Kyiv Economic Scientific Journal

STRATEGY FOR MANAGING SOCIAL CAPITAL IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT

Mary Ene Atalawei — 2025-10-31

Social capital, consisting of networks, shared norms, and trust, plays a crucial role in encouraging cooperation, developing strong communities, and promoting sustainable development. The purpose of this article is to identify the characteristics of a well-thought-out social capital management strategy for solving complex social problems and supporting inclusive growth. It has been proven that by leveraging human connections, organizations and communities can work towards common goals, improve overall well-being, and help reduce inequality. A key part of effective social capital management is creating diverse and inclusive networks, ensuring the equitable distribution of resources, and promoting trust and mutual support. Addressing power inequalities and actively engaging marginalized groups are vital steps toward bridging gaps and expanding opportunities for those who are disadvantaged. It has been argued that sustainable development is becoming a critical factor that requires constant interaction, capacity building, and adaptive approaches to meet the changing needs of society. Combining cultural and symbolic capital in these networks can strengthen relationships, paving the way for innovation and resilience in the face of challenges. For effective social capital management, it is recommended to encourage transparency and accountability, empower underrepresented communities, and invest in educational and knowledge-sharing programs. This strategy not only improves individual skills but also lays the foundation for long-term social and economic progress.

MANAGEMENT OF PERSONNEL MOTIVATION USING HR ANALYTICS: FORMATION OF A NEW PARADIGM IN LABOR ECONOMY

Olena Bezpalko — 2025-10-31

The article presents a comprehensive theoretical and methodological study of modern trends in personnel motivation management in the context of the digital transformation of the labor economy. The evolution of scientific approaches to understanding motivation is revealed – from classical economic determinism, which considered the employee as a rational subject guided by material incentives (F. Taylor, E. Mayo), to modern integration models that combine substantive (A. Maslow, F. Herzberg, K. Alderfer) and procedural (W. Vroom, J. Adams, E. Locke) theories with the concept of self-determination (D. Deese, R. Ryan). It is revealed that the foundation of the modern motivation system is the satisfaction of the basic psychological needs of employees – autonomy, competence and social belonging, which determines the stability of internal motivation and staff involvement. It is substantiated that the development of HR technologies creates the prerequisites for the transition to a new paradigm of motivation management, based on personalization, analytics and proactivity of management decisions. The functional areas of influence of HR technologies (LMS, PMS, HR Analytics, Compensation Software, Well-being Programs, Gamification) on key motivational factors of work are systematized. It is proven that such tools ensure the implementation of both substantive and procedural theories of motivation: LMS and gamification platforms contribute to meeting the needs for competence and development; Performance Management (PMS) and KPI systems form a transparent connection between efforts and rewards; Compensation & Benefits Software guarantee fairness and security; corporate social networks support a sense of connection and involvement. Special attention is paid to HR analytics as the highest level of development of digital HR systems, which ensures the transition from descriptive analysis to predictive and prescriptive motivation management. It is shown that the use of HR Analytics allows not only to record the current state of employee engagement or satisfaction, but also to predict various risks to personnel, identify demotivation factors and develop optimal individualized incentive packages. The article also identifies the main risks of digitalization of motivational systems, including threats of privacy violations, algorithmic bias, the digital generation gap and the loss of interpersonal interaction in personnel assessment processes. The results obtained confirm that digital transformation changes not only the tools, but also the philosophy of labor behavior management; a new paradigm of motivation in the labor economy is being formed, in which data, analytics, individualization and a human-centric approach become key. HR analytics is not just a technological tool, but a strategic resource for human capital development, capable of ensuring the sustainable competitiveness of an organization in the digital economy.

DIGITALIZATION OF BUSINESS PROCESSES IN PERSONNEL MANAGEMENT FOR THE DEVELOPMENT OF THE ENTERPRISE'S HUMAN RESOURCE POTENTIAL

Alina Berher — 2025-10-31

The article methodologically utilized a systematic review of scientific literature from leading academic databases, which indicates that the digitalization of business processes in enterprise personnel management forms the basis for the impact of digital HRM on organizational effectiveness and companies' sustainable development. The digitalization of HR processes, as a comprehensive transformation, includes the automation of routine tasks, the implementation of digital systems, the development of digital competencies, and new approaches to personnel management and human resource potential development. The use of artificial intelligence, Big Data analytics, online platforms, and gamification increases the efficiency of recruiting, training, evaluation, and communication, and enhances employee motivation and engagement. Digital transformation encompasses changes in corporate culture, the formation of agile teams, leadership development, and adaptation to rapid market changes. It allows for attracting and retaining talent, increasing company productivity and competitiveness, while simultaneously supporting sustainable development strategies and effective HR work in a dynamic environment. In 2025, technology, AI, and changes in the workforce structure are radically impacting HR. Key trends identified include: adapting to AI, overcoming the skills gap, the role of "blue" and "new-collar" workers, as well as accounting for demographic and social changes. Successful companies combine technology with humanity, increasing the flexibility, engagement, and resilience of teams. An algorithm for the digitalization of a company's HR processes and a characterization of existing HRMs across different models, their advantages, and disadvantages are proposed for companies to apply. Quantitative assessment of HR process digitalization was researched, which can be conducted using digital maturity models (Deloitte, PwC, KPMG), checks on HRIS/HCM effectiveness, digitalization KPIs, the level of HR technology use, HR analytics, the Balanced Scorecard, and the HR Digital Index. These approaches will allow enterprise management to determine the level of automation, system integration, employee engagement, data utilization, and digital culture development, providing a comprehensive assessment of the effectiveness of HR's digital transformation.

MAIN FACTORS, CRITERIA AND PRINCIPLES OF RESOURCE SAVING OF MACHINERY ENTERPRISE IN THE MIND OF THE GOVERNOR

Viktoriia Bilyk — 2025-10-31

In the context of modern global challenges, economic systems around the world are facing serious problems in the field of resource supply, resource consumption and resource conservation, which cover all sectors of the economy and production activities. These issues have become particularly acute in Ukraine, where Russia's armed aggression has caused large-scale destruction of industrial infrastructure, disruption of logistics chains and a shortage of critically important resources. Analysis of production and technical, organizational and managerial and socio-economic indicators proves that the machine-building complex remains one of the key components of the national industry, the restoration and development of which are of strategic importance for the post-war economic stabilization of the country. On this basis, a retrospective analysis of the industry was conducted and the results of modern scientific and technical research and promising areas of development were assessed, which made it possible to identify a complex of intra-industry problems, exacerbated by military challenges. Among the priority tasks of the development of domestic machine-building enterprises and the entire national economy of Ukraine, the problems of rational use of resources, increasing the level of energy efficiency and implementing modern resource-saving technologies stand out, especially in conditions of limited access to energy resources and materials due to military operations. Insufficient development of scientific and methodological approaches and practical mechanisms for analysis, assessment, control, monitoring and regulation of resource-oriented production and economic activity actualizes the need for a comprehensive study of the nature of the scarcity of industry resources. This creates the prerequisites for the formation of new scientific and practical solutions aimed at improving the mechanism of resource saving of Ukrainian machine-building enterprises in the post-war period of reconstruction. The article examines a group of factors that determine the resource conservation policy at an enterprise in wartime and post-war management, identifies criteria for irrational organization of resource consumption processes, forms a system of elements of effective resource management, and substantiates the principles of state policy in the field of resource conservation. Within the framework of the formed system of principles, criteria, and factors of rational and effective use of resources in modern conditions, special attention is required to the issues of adapting machine-building enterprises to the challenges of wartime, ensuring their stability, and increasing resource efficiency as the basis for the restoration and sustainable development of the Ukrainian economy.

DIGITAL TOOLS AS A KEY ELEMENT OF HUMAN RESOURCE MANAGEMENT TECHNOLOGY IN THE CONTEXT OF THE CURRENT TRANSFORMATION OF HIGHER EDUCATION INSTITUTIONS

Natalia Bobro — 2025-10-31

Objective. To clarify the role of digital tools in HRM for higher education, focusing on efficiency, staff growth, and adaptability. Methods. Review of sources, benchmarking universities, statistical evaluation, and people analytics; examined AI analytics, VR/AR, digital avatars, self-service HR, and e-document systems. Results. Digital HR automates administration, personalizes development, boosts productivity, engagement; a unified digital ecosystem links technological, organizational, and communicative layers to raise efficiency, transparency, decision speed. Scientific novelty. Shows digital HR exceeds automation, catalyzing resilience, innovation, and sustainability; argues integrated platforms with AI and VR/AR enable a holistic, underexplored staff-management approach. Practical significance. Informs HR digitization strategies, building adaptive ecosystems, competitiveness, collaboration; supports models to assess effectiveness and guide integration.

FORMATION OF AN EFFECTIVE FINANCIAL SUPPORT SYSTEM FOR THE DEVELOPMENT OF BOOK INDUSTRY ENTERPRISES IN THE CONTEXT OF A TRANSFORMATIONAL ECONOMY

Ivan Bogdan — 2025-10-31

The article examines the peculiarities of forming an effective system of financial support for book industry enterprises in the context of Ukraine’s transformational economy. The current state of financing for publishing houses and book-trading organizations is analyzed, and the main problems and barriers to their financial development are identified. It is determined that under martial law, digital transformation, globalization processes, and rapidly changing consumer preferences, book industry enterprises require fundamentally new approaches to the formation and management of financial resources. Classical and innovative sources of financing for the book business are examined in detail, including enterprises’ own funds, bank lending, state support for the cultural sector, international donor funding, crowdfunding platforms, private and venture investments, grant programs, and alternative financial instruments. A critical analysis of the advantages and disadvantages of each funding source is conducted, taking into account the specific features of the book industry. The necessity of diversifying funding sources and implementing a comprehensive, systematic approach to financial resource management in book enterprises is substantiated. A conceptual model of an effective financial support system is proposed, reflecting the peculiarities of the book industry, the risks of the transformation period, the opportunities of the digital economy, and the cultural-educational mission of publishing activities. Practical recommendations have been developed to optimize the capital structure of book enterprises, strengthen their financial stability and solvency, attract alternative sources of funding, effectively use state support mechanisms for cultural industries, and adapt to the challenges of wartime conditions. Particular attention is paid to mechanisms of financial support for small and medium-sized publishers that contribute to the cultural diversity of the national book market. The article identifies the prospects for developing the financial support system of book industry enterprises in the context of Ukraine’s European integration, globalization of the book market, the growth of electronic and audiobook publishing, and the emergence of new business models in the publishing sector.

EUROPEAN APPROACHES TO ENHANCING THE STATE’S ECONOMIC SECURITY THROUGH THE DEVELOPMENT OF CYBER RESILIENCE

Alona Buriak — 2025-10-31

The article substantiates the conceptual foundations of strengthening a state’s economic security through the development of cyber resilience in the context of digital transformation. The European experience of implementing NIS2, DORA, GDPR, and the Cyber Resilience Act is summarized as the regulatory basis for the EU’s digital economy stability. A comparative analysis of the cyber resilience systems of the EU and Ukraine reveals institutional asymmetry but dynamic harmonization progress. The study proposes a conceptual model for enhancing economic security through the integration of European cyber resilience practices into national governance, emphasizing strategic priorities for aligning Ukraine’s cybersecurity legislation and creating a digital risk management system. The practical value of the results is reflected in strategic priorities for harmonizing Ukraine’s cybersecurity legislation with EU norms.

TOOLKIT OF FOREIGN INVESTMENT SYSTEMS IN THE CONDITIONS OF UKRAINIAN-CHINESE COOPERATION

Wang Xu — 2025-10-31

Attracting foreign investment is relevant given a number of effective factors. First of all, it is the rapid development of the global economic space, in which the priority areas are the development of technological industries, artificial intelligence, and the formation of new political and economic alliances. In order to occupy the appropriate niche in the global economic space, it is necessary to keep pace with the demands of the times, which determine the trends in the development of a knowledge-based national economy. It is unrealistic to achieve intensive development on one's own in such conditions, which is why the task of attracting external resources in the form of foreign investment is becoming increasingly relevant. Even such large-scale economic systems as the economies of the US, China, and the EU tend to attract foreign investment. In different situations, specific investment instruments that are relevant to the spirit of the times and circumstances become relevant. The example of China shows that maximum efficiency can be achieved by combining the attraction of foreign investment with the investment of own resources in other economic systems. This allows for the strengthening and development of the national economy and the use of the achievements of other economies. Among the tools used to attract investment and regulate foreign investment activities in China, investors highlight the tax regime. China ranks first in terms of trade turnover with Ukraine. Given China's significant investment potential, it is important for Ukraine to consider the option of attracting Chinese investment, especially during the post-war recovery period. The implementation of future investment projects is possible if key factors that determine the effectiveness of the investment process are taken into account. It is reasonable to assume that fruitful investment and economic cooperation with China can be achieved on a mutually beneficial basis by introducing a model of foreign investment instruments. The proposed model for implementing investment process tools is based on a harmonized approach to developing Chinese-Ukrainian cooperation in the field of investment activity, which takes into account key factors influencing its progress and effective development. The emphasis should be on harmonizing approaches to foreign investment policy-making, balancing the interests of the investor country and the recipient country. The choice of foreign investment instruments depends on a combination of factors that are relevant in the specific conditions between the parties to the investment interaction. Since the formation of investment process instruments in the context of Chinese-Ukrainian cooperation is influenced by factors such as opposing alliances, the economic interests of the parties, political factors, and force majeure circumstances, the primary task is to ensure their consistency. These factors are reflected in the legislative framework, which in some cases encourages foreign investment, while in others it restricts or even blocks it. A similar picture can be observed in China, where foreign investment is supervised at the government level in order to prevent the expansion of foreign monopolies in the Chinese market, prevent negative impacts on the country's economy, and protect national economic security. The material presented has made it possible to form meaningful conclusions and recommendations on the formation of investment policy by each of the countries involved in investment cooperation. The recommendations are relevant in the current situation and for the future.

RESEARCH ON THE REFORM OF THE MANAGEMENT SYSTEM OF CHINA'S OPEN EDUCATION SYSTEM

Wei Liqun — 2025-10-31

As an important component of China's higher education system, open education has made its due contribution to promoting economic and social development. However, with the rapid transformation of the economy and society and the continuous deepening of educational reform, the structural contradictions inherent in the current management system characterized by "two-level coordination and four-level operation" have become increasingly disconnected from the development needs of the new era, severely constraining the overall effectiveness and sustainable development of open education. There is an urgent need for in-depth research on the management system of the national open education system, which is not only a practical requirement for enhancing governance capacity and educational quality but also a strategic measure for building a learning society and strengthening the education system. This paper aims to systematically diagnose the shortcomings of the current management system, propose actionable reform measures, and outline an implementation path for the smooth execution of these reforms.

DIRECTIONS FOR ADAPTATION OF THE INVESTMENT STRATEGY OF AN AGRICULTURAL ENTERPRISE IN WAR CONDITIONS

Bogdan Venta — 2025-10-31

The article substantiates that military actions have a complex impact on the economy of agricultural enterprises through economic (devaluation of the hryvnia, rising inflation, higher cost of loans), production (destruction of production facilities, shortage of raw materials, logistical problems), social (worker migration, reduction of labor resources), political (high level of military risk, uncertainty of property rights) and institutional (insufficient effectiveness of state support programs) factors. The directions and measures for adapting the investment strategy of an agricultural enterprise in wartime conditions have been determined: flexible strategic planning and quarterly review of development goals and scenarios; diversification of investments and distribution of capital between several areas (production, processing, logistics); risk management and identification and insurance of risks (currency, logistics, political); innovation and digitalization and implementation of precision agriculture, agro IT, monitoring systems. The expected effects of implementing the proposed measures are substantiated: increasing the ability to respond to environmental changes, reducing the overall risk of losses, reducing the impact of negative trends, optimizing costs, and increasing productivity. The priorities for forming a post-war investment strategy for agricultural enterprises are revealed: attracting foreign capital; digital transformation; "green" investments, resumption of production, and processing risk. In today's conditions, when the industry is recovering after significant losses and structural changes, it is important not just to rebuild production capacities, but to create a new, more sustainable and technologically advanced model of agrarian business. Attracting investments in digital solutions, processing infrastructure, logistics, and energy efficiency makes it possible not only to resume production, but also to move to a high value-added model, which will help increase the competitiveness of Ukrainian enterprises in international markets and ensure long-term economic stability.

THE IMPACT OF EFFECTIVE INVENTORY MANAGEMENT ON THE FINANCIAL STABILITY OF ENTERPRISES

Yuliia Hasenko — 2025-10-31

The article substantiates that inventories are a significant component of current assets and directly affect liquidity, solvency, profitability and financial stability. It is argued that excess inventories reduce asset turnover and require additional maintenance costs, and their shortage can lead to disruptions in production and loss of customers. The relationship between inventory management efficiency and financial stability is presented through cost optimization, increased turnover, increased liquidity, reduced risk of shortage, continuity of operations, stable cash flow. It is determined that to maintain financial balance, it is necessary to adhere to the optimal proportion between inventories, receivables and cash. A method for calculating the optimal order size is presented, with the help of which it is possible to find the point of minimization of total inventory costs. It is substantiated that the calculation of the economic size of the order shows differences in the scale of production, cost structure and efficiency of inventory management of enterprises. Calculations of the economic size of the order of LLC "Research and Mechanical Plant "Karpaty", PrJSC "Novokramatorsky Machine-Building Plant", JSC "Kharkiv Machine-Building Plant "Svitlo shakhtarya", LLC "Spetsbudmash" are provided. It is determined that an effective inventory management policy involves the use of scientifically based optimization methods that allow maintaining a balance between storage costs, ordering, transportation and shortage risks. The advantages and disadvantages of the main inventory optimization methods are determined. It is established that optimal inventory management involves the use of not a single universal method, but a complex combination of several approaches adapted to the specifics of the enterprise's activities. It is proposed to determine the dependence of the optimal order size on demand and costs by building a correlation-regression model, the results of calculations are presented. The impact of order size optimization on the efficiency of inventory management and financial indicators of enterprises is presented.

ANALYSIS OF THE MAIN THREATS TO THE ECONOMIC SECURITY OF FOOD INDUSTRY ENTERPRISES

Serhii Horbach — 2025-10-31

The article argues that the multifactorial threat environment for food industry enterprises in Ukraine is a set of internal and external factors that are interconnected and affect the stability of functioning, competitiveness, and economic security of enterprises in the industry. The article reveals raw material threats to the economic security of food industry enterprises: lack of quality raw materials due to reduced production in certain regions; dependence on seasonality of agricultural raw material supply; fluctuations in prices for grains, milk, meat, oilseeds and other crops; dependence on imports of individual components (additives, packaging, spices, enzymes); risks of crop failure due to climate change and military operations. Energy threats to the economic security of food industry enterprises have been identified: high energy consumption of technological processes; increased tariffs for electricity, gas and heat; outdated technologies that do not meet modern energy efficiency standards; power supply interruptions, especially in regions close to combat zones; insufficient use of alternative energy sources, rising energy tariffs. The financial and economic threats to food industry enterprises are summarized: inflationary pressure, which reduces the purchasing power of the population; rising interest rates and limited access to credit; exchange rate fluctuations, which affect the import component; increasing costs of logistics and fuel; risks of insolvency of counterparties and reduction of their purchasing power; reduction of efficiency of enterprises. It is argued that among other threats to the economic security of food industry enterprises, the following should be considered: increased competition (domination of large producers, increased imports, increased quality requirements); logistical problems (destruction of transport infrastructure, blocking of ports, increase in transportation costs); personnel (drainage of qualified personnel abroad, shortage of specialists in technical specialties); military actions (destruction of infrastructure, relocation of production, shortage of personnel, disruptions in logistics).

ECONOMIC AND MATHEMATICAL MODEL OF THE DISTRIBUTION OF INVESTMENT RESOURCES IN INCREASING THE EFFICIENCY OF THE ACTIVITIES OF FOOD INDUSTRY ENTERPRISES

Oksana Hryvkivska — 2025-10-31

The article substantiates that economic and mathematical models contribute to the rapid adaptation of enterprises to changing business conditions and in some cases are the basis for creating new, more flexible models that will meet the modern challenges of investment activity of enterprises in various sectors of the economy, such as: a model for assessing the impact of special investment activity regimes; optimization of investment flows in crisis conditions; optimization of investment investments of enterprises; model for selecting investment projects. The need to develop a specialized economic and mathematical model of investment resource allocation specifically for food industry enterprises is argued. An info-logical scheme of an economic and mathematical model of the distribution of investment resources by food industry enterprises is proposed, which involves the formulation of the problem; the selection of efficiency criteria; the objective function; constraints; mathematical interpretation and the expected result. It was determined that the advantages of the model are the ability to transition from intuitive, subjective decisions to a systematic, rational and scientifically based approach and taking into account the interrelationships of financial, production, personnel and environmental factors, which creates the opportunity to comprehensively assess the consequences of each investment decision. The model serves as a strategic management tool, helps optimize financial flows in the short term, and lays the foundation for the sustainable development of the enterprise in the future, strengthening competitive advantages through the introduction of innovations, personnel development, modernization of production and compliance with environmental standards. The model creates a basis for rapid response to changes in the external environment, minimizing risks and effectively using internal resources. As a result, it contributes to the formation of a holistic management system, where investment activities are considered not as a one-time decision, but as a continuous process aimed at innovative development.

TREND ANALYSIS OF MACROECONOMIC INDICATORS OF UKRAINE AND WAYS TO IMPROVE THEM

Mariia Dykha — 2025-10-31

The article analyzes the state and trends of Ukraine's macroeconomic indicators during 2021-2024. It was found that Ukraine's gross domestic product demonstrated positive dynamics of post-covid recovery of economic activity in 2021, however, in 2022, even despite a significant increase in prices, the gross domestic product decreased significantly, and in 2023-2024 it grew. The authors analyzed changes in the distribution of Ukrainian state budget expenditures, noted a key feature, which is a significant increase in defense expenditures (from 8.56% in 2021 to more than 50% in 2023-2024). The budget deficit increased (from 3.63% of GDP in 2021 to 17.74% of GDP in 2024). The authors noted the high growth rates of Ukraine's state and state-guaranteed debt during the period under study, especially external. Ukraine's state debt increased from 48.9% of nominal GDP in 2021 to 91.2% of nominal GDP in 2024, which indicates a difficult situation with the level of financial security of Ukraine. Ukraine's foreign trade balance of goods and services also significantly deteriorated. The authors substantiated that the negative trends in Ukraine's macroeconomic indicators are due to the Russian Federation's war against Ukraine, the occupation of part of its territories, the destruction caused, the large needs for financing defense capabilities and ensuring people's living conditions. At the same time, it was noted that the Ukrainian economy demonstrated resilience and ability to defend itself. The key factor for improving Ukraine's macroeconomic indicators is the elimination of the destabilizing impact of the war, i.e. its end by military, diplomatic, and economic means. The authors substantiate a number of proposals for improving macroeconomic indicators (stimulating economic growth through investments; stimulating the development of economic sectors, developing public-private partnerships; optimizing budget policy, eliminating "loss zones"; restructuring external debt, expanding grant financing programs; integration into European production chains, certification, product standardization; fair operation of the judicial system and anti-corruption bodies; programs for the return of specialists and stimulating youth employment, developing remote work, supporting educational projects). The combination of anti-crisis measures (reducing the deficit, effective debt management, controlling inflation) with structural reforms (institutional, investment, and European integration) will create the basis for macro-financial stability, sustainable economic growth, meeting social needs, etc.

MARKETING COMMUNICATIONS OF BANKS DURING DEMAND FORMATION OF TARGET SEGMENTS ON THE STOCK MARKET

Oksana Drahan — 2025-10-31

The article examines how bank marketing communications are able to transform passive savings of households and businesses into solvent demand and instruments of the Ukrainian stock market in the conditions of war and reconstruction. It is substantiated that in a situation of low capital market maturity, it is banks, as institutions of trust, that act as communication “bridges” between issuers and investors, removing the barriers of complexity and risk through understandable digital channels. The purpose of the study is to theoretically and methodically explain the role of bank IMCs in shaping the investment behavior of different segments and to outline tools for increasing trust in government and corporate debt securities. The methodological basis includes a systematization of the literature on financial service marketing, an analysis of regulatory decisions and statistics on military government bonds, a content analysis of digital communications of banks and government platforms, as well as a segmental analysis of investor reactions. The scientific novelty lies in shifting the focus from the classical task of “attracting and retaining a bank client” to the use of communications as an active mechanism for mobilizing internal capital and stimulating demand for stock market instruments. A conceptual model “bank - segment - instrument” is proposed, based on three pillars of message content: guarantees of security of funds; social mission of investment; rational attractiveness. It is shown that digital interfaces combine the role of information, trust and transactional channels, and personalized support scenarios increase the share of reinvestment. The practical significance of the results is in the formation of a system of key performance indicators for measuring communication impact: volumes of attracted capital by segments; breadth of coverage through mobile channels; average size of the first investment; trust indicators; share of reinvestment. Recommendations for banks and regulators are formulated: increase transparency in the use of issue funds and feedback to investors; build financial literacy into product communication; strengthen the European integration and ESG context for institutional participants. It is concluded that the ability of banks to maintain and scale the trust built during the war period will be key to developing the domestic securities market and financing reconstruction.

ANALYSIS OF HUMAN CAPITAL IN THE ECONOMIC SYSTEM OF UKRAINE: MACRO-LEVEL AND QUALITY MODELING AT ENTERPRISES UNDER TRANSFORMATION

Serhii Duha — 2025-10-31

This article presents a comprehensive analysis of human capital (HC) within Ukraine's transforming economic system, examining both the macro (national) and micro (enterprise) levels. The study's relevance is amplified by the profound challenges of transformation, the digital revolution, and significant migration flows, which necessitate a re-evaluation of HC and its reproduction mechanisms. The research aims to analyze the state and dynamics of HC in Ukraine at the macro level and to substantiate a model for assessing its quality at the micro level under modern economic transformations. Theoretically, the study builds on the foundations of HC theory established by Becker and Schultz, defining HC as an investment-formed stock of health, knowledge, skills, and motivations. It distinguishes HC from 'personnel' by its qualitative attributes (education, experience) and acknowledges its formation across household, corporate, and state levels. Methodologically, the research employed statistical analysis of official data from the State Statistics Service of Ukraine, the Pension Fund , and international reports (Global Innovation Index, PISA, IOM). A comparative approach was used for macro-level trends. For the micro-level analysis, a regression model was constructed, modifying Mincer's model, using Eurostat data from 20 medium-sized EU machine-building enterprises for 2023. Macro-level analysis revealed contradictory and largely negative trends. Despite steady nominal wage growth , the economically active population has consistently declined (from 21.1 million in 2000 to 16.7 million in 2021). The demographic situation, already strained (population fell 10.5% from 2010-2022), was drastically altered in 2022. IOM data showed 13.7 million displaced persons, with 5.7 million leaving Ukraine by May 2022, including an estimated 2.5 million students and 22,000 teachers. This mass exodus poses a severe threat of losing a significant share of young HC. Concurrently, life expectancy has fallen, and the quality of education has deteriorated, as evidenced by significant declines in PISA-2022 scores for math, science, and reading. Ukraine's HC sub-index in the Global Innovation Index plummeted from 40.8 (2016) to 35.6 (2023), driven by a collapse in 'Research and Development' metrics, indicating a severe 'brain drain'. Conclusions highlight an urgent need for a state strategy to preserve and develop HC. While nominal wages have risen, the macro-level picture is one of HC degradation. The micro-model confirms that for enterprises, investment in digital skills and modern strategies to prevent burnout is critical. Key strategic directions must include substantial investment in education and health, creating conditions for innovation, and stimulating the return of migrants. Future research should focus on modeling the marketing of values and adaptive corporate culture.

STRATEGIC MANAGEMENT TOOLS TO ENSURING THE COMPETITIVENESS OF STARTUPS

Viktoriia Ilchenko — 2025-10-31

The scientific article presents a comprehensive study of the strategic management of startups as a systemic process that ensures the alignment of the interests of a newly created enterprise with market development trends and consumer expectations, as well as achieving a balance between the internal potential of the project and the challenges of the external environment by creating favorable conditions for the rational use of resources, reducing risks, and forming sustainable competitive advantages. Strategic management is viewed not only as a planning tool but also as a philosophy of long-term growth, innovation, and adaptability to change. Special attention is paid to defining the essence of strategic management, its key components and stages, including: assessment of the internal and external environment and formulation, implementation and control of strategy effectiveness. The authors also highlight methodological approaches to the use of such tools as: PESTEL analysis, SWOT analysis, Porter's Five Forces, VRIO analysis, value chain, competency analysis, BCG and Ansoff matrices, blue ocean strategy, Balanced Scorecard, Objectives and Key Result (OKR), Key Performance Indicators (KPI), Gap analysis, trend monitoring, and Benchmarking, which allow startups to combine creativity with rational planning, identify opportunities and risks in a timely manner, optimize resource use, and provide sustainable competitive advantages. In addition, the paper analyzes the practical experience of using strategic management tools by well-known companies that began their activities as startups, for example: Airbnb, Stitch Fix, Cirque du Soleil, Intercom, Zara, Swipely, Allbirds, Amazon and Starbucks, which, using real examples, demonstrated the effectiveness and versatility of using the relevant tools in various areas of entrepreneurial activity. Based on the research conducted, the authors identify promising areas for the development of strategic management of startups, particularly through the integrated use of strategic management tools at different stages of the development of innovative projects.

CONTRACT PIG FARMING: NEW OPPORTUNITIES FOR UKRAINE IN THE CONDITIONS OF INVESTMENT RESTRICTIONS

Mykola Kalinchyk — 2025-10-31

The article analyzes the current state and development prospects of pig farming in Ukraine under conditions of limited investment resources and the need to ensure food security. A comparison is made between the Ukrainian agricultural sector and international practices (China, EU, USA, Brazil), where small and medium-sized farms dominate, allowing for economies of scale without eliminating small holdings. It is established that in Ukraine, the traditional reduction of small farms has led to excessive growth of medium and large complexes, a decline in rural employment, and structural imbalances in the value creation chain. The developed optimization model for the integration of breeding and fattening farms allows forecasting investment needs, herd size, and workforce under different scenarios, as well as determining the cost and profitability of pork production for meat and lard breeds. The model takes into account technical and technological parameters, genetic productivity of pigs, feed and resource consumption standards, and constraints on labor and financial resources. It is shown that, under a fixed workforce, the investment requirement for fattening lard breeds is 14.2% higher compared to meat breeds due to lower productivity and a larger number of permanent animals. Optimizing vertical integration enables achieving balanced profitability and stabilizing the production process, while small farms are characterized by lower investment costs but higher employment. Special attention is given to the optimization of pig diets by physiological groups, considering genotype, fattening phases, and export feed prices, which allows reducing costs and increasing production efficiency. Based on international experience, contract-based development models are proposed, including vertical integration and collective sales through cooperatives, ensuring supply stability, fair distribution of added value, and predictable profits. The results of the study demonstrate the necessity of comprehensive strategic planning for the development of pig farming, including coordination of production volumes, optimization of employment, and efficient use of investment resources to ensure the social, economic, and environmental sustainability of the sector.

ECONOMIC INDICATORS OF THE SOCIAL COMPONENT IN ASSESSING THE LEVEL OF SOCIO-ECONOMIC SECURITY OF FOOD INDUSTRY ENTERPRISES

Andrii Kibalnikov — 2025-10-31

The article argues that the formation of a system of economic indicators of the social component is a necessary condition not only for ensuring socio-economic security, but also for achieving sustainable development of food industry enterprises.The following groups of indicators are distinguished: the level of income and wages (average monthly salary of employees, average salary, ratio of average salary at the enterprise to average salary in the industry/region, share of labor costs in the structure of product costs, the share of bonuses, allowances and other incentive payments in the total wage fund, the ratio of the minimum and maximum salary at the enterprise, the dynamics of the average salary, the share of employees with a salary below the average for the enterprise, the level of real wages (taking into account inflation), employment and staff stability (average number of employees, staff turnover rate, staff stability rate, level of working time utilization, part-time rate, level of absenteeism and non-attendance for unwarranted reasons, share of employees who have undergone advanced training/training, average length of service of employees, staff replacement rate), social development and motivation (expenses for advanced training and staff training, share of employees who have completed courses/trainings during the year, share of social payments and benefits in the structure of personnel costs, average amount of bonuses and bonuses per employee, share of employees receiving bonuses and allowances, share of employees covered by health insurance/health improvement programs, number of social activities, share of social package expenses in the cost of products, level of employee satisfaction with the company's social policy), working conditions and safety (number of accidents at work, injury frequency rate, injury severity rate, proportion of employees who have undergone occupational safety briefing and training, provision of employees with personal protective equipment, proportion of occupational safety expenses in the total expenses of the enterprise, number of workplaces that meet sanitary and hygienic standards, level of occupational diseases, proportion of employees who have undergone medical examinations, frequency of labor discipline violations related to safety violations). It is substantiated that economic indicators of the social component are an important tool for identifying the strengths and weaknesses of an enterprise in the socio-economic sphere.Their systematic application allows not only to determine the level of socio-economic security, but also to develop effective measures to increase the competitiveness of food industry enterprises.

GENDER DIMENSION OF SOCIAL ENTREPRENEURSHIP: OPPORTUNITIES FOR ECONOMIC INCLUSION IN UKRAINE

Liudmyla Kot — 2025-10-31

The article explores the gender dimension of social entrepreneurship as a key driver of economic inclusion in Ukraine under conditions of socio-economic transformation and post-war recovery. Theoretical and methodological foundations of gender economics are examined based on the concepts of E. Boserup, A. Sen, and M. Nussbaum, who substantiated the interdependence between economic development and the expansion of women’s capabilities. It is demonstrated that social entrepreneurship, oriented toward social value creation, provides unique opportunities for women’s economic engagement, human-capital formation, and community cohesion. The current state and trends of social entrepreneurship in Ukraine are analyzed from a gender perspective. Women account for more than half of the leaders of social enterprises, mainly in education, care services, creative industries, and sustainable agriculture. At the same time, systemic barriers continue to constrain female entrepreneurial activity – limited access to finance, a lack of mentoring, weak integration into professional networks, cultural stereotypes, and the double burden of balancing work and family responsibilities. An analytical model of the impact of gender factors on the innovative development of social entrepreneurship is proposed, combining internal (organizational and cultural) and external (institutional, financial, and regulatory) determinants. The model is grounded in the Oslo Manual 2018, the principles of the EU Social Economy Action Plan (SEAP), and the UN Women methodology for gender mainstreaming in sustainable-development policies. It is established that gender inclusion acts as a multiplier of innovativeness: enterprises with higher female representation in leadership positions demonstrate greater openness to technological and organizational innovation, managerial flexibility, and stronger social orientation of their business models. Moreover, external institutional support – grant schemes, gender-sensitive financing, and public procurement with social criteria – amplifies the positive effect of internal inclusion, enhancing the innovative capacity and social impact of enterprises. The study argues that the formation of a gender-responsive ecosystem of social entrepreneurship represents a strategic direction for Ukraine’s inclusive economic growth. The development of state policy in this field should include systematic gender analysis, expanded access of women to financial and educational resources, promotion of female leadership, and monitoring of diversity indicators in the entrepreneurial sector. Implementation of these approaches will strengthen the social economy, boost innovation, and foster a fair and inclusive model of national development.

POSITIONING AS A KEY ELEMENT OF BRANDING

Yaroslava Larina — 2025-10-31

The article is devoted to the study of the essence and role of positioning as a key component of branding in the process of building a strong brand under the conditions of intensified market competition. The purpose of the research is to clarify the content and structural elements of positioning and to determine its importance for ensuring the sustainable competitiveness of a brand. The article provides a detailed analysis of classical and modern scientific approaches to the interpretation of positioning, identifies its functional role in brand development, and systematizes its main structural components. Special attention is given to the problem of the insufficient practical application of positioning by contemporary brands, which often limit this process to communicational aspects and overlook its integration into broader elements of brand identity. The authors introduce the concept of a “brand positioning complex,” which encompasses communication, the quality of product or service, price, design, and service, as key and interrelated elements that directly shape consumer perception. Within this framework, service is conceptualized as a crucial component of positioning in brand management, interpreted as a set of actions, technologies, tangible and intangible resources that ensure or exceed consumer expectations during their interaction with a brand. Such a perspective allows positioning to be understood not as a superficial communicational declaration but as a systemic and multidimensional process that integrates strategic, operational, and experiential components of branding. The scientific novelty of the research lies in the conceptualization of positioning as a comprehensive and holistic process within the brand strategy, going beyond its interpretation as a solely communicational tool. The practical significance of the article is determined by their applicability in developing integrated brand strategies, where positioning serves as a guiding principle for aligning all elements of brand identity with consumer expectations and market requirements. The main conclusion emphasizes the necessity of synchronizing positioning with all attributes of brand identity in order to form a coherent and credible image of the brand in the minds of the target audience and to achieve sustainable differentiation from competitors.

TRENDS IN THE DEVELOPMENT OF MODERN MANAGEMENT

Viktoriya Martynets — 2025-10-31

The article examines contemporary trends in management development within the context of digital transformation, technological innovation, and socio-economic challenges. Modern organizations face dual pressures: rapidly evolving technologies – including artificial intelligence, big data analytics, and process automation – alongside social, economic, and environmental demands. These pressures necessitate a comprehensive rethinking of managerial roles, organizational structures, motivation strategies, and performance evaluation systems. This study systematically analyzes the integration of adaptive management models, innovation-driven approaches, and people-centered practices into organizational strategies, emphasizing the importance of corporate culture, ethical standards, and sustainable development principles. Drawing on both Ukrainian and international experiences, the research identifies key technological, social, and ecological drivers influencing managerial effectiveness, such as data-driven decision-making, automation of routine processes, hybrid work models, employee well-being programs, and inclusive leadership practices. The paper further discusses the transformative impact of these trends on strategic management, organizational resilience, and competitiveness, highlighting the growing role of managers as facilitators of change, coordinators of digital and human resources, and agents of sustainable innovation. The study finds that organizational success is achieved through the implementation of modern management tools that combine innovation, human potential, social responsibility, and human-centered principles. Focusing on the value of the individual—their development, motivation, and involvement in management processes—ensures the sustainable development and competitiveness of the organization. Based on the analysis, the paper proposes recommendations for enhancing organizational performance through the adoption of integrated, adaptive, and ethically grounded management practices, providing a foundation for further research and practical application in both Ukrainian and global business contexts.

MANAGEMENT OF CREATIVE TEAMS IN AN ENTERPRISE

Yevgen Maslennikov — 2025-10-31

The article examines the management of creative teams in enterprises as one of the key factors for enhancing the innovative potential and competitiveness of a company in a dynamic market environment. The conducted analysis covers the essence of creative teams, their role in generating new ideas, finding unconventional management solutions, and optimizing internal business processes. It has been determined that effective management of creative teams requires a combination of traditional managerial tools with modern approaches aimed at fostering creativity, flexibility, trust, and team collaboration. Particular attention is paid to the role of the leader as a coordinator, who creates a favorable psychological climate, motivates employees, and facilitates the development of their creative potential. The stages of team development according to B. Tuckman’s model are considered, along with the basic conditions for effective team functioning, as well as comprehensive, systematic, and situational approaches to management. The main methods for stimulating employee creativity are highlighted, including brainstorming, design thinking, idea management systems, and motivational programs. It is emphasized that the combination of managerial, organizational, and motivational tools creates conditions for effective interaction, generation of innovative solutions, and increased team performance.

RESEARCH ON THE INFLUENCE OF EXTERNAL FACTORS ON THE FORMATION OF INVESTMENT RESOURCES OF FOOD INDUSTRY ENTERPRISES

Olha Mykhailyk — 2025-10-31

The article substantiates that the formation of investment resources of food industry enterprises is largely determined by the influence of the external environment, which creates both opportunities and threats for their development. It has been determined that a favorable external environment – a stable political situation, accessible lending, effective state support, and expanded integration opportunities – stimulate the inflow of investments into the food industry. Among the external factors influencing the investment resources of food industry enterprises, the following are highlighted: macroeconomic (inflation, currency fluctuations, high interest rates, gross domestic product, purchasing power of the state); political and legal (state financial support for investment activities, tax incentives, military and political instability; compliance and stability of legislation with investment challenges); socio-demographic (changes in consumer demand, structure of population expenditures; labor shortage, migration processes; age structure of the population); technological (innovation, equipment modernization, infrastructure development, competitiveness and competitiveness of enterprises); international (conditions for access to markets, international financial support programs, global crises, world food prices, export and import volumes). It is argued that the investment activity of food industry enterprises is the result of the complex influence of many external factors that can both stimulate and inhibit the development of enterprises.It has been determined that to increase their investment attractiveness, it is necessary to ensure the stability of macroeconomic policy, promote integration into international markets, support innovative activities, and form a transparent and predictable political and legal environment. This will create the prerequisites for the accumulation and effective use of investment resources to achieve sustainable growth goals.

TRANSFORMATION OF INVESTMENT STRATEGIES OF UKRAINIAN FOOD INDUSTRY ENTERPRISES: A RESPONSE TO THE CHALLENGES OF MARTIAL LAW AND EUROPEAN INTEGRATION PROCESSES

Nazariy Mirchuk — 2025-10-31

The article provides a comprehensive analysis of the transformation of investment strategies within Ukraine's food industry enterprises, which are currently under the dual influence of full-scale military aggression and deepening European integration processes. The study aims to identify the key models of investment behavior that have emerged during the 2022–2025 period and to develop a conceptual model for an adaptive investment strategy capable of navigating this complex environment. The author's primary contribution lies in the systematic analysis of how military risks and European integration requirements have converged to shape the investment decisions of companies in the sector. This research addresses a critical gap by examining the active strategic responses of businesses rather than merely outlining passive institutional determinants. A key contribution of the work is the classification of newly formed investment strategies, categorized into three distinct models: (1) the "survival and resilience" strategy, focusing on ensuring operational autonomy and security through investments in power generators, shelters, and redundant supply chains; (2) the "relocation and diversification" strategy, characterized by the physical movement of production facilities to safer regions of Ukraine and an aggressive search for new export markets to compensate for lost ones; and (3) the "proactive modernization" strategy, which involves targeted investments in technology and compliance with EU standards to gain a competitive advantage. Furthermore, the paper substantiates a conceptual model of strategic choice. This model illustrates the mechanism through which external triggers interact with the enterprise's internal capabilities to inform a strategic investment choice. The model further links these choices to expected outcomes, such as enhanced resilience, increased market share, and long-term competitiveness. The practical significance of the findings lies in forming structured recommendations for government bodies and enterprise management to stimulate investment activity on its path to post-war recovery and integration into the EU market.

BASIC ASPECTS OF MANAGING ENTERPRISE MARKETING POLICY IN THE CONTEXT OF MARKETING

Olena Nagolyuk — 2025-10-31

In today's unstable global environment, the formation and implementation of enterprise market policy is supported by a variety of tools. This study emphasizes marketing tools, the dominant role of which is justified by the essential similarity between marketing per se (identified with market activity) and market policy (which ensures the implementation of this activity). The methodological basis of marketing tools is defined by marketing analysis, which allows for the study of market needs to maximize consumer satisfaction and ensure the conditions for maximizing profits from entrepreneurial activity, and, in general, to conduct research across the entire range of marketing subject areas of an economic entity. The enterprise's market behavior models and corresponding market policy priorities are consistently interconnected. This is determined by the logic of the law of dialectics, which governs the transformation of quantitative changes into qualitative ones. The determinants of market policy formation and implementation act as catalysts for this transition. The formation and implementation of a catering enterprise's market policy is carried out using a variety of tools. The study focuses on marketing instruments, the dominant role of which is justified by the essential closeness of marketing as such (identified with market activity) and market policy (ensuring the implementation of this activity). Customer satisfaction is strictly individual, dependent on personal motives and interests. It can and should be improved through a range of activities focused on understanding customer needs and developing the company's value proposition to meet them. This principle is consistent with the company's market policy priorities, based on its customer-focused market behavior model. It is noted that the priority model of an enterprise's market behavior is defined as a consumer-oriented model, which transforms profit generation from the enterprise's goal to the result of satisfying consumer needs. This type of market policy fosters a qualitatively new attitude toward the consumer as the company's most valuable asset, which leads to a justified increase in consumer loyalty, trust, and commitment to the company and, consequently, guarantees stable sales and profit growth. The models of a company's market behavior and the corresponding market policy priorities are consistently interconnected. This is determined by the logic of the law of dialectics, which governs the development of the consumer market, regarding the transition from quantitative to qualitative changes.

ECONOMIC ASSESSMENT OF THE POST-WAR RECOVERY OF THE ENTREPRENEURSHIP OF UKRAINE’S MECHINE BUILDING INDUSTRY

Serhii Pavlovskyi — 2025-10-31

The article examines the economic assessment of the post-war recovery of the entrepreneurship of Ukraine's machine building industry. The authors note that Ukraine's machine-building sector, which is closely linked to the information technology industry, is a key driver of innovation and economic growth. The historically formed base of heavy industry provides powerful potential in the production of mining, transport, energy, agricultural, and defense equipment. Despite significant resources, geographical advantages, and skilled personnel, Russia's full-scale invasion caused a deep crisis: destruction of production facilities, disruption of logistics, personnel shortages, and loss of sales markets. The industry has suffered both direct and large-scale indirect losses, requiring a comprehensive recovery strategy. The model proposed by the authors, «Smart reconstruction based on territorial communities», combines centralized investment with local initiative and is based on three fundamental levels: security, macrofinance, and institutional. The priority areas for recovery are: the defense-industrial complex, energy and agricultural machinery manufacturing, transport infrastructure, and integration into European production chains. The authors argue that the strategy involves attracting international aid, private investment, developing R&D, modernizing production, and creating conditions for a technological leap forward. The expected effect is a transition from a raw materials-based to a high-tech economy, growth in exports of high value-added products, and increased economic stability and social cohesion. The success of the model depends on transparent governance, the rule of law, and investment in human capital, which will not only restore but also modernize the machine-building complex, making it the foundation of Ukraine's post-war development.

INTRODUCING ORGANIC FOOD IN SCHOOLS IN THE LVIV REGION AS A MARKETING TOOL FOR THE DEVELOPMENT OF ORGANIC PRODUCTION IN UKRAINE

Sviatoslav Petrovskyi — 2025-10-31

Objective. Among the priorities of state policy in the field of education and health care, the organisation of high-quality school meals occupies an important place. Given that organic products are not only safe but also beneficial to health, more and more countries are integrating them into public catering systems, particularly in schools. In Ukraine, this approach is not yet systematic. The Lviv region, which has high potential for the development of organic production, could become the first region to introduce organic food in schools at a strategic level, following the French model of cooperation between authorities, farmers and educational institutions. Methods. A modelling approach was used to assess the costs and benefits of introducing organic food into school lunches in the Lviv region. It is based on a combination of quantitative indicators of the activities of organic operators in the region with analytical generalisations and expert assumptions. As part of the study, an economic model was developed for introducing 5 % or 10 % organic products into school lunches, taking into account: the higher cost of organic products (by 30–50 %); the average cost of daily meals for one student (47,5 UAH); income from personal income tax (PIT); the creation of added value in agricultural production and processing; the multiplier effect of growth in local production and employment. Results. As of 2024, 21 organic market operators in Lviv region had the opportunity to organize organic food in schools in two areas: the development of organic agriculture and food production. These enterprises account for 2.1% of total employment, 1.7% of the total wage fund, and 0.9% of GDP, which indicates the high productivity and socio-economic efficiency of organic production in the Lviv region. Scientific novelty. Even with partial implementation (5 %) of organic products in school lunches, Lviv region will receive a positive economic effect, stimulating employment, promoting sustainable development of rural areas and improving the quality of nutrition for children; and large-scale scenarios (10 % organic with a 50 % increase in price) will ensure maximum economic return. Practical significance. All four scenarios of the study are economically viable, which proves the feasibility and effectiveness of switching to organic food in general secondary education institutions in the Lviv region and will serve as an example for scaling up to other regions of Ukraine within the framework of the European integration process.

SOCIAL CHALLENGES AND TOOLS FOR THEIR SOLUTION IN THE HUMAN RESOURCES MANAGEMENT SYSTEM OF FOOD INDUSTRY ENTERPRISES IN UKRAINE

Anastasia Rudova — 2025-10-31

Modern food industry enterprises in Ukraine operate under challenging socio-economic conditions, which amplifies the importance of effective human resource management. High labor intensity, multi-shift work, strict safety requirements, and a shortage of highly skilled personnel create a range of social challenges that affect motivation, engagement of talented employees, stability, and team productivity. At the same time, the influence of global factors is growing, including European integration processes, the implementation of corporate social responsibility standards, and adherence to the principles of sustainable development. Under these circumstances, corporate social policy becomes a strategic mechanism for ensuring business competitiveness and resilience. This article analyzes three contemporary HR-management models in the food industry. The classical socially oriented model, represented by the activities of Obolon JSC, ensures workforce stability through the development of occupational safety systems, employee well-being programs, efficient onboarding, and internal training. The transformational model of MHP JSC is based on leadership competency development, social inclusion, psychological support programs, and the integration of ESG approaches, which contribute to higher employee engagement and a stronger corporate culture. The digital-innovative model of Kernel-Trade LLC relies on the use of People Analytics, recruitment automation, digital learning, and personalized development trajectories, enabling greater accuracy of managerial decisions, cost optimization, and faster employee adaptation. A comparison of these models demonstrates that effective human resource management in the food industry is built upon the combination of social responsibility, human potential development, and HR-process digitalization. This approach lays the foundation for the development of a hybrid model capable of comprehensively addressing current industry social challenges and ensuring the resilience of labor teams under conditions of uncertainty and instability.

FEATURES OF INVESTMENT ACTIVITIES IN CONDITIONS OF MARTIAL LAW: ANALYSIS OF CHANGES IN THE EXTERNAL AND INTERNAL ENVIRONMENT OF THE ENTERPRISE

Volodymyr Riabenko — 2025-10-31

The article substantiates that under martial law, the investment activity of enterprises in Ukraine has undergone profound transformations: instead of expanding production or entering new markets, the emphasis has shifted to restoring destroyed capacities, modernizing technologies, optimizing costs, and increasing energy efficiency; The role of own savings, reinvested profits, and partnership projects has increased due to the reduction in the inflow of external investments. Changes in the external environment (migration, inflation, deterioration of logistics, devaluation, limitations of external financial resources, mobilization, demand) and the internal environment have been analyzed. (human resources, financial resources, material and technical base, information system, production, organizational structure). The influence of the external environment on the investment activities of enterprises is characterized. (reduction of investment projects, reorientation to short-term investments, limited access to external financial resources, the need to retrain personnel, reduced productivity, investments in localization of production, digitalization of processes). The impact of the internal environment on the investment activities of enterprises is characterized (reorientation of investments to short-term projects, reduction in the scale of capital investments, the need for investments in repairs, localization of production, modernization, the need for retraining and upgrading of personnel skills, investments in human capital development, investments in flexible production processes, cost optimization, digitalization of management, investments in management automation, ERP/CRM systems for resource control, investments in digitalization, cybersecurity, integration of information systems). It has been determined that during martial law, enterprises form flexible, multi-vector adaptation strategies aimed not only at survival, but also at creating an economic base for further recovery.

TRANSFORMATION OF THE ADVERTISING AND COMMUNICATION MARKET IN UKRAINE AND EUROPE: STRATEGIC TRENDS, SUSTAINABILITY AND THE NEW PARADIGM OF MARKETING COMMUNICATIONS

Alla Savchenko — 2025-10-31

Purpose. The purpose of the article is to explore the transformation of the Ukrainian advertising and communication market in correlation with European sustainable marketing trends and to identify the interrelation between digital technologies, social trust, ethical responsibility, and communication efficiency. The research also aims to develop a conceptual model of strategic development for the industry under conditions of digital modernization, global competition, and the value-driven evolution of marketing practices. Methods. The methodological framework is based on systemic, interdisciplinary, and axiological approaches that integrate economic analysis, marketing communication theory, and the philosophy of sustainable development. Empirical data were obtained from analytical reports of the European Association of Communications Agencies (EACA Cost of Pitching Report 2025, Sentiment Survey Report 2025, Market Volume Report 2024) and the All-Ukrainian Advertising Coalition. The study employs methods of comparative and content analysis, empirical interpretation, and logical-semantic synthesis to identify the regularities of market evolution and to reveal the interdependence between economic and socio-cultural factors. Results. The research proves that the European communication ecosystem is shifting from transactional to relational models, emphasizing emotional connection and ethical integrity. The Ukrainian market, despite wartime disruptions, demonstrates rapid adaptation to digitalization, the dominance of DOOH and CTV formats, and the growing role of social responsibility. Comparative analysis shows that long-term competitiveness depends not on advertising volume but on the integration of transparency, authenticity, and sustainable brand trust into communication strategies. Scientific Novelty. The article substantiates the philosophical and socio-economic nature of advertising as a form of social meaning-making rather than a purely commercial instrument. A conceptual framework of sustainable communication is proposed, based on the principles of integration, authenticity, and humanity. It also expands the scientific understanding of marketing ethics as a factor of strategic stability and creative resilience in the communication industry. Practical Significance. The results can serve as a foundation for improving the strategic management of advertising agencies and brands, particularly in aligning technological innovation with ethical responsibility. The research provides methodological guidance for developing measurable sustainability indicators and reputation-based performance metrics within marketing communication systems. Conclusions. The study concludes that the future of marketing lies in a new paradigm uniting economic rationality with ethical consciousness. Advertising is evolving into a sphere of social dialogue, trust, and shared responsibility, where sustainable communication acts as both a moral philosophy and a competitive advantage. This transformation redefines the role of marketing in contemporary society—from persuasion toward partnership, from visibility toward authenticity.

DESIGNING AN EFFECTIVE ENTERPRISE MANAGEMENT SYSTEM BASED ON SMART GOALS

Kateryna Stepanova — 2025-10-31

In the context of dynamic, competitive, and uncertain business environments, the design of an effective enterprise management system requires a structured approach to goal setting. This article substantiates the theoretical foundations of enterprise management based on the SMART methodology, which enables the formulation of goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. The authors integrate classical management principles—Henri Fayol’s administrative functions and Max Weber’s bureaucratic model — into a contemporary framework for strategic planning and goal decomposition. The study outlines the stages of management system design, including strategic direction setting, SMART goal formulation, goal distribution across departments and individuals, development of performance indicators, resource and timeline planning, motivation and communication strategies, monitoring, and corrective actions. Emphasis is placed on the importance of flexibility, emotional engagement, digital tools, and adaptability to wartime challenges in Ukraine. The SMART approach is presented not merely as a technical framework but as a strategic architecture that aligns individual and organizational objectives, enhances transparency, and fosters team cohesion. The article highlights the motivational potential of SMART goals, their role in clarifying responsibilities, and their contribution to continuous improvement. It also addresses limitations such as reduced creativity, difficulty in measuring intangible outcomes, and rigidity in volatile conditions. Through comparative tables, the article illustrates the core functions of SMART criteria and evaluates their strengths and weaknesses. The authors argue that effective management design begins with a clear strategic vision, followed by the transformation of abstract tasks into actionable goals. The integration of key performance indicators (KPIs), realistic resource allocation, and adaptive planning ensures that goals remain relevant and achievable. The proposed model supports a shift from abstract goal-setting to a coherent system of actions, where each participant understands their role in achieving results. In times of crisis, such as war or economic instability, this structured approach enables enterprises to maintain focus, respond to change, and sustain effective collaboration. Ultimately, SMART-based management design fosters resilience, strategic alignment, and operational efficiency in modern organizations.

CREDIT RISK MANAGEMENT AS A COMPONENT OF FINANCIAL SECURITY

Yulia Tymoshenko — 2025-10-31

The article examines the theoretical and applied aspects of credit risk management as a key factor in ensuring the financial security of banking institutions. It is substantiated that in conditions of increased financial market turbulence, dynamic changes in the banking sector, and growing uncertainty in the external environment, the effectiveness of credit policy directly determines the level of stability and competitiveness of a bank. It has been determined that credit risk is the dominant type of risk in the structure of banking operations, since lending activity remains the main source of asset and profit formation. The article reveals the evolution of scientific approaches to understanding the essence of credit risk – from a narrow interpretation as the probability of loan default to a comprehensive systemic approach that covers the processes of assessment, diversification, and control over the quality of the loan portfolio. The article considers the peculiarities of credit risks in banking activities, in particular, the risks of late payments, insufficient collateral, decreased asset liquidity, as well as risks caused by imperfect internal control and external economic fluctuations. Based on an analysis of current scientific research and risk management practices, a classification of credit risks from the perspective of a bank’s economic security is summarized. Internal and external factors influencing the formation of credit risk levels are identified, including the quality of credit analysis, the level of portfolio concentration, macroeconomic stability, changes in the regulatory environment, and the state of borrowers’ financial discipline. It is substantiated that the credit risk management process should be comprehensive and include three interrelated stages: assessing the borrower’s creditworthiness, determining the terms of lending, and continuously monitoring the fulfillment of obligations. It is shown that adherence to these stages minimizes the probability of losses and ensures the stability of the bank’s cash flows. The article determines that an effective credit risk management system is based on the use of modern scoring methods, rating analysis, the formation of reserves for possible losses, and the use of digital tools for monitoring the loan portfolio. It is concluded that credit risk management is a strategic element of banks’ financial security, ensuring a balance between profitability and riskiness of operations, optimization of asset structure, and reduction of problem debt. A rationally structured risk management system contributes to increased liquidity, strengthened customer and partner confidence, and the formation of long-term stability of the banking system.

BRANDING OF AGROLOGISTICS CENTERS AND THE DEPLOYMENT OF DIGITAL TECHNOLOGIES UNDER UNCERTAINTY AND RISK

Tetiana Ustik — 2025-10-31

The article provides an in-depth analysis of contemporary approaches to the development of agrologistics centers amid the digital transformation of Ukraine’s agricultural sector and broader European trends. It highlights organizational models of agrologistics centers and reveals their role as key components in building efficient agri-food supply chains and shaping the competitive advantages of market participants. The paper describes the operating specifics of different types of centers – from vertically integrated holdings to cooperative and decentralized structures – their ability to optimize costs, improve the quality of logistics services, and raise the level of service for farmers, processors, and exporters. Special attention is paid to the analysis of digital technology adoption: the use of automated accounting systems and electronic platforms for inventory, transport, document workflow, and data analytics management. The study examines the impact of integrating CRM systems, online tools for brand promotion, and electronic communication platforms on enhancing the quality of marketing activities, expanding partnerships, and strengthening brand recognition and customer loyalty. It is noted that digital transformation increases the flexibility and adaptability of agrologistics centers to changing market conditions and enhances their resilience to external shocks. The paper analyzes and systematizes the experience of Ukrainian and European centers, taking into account mechanisms for ensuring competitiveness: innovation-driven development, logistics infrastructure upgrading, agricultural market integration, and brand image building and maintenance. Key approaches are compared, common features and unique specifics are identified, and pathways for adapting best European practices to Ukrainian agrologistics centers are outlined. Practical recommendations are proposed for optimizing managerial, logistics, and marketing processes and for increasing the resilience of centers under conditions of global uncertainty and risk.

THE IMPACT OF DEMOGRAPHIC FACTORS ON THE REFORM OF PENSION SYSTEMS IN THE EU COUNTRIES AND UKRAINE

Inna Tsvihun — 2025-10-31

The article examines the impact of demographic factors on the process of reforming the pension systems of the European Union countries and Ukraine. The key trends of demographic development are identified, including population ageing, declining birth rates, increasing life expectancy, and migration processes, which significantly affect the financial sustainability of pension systems. The experience of EU member states in adapting pension models to new demographic conditions is analyzed through measures such as raising the retirement age, introducing funded components, encouraging the participation of older individuals in the labor market, and diversifying sources of financing. Particular attention is paid to comparing the Ukrainian pension system with European practices and identifying its structural problems: the deficit of the Pension Fund, the high level of informal employment, and the insufficient development of the funded tier. The need for a comprehensive approach to reform is substantiated, one that aligns demographic, social, and economic policies, improves the mechanisms of solidarity and funded pension provision, broadens the base of contribution payers, and enhances financial literacy among the population. The research results can be used to develop an effective strategy for modernizing Ukraine’s pension system in accordance with demographic challenges and European social policy standards. The article proposes directions for further scientific investigation, including modeling the demographic impact on the long-term balance of pension systems and determining optimal reform parameters in the national context. Emphasis is placed on the importance of digitalizing pension processes and implementing modern information technologies to improve transparency and efficiency in contribution administration. The potential of social dialogue among the government, employers, and employees is revealed as a key factor in successful reform. The necessity of considering regional differences in demographic structure when shaping pension policy is underlined. It is concluded that ensuring the sustainability of the pension system requires not only technical changes in its mechanisms but also profound institutional transformations aimed at strengthening social solidarity and economic stability.

BUILDING AN ARDL REGRESSION MODEL FOR ANALYZING THE ECONOMIC DETERMINANTS OF BRAZIL’S MILITARY EXPENDITURES (2000–2024)

Viktoriia Tsvirova — 2025-10-31

This study investigates the economic determinants of Brazil’s military expenditures from 2000 to 2024 using an Autoregressive Distributed Lag (ARDL) model. Annual data (25 observations) were sourced from the World Bank, SIPRI, IMF, Statista, Macrotrends, and TradingEconomics. The dependent variable is military spending as a share of GDP (milex_gdp), while explanatory variables include GDP growth, logarithm of GDP per capita, trade openness, public debt-to-GDP ratio, inflation, unemployment, and logarithm of population. Missing values were imputed via linear interpolation and trend-based estimates to maintain data integrity. Stationarity tests confirmed a mix of I (0) and I (1) variables, validating the use of the ARDL framework, which flexibly handles such heterogeneity without requiring differencing. The model specification includes a one-period lag of the dependent variable to capture expenditure inertia, alongside contemporaneous effects of the economic covariates. The model specification includes a one-period lag of the dependent variable to capture expenditure inertia, alongside contemporaneous effects of the economic covariates. Empirical results reveal statistically significant short-run influences from GDP growth, per capita income, public debt, and unemployment, with expenditure persistence of approximately 40%. Trade openness, inflation, and population size show no robust impact. Long-run multipliers, derived from the error-correction form, indicate amplified responses over time, particularly for income and debt variables. A 2025 forecast projects military spending at around 1,03% of GDP, consistent with observed stability and moderate growth assumptions. The findings highlight a dynamic trade-off: economic expansion supports defense allocation, while rising unemployment or affluence shifts fiscal priorities toward social welfare. The ARDL approach proves well-suited for small-sample macroeconomic analysis characterized by inertia and mixed integration orders. Policy implications emphasize the interplay between fiscal capacity, growth cycles, and security priorities in emerging economies.

HUMAN RESOURCE MANAGEMENT IN THE CONTEXT OF GLOBAL INSTABILITY: CHALLENGES AND ADAPTATION STRATEGIES

Iurii Gudz — 2025-10-31

The article examines the problems and modern approaches to managing the human resources potential of enterprises in conditions of global instability, which encompasses economic, social, political, and technological risks. It is shown that traditional personnel management systems no longer ensure organizational stability and competitiveness, and that human resources have become a key asset determining an enterprise’s capacity for innovation, rapid adaptation, and strategic development. Special attention is given to the analysis of contemporary personnel management concepts, including systemic, innovative, structural, crisis-management approaches, and the concept of sustainable development. The study identifies the main components of human resources potential, including professional, intellectual, communicative, motivational, and psychological characteristics of employees that ensure the achievement of the organization’s strategic goals. It is demonstrated that effective personnel management requires the integration of HR processes with the enterprise’s strategic plans, the use of modern technologies, digital platforms, analytics, and individualized training methods. In conditions of instability, particular importance is given to maintaining employees’ psychological resilience, reducing personnel risks, retaining qualified staff, and ensuring organizational flexibility. Modern trends in personnel management are also highlighted, including comprehensive management of all categories of employees, attention to physical and mental well-being, data-based decision-making, continuous skill development, hybrid work models combining remote and on-site work, and the formation of corporate culture as a foundation for competitive advantage. The study shows that the use of modern technologies, e-learning platforms, personnel analytics, gamification, and motivational tools optimizes management processes, increases work efficiency, and fosters human resources development. The article concludes that a modern human resources management system must be based on strategic, systemic, and adaptive principles, integrated into overall enterprise development, and consider the need for sustainable development, innovation, and social responsibility. An adaptive HR policy aimed at developing key competencies, psychological resilience, motivation, and employee well-being is a crucial factor in maintaining the competitiveness of enterprises in an unstable global environment.