Видання зареєстровані авторами шляхом самоархівування
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Item Fintech innovations and transparency of finance: world practices and Ukrainian realities(Centre of Sociological Research, 2022) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Захаркіна, Людмила Сергіївна; Захаркина, Людмила Сергеевна; Zakharkina, Liudmyla SerhiivnaВ роботі розглянуто можливості цифрових технологій, які відкривають значний потенціал до формування належного рівня транспарентності фінансів, що надає змогу економікам функціонувати кращим чином та бути менш вразливими у кризових ситуаціях. Так, достатній рівень бюджетної транспарентності сприяє залученню громадськості до участі в бюджетному процесі та підвищенню довіри до органів влади та ефективному використанню бюджетних коштів. Транспарентність корпоративного фінансового менеджменту виступає запорукою та вирішальним чинником результативності та ефективності роботи бізнесу, умовою його стійкого зростання вартості у довгостроковій перспективі.Item The impact of financial digitalization on ensuring the economic security of a country at war: New measurement vectors(LLC “СPС “Business Perspectives”, 2022) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Frolov, S.; Orlov, V.; Datsenko, V.; Kozmenko, Y.The military actions in Ukraine have actualized the transformation and revision of existing approaches to assessing the country’s economic security. Financial security, which is considered in this paper through its standard components such as financial sector security, stock market security, debt and budget security, has a significant effect on the formation of economic security. At the same time, digitalization in the financial sector was identified as a new component that provides access to financial resources even in the context of the deployment of hostilities in Ukraine. Therefore, this study assessed the effect of the state of financial security, taking into account the importance of financial digitalization for the economic security of Ukraine. Based on quarterly data for the period 2015–2021, 42 indicators were analyzed, which were grouped according to the relevant components of financial security, and their integral indicators were determined using the Harrington method. A factor analysis of the formation of economic security was carried out using the principal components analysis, and an integral indicator of a country’s economic security was calculated based on the Kinney multiplicative convolution. The integral indicator of economic security for 2025– 2021 doubled and amounted to 0.63 units, which was due to the increased influence of financial digitalization processes, all other components either slowly decreased or were stable. Thus, the reserve of economic security that was formed during this period, including due to the intensive digitalization of the financial sector, allowed Ukraine to survive the first weeks of the war and ensure the functioning of the financial system.Item Influence of world stock markets on the development of the stock market in Ukraine(LLC “Consulting Publishing Company “Business Perspectives”, 2021) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Frolov, S.; Orlov, V.; Dziuba, V.; Балацький, Євген Олегович; Балацкий, Евгений Олегович; Balatskyi, Yevhen OlehovychViewing the development of the stock market in Ukraine, the economy, which world financial organizations characterize as small and open, is largely determined by the trends formed by the global stock markets and leading stock exchanges. Therefore, the study aims to analyze Ukraine’s stock market, the world stock market, stock markets in the regions, and to assess their mutual influence. The study uses the data of the World Federation of Exchanges and National Securities and Stock Market Commission (Ukraine) from 2015 to 2020. Stock market performance forecasts are built using triple exponential smoothing. Based on pairwise correlation coefficients, the existence of a significant dependence in the development of the world stock market on the development of the American stock market was determined. Regarding the Ukrainian stock exchanges, only SE “PFTS” demonstrated its dependence on the US stock market. The results of the regression model based on an exponentially smoothed series of trading volumes in all markets showed that variations in the volume of trading on the world stock market are due to the situation on the US stock markets. Trading volume dynamics on Ukrainian stock exchanges such as SE “PFTS” and SE “Perspektiva” is almost 50% determined by the development of stock markets in the American region. Although Ukraine is geographically located in Europe, the results show a lack of significant links and the impacts of stock markets in this region on the major Ukrainian stock exchanges and the stock market as a whole.Item Modeling of the financial system’s stability on the example of Ukraine(Polish Economic Society Branch in Torun, 2021) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Козьменко, Сергій Миколайович; Козьменко, Сергей Николаевич; Kozmenko, Serhii Mykolaiovych; Kozmenko, O.; Orlov, V.; Shukairi, F.Research background: Financial stability is one of the key tasks in the functioning of the country’s financial system. National financial systems have significant differences in the level of their development, structure and approaches to regulation. There are no uniform world standards for methods and indicators of assessing financial stability. International financial institutions, including the International Monetary Fund, only outline certain areas and offer an indicative list of indicators that should be taken into account. Purpose of the article: Taking into account the peculiarities of the subject and object structure of Ukraine’s financial system, this study formed groups of indicators that reflect the state of financial depth, level of access and efficiency of the financial system, systematized by subject (financial institutions) and object financial markets) characteristics. Methods: The basis for the formation of a set of indicators is a matrix of characteristics of the financial system’s stability, which is formed according to the principle of 4x2 proposed by experts of the International Monetary Fund. The list of indicators to calculate the integrated indicator that characterizes the stability of the financial system of Ukraine, covers the period 2007?2019 and includes 29 indicators that take into account the peculiarities of its formation and development. Harrington’s desirability function is used to determine the integrated indicator that characterizes the state of financial stability. Findings & value added: The intermediate calculations obtained by modeling groups of indicators showed that the level of access to the financial system and the state of its depth are balanced during the study period (the range of variation of integrated indicators for these groups is minimal? From 0.1 to 0.18), is at a satisfactory level and the basis for ensuring the financial system’s stability. Conversely, the efficiency of the financial system is low, and characterized by a high degree of volatility (range of variation ? 0.51). The obtained integrated indicator, which is in the range from 0.41 to 0.54 on the Harrington desirability scale, makes it possible to assess the state of the financial system’s stability in Ukraine as satisfactory, but with a high level of sensitivity to both external and internal shocks.Item Balancing state budget expenditures: A case of Ukraine using the simplex method(LLC “СPС “Business Perspectives”, 2021) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Ladyka, Y.; Orlov, V.; Aldiwani K.; Козьменко, Сергій Миколайович; Козьменко, Сергей Николаевич; Kozmenko, Serhii MykolaiovychThe consolidated state budget expenditures reflect the condition of performance by a country of its basic functions and allow defining priority directions for the implementation of state policy. Their optimal ratio allows satisfying the interests of citizens, business and society as a whole, and can provide a significant impetus for economic growth. The analysis of state budget expenditures using the example of Ukraine showed that their structure is unbalanced. Therefore, the purpose of the study was to find the necessary balance. The optimization of Ukraine’s state budget expenditures was carried out using the simplex method based on their structure from 2007 to 2019. Since the priorities of Ukraine’s strategic economic and political development are the implementation of the EU standards and norms, the structure of the EU’s state budget expenditures is chosen as a guideline for determining the optimal structure of expenditures. As a result, it is determined that in order to harmonize the structure of the Ukrainian budget expenditures with the approaches implemented in the European Union, minimal changes in public order spending are required. In addition, significant areas of funding include healthcare, economic activity, social protection and security. At the same time, intergovernmental transfers need to be significantly reduced, the amount of which should be revised after the completion of the financial decentralization reform.Item Dependence of the state of public finances on their transparency and the level of corruption in a country(2020) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Козьменко, Сергій Миколайович; Козьменко, Сергей Николаевич; Kozmenko, Serhii Mykolaiovych; Мерщій, Борис Євгенович; Мерщий, Борис Евгеньевич; Mershchii, Borys Yevhenovych; Новацкі, РобертCreating conditions for the effective formation, distribution and use of public finances, both at the macroeconomic and regional levels, is a key task for public administration. Achievement of high efficiency in this area is determined by many factors. For Ukraine, the most important here are the level of transparency and the level of corruption. Given that the level of transparency is not high enough, and the level of corruption, on the contrary, is high, the existing dependence between the state of public and local finances in Ukraine on the levels of corruption and transparency in the public sector is assessed. Based on the data characterizing the state of public finances at the national level through the indicators of Ukraine's consolidated budget, and at the regional level – through the indicators of local budgets of 22 regions (2010 to 2019) as well as a wide set of other selected factors, the relationship is determined between the corruption level, finance security, the transparency of public sector and the state of public finances at the macroeconomic and local levels. The use of Multiple Indicator – Multiple Cause and Dynamic Multiple Indicator – Multiple Cause models, based on the concept of soft modeling, revealed a significant impact of corruption on changes in Ukraine’s consolidated budget expenditures. Besides, the importance of other factors such as economic freedom and conditions created by the state for doing business is established. At the regional level, the dependence of local finances on the level of corruption and transparency was much lower. However, the models used indicated the presence of latent variables with significant influence, which would be the subject of our further research.Item Capital market: effects for the financial security of a country (the case of Ukraine)(Studies of Socio-Economics and Humanities, 2012) Кубах, Тетяна Григорівна; Кубах, Татьяна Григорьевна; Kubakh, Tetiana Hryhorivna; Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna OleksandrivnaФінансова криза глобалізації кардинально змінила український ринок капіталу, викликаючи занепокоєння щодо його залежності від тенденцій на міжнародних ринках та створюючи додаткові ризики для фінансової безпеки України. Дослідження присвячене впливу ринку капіталу на фінансову безпеку України. Визначено механізми та наслідки впливу ринку капіталу на фінансову безпеку та економічний розвиток України.Item State financial security: Comprehensive analysis of its impact factors(Foundation of International Studies, 2020) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Козьменко, Сергій Миколайович; Козьменко, Сергей Николаевич; Kozmenko, Serhii Mykolaiovych; Polach, J.; Wolanin, E.Ensuring the financial security of a country is one of the main tasks in formulating strategic objectives for the development of the financial system. Given that each country has its own characteristics in terms of the financial architecture, which manifests itself in its model, in the state of public finances and their importance for the economic development of a country, etc., the assessment of the financial security status will have its differences not only in the list of indicators, but also in the structural relations among them. Therefore, this study assessed the level of financial security, carried out its structural analysis, and identified the factors influencing it, using the case of Poland and Ukraine. Based on data for 2007–2018, the countries’ financial security is analyzed by four indicator groups that characterize the development level of financial institutions, monetary market, stock market and public finance. Using Harrington’s Desirability Function, an integrated financial security indicator was created for each country. Both countries showed a positive trend to increase the level of financial security, while the value of the financial security indicator corresponds to the desired, satisfactory, level. At the end of the analyzed period, Poland showed a high level of financial security. For factor analysis, the factors were selected that characterized Freedom from corruption, Property rights, Fiscal freedom, Business freedom, Labor freedom, Trade freedom, and Investment freedom. As a result, it was found that, Freedom from corruption and Business freedom had the greatest impact on the level of financial security in Poland, while Business freedom and Trade freedom were the most influential on the financial security of Ukraine.Item Financial risks of the stock market: opportunities and specifics of their insurance(Business Perspectives, 2019) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Бондаренко, Євгенія Костянтинівна; Бондаренко, Евгения Константиновна; Bondarenko, Yevheniia Kostiantynivna; Балацький, Євген Олегович; Балацкий, Евгений Олегович; Balatskyi, Yevhen OlehovychУкраїнський фондовий ринок оцінюється як ринок, що розвивається, який характеризується високою прибутковістю та вищим рівнем ризику порівняно з розвиненими економіками. Операції з цінними паперами на українському фондовому ринку супроводжуються стабільною невизначеністю. Більше того, страхування є найефективнішим способом зменшення фінансових ризиків та їх негативних наслідків. Враховуючи поточну економічну та політичну нестабільність, страхування фінансових ризиків може забезпечити економічні показники діяльності суб’єктів господарювання та стимулювати їх подальший економічний розвиток. Страхування фінансового ризику за своєю суттю є страхуванням відповідальності, але його умови часто включаються до страхування майна. Цей страховий сектор має значні можливості, які вимагають активації нових страхових продуктів, які зможуть захистити індивідуальних та інституційних інвесторів. Страхування та фондовий ринок є прямими конкурентами за обмежені ресурси інвесторів, включаючи стратегічні джерела, такі як тимчасово вільні фонди інституційних інвесторів та заощадження домогосподарств. Загалом, хоча в Україні існує значна взаємодія між страховим та іншими фінансовими ринками, вона навряд чи реалізується взагалі, на відміну від іноземної економіки, де вона використовується по максимуму. З розвитком страхової культури населення та страхування в цілому актуальність страхових послуг у такому сегменті ризику, як фондовий ринок, зростає. У статті гармонізовано види фінансових ризиків, що виникають на фондовому ринку, з методами їх нівелювання (страхування, хеджування, диверсифікація тощо), визначено фактори ризику інвестора на фондовому ринку та визначено професійні ризики фінансових установ. Для українських учасників фондового ринку пропонується використовувати два види страхового покриття, а саме: Bankers Blanket Bond та Financial Institution Professional Indemnity..Item The trajectories of companies’ financial architecture in the real economy(Businness Perspectives, 2020) Школьник, Інна Олександрівна; Школьник, Инна Александровна; Shkolnyk, Inna Oleksandrivna; Mentel, Urszula; Бухтіарова, Аліна Геннадіївна; Бухтиарова, Алина Геннадьевна; Bukhtiarova, Alina Hennadiivna; Dushak, M.The formation of an effective company’s financial architecture, which includes such basic elements as the capital structure, ownership structure, and the state of corporate governance, has a significant impact on maintaining a certain market position and ensuring stable profitability of activity. This research aims at determining the state of financial architecture, changing its trajectory, and its impact on company’s market position. Twenty-two (22) Ukrainian companies were selected for the study from the list of top 200 in terms of the largest volume of sales revenue received, and those that provided full financial statements for the period from 2007 till 2017. To determine the state of company’s financial architecture and the relevant market position, the authors used a cluster analysis using the method of the most remote neighbors. Algorithms of Kohonen’s self-organizing maps were applied. Harrington’s desirability function was used to determine the integral index. The selected sample demonstrated a high level of ownership concentration in almost all companies and showed that only a few individuals controlled a significant amount of assets, thereby confirming the oligarchic structure of the Ukrainian economy. As a result, seven cluster groups were obtained, reflecting the companies in terms of the quality of their financial architecture. Only five companies in the total sample were found to have high-quality financial architecture, i.e., capital structure and ownership structure are consistent and optimal and ensure that the company maintains a leading market position.
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