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; ;Kaminsky, OlegTeslenko, TetianaEconomics. Ecology. Socium., p. 83-95.Introduction. The study of economic security is relevant due to strengthening competition in the world market and military conflicts, which are becoming critical tasks for the state. Studying economic security makes it possible to identify the problematic aspects of a country's economy, find solutions, and develop strategies to ensure a sustainable investment policy. The specifics of changes in organizational models associated with digitalization also transform investment management systems. The most significant digital changes affect economic security, as the high openness of companies contributes to the emergence of various threats and risks to their activities. Therefore, it is essential to study the problems related to the risks of digital transformation within the framework of economic security management in the investment provision of Ukraine. Aim and tasks. The purpose of the study is to analyse problems and develop a recommendation for assessing the level of economic security when developing investment projects, taking into account the risks of digital transformation, for better preparation for future projects of post-war reconstruction in Ukraine. The results. This study developed a conceptual model for assessing the level of economic security, which includes the systematization of critical indicators of economic security and the organization of ensuring end-to-end transparency of information during the implementation of investment projects for the post-war reconstruction of Ukraine based on intelligent technologies. Software for assessing economic security using machine learning methods is proposed, which will allow forecasting the state of the enterprise's economic security for the entire implementation period of the investment project. Conclusions. This research proved that an enterprise's economic security is a complex and integral economic concept that requires studying the influence of several external and internal factors. Therefore, the established approach to assessing the state of economic security should cover all current investment processes and risks that arise in the context of the digitalization of enterprises, influencing the choice of critical indicators. Post-war reconstruction should be based on the modernization of the economy by improving the security of the business environment (reducing corruption, ensuring private property rights and strengthening the security of business activities) and the transition to a digital society. 5WOS© IF 0.3WOS© AIF 1.75
- The country’s systemic risk has become a fairly widely discussed topic since the global financial crisis of 2008. There is a growing interest among researchers in the development of an Early warning system that helps to assess the relationship between an independent variable for the current period and a dependent variable for a future period. Such models can be used to as early warning of the level of the country's systemic risk, and may help to take early actions to prevent or decrease the impact of systemic crisis. Evaluation of systemic risk is very complicated, as it is difficult to accurately predict the extent of the links between various institutions, and the possible spread and scale of the country's systemic risk. In addition, the country's systemic crisis is affected by many factors, many elements of the financial system. Financial derivatives are one of many elements of financial system, and the market of financial derivatives is huge compared to other financial instruments. The impact of financial derivatives to economies of various countries has been widely studied, however, the research on their impact to countries‘ early systemic risk remains under-researched. For this reason, assessment of the impact of derivative financial instruments on the early systemic risk is very relevant. Aim and tasks. The purpose of the article is to assess the impact of financial derivatives on the country's early systemic risk in the Euro area region. Results. It is shown that correlation fluctuates between weak-strong level, when analyzing relationship between various factors of financial derivatives and early systemic risk in the Euro area. Results of linear regression analysis prove that the group of financial derivatives independent variables (interconnection, size, liquidity, complexity, stability, leverage) can be used to reliably estimate the dependent variable (early systemic risk). Logistic regression analysis also provides similar results to the linear regression analysis. Additionally, it is shown, that logistic regression is more suitable to analyze impact on early systemic risk. Analysis of impact of individual financial derivatives factors to early systemic risk demonstrate, that three financial derivatives factors – size, complexity, and leverage – may be the best predictors of an impending systemic crisis. Among these factors, the size factor has the largest impact on early systemic risk of the Euro area, and complexity factor shows improved statistical parameters, which indicates, that this parameter is more suitable to be used in early warning system models.
- In modern economic environment, obtaining financial stability in the long run is one of the conditions for competitive advantages. The condition for achieving stability is the improvement of the risk management program, which is based on a balanced system of formation and use of available resources. Aim and tasks. The aim of this paper is to explore the trends of risk management of modern investors in the selection of objects for placement of capital and formation a strategy of marketing management for the diversified businesses. The tasks of the paper are to research the theoretical aspects of risk management and planning; to analyze the risk management on the diversified companies; to develop solutions to improve the system of marketing management on the diversified companies in the context of risk management. Results. Investment marketing activities are one of the main ways to develop and increase the competitiveness of the economy and the individual companies operating in it. Marketing activities allow you to attract investments that support the implementation of the company's development strategy, increase its assets, develop innovative products, enter promising markets, ensure development in a highly competitive environment and stimulate the company's capitalization in the future. The dynamic growth of a diversified company is largely possible through diversification of investment capital and raising investment funds through the placement of shares in the financial market. An increase in the investment efficiency of a diversified company is possible only if there is a system of control over the economic activities of its individual business lines, otherwise it is highly likely that irrational investment decisions will be made and investment capital eroded due to the lack of proper control over its planning, placement and subsequent management. Conclusions. Modern diversified enterprises have to show investors that firms are in the sphere of financial management. This will help with the main risk of diversification – undervaluing by fund market. Modern conglomerates on the one hand should be present in the most popular industries among investors like technologies or bioengineering but on the other hand they have to concentrate its activity on the principles of private equity or leveraged buyout firms. It means that firms have to actively use loan capital after the recession and use their equity as more conservative as possible. It will allow getting financial results as good as private equity funds but for the public conglomerates it will allow to keep present investors and to attract new ones with conservative strategy.
1 Assessment of the transparency of information submitted to business enterprises by Lithuanian commercial banksPublicationDue to extremely high degree of responsibilities, bank activities have to be by far the most transparent in comparison to other enterprises or finance institutions since any participant of the finance market may become a bank customer. Considering this reason, activities of commercial banks have to be supervised by particular authorities. What is more, requirements for banking activities must be clearly defined; banks must be obliged to capture particular data and publically submit the required information, ensuring its transparency. This article is aimed at assessment of the transparency of information submitted to business enterprises by Lithuanian commercial banks. The results of the empirical research have revealed that the key problems related to commercial banking include bank activity supervision gaps and insufficiency of legal requirements. In addition, since, with reference to the experts’ opinion, reliance on commercial banks is, to the largest extent, determined by staff competence, service quality, quantity of submitted information and bank image, to ensure information transparency, commercial banks should focus on the submission of truthful and comprehensive information without concealment of any essential data.
- One of the biggest problems of the last decade is hardly defined economic activities, objects and subjects in cyber space. Through cyberspaces, such as social networking platforms, e-commerce, e-business systems or cyber computer games, real money circulates but in most cases these transactions are not accounted and do not generate the taxes to the state budget. For this reason, a deeper insight in the phenomenon of digital shadow economy is purposeful. The performed analysis of various scientific sources leads to the conclusion that the previous research on the topic of digital shadow economy is mostly limited with the studies in cybercriminal activities, e-fraud and the motives of the consumers to get involved in digital piracy. However, the complex scientific research in the field of digital shadow economy has not been performed, which determined the aim of this research – to systematize the scientific literature on digital shadow economy and perform the critical analysis of the researched phenomenon. The methods used in the research include systematic and comparative analysis of the scientific literature. The research has enabled to specify the concept of digital shadow economy, identify its forms and activity channels in digital black markets and define the differences between traditional and digital shadow economy.
Evaluation of the factors that influence the EU automobile industry during the period of financial crisisPublicationSince EU automobile industry has not completely recovered after the recent financial crisis, it is purposeful to identify what factors could have determined the recession of the EU automobile industry. The article is aimed at the evaluation of the factors that influence the automobile industry in the EU during the period of financial crisis. The methods of the research include correlation analysis and multifaceted regression analysis. The research has enabled to establish the impact of macroeconomic factors on the EU automobile production whereas the factors that influence the EU automobile demand have been researched only partly due to non-stationarity of the statistical data. Although the data was differentiated to make it stationary, the differentiation too significantly changed data values and correlation coefficients to make reliable conclusions. For the comprehensive analysis, the Vector Error Correlation Model (VECM) should be applied.