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This study evaluates the relationship between firm performance and stock price while incorporating the uncertainty due to the COVID-19 pandemic as a control variable. A research model was developed separating two periods: before (2019) and during (2020) the COVID-19 pandemic. The sample consisted of all companies of LQ45 Index members. This study examined quarterly panel data and a total of 360 observations. Next, the analysis evaluates the impact of actual performance on share prices using Structural Equation Modeling, more precisely SmartPLS, as an analysis tool. The results show that the profitability, solvency, and activity ratios influence the stock price of LQ45 companies both before and during the COVID-19 pandemic, except the liquidity ratios. Meanwhile, the uncertainty has no influence on the stock price of LQ45 companies both before and during the COVID-19 pandemic. These findings imply that policymakers should respond to drivers of stock performance and regulate strategic decisions accordingly in order to mitigate their long-term impact. JEL: M40, M41.

The article is devoted to topical issues defining managerial activity psychology and its current trends. Of course, the main place among various problems in the theory and practice of management is the complex issues related to the maintenance of management activities. The solution to all other management problems largely depends on a correct, complete understanding of the essence and content of management activities. The modern psychology of managerial activity represents managing people's information and technological processes. It covers all actions and conditions that give rise to technical-organizational, industrial, psychological-pedagogical, social-psychological, and other people connections. Management psychology is one of the most complex areas of human activity, in which personified relationships between people united by the labor process are revealed. Management activity is a set of coordinated actions and measures to achieve a specific goal within any firm, company, organization, or enterprise. The forms of managerial activity, namely legal, organizational, and organizational-legal, were analyzed and systematized. The world experience of using the psychology of managerial activity has been studied. It has been proven that management based on leadership principles involves considering specific laws to ensure effective implementation. The primary modern laws that improve awareness of the specifics of a certain type of management are highlighted. Today, effective management psychology is impossible without knowledge and use of social and psychological laws, as it is related to human interaction.

This study aims to determine the financial performance based on the value of the ratio of liquidity, solvency, activity, and profitability at PT. Garuda Indonesia Tbk, in improving financial performance by calculating the liquidity ratio with the current ratio and quick ratio, while the solvency ratio is the indicator of debt to assets and debt to equity ratio, the indicators of activity ratio are total assets turnover and inventory turnover, and indicators of profitability ratios are the return on investment and the return on equity. The secondary data was obtained by indirect data collection techniques that are documentation and literature study in the form of financial reports of PT. Garuda Indonesia Tbk which is listed on the Indonesia Stock Exchange (IDX) uses qualitative data analysis methods. The results of the analysis show that the liquidity ratio with the current ratio and the quick ratio in 2016-2020 does not meet industry standards. The solvency ratio in the debt to asset ratio in 2016-2020 does not meet industry standards. The activity ratio on total asset turnover in 2016-2020 meets industry standards and on inventory turnover in 20160-2020 meets industry standards. Finally, the ratio of profitability to return on investment in 2016-2020 does not meet industry standards. Keywords: Liquidity Ratio; Solvency; Activity; Profitability

This study aims to determine the comparison of the financial performance of liquidity, solvency, activity and profitability before and after being designated as an initial public offering. This research is classified as quantitative research. The object in this research is PT. Bukalapak Tbk. The type of data used in this research is secondary data. The analytical method used is comparative analysis. To test the hypothesis using the paired sample t-test and the Wilcoxon test. The results of this study conclude (1) There is no significant difference in financial performance in terms of liquidity indicators before and after being designated as an initial public offering. (2) There is no significant difference in financial performance seen from the solvency indicators before and after being determined as an initial public offering. (3) There is no significant difference in financial performance seen from the activity indicators before and after being determined as an initial public offering. (4) There is a significant difference in financial performance seen from the profitability indicators before and after being determined as an initial public offering.

AbstractIn order to show the consistency of agency theory as a theory to explain the influence of the Audit Committee and the Board of Directors on Sustainability, this study will explore the role of moderating actions of the Audit Committee and the Board of Directors on Sustainability. The firms that make up the demographic and research sample for this study, which uses a quantitative technique, are those that are included in the Jakarta Islamic Index for the years 2017 through 2021. The study’s yearly financial report panel data. The data analysis methods employed in this study were robust, fixed effects, random effects, and ordinary least square regression. These methods are one of the regression solution approaches that may be used with a lot of flexibility in research that combines thoughts, ideas, and facts. The first study found that the audit committee had an effect on sustainability, whereas the second found that the board of directors has no effect. Due to the third and fourth conclusions of the role of activities, the audit committee and board of directors are less strong on sustainability.

The purpose of the article is to update the theoretical and methodological issues regarding the performance of industrial enterprises, taking into consideration their potentials, and to highlight some aspects of improving this performance with the proposed approach to its total assessment, as well as the potentials of enterprises with the help of certain indicators for their effective management with the formulation of appropriate definitions. The disclosure of the essence of the performance of enterprises on the basis of the updated paradigm through the prism of potentials, as well as the identification of suitable approaches to the evaluation of this performance on the basis of its components (which constitutes the scientific novelty of the presented publication), is subordinated to the general logic and structure of the material presented in it. The relevance of questions regarding the performance of various processes (economic, social, environmental, etc.) that take place in enterprises and the potential of which allows to re-explain, evaluate, measure, predict individual parameters of the dynamics of functioning and development of enterprises as complex, purposeful systems, is pointed out. Also pointed out is the appropriateness of approaches to calculating the indicators of the components of performance of activity/process with the use of the potential of enterprises in the context of the paradigm of «knowledge – measurement – evaluation – management» of performance. To assess the management situation regarding the performance of the activity/process, taking into consideration the potential and to determine the effectiveness of management, a model for assessing the components of performance is proposed, taking into account the potential, which is based on the values of changes in the relevant indicators. The algorithm that can be a guiding means for management specialists (experts) during performance management, considering the identified potentials and indicating the role of SEE-management, is outlined.

In any economy, research activity is seen as a 'driver' of the economy. Despite the fact that the 2020-2021 time period has been considered a pandemic period due to the SARS Cov-2 outbreak, many economic entities in the world's major economies have continued to invest considerable amounts in Research and Development (R&D) funding knowing that this epidemic would pass, as have other epidemics in the course of the world's evolution. Even if the funds invested are not comparable to those allocated before the pandemic, it should be noted that the large economic entities have tried not to reduce the number of employees, although they have received state aid from governments for this purpose. Our study follows the evolution of these fundings over the period 2014-2020 for the main European "players" in the funding of R&D.

Indonesia is entering Industry 4.0, but is still not using supportive technology, especially in residential areas. A compact house is one of the dwellings built on limited modern land, providing flexible use of space according to the activities carried out by residents. The current version of this type of residence, namely smart homes, is still far from what is expected. There is a need for the modern use of IoT in every room, which can adapt to the activities of residents to make it easier for residents to move. A grounded theory and descriptive approach was used to find the continuity of modern Industry 4.0 and IoT technology in smart homes with the compact house concept to find the novelty of design standards. The findings are in the form of lighting that can be adjusted via IoT to reduce the crime rates in abandoned homes or in homes that are not active because the residents are traveling.

One of the efforts to prepare the next generation, both in school and outside of school, is expected to become educated citizens. The purpose of this study is one of the efforts to prepare the next generation, both in school and outside of school, to be expected to become educated citizens. Data collection techniques are carried out by researchers with qualitative data collection techniques. After the implementation of the first cycle of action using the group work method and the question and answer method, there was a positive change with an increase through student abilities. From the results of the implementation of the first cycle, an increase in the level of student understanding in Sociology learning was obtained, namely with an average score of 64 students and students who were declared to have passed as much as 68% while in the second cycle of SOCIOLOGY learning the average score obtained by students was 70 with a graduation percentage of 96%. In cycle II, there are findings, namely judging from the test results, many students are declared passed or successful and seen in the success of student indicators declared to have been successful in achieving the target, so that cycle III is not implemented

The economic security of any company depends on its solvency and financial stability. It is also affected by uneven economic development due to the global financial crises, the impact of the COVID-19 pandemic, increased competition from industrial and commercial companies, and military conflicts. Thus, it is necessary to assess the stability of companies as a basis for their economic security, taking into account the indicators of solvency and financial stability. The paper used systematization, comparative analysis, ranking, expert interview (in-depth interview), and Fishburne’s method. First, the scheme of ensuring the financial stability and solvency of production and trading companies is proposed. Second, the evaluation indicators system is developed, and the rating scale of stability of production and trading companies is determined. According to the results, evaluation indicators were formed; some were calculated according to companies’ financial statements and management accounting. Finally, to increase the efficiency of technical and economic parameters, areas for regulating the activities of companies and ensuring their stability were identified. According to an in-depth interview with experts, the sampled company received 69 points and corresponded to a sufficient level of stability. Factors that negatively affected the stability of companies’ activities include quality indicators, namely compliance with standards, company image, digitalization, compliance with corporate culture, and personnel management policy.

Abstract In the practice of enterprises, there is no clear boundary between the establishment and development of economic and management tools. The purpose of the article is to study the influence of internal production conditions on the efficiency of enterprises. The novelty of the study concerns the development of tools required when new systems for managing business processes are built. The conducted studies of the theoretical and methodological foundations of business process management demonstrated that the economic and managerial tools for ensuring business processes in the enterprise management system constitute a necessary arsenal of management methods. This set of methods primarily includes methods of maintaining the flexibility and adaptability of management systems to ensure the quality of business processes. During the study, it was identified that most often, the expected parameters of development and performance are established for business processes in the management of enterprises. The practical significance of the study is conditioned by the fact that systems for managing business processes and ensuring their quality exist at the studied enterprises in various forms, their functions refer to different departments and sometimes to different levels of management.

The article discloses the theoretical, practical and legal principles of regulation of activities and taxation of IT companies in Ukraine, in particular, the legal support for the formation, functioning and development of the IT industry is analyzed. Special attention is paid to the structure and main tasks of the National Program of Informatization in Ukraine, other economic and tax legislation that guide IT companies in their activities. The analysis of the IT services market in Ukraine for 2018-2020 was carried out and the dynamics of tax payment by domestic IT specialists in 2017-2020 were analyzed, which indicated the successful functioning and transformation of the market. The volume of products produced and sold in 2020 is increased by UAH 134.2 billion compared to 2018, and the total amount of taxes paid in 2020 compared to 2017 is increased by UAH 3,569 million. Enterprises of the industry and individual entrepreneurs are profitable: in 2020, an IT specialist accounted for UAH 37,757 of the taxes paid. The choice of taxation system is especially relevant for the IT business of Ukraine. The ability to carry out professional activities as an individual entrepreneur and pay a single tax is an important condition for the development of the domestic IT industry, ensuring the competitiveness of IT specialists in the capital market. At the same time, the application of a simplified tax system is a certain manipulation of the norms of the tax legislation used by IT companies in order to minimize the tax burden. The necessity of development of the domestic IT market is substantiated, the main trends and prospects for the development and optimization of taxation are determined to strengthen the competitiveness of companies in both domestic and global IT markets. The elaboration of transparent principles and rules of taxation will have a positive impact on the development of the domestic IT industry.

The purpose of the article is to identify transformations in the Ukrainian economy's industrial sector based on a comprehensive assessment of activity (production, labor, investment, and innovation) and the functioning efficiency (profitability) of the named sector in the regional section. The results of the evaluations carried out using the author's method made it possible to tentatively distinguish four groups of regions in Ukraine according to the type of their industry: first group – traditionally industrial regions with a high level of the industrialization of the economy and product innovation, a significant (with a tendency to increase) share of the extractive industry, the second group – regions that possessed sufficient industrial potential and/or demonstrated its active growth. The regions of this group are characterized by a highly developed processing industry, in which food occupied the largest share; the third group – regions with a high level of industrial and labor activity, the industrial sector of which was dominated by electricity production; the fourth group – the economy of these regions belongs to the non-industrial type, where the activity and efficiency indicators of industrial enterprises are mostly low (or tend to decrease). It is possible to ascertain the presence of certain transformational trends in Ukrainian industry over the last 10 years, the essence of which was the formation of new industrial centers that are still small in terms of activity scale, but with larger (compared to traditional industrial regions) values and higher positive dynamics of individual production and labor indicators, as well as investment activity of industrial enterprises. Such "new industrial" centers arose mostly in the western and central regions. The full-scale war of the Russian Federation against Ukraine in 2022 sharply and strongly intensified these transformational processes. All regions of the 1st group, which were industrial leaders, lost a significant part of their industrial potential. This applies primarily to metallurgical industries, which need radical modernization and innovative technologies. There was an increase in the industrial potential of a part of the regions assigned to the 2nd group instead, as well as a part of the regions belonging to the 3rd group, as a result of the enterprises' relocation, in particular.

In the article, organizational and economic support of tourism and hotel enterprises activities has been developed based on the construction of an effective mechanism capable of solving problems of an institutional, organizational and economic nature. The authors have found out that the development of tourism has a huge impact on the socio-economic state of the country and the level of the quality of life of the population, therefore the formation of organizational and economic support for the activities of tourism and hotel enterprises is of primary importance since the tourism industry is an interdisciplinary complex that is part of the tourism sphere and unites various types of economic activity from material production to the non-material sphere, which are the material basis of tourism, the basis for personnel training, production management organization, and tourism product sales. It has been stressed that tourism enterprises are business entities of a specific nature, which have certain features both from the point of view of production organization and their socio-economic efficiency. It has been found out that hospitality enterprises must form and implement existing service strategies in order to meet specific and rapidly changing needs of the market in which they have chosen a certain segment for themselves since, in conditions of a high level of bankruptcies, only those business entities that are able to think strategically and adapt to changes in the external environment can achieve success. An integrated approach to the formation and implementation of state policy in the field of tourism and hotel management is proposed. The functional relationship of the totality of the main factors that determine the state of the financial and economic activity of tourism and hotel enterprises is determined. It is indicated that the economic efficiency of the activities of tourism and hotel industry enterprises is achieved through a balanced personnel management system. A model for monitoring the development of personnel is suggested. The use of this model allows for controlling and managing the course of the process. It has been concluded that today when doing business in the field of tourism, it is necessary to clearly take into account external and internal factors influencing the activities of economic entities and improve the personnel management system since the level of satisfaction of consumers of tourism and hotel services depends on the personnel's professional abilities.

This study aims to prove the consistency of Agency Theory as a solution to explain the role of the influence of Profitability Ratio, Activity, company size, audit committee and Board of Directors on Sustainability. This study uses a quantitative approach with population and research samples using companies listed in the Jakarta Islamic Index in 2017–2021. The data used in this study used panel data. One of the regression completion procedures with a high level of flexibility in research that connects theory, concepts, and data that can be done on research variables is used in this study’s data analysis method: Regression Ordinary Least Square, Fixed Effects, Random Effects, Robust with Stata Software. The first finding explains that the Profitability Ratio has a negative effect on Sustainability, the second finding explains that the Activity Ratio does not have a positive effect on Sustainability, the third finding explains that the company size has a positive effect on Sustainability, the fourth finding explains that the audit committee has a negative effect on Sustainability, while the fifth finding explains that board of directors doesn’t have a positive effect on Sustainability.

Purpose: Determine the effect of liquidity ratios, profitability, solvency and activities of food and beverage sub-sector companies listed on the Indonesia Stock Exchange on stock prices. Design/methodology/approach: The analysis carried out is quantitative analysis using multiple linear regression to answer the problem formulation and determine the effect of predetermined variables. Findings: Profitability, solvency and activity variables partially affect stock prices, liquidity variables partially have no effect on stock prices. Simultaneously, the variables of liquidity, solvency, profitability and activity affect the stock price of banking companies listed on the Indonesia Stock Exchange. Practical implications: Intensify business in the economic field Originality/value: This paper is original Paper type: Research paper

The purpose of the article is to model the activities of an industrial enterprise as an independent economic unit in order to increase the profit of the enterprise in terms of economic efficiency. Method. In the course of the research the methodology of economic-mathematical modeling was applied. The enterprise is considered as a complex system — a sublimated enterprise, an economic object. The use of simulation methods on specific statistical material of the industrial enterprise «PivdGOK» is given. The application of the methods of digital economy allowed to obtain the relevant indicators of the enterprise and to obtain appropriate visual and graphical representations of the results. Results. The economic and mathematical model of the industrial enterprise of PJSC «PivdGOK» is constructed, it allowed to generalize results of activity of the industrial enterprise. Analytical relations concerning the activity of an industrial enterprise are obtained, namely a systematic study of the relationship between costs, volume of activity and profit of the enterprise. Scientific novelty. For the first time the economic-mathematical model of activity of the industrial enterprise in the sense of definition of its effective functioning as economic unit is constructed. Obtained in the implicit form of the dependence of profit at a given economic efficiency allowed us to investigate this relationship in order to build a simulation model. Practical significance. The use of Mathcad software allowed to building a simulation model of the industrial enterprise. An analytical expression of the connection between economic efficiency and profit is obtained, which allows to carry out a corresponding analysis of the activity of an industrial enterprise. It is shown under what conditions it is possible to achieve the greatest profit at a given economic efficiency. The use of digital modeling allowed to numerically obtain the optimal values of profit and graphically display the results. Graphical representation of the obtained results allows for visual analysis.

The article is aimed at outlining the possibilities of applying the conception of structuralism in order to interpret the indicators of the components (constituents) of the efficiency of enterprises as micro level systems in terms of the paradigm of «structure – system» taking into account the history of the origin and development of the mentioned conception. The article presents the results of a study of the evolution of concepts «structure» and «system» in the context of the relevant paradigm in view of improving approaches to management of the performance of enterprises. The interpretation of the above mentioned definitions by different scholars is provided; the author’s own interpretation of the concepts of «structure of performance indicators» and «system of constituent performance indicators» of enterprises activity are proposed. Methodological approaches to managing the performance of enterprises as complex micro level systems based on the above mentioned system of indicators based on the models of Burennikova (Polishchuk) – Yarmolenko are outlined. The structural-logical scheme of basic concepts in the paradigm of «structure – system» is proposed. The «model of interrelation» between the concepts of «structure» (quantitative and qualitative constituents of performance indicators) and «system» (as a multiplex, a set of interrelated elements, a complex of related performance indicators) is presented in a systematic approach of scientific cognition in order to more clearly identify the relationships between the studied concepts and related indicators with taking into account the system approach. It is emphasized that the lack of results of computations on certain components (constituents) of the specified system of indicators makes it impossible to create a holistic picture regarding the performance of enterprises. It is underlined that the improved by the author methodology of knowledge, measurement and evaluation of the performance of enterprises will contribute to improving their management and finding reserves for the development of enterprises as systems.

The article is aimed at analyzing the efficiency as the basic concept and criterion of the enterprise’s activity. The evolution of the concept of «efficiency of the enterprise’s activity» is considered, the views of researchers on the definition of this concept are systematized. Basically, the researchers suggest that efficiency is considered as a ratio of results to costs, or as a trajectory of operation of an enterprise. In order to carry out a comprehensive evaluation of the enterprise’s performance, it is proposed to carry out an evaluation on the following criteria: economic efficiency of production (level of satisfying the market demand, production per unit of resource costs, costs of a production unit); efficiency of labor use (labor intensity of a production unit, relative release of workers); efficiency of use of the main production funds (return on main funds, fund intensity of production); efficiency of use of material resources (material intensity of production, material output); efficiency of use of financial and investment means (working capital turnover ratio, duration of one turnover of standardized working capital, relative release of working capital, relative capital investments, investment per unit of introduced capacities, profitability of investments); production quality (economic effect of improving the product quality); financial and economic indicators (liquidity, solvency); efficiency of the use of assets (return on funds, turnover of all assets). The results of the carried out research constitute the basis for the analysis of efficiency of the enterprise’s performance and the choice of the directions of its further activities. Prospect of research in this direction is the development of a methodical support for the choice of directions of the future activities of enterprise.

The article is aimed at solving the current problems of development of JSC «Ukrzaliznytsia» together with forming approaches to the intensification of the economic behavior management in the current economic environment. The carried out research has identified that in the context of the economic crisis and the high level of influence of internal and external factors on the activities of enterprises, the process of forming and making effective managerial decisions becomes difficult. Therefore, the management of enterprises faces the task of using accurate and timely information about the status of the enterprise to form new approaches to intensification of the economic behavior management in order to form prospects for its development. In the conditions of neo-industrial modernization, where the vector orientation of the knowledge economy is actively developing, the most significant competitive advantages of enterprises arise on the basis of intellectual resources. The economic entities, which are constituents of JSC «Ukrzaliznytsia», have been allocated by the activity directions, the dynamics of the volumes of goods and passengers transported by rail transport for 1996-2019 have been analyzed, which indicates a significant decrease in these indicators over recent years, due to a decrease in the level of competitiveness of the railway compared to road transport. The vectors of development of the intensification of the management of economic behavior of JSC «Ukrzaliznytsia» for the effective implementation of the National Transport Strategy of Ukraine for the period up to 2030 have been proposed.

The presence of civil organizations in modern societies has become commonplace. A well-functioning economy and society cannot be imagined without civil organizations. The role of non-governmental organisations has been appreciated over the past decades, as there are social and economic problems that neither the state nor the economic sector can do or undertake, which are taken over by the civil sphere. I examined the activities and management features of civil organizations (associations, foundations). Based on the results, it can be concluded that there exist management tasks in these types of organisations that do not appear in the activities of the managers operating in economic sector organisations. Moreover, these tasks appear to differ significantly from those of an economic organisation. These differences have been summarized in a civil management model.

An analysis of the factors influencing the management of the organization’s competitiveness is carried out. It is noted that the main conditions for ensuring competitiveness are: application of scientific approaches to strategic management; ensuring unity of development of technical means, technology, economics, management, use of modern research and scientific developments methods (program-targeted planning, decision-making theory, etc.); consideration of the interconnections of the functions of managing any processes at all stages of the object’s life cycle; formation of a system of measures to ensure the competitiveness of various objects. A classification of competitiveness on certain attributes is provided. The components of the external and internal environment of the organization that influences its competitiveness are defined. Endogenous reasons for low competition of national organizations are noted. It is noted that in the absence of an efficient competitive environment and the establishment of civilized market relations, domestic enterprises and organizations do not use most common ways of gaining competitive advantages. Evidence of this is, for example, significant technological backwardness and low innovation activity of Ukrainian producers. Another cause is the self-removal of the State from the proper functions to create favorable conditions for the development of business environment and the poor quality of the State institutions. It is concluded that the analysis of external and internal factors influencing the management of the organization’s competitiveness provides an opportunity to reduce the level of uncertainty and risk in the process of production and economic activities of enterprise, increase the the quality of strategic planning and forecasting of its activities, increase the level of competitiveness of the enterprise and its products, maintain a competitive position and increase the market share owned by the enterprise.

The article is devoted to formation of the components of development of innovative entrepreneurship in Kazakhstan. It has been underlined that currently the Republic of Kazakhstan needs a new qualitative leap in development, innovative character of economic of the country, increase of its institutional competitiveness, as well as positive structural shifts. The application of the definition “innovations” in the context of industrial and innovative development of the country as a new technology, which will significantly improve the quality of life of the population and reduce the price of access to this quality compared to previous technology, has been offered. By SWOT-analysis of the infrastructure of development of the innovative activity, the directions of the entrepreneurship sector development have been determined. The components of the efficiency of the system of the state stimulating of the innovative entrepreneurship have been elaborated. These components are: programs of the development, grant resources, scientific and consulting centres, business incubators, special economic zones, tax incentives and restrictions, media propaganda, creation of accessible databases for any type of employment. It has been proved that programmes of stimulating and instruments for support of the innovative entrepreneurship are actively represented in all regions of the country and should start from detail at the local level. It has been offered to start the formation of the innovative entrepreneurship in small and medium business at the local level. The role of crediting in the sectors of economy as an instrument of the innovative entrepreneurship development has been considered. By the analysis of interviews with representatives of business structures it has been proved that for the development of the innovative entrepreneurship the powers of local governments should be increased, as well as the ecommerce, sector of Internet-consumption and area of the education business-services should be developed. The recommendations for the interrelationship between the state and entrepreneurship in the area of innovations have been elaborated

The article clarifies the definition of «activity» in the context of the proposed and/or developed further on paradigms of «resources - activity - result» and «effectiveness - scale - performance» as a genetically modified form, taking into account the structure (composition) of this activity, involving herein the concept of «morphology of system» (with consideration of enterprise as a system at the micro-level). It is substantiated that in the researches concerning the activities of industrial enterprises as production systems, in addition to common scientific and well-known specific methods, approaches and instrumentarium of scientific developments, it is possible to take advantage of the possibility of supplementing the prevailing in modern economic theory method of structural analysis with a genetic approach. The basic signs have been defined and some classifications of the activities of industrial enterprises have been allocated. It is emphasized that the unity of the form and content of activity implies their relative self-sufficiency and active role of the form of activity in relation to its content. It is pointed out that in the process of activity the cause-effect relations should be taken into account. Making use of the modified Euler – Venn diagram, the logic-methodological link between the trueness of the paradigms of «resources – activity – result» and «effectiveness – scale – performance» of an industrial enterprise as a production system are illustrated, taking into account the essence of the category of efficiency, which combines the qualitative (effectiveness) and quantitative (scale) components. The first of the above paradigms is visualized in the context of «system input – output» (using the «black box») for exploration of further directions of the enterprise’s activities, taking into account existence of the internal and external environment. It is emphasized that the optimal managerial decision on performance can be sought in simple both scientific and specific methods. It is determined that the use of the theory of genetic algorithms as methods that allow finding the optimal solution to problems of any complexity, due to the fact that they operate not by the ways of obtaining results, but the results of solving problems, – serves as an effective means of finding the best solution for enterprises’ performance due to the principle of evolution embedded in such algorithms. The main stages and a variant of the genetic algorithm are provided.

Financial distress is a stage of decline in a company's financial condition that occurs before bankruptcy or liquidation. The Indicators of financial distress from results of the test scores using financial ratios, financial ratios are figures obtained from results comparisons between one financial statement item and another that have a relevant and significant relationship. The purpose of this study is to examine the effect of financial ratios to predict financial distress on manufacturing companies in Indonesia Stock Exchange. The research population was all manufacturing companies listed on the Indonesia stock exchange, period 2015-2019. The research sample used the purposive sampling technique. The data analysis method used logistic regression analysis. The results showed liquidity, leverage, and activity profitability, respectively simultaneously affect financial distress. Partially profitability has a positive effect on financial distress. Liquidity, leverage, and activity have negatively affected financial distress in manufacturing companies listed on IDX from 2015 to 2019.

Investment and innovative development of industrial enterprises is driven by the influence on the sensitive indicators of their activity, which characterize technological singularity. Therefore, it is expedient to define them using adequate economic and mathematical methods that will identify the development and growth points that are characterized by the accumulation of information and are a manifestation of singularity. The purpose of the article is to determine the main sensitive indicators of the investment and innovative development of industrial enterprises, which are the points of technological singularity. The article proposes conceptual provisions for evaluating the investment-innovation activity of enterprises as a basis for their development. These provisions consider the activity of economic entities according to three states (functioning, growth, and development); evaluation of investment and innovation activities, both individually and in conjunction with the official statistical reporting of enterprises using a well-founded minimum sufficient system of partial indicators defined through the multidimensional factor analysis and combined into integral and summarizing indicators; determination of technological singularity points as a result of prediction of partial and summarizing indicators’ values via the neural networks method. A methodological approach is developed to substantiate the technological singularity points, the managerial influence on which is provided by the development of enterprises. The methodological approach is based on considering the investment-innovation activity nonlinearity, both explicit and latent tendencies of development, situationality and variability of its goals, strategic orientation and possible technological singularity of an enterprise. The proposals submitted were implemented based on statistical reports of the machine-building enterprises for 2014–2018.

The article refers to the problem of prohibition of competition imposed on the members of the board of directors and the supervisory board of the cooperative. The Author analyzes the concepts of "competitive business" and "competitive activity" and their mutual relationship, as well as the consequences of violation of the prohibition. On the basis of interpretation of the existing legal provisions and judicature's views, the Author enunciates de lege ferenda conclusions in terms of their clarification and elimination of doubts.

Purpose. The purpose of the article is to evaluate the effectiveness of management system at the agricultural educational institution based on the economic indicators of its activities. Methodology / approach. The theoretical and methodological basis of the research is a method of dialectical cognition, as well as conceptual provisions and the results of the researches of domestic and foreign scientists on the management effectiveness of business entities. The study was carried out built on the scientific general and specific methods such as abstract-logical for theoretical generalization of the scientific researches and making the conclusions, economic and statistical to determine the dynamics of changes in the relevant indicators of the enterprise, inductive-deductive for developing the system of indicators for evaluating the effectiveness of enterprise management, analysis and synthesis to identify the influence of management system on the economic effectiveness of the enterprise, and monographic to deepen the understanding of the concept of «management effectiveness». The information bases of the study were statistical and financial statements of the Lipkovatovskiy Agrarian College. Results. The article highlights the objective reasons for the reduction of educational institutions in Ukraine and provides a brief overview of the scientists' opinions on the concept of «management effectiveness». The economic analysis of educational and practical center «Lipkovatovskiy Agrarian College» is carried out. The perspectives on the college's strategy development are substantiated. The evaluation of management system effectiveness based on the economic indicators of the educational institution is conducted. Originality / scientific novelty. The article presents the results of the study, which economically justify the perspectives on the strategy development of educational and practical center «Lipkovatovskiy Agrarian College». The approach to the evaluation of management system effectiveness at the educational institution based on the economic indicators of its activity is proposed. Practical value / significance. The results of the study could be used for developing a strategic plan for the development of an educational institution and evaluation the effectiveness of its management system.

The aim of the paper is to define the core, the elements and the meaning of personal entrepreneurship (resourcefulness), describe its level among the young in Poland on the basis of sociological surveys (interviews, questionnaires and group discussions with secondary school students), analyse and assess educational programs for personal entrepreneurship in the light of the expectations of secondary school and university students, as well as design education for personal entrepreneurship. Numerous observations of young people in different life situations show that they are not a symbol of a high of personal entrepreneurship. There are many reasons for this including inadequate teaching programs, overuse of electronic devices and the overprotection of their parents. The latter makes young people unmotivated to achieve anything because they can instantly get all they need. In the paper, it is assumed that a fundamental background of entrepreneurship, including in economic, organisational, societal, political and other spheres, must be personal entrepreneurship (resourcefulness). Because in Polish schools and universities this is not taught, the author has presented a personal entrepreneurship education program.

Golfing is a lively and increasing activity for tourists internationally and is a rapidly growing niche tourism sport. Partaking in golf while on a holiday is a budding idea and there are a number of tactics in tourism market segmentation based on trip motivations and special interest sports. Motivations for golfing and international golf traveling have not been studied as extensively as motivations for other types of travel and leisure activities. In this research, motivations for travelling and golfing were examined not only from academic but also nonacademic viewpoints. This research was designed to examine Korean golfers’ motivations for international golf travel. The questionnaire survey was completed by 461 Korean golfers in 2007 in Seoul, Korea. The results suggest that Korean golfers, mainly social and enthusiastic golfers, have five motivations for international golf travel. These motives can be summarized by the push-pull-influence factor model, which is recommended for further testing in future research.

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Emping melinjo was one of the agroindustry-products that had great potential to be developed. The industry of emping melinjo contributed more on economic growth in the reason of creating jobs and alleviate poverty. The purpose of this study was to describe the performance of supply chain of emping melinjo from upstream to downstream and analyze the efficiency of supply chain of emping melinjo in Bantul regency. Field study to obtain primary data was done through interviews with the practitioners of emping melinjo supply chain (including farmers and merchants of melinjo as well as producers and retailers of melinjo chips). The results of field studies then tabulated and analyzed descriptively and quantitatively using Linear Programming. The analysis showed that there were 37 supply chain networks of emping melinjo in Bantul. The practitioners of upstream supply chain were melinjo farmers, middlemen, traders, wholesalers, and retailers, while in the downstream, were emping melinjo producers, traders, small traders, wholesalers, retailers and consumers. The activities of the doer of emping melinjo supply chain includes purchasing, sales, harvesting, packaging, packing, stripping, storage, loading and unloading, transporting, sorting and grading. The flow of products and money in the supply chain of emping melinjo run smoothly, while the flow of information was sluggish. Based on linear programming analysis the cost of supply chain of emping melinjo would reach minimum level at Rp33,969,264 per week if the production of emping melinjo as many as 25 361 kg per week wich was distributed using 22 networks.

The reason to assess competitiveness at company level is that, ultimately, the following types of competitiveness are ultimately generated in companies. Hence, it is one of the most common levels of analysis in the literature. Competitiveness at company level is strongly linked with competing advantage and its sources and relies on assessing competitive position by reference to direct competitors. Considered a feature that allows a company to withstand competition in a certain industry, competitiveness is also a way to pressure and control effectiveness parameters.

Abstract: This research aimed to describe the implementation learning model of Cooperative Script on the archival subject study at students Office Administration program Class XII APK SMK Muhammadiyah 5 Kepanjen, as the effort to improve activities and learning outcomes. Research subject is all of students class XIIAPK SMK Muhammadiyah 5 Kepanjen which amount 33 students. Research method used cycle method, consist of 4 phase that are planning, implementing, observing, and reflecting. Data collection through observation, test, and analysis documentation which conducted through learning, exposure data and conclusions. Research result shows that through learning model of Cooperative Script can improve learning outcomes of student on the archival subject at the student Office Administration program Class XII APK SMK Muhammadiyah 5 Kepanjen. Abstrak: Tujuan penelitian in adalah mendiskripsikan penerapan model pembelajaran CooperativeScript pada mata pelajarn Kearsipan studi pada siswa program keahlian Administrasi Perkantoran kelas XII APK SMK Muhammadiyah 5 Kepanjen, sebagai upaya untuk meningkatkan aktivitas dan hasil belajar siswa. Subyek penelitian ini adalah seluruh siswa kelas XIIAPK SMK Muhammadiyah 5 Kepanjen yang berjumlah 32 siswa. Metode penelitian ini menggunakan metode siklus terdiri 4 tahapan yaitu perencanaan, pelaksanaan, pengamatan dan refleksi. Data-data dalam peneletian ini diperoleh melalui observasi, tes dan dokumentasi.Analisis data dilakukan melalui pembelajaran, paparan data dan kesimpulan. Hasil penelitian ini menunjukkan bahwa nelalui model pembelajaran Cooperative Script dapat meningkatkan hasil belajar siswa pada Mata Pelajaan Kearsipan pada siswa program keahlian Administrasi Perkantoran Kelas XII APK SMK Muhammadiyah 5 Kepanjen.

Background: Individuals with low level of trait self-control exhibit several negative behaviors such as violence, addictive behaviors (drug addiction, technological addictions), suicide, unhealthy eating, and criminal behaviors. In contrast, high level of self-control thought to be associated with positive psychosocial and physical health related outcomes. Interventions contribute to boost self-control seems essential for individual with risk of low trait self-control. Objectives: The purpose of this study is to systematically evaluate the relationship between physical activity and trait self-control. Methods: For this purpose, full-text articles were searched in research databases including Psych INFO, PubMed, Medline, The Cochrane Library, Wiley Library, Taylor & Francis, Science Direct, Springer, ERIC, JSTOR, Google scholar, and Sage Journals. Following screening for the study selection criteria and assessment of risk of bias, twenty one studies (13cross-sectional, 5 longitudinal and 3 interventions) with low or moderate risks of bias were finally selected for qualitative synthesis. Results: Findings from all of the included studies consistently showed that there was a significantly positive relationship between physical activity and trait self-control.It is suggested that increasing self-efficacy, decreasing aggression, and improvement in positive and negative emotional states might be underlying mechanisms working for beneficial effects of physical activity on trait self-control. Conclusion: These suggest that physical activity and exercise may serve as a potential means to enhance trait self-control. Practical implementation and recommendations for policy makers are put forward in this connection.

Purpose: This article is the result of an ethnographic study carried out in a settlement in the interior of Paraná, Brazil, which, from the perspective of the Social Learning Theory, aimed to understand how the learning of the productive baking activity of settled women occurs, serving as a path to a diversity of studies that seek to understand why certain practices emerge, institutionalize or are altered over time through an approach that sees them as a collective endeavor. Originality/value: In revealing the sense of the activity and participation of these women in the baking activity and their relation with learning in the enterprise, this study was justified for its contribution to the understanding of this learning, answering questions that can serve as reference to understand the reality of productive groups of this new economy. Design/methodology/approach: The proposals of Engeström (2009) and Nicolini (2009) formed a methodological package whose results showed the sense of activity as the search for an identity, the will to belong, factors generators of internal and external contradictions that extend the horizon of possibilities of the enterprise, leading to an expansionary cycle that causes the development of learning. Findings: The results revealed that in the system of activity, learning and participation are intrinsically related, associating the development of the group with participatory learning and the negotiation of meanings in the community in which it is inserted, linking past and future, individual and collective, new and existing knowledge, in a transformative movement of identities of the subjects and generator of a socially constructed knowledge. Objetivo: Este artigo é resultado de um estudo etnográfico realizado em um assentamento no interior do Paraná que, sob a perspectiva da Teoria Social da Aprendizagem, pretendeu compreender como ocorre a aprendizagem da atividade produtiva de panificação de mulheres assentadas, servindo como um caminho para uma diversidade de estudos que buscam entender por que certas práticas emergem, institucionalizam ou são alteradas ao longo do tempo por meio de uma abordagem que as vê como um empreendimento coletivo. Originalidade/valor: Ao revelar o sentido da atividade e participação dessas mulheres na atividade de panificação e sua relação com a aprendizagem no empreendimento, este estudo foi justificado por sua contribuição para a compreensão desse aprendizado, respondendo a questões que possam servir de referência para entender a realidade dos grupos produtivos dessa nova economia. Design/metodologia/abordagem: As propostas de Engeström (2009) e Nicolini (2009) formaram um pacote metodológico cujos resultados mostraram o sentido da atividade como a busca de uma identidade e a vontade de pertencer, fatores geradores de contradições internas e externas que ampliam o horizonte de possibilidades do empreendimento, levando a um ciclo expansivo que provoca o desenvolvimento da aprendizagem. Resultados: Os resultados revelaram que, no sistema de atividade, a aprendizagem e a participação estão intrinsecamente relacionadas, associando o desenvolvimento do grupo com a aprendizagem participativa e a negociação de significados na comunidade em que está inserido, ligando passado e futuro, individual e coletivo, conhecimento novo e existente, num movimento transformador de identidades dos sujeitos e gerador de um conhecimento socialmente construído.

It is considered the activity of enterprises taking into account their socio and economic interaction with the internal and external environment, each of which can be considered as an active or passive interested party. It should be noted that each party has its own goals, which are mostly non-compliant with each other. It is emphasized that enterprises as the main element of socio-economic interaction, create the economic basis of innovative transformations of operational basis, social progress of society and the preservation and reproduction of ecosystem. At the same time, the positioning of enterprises in the environment of functioning as responsible economic entities directly or indirectly affects the results of their production and economic activity. It has been analyzed the dynamics of socio-economic development of Ukraine for last ten years by the values of generalized indicators, in particular, indicators of living standards of population, perceptions of corruption, economic freedom, the shadow economy and the impact of enterprises on the ecosystem. It was investigated the indicators of social responsibility of some profitable enterprises in Lviv region and it was found that operation of the disparate indicators of standard statistical reporting of enterprises does not allow to establish an objective integral estimation of the results of their activity as a process of interaction with the interested parties. It is noted that the assessment of the socio-economic interaction of enterprises with interested parties should be based on the system of hierarchically organized, interrelated, independent and non-contradictory indicators. It is described the basic system requirements for the structure of indicators. The basic functions of the system of indicators are specified: transformative, normative, monitoring, analytical and regulatory. It is recommended to adhere to the principles of completeness, diversity, optimality and flexibility when constructing a system of indicators. It is developed the structure of the enterprise performance evaluation system, which consists of three groups of indicators (interaction with internal and external environment), which includes nine subgroups and fifteen aggregated baseline indicators. It is substantiated the expediency of inclusion into the index system the efficiency indicators of use of natural resources, energy efficiency of operational activity, renewal of resources, waste utilization, motivation of labor and personnel development, satisfaction of consumers' needs, social and economic development of the regional community, and the effectiveness of functioning the information and communication technologies. It is emphasized the necessity of synchronization of indicators of management and accounting, standard statistical reporting with the system of enterprise activity evaluation.

The paper refers to the problem of prohibition of competition imposed on the members of the board of directors and the supervisory board of a cooperative. The Author analyses the concepts of "competitive business" and "competitive activity" and their mutual relationship, as well as the consequences of noncompliance with the prohibition. On the basis of interpretation of the existing legal provisions and views of judicature, the Author enunciates de lege ferenda conclusions in terms of their clarification and elimination of doubts. [ABSTRACT FROM AUTHOR]

The article presents the results of the study of activity of teachers of vocational education from the standpoint of the section of Professional Pedagogy – Professiology of vocational education. The following methods of the study were used: observation of activity of teachers and students during classes, questioning teachers and conversations with them. The study involved teachers of secondary and higher vocational education institutions. A comparative analysis of professional activity of teachers of higher vocational education in two directions of education was conducted: the first one – art, namely, “Applied and Decorative Arts and Folk Crafts”, profile “Lacquer miniature painting on papier-mache”; the second one – pedagogical, namely, “Vocational training (by field)”, profile “Economics and management”. The analysis data of professional activity of teachers of secondary vocational education, carried out by the same art direction and profile, was represented. Besides, the results of the study of the professional activity of teachers of secondary vocational education institutions, which train future skilled workers, employees and mid-tier professionals, mostly in technical major, and also in Social Studies and Humanities (major “Tourism”), natural science (profession of “Technician-analyst”) and art (lacquer miniature painting on papier-mache) directions, were proposed. The professional activity of teachers was studied in functions of the activity, the actions of teachers and their competencies. The studies conducted and their results are important for the development of theoretical approaches and principles in Professiology of vocational education that will effectively examine the professionalism of specialists, bachelors and masters and will help to build the interrelation between the professional activity and vocational education. The pedagogical means of questionnaires and observations developed and applied in the study, develop the means of diagnosing a teacher’s activity and can be used in procedures for monitoring the vocational education quality and certifying the teaching staff.

This paper presents some proposals on a multidimensional database model that helps analyzing the performances of a credit brokerage company. The brokers’ activity is influenced by many factors, which were considered when creating the dimensions. The physical model implemented, and some analysis capabilities this data structure offers to the users. The model is loaded, at the physical level, with a data set, for testing purposes.

The article states that whatever the interpretation of the main purpose of adaptation and strategic changes by different parties would not be, the management thereof should promote the creation of market-related entities, which in turn can be ensured if here is strong competitive positions of the enterprise on the consumer the market and opportunities for their growth in the long run. It helps to determine the optimum ratio of financial resources of the enterprise, which enables the management of machine-building enterprises, having studied the nature of strategic tendencies, to choose the strategic and tactical financial management policy of enterprises, which will ensure the achievement of the adaptive purpose of operation of enterprises during the strategic period