Economics, Finance and Management Review https://public.scnchub.com/efmr/index.php/efmr <p><strong>ECONOMICS, FINANCE AND MANAGEMENT REVIEW</strong> (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> en-US office@scnchub.com (Iryna Mihus) office@scnchub.com (Iryna Mihus) Mon, 30 Jun 2025 00:00:00 +0300 OJS 3.3.0.13 http://blogs.law.harvard.edu/tech/rss 60 THE DETERMINANTS OF CAPITAL STRUCTURE: EVIDENCE FROM TUNISIAN BANKS https://public.scnchub.com/efmr/index.php/efmr/article/view/325 <p><em><span lang="EN-US">This study explores the capital structure decisions of banks operating in Tunisia, a topic of growing relevance amid evolving financial regulations and economic shifts. In the banking sector, capital structure plays a pivotal role in ensuring institutional solvency, risk management, and strategic positioning within competitive financial markets. The primary goal of this article is to investigate the key internal and macroeconomic factors that influence leverage decisions in Tunisian banks. The research employs a panel data approach covering 11 commercial banks listed on the Tunisian financial market over the period from 2014 to 2023. To achieve robust and reliable results, the study utilizes a static panel model, tested under both fixed and random effects, with the Hausman test guiding the choice of estimation method. The dependent variable is leverage, defined as the ratio of total liabilities to total assets, while the independent variables include a set of bank-specific financial indicators—such as profitability, size, capital adequacy, credit exposure, and asset tangibility—as well as macroeconomic factors like inflation and GDP growth. The empirical findings demonstrate that several variables exert statistically significant effects on the capital structure of banks. In particular, return on assets, return on equity, capital adequacy, tangibility, total loans, inflation, and size appear to have strong associations with leverage, though not always in the expected direction. Notably, the size of banks shows a negative relationship with leverage, suggesting that larger institutions might rely less on debt financing, potentially due to greater access to equity markets or retained earnings. Tangibility and credit expansion positively influence leverage, reinforcing the idea that asset-backed lending and growth ambitions necessitate increased borrowing. These results contribute to a better understanding of financial decision-making in banking institutions within emerging economies. The practical significance of the article lies in its policy implications for regulators and bank managers aiming to enhance capital planning, risk oversight, and financial stability. By identifying the key determinants of leverage in Tunisian banks, the study offers a foundation for improving strategic capital allocation and aligning banking practices with regulatory expectations and market realities.</span></em></p> Mohamed Aymen Ben Moussa, Sihem Yahiyaoui Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/325 Mon, 30 Jun 2025 00:00:00 +0300 ANALYSIS OF THE IMPACT OF SARS-COV-2 PANDEMIC PARAMETERS ON PHARMACEUTICAL COMPANY STOCK PRICES https://public.scnchub.com/efmr/index.php/efmr/article/view/326 <p style="font-weight: 400;"><em>A company’s share price today is influenced by numerous factors, including internal fundamentals, political decisions, industry-specific developments, macroeconomic conditions, and global trends. Investors face the challenge of choosing an appropriate approach to identifying target industries and assets, interpreting analytical results, and determining optimal market entry points. One such challenge has been the COVID-19 pandemic. Within this context, key issues arise regarding the prediction of share price movements for companies in the healthcare sector (Pfizer Inc., BioNTech SE, Moderna Inc., Merck &amp; Co Inc., GSK plc.) listed on the stock exchange. This study investigates the influence of COVID-19 case data, transformed through various technical indicators, on the accuracy of share price forecasts. It identifies the specific tasks these indicators address and proposes a systematic framework for selecting and configuring technical analysis tools. The paper explores different methods of generating and interpreting signals from individual indicators and their combinations, emphasizing their relevance to forecasting asset price movements. Several criteria are introduced for evaluating the effectiveness of these forecasting methods during the testing phase. The study compares the outcomes of different forecasting system configurations, identifying the most effective ones based on predefined criteria. Using weekly stock data from 2020 to 2024, the research establishes the optimal combination of indicators for the forecasting system. Furthermore, it highlights potential areas for optimization and suggests additional tools for enhancing system performance. In conclusion, the study demonstrates the feasibility of the proposed forecasting approach for conducting real stock transactions involving the selected healthcare companies’ shares. </em><em>The practical value of the study lies in its demonstration that publicly available, non-financial data can be transformed into effective market forecasting tools. This has implications for investors, analysts, and portfolio managers seeking to enhance their decision-making frameworks during periods of global uncertainty. Moreover, the developed approach offers a flexible blueprint for adapting to future crises, where the speed of information processing and interpretation may determine the success of strategic financial decisions.</em></p> Vadym Savchenko Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/326 Mon, 30 Jun 2025 00:00:00 +0300 DIGITAL NOMADS AS A CONTEMPORARY TREND IN THE GLOBAL LABOR MARKET https://public.scnchub.com/efmr/index.php/efmr/article/view/330 <p><em>The article investigates the phenomenon of digital nomadism, recognizing it as a significant transformative trend within the global labor market. This trend is dynamically evolving under the influence of technological innovations and the ongoing evolution of remote employment. The research aims to comprehensively analyze digital nomadism, systematize knowledge about its essence, characteristics, and typology, and identify the key drivers of its development, as well as the advantages and challenges for both the nomads themselves and their host communities.</em> <em>The methodology relies on a qualitative and quantitative analysis, incorporating a deep theoretical literature review using bibliometric and content analysis. It also includes the analysis of secondary statistical data and analytical reports from international organizations and research firms. Additionally, the study examines government policies regarding digital nomad visa programs and assesses their socioeconomic impact on local communities.</em> <em>The research results define a generalized profile of the digital nomad as a young, highly educated professional, primarily from the IT or consulting sectors, who seeks flexibility and work-life balance. Findings indicate that, as of 2024, the number of digital nomads in the U.S. reached 18.1 million, demonstrating substantial growth, particularly following the COVID-19 pandemic, which served as a catalyst for this phenomenon. Furthermore, 66 million remote workers worldwide are identified as potential digital nomads. The study also reveals that nomads' destination choices are primarily influenced by the cost of living, internet connection quality, safety, and climate.</em> <em>The implementation of specialized digital nomad visas proves to be an effective tool for addressing legal and tax uncertainties, facilitating their legal status, and attracting highly skilled professionals, thereby stimulating local economies. However, the study also highlights that digital nomads pose certain challenges for local communities, such as rising housing prices and potential social tensions. The practical value of this work lies in formulating recommendations for developing a holistic and inclusive approach to managing the digital nomad phenomenon. This approach aims to foster balanced economic growth and social well-being for both mobile professionals and their host countries.</em></p> Galyna Myskiv Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/330 Mon, 30 Jun 2025 00:00:00 +0300 PEOPLE-CENTRIC HR-MANAGEMENT: ENHANCING RECRUITMENT, MOTIVATION AND INTELLECTUAL-PERSONNEL SECURITY OF ENTERPRISES https://public.scnchub.com/efmr/index.php/efmr/article/view/334 <p style="font-weight: 400;"><em>The article is devoted to the study of human-centrism as a philosophy of the functioning of the HR management system, which ensures the effectiveness of personnel recruitment, their motivation and a high level of intellectual and personnel security of enterprises. It is proposed to understand intellectual and personnel security as the state of the human resource of an enterprise with a high level of intellectual capital, relevant skills and knowledge, capable of counteracting threats and risks arising from the actions or inaction of employees. The main threats to intellectual and personnel security are identified, including high staff turnover, low labour productivity, conflicts and disloyalty. It is substantiated that human-centrism in management personnel focuses management processes on the needs and interests of employees, as opposed to the traditional resource approach to HR management. It is proved that satisfying the needs of personnel forms their loyalty, conscientious performance of duties and the desire for self-development, which are crucial for the economic success of the company. The discrepancy between the concept of human-centrism and the traditional understanding of HR management as "human resources" management is highlighted, however, the value of using the term "human-centric personnel management" to translate a new focus into the management system of organizations is emphasized. The possibilities of integrating the human-centric paradigm into the processes of recruiting and motivating personnel are explored. It is proposed to use digital recruiting and the "broad search" method as human-centric tools that allow finding the optimal candidate. The elements of "full-cycle recruiting" are presented and the importance of the individualization of the hiring process is substantiated. The role of requirements for candidates with line managers and an important attitude towards all applicants is emphasized. The motivational aspect is separately noted, and it is emphasized that diversifying motivation tools to meet the needs of each employee is a sign of a human-centric approach. The use of the StrengthsFinder test is recommended to identify and develop the strengths of personnel. It is concluded that a focus on employees within human-centric HR management allows for the development of accurate HR risk maps and the prevention of conflicts, which is critically important for the stability and growth of an enterprise and for the effective management of its intellectual and personnel security. </em></p> Nataliia Zachosova, Svitlana Bilous, Yevheniy Lych Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/334 Mon, 30 Jun 2025 00:00:00 +0300 EFFECT OF MOTIVATIONAL TOOLS ON EMPLOYEE SATISFACTION https://public.scnchub.com/efmr/index.php/efmr/article/view/329 <div> <p><em><span lang="EN-US">The article considers the problem of job satisfaction as one of the key factors in employees' emotional well-being and the organization's productivity. Satisfaction with work is formed by factors such as wages, working conditions, opportunities for professional development, the atmosphere of the team, and the motivation system. It is emphasized that dissatisfaction with work can lead to burnout, reduced productivity, and even dismissal. At the same time, a high level of satisfaction contributes to confidence, initiative, and readiness for new challenges. </span></em><em><span lang="EN-US">The purpose of the study is to analyze the impact of motivational tools on the level of satisfaction of employees of LLC TVK Lvivkholod. During the study, methods of questioning, analyzing, synthesizing, inducing, and visualizing the results were applied.</span></em> <em><span lang="EN-US">During the research, the method of questioning, synthesis, and analysis, induction (in the study of the influence of motivational tools on employee satisfaction), and schematic and graphic images (for the visual display of the received results of the survey) were used.</span></em> <em><span lang="EN-US">The survey covered 20 employees of different categories, among which the least satisfied were technical workers, and office specialists demonstrated the highest level of satisfaction. The results showed that competitive wages, cash rewards, and bonuses are the most important factors for motivating employees. At the same time, factors such as holiday gifts or weekend work allowances have less impact. The article also provides an assessment of the current motivation system by employees: 57% of respondents rate it as medium or good, but 25% consider it unsatisfactory. Most dissatisfied are in the "transition zone," which indicates the potential for improvement. The study's findings suggest that an effective motivation system that adapts to employees' needs is critical for job satisfaction. A revision of the remuneration system, increasing transparency, regular study of staff opinions, and developing an individualized approach are proposed. Employees who feel valued and receive fair motivation show higher loyalty and effectiveness, which contributes to the success of the organization as a whole</span></em><em><span lang="EN-US">.</span></em></p> </div> Zoryna Yurynets, Rostyslav Yurynets, Ivanna Myshchyshyn, Andriy Pekhnyk Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/329 Mon, 30 Jun 2025 00:00:00 +0300 FACTORS AFFECTING STRATEGIC MANAGEMENT MODEL CHOICE: EVIDENCE FROM INDONESIAN ENTERPRISES https://public.scnchub.com/efmr/index.php/efmr/article/view/332 <div> <p class="normalpara"><em><span lang="EN-US">In an era marked by rapid digitalization and economic volatility, Indonesian enterprises face increasing pressure to adapt their strategic management practices to ensure resilience and competitiveness. This article addresses the critical issue of how firms in Indonesia select strategic management models in light of internal characteristics and external challenges. The relevance of the topic stems from the need for Indonesian companies—especially small and medium-sized enterprises—to align strategic planning with limited resources, cultural specificities, and global market demands. The purpose of this research is to identify the main determinants guiding the strategic model selection process, focusing on both organizational capacities and environmental conditions. The study adopts a qualitative methodological approach based on integrative literature analysis and thematic synthesis. A comparative framework of strategic models is developed, incorporating SWOT, PEST, Balanced Scorecard, Porter’s Five Forces, Blue Ocean Strategy, and Gap Analysis. These models are evaluated according to their applicability within the Indonesian business context. The results indicate that model selection is influenced by a matrix of factors including ownership structure, managerial style, brand strength, resource availability, market volatility, and regulatory dynamics. The findings show that firms with strong internal competencies and transformative leadership tend to prefer flexible, innovation-driven strategies, while organizations constrained by hierarchy or market uncertainty opt for conservative models. Additionally, digital transformation imperatives, institutional reform, and industry-specific pressures compel enterprises to adopt hybrid strategies that integrate agility with long-term planning. The practical value of the article lies in providing a context-sensitive framework that supports Indonesian managers in making informed, adaptive, and effective strategic choices. By offering a nuanced perspective on model selection, this study contributes to both theoretical advancement and practical decision-making in the field of strategic management in emerging economies.</span></em></p> </div> Adi Pranat Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/332 Mon, 30 Jun 2025 00:00:00 +0300 ADAPTING ENTERPRISE ECONOMIC SECURITY MANAGEMENT MECHANISM TO WARTIME RISKS THROUGH THE PRISM OF PROJECT MANAGEMENT https://public.scnchub.com/efmr/index.php/efmr/article/view/335 <p><em><span lang="EN-GB">Research by modern scientists in the field of security science problems demonstrates that the algorithms of Ukrainian enterprises' activities have undergone significant changes in the realities of wartime. The feasibility of using a project approach to fulfil strategic tasks of business development in conditions of uncertainty and risk has been proven, in particular for the formation of a modern mechanism for managing economic security. It is assumed that the traditional functional elements of the economic security mechanism (human, financial, material, legal, information) should be supplemented with a digital component, and risk management should be integrated into all business processes. The most tangible risks of wartime for the activities of enterprises include a decrease in the quality of intellectual and human resources, a decrease in the level of financing and sources of financial income, the destruction of assets due to enemy attacks, the narrowing of partnership ties, a decrease in the quality of products/services, labor productivity, and the inability to predict strategic business development guidelines with a high level of reliability. Modernization of the economic security management mechanism requires additional costs, but inaction in this matter is no longer possible for those enterprises that seek to survive in wartime conditions. The disadvantages of the existing mechanisms are proposed to be the low level of employee motivation, the residual principle of security financing, and the identification of the state of economic security only with the physical protection of resources. The article proposes directions for modernization of the enterprise's economic security management mechanism, in particular, the use of a project approach, the creation of a digital ecosystem, constant monitoring of security-oriented measures, revision of motivational policy in personnel management, integration of security goals into the general business development strategy, increasing the level of digital literacy of security-oriented management entities, continuous monitoring of competitors' activities, which will allow economic security management specialists to flexibly respond to the challenges of wartime. The stages of developing an economic security management mechanism based on project management principles are proposed, such as team formation, risk assessment, resource planning, and KPIs for those performing security tasks.</span></em></p> Dmytro Kutsenko Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/335 Mon, 30 Jun 2025 00:00:00 +0300 BANK PROFITABILITY MANAGEMENT IN THE CONTEXT OF FINANCIAL RISK MANAGEMENT IN THE CONTEXT OF INDUSTRY 4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/338 <p style="font-weight: 400;"><em>The conditions of martial law and the digital transformation of the banking sector require new approaches to managing bank profitability, especially in the context of rising financial risks. The relevance of the chosen topic is driven by the need to adapt banking strategies to the challenges of Industry 4.0, which include automation, digitalization and the introduction of innovative technologies into financial processes. The purpose of the study is to identify effective approaches to managing bank profitability in an unstable risk environment, focusing on its components, principles of formation and factor influences. The object of the study is the profitability of banking institutions as an indicator of financial stability. The theoretical basis is the concepts of strategic profit management, anti-crisis risk management and financial diagnostics. In the course of the study, the methods of economic and statistical analysis, comparative dynamics, structural analysis and generalization were applied. The results of the study allowed to identify the key problems that hinder the growth of banks' profitability, in particular, an increase in credit risks, macroeconomic instability and poor adaptation to technological changes.</em> <em>The article also substantiates the ways to increase profitability in times of war, including: digital transformation of risk management, optimization of banking products and services, as well as improving the efficiency of internal control, optimization of the revenue structure, implementation of adaptive and product policies, integration of ESG approaches into the development strategy, institutional strengthening of internal control and compliance, digitalization of financial processes and introduction of smart technologies.&nbsp; The practical value of the work lies in the formation of an adaptive bank profit management system that meets the modern requirements of financial security and the digital environment.</em></p> Nataliia Shevchenko, Marta Kopytko Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/338 Mon, 30 Jun 2025 00:00:00 +0300 ENTERPRISE COMPETITIVENESS MANAGEMENT SYSTEM: OPPORTUNITIES FOR INCREASING SECURITY POTENTIAL https://public.scnchub.com/efmr/index.php/efmr/article/view/339 <p style="font-weight: 400;"><em>The purpose of the study is to characterize the features of the formation of an enterprise competitiveness management system. The object of the study is the enterprise competitiveness management system. The main objective of the paper is to reveal the most important principles of enterprise competitiveness management that affect the increase in security potential. The modern market is characterized by high dynamism, increased global competition and rapid technological changes. In such conditions, the enterprise competitiveness management system becomes a determining factor for achieving sustainable development. At the same time, the increase in the number of threats — from economic crises to cyberattacks — highlights the need to form and maintain security potential. This work considers an integrated approach to competitiveness management, which includes risk analysis, development of effective management solutions and implementation of innovative protection technologies. Particular attention is paid to the issue of corporate security culture, without which the most modern technological measures do not produce the desired results. Personnel, aware of risks and motivated to comply with ethical norms, become a reliable “protective barrier” against internal and external threats. Another key aspect is the ability of the enterprise to quickly adapt to market changes, which reduces the likelihood of a crisis and increases stability. It is determined that a competitiveness management system focused on ensuring security involves proactive threat monitoring, risk diversification and strategic planning. It forms the basis for long-term growth, protects critical resources and contributes to the creation of additional advantages in the market. The results of the study are of practical importance for managers who seek to simultaneously increase competitiveness and strengthen security potential, as well as for scientists looking for new approaches to strategic management in conditions of uncertainty.</em></p> Taras Chervak Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/339 Mon, 30 Jun 2025 00:00:00 +0300 EMPLOYEE-DRIVEN BRANDING FOR SUSTAINABILITY: STRATEGIC LEVERAGE IN TALENT ATTRACTION AND ORGANIZATIONAL IDENTITY https://public.scnchub.com/efmr/index.php/efmr/article/view/331 <p><em>In the contemporary era of environmental awareness and purpose-driven employment, organizations are increasingly challenged to integrate sustainability into all aspects of their operations. One emerging strategic response is the integration of sustainability into employee branding, where employees act as authentic representatives of an organization’s environmental, social, and governance (ESG) commitments. This study explores the potential of employee branding as a transformative tool for enhancing employer attractiveness, fostering employee engagement, and supporting long-term organizational legitimacy. The article addresses the growing importance of aligning corporate identity with sustainability values, particularly in sectors where skilled professionals prioritize ethical and purposeful work environments. The main objective is to investigate how sustainability-integrated employee branding influences talent attraction and reinforces organizational reputation in competitive labor markets. The research employs a mixed-methods approach. Quantitatively, a survey was administered to employees and HR professionals across 60 companies in Europe’s IT, finance, and manufacturing sectors to assess perceptions of sustainability in branding and its effect on employee advocacy and employer appeal. Qualitatively, case studies were conducted in three leading sustainable firms to uncover best practices and strategic insights. Semi-structured interviews and thematic analysis were used to evaluate organizational narratives and internal culture. Results indicate that sustainability is a significant driver of both internal motivation and external brand reputation. Employees who experience authentic ESG practices in their workplace are more likely to advocate for their employer, contributing to a credible and impactful employer brand. Key findings show sectoral variations, with IT and finance leading in ESG integration and digital employee advocacy, while manufacturing lags. Furthermore, employees under 35 were especially responsive to sustainability narratives, showing higher engagement and alignment with values-driven branding. Companies with clear ESG communication and participatory initiatives saw enhanced loyalty, increased candidate interest, and stronger internal cohesion. The practical value of the article lies in its provision of a strategic framework for implementing employee branding for sustainability. Organizations are encouraged to embed sustainability in employee experience, reward systems, and internal storytelling, thereby turning employees into co-creators of brand value.</em></p> Iryna Mazur Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/331 Mon, 30 Jun 2025 00:00:00 +0300 COMPETITIVE STRATEGIES IN SUSTAINABLE DEVELOPMENT ECOSYSTEMS: CHALLENGES AND OPPORTUNITIES https://public.scnchub.com/efmr/index.php/efmr/article/view/323 <p><em>The escalating relevance of formulating competitive strategies for enterprises within sustainable development ecosystems is driven by the increasing interconnectedness of globalization, the rapid pace of technological advancements, and the growing recognition of the imperative to harmonize economic growth with environmental stewardship and social equity. This article aims to conduct a comprehensive investigation into the process of competitive strategy formation among firms operating within sustainable development ecosystems, with the peculiarities of inter-firm interactions within these ecosystems, encompassing competition, cooperation, and collaboration, serving as the object of inquiry. The research is underpinned by a qualitative-analytical methodology, involving a thorough review of scholarly literature, industry reports, and pertinent regulatory frameworks in the domains of strategic management, ecological economics, and antitrust regulation. The findings of this study reveal the intricate nature of competitive dynamics within sustainable development ecosystems, alongside the potential risks of anticompetitive practices and cartelization. Key determinants of competitive advantages are analyzed, highlighting the significant role of sustainable development principles and digital transformation. The practical significance of this research lies in its provision of recommendations for the adaptation of governmental antitrust policy to the exigencies of the digital economy, with the objective of fostering sustainable development and ensuring an equilibrium between competition and innovation. Consequently, the article elucidates the complex challenges and promising opportunities inherent in the development of competitive sustainable development ecosystems in the contemporary landscape.</em></p> Kseniia Zakharova Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/323 Mon, 30 Jun 2025 00:00:00 +0300 SMART CITY AS A DRIVER OF ECONOMIC GROWTH AND INNOVATIVE DEVELOPMENT IN UKRAINE https://public.scnchub.com/efmr/index.php/efmr/article/view/333 <p><em><span lang="RU">The digital transformation of Ukrainian cities, especially in post-war reconstruction, is becoming a key factor in ensuring economic growth and innovative development. In this context, the smart city concept emerges as a strategic response to the need for sustainable, inclusive, and technology-driven urban revitalization. This study aims to substantiate the smart city concept as an effective mechanism for the reconstruction and modernization of the Ukrainian economy, as well as to identify the potential benefits and challenges of its implementation. The study is based on an interdisciplinary methodology that includes systems analysis to conceptualize urban transformation, comparative evaluation of international smart city practices, case study analysis of pilot projects in Estonia, the Netherlands, and Spain, as well as statistical review of Ukraine’s infrastructure damage and demographic shifts. The findings of the research reveal that smart cities can play a pivotal role in economic recovery by optimizing resource management, integrating technological platforms for citizen engagement, and reinforcing governance transparency. Special attention is given to the role of artificial intelligence, big data analytics, and civic technologies in building resilient urban ecosystems that support both economic innovation and social reintegration. The results also highlight the necessity of tailoring smart city models to Ukraine’s unique socio-political context, taking into account war-related damages, migration patterns, and the decentralization of public administration. The results indicate that a comprehensive approach to implementing smart technologies will not only effectively restore damaged infrastructure but also create new economic opportunities, attract investments, and improve the quality of life for the population. A survey of high school students revealed their deep understanding of the "Smart City" concept, their associations with convenience and technology, and their awareness of key challenges - funding and the impact of the war. The practical value of the study lies in developing recommendations for governmental and local authorities regarding the formation of state policy in smart city development, which will contribute to increasing Ukraine's investment attractiveness and economic security.</span></em></p> Olga Sych, Iryna Pasinovych Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/333 Mon, 30 Jun 2025 00:00:00 +0300 RESILIENCE AND GREEN TRANSFORMATION OF THE EU TOURISM SECTOR AMID THE ENERGY CRISIS: ECONOMIC SECURITY AND STRATEGIC ADAPTATION https://public.scnchub.com/efmr/index.php/efmr/article/view/337 <p style="font-weight: 400;"><em>The ongoing energy crisis has become a powerful catalyst for transformation across key economic sectors in the European Union, with tourism - highly sensitive to energy costs and resource dependence—emerging as both a vulnerable industry and a vector of sustainable change. This article examines the mechanisms of adaptation undertaken by tourism enterprises and public institutions in response to rising energy prices, supply instability, and the imperative for energy efficiency. The research aims to assess the level of economic resilience within the tourism sector in light of energy-related challenges and to identify successful adaptation strategies that contribute to economic security. A combination of comparative country analysis, statistical modelling, and case study evaluation was used to explore adaptation dynamics in Poland, Estonia, Germany, and Italy. The study reveals a growing trend toward integrating renewable energy solutions, digital energy monitoring, architectural modernization, and workforce reorganization in tourism facilities. Empirical results indicate significant reductions in energy consumption, improved profitability (as reflected in EBITDA growth), and the acceleration of investment payback periods. In addition, public support mechanisms such as the EU Recovery and Resilience Facility, green certification systems, and national co-financing programs have strengthened the capacity of tourism enterprises to withstand external shocks. The practical value of this article lies in the development of evidence-based recommendations for regional policy design, prioritization of sustainable tourism infrastructure, and the integration of energy resilience into strategic planning. By emphasizing energy security as a critical component of economic sustainability, the research supports a new vision for EU tourism—one that balances ecological responsibility with competitiveness and long-term viability.</em></p> Paulina Kolisnichenko, Magdalena Gorska, Mariia Dykha, Maryna Bondarenko Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/337 Mon, 30 Jun 2025 00:00:00 +0300 ENTERPRISE ECONOMIC SECURITY POLICY IN POLITICALLY VOLATILE ENVIRONMENTS: STRATEGIC FOUNDATIONS, RISK DIMENSIONS, AND CRISIS ADAPTATION MECHANISMS https://public.scnchub.com/efmr/index.php/efmr/article/view/336 <p style="font-weight: 400;"><em>In today’s globally interconnected and politically unstable environment, the concept of enterprise economic security has become a strategic priority for firms facing increasingly unpredictable challenges. This article addresses the need for a comprehensive framework that allows enterprises to ensure resilience, continuity, and competitiveness amid political disruptions such as sanctions, trade conflicts, regulatory shifts, and geopolitical tensions. The objective of the study is to explore how economic security policy can be institutionalized at the enterprise level, serving as a foundation for adaptive strategy and sustainable value creation. The research employs a multi-method qualitative design, combining theoretical synthesis, case study analysis, and comparative modeling. The conceptual foundation integrates insights from strategic management, political economy, and systems theory to construct a multidimensional policy architecture. Empirical evidence is drawn from case studies of politically induced business disruptions, including the Russian sanctions regime, Brexit, COVID-19 emergency regulations, Venezuela’s nationalizations, and the U.S.–China trade war. A comparative framework is developed to classify political and economic threats and match them with relevant enterprise adaptation strategies. The results reveal that political dynamics such as lobbying, regulatory volatility, and public–private interdependence are critical determinants of economic resilience. Enterprises that institutionalize political intelligence, scenario planning, compliance flexibility, and ethical governance are more capable of mitigating shocks and capitalizing on emergent opportunities. The findings highlight that economic security is not merely a risk management concern but a strategic imperative embedded in core decision-making. This article contributes both to academic scholarship and managerial practice by offering an integrated model of enterprise economic security policy. Its practical value lies in providing corporate leaders with tools to navigate politically volatile environments without sacrificing strategic clarity or institutional integrity. The proposed framework supports evidence-based decision-making, strengthens adaptive governance, and enhances enterprise agility in the face of systemic uncertainty.</em></p> Igor Britchenko Copyright (c) 2025 https://creativecommons.org/licenses/by-nc/4.0 https://public.scnchub.com/efmr/index.php/efmr/article/view/336 Mon, 30 Jun 2025 00:00:00 +0300