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The financial embargo has a special impact on the economic systems of oil and gas regions. This is explained by the increased foreign trade turnover of oil and gas regions, as well as the high capital intensity of the oil and gas industry, a long period of return on financial investments, and the high profitability of innovative investments. The purpose of the study is to identify various aspects of the problem of investing in fixed assets in oil and gas regions, find ways, forms and methods of investment stimulation of their innovative production development and assess the possibilities of transitioning to new technological structures in the conditions of a financial embargo and the transformation of the global energy balance. Methods of regression analysis of the structure and dynamics of investment in fixed capital of organizations in the oil and gas regions of the Volga Federal District were used and polynomial trend lines were constructed until 2030. An economic analysis of the structure of investment in fixed capital of oil and gas regions was made by sources of financing, types of fixed assets, forms of ownership, types of economic activity, as well as a regression analysis of the dynamics and forecast of the balance (receipt minus withdrawal) of foreign direct investment in oil and gas regions according to the balance of payments of the Russian Federation. The result of the study was the development and justification of a system of priority factors for creating a favorable investment climate in oil and gas regions to increase their resistance to the conditions of the financial embargo and the economic transformation of the global energy balance.

The article provides a comparative analysis of the structure of funding sources for the national project “Ecology”. A comprehensive assessment of the interim results of implementing regional projects in the Vologda region was conducted as part of the national project in question using the method of earned value. As a result, a discrepancy was revealed in the structure of financial support for the implementation of the national project on a federal and regional scale both in sources and in items of expenditure, which is explained by the specifics of the goals and powers of different levels of management. In the Vologda region, low involvement of local governments and the private sector in the development of the national project “Ecology” was found. Underestimation of the target values of the results of project activities is indicated as a significant reason for the proven high efficiency of applying financial resources in the implementation of regional projects. To improve strategic environmental management, it was proposed to use stimulating measures for increasing the number of stakeholders and the amount of funding, to use a scenario approach. In general, the identified problems are typical for many constituent entities of the Russian Federation, therefore, the authors’ recommendations for their solution can be widely applied and will increase the efficiency of environmental activities and the quality of performance of the national project “Ecology”.

Today global community focuses on stepping-up efforts aimed at cutting emissions of green-house gases to the atmosphere. It is connected with active realization of the 4th energy-transition strategy based on replacement of one power sources by others that are more efficient and ecologically clean. Current trends of sustainable development define priorities and new approaches to sources and forms of financing. Serious impact on selection of finance mechanisms is made by sectoral specific features demonstrating key lines of development. The article studies accessible efficient finance tools, which can provide a new format of interaction with regard to principles of power system functioning. As auxiliary resources fostering finance priority identification the author put forward ESG-accounting and ESG-ratings. European experience of using mechanisms of financing energy-effective projects can be interesting. The author formulated principles of the 4th energy-transition, showed key lines in the 4th energy-transition financing with regard to coordination of economic interests of process participants and highlighted the most important sources of financing. It is recommended to prioritize the development of technological competences oriented to home market.

The Russian physical culture and sports complex “Ready for labor and defense” is established in Russia since 2014. The main element of the project is testing centers, of which more than 2600 in the country. At the same time, the activities of such centers are often not systematized and have different, sometimes diametrically opposite approaches to its organization. The subject of this study is the activities of testing centers, including personnel, financial, logistical and informational parameters. For several years, the federal operator is developing various methodological materials for the development of testing centers. The purpose of this study is to develop financing mechanisms for the identified forms of organization of testing centers. The main research methods are the statistical method and the method of comparative analysis. As part of our research, we analyzed statistical information for the period 2020–2022, as well as a survey of 170 testing centers located in 59 regions of Russia and having different organizational and legal forms and a number of other different features. Based on the results of the study, the main sources of financing for the activities of testing centers were identified, as well as mechanisms and recommendations for increasing budgetary and extra-budgetary funding of various activities of testing centers were developed. The results of the study are practical, tested, successfully applied by some organizations and can be used in testing centers of various types.

The relevance of this study is determined by the fact that financing is a key element of the effective economic activity of agricultural enterprises and the industry as a whole, its food security and the restoration of the work of agricultural enterprises, especially amidst a full-scale war and in the post-war period. The purpose of this study was to investigate the relationship between the obtained net profit (loss) and the sources of financing of agricultural enterprises of Ukraine for 2014-the first half of 2023. The study used general scientific methods (analysis of the dynamics of the volume of financing sources (equity, loans, capital investments, state aid, and deposits), analysis of the net profit of agricultural enterprises, formation of the structure of financing sources, determination of growth rates of indicators), and specific research methods (correlation analysis and multivariate regression method). The authors of the study suggested using the method of correlation-regression analysis with further forecasting of indicators using Chaddock’s tables, Fisher’s and Student’s tests. The correlationregression analysis established that a decisive share in financial support is own capital, while the smallest share is state aid. But in connection with the full-scale war in the country and limited own resources, the authors of the study proposed to involve bank loans and state aid more widely in their own economic activities. A correlationregression analysis was developed to identify the dependence of the financial results of agricultural enterprises (net profit (loss)) and their sources of financing for 2014-2021, a regression equation was developed, and a forecast of the possible net profit (loss) of agricultural enterprises for the future period of 2023-2027 was made. The practical value of the findings is that these results can be used by the host activities of the agricultural enterprise of Ukraine and during the development by state bodies of the Strategy for the Development of the Agricultural Sector and their support programs

One of the most global problems of the modern world is terrorism. In recent years, terrorism has turned into a phenomenon that exerts a significant influence on political and economic national, regional, and world processes. Formation of a system of neutralization of financing sources is of great importance for the fight against terrorism. The purpose of the article is to reveal the peculiarities of terrorism as an international phenomenon, to study the sources and channels of financing terrorism. In the research process, such methods as generalization, systematization, comparative analysis, and grouping were used. The theoretical basis of the study was the works of domestic and foreign scientists, reports of international organizations devoted to the indicated problems. The article reveals the problem of interpretation of the concept of terrorism, describes the reasons (psychological, ideological, strategic) and examines the dynamics of terrorist acts. It was established that there is no unified approach to the definition and classification of sources and channels of terrorist financing. Scientists' approaches to classification are systematized. It is suggested that the main channels of financing terrorist activities include: involving financial institutions (banks, exchanges, investment funds, etc.); involving financial assistance from third countries or terrorist groups of these countries; through legalization of illegal income (sale of weapons, prohibited substances) or money laundering through legal institutions (charity funds); by smuggling cash and other valuable goods; by transferring virtual assets. During the analysis of a specific jurisdiction, the list of channels should be specified and detailed by the relevant funding sources.

In this paper, it is shown that, despite a tremendous number of sanctions that significantly modify the conditions of financial and economic equilibrium in Russia, the basic mechanisms, priorities and construction of the goals of the financial and economic policy have not changed. This is especially true for monetary and fiscal policy. The analysis of the parameters and results of budget planning for 2022–2023 has been carried out. Although there are no catastrophic failures of macroeconomic indicators according to the Ministry of Finance in 2022 and the official projections of the 2023 budget do not promise an increase in problems, the discrepancy between the actual possibilities to increase revenues and the imperative requirements to increase budget expenditures signal a serious deterioration of the budget situation, which requires urgent and adequate solutions. The author discusses the prospect of the state budget deficit turning into a permanent phenomenon accompanying the country’s economic development for a long period, due to the indefinite period of revenue suppression and acceleration of state budget expenditures, the reasons of which are long military expenditures and the duration of restructuring the structure and mechanisms of global and subglobal financial and economic interactions. In this paper, estimates of the budget deficit, which are alternative to the official data, have been made; estimates of real sizes and dynamics of budget deficits are proposed; and the concept of hierarchy and target concentration of budget expenditures is argued. The main tools for financing budget deficits (the National Welfare Fund, ruble devaluation, money emission, government borrowings) are analyzed, the possibilities and potential limits of their use are shown. It is shown that all of them, except domestic government borrowings, give a short-term effect and at the same time have a negative impact on macroeconomic equilibrium. The possibilities, direct and indirect consequences of the policy of reduction of budget expenditures are considered

In times of sharp aggravation of the sanction war against the Russian Federation, global power crisis and highest geo-political and geo-financial risks the world community, including the Russian Federation, keeps on moving towards carbon neutrality. It takes place in spite of dropping global investment caused by the pandemic and sanctions, reduction in carbon deals and turbulent finance and power markets. On this way within the frames of the green agenda serious risks such as deficit of sustainable development financing, low share of undeveloped countries and prevalence of state funds in financing were encountered. The article estimates investment needs of the global program of sustainable development by industries, where the highest share falls to power engineering. It identifies sources of investment: private capital of institutional investors, international finance organizations, international banks of development and state funds. And finally, it provides expert opinions of the IMF concerning the volume of deficit in financing and problems of undeveloped countries, which due to limited national finance markets cannot use market financial tools of investment raising for projects of green technologies. The authors focused on the most capital-intensive industry of the green agenda, i.e. power and on energy-transition to carbon neutrality. They pointed out to finance risks of energy-transition and such urgent problems, as searching for sources of financing, for investors that are ready to put capital into risky low-carbon projects with a long pay-back period, building new finance schemes of participant interaction, developing innovative finance products.

This article contains the data of the national health accounts in the Republic of Moldova in the period 2010-2021. The system of the national health accounts is a tool for evaluating and monitoring the health system, as well as, in the analysis phase, of the importance of the health expenditures from the perspective of the economy consumption. The national health accounts provide a systematic description of the financial flows related to the health goods and services consumption. The purpose of this paper is to improve the performance of the health system from the perspective of the author’s analysis of the recent data of the national health accounts in the Republic of Moldova, namely, the indicators of their level, dynamics and structure, in order to highlight the health expenditure evolution trends.

Innovation is a key factor in economic growth and competitiveness. It enables businesses to create new products and services, which increases their efficiency and profitability. However, innovation is costly. It requires significant financial resources, which are not always available to enterprises. This is one of the main problems hindering the innovative development of the economy. The purpose of this article is to study modern approaches to financing innovations, identify the factors that influence the choice of financing sources, identify existing problems, and develop proposals for their solution. The article examines the main sources of financing innovations, which include budget financing, company’s own funds, and attracted and borrowed funds. It argues that effective financing of innovative activity requires a comprehensive approach that takes into account both internal and external factors. Solving the problems of financing innovations and increasing the efficiency of innovative projects is an important task for increasing the competitiveness of the economy. For the successful development of innovations, it is necessary to create a favorable environment for financing and develop effective mechanisms for evaluating the effectiveness of innovative projects. Solving the problems identified during the research will help increase the level of innovative activity in the country and contribute to the growth of its competitiveness.

This paper addresses the measures taken to implement progress in agriculture, with particular emphasis on the role played by Post-Registration Variety Testing (PRVT). Special attention was paid to assessing the structure of financing streams for PRVT in Poland, how they evolve over time and how they differ between locations. The Reports on the Implementation of the Post-Registration Variety Testing (PRVT) Program in2010-2021 were used as source materials. Studies were carried out using 2010 constant prices. This paper found an increase in the number of PRVT research projects and experiments over the study period, which contributed to promoting biological progress, although the uses of PRVT findings differed between regions. Focus was also placed on the restructuring of financing for post-registration testing, with two leading streams being identified, namely the state budget and funds delivered by third parties, including private operators. The authors emphasized the importance of earmarked subsidies allocated to PRVT in the state budget, and the role they play in stimulating the transfer of knowledge and in promoting advancements and preserving biodiversity in Polish agriculture. The conclusion also points out the importance of PODs also in terms of the suitability of varieties for production in particular regions and under given technological conditions, which is in line with, among other things, the goals of the UN’s 2030 Agenda for Sustainable Development, i.e. SDG 12 (ensuring sustainable consumption and production patterns) and SDG 15 (protecting, restoring and promoting sustainable use of terrestrial ecosystems, sustainably managing forests, combating desertification, halting and reversing land degradation, and halting biodiversity loss).

AbstractPurpose: This paper investigates how entrepreneurial finance in Qatar affects the performance of small and entrepreneurship businesses (SEB). It is the first study examining the financial decisions of SEB in Qatar, illustrating the advantages and disadvantages of traditional and innovative sources of finance. In addition, we investigate the impact of different funding sources on three dimensions of SEB performance: financial, marketing and internal business and development performance. Methodology: Our sample included 300 SEB owners and managers, selected randomly and contacted in January to March 2020. Following the delivery and collection process, the study obtained 161 questionnaires, which were analysed using ordinary least squares regression. Findings: The results suggest that diversity and accessing new and innovative sources of finance affect the performance of SEBs. Meanwhile, this effect varies among different aspects of performance. The study concluded that SEBs prefer equity to debts. The performance of SBEs is mainly derived through accessibility to funds, governmental support, using innovative finance and the availability of collateral. Implications: This study contributes to the literature and industry by being the first to examine the accessibility of innovative sources of funds for SEBs in Qatar and their impact on different dimensions of performance. Our findings can help decision-makers to consider the impact of diverse sources of funds on different performance dimensions, which affect financing decisions made based on the performance priorities. Moreover, we find a negative impact of governmental support and using crowdfunding on internal business and development performance; this implies that less efficient SEBs, in terms of their internal business and marketing performance, are more active in obtaining both governmental support and crowdfunding, as they may be not eligible for other sources of finance. Our work highlights the key role of adapting to the new accessibility of funds in improving the performance of SBEs in Qatar, which is ultimately reflected in the diversification of the economy.

The goal is to analyze the current options of infrastructure projects financing in Lviv by establishing alternative sources of strengthening their financial support. The study analyses the volume of additional funds for community improvement at the expense of the State Fund of Regional Development and subventions from the State budget to local budgets in order to implement the measures for the socioeconomic development of individual territories. It was found that it is not realistic to finance completely the necessary infrastructure projects at the expense of budget funds. Especially for the needs of territorial communities with the possibility of being used by several communities simultaneously, a new attracting funds tool for the implementation of local investment projects – bonds of local development funds – is proposed. The alternative way to attract additional sources of funds, in particular, is the emission of bonds of local development funds. According to the international classification, bonds of local development funds belong to infrastructure bonds. It is noted that they exist already in the Ukrainian projects of loan capital legislative regulation. The determined bonds, if implemented, should advantageously differ from corporate bonds or local loan bonds due to: determining the direction of the intended use of borrowed funds; specific issuer – the Local Development Fund; relatively low risks for investors due to control of the budget cash flow for bonds repayment and receiving income on bonds. Their advantage is that, unlike local loan bonds, where issuers can only be city councils, the regional, district, settlement and village councils can also make decisions to issue the local development fund bonds. At the same time, attention is focused on the initiation of new businesses in the field of housing and communal services, in particular, through the creation of small enterprises that will provide important services to meet the needs of the territorial community on the basis of subcontract agreements. Local self-governed bodies have the opportunity to stimulate such business initiatives among the unemployed population that are available to work, providing space (premises) to newly created self-employed persons – entrepreneurs, compensating the rent as one-time payment from the Social Insurance Fund of Ukraine for the organization of entrepreneurial activities by unemployed citizens.

The development of market transformations in Ukraine has led to the noticeable changes in the sphere of formation and using enterprise capital. Formation of the optimal capital structure, which allows to combine an increase in financial results with the existing risk level, is the main factor of maintaining effective functioning. In this connection, processes of financial activity administration require rethinking and improving the approaches to diagnosis of financing sources both in the theoretical and practical aspects. The aim of the study is to improve the methodological approaches to the diagnosis of enterprise capital structure as an instrument of justifying and making managerial decisions in financial management system on the basis of theoretical approaches and specifying the definition of the term “enterprise financial activity administration”. Methods of scientific cognition were used in the work, in particular: of system approach, analysis, synthesis, scientific abstraction, generalizing. Methods of financial coefficient analysis and Shuhart’s control charts creation were used to carry out capital structure diagnosis on the example of JSC “Zhytlobud-1” (Kharkiv). The author’s vision of the essence of enterprise financial activity administration as a process of developing and implementing managerial decisions was formed, including formation and use of its capital with the aim of financial strength, profitability and creating conditions for fulfillment of obligations, based on information, diagnostic and analytical support for the realization of managerial procedures. It was concluded that diagnosis of capital structure served as the key element in the system of instruments for the administration of enterprise financial activity. The use of Shuhart‘s control charts for diagnosing the capital structure was proposed, and relevant calculations were carried out on the example of JSC “Zhytlobud-1”, the level of manageability of its capital components was assessed, and key management objects in the structure of the company’s financing sources were identified. The results of the research can be useful for scientists, students of economic specialties of higher educational establishments, managers and employees of financial divisions of enterprises and financial institutions

The financing of the expenditure and spending of the Ministry of Defence and the Serbian Armed Forces is defined by the Budget System Law. The amount of allocated funds for defence in all countries is mainly related to gross domestic product. The financing of the defence system directly depends on the economic position and development of state, and also on the available budget. Therefore, the greatest responsibility of those who are authorized is to dispose of budget funds in a certain period of use for the most important state priorities, as well as the need for the highest control over the disposal and use of these funds. The financing of the defence system of the Republic of Serbia, as a direct beneficiary of budget funds, is conducted in compliance with the procedures defined by laws and other normative regulations of the country. The COVID-19 pandemic represents a global security risk and threat, and 2020 has been taken for consideration and analysis of defence expenditure in state budgets. Thus, the readiness of states and defence forces to resist security challenges and threats has been presented. Moreover, fifteen countries that allocated the greatest funds for defence in 2020 have been presented. China is the only country that has positive growth of gross domestic product in the considered year and at the same time the highest percentage of allocations from GDP for defence. The five European countries that allocated the most for defence have also been presented, as well as the ratio of total allocations for defence in Europe and the United States. The average allocation rate for all countries (Table 2) in 2020 is 1.59% of GDP, which is shown in Graph 1. In the considered period, the Republic of Serbia allocated 1.89% of GDP for defence, which is above average. The percentage share of defence expenditure in GDP in recent years is approximately 1.9%. Graph 2 shows the percentage share of defence expenditure in the period from 2013 to 2021. The specificity of financing defence expenditure and spending has been emphasised because the defence system, like other complex systems, is characterized by complexity, openness, dynamism, strict hierarchical structure and two-way relations. Bearing in mind that the Ministry of Defence and Serbian Armed Forces are a non-profit organization, defence expenditure and spending are almost entirely financed from budget funds. The exception is certain categories of revenues, in a very small percentage in relation to the total available financial resources. In addition to its revenues, other sources of financing, such as various donations, unspent revenues and donations from previous years, income from the sale of non-financial assets and voluntary transfers are represented in financing the expenditure and spending of the Ministry of Defence and Serbian Armed Forces. It is very important to point out that since 2020, as a source of financing defence expenditure and spending, funds from the source - income from internal debt - has been used.

The article analyzes theoretical approaches to the interpretation of the economic categories’ "capital" and "capitalization". The existing works of scientists of various economic schools regarding the definition of the meaning of the concept of "capital", their change and evolution throughout the history of the development of economic thought were summarized and systematized. The analysis was carried out and the distribution of supporters among foreign and domestic scientists was given according to the three main basic directions of interpretation of the "capital" definition - capital as production equipment, capital as money and capital as a function. An analysis and systematization of approaches to the definition of the concept of "capitalization" derived from the term "capital" was also carried out, the main directions by which the existing approaches are summarized - capitalization as a quantity and capitalization as a process.

The article presents the results of a questionnaire survey on the sources of financing for small and medium-sized enterprises. They are part of more extensive research on the availability of funding sources and barriers to entrepreneurship development. The research results confirm the long-standing tendency to finance activities based on equity, various forms of lending and leasing.

Ensuring a decent standard of living for citizens, especially vulnerable groups, requires qualitative changes in society. Social projects are a modern tool for making change. In this regard, it becomes relevant to study the applied aspect of their implementation – technology for the development and implementation of social projects. This study aims at exploring the nature and classification of social projects, as well as improving and further developing the technology for the development and implementation with justification of the project proposal and documentation using the Let’s Start Together project as an example. The object of research is the process of using technologies for the development and implementation of social projects in solving social problems of society. The subject is theoretical and practical recommendations on the technology for the development and implementation of social projects, based on the justification of the project proposal and documentation. The following methods were used: logical analysis – to clarify the essence of the concept of a social project; analysis and synthesis – to improve the classification of social projects; network planning – to formulate a technology implementation plan for the development and implementation of social projects. The paper explores the essence of a social project, proposes the classification of social projects and defines criteria for their evaluation. The sources of financing a social project are characterized; co-financing by various donors. A technology for the development and implementation of social projects is proposed. Considerable attention is paid to the first stage, namely the development of the project proposal and the documentation of a social project. The proposed technology was tested in the context of the social project Let’s Start Together

In the conditions of rapid changes in the modern market environment, it is extremely important for agricultural enterprises to respond in a timely manner to threats to their financial security. Therefore, economic diagnostics is of significant methodological importance, and makes it possible to learn about economic problems and interpret the results of enterprises activity that have certain deviations from the norm or the state required for the enterprise. The subject of the study is a set of theoretical, methodological and practical aspects of diagnosing the state of financial security of enterprises. The purpose of the article is to diagnose the state of financial security of agricultural enterprises on the basis of the proposed methodological approach and to substantiate proposals for its improvement. The methodological basis of the diagnostics used in the study was: methods of theoretical generalizations, financial analysis, scoring method, analysis of dynamics and structure, linear programming. The article reveals the tasks and areas of management of Ukrainian agricultural enterprises with an emphasis on the protection of their specific financial interests – ensuring liquidity, solvency, financial stability, autonomy and others. For research purposes all Ukrainian agricultural enterprises were classified on the size of the net income. The system of indicators for diagnostics of financial security of the agricultural enterprises was offered. The basic structural elements of the mechanism of financial security management were substantiated. According to the diagnosis results, it was found that the state of financial security of large enterprises in 2018-2019 has deteriorated and it has had a negative impact on their solvency. Instead, the financial security of small and medium-sized enterprises has improved. Based on the experience of developed countries, proposals for public policy instruments to promote financial security of agricultural enterprises were proposed.

The aim of this article is to identify the most important factors influencing the use of trade credit and to assess their significance for Polish listed companies taking into consideration the role of trade credit as a source of financing. Theoretical and empirical literature does not provide clear guidance regarding factors influencing the use of trade credit. In this study the linear regression model with fixed effects for years is used to describe trade credit use in listed Polish companies in the period 2002–2018. The findings show that the following factors have the most pronounced influence on the use of trade credit: trade payables in the previous period, trade receivables, long-term debt, liquidity and short-term debt. Both long-term and short-term debt financing and trade payables are substitutes for Polish listed companies. Lower liquidity and higher trade receivables are related to a higher use of trade credit.

The article presents the results of the analysis of the main parameters of the investment sphere development over the past twelve years. The base year for comparison is pre-crisis 2007. We considered the main trends in the development of investment activity both for the full range of enterprises and organizations, and for large and medium-sized enterprises (without small businesses and the volume of investment that is not observed by direct statistical methods). We concluded that it is advisable to base further research on data collected by Rosstat for large and medium-sized enterprises., We grouped economic activities into 14 homogeneous industry complexes to identify areas of activity in the investment sphere. We carried out the analysis of sources of financing for investment activities in the context of own and attracted funds. The specific section of investments is linked to the investigation by economic sectors since it is the nature of the industry and its functionality that determine its specific structure. As a result of the analysis of the investment sphere, the authors have established the extreme instability of investment dynamics in recent years, identified problem points in the field of investment, the solution of which will contribute to the growth of investment activity in the country.

Oil and gas companies are facing a critical challenge as the world increasingly shifts towards clean energy transitions. Fossil fuels drive the companies' near-term returns, but failure to address growing calls to reduce greenhouse gas emissions could threaten their long-term social acceptability and profitability. In the current realities of financial technology development, it is necessary to move from traditional ways of financing companies' activities to more transparent, fast and efficient ones with positive environmental considerations. The article reveals the distinctive features of the climate policy of the oil and gas business of the Russian Federation, in particular, the realities of the development of this industry in the face of foreign economic shocks in the form of sanctions as well as how to keep the damage to the environment to a minimum. The oil and gas business and companies in this industry are significant not only within the country but also on the international market as participants in export-import, finance, investment, political and other types of relations. The availability of such fuel and energy resources within the country allows it to be in a certain degree in high positions on the world market, since companies in the industry accumulate a significant amount of capital in their foreign trade and foreign economic activities and, to a certain extent, ensure the movement of foreign currency within the framework of their trade and economic relations. The authors of the article calculated an economic and mathematical model based on the structural-dynamic and coefficient analysis, that allows determining the feasibility of forming a new digital tool for the devising constructive Climate Policy for oil and gas projects financing. In the course of the analysis, based on Russian quarterly data for 2015-2018, the connection between the level of overdue debt on oil companies loans and the development indicators of the Russian oil and gas business was determined. The main conclusions presented in the article can be used in scientific and practical activities to develop financial and credit technologies as well as Climate Policy used in the oil and gas business.

One of the most important concerns of the managers, as a strategic user of the accounting information, is that in the elaboration of the set of financial statements, the accounting principles and procedures are respected, the accounting information is efficient, useful and represents exactly the situation of the economic entity. Through this article, as a main purpose I proposed an analysis of 10 entities in the hotel sector, listed on the Bucharest Stock Exchange, for the period 2013-2018, based on the information in the balance sheet. Thus, by studying the specialized literature, we highlighted the current state of knowledge in the field, then we calculated the indicators global solvency, general liquidity and indebtedness, for the 10 economic entities, to analyze their ability to pay long-term liabilities, short-term liabilities and the risk associated with non-payment of financial commitments on time. The conclusion is that tourism entities are very careful when contracting long-term obligations, as their main source of activity financing. Regarding the degree of indebtedness, the risk associated with the non-payment of the financial commitments on time is low, this avoids the request of external sources of financing, except doing only when major investments occur, implementation of new projects, or other high financial efforts for the entity.

The article is aimed at studying the problems of financing for cross-border cooperation projects and finding recommended solutions to eliminate them. In particular, the article analyzes various sources of financing and support for implementing the cross-border cooperation programs and projects; priority directions for cross-border cooperation are allocated; importance of the functioning of programs and projects of cross-border cooperation in Ukraine is emphasized. The study used statistics on project financing by the European Investment Bank in Ukraine, the European Bank for Reconstruction and Development, as well as development support programs by the Organisation for Economic Cooperation and Development. In order to solve the problems of attracting financial support from the EU in terms of implementation of cross-border cooperation projects, it is recommended to finance cross-border projects with involvement of local authorities and the State authorities along with using their budgets, providing funds for a certain period of implementation of projects, which, in turn, will improve the efficiency of implementation of such projects in the border territories. According to the obtained results, the priority directions for the European Union to finance the cross-border cooperation and development projects are sectors of the agriculture and transport economy, namely, modernization and innovative development of industry branches, improvement of regional transport routes and the infrastructure in regions and districts.

The article proves that the topical issues are the definition of the operational features of construction enterprises, the characterization of their condition, and the problematic aspects of development. The research is aimed at identifying the operational features of construction enterprises taking into account modern and ambiguous conditions of economic management. The objectives of the research are: defining the condition of construction enterprises; formation of the directions for increase of efficiency of operation of construction enterprises. The condition of construction enterprises is analyzed. It is proposed to define stakeholders of construction enterprises through the characterization as individuals and/or groups of persons who interact in the construction sphere on the basis of strategic contours and social directions and are determined by functional, resulting, structural, process, strategic, complex attributes, the relationship of which have a certain level of risk and threats, which allows to form contractual relationships in terms of capital construction, to carry out architectural control and provide related calculations. And all this should be provided with project documentation, material and labor resources. The corporate social responsibility of construction enterprises is characterized. The directions and features of operation of the researched construction enterprises are defined. It is identified that there is turbulence as to strengthening production capacity at the presented enterprises. The emphasis is set on the growth of the value of equity to ensure the activities of construction enterprises. At the same time, the authors determine the level of the financial autonomy of these enterprises as reduced. To increase the operational efficiency of construction enterprises, the authors necessitate the following: strengthening of production capacity by increasing non-negotiable assets, ensuring growth and optimization of the structure of working assets, increasing the level of financial autonomy, ensuring the efficiency of interaction with different groups of stakeholders, formation of corporate social responsibility. In all of the researched construction enterprises (except the JSC «Trest Zhytlobud-1») there was either decrease in the majority of indicators of financial condition, or decreased performance, overall liquidity, financial autonomy, respectively. This indicates an increase in negative phenomena in construction enterprises and the need for applying a modern instrumentarium, including interaction with stakeholders and formation, together with use of corporate social responsibility.

Own dwelling in ancient times was the most desired and created the largest social conflicts. National customs, social trends of recent decades and the psychology of young families feel the need to have their own home. Satisfying the existing demand on the market, entrepreneurs offer various possibilities to purchase or build their own home. The desire to earn a lot and relatively quickly together with the fact that the object of construction is accessible enough to be accepted as a mortgage guarantee, led to the emergence of various financial schemes, which in many cases proved to be fraudulent. In this article the causes of fraudulent financial schemes are examined in the Republic of Moldova. The article describes some existing schemes as well as current and proposed ways to develop housing construction sector. The authors, based on the comparative analysis of financing opportunities for home purchase transactions in the Republic of Moldova (mortgage, real estate leasing, state project "first home"), demonstrate the lack of considerable difference for the consumer between existing offers and the impossibility to use them for the vast majority of the population.

In recent years, the main vector of scientific research in the field of regional economics has been the development of large localized economic systems. It was proposed to use the term “urbanized territory” as one of the generalizing terms for describing socio-economic systems. The analysis of various interpretations of the concept of “urbanized territory” allowed us to identify and form a limited list of their inherent characteristics and propose an author’s approach to their definition. A general formalized cost model for the development of urbanized territories is proposed, which includes basic infrastructure elements, as well as improvement coefficients for each block. Taking into account the projected investments, the structure of financing measures for the formation of the cost part within the framework of cost modeling, as well as cost distribution options among the main subjects of the formation of an urbanized territory are proposed. Due to the fact that urbanized territories have different levels of urban planning value, the authors in the article propose a marginality coefficient of the territory, which characterizes the change in the market value of real estate in a specific location of the urbanized territory, depending on the formed parameters of the living environment.

The article deals with the fundamental aspects of the formation of the financial mechanism and tools of provision the sustainable development of agricultural enterprises of Ukraine. A comprehensive methodological approach was used to effectively finance the economic activities of the entities in the business environment on the basis of adequate methods of continuous generation of own and borrowed financial resources. The versatility of the components of the financial mechanism from the standpoint of the functioning of the financial provision and financial regulation subsystems has been singled out, taking into account financial tools and indicators of efficient use of financial resources in the model construction of processes and phenomena of modern development of agricultural enterprises. The structure of the financial mechanism for the sustainable development of agricultural enterprises has been built in order to achieve the expected results, effective and timely response to current changes in the economic activity of the entities. The elements of the financial mechanism and the objective function of optimal financing of sustainable development of agricultural enterprises have been determined. It is proved that budget constraints in the amount of financing without state support of the special VAT regime are less important than the choice of alternative options on the criterion of the highest level of profitability, given the special VAT regime. Under ideal conditions, the financial mechanism of sustainable development of agricultural enterprises should be realized through the action of financial potential, namely the parameters of the «exit» of financial resources from the internal environment to ensure the technological process of production, organization of labor and management; parameters of «input» for the need for financial and information resources for the purpose of realization of internal processes.

The aim of the research was to determine the structure and dynamics of changes in the sources of financing fixed assets serving environmental protection in Poland. The article covers the years 2012-2013. The analysis concerned sources of financing perceived from a regional perspective, taking average dynamics of changes into account and showcasing the average share of individual sources of financing in voivodships. The support of such financing with EU funds was particularly emphasized. It was proven that, apart from own resources, public funds from the European Union budget and co-financing from environmental funds take up a significant share in the structure of sources of financing of environmental protection. Favorable changes were observed in the financing source structure of fixed assets serving environmental protection in various regions of Poland in the analyzed period. The highest dynamics of changes in Poland and in voivodships applied to foreign funds, a consequence of using financial resources from the EU budget to improve and maintain the quality of the natural environment. A positive effect of these activities was an increase in the value of expenditures on fixed assets in environmental protection after 2004, in other words after joining the EU. This was confirmed by the growing dynamics of changes in investment outlays for fixed assets in environmental protection in Poland and individual voivodships. After 2004, the share of funds from ecological funds as well as domestic credits and loans decreased, while the share of funds from abroad increased significantly.

Startups are companies with a short history of operation which try to commercialize innovative ideas. They usually try to use innovative business models. In the case of market success, they are able to grow very quickly and become large organizations, however their activities in the early phase are characterized by high risk. Due to this, they require special financing methods. The article characterizes and compares the most important sources of financing for startups. The attention was paid to the role of financing in creating conditions for the development of such enterprises. Also, the sources of financing startups in Poland and Europe in recent years have been analyzed.

Innovations are an integral part of the economic development not only of individual enterprises, but also of the country as a whole. In this regard, it is important to allocate properly financial resources aimed at maintaining and developing innovative activities. Searching and selection of methods for financing innovations should be carried out taking into account external and internal factors, the neglect of which leads to a lack of financial resources and freezing projects at the initial stages for individual companies and technological, raw or financial dependence on foreign investors for the country.

In this article considered the key principles of financing federal state budgetary institutions, analyzed the main sources of financial support activities, and also the analysis of the structure of financial security of the federal government budgetary institutions.

At the present time, each company is trying to increase the efficiency of its business activities. But often, in the course of their business, most enterprises have to face such a significant problem as the lack of financial resources to ensure the functioning of an economic entity v this ultimately negatively affects the operation of the enterprise and its financial condition.The results of innovation activity and the strategically stable economic evolution of any enterprise are influenced by the degree of participation and the effectiveness of the use of the innovation potential, based on the calculation of the "indicator of the cost recovery of the resources of the innovation potential", which characterizes the amount of profit received from each ruble of the costs of resources of the innovation potential from activities using innovative technologies. The main problem affecting the decline in the efficiency of the use of the innovation potential is the insufficient amount of financing for innovation.As a solution to this problem in research work, the principle of partial crediting was proposed as its use for financing innovation activity along with the proposed criteria, which allow to adapt the proposed option of attracting funds to the domestic economic conditions of today. It is for this reason that this research work proposed a solution to a particularly important problem of a scientific and practical nature is the assessment of the innovative potential of an enterprise along with the development of measures to increase the efficiency of it's use.

The article is aimed at studying the theoretical-methodical and applied aspects of formation of an integrated approach to financing the higher education system of Ukraine through the prism of the Quadruple Helix model. The specificity of interaction of subjects of the Quadruple Helix model is analyzed (sectors: higher education, entrepreneurship, the State, and public). The main planes of their interaction are allocated: personnel, science, innovations, management, social plane, with description of the character of cooperation of subjects according to each plane; perspective sources for obtaining synergistic effects are identified. The emphasis is placed on defining the potential sources of formation of financial resources of higher education institutions in the context of the subjects’ interaction planes of the Quadruple Helix model. On the basis of harmonization of interests of stakeholders, the author proposes an integrated approach to financing of higher education system. The perspective of implementation of the developed approach is substantiated in view of the current conditions of resource restrictions and in accordance with modern tendencies of formation of information economy. Prospects for further research are to develop the conceptual bases for the formation of a comprehensive model of competitiveness of the national higher education system, with inclusion in its structure of the presented integrated approach to financing.

The article is aimed at disclosing the regional features of the sphere of water supply and sewerage in Kharkiv region for formation of perspective directions of development of this industry. It is identified that the public utilities of Kharkiv region have tendencies of development, inherent for the Ukrainian public utilities in general: constant decrease of volumes of provision of water supply and sewerage services; high level of deterioration of water supply and sewerage networks; significant losses of water in the network; unsatisfactory technical condition of the enterprises of this industry; stable excess of the actual cost of utility services over the average rate of implementation; absence of own sources of improvement of technical condition of water supply and sewerage systems. Prospective directions for further researches are improvement of financial and economic mechanism for functioning of the industry, development of own sources of financing on the basis of a stimulating tariff formation, expansion of the existing sources of income by connecting of new consumers to water consumption and sewerage systems, search for additional sources of income.

The purpose of this study is to recognize the share of self-generated sources of financing for activities of public higher education institutions as part of their general stream of financing. Therefore, the key question that will be answered in this study is: how is the structure of financing sources of a studied institution of higher education formed? In the theoretical section, findings were based on the results of literature research. In turn, in the empirical part, findings were based on the results of a case study supported by observation in a multi-field participating university. The entity's financial statements were also used. On the basis of the research results, the structure of financing sources for the studied public institution of higher education was determined, indicating the possibility of using the entity's financial reporting for this purpose. It was noticed, based on the classification of the sources of financial supply indicated in the literature, that they are heterogeneous – drawn from both the public and private sectors. An increase in the share of funds supplied from the private sector was also revealed. In turn, private sources mainly came from fees related to the teaching process. Private sources also included those from commercialization of research results. The research presented in the study has provided new knowledge about the structure of the financing sources of a public education of higher institution in the context of current conditions for its functioning. In particular, the research helps supplement the existing scarcity of knowledge about the share of self-generated financing for a public higher education institution in the general financing stream of its activities.

Non-governmental organizations (NGOs) are institutions that belong most often to the social service sector, whose goals are to meet the specific needs of people that are not being met, or not being met adequately, by commercial organizations or state administrations. Such NGOs work to help citizens develop and to improve themselves and their life situations. This article presents an overview of the role played by NGOs in Poland and how they are funded.

The purpose of this study is to recognize the share of self-generated sources of financing for activities of public higher education institutions as part of their general stream of financing. Therefore, the key question that will be answered in this study is: how is the structure of financing sources of a studied institution of higher education formed? In the theoretical section, findings were based on the results of literature research. In turn, in the empirical part, findings were based on the results of a case study supported by observation in a multi-field participating university. The entity's financial statements were also used. On the basis of the research results, the structure of financing sources for the studied public institution of higher education was determined, indicating the possibility of using the entity's financial reporting for this purpose. It was noticed, based on the classification of the sources of financial supply indicated in the literature, that they are heterogeneous – drawn from both the public and private sectors. An increase in the share of funds supplied from the private sector was also revealed. In turn, private sources mainly came from fees related to the teaching process. Private sources also included those from commercialization of research results. The research presented in the study has provided new knowledge about the structure of the financing sources of a public education of higher institution in the context of current conditions for its functioning. In particular, the research helps supplement the existing scarcity of knowledge about the share of self-generated financing for a public higher education institution in the general financing stream of its activities.

Non-governmental organizations (NGOs) are institutions that belong most often to the social service sector, whose goals are to meet the specific needs of people that are not being met, or not being met adequately, by commercial organizations or state administrations. Such NGOs work to help citizens develop and to improve themselves and their life situations. This article presents an overview of the role played by NGOs in Poland and how they are funded.

Agriculture is essential to ensuring food security and prosperity around the world. The importance of cultivating agricultural plant species cannot be overestimated. One of the key challenges faced by modern food producers is to increase efficiency while ensuring sustainability and improving resilience to unfavorable environmental conditions brought about by ongoing climate change. To meet these challenges, it is vital to continue breeding work and to select plant varieties best adapted to local farming conditions. Undoubtedly, future yield increases will only be achievable by way of genetic improvement. In turn, crop-variety recommendations should rely on the results of properly designed post-registration variety testing (PRVT, in polish PDO), followed up by specific variety recommendations for growers. In this article, we attempt to fill a gap in the international literature regarding post-registration variety testing. We present PRVT as a unique scheme that is key to selecting agricultural plant varieties recommended for cultivation, with due account taken of Poland’s specific farming conditions. Every year, over 1000 field cultivar tests are carried out as part of PRVT. The results of these tests constitute reliable, objective source material for farmers and help them make choices regarding the most valuable varieties for cultivation that are also best adapted to local farming conditions. Among the financial benefits of selecting the right crop varieties for agriculture are lower cultivation costs, including reduced fertilizer and pesticide spending, and higher income generated by larger yields.

The article is aimed at developing a model for determining the level of efficiency of financial provision of innovative development of the national economy based on the theory of fuzzy sets, as well as identifying the main factors that will have a high coefficient of influence on the defining integral parameter of the developed model. As a result of the research it was determined that the level of efficiency of financial provision of innovative development of the national economy (G) equals 0.5, which according to the scale corresponds to the average level (40–60%). The author systematizes the factors having the greatest influence on improvement of financial provision of innovative development of economy of Ukraine. Ways of increasing the level of financing of innovation activity of enterprises are suggested. This model of estimation of efficiency level of financial provision of innovative development of national economy in view of an updating of knowledge base and rules can be adapted at contemporary enterprises and companies of Ukraine which apply or are going to improve their innovation strategy. Also the developed model can be applied both at regional level and macro-level, with corresponding additions and clarifications in terms of input and intermediate modules.

The aim of the article is to determine the current trends in financing the higher education system in Ireland and identify the applied basis for the commercialization of the results of university research. The processes of modernization of the higher education system in the Republic of Ireland are analyzed. The role of higher education and science in ensuring economic growth of the country is disclosed. It is determined that the key vector in the modernization of the Irish higher education system is the improvement of the quality of educational services. Particular attention is paid to studying the financial aspects of the development of higher education in Ireland. Taking into account the pan-European tendency to reduce the amount of financing from the state budget, the necessity of diversifying the sources of financing for activities of Irish universities is substantiated. Under conditions of information economy, there is a growing demand of the business sector for results of scientific research. The authors note the priority of intensifying the commercialization processes, transferring innovation developments and inventions of university scientists to the real sector of the national economy. Prospects for further research are studying the leading experience of countries of the world in the effective modernization of the system of higher education; identifying the best world practices for the commercialization of research results of higher education institutions; defining approaches to their adaptation and directions of effective implementation in Ukraine.

Company activities can be financed from own and other sources of financing. The structure of the company's funding sources points to the company's safety in terms of financial independence. The paper will analyze the sources of financing of agricultural enterprises in AP Vojvodina in the period from 2006-2015. years. An analysis of the sources of finance for agricultural enterprises will be carried out on the basis of the following indicators: the ratio of liabilities and capital, indicators of interest expense coverage, the participation of long-term and short-term financial liabilities in total sources of financing, and the participation of long-term and short-term financial liabilities in other sources of financing. The results of the research should point to the level of indebtedness of agricultural enterprises in AP Vojvodini and to the possible modalities of improving financial independence.

The article considers the conditions for the development of science and entrepreneurship in the Krasnodar Territory. The reasons for why the results of research work in most universities and research institutes are being patented are being studied, but they are almost not involved in economic turnover. The objectives of the advisory council of the Krasnodar Territory are listed. The sources of financing of internal expenditures for research and development in the Krasnodar Territory, as well as the main indicators characterizing the state and level of development of the scientific and innovative potential of the region, were also studied. s a result, we found that a significant obstacle to the transition of development from the laboratory to business is the problem of manufacturing prototypes of technical products. Without an operational prototype, it is almost impossible to switch to productive negotiations with an investor, but the developer does not always have his own resources and other resources, including information, which would be sufficient for the production and testing of the prototype. Thus, there is a vicious circle, which at the system level has not yet been broken. We propose that the interaction of science and business includes a power that fulfills the function of an information catalyst. Thus, in order to improve the innovative climate, the classical model of the triple helix “government-business-science".

For small enterprises, unlike large ones, the issue of fundraising emerges both in the process of their creation, development and current activity. Small enterprises are experiencing quite a high demand for additional sources of financing. The aim of the research is to study innovative forms of financing the creation and development of small enterprises, their advantages and disadvantages. At present in addition to traditional ways of raising capital, such as bank loans or public offering of shares among external investors (IPOs), there exist a number of alternative options. Among them the most common are grants, international programs, loans from international banks and financial institutions, such as EBRD (European Bank for Reconstruction and Development), IFC (International Finance Corporation), NEFCO (Nordic Environment Finance Corporation), KfW (Kreditanstalt f?r Wiederaufbau), fundraising, crowdsourcing, crowdfunding, and angel investment. The article studies in detail the last two ways of financing: their essence, components, positive and negative features, experience of application in Ukraine and the world. The research shows that crowdfunding is suitable for business development at the early stages, that is, for those enterprises that require, for example, to complete prototyping and start mass production of their first product. Business angels can be a good choice for enterprises that already have a permanent customer base and want to grow their business.

The article is aimed at studying the problem of financing the technical rearmament of industrial enterprises. The problematic aspects of the financial-economic support for technical rearmament have been explored, the alternative sources of financing for rearmament have been determined, and establishment of a Fund for technical rearmament at the expense of the percentage of income from the marketing of products has been proposed. This model of financing for the process of technical rearmament will allow the enterprise to determine its own development vector, independently of the external investment.

In this article considered the key principles of financing federal state budgetary institutions, analyzed the main sources of financial support activities, and also the analysis of the structure of financial security of the federal government budgetary institutions.

Local government units maintain a strict and inflexible budgetary policy, very often insufficient for the tasks and objectives set out in the scope of spending funds for the implementation of the most important needs. State budget determination mechanisms for a given local government unit are strictly defined in the Public Finance Act. Looking for external sources of financing seems to be something natural considering the large financial outlays that local government units put in the field of investment, but also the implementation of current local policy. The present study concerns mainly the indication of external sources of financing of territorial self-government units that they can use to implement budgetary tasks. The hypothesis assumes that external sources of financing of a local government unit are necessary for the implementation of the development policy of a given local government unit

Units of local governments, in order to realize their tasks, use various returnable sources of financing. It results from inadequacy of sources of revenues to the scope of realized projects and taking tasks aimed at meeting the needs of local communities. Public finance sector units may incur liabilities in the form of bank loans, loans or issue municipal bonds. Choosing the property sources of financing depends on many factors and should always be preceded by an economic analysis. Debt limits which are in force for territorial self-government units are strictly determined by law. The aim of the article is to present external, foreign sources of local government’s financing needs and to identify factors determining a choice of a financial instrument and a size of an indebtedness

Research background: Small and medium-sized enterprises form the backbone of any national economy. Therefore, sources of financing are important for the enterprise´s growth around the world. Finance for enterprises can be divided into classic and alternative. Recently, alternative ways of financing experienced a boom, especially venture capital, business angels, and crowdfunding. Although this type of funding is well known around the world, there are difficulties in using alternative financing among the Visegrad group. Moreover, there are lots of other factors curbing the expansion of enterprises. Purpose of the article: The purpose of this paper is to identify and compare sources of financing for small and medium-sized enterprises among the Visegrad group with focus on alternative financing. Visegrad group consists of the Slovak Republic, the Czech Republic, the Hungary, and the Poland. This paper presents an overview of available financing for small and medium-sized enterprises among the Visegrad group. Methods: For analysis, we used data from the the Survey on the access to finance for enterprises in 2019. Moreover, we also did hypothesis testing to compare the usage of financing through bank overdraft in the year 2019. Findings & Value added: We have reached several conclusions. Firstly, this paper suggests that classic sources of financing are used more than alternative ways, from which the bank loans and leasing are used the most. Secondly, the best condition of financing among countries of the Visegrad group is in Poland, but also other countries have huge potential. And finally, financing of enterprises is not the main issue causing difficulties in making business.