Economics. Ecology. Socium (E-Journal) / Економіка. Екологія.Соціум
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Investment Security in the Development of the Digital Economy
Full text linkIntroduction. Investment security in the development of the digital economy forms the basis for enhancing the digital competitiveness of European countries, ensuring the development of a pan-European data space, strengthening cybersecurity, stimulating the activity of underdeveloped economic sectors, and driving the digital transformation of public healthcare services.
Aim and tasks. The study aims to determine the strategic directions and challenges of enhancing investor support to establish favourable circumstances for the growth of the digital economy in European countries.
Results. The advantages of the digital economy as a basis for further human development are identified. According to the analysis of the dynamics of the digital skills indicator, a trend of increasing individual digital skills among people in EU countries with four and five out of five indicator components was observed in 2023 compared to 2021 (an increase ranging from 0.57 to 1.64 percentage points). The leaders in the increase in Internet usage frequency are Romania, Belgium, and Montenegro, with increases of 19.98%, 18.29%, and 17.31%, respectively. The benefits of using digital technologies to enhance business competitiveness and the need to promote digital investment in regions with low levels of digitalisation, which consequently have low investment attractiveness, were identified. This will help counteract the imbalance of digital resources and data exchange, and form the potential for developing competitive digital advantages for European countries’ economies.
Conclusions. Obstacles to digitalisation in European countries include an aging population, which contributes to a low level of skilled labour availability and disparities in the adoption of digital technologies. There is a need for continuous monitoring of the implementation of digital transitions in European countries. Digitalisation serves as the main driver of technological innovations and services, productivity growth in economic sectors, and reduced efforts in data analysis and decision-making. Investment security in the digital economy should promote the acceleration of digital transitions in regions with low-capacity levels. The rationality of investment decisions can expedite the development of digital infrastructure as the primary potential for the growth of less-efficient industries on the path to sustainability
Innovative Models of Green Entrepreneurship: Social Impact on Sustainable Development of Local Economies
Full text linkIntroduction. Green entrepreneurship has become a powerful new force, driving sustainability and promoting economic development within local economies. This research explains how small-scale green entrepreneurship activity has its desired role in environmentally affected matters and any economic grow-ups from the low ends.
Aims and tasks. The study aims to analyze green entrepreneurship models and highlight successful initiatives in various regions, including those related to solar energy, green agriculture and green product development startups, to understand the impact related to social, economic and environmental factors.
Results. The findings in the research indicate that creativity is an important business strategy, partnerships in the strategic plan, application of technology and capturing communities in driving green entrepreneurship. As such, the study discovered that business models were continuously associated with the creation of jobs, and in average 15,000 new jobs per region were created. North America, Europe, Asia, Africa, and Latin America contributed significantly. Thus, as well as through strategic partnerships and technology adoption, it has contributed to a reduction in CO2 emissions by an average of 60,000 tons a year across all regions. The success of green entrepreneurship models is analyzed using empirical case studies and real-life examples to bring out core issues requiring action and offer recommendations to policy makers, investors, and entrepreneurs on how to implement green business models further.
Conclusions. The research underlines the dynamic capability of green startups to solve environmental issues along with its shifting economy and community interface. An essential role of green entrepreneurs is the ability to use creative mindsets together with progressive tie-ups. This therefore engenders positive change and leads the way to a more equal and sustainable world. Going further, all critical characters in the area must still be inspired and enlightened to launch more green entrepreneurship initiatives to provide more significant influence on transitioning to a more sustainable society
Momentum of Industrial Growth: Methods of Calculation and Ways of Use
Full text linkIntroduction. This study analyses countries' industrial development using the momentum of industrial growth and the product of the added value created by industry by its growth rate. It is constructed by analogy with momentum in mechanics, just as the measure of production of movement of a body depends on its mass and velocity; therefore, the measure of industrial growth is determined by the volume of production (scale factor) and the rate of its change (speed factor).
Aim and tasks. This research aims to define the concept of the momentum of industrial growth and justify the possibility of its use for the identification of supranational industrial ecosystems, specifically for groups of countries whose industries are characterized by close development parameters. The subject of this research is the historical dynamics and geographical diversity of the industrial ecosystems of the states.
Results. The momentum of industrial growth depends on many factors, among which we can distinguish sets of institutional, economic, scientific-technological, labour, and environmental factors. Based on the analysis of the array of 21 indicators of these sets for a sample covering 67 countries, five indicators were selected that had the closest connection with a performance indicator, such as the specific momentum of industrial growth (per capita). This indicator allows the comparison of industrial systems of different sizes and considers not only the specific industrial output but also the rate of its growth.
Conclusions. The selected indicators were used to identify supranational industrial ecosystems, groups of countries whose national industries have similar development parameters. In total, using cluster analysis, five large groups of countries were singled out, which, in turn, can be divided into subgroups: industrial ecosystems with the closest characteristics. Ukraine is included in Group V “Developing countries with the lowest specific momentum of industrial growth”. Unlike the group of leaders, which included the most industrially developed states, Group V was characterised by a lower scientific-technical production level, more significant reproduction problems, and a level of human capital along with traditionally influential informal institutions. To specify the cluster factors of growth and consider them in the formation of the national industrial strategy, it is reasonable to devote particular research to the issues of their analysis in time and space
Investment and Infrastructure Development Projects in Public–Private Partnerships in Ukraine
Full text linkIntroduction. Acquiring sustainable development of the public-private partnership process is an urgent task, given the need for post-war reconstruction in Ukraine. Nowadays, development is suspended, which is experiencing an investment gap due to the risks and uncertainty of war conditions and insufficient guarantees for investors, an imperfect legal framework, and unresolved institutional problems. Therefore, the task of identifying obstacles to the development of public-private partnerships and improving their mechanisms arises.
Aim and tasks. The study aims to analyse investment and infrastructure development projects within the framework of public-private partnership in Ukraine, identify barriers to sustainable development, assess the prospects for external financing and the need for private investment, develop proposals to increase the level of guarantees for investors and improve the mechanism of public-private partnership.
Results. The need to change the principles of evaluating public-private partnership projects is indicated to facilitate the formation of a new paradigm of cooperation between society, business, and institutional structures during the post-war reconstruction of Ukraine. Obstacles to developing public-private partnerships, exceptionally high risks for investors, significant uncertainty caused by the war, insufficient investment guarantees, and the way to acquire a dynamic public-private partnership financial model are indicated. It is proposed that projects aimed at redistributing risks between project participants be diversified and fragmented, which will facilitate the involvement of SMEs in the public-private partnership mechanism. New approaches are proposed to increase the level of guarantees to investors and measures to improve the public-private partnership mechanism, which will provide the prerequisites for sustainable development.
Conclusions. The conducted analysis showed that the improved mechanism of public-private partnership would reduce the risks of external investment by 28% and increase the chance of returning insured loans in case of failure by 11.9%, which increases guarantees for external creditors. This indicates that the total share of private investment in public-private partnership projects should reach 67%, and external investment should provide 75% of the total volume of investments
Accounting and Audit of Agriculture Enterprises in the USA
Full text linkIntroduction. The USA accounting and audit industry is a complex and influential sector encompassing institutional structures. The Big Four, regional (local) firms, and independent auditors are the most common among them. In turn, the Securities and Exchange Commission (SEC) ensures that professional standards and financial reporting are met through its rigorous oversight. The demand in the industry springs from business expansion, economic prosperity, and the implementation of certain regulatory norms and standards for unsettled debts. The problem is the investigation of the peculiarities of the accounting and audit industry in the United States, size, regulatory framework, dominance of the Big Four firms, and ever-increasing technology use in the field.
Aim and tasks. This study examines the peculiarities of accounting and auditing in the USA in the context of agribusiness development.
Results. An analysis of leading audit firms (Deloitte, PwC, EY and KPMG) showed an average increase of 40% in income over the period 2018-2023. Accounting and auditing in the USA remains the leading sector among developed countries, showing the highest projected turnover growth due to strong B2B demand, rising labour costs (71.2% of total industry expenses) and increasing industry profitability (27.5%). However, despite the growth in the overall number of companies, the industry remains fragmented, with the top five companies accounting for 17.2% of production value in 2023. Technology is still developing, and new laws are being set every so often in the accounting and auditing industry. A comprehensive set of approaches is required to characterise agribusiness in the United States.
Conclusions. The analysis of the Financial Accounting Standards Board (FASB), which has the authority to supervise and regulate accounting, revealed the audit standards that the FASB conducts for review and takes action against firms that violate the standards and rules of ethics. The most important aspect of the supply of professional auditors is meeting the demand for credible audits in the market
A Review of Circularity Indicators and Psychological Factors: a Comprehensive Analysis of Circularity Practices in Organizations
Full text linkIntroduction. In a booming global economy of finite resources, pandemics, armed conflict and irresponsible over-consumption, attention to the nature of finite resources becomes imperative. The transition to a circular economic model lies at the intersection of economic development and environmental protection needs, significantly impacting today's society and future generations. Research and understanding of the circular economy are catalysts for accelerating processes to change the current unsustainable paradigm. This study reviews the literature and identifies how circularity indicators are addressed at the organisational level.
Aim and tasks. The study aims to review and synthesise the literature on micro-level circular indicators, psychological factors, and relevant theories in the context of organisational performance, as well as identify knowledge gaps and ways the two elements can be integrated into the circularity assessment.
Results. The study shows no universally accepted method to measure the circular economy at the organisational level. Most indicators focus only on the environment, ignoring the social dimension, while many indicators in the literature are not standardized and cannot be compared. It has also been identified that the social component needs to be better represented, with all the attention focused on the environment. Within the social component, organisational psychology (organisational culture, satisfaction, attitudes, leadership, motivation, and employee well-being) is almost not represented in the studies and indicators, as they are highly relevant to the social component.
Conclusions. This systematic review provides an overview of existing indicators and measurement tools at the organisational level. Following the analysis and results presented above, it can be said that although underexplored, the social dimension of the circular economy has begun to attract attention in the literature. The present research highlights the relevance of the social aspect in the circular economy and suggests that it has been undervalued in research to date. Irrespective of the specific areas of interest of different studies, there is a growing need for a more comprehensive understanding of the social impact of the circular economy, which would include all aspects of social life, from jobs and education to civic engagement and behaviour change
Analysis of the Advancement of Public-Private Partnership in Ukraine
Full text linkIntroduction. The significant amount of destruction caused by the war in Ukraine necessitates the involvement of all forms of financial and organizational support for the country's reconstruction process. A tried-and-tested method of attracting resources to this process is a public-private partnership. The intensification of public-private partnerships aims to meet the basic needs of the population during martial law before creating the necessary conditions for economic recovery after the war. Since the war led to the stagnation of the specified process, the obstacles and peculiarities of public-private partnerships in this period need to be researched.
Aim and tasks. The purpose of this study is to analyse the impact of martial law conditions on the activation of public-private partnerships to reveal its role in the recovery of the country's economy based on the analysis of available data to identify trends and significant results that can shed light on the activation of the public-private partnership process. This determines the following tasks: to investigate obstacles to the activation of public-private partnership from 2021 to this time, and to establish peculiarities, urgent directions, and prerequisites for implementing projects, measures, methods, and forms of public-private partnership in the specified period.
Results. The analysis showed that, in recent years, the contractual discipline of partnership projects has significantly deteriorated, and the range of directions for their implementation has narrowed and does not correspond to the priorities specified in the legislation. Thus, in 2021, only 16% of agreements were realized, 16.6% were terminated, and 61.6% still needed to be implemented. Directions for their implementation are not urgent in wartime conditions. Business activity is restrained by the risks of war, incomplete compliance of the legal framework with the conditions of war, and the intensification of illegal actions against investment objects. In total, 363 court cases related to raiding were initiated in 2023, reflecting a two-fold increase compared to 2022. The identified peculiarities, directions, and prerequisites for the implementation of public-private partnerships intensify the implementation process.
Conclusions. Measures to reduce risks and change the approaches to their distribution in partnership agreements have been proposed. It is proposed to introduce an institute of small investors, which will strengthen public control of public-private partnership projects and ensure the attraction of additional private investments in the process of rebuilding the country. This is substantiated by the fact that 61% of the surveyed citizens are ready to participate financially in the reconstruction of the country's infrastructure and 33% are ready to participate if they have a financial opportunity
Assessing Therapy and Rehabilitation Comprehension of Chemical Labelling and Forming Chemical Safety Competence Specialists
Full text linkIntroduction. Considering the higher risk of man-made chemical disasters due to military operations, the demand for the training of qualified therapists and rehabilitators is increasing. Future healthcare professionals should be competent in chemical safety and fully possess information on the designation and classification of hazardous substances and the labelling of chemical substances. Therefore, the relevance of their competent risk assessment is growing regarding the use of dangerous chemical substances of an inorganic and organic nature and their anthropogenic influence.
Aim and tasks. The paper aims to determine the formation of chemical safety competence among future specialists in therapy and rehabilitation.
The results. A questionnaire established that future rehabilitators should acquire chemical safety competence to decipher hazard markings and possess information about the rules for working with chemicals based on a detailed study of the marking and labelling of chemical substances and rules for their use and disposal. Only 47.1% of the respondents (according to their assessment) knew the rules for handling chemicals, and 41.2% deciphered a potential danger to human health (carcinogenic effect). However, 88.2% of the higher education students interviewed wanted to develop chemical safety competence using unique chemical safety cards.
Conclusions. The correct interpretation of the marking constituent elements allows for avoiding accidents and injuries while handling chemicals, and in the moment of a threat to human health or damage, allows the application of the given algorithm for providing first aid. Therefore, understanding the main components of chemical safety by future rehabilitators is possible through applying relevant knowledge, skills and abilities in further professional activities. However, future therapists and rehabilitators cannot correctly decipher the designation of the carcinogenic danger and do not have complete information about the rules for working with chemical substances. Therefore, it is necessary to conduct additional activities for future therapists and rehabilitators for their better understanding of the rules for handling chemicals and deciphering the dangers indicated on the labels of chemical products
An Interconnected Human Resources Model Development of Intercultural Competence in the Educational Activities of a Manager
Full text linkIntroduction. Knowledge of specific skills is critical in the labour market and higher education, influencing healthy organisations' performance. However, the linkage between job satisfaction and collaborative knowledge creation is yet to be explored, particularly in universities that aim to compete internationally. Thus, optimising social capital as a basis for collaborative knowledge is necessary to improve organisational performance.
Aims and tasks. The study aims to develop a model of interconnected human resources to enhance intercultural competence in management education activities and examine the relationship between job satisfaction, workplace competitiveness, and social assets as determinants of knowledge co-creation in Indonesian universities.
Results. The research results reveal that job satisfaction, workplace competitiveness, and social assets are essential determinants of building knowledge co-creation to complete work and routines that can increase shared knowledge, which benefits employees and the organisation. Job satisfaction has a coefficient of 0.274, a competitive work environment of 0.153 and social capital of 0.574, indicating that the three determinants significantly contribute to collaborative knowledge creation. The following finding was that social capital was the highest determinant of collaborative knowledge creation in higher education.
Conclusions. This study found a positive linkage between job satisfaction, workplace competitiveness, and social assets are essential determinants of building knowledge co-creation. Social capital that has qualified knowledge is the basis for building a competitive work environment, which ultimately becomes the basis for creating quality collaborative knowledge. Newly created knowledge can encourage sustainable innovation, build core competencies and create good performance at the micro, meso and macro levels. Collaborative knowledge creation and social capital are forms of readiness to face rapid environmental and market changes. This study integrates dynamic capabilities theory and a knowledge-based view as a basis for increasing the competitiveness of higher education, especially in developing countries
Review of AI-Driven Solutions in Business Value and Operational Efficiency
Full text linkIntroduction. Artificial intelligence (AI) refers to a wide spectrum of breakthroughs that offer multiple advantages to companies in terms of increased sales. Considering the abundance of data and the significant increase in computational resources, organisations have rapidly turned to artificial intelligence (AI) to create financial benefits. Nevertheless, businesses continue to discover it is challenging to implement and employ AI in their everyday activities. Therefore, a comprehensive understanding is required due to the absence of an integrated comprehension of how artificial intelligence creates business value and what kind of corporate worth is anticipated.
Aim and tasks. The study aims to review value-generating methods and explain how enterprises might use AI technology in their business activities. To accomplish its main aims, this study offers a thorough literature review. The working hypothesis claims that the use of AI can increase business value.
Results. This study examines the research capabilities of AI, its use in the corporate environment, and its initial and secondary impacts. The impact of AI includes process efficiency, generating insights hidden in huge amounts of data, and transforming business processes in terms of procedural actions, operational efficiency, financial efficiency, market efficiency, and sustainability in terms of company profile. In addition to the favourable impacts, several recent cases have shown that unwanted and undesired consequences may develop in the absence of effective management procedures. These effects hurt the reputation of the businesses concerned and, in certain cases, resulted in huge fines and financial losses. Such findings increase the responsibility of AI enterprises to incorporate solutions that reduce the bias in data and algorithms at every stage of implementation.
Conclusions. The role of artificial intelligence in the corporate environment in value creation and operational efficiency is extending. AI technologies can be used by companies to increase automation of corporate processes without direct interaction with customers, including applications that mean the use of AI in customer-facing services and products. Learning about the means by which AI might be employed will assist businesses in generating rational choices regarding the strength of implementing technologies in the supply chain. Assessing the possible implications of AI acceptance of artificial intelligence may enable firms to plan more successfully on a technology’s launch