Search

Purpose: To substantiate the place and role of the responsible investment in the structure of the stock exchange market. Methods: Structure-functional in order to form an idea of the structure of the stock exchange market, determining the place and role of responsible investment elements in the stock market organization; systematic analysis to identify current trends and patterns in the functioning of the socially responsible investment segment by geographical regions of the world; statistical and graphical methods for quantitative and visual presentation of the results of the stock market sectors analysis, represented by responsible investment elements. Findings: The definition of «responsible investment» and «stock market» has been clarified; a number of subjects, objects and forms of responsible investment, which are elements of the stock market, are singled out and substantiated; the generalization of activities of stock exchanges in the field of responsible investing is carried out; the dynamics of stock market sector indicators, which are represented by elements of responsible investment, are analyzed; key reporting standards used by stock exchanges in disclosing ESG issues are analyzed. Theoretical Implications: A comprehensive assessment of the functioning of socially responsible investment segment as part of the stock market is carried out, the place and role of responsible investing in the stock market structure are substantiated, which creates a basis for the development of effective measures to increase the stock market efficiency of Ukraine and its transformation into an effective and stable source of investment resources. Future Research: The results can be used in the context of further study of the stock market transformation in Ukraine on the basis of a socially responsible trajectory and fractal analysis. Paper Type: Theoretical. The study was performed within the state budget research «Fractal model of the stock market transformation in Ukraine: socially responsible investment to achieve the Sustainable Development Goals» № 0121U100473.

Abstract. This paper reports a study into the trends and patterns of the impact of external labor migration on the effectiveness of the functioning of Ukraine’s labor market, as well as defining those areas where migration processes could be coordinated in order to preserve the labor potential of this country. The scale and characteristics of the external labor migration in Ukraine have been considered. A tendency has been identified towards increasing the number of potential labor migrants among the population of Ukraine. The main destinations for migrant workers are the EU, primarily Poland, Italy, and the Czech Republic. It was found that the main labor migrants are men aged 30 to 49 with secondary and secondary specialized education, which indicates a significant outflow of «labor» from Ukraine. The main motives that encourage Ukrainians to work abroad have been determined. The main one has been investigated, related to the low level of wages in Ukraine, which is several times lower than the level of remuneration in the recipient countries. The positive and negative consequences of labor migration for Ukraine as a labor donor country have been given. Among the direct positive consequences, the main ones are the reduction of pressure on the labor market and the decrease in unemployment. Among the negative ones is the migration of the most active part of the labor force, the migration of young people and the most qualified specialists, which causes a shortage of labor in Ukraine’s labor market. The ways to improve the coordination of migration processes have been proposed, in order to preserve the labor potential of this country. The first is to improve the information support of the labor migration management process; the second is to promote economic growth and social development in Ukraine. The implementation of these measures could reduce the motivation for labor migration and provide conditions for the return of migrant workers. Keywords: labor migration, migrant, labor outflow, labor market, migration policy. JEL Classіfіcatіon J45, J61, J69 Formulas: 0; fig.: 5; tabl.: 3; bibl.: 23.

Abstract. This paper is devoted to the analysis of the influence of bank lending on the economy in Switzerland during COVID-19 pandemic. Analysis of the main economic indicators (GDP and its components, inflation, monetary supply) before and during corona-crisis proves that the impact of corona-crisis is stronger than that of the 2008—2009 financial crisis. A sharp decline of GDP, exports and imports is underlined. The components of GDP that were most stable over the last 12 years and did not decrease during the 2008—2009 financial crisis, namely «Households Consumption Expenditures» and «Total Consumption Expenditures», had a negative trend in 2020. It outlines the non-economic nature of the crisis. The pandemic period is characterized by growth of inflation and changes of the money supply structure, such as a reduction of deposits in transaction accounts by half. The most vulnerable economic entity was the population, whose solvency decreased significantly. It led to the consumption and transactions reduction. It is underlined that in such conditions bank lending can be used to boost consumption, consumer demand, stimulate economic growth. The authors’ analysis demonstrates that the amounts of credit lines and utilisation were higher in 2020 during ongoing pandemic compared to the previous year. Loans to individuals remain the most significant in banks credit portfolio, its share was 66 % at the end of 2020. At the same time corporate loans grow faster during the crisis, which indicates businesses have higher demand for credit and use it as a crisis management tool. Contrary to the existing opinion on the negative impact of bank lending on inflation, the article proves that the increase of bank lending as part of fiscal and monetary policy measures has a positive impact on economic recovery during and after the crisis. The analysed Swiss experience can be used in Ukrainian realities. Keywords: bank loan, mortgage loan, corporate loan, lending, Switzerland, COVID-19. JEL Classification Е42, Е50, F29, G21 Formulas: 0; fig.: 7; tabl.: 2; bibl.: 17.

Abstract. The scientific article is devoted to the development of a methodology for assessing the financial stability of financial corporations using the technology of cascading approach to identify weak areas in their activities and prevent the development of threats to their stable operation. The root causes of their financial instability are selected as the object of financial corporations’ financial stability assessment, and a chain of causal relationships is considered that turn the preconditions into real threats to financial stability or even signs of the corporation’s financial fragility. At the same time, the source of prerequisites for the financial stability of financial corporations in the state and depth of imbalances, which are formed both in the internal and external environment of their operation. It is proved that the tools for assessing internal imbalances in the activities of financial corporations should not be limited to financial imbalances, as their root causes can be concentrated in the organizational, managerial, institutional, conceptual component, in the field of personnel, information, technical support. Therefore, the structuring of imbalances in the activities of financial corporations is proposed to be carried out according to the theory of economic potentials and to identify the following content areas: opportunities, resources, tools, and abilities, the interaction of which forms the potential of financial corporations to operate. A three-stage method for assessing the financial stability of financial corporations has been developed, using a cascading approach, which involves the consistent diagnosis of internal imbalances in the activities of financial corporations: 1) those that arise within each component (resources, means, and capabilities) and are the area of origin of internal threats to their financial stability; 2) imbalances that arise through inter-component interaction (resources-means; abilities-means; resources-abilities) and are the sphere of manifestations of imbalances; 3) those that arise through interaction with the external environment and maximally show the impact of their condition and depth on the level of financial stability. For each of these areas, a set of indicators has been developed and an algorithm for calculating the integrated index of financial stability of a financial corporation has been constructed. The scientific and methodological approach was tested on the example of systemically important banks of Ukraine during 2017—2020, each of which is currently in a continuum of financial stability, and for most banks, there is a growing trend of quantitative measurement of its level. In general, the paper reveals a comprehensive approach to assessing the financial stability of financial corporations, which allows you to systematize those key positions in which the imbalance increases the likelihood of their financial fragility and financial instability. Keywords: financial corporations, financial stability, internal imbalances, economic potential, valuation, indicators, nonlinear rationing. JEL Classіfіcatіon C13, C81, D53, G21, G23 Formulas: 7; fig.: 0; tabl.: 3; bibl.: 22.

Abstract. The objective of this article is theoretical and methodological justifying of determining algorithm of the cost of debt capital for enterprises functioning in emerging markets (EM). The methods of research: analysis and synthesis, system analysis, comparative analysis, empirical and statistical methods, factor analysis. Results. In this article key determinants of interest rates on debt capital for enterprises and their impact on the procedure of discount rate calculation are determined. The issue of the cost of debt calculation of enterprises in condition of absence of complete information concerning systematic and non-systematic crediting risks is studied. Differences between interest rate on the loan fixed in credit agreement and expected by creditors the cost of debt are identified. It is determined that the key factor impacting the deviation level of market value of debt capital from the nominal, and respectively, deviation of the cost of debt from the cost of capital is probability of default (PD). At the minimum values of PD, the contract interest rate corresponds to the rate of cost of debt and it is advisable to use it for discount rate calculation. Critical analysis of alternative methodological approaches of the cost of debt calculation is made. Ways of integrating of market information concerning credit default swaps into the process of expected cost of debt calculation are justified. Factors of shadowing of rates of the cost of debt and ways of reducing of shadow transactions’ level in the credit market are identified. Conclusions. At high PD values, expected by market premium for default risk may exceed the contract interest rate, which necessitates constant monitoring of credit risks and appropriate adaptation of interest rates. In the paper the algorithm of such adaptation are proposed. It is shown that in the case of non-use of interest rates adjustment taking into account changes in PD, CDS and LGD, premium for creditors’ systematic risk can differ significantly from market values of similar enterprises (peer-group), and estimated value of the cost of debt can acquire negative values. Contract (promised) interest rate should be set in such way that the premium for systematic risk of providing debt capital will be at the level of similar companies and does not change significantly as a result of probability of default changes. If in practice the opposite situation occurs, it is the evidence of contract interest rate shadowing, absence of effective system of assessment and management of credit risks. For solving the problem of interest rate transparency and filling of information gaps concerning PD borrowers in EM countries, should intensify CDS market. Keywords: debt capital, default probability, non-performing loans, credit default swap, credit spread, debt capital premium, shadow economy. JEL Classification E47 Formulas: 16; fig.: 0; tabl.: 3; bibl.: 15.

Abstract. The paper aims at disclosing the nature of offshore tools used for the withdrawal of capital from Ukraine, as well as suggesting measures to be undertaken by Ukrainian authorities to improve the current situation. The authors apply comparative analysis to find the data discrepancy between State Statistics Service of Ukraine and Eurostat on export-import operations between Ukraine and the EU to determine the volumes of tax evasion and avoidance in Ukraine. The article states that dynamic internationalization of financial and economic operations of Ukrainian business entities in recent decades had negative effects on national welfare due to their maneuvering of capital between affiliated units via transfer pricing and intensifying their offshorization using transborder movement of commodities, services, and factors of production resulting in the reduction of budget tax revenues, increasing the scale of cross-border outflow of capital, strengthening the strategic control of foreign countries over the production facilities of Ukraine, as well as significantly undermining national tax security, macroeconomic and social balance. Thus, Ukrainian regulatory bodies must take measures aimed at deoffshorization of business activities, structural modernization of the national economy, dynamization of macroeconomic growth, regulation of inflation and increasing the volume of foreign direct investments in Ukraine. Keywords: multinational companies, offshore, offshore financial centers, offshorization, tax avoidance, tax evasion, tax haven, Ukraine. JEL Classification H26, H31, H32 Formulas: 0; fig.: 0; tabl.: 6; bibl.: 49.

Abstract. The paper deals with the early warning system that allows monitoring the external sustainability of an economy due to external economic shocks. For this purpose, the analysis of the external sustainability indicators system of an economy (example of Ukraine) was implemented. It consisted of statistical analysis of the system of indicators of external sustainability of an economy, probabilistic assessment of their dynamics due to external economic shocks. The analysis of external sustainability indicators includes verifying their volatility, stability and variability relative to GDP. It means calculation of standard deviation for testing the volatility, autocorrelation to check the stability of the indicator and correlation between its value and GDP growth rate to measure the variability relative to the economy’s performance. The calculations of threshold percentiles for indicators of external sustainability of Ukraine’s economy, noise-signal ratios and probabilities of the occurrence of unsustainable external perturbationsare based on signal approach. The analysis of indicators of external sustainability of Ukraine’s economy shows that most indicators are volatile relative to their average values. It is shown that most indicators of the external sustainability of Ukraine’s economy are acyclic as they are weakly correlated with the growth rate of GDP, although their turning points coincide in many cases. Procyclical indicators are the ratio of reserve assets to «broad money», the ratio of net foreign assets to GDP, the average interest rate on external government liabilities, countercyclical indicators are the ratio of reserve assets to short-term external debt, the share of external public debt denominated in foreign currency to the total amount of external government obligations (except for SDR). Keywords: external sustainability, early warning system of external sustainability, external economic shocks, commodity prices, debt sustainability, social and market efficiency. JEL Classification F30, F40, F62 Formulas: 0; fig.: 1;tabl.: 0; bibl.: 24.

Purpose: Explore the current state, trends and development prospects of the global robotics market, especially the industrial robotics segment, as well as the service robots segment. Design/Method/Approach: Logical, statistical, and graphical methods were used; systemic, structural-functional, and comparative types of analysis. The specificity of the interdisciplinary research is expressed in the use of the methodology for graphical presentation of the life cycle of technologies and goods. Findings: The format for the use of “end-to-end” digital technologies, which include robotics, artificial intelligence and others, was determined, which leads to extreme changes in production and consumption and, in fact, marks the onset of a new technological order. It can be stated that a new cluster of innovations has been formed in the information technology industry, going beyond its limits, explosively transforming the sectors of the economy, the activities of the state and business, society and the world as a whole. The world markets for new technologies and goods are being formed, the composition and distribution of the roles of the participants in the global innovation system are changing. Modern concepts of innovative development of the world economy were studied, and a comparative analysis of methods for studying the markets of high-tech goods in various schools of economics was carried out. The authors outlined the features of the formation of the world robotics industry as a large technological system and assessed the place of the world market of robots in the world economy. The study contains the results of the work carried out to study the conditions and factors of the development of the global robotics market, as well as an overview of its geographical and corporate structure. In the scientific work, a study of the features of pricing in the robotics market and the specifics of creating and financing robotic projects was carried out. Theoretical Implications: A comprehensive assessment of the global robotics market was carried out and the leading vectors of its transformations and growth prospects were identified. Practical Implications: The obtained results of the study can be used as the basis for the formation of a corporate strategy for the development of individual companies and enterprises of industrial sectors of the world economy in order to accelerate innovative, technical and economic development in a durable format. Originality/Value: The features and components of the development of the world industrial robotics market have been investigated. The encouraging directions of robotization of the world economy are determined. Prospects for further research. The obtained results can be used in the context of the promising development of a national doctrine or policy of robotization and the development of digital robotic systems of industry in the countries of the world. Future Research: The obtained results can be used in the context of prospective development of national doctrine or policy of work and development of digitalized industrial systems of the world's countries. Paper type: Theoretical

Purpose: Research web-based idea management system (IMS) application benefits and their relations with different IMS types and how it is all related to the IMS results – idea quality, idea quantity and involvement. Design/Method/Approach: On the basis of a commercially available web-based IMS study and the analysis of cases of IMS use, the main benefits of IMS have been identified. The most typical benefits for the use of IMS have been verified by the survey. On the basis of a thematic analysis of the benefits, they are grouped together in advance in the thematic groups that were addressed. Data collection: the survey of 400 enterprises with a web-based IMS experience has been carried out. Data analysis: a descriptive statistics and MANOVA analysis have been utilized. Findings: The potential benefits of IMS in 4 main groups: the benefits of the idea management (IM) process, the benefits of innovation management, the benefits of cooperation, the benefits of general management have been determined. According to the MANOVA all groups of benefits have strong connections with all types of a web-based IMS. Originality/Value: This study fills the previously identified need to clarify the types of IMS and their impact on the results and benefits of IMS application. An academic contribution to the study: (1) it is the broadest survey-based study of the web-based IMS benefits; (2) two classifications of IMS have been applied; (3) it explores relations among results, benefits and IMD types. Practical contribution: the outcomes of the study will help companies to understand what results can be achieved using different types of IMS. Research limitations/Future research: This research opens avenues for the future research on a web-based IMS application in organizations exploring each of the benefit relations with the web-based IMS types. Paper type – empirical. JEL Сlassіfіcatіon: M190, M150, M110

Purpose: To substantiate the elements of a complex mechanism for adaptive business strategies implementation and to develop an algorithm for its operation in a digital environment. Findings: A hypothesis about the positive impact of global digitalization of business on the formation of an adaptive mechanism for managing the business strategy implementation. It is proved that in the digital environment the indicative tools and flexible methods of making managerial decisions are activated, the efficiency of functioning of the corresponding mechanisms increases. The author offers adaptive mechanism for managing the business strategy implementation in the conditions of digital environment, substantiates its components, determines the tools for environmental diagnostics, selection and implementation of adaptive strategies, and highlights the principles of operation and interconnection of the subsystems of the mechanism. The article reveals functions and tasks of the adaptive mechanism and offers the algorithm of its introduction in the conditions of the digital environment. Practical Implications: The results of the study can be used in the practice of management of modern economic entities in order to ensure management decisions and strategic development in the context of global digitalization of business. Originality/Value: For the first time, the author proposes the adaptive mechanism for managing the business strategy implementation in a digital environment and substantiates its components, functions, methods and tools. Future Research: Risk management of adaptive strategies, indicative technologies of diagnostics of digital environment, systematization of world experience of strategic adaptive management. Paper type: Theoretical

Purpose: To test the hypothesis of the relationship between the degree of business greening on the basis of a circular economy and indicators that determine the level of international tourism attractiveness of European countries in the context of sustainable tourism. Findings: The author puts forward a hypothesis about the existence of a stable relationship between the business greening degree, which based on the principles of a circular economy, and the level of tourist attractiveness of the country. Based on the analysis of the basic provisions of the circular economy concept and the principles of sustainable development, the author provides a theoretical substantiation of this relationship. The author testes the hypothesis by clustering European countries according to the Environmental Performance Index and, based on correlation analysis, determines a close relationship between economic and environmental indicators within each of the clusters. Calculations show that in some regions of Europe there is a positive impact of the spread of the circular economy on the intensification of migration flows to the country. Practical Implications: The results of the research can be used in the practice of international companies when justifying the feasibility of investments in circular projects and programs for the transition to environmental development of territories, as well as for public administration in the development of a positive tourist image of the country. Originality/Value: For the first time, the author proposes a methodological approach to assessing the tourist attractiveness of a country in the context of business greening based on a circular economy. Future Research: Image-making of territories based on a circular economy, systematization of world experience in tourist consumption greening, the formation of tourist clusters in countries with a high level of development of the circular economy. Paper type: Empirical

The article is dedicated to a tourism segment, especially health, wellness and thermal tourism that are becoming an increasingly popular option for visitors looking to access procedures that are seemingly unavailable to them in their home countries due to lack of affordability, lack of availability or lengthy waiting lists. The better understanding regarding the essence of innovation process and relational marketing: theoretical and practical implications, in specific contexts of health, wellness and thermal tourism in cross-border destinations are provided. This article is suggested as a conceptual paper with a literature review that brings together the major components of innovation and its implications tourist perspective and relationship marketing (i.e. visitor perspective). On the base of in-deep analysis of the scientific literature the classification of health and medical tourism has undergone further development. The presented investigation intends to contribute theoretically to the management of innovation in specific tourism contexts (i.e. wellness, health, and thermal tourism) in cross-border tourist destinations (Portugal and Spain, specifically the Euroregion of Northern Portugal and Galicia). A conceptual model that summarizes the dynamic nature of the triggering process was adapted to the processes in health, wellness, and thermal tourism. A cross-border region as a territory on the border composed of local governments involved in cross-border cooperation agreements was defined. There were also proved that cross-border regions may vary, for example, depending on the degree of cooperation (high or low intensity) or geographic extent (low or high). The special attention to Euroregion which tend to define themselves as micro cross-border regions, with a reduced geographical extension between contiguous spaces was paid. The conceptual model that relates relational marketing and the result of innovation in tourism (favoring trust, commitment, quality of service, satisfaction and loyalty) was suggested. The proposed model describes the relationship between the following variables: cooperation, satisfaction of healthcare and thermal tourism; commitment and satisfaction of healthcare and thermal tourism; trust and satisfaction of healthcare and thermal tourism; general satisfaction of the healthcare and thermal tourism.

Purpose: It is impossible to meet the needs of customers when employees come and go, and it is costly to find new employees to recruit. The study aims to find ways to retain employees while also investigating why they are leaving. Design/Method/Approach: A descriptive-correlational methods of research in a quantitative design was used to determine correlation between variables. The study was highly accepted in terms of a Cronbach α = 0.988 which indicates an excellent index of reliability. Survey questionnaires served as a tool to draw facts about employees’ satisfaction and employees’ level of job performances in the accommodation sector. Findings: The study revealed the existing relationship between employee satisfaction and job performance in the accommodation sector. Based on the research findings, employee satisfaction was an important aspect that affected job performance and organizational success. Hence, the accommodation sector may leap at a chance of increasing employee satisfaction since it was the best predictor of job performance in the accommodation sector. Theoretical Implications: This paper expanded the body of research on employee satisfaction in relation to Herzberg Theory: (1) hygiene factors such as work environment, wage and benefits, and job security if not present at work will lead to dissatisfaction; (2) motivator factors such as career and personal work will increase employee satisfaction; (3) employee satisfaction mediates relationship with job performance; Originality/Value: This research can act efficiently through an enhanced human resource plan providing an optimal balance of human capital leading to increased productivity and retained quality employees. Research Limitations/Future Research: This research opens avenues for future research on dynamic capabilities in the hotel sector.

Abstract. Recently, we heard much more about digitalization and related processes around the world. In other words, digitalization is already an important part of modern trends. The main aspects of digitalization, digital transformation and its impact on the financial services of the banks have been discussed and analyzed in this article. Along with the effect of digitalization on everyone’s life, the influence on financial services of the banks and on their businesses are also important. It is noted that banks need to make changes in their approaches to financial services, business models and strategies in accordance with the new requirements. The paper also focuses on the start of a new digital age in financial markets and the need for the regulator to adopt a new approach over the course of its existence. Formation of the reality of regulators working with wider companies and areas, the need to analyze the larger databases, the importance of extensive use of digital opportunities for more effective run of their functions have been examined. It is stated that the supervisors should be interested in technological development, take the leadership in its application, have to consider possible development trends, new regulations with financial institutions, as well as large bigtech companies. In this regard, the measures taken by the European regulatory authorities, innovations have been analyzed, as well. Emphasizing the importance of defining a common framework approach by the ECB, aspects of the policy set by national regulators within that framework are examined. The obvious positive advantages of new technological solutions application are also discussed. Thus, possibility of modern technological development to create a fertile ground for concealing a number of criminal acts, such as money laundering, terrorism, fraud and tax evasion is noted. Keywords: digitalization, digital transformation, financial supervision, digital finance, financial stability, financial services, risk management. JEL Classification G21, O14, K20 Formulas: 0; fig.: 0; tabl.: 0; bibl.: 27.

Abstract. The first cryptocurrency was born in 2008. Already today, virtual financial assets and tokens are a significant part of trading in global financial markets. The cryptocurrency market capitalization currently exceeds 600 billion U.S. dollars. However, there is a lot of discussion about cryptocurrency functions and the correlation between Bitcoin prices and the basic economic indices. Therefore, the purpose of the paper is to define the statistical substantiation of the influence of fundamental economic indicators on the market of virtual financial assets and the possibility of using cryptocurrency as the investment assets. This article is based on the theoretical principles and methods of econometric analysis; the system approach methods to define the main vehicles and trends of the international financial market. The study presents correlation analysis, regression models with paired and multiple variables. For these models, R-Studio instruments are the main tools of quality estimation and results interpretation. The article shows the results of the correlation analysis of Bitcoin’s U.S. dollar price dynamics and changes in the main stock, monetary market indicators, cryptocurrencies market tendency, levels of the United States fundamental economic indicators for the period from 2014 to 2021. Traditional multifactorial regression models are used to determine the level and the impact of individual indicators of the world stock market at the U.S. dollar price of Bitcoin. A comparison of the level of volatility of key investment financial assets in the market of cryptocurrencies and stock markets is carried out. The authors determine the level of correlation dependence and make a regression model of the impact of fundamental economic indicators and stock market trends on the dynamics of U.S. dollar prices for key cryptocurrencies. The article presents conclusions on trends and problems of using cryptocurrencies as an investment asset, considering volatility and profitability. Implementation of the results allows to clarify the economic essence of cryptocurrencies as a specific financial vehicle, as well as improving the existing models of investment management, considering the statistical characteristics of the virtual financial assets. The main direction of further research is to build models of medium-term prediction of prices for the main cryptocurrencies as an investment asset in conditions of changes in global financial markets, which must consider the fundamental economic indicators of the world economy and trends on key stock and commodity markets. Keywords: virtual financial asset, cryptocurrency, bitcoin, econometric model, financial market, economic indicator, investment asset. JEL Classification D53, E44, G15, C58 Formulas: 3; fig.: 3; tabl.: 3; bibl.: 31.

Abstract. The growing public debt that intensifies with a frequency of economic crises grasps a high rating in the current economic debates. There is an urgent need for implementing an effective policy regime targeted at handling the public debt problem. The fiscal dominance policy, usually practiced to ensure strong recovery and growth, has a strict guideline for identifying a degree of fiscal expansion and monetary accommodation. Given a dilemma between growth and debt burden, the government should mobilize the most effective policy instrument targeted at the highest fiscal multiplier and does not cross a debt-to-GDP threshold ratio. Following an effective practice of fiscal management, this instrument is associated with public investment. The paper aims to assess the magnitude of the public investment multiplier by following a stable growth path limited by a prescribed debt limitation for a developing economy. To achieve the goal, we use an elaborated New Keynesian model, which besides an active fiscal and monetary stances, also includes a high share of non-Ricardian households, the separability in preferences between private and government consumption, a low level of public investment efficiency, and the substantiated degree of nominal and real rigidities. The obtained present value cumulative output multiplier for public investment grasps the point 2.0 in maximum over two years of the impulse response function. The multiplier effect proves to be high enough to offset temporary public debt growth and maintain a sustainable growth path over the long run. The verified measure of fiscal dominance contradicts an active monetary stance and, among other things, has to be counterbalanced by an appropriate efficiency and productivity of public investment and degree of price stickiness. Keywords: fiscal policy, monetary policy, fiscal-monetary interaction, fiscal dominance, fiscal multiplier, DSGE modeling. JEL Classification O47, E63, H63, D58 Formulas: 1; fig.: 2; tabl.: 0; bibl.: 21.

Abstract. Modern conditions of growing cyber threats caused by the hybrid conflicts around the world and looming biological threat of the COVID-19 pandemic necessitate the introduction of biometric authentication of employees, leading to the transformation in the methodology and organization of accounting at enterprises. The procedure for accounting and control of time worked and wages of the employees is the first to undergo changes due to the forcibly limited access of employees to the enterprise data and premises, which determines the topicality and aims of this research. The aim of the article is to investigate the prospects for monitoring the working time and movement of employees on the premises (facilities) of the enterprise with the use of biometric technology in order to develop the methodology of automation of the accounting of payments made to employees and to ensure the cybersecurity of economic entities. The prospects of using an automated employee checkpoint system based on biometrics for the purposes of accounting and control are explored. The paper improves the methodology of accounting and control over the working time and wages of employees based on the automated employee authentication system using data on the time spent on premises and performance of job functions. Recommendations are made on ensuring biological and cyber security of enterprises in terms of categorizing the enterprise premises and equipment according to their functions and level of access to information and material flows. The research examines the prospects of accounting for the employee costs, as well as accurate distribution of overhead and other costs based on data of the biometric employee authentication system. It is advised to conduct further research into the peculiarities of methodology and organization of accounting under conditions of distance and isolated job performance by accounting employees, as it raises the requirements to cybersecurity of enterprises. Keywords: accounting, working time, wages (salary), biometrics, employee authentication, automation of accounting and control, cybersecurity, COVID-19. JEL Classification M41, M49 Formulas: 0; fig.: 2; tabl.: 1; bibl.: 18.

Purpose: Assesses the Influence of strategic positioning indicators namely customer orientation and competitor awareness on firm performance in the bottled water Industry, with sector standards as the moderating variable. Design/Method/Approach: This study adopted quantitative methodology and cross sectional explanatory study design of which a sample of 424 licensed bottled water firms were randomly selected. Structured questionnaires were distributed to the managers and factor analysis was used to reduce the number of variables and establish the underlying constructs, while analysis of moments of structures was applied to develop theory. Findings: It was found that there exists a positive and significant relationship among consumer orientation and competitor awareness on firm performance. The moderating effect of water sector standards on consumer orientation and firm performance was found to be statistically significant and operates fully or in part as a mediating variable in predicting the influence of competitor awareness on firm performance. Theoretical Implication: This study concluded that to enhance firms’ performance measured in terms of growth, there is need to manage and sustain consumers’ needs based on gender and age preferences, buying behavior as well as conducting market analysis and have internal capability to retaliate. Originality/value: This study will not only add value to the existing body of knowledge in strategic management, but will also address the application of strategic position in improving firm performance. Research limitations/Future research: Since the study was quantitative, there was risk of omitted variable and nonresponse bias, limited access to performance data and lack of previous research on the subject. Future research should extend to other categories of firms which have diverse decision processes and purchase intentions amongst consumers. Paper type: Empirical

Purpose – to develop a model of interaction between banks and insurance companies, allowing for a joint model assessment from the point of view of the possibility of sustainable operation and development. Findings. The article develops the theory of dynamic systems and develops a numerical method for solving the problem of assessing the results of interaction between banks and insurance companies based on a system of differential equations. The additive and multiplicative types of interaction are considered. The results of interaction are analyzed for various variants of the influence of the activities of the studied subjects. Practical implications. The proposed approach is applicable to assess the effectiveness of the used model of interaction between banks and insurance companies. Originality/Value. The author's model of interaction between banks and insurance companies is original. The model has no analogues in the scientific literature of the studied subject area. Research limitations/Future research. The study proposes a generalized dynamic model of interaction without specifying the content of variables and the procedure for determining the input parameters. Its description and application determine potential areas for further research. Paper type –theoretical.

Purpose: The insurmountable tensions and turmoil caused by the COVID-19 pandemic in welfare systems worldwide demand governmental as well as non-governmental support, especially from the volunteer sector, which can be a powerful resource for mitigating the pandemic’s impacts. To identify ways of mobilising the enormous human resources of the baby boomer generation in particular, whose members are currently on the brink of entering retirement, the factors that have enabled and restricted volunteer management during the pandemic in Tyrol, Austria are examined. Design/method/approach: Following a qualitative approach, the authors performed 27 problem-centred interviews with representative senior citizens, retirees and individuals about to retire and companies in Tyrol. The authors evaluated the data in qualitative content analysis. Findings: Self-determination, time flexibility, acceptance of volunteer work in one’s social network and previous personal experience with volunteering are key determinants of sustainable volunteer work amongst retirees. Companies and a well-established acquisition management strategy also play a significant role in promoting volunteer work. Practical implications and originality/value: The study involves a holistic analysis of volunteer work at the individual and organisational levels. By capturing the potential of e-volunteering and how it improves the capacities of classic face-to-face volunteer work, it can support the development of more resilient infrastructures for supporting volunteer work. Research limitations/future research: The interpretation of visual and non-verbal signals was difficult due to the use of phone and online interviews, and the results should not be generalised. Even so, our findings pave the way for future studies on mechanisms determining virtual volunteering and volunteer management. Paper type: Empirical