The purpose of the study was to justify the theoretical and methodological foundations of the use of maturity models to assess the level of development of enterprise management systems and to determine the directions for their improvement in the conditions of transformational changes. The research methodology implied the use of methods of theoretical generalisation and systematisation, historical-logical, structural, systemic and comparative analysis, economic and statistical analysis, as well as case studies of Ukrainian and foreign enterprises. The main findings of the study showed that Ukrainian enterprises operate under conditions of macroeconomic and military challenges: in 2022, gross domestic product fell by approximately 29%, and a significant proportion of enterprises curtailed their activities, whilst in 2023 most enterprises resumed operations, albeit with reduced turnover and continuing resource constraints. Under these conditions, the feasibility of using maturity models as a tool for the systematic assessment and development of enterprise management systems is justified. It has been established that their application ensures the formalisation of business processes, improved manageability and the integration of digital tools into the management system. The theoretical and methodological foundations for the use of maturity models have been substantiated, which envisage their combination with business diagnostics, a focus on data-driven approaches and adaptation to the conditions of an unstable environment. Case analysis has shown that the implementation of maturity models at Ukrainian enterprises (the National Joint-Stock Company “Naftogaz of Ukraine”, the Joint-Stock Company “Ukrnafta”, the Ukrainian Gas Transmission System Operator) ensured the formalisation of processes and the standardisation of management, whilst at Blue People, project delay rates fell from 80% to 1%, costs from 55% to 12%, and revenue increased by 440%. The approaches to adapting maturity models involved their phased implementation, integration with digital management tools, simplification of assessment procedures, and combining process standardisation with the flexibility of management systems. The practical significance of the study lies in the possibility of using appropriate approaches to assess the level of development of management systems and improve business processes in enterprises
In developing economies, grassroots-level interventions that reconfigure existing systems showed increasing potential for poverty reduction and welfare enhancement. This study investigated how social innovation dimensions influenced household economic welfare among smallholder farmers in Nigeria. Specifically, it examined the effects of new services/products (farm advisory, crop insurance, weather forecasts), new practices (climate-smart agriculture, organic farming, integrated pest management), and new processes (e-marketing, digital payments, supply chain optimisation) on household standard of living across Adamawa, Kano, and Oyo States. Using a cross-sectional survey design, data was collected from farmers belonging to three agricultural non-governmental organisations KickStart, TechnoServe, and AGRA. Partial Least Squares Structural Equation Modelling revealed that new practices exerted the strongest positive influence on household standard of living (β = 0.669, t = 10.183, p < 0.000), followed by new processes (β = 0.322, t = 5.299, p < 0.000). New services/products showed a negative but significant effect (β = -0.150, t = 2.555, p = 0.011), suggesting implementation challenges or adoption barriers. The combined model explained 69.4% of variance in household standard of living (R² = 0.694). Economic indicators showed that 56.1% of farmers reported revenue increases from new products, while 48.3% experienced enhanced productivity through innovative practices. The findings confirmed that social innovation significantly drove household economic welfare among Nigerian smallholder farmers. Practically, these results provided evidence-based guidance for NGOs and policymakers to prioritise capacity-building in sustainable farming practices and digital agricultural processes, while addressing barriers in service/product uptake to maximise poverty reduction outcomes
Ensuring the financial and economic security of enterprises in the current conditions of globalisation, technological changes, and digitalisation has become important for maintaining their sustainability, efficiency, and competitiveness. The purpose of the study was to develop a methodology for assessing the impact of management decisions on the financial and economic security of an enterprise to increase its sustainability and efficiency. The paper offers a methodology that integrates strategic, financial, and budgetary, investment, digitalisation, organisational, personnel, and risk management solutions, along with control over costs and resources. The methodology combined components that provided a comprehensive assessment of the effectiveness of management's actions, allowed structuring information and forming an integral index of the impact of management decisions. This index correlated with the integrated financial and economic security indicator (FEBS), which reflected the level of stability, solvency, innovation, and adaptability of the enterprise. The application of the methodology on the example of LLC “Agroplus 2006” demonstrated that the implementation of a coordinated set of management solutions − from digitalisation and increasing management transparency to optimising the financial structure, improving operational indicators, and strengthening the risk management system − provided a substantial increase in FEBS, strengthened financial stability, and contributed to the long-term development of the enterprise. It was determined that digitalisation initiatives provided increased transparency in decision-making, investment measures strengthened resource potential, and management practices for cost optimisation and cost control contributed to reducing unproductive costs and increasing margins. As a result of the analysis, the FEBS indicator was 0.3894, which corresponded to the lower threshold, and after the implementation of management decisions, it increased to ≈ 0.5945 and moved to the medium level of security. The greatest impact on FEBS growth was provided by digitalisation (the Digital Index increased from 0.4 to 0.75) and enhanced operational efficiency, in particular, an increase in EBITDA margin (to 0.5667). The use of the methodology allowed identifying critical areas of management, assessing the sensitivity of FEBS indicators to external and internal risks, and predicting the consequences of alternative management strategies. The proposed approach contributed to the integration of modern management practices, digital technologies, and analytical methods into the decision-making process, providing a comprehensive assessment of financial and economic security and increasing the efficiency of enterprise management in difficult and dynamic market conditions
The aim of the study was to examine the issues of accounting and control support for the restoration of critical infrastructure facilities in the public sector under conditions of martial law and post-war recovery. The formation of an evidence bases regarding the losses incurred required proper documentation, systematisation and accounting recognition based on reliable and structured information on damaged or destroyed assets, incurred costs, and economic consequences. It was established that 60-70% of the significance in the process of verifying damages was ensured by documented accounting and registration data. The remainder was attributable to supporting analytical and expert materials that provided their interpretation and justification for further use in assessment and compensation procedures. It was substantiated that, as a result of simplified procurement procedures, the heterogeneity of procurement items within the Prozorro system, and the absence of a unified approach to the accounting recognition of costs, the risks of their misclassification as either current or capital expenditures increase. The structure of expenditures included costs for construction and engineering works, design and estimate documentation, technical and author supervision, engineering consultancy services, and the acquisition of materials and equipment. It also encompassed costs associated with ensuring physical protection, fortification, and restorative sheltering of critical infrastructure facilities, which collectively formed the overall cost of their restoration and the maintenance of uninterrupted operation. It has been demonstrated that the consequences of such uncertainty included the undercapitalisation of expenditures, distortion of accounting information, weakening of financial control, and a reduction in the evidential suitability of data for international compensation mechanisms. Based on an analysis of national and international regulatory documents, as well as procurement practices within the Prozorro system, it has been established that the key criterion for the proper classification of expenditures was their economic substance and the outcome of the transaction. The classification also considered its impact on the asset, rather than the formal designation of the transaction or the procurement item. The application of a criteria-based identification approach will contribute to improving the reliability of accounting information, strengthening financial control, reducing the risk of undercapitalisation, and forming an appropriate evidence base for subsequent compensation of losses
This article aimed to substantiate approaches to the adoption and optimisation of investment decisions as a part of an enterprise management system. The methodology employed the methods of theoretical generalisation, as well as financial-statistical and comparative analyses using official financial reports and open data of companies for 2022-2025. The results of the study revealed that the investment activity of Metinvest in 2022-2025 developed in the context of decreased production potential and wartime risks. This caused a decrease in capital expenditures from USD 354 million in 2022 to USD 235 million in 2024, as well as a phased implementation of investment projects from a strategic perspective. The net debt-to-earnings before interest, taxes, depreciation and amortisation ratio increased from 0.9 in 2022 to 1.9 in the first half of 2025, which limited the investment activity. By contrast, the investment strategy of EPAM in 2022-2025 prioritised the development of intangible assets, technological platforms and human capital. This approach was accompanied by the stabilisation of revenue at USD 4.73 billion in 2024, an increase in headcount to 62.35 thousand employees in 2025, and an improvement in earnings per share under generally accepted accounting principles from USD 7.06 in 2023 to USD 7.84 in 2024. The results obtained indicated that the effectiveness of investment decisions was determined by industry-specific characteristics, asset structure, and the nature of financial and external risks, while the optimisation of investment required the alignment of financial constraints with the strategic development objectives of enterprises. The practical significance of the study lies in the possibility of applying its findings by enterprise executives and financial managers to substantiate investment decisions and to align them with strategic development goals under conditions of financial constraints
The purpose of the study was to examine the influence of monetary policy on financial inclusion in sixteen West African countries using panel data from the International Monetary Fund database covering 2010-2021. Financial inclusion was measured through a composite index generated via principal component analysis, incorporating indicators of financial institution penetration, availability, and usage. As a result, the following indicators were determined: money supply (MS, β = 2.948901, p < 0.01), open market operations (OMO, β = 0.011170, p < 0.01), liquidity ratio (LIQR, β = 1.591667, p < 0.01), reserve money (RM, β = 0.800120, p = 0.012), and monetary policy rate (MPR, β = 0.040445, p < 0.01). Cash reserve ratio (CRR, β = -0.18154, p = 0.637) and inflation (INF, β = -0.001634, p = 0.914) were not statistically significant. The model explained about 68% of the variation in financial inclusion (R² = 0.6834). The findings revealed that money supply significantly and positively influenced financial inclusion, showing that liquidity expansion increased banks’ lending capacity and supported wider outreach. Open market operations also had a strong positive effect, as effective liquidity management fosters stability and encourages greater access to financial services. The bank liquidity ratio positively impacted inclusion by strengthening depositor confidence and enhancing banks’ resilience. Reserve money and monetary policy contributed positively and significantly to enhancing financial inclusion. The cash reserve ratio, and inflation showed no significant impact, suggesting that their influence was indirect or constrained by structural financial limitations in the region. The study concluded that liquidity-enhancing monetary policies were critical for improving financial inclusion in West Africa. It was recommended expanding money supply, strengthening open market operations, enforcing robust bank liquidity ratios, and adopting cautious interest rate policies, supported by digital financial services and financial literacy initiatives
The purpose of the study was to analyse contemporary practices of using artificial intelligence in recruitment and to assess the effectiveness of these tools for future applications. It was substantiated that under the influence of digital technologies, activities related to the search and selection of personnel were being transformed. Artificial intelligence demonstrated the greatest efficiency in the processes of candidate screening, automated planning, interviewing, and collecting analytical personnel data. Ethical and legal aspects of using artificial intelligence were analysed, the distinctive features of traditional and artificial intelligence methods used at different stages of recruitment were summarised, the challenges of using artificial intelligence in recruitment were identified and solutions were proposed. The problems that occurred in companies that used AI in recruitment and the management decisions that helped to improve results were investigated. Results have demonstrated the following benefits of using artificial intelligence: saving time, improving candidate experience, and increasing overall recruiting efficiency. The study was conducted on the effectiveness of using various artificial intelligence tools for candidate assessment for the position of business analyst compared to human experts. It showed that advanced artificial intelligence tools (Claude, Grok, ChatGPT, Gemini) evaluated candidate profiles with a high level of agreement with human assessments (all p > 0.05), while screening more than 8 times faster – taking only 10 seconds compared to 2 minutes for a human. The potential of artificial intelligence for optimising hiring processes was confirmed. It was found that Ukraine was actively joining the global trends of HR digitisation. The share of Ukrainian companies that already used artificial intelligence recruitment reached 50.4%. The most popular were chatbots for the initial interview, candidate tracking systems with artificial intelligence elements, and tools for automatic skills testing. HR specialists in Ukraine considered the main challenges of artificial intelligence implementation to be the insufficient level of knowledge and expertise. The practical significance of the research lies in the possibility of its results being used by HR professionals, recruitment agencies, and company managers to improve the efficiency of hiring processes
The purpose of this study was to identify the factors that shaped the development of the Ukrainian insurance segment in the context of globalisation and determined its integration into the European market. The study used SWOT analysis of the insurance market of Ukraine, comparative analysis of Ukrainian and European insurance legislation, and case analysis of Poland’s integration into the European insurance market as an example of the gradual implementation of European standards in national regulation. It was determined that the development of the national insurance market took place in unstable and unfavourable conditions, as a result of which, in 2022-2023, there was a reduction in registered insurers from 128 to 101, and the number of concluded insurance contracts – by 25,755. The Ukrainian insurance market also demonstrated a low level of insurance penetration – 2% of gross domestic product, while the European average was 7-10%. The analysis of the Polish experience proved that the implementation of European Solvency II standards and cooperation with the European Insurance and Occupational Pensions Authority contributed to the sustainable development of the national insurance segment. Between 2016 and 2022, Solvency Capital Requirement coverage increased from 266% to 272%, considering the minimum recommended level of 130%. This growth meant that the Polish insurance market not only adapted to European standards, but also demonstrated the potential for Sustainable Development. The results of the comparative analysis indicated that the Ukrainian insurance segment demonstrated resilience to crises, and its potential for sustainable development can be enhanced by adapting the experience of other countries and integrating into the pan-European insurance space. The date of this study can be used to enhance the stability of the Ukrainian insurance market in uncertain conditions, and to promote its further sustainable development within the context of globalisation and European integration
The study aimed to address and analyse foreign direct investment and its impact on the national economy. Statistical data were analysed, concluding that a majority of foreign direct investment (37.6-43.7%) was directed to industry, particularly the processing sector (23.7-26.3%), trade (14-15.9%), and financial activities (18.4-19.6%), while the least went to education (0.04-0.08%) and healthcare (0.2-0.3%). Most foreign direct investments inflows came from Cyprus, the Netherlands, Switzerland, Germany, and the United Kingdom. Advantages and disadvantages of attracting foreign direct investment were systematised, and key factors negatively influencing Ukrainian investment market were identified. The study explored the core components that facilitated foreign direct investment inflows as well. A definition of the term “foreign investment” was provided, implemented measures aimed to improve the investment climate, as well as the measures that need to be implemented to promote the attraction of additional foreign investment were analysed. Main statements of legislative and regulatory acts to support strategic foreign investors were systematised. Investment potential of Ukrainian promising sectors was addressed. To trace foreign direct investment dynamics, the volume of foreign direct investment in Ukraine as of 2003-2024 period was considered. Distribution of foreign direct investment by major economic sectors (2007-2024) and by country of origin was analysed. The study explored the correlation between changes in foreign direct investment levels and inflation dynamics in Ukraine using macroeconomic data and the elasticity coefficient for the 2003-2024 period. The influence of internationalisation, globalisation, and transnationalisation on foreign direct investment was addressed. The importance of foreign direct investment as a driver of Ukrainian economic development was substantiated, key challenges in managing foreign direct investment were identified, and recommendations for enhancing investment governance were proposed. The practical significance of the study is determined by the contribution to improvement of the effectiveness of foreign direct investment management and promotion of national economic welfare
The relevance of the study was determined by the fact that, in the context of a full-scale war from 2022, the development of Ukraine’s tourist destinations required the application of glocalisation principles that combined global trends of sustainable development and security with local resources, cultural identity, and community needs. The aim of the article was to justify conceptual approaches and practical directions for the development of Ukraine’s tourist destinations during wartime based on glocalisation principles, taking into account security challenges, local specificities, internal tourism needs, and the potential for post-war recovery. A review of modern scholarly sources was conducted, addressing issues of innovative destination management, government support for the tourism industry, marketing strategies, and post-war recovery. A typology of tourist destinations was systematised according to levels of safety and operational suitability. The data on Ukraine’s export and import of tourism services, their share in global indicators, as well as the dynamics of investments in the tourism sector and the level of safety of tourist destinations were analysed. It was revealed that Ukraine’s share in global tourism service exports increased to 0.06% in 2023, while imports significantly exceeded exports (2.01% of the global indicator in 2022). Also, it was established the tourism sector suffers from underfunding in the state’s investment policy, there were regional differences in the accessibility of tourist destinations. The article proposed glocalisation-based development directions for tourist destinations in Ukraine, including the creation of safe micro-destinations, support for local entrepreneurship, digital transformation of tourism products, internal tourism development, implementation of war and memorial tourism, and strategic planning for the revitalisation of temporarily inaccessible territories. The practical recommendations may serve as a foundation for shaping adaptive tourism development policies in Ukraine, improving destination management strategies, and incorporating the glocalisation approach into the decision-making processes of state authorities, local governments, and tourism businesses during the war and post-war recovery
The purpose of this study was to examine the impact of the entrepreneurial approach on the development of efficient and competitive medical services in the context of market transformations. The methodology was based on an analytical and theoretical approach, which included an analysis of the dynamics of state and local budgets, healthcare guarantee programmes, international financial assistance, and a review of practical case studies of selected healthcare institutions. The main findings indicated that in 2023, state expenditure on healthcare amounted to UAH 207 billion, increased to UAH 238.7 billion in 2024, but declined to UAH 217 billion in 2025. In turn, funding for the healthcare guarantee programme rose from UAH 142.7 billion in 2023 to UAH 175.5 billion in 2025. Local budgets provided UAH 441.9 billion in 2023, with projected growth of 15% by 2025. Despite this, around 46% of healthcare expenses were covered directly by patients, and the average payment for an outpatient visit in 2024 reached UAH 600. Voluntary health insurance generated UAH 1.5 billion in premiums in the first quarter of 2024, with a pay-out ratio of 56.8%, reflecting the growing role of the private sector. International support also played an important role: between 2023 and 2025, Ukraine received over USD 1.2 billion in grants, including the Transforming Health Systems for Resilience and Improved Efficiency project with a budget of USD 454 million. This funding facilitated the modernisation of hospitals, procurement of medical equipment, and development of telemedicine, which was projected to cover 80% of healthcare facilities by 2025. The study analysed the operations of several medical centres, including the National Specialised Children’s Hospital “Ohmatdyt”, the Municipal Non-Profit Enterprise “Uman Central City Hospital”, and the Medical Centre “AILAZ”. The practical value of this study lies in the possibility of using its findings to develop strategies aimed at improving the financial sustainability and competitiveness of healthcare institutions through the implementation of entrepreneurial approaches, digital innovations, and diversification of funding sources
The relevance of this study lied in the implementation of innovative financing mechanisms for Ukraine’s territorial hromadas in the context of post-war recovery, focusing on the significant untapped potential of household savings. This study aimed to assess the feasibility of using Real World Asset tokenisation as a tool to mobilise internal financial resources by activating social capital. According to expert estimates, Ukrainian household savings held outside the formal banking system were estimated at between 70 billion USD and 120 billion USD. Scenario modelling showed that even a conservative mobilisation of 1% of these funds (1.2 billion USD) would enable the implementation of over 2,000 infrastructure projects. Under a realistic scenario (2.5% or 3 billion USD), hromadas could carry out up to 6,000 large or 20,000 smaller initiatives, including school renovations, water supply upgrades, and solar power plants. The study proposed a conceptual framework that integrated social capital (trust, networks, and shared values), blockchain tools (tokens and smart contracts), and economic incentives (dividends, savings, governance rights). A typology of projects eligible for tokenisation was presented, along with an investment distribution structure and expected financial and social outcomes. The research also outlined a multi-level benefits system for household investors – ranging from dividends to participation in decision making through Data Access Object platforms. It emphasised the reciprocal relationship between social capital and Real World Asset tokenisation: trust and local networks enabled investment, while successful implementation reinforced civic engagement and community cohesion. The practical value of this study is that it offers territorial hromadas a replicable model for converting passive savings into active capital for sustainable development through digital infrastructure
The study aimed to conceptualise the role of behavioural economics mechanisms as a component of the modern theory of economic policy in the healthcare sector. The paper used the methods of modelling the cause-and-effect chain “tool – mechanism – behaviour – change – clinical outcomes – economic effect”, content analysis of international research materials, abstraction of the system of indicators (behavioural, clinical, economic), systematic analysis of performance indicators (Incremental Cost-Effectiveness Ratio and return on investment, budgetary impact analysis). The findings demonstrated that structured reminders, scheduling prompts, social norms, and comparative feedback to providers reduced delayed visits, increased adherence, and reduced unnecessary procedures, which translated into lower intensity of costly episodes of care, more consistent quality of care, and reduced indirect productivity losses. The macroeconomic and fiscal implications of integrating behavioural insights into the general theory of economic policy were identified, including improved public health, which affected life expectancy and morbidity. Also, it was increased attendance and productivity, impact on the macroeconomy, which meant higher output, employment growth, as well as increased tax revenues, and lower disability benefits. A roadmap for implementation was proposed, which combined ethical principles of using behavioural tools, requirements for data infrastructure and mechanisms for regular monitoring (“planning – collection – analysis – feedback – correction”), allocating funding on results (key performance indicators: prevention coverage, proportion of healthy population, frequency of over-prescribing). The practical value was determined by an economically sound basis for reallocating resources towards preventive healthcare, increasing cost-effectiveness of expenditures and strengthening long-term fiscal sustainability through the channels of attendance, productivity and employment
