Financial suppоrt fоr general secоndary educatiоn institutiоns under martial law is derived simultaneоusly frоm the state budget, lоcal budgets, inter-budgetary transfers, and additiоnal sоurces mоbilized by cоmmunities. The article aims tо develоp and test a methоdоlоgical apprоach fоr assessing the financial cооrdinatiоn оf state-cоmmunity gоvernance in general secоndary educatiоn institutiоns, based оn a cоmbinatiоn оf the vertical structure оf budget priоrities, educatiоnal subventiоn dynamics, and the diversificatiоn оf additiоnal resоurce sоurces. The infоrmatiоn base cоmprises оfficial data frоm the Ministry оf Finance оf Ukraine, the State Treasury Service, and the Ministry оf Educatiоn and Science оf Ukraine, alоngside survey results frоm lоcal self-gоvernment representatives. The study prоpоses the Vertical Fiscal Priоrity Ratiо, the cоefficient оf variatiоn оf budget priоrities, the Sоurce Engagement Cоncentratiоn and Effective Number оf Engaged Sоurces indicatоrs, and a resilience cоefficient regarding the lоss оf a specific funding sоurce It was fоund that in 2024, the internal share оf general secоndary educatiоn in tоtal expenditures оn educatiоn was the highest fоr the budgets оf villages and settlements. An analysis оf funding sоurces mоbilized by cоmmunities beyоnd their оwn lоcal budgets revealed a pattern оf simultaneоus diversificatiоn and reliance оn a few key channels. Regarding the restоratiоn оf damaged schооls, the lоwest resilience cоefficient was оbserved when regiоnal budget funding was hypоthetically excluded, whereas fоr brоader educatiоnal imprоvements, the lоwest resilience оccurred when fоreign aid was excluded. The study’s scientific nоvelty lies in cоnceptualizing financial cооrdinatiоn as the capacity tо integrate mandatоry public funding, lоcal accоuntability, public оversight, and the mоbilizatiоn оf additiоnal resоurces withоut substituting these fоr cоre budgetary оbligatiоns. The practical significance оf the findings lies in the pоtential tо use the prоpоsed indicatоrs fоr the preliminary financial analysis оf cоmmunities, the develоpment оf funding sоurce substitutiоn plans, and the enhancement оf transparency in decisiоns made by bоards оf trustees and public gоvernance bоdies.
Метою дослідження є емпірична оцінка взаємозв’язку між цифровізацією та інвестиційною активністю на ринку капіталу України. На основі проведеної емпіричної розвідки обґрунтовано напрями розвитку цифрових інструмен-тів задля посилення ринку капіталу. Методологія дослідження побудована на застосуванні описової статистики та економетричного моделювання з розробленням однофакторних і багатофакторної лінійних регресійних моделей. Емпіричний аналіз включає показники обсягу торгів на ринку капіталу, як показники інвестиційної активності, та кількості електронних операцій і кількості активних рахунків у цінних паперах, як показників цифровізації. Результати дослідження підтверджують позитивний статистичний взаємозв’язок між кількістю електронних опера-цій та обсягом торгів. Відповідна однофакторна регресійна модель пояснює 75,8% варіації обсягу торгів. Кількість активних рахунків у цінних паперах також характеризується статистично значущим позитивним взаємозв’язком із обсягом торгів у однофакторній моделі (r = 0,542; R² = 0,294; p = 0,0136). Розроблена багатофакторна модель має вищу пояснювальну здатність (R² = 0,815). Коефіцієнт при кількості електронних операцій є позитивним і статистично значущим. Водночас коефіцієнт при кількості активних рахунків у цінних паперах набуває від’ємного та статистично значущого значення. Такий результат варто розглядати, як умовний статистичний взаємозв’язок із урахуванням тісної кореляції між пояснювальними змінними та з урахуванням структурних трансформацій ринку капіталу України. Наукова новизна дослідження полягає в емпіричній оцінці взаємозв’язку між показниками цифровізації ринку капі-талу та інвестиційною активністю в Україні. Практичне значення отриманих результатів полягає в обґрунтуванні напрямів розвитку цифрових фінансових інструментів, удосконаленні цифрової інфраструктури та посиленні інсти-туційної спроможності ринку капіталу України. Напрямками подальших досліджень є розширення аналізу показни-ків цифровізації ринку капіталу та проведення аналізу впливу макроекономічних показників на стан інвестиційної активності, врахування цифрових технологій ринку капіталу під час фінансування повоєнної відбудови країни.
This study examines the relationship between corporate governance, cash holdings, and firm value among listed service firms in Vietnam. The rapid development of digital technologies, including artificial intelligence (AI) and financial technology (FinTech), has brought new demands for financial flexibility and corporate governance, particularly in the service sector. This raises an important question of whether firms' cash holding decisions provide a link between corporate governance and firm value. The analysis is based on panel data collected from service firms listed on the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX) from 2020 to 2024. Corporate governance is measured using five governance characteristics, including board size, board independence, CEO duality, board gender diversity, and foreign ownership. Firm value is proxied by Tobin's Q, while cash holdings are measured as the ratio of cash and cash equivalents to total assets. The empirical procedure involves fixed-effects and random-effects estimations and the Hausman test. FGLS is used after diagnostic tests identify heteroskedasticity and autocorrelation, while the indirect effects are tested using bootstrap analysis. The results are not uniform across the five governance characteristics. CEO duality is positively associated with cash holdings, whereas board gender diversity and foreign ownership are positively associated with firm value. No significant relationship is found between cash holdings and firm value, and the bootstrap results do not support the mediating role of cash holdings. Thus, for the firms in the sample, the evidence points to direct relationships between specific governance characteristics and firm value rather than an indirect relationship through cash holdings. The study adds evidence from Vietnamese listed service firms, a setting that has received relatively limited attention in research on the governance–cash–value relationship. The results also underline the relevance of board composition and ownership structure when firms and policymakers consider measures to improve corporate governance.
A rapid development of artificial intelligence (AI) technologies is transforming the financial sector, changing approaches to automating operations, analyzing data bulk, forecasting, risk management, customer service, and making management decisions. The relevance of the study is due to the need to transition from the fragmented and predominantly operational use of algorithmic tools to their systemic integration into strategic management in finance. The purpose of the study is to systematize the areas of application of AI in the financial sector and substantiate the conceptual model of the transition from the operational use of algorithmic tools to the strategic level of management. To achieve the set goal, systemic, historical-logical, comparative, and classification methods were used. The main results of the study are the identification of four stages of the evolution of AI applications in finance: algorithmic-rule, machine learning, deep learning, and generative-strategic. The key areas of AI use are systematized by the level of managerial influence - from the automation of routine operations and support of individual business processes to forecasting, risk management, personalization of financial services, and the formation of strategic management decisions. The technological, regulatory, reputational, ethical, and systemic risks associated with scaling AI in the financial sector are summarized. A five-level maturity model of AI application is proposed, which involves a sequential transition from experimental, operational, and integrated levels to the level of managerial transformation and strategic use of technologies. It is concluded that the strategic value of AI is determined not by the number of implemented technological solutions, but by the degree of their integration into the corporate governance system, the quality and availability of data, the effectiveness of model management, personnel competencies, the explainability of algorithmic solutions, compliance with regulatory requirements, and the effectiveness of risk control. The strategic integration of AI creates the prerequisites for increasing the adaptability, competitiveness, and sustainability of the financial sector.
The transformation of smart urban spaces can enhance the quality of life by improving municipal services and resource efficiency. However, it requires addressing cybersecurity, digital inequality, investment needs, and opportunities for innovation. This article presents a comprehensive analysis of the key components of an integrated approach to implementing the smart space concept in Ukraine. Particular attention is paid to the mechanisms for establishing strategic priorities that ensure the effectiveness of transformative economic changes in urban environments. The aim of the study is to assess the statistical relationships between the digital, socio-economic, financial, and security characteristics of territories and their Gross Regional Product (GRP) per capita, and to build on this basis a financial model for the economic transformation of the smart urban space. The research employs regression analysis to evaluate factors of economic performance, econometric diagnostics to verify model adequacy, and an indexing method to determine the Security Index. The constructed regression model serves as the quantitative foundation for the financial transformation model, enabling an assessment of the links between employment, the digital economy, per capita capital investment, digital public services, and security, on the one hand, and GRP per capita, on the other. Statistically significant relation-ships with per capita GRP were found for employment (0.88), the digital economy (-0.34), per capita capital investment (0.56), digital public services (0.43), and the Security Index (-0.43). The obtained results define the quantitative parameters of a financial model for the economic transformation of smart urban space. Here, the financial model is understood as an econometric model of GRP per capita that serves as a quantitative basis for a financial-economic frame-work; the analysis is conducted at the regional level. The article outlines the key principles of an integrated approach to implementing the smart space concept in Ukraine. An integrated model has been developed within the framework of the concept of intellectualizing urban space in Ukraine. Particular attention is paid to mechanisms for analysing these components and their practical application. Examples of existing methodologies that enable the effective implementation of analysis mechanisms, ensuring a comprehensive and systemic approach to smart city development, were analysed. The research findings contribute to refining tools for strategic planning and the implementation of transformative initiatives aimed at rebuilding smart space.
