INNOVATIVE, ECONOMIC AND MARKETING DETERMINANTS OF FINANCIAL SECURITY AND SUSTAINABILITY OF BUSINESS

The article aims to summarize the main determinants that affect the business's level of financial security and financial stability. Based on the bibliometric analysis, the authors identified the main areas of research on financial security and the stability of the business. They conducted a comparative analysis of trends in the number of publications on these issues. With the help of VOSviewer tools, the main economic categories that are most closely related to financial security and sustainability of business were identified. The paper substantiates that economic, innovation, and marketing determinants in various combinations could significantly affect the financial security and sustainability of the business. Based on the systematization of existing scientific achievements, the authors proposed a methodological approach to assessing the business's financial security level. The authors hypothesized the statistically significant impact of economic, innovative, and marketing determinants on the level of financial security of the business. The information base of the study is the World Bank and the International Monetary Fund data. DickeyFuller test and Johansen test were used to test the hypothesis. The validity of the results and the nature of the relationship between the indicators were tested by constructing the equation of end-to-end regression (Wald test), regression with fixed individual effects (Brush-Pegan test), and regression with random individual effects (Hausman test). According to the study results, measures to increase the level of financial security of business and minimize the negative impact of certain determinants were proposed.


Figure 1. Dynamics of publications on financial security by years
Sources: developed by the authors.
The study of these issues took place within 147 areas of research based on WOS and 22 based on Scopus. A significant number of publications were made in high-ranking journals included in Q1-Q4. The bibliometric analysis results conducted by VOSviewer tools show the connection between business financial security with a significant number of economic categories (Fig. 2). Thus, based on the results of bibliometric analysis, it could be concluded that scientists from different countries widely study R² 1933 1974 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 Scopus the issues of financial security of business (Azarenkova et al., 2018;Britchenko et al., 2018;Dokiienko, 2021;Avanesova and Chuprin, 2017). Thus, Delasa et al. (2015) considered the financial security of business as the main element of the national security of any country, which directly impacts the number of tax revenues to the budget and the conditions of the labor market. Comparing people and companies in Maslow's needs ranking, the authors emphasize that the need for a secure business is at the second level of Maslow's needs hierarchy and is the basis for meeting higher-level needs. Raczkowski and Schneider (2013) viewed the enterprise's financial security as a result of risk management, which acts as a driver of strategic decision-making and uncertainty in the organization. In general, the authors consider financial security as an integral part of ensuring the systemic activities of the organization. Wiese (2014), examining the financial stability of the business and the factors of its occurrence, concluded that volatile profits, lack of experience, low quality of services provided, and poor cooperation between employees negatively affect the financial stability of small and medium-sized businesses.
Methodology and research methods. The business's financial security is a complex indicator, the level of which depends on several indicators of the economic and market environment of its operation (Yilmaz, 2007;Shynkar et al., 2020;Turgaeva et al., 2020;Ganushchak, 2017). At the same time, according to the analysis results, the impact of these indicators is different in strength and nature (Melnychenko, 2020;Sourav, 2019;Vatamanyuk-Zelinska and Melnychenko, 2020). For determining the most influential component of the formation of a business's financial security, this study analyzes its main drivers in terms of economic, marketing, and innovation components. The dependence of financial security of the business on drivers could be formalized using the following function: where FSBt -financial security of business in period t; Ecom t -economic determinants in period t; Mark t -marketing determinants in period t; Innov t -innovation determinants in period t. 179 http://mmi.fem.sumdu.edu.ua/en The basis for the formalization of the components of the business financial security level is its integrated assessment by the formulas: where FBSA and FBSM -partial indicators (for additive and multiplicative form) of the i-th component of financial security of business; n -the number of components; ai -weights for which the following condition is met: Assessment of the level of financial security of business will be carried out in the context of the following indicators: 1) Economic component: The study of the impact of the whole set of factors on the level of financial security of business would be conducted using VAR modeling using the following equation: where D(FBS t ) -the first differences in the level of financial security of business; D(inf t ) -the first differences in inflation; D(TB t ) -the first differences in tax burden; D(SE t ) -the first differences in the level of shadow economy; D(GII t ) -the first differences in the Global Innovation Index; CointEq i -a member of regression residue correction; a 0 i -zero coefficient; a p i (L) -a polynomial of the lag operator; p -the order of the model; ε t i -vector of random variables.

Results.
In the first stage, this study assessed the financial security level of business in 10 countries from 2015 to 2020. The assessment results (Table 2) show significant differences in the level of financial security of businesses in some countries. Austria, Italy, Poland, Croatia, and Romania have the highest levels of financial security. At the same time, businesses in Ukraine, Azerbaijan, and Bulgaria have the lowest levels of financial security. These features are due to several economic and political reasons that determine the nature of the business environment in the country and affect the performance of economic entities. To consider the impact of these factors on the level of financial security of business, we will conduct an econometric analysis of the relationship between these indicators. Among the economic drivers of the formation of the business's financial security, the level of the tax burden on business, the level of shadowing of the economy, and the level of inflation are considered. As part of the study of the impact of the innovation component on the business's financial security, its dependence on the level of innovative development of the country, on the example of the Global Innovation Index, is analyzed. This study tests the identified hypotheses by evaluating the parameters of the models of end-to-end regression, regression with fixed individual effects, and regression with random individual effects. The formalization of the established interdependencies was carried out with the help of one of the models. According to the model's pairwise comparison of the parameters, it most fully describes the relationships between indicators. In the first stage, using the Wald test, the regression model parameters with fixed individual effects with the model of end-to-end regression were compared (Table 3). Critical values of less than 10% were obtained for all analyzed indicators. It suggests that the regression model with fixed effects better describes the relationship between indicators than a simple regression model. The results of calculating the relationship between the analyzed indicators using the Broysch-Pagan test (Table 4) indicate the feasibility of using a model with combined regression to formalize the dependences we analyzed. For Australia, Georgia, Italy, and Poland, p-level values are less critical (10%), which indicates a lack of relationship between the analyzed indicators. Sources: developed by authors.
The formalization of the relationship between the level of financial security and business stability and the level of shadowing of the economy using the Hausman test (Table 5) allows concluding that the model with fixed individual effects best describes the relationship between these indicators. For all analyzed countries, the p-level value is less than 10%, and the coefficient of determination is quite high.  Thus, the results show the impact of the shadow economy on the level of the business's financial security for all analyzed countries. In all the analyzed countries, the shadowing of the economy has a negative impact on the financial security of the business. In Ukraine, a shadowing economy rise of 1% led to the business's financial security decrease by 0.6907%, in Azerbaijan -by 0.5407%, in Bulgaria -by 2.705%. The study results of the impact of other drivers on the level of financial security of business showed a significant positive impact of the Global Innovation Index and the negative relationship of financial security of business with the levels of tax burden and inflation. One of the advantages of using this method is the ability to consider the dual nature of the relationship between the studied indicators. In the system of economic relations, each analyzed factor is both an object and a subject of influence. In addition, the use of some data for a certain time necessitates the need to consider both the natural nature of changes in the analyzed indicators and the leveling of the random component.
In the first stage, this study conducted a regression analysis of the relationship between the businesses' financial security and the country's economic and innovative development indicators. Table 6 shows the fragment of calculations. It confirms the close relationship between the indicators (the presence of a constant was rejected in the evaluation process). Similar results were obtained for the other analyzed countries. At the same time, these results (despite the high level of statistical significance (0.99) do not consider the presence of indirect influence of factor characteristics on the resulting indicator and other factor characteristics in the middle of the system). To eliminate this shortcoming, we will analyze the presence of multiple influences between indicators using VAR modeling. In the first stage, this study used the Dickie-Fuller test to test the series of data analyzed by us for stationarity (Table 7). The calculations show the non-stationarity of the analyzed data series. In contrast, the analysis of the first differences in the logarithmic series allows assuming their possible cointegration. The next stage determines the duration of the time lag due to which the impact of each indicator is the largest. Table 8 shows that for most indicators, the time lag is insignificant.  Confirmation of the non-stationary and cointegration of data series allows concluding that it is appropriate to formalize the relationship between the level of financial security of the business and the drivers of its formation using the VEC model. Table 9 shows the fragment of VEC modeling. It allows constructing the equation of the dependence of the business's financial security on inflation, shadowing of the economy, tax burden, and innovation development index. Conclusions. Thus, the analysis results conclude about the average level of business's financial security in most of the analyzed countries. These results confirm the need to implement measures to increase the financial potential of companies and increase their level of financial security. One of the most Тюран Тагієва, Азербайджанський державний університет нафти та промисловості, Азербайджан Інна Тютюник, д.е.н., доцент, Сумський державний університет, Україна Фінансова безпека та стійкість бізнесу: економічні, інноваційні та маркетингові детермінанти Метою статті є узагальнення основних детермінант, які впливають на рівень фінансової безпеки та фінансової стійкості бізнесу. У ході дослідження здійснено бібліометричний аналіз для визначення основних напрямів дослідження фінансової безпеки та фінансової стійкості бізнесу. Авторами проведено порівняльний аналіз тенденцій зміни кількості публікацій з означених питань. За допомогою інструментарію VOSViewer виділено основні економічні категорії, які найбільш тісно пов'язані з фінансовою безпекою та стійкістю бізнесу. У роботі обґрунтовано, що економічні, інноваційні та маркетингові детермінанти в різних комбінаціях можуть суттєво впливати на фінансову безпеку та стійкість бізнесу. На основі систематизації наявного наукового доробку, авторами запропоновано методичний підхід до оцінювання рівня фінансової безпеки бізнесу. Інформаційною базою дослідження слугують дані Світового банку та Міжнародного валютного фонду. У