The research focuses on identifying key priorities and implementation challenges within the national economic security framework as it pertains to enterprise-level outcomes. Particular attention is given to institutional coherence, regulatory consistency, and fiscal strategies, as well as the capacity of policy instruments to address structural vulnerabilities and regional disparities. The methodological approach involves logical-analytical assessment based on conceptual generalization, empirical modeling, and qualitative synthesis of policy mechanisms and economic indicators. The study applies comparative diagnostics and longitudinal analysis to interpret the dynamics of enterprise development, investment activity, and regulatory adaptation during 2020–2024. The research highlights the growing dependence of business survival on state-supported tools, especially under conditions of military threat, infrastructure collapse, and fiscal pressure. It identifies specific state interventions such as preferential tax regimes, emergency financial support, and public-private partnerships as essential instruments that determine the adaptive capacity of enterprises. The study demonstrates that the effectiveness of these measures is closely tied to the degree of transparency, institutional capacity, and strategic alignment across different levels of governance. The results confirm that while some policy tools have mitigated immediate risks, the sustainability of enterprise recovery depends on long-term systemic reforms and coordinated integration with international development agendas. Furthermore, the findings show that regional inequality in policy implementation and limited access to financial instruments continue to inhibit broad-based recovery. The article concludes that economic security cannot be ensured through isolated interventions but requires an integrated policy environment that addresses both immediate threats and long-term structural transformation in the post-war period.

HARD LUCK AND ENTREPRENEURIAL OPPORTUNITY: A PHILOSOPHICAL EXPLORATION OF ADVERSITY-DRIVEN INNOVATION

Jamshid Alinasab — Mon, 31 Mar 2025 00:00:00 +0300

Hard luck theory positions adversity as a potent catalyst for entrepreneurial opportunity, suggesting that hardships, rooted in philosophical reflections from Nietzsche and Stoic thought, foster resilience, creativity, and heightened market awareness. This paper examines how adversity-driven approaches not only shape entrepreneurial practices by sparking frugal innovations and sharpening opportunity recognition, but also align with global imperatives such as ending poverty (SDG 1), promoting decent work (SDG 8), and fostering responsible consumption (SDG 12). The research methodology is based on conceptual and philosophical analysis, combining interpretive inquiry with illustrative reasoning. Drawing on existential thought and Stoic philosophy, the study constructs a theoretical framework that links adversity to entrepreneurial development through mediating traits such as resilience, creativity, and heightened ethical awareness. This qualitative approach prioritizes depth of insight into subjective experiences, enabling the identification of patterns by which adversity fosters adaptive responses and innovative outcomes. The study avoids traditional quantitative generalizations, instead opting for a model that captures the interaction between personal transformation and entrepreneurial action in constrained contexts. Through thematic synthesis, the work outlines how necessity and challenge shape behaviors that contribute to socially constructive enterprise formation. The results reveal that adversity often enhances strategic agility, problem-solving ability, and long-term vision among entrepreneurs. Repeated exposure to constraints cultivates a mindset oriented toward persistence and improvisation. Entrepreneurs in difficult environments tend to reframe limitations as opportunities to repurpose existing resources, build unconventional partnerships, or develop low-cost innovations. Moreover, the moral impact of adversity frequently leads to the creation of ventures that align with broader societal objectives—such as reducing inequality, improving access to basic services, and promoting environmental sustainability. The findings also highlight how hard luck experiences deepen sensitivity to stakeholder needs and ethical obligations, resulting in businesses that prioritize community welfare, transparency, and inclusive growth. Ultimately, the study concludes that adversity can function as a generative force, shaping not only the strategies entrepreneurs use but also the values they embed in their ventures, offering a compelling redefinition of how entrepreneurial success can emerge from hardship.

THE ROLE OF WOMEN'S LEADERSHIP IN BUSINESS: CHALLENGES AND PROSPECTS

Magdalena Górska, Iryna Burlakova — Mon, 31 Mar 2025 00:00:00 +0300

This study addresses the persistent challenges and emerging opportunities for women’s leadership across multiple sectors in contemporary European society. The purpose of the research is to examine how structural, cultural, and institutional factors affect the ability of women to access and thrive in leadership positions. Particular attention is given to the intersection of gender with organizational hierarchies in business, technology, law, politics, and other knowledge-based industries. The research explores the extent to which systemic barriers continue to shape professional environments, limiting women's influence in high-level decision-making, while also assessing the potential for inclusive leadership models to redefine authority and governance in the 21st century. The methodology of the study combines a comparative sectoral analysis with quantitative evaluation based on regional indicators. Primary emphasis is placed on cross-national comparison between EU member states and Ukraine, with selected examples from both public and private sectors. Data were analyzed using descriptive and analytical methods, with a particular focus on patterns of representation and exclusion. These findings were interpreted through the lens of contemporary gender and leadership theory, allowing for an integrative approach to understanding both individual trajectories and institutional trends. The results reveal that while representation gaps remain significant across all sectors, the pace and scale of change vary considerably by country and industry. Women remain underrepresented in senior management and executive roles, particularly in digital and technological fields, where participation is lowest. At the same time, female leadership in traditionally male-dominated spheres such as politics and law is gaining visibility, albeit unevenly. The study finds that where gender-inclusive policies, leadership development programs, and legislative reforms are implemented, positive trends emerge in both representation and organizational effectiveness. Ultimately, the research underscores the importance of sustained structural transformation to close gender gaps, while recognizing the increasing societal and economic value placed on diverse leadership.

ORGANIZATIONAL CONTEXT OF ENSURING EFFICIENCY OF MARKETING MANAGEMENT IN INNOVATIVE DEVELOPMENT OF RAILWAY TRANSPORT

Viacheslav Zadoia — Mon, 31 Mar 2025 00:00:00 +0300

The current stage of development of railway transport necessitates the integration of innovative technologies to ensure the competitiveness and efficiency of the industry’s enterprises. The relevance of the problem is due to the growing need to improve marketing strategies that promote the introduction of new technologies and optimise management processes. The purpose of the study is to develop a concept of marketing management of innovative development of railway transport, and the object is the system of management of innovative activities of railway sector enterprises. We applied a comprehensive approach, including analysis of market trends, customer segmentation, forecasting of technological development and functional analysis of management processes. The methodological basis of the study is based on a systematic analysis of statistical data, mathematical models and expert assessments, which allowed us to obtain an objective characterisation of the impact of innovative solutions on the economic performance of enterprises. The main obstacles to the innovative development Ukrainian railway transport enterprises have been identified, in particular, the lack funds for the implementation of innovations, the loss scientific research potential and the ineffectiveness the system for stimulating the innovative development of railway transport enterprises. Since the improvement competitive advantages and recognition of market opportunities requires the generation information from various market operators, the expediency implementing the concept marketing management the innovative development railway transport is argued. It has been found that the marketing management innovative development ensures the system integration the complete innovation cycle based on the forecasting technological development and future needs of consumers for the creation innovations and their distribution on the market. The tasks and principles the concept marketing management innovative development of enterprises are revealed, its functions are established, namely coordination, planning, controlling, stimulating, prognostic, communication, informational, organizational, research, practical. In order to increase the effectiveness innovative activities, it is proposed to form a competence-marketing agency for the innovative development of railway transport, the structure which includes analytical, educational-knowledge, communication-coordinating and project sectors.