Economics. Ecology. Socium (E-Journal) / Економіка. Екологія.Соціум
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Investigating the Impact of Training and Development Activities on the Involvement of Employees in the Human Resources Management Context
Get PDFIntroduction. Training and development in human resource management (HRM) are important for business companies to survive in a competitive environment. On the other hand, the contribution of training and development activities is also crucial for employees' individual development and career plans. Rapid changes in technologies, methods, tools, and working environments have increased the need for new qualifications, abilities, and knowledge bases that can be provided through training and development activities.
Aim and tasks. This study aims to conduct a quantitative research that examines the association between training and development activities and the contribution of employees to business success in the context of HRM.
Results. A relational survey model was used to determine the relationships between variables. In this survey, 105 blue-collar workers from a manufacturing company in Izmir were selected using a random sampling method. The questionnaire collected data, and the SPSS software analyzed the results. According to the results of the survey, training and development have a significant influence on employee performance. Specifically, they evaluate training as an essential tool for performing their duties, accessing up-to-date information about their activities, and considering it a supporting study for their career development. Even though employees have positive opinions about training and development activities, they still need to be given detailed information about the training programs they should participate in the future. It was observed that employees’ evaluations of training and development activities were positive, and their learning motivation was relatively high. There was a positive and significant relationship between employees’ views on training activities and their perceptions of performance. The findings stated that training activities positively affect employees' performance by increasing their knowledge and skill levels.
Conclusions. It has been determined that the individual benefits provided by training and development activities motivate employee performance. There was no difference between the views of the participants regarding education and development by gender, age, education level, or working time. It was determined that married people consider education and development activities more in terms of career development compared to singles
The Impact of COVID-19 Pandemic on Labor Market Perspectives for Management Undergraduates: New Models of Employability Capital Development
Get PDFIntroduction. COVID-19 is a worldwide epidemic that impacts all aspects of human life. Social distancing was an essential action to prevent from COVID-19 virus. For this reason, collective activities were prohibited in many countries including Sri Lanka. Education is one of the main collective activities in the world. As such, it is relevant to test the influence of COVID-19 on graduate employability skills. However, it is difficult to find COVID 19 impact on graduate employability skills in the Sri Lankan context.
Aim and tasks. The main objective of this paper was to identify the effect of the COVID-19 pandemic on the graduate employability capital of state universities’ management undergraduates in Sri Lanka and the significant level of that factor.
Results. Based on the literature review, the COVID-19 pandemic affected five factors human capital, identity capital, cultural capital, social capital, and psychological capital identified as graduate employability capital factors or not. The methods of the study were to use the analysis of quantitative data. To achieve this goal, an online survey of 377 university students was conducted. The obtained selective results in the context of the COVID-19 pandemic showed significant positive shifts in the employment processes of university graduates. This positive impact, according to the results of the regression analysis, was provided by the following types of capital: social, human, psychological, cultural, and identity, the values of which ranged from 91.4 percent to 95.8 percent. Among all types of capital, human and psychological capital had the most significant impact on student mobility.
Conclusions. The conducted studies show the importance of the online educational system in the universities of Sri Lanka. The use of available resources can significantly improve the existing infrastructure of online education and help increase the level of competence and professionalism of the teaching staff and university students. The introduction of the proposed online educational programs and courses will not only improve the quality of services provided but will also increase the revenue side of the university budget
Relation Between Financial Literacy and Carbon Footprint: Review on Implications for Sustainable Development
Get PDFIntroduction. Financial literacy has been recognized worldwide as a significant element of stability and economic and financial growth. With the evolution of financial instruments, the growing importance of financial inclusion, its correlation with financial literacy, and the effects they have on sustainability, the concept of financial literacy is dramatically changing and getting more inclusive, spreading the focus on sustainability, sustainable consumption, and environmental preservation.
Aim and tasks. The aim of the study is to examine the connection between the population's financial literacy level and greenhouse gas emissions. The working hypothesis claims that there is a relationship between financial literacy and the carbon footprint.
Results. The correlation and regression analyses were the main tools in the study, while the dataset for 2014 covered 137 countries, with the main dependent variables being carbon emissions per capita, per unit of gross domestic product, and per unit of energy. The partial correlation coefficients between financial literacy rating and carbon footprint variables were insignificant when controlled for economic development, represented by per capita gross domestic product. Estimated econometric models with financial literacy in quadratic form were adequate and showed a significant connection between financial literacy and carbon emissions per capita and per gross domestic product at the 5% level. The relationship with carbon emissions per unit of energy was significant at the 10% level. In all three models, the relationships followed an inverse U-shape, with low financial literacy increasing the carbon footprint and higher financial literacy decreasing it. The turning numbers for financial literacy were 35.8% for carbon emissions per capita, 41.4% for emissions per unit of gross domestic product, and 32.4% for emissions per unit of energy.
Conclusions. Financial literacy was indeed associated with carbon emissions in a complex, non-linear way. The effect of energy consumption on carbon emissions was stronger than financial literacy and appeared to be the driving force for the increase in carbon emissions. With low financial literacy observed in underdeveloped countries, the situation was not favorable for the environment. As financial literacy increased, welfare, income, and consumption increased too, leading to an increase in greenhouse gas emissions, i.e., a bigger CO2 footprint. Once a certain stage of economic development was reached, the relationship was reversed, i.e., in developed countries, financial literacy worked towards reducing the carbon footprint and protecting the environment
Inflation Targeting As a Tool for Maintaining Price Stability of The National Bank of Ukraine
Get PDFIntroduction. Inflation targeting is a tool for ensuring price stability in the economy and therefore requires harmonious coordination and communication among government institutions. At the same time, the central bank must adhere to a certain policy instrument, the established legal rules, which are fixed in its mandate, or act at its discretion. Nowadays, the most common rule of monetary policy is inflation targeting.
Aim and tasks. The purpose of the article is to explain the expediency of using the inflation targeting regime to keep inflation at a certain target level, which is determined by the central bank taking into account the current state of the economy.
Results. The theoretical model of Taylor is considered, which is based on inflation assessment in the form of a simple interest rate rule based on monetary policy instruments that ensure convergence of the inflation forecast to the target value in the medium term. The obtained results reflect the volatility of the indicators of the objective function in the data range of 2015 Q3–2021 Q2 and confirm the weight of the gap of variable values that are estimated to be insignificant (95%). Using the GMM method, the relationship between the indicators of the objective function and their impact on the inflation rate through the use of the inflation targeting regime was verified. In particular, the volatility of variables such as the inflation gap, short-term interest rate, output gap, and exchange rate gap and their impact on the target inflation rate was revealed on the time horizon of monetary policy. Smoothing out gaps in variables is one of the goals of the central bank's reaction function under the inflation targeting regime. The use of the GMM method confirms the validity of the application of Taylor's rule regarding the feasibility of choosing an objective function with predetermined variable parameters at different sampling intervals.
Conclusions. The increase in the volatility of variable parameters in the objective function of central banks under the inflation targeting regime is explained by global crises and the sensitivity of macroeconomic indicators to fluctuations in the economic situation. This is the main reason why central banks strictly follow the rules of monetary policy, which allow the timely smoothing of exogenous shocks in the economy
Organizational-Economic Measures and Tools for the Multifunctional Use of Aquaculture Facilities in Ukraine
Get PDFIntroduction. The world is aware of the importance of preserving natural resources and is shifting its focus to a social perspective, reflecting the acceptance of sustainable development principles. Aquaculture management must consider the impacts on the ecosystem and community, ensuring a balance in the use of water resources. Aquaculture can become a sustainable way to generate economic resources, and has recreational and cultural applications. This study examines the possibilities of using aquaculture in educational and cultural activities, public leisure, aesthetic education, and the development of park areas, as well as for other multifunctional purposes that contribute to improving water environment management and creating new ecological jobs.
Aim and tasks. The study aims to develop a conceptual vision of multifunctional aquaculture facilities as innovative and recreational centres for new jobs and the development of the local economy, considering socio-ecological and economic motivational mechanisms and effects that have not been previously investigated.
Results. The variability of directions for the development of aquaculture activities in the context of implementing marine strategies, Sustainable Development Goals, and reduction of the negative consequences of water pollution due to military actions. Socio-ecological and economic motivational mechanisms have been developed to form aquaculture facilities as centres of a green corridor or a concentration of ecologically safe zones to integrate them into urban and rural spaces. Measures for integrating aquaculture into tourism activities and the scientific concept of the concentration of ecologically safe territories with an aquaculture core in terms of organizational measures and possible effects are proposed.
Conclusions. A conceptual vision of multifunctional aquaculture facilities with the functions of reproduction, education and cultural-recreational enlightenment in terms of scientific and educational, decorative and circular facilities was proposed. The scientific concept of the concentration of ecologically safe territories with an aquaculture core in terms of organizational measures and possible effects was proposed
Management Problems of Innovative Business Projects and Ways of Its Improvement
Get PDFIntroduction. Global innovation challenges existing in the world at this current stage, activation of strategic innovation policy on gaining positions in the Global Innovation Index by the states, rapidly changing consumer demands, the struggle to maintain the advantages of leadership for competitiveness in the world market, the sudden appearance of the COVID-19 pandemic – faced the countries of the world before the complex challenges, which turned the production of innovative products and services, and the modernization of existing ones into an essential condition in a short period.
Aim and tasks. The research aims to work out ways of improving the problems arising in Georgia's innovative business project management. The following objectives should be carried out to achieve the research goal: studying the characteristics of innovative business project management from the origin of an innovative business idea to its realization based on research and statistical data analysis
Results. There have been reviewed problems in the management of innovative business projects-difficulties in adequately designing the business model to improve the business idea, which requires extra time, finances, and an experienced professional team. All of these hinder the startups' ability to go through the business process, turn the idea into a competitive product, carry out the correct marketing campaign, and build partnership relations at the local and international levels. Due to the urgency of the issue, the rating of Georgia has been studied regarding the innovation development of the Global Innovation Index. The positive attitude of the country towards the innovation policy has been determined, as reflected in the innovation policy carried out by the government. By analyzing the statistical data, grants and their effectiveness as issued to business projects by "Startup Georgia", "Produce in Georgia", and the European Union have been compared.
Conclusions. The conclusions have been developed by analyzing the results of the research to eliminate the mentioned problems, according to which the constantly changing environment of the market economy forces companies to quickly adapt to market challenges to gain competitiveness and eliminate the problems existing in project management in parallel with the production of innovative products with the participation of professional project managers
Sustainable Development Management Factors in The Regional Economy of Ukraine
Get PDFIntroduction. The functioning of the Ukrainian economy with a large number of restrictions necessitates its restoration on the basis of high-quality strategizing, taking into account foreign experience. The formation of financial support tools for the development of a regional development strategy raised the question of the need to change financial strategies to ensure the conditions for sustainable development, which determined the relevance of the study.
Aim and tasks. The aim of this study is a theoretical and methodological review of modern financing of regional projects in Ukraine at the subregional level and the provision of proposals for their conceptual improvement in order to ensure sustainable development of the economy based on the European experience of regional strategizing.
Results. The research contains a thorough modern analysis of individual factors of sustainable development of the regions of Ukraine in the medium-term perspective, namely: use of the opportunities of the administrative-territorial system; effective financing of regional development; concepts and models of "green" development of the regions of Ukraine. The need to organize a qualitatively new financing of regional development with the aim of achieving stable economic growth in post-war Ukraine is substantiated, and ways and forms of state assistance for this process are proposed. Based on the indicators of tax revenues in Ukraine in 2015–2021, a conceptual model of a system of institutions at the district (subregional) level is proposed that contributes to regional development, taking into account smart specialization and environmentalization. For its effective functioning, a mechanism for financing such a system is proposed based on the fiscal scheme of deductions from corporate income tax in the estimated amount for each territorial level.
Conclusions. Synchronization of the administrative-territorial division with European countries made it possible to implement the EU experience in financial support of the sub-regional level of management and to offer a new vision of this process in Ukraine. Forecast calculations of the percentage of deductions from the tax revenues of enterprises' income tax to the relevant development funds were carried out using the apparatus of economic and mathematical modeling. The prospects for sustainable development and models for achieving this goal are analyzed, within which the vision, regional, and sectoral goals of such models are systematized
Transforming Financial Outsourcing Services for Sustainable Business Development: A Review on Green Finance
Get PDFIntroduction. Financial outsourcing services contribute to the effective management of economic relations arising in the process of the formation and use of financial resources. With the unchanged goal of financial outsourcing, its services are being transformed, associated with the development of the financial market and the emergence of innovative financial instruments, technologies and mechanisms.
Aim and tasks. The purpose of the article is to form a methodology for studying financial markets, growth points and development trends of "green" finance and tools for sustainable business development that require the transformation of financial outsourcing services.
Results. A review of sustainable business development based on the methodology of researching the green financial market and financial instruments was carried out, which consists in the use of biometric, predictive, and other methods of analysis that allow timely identification of innovative financial instruments, their development trends, empirical data on their significance, sources of funding, scale, models and trends in the development of economic relations arising in the process of environmental modernization of production. The proposed methodology for researching the financial market will make it possible to transform financial outsourcing services in a timely manner, especially for clients engaged in the development and implementation of engineering innovations aimed at developing a sustainable economy based on green finance.
Conclusions. The dynamics of the development of green bonds is significantly ahead of the dynamics of the development of the financial market as a whole. The concept of organizing regional sustainable financial systems is proposed, the infrastructure of which includes a financial outsourcer that contributes to the effective attraction and use of financial resources for sustainable business development. A classification of client groups of financial outsourcing services is proposed depending on the size of business entities and the involvement of specific financial instruments and management mechanisms carried out by an outsourcer, which provides capital management using financial management mechanisms, accelerating its turnover and reuse
Methods of Assessing the Level of Market Capitalization of Joint-Stock Companies: Economic and Managerial Aspect
Get PDFIntroduction. Effective assessment of the market capitalization of public joint-stock companies is an important strategic aspect that determines the level of corporate governance, competitiveness of manufactured goods or services, investment attractiveness, publicity, and transparency of the company in the stock market. In this regard, there is a need to study the advantages of various methods of market capitalization assessment, which will ensure not only the determination of the effectiveness of the corporate and financial activities of domestic joint-stock companies but also the investment value at the state level, ensuring the strategic necessity of satisfying social needs.
Aim and tasks. It consists in researching current methods of assessing the market capitalization of public joint-stock companies and proposing new ones for the purpose of a more comprehensive analysis of the company's activity at the stock market.
Results. The peculiarity of legal management and regulation of the market capitalization of Ukrainian public joint-stock companies is determined; the methods of assessing the market capitalization of joint-stock companies and the goals set by the entities that apply it in the evaluation are distinguished, namely: the method of the current market value of a public joint-stock company, the method of the average market value of a joint-stock company and the method of the maximum market capitalization of a joint-stock company. Ensuring the legality of market capitalization assessment, was carried out. A factor method of market capitalization assessment and a comparative method have been developed for the purpose of a more thorough assessment. It consists in presenting the author's approach to assessing the level of market capitalization through the use of comparative and factor approaches, which include not only an assessment of the market position of a joint-stock company at the stock market, but also individual balance indicators at the beginning of various reporting periods, establishing transparency and competitiveness.
Conclusions. The proposed research results will be useful for a comprehensive assessment of not only the financial, stock and marketing strategy of a public joint-stock company at the stock market, but to ensure its own competitiveness, liquidity and investment attractiveness, take into account factors affecting the comprehensive business, investment and financial position of a joint-stock company
Management of the national economy as an element of the socio-economic space of the country
Get PDFIntroduction. The interest in the problem of public administration in the development of a country's national economy is increasing. Such questions are always in line with the interests of economic theory and business practice. Under the influence of factors, the national economy of Ukraine is transforming into a whole organism, which, under the influence of factors, loses some signs and acquires new ones.
Aim and tasks. The aim of the research is to develop the conceptual apparatus for managing the national economy as an element of social economic space of the country.
Results. The result of the study is the development of a conceptual apparatus for managing the national economy as an element of the socio-economic space of the country . First of all, the system of economic and social connections and relations between subjects of the national economy, related to the implementation of economic activity and the satisfaction of the social needs of the population, is functioning. Secondly, management of the national economy is carried out, which is related to the accumulation of resources (production, financial and investment, scientific and technical, informational, etc.) necessary for the uninterrupted implementation of various types of economic activity of subjects and the satisfaction of the social needs of society, as well as their effective distribution and use. Thirdly, the interests of all participants in the processes of functioning and development of the national economy as an open, complex socio-economic system intersect. Fourthly, certain features depending on the specific country (national features) are revealed. Finally, the economic and social components of the management orientation of the national economy and its separate elements are organically combined, which ensures their close interaction and complementarity.
Conclusions. The statement that the national economy is an element of the socio-economic space can be considered fully justified, given that the study of the national economy in terms of its belonging to the socio-economic space gives the most comprehensive and accurate idea of the reality, the presence of connections and relations inherent in the objects operating within it and allows for more effective management of the national economy