METHODS OF FINANCIAL REGULATION OF THE ENTERPRISE ACTIVITIES IN THE SYSTEM OF UKRAINE’S ECONOMIC DEVELOPMENT VECTORS

The regulation of finance is central to the growth and development of every economy. Financial regulation determines the overall character of the financial system, the relationship between borrowers and savers, the allocation of capital, and the macroeconomic performance of the economy. Financial market regulation is distinct from regulation of other sectors of the economy because of the essential infrastructural role of finance—all other sectors of advanced economies depend on the financial system. Despite its enormous importance, financial regulation normally has low political salience. Except in times of crisis, most voters—and therefore politicians—have relatively little interest in the matter. This can be attributed in part to the complex and technical nature of financial markets and regulation, which relatively few people understand well. Low political salience facilitates a regulatory process that is very heavily shaped by regulators (technocrats) and the industry they regulate, with only minor direction from elected political leaders. In the long history of capitalism, bank and financial system crises have been regular occurrences. Regulation, or regulatory failure, is often seen as a cause of crises, but regulatory change is also the response. Thus any given financial regulatory regime is never settled for long. After the Great Depression, advanced capitalist economies introduced highly restrictive financial regulatory regimes designed to minimize systemic risk from bank failures. In the postwar period, restrictive regulatory regimes were combined with capital controls that limited international movements of capital. The postwar Bretton Woods international monetary regime stabilized fixed exchange rates through such controls and, when necessary, lending by the International Monetary Fund (IMF) to countries that could not pay for their external debts. Starting with the collapse of the Bretton Woods regime in the early 1970s, all the advanced economies started liberalizing financial market regulation and removing capital controls as part of a broader shift toward a neoliberal economic philosophy. These deregulatory measures brought about a dramatic transformation of domestic financial systems and the reemergence of a dynamic and rapidly growing international financial market. Such dynamic and internationalized financial market was, in large part, the root cause of the early-21st-century financial crisis. The Great Financial Crisis of 2008 precipitated widespread review and revision of financial market regulations at both the domestic and international levels. These revisions include a shift from private self-regulation to state-driven regulation of financial markets, the centralization of regulation at the level of the European Union, and a closer cooperation between states in forging international regulatory standards. Nonetheless, despite the dramatic growth of the international financial market and transnational efforts to coordinate regulation, financial regulation remains overwhelmingly a domestic affair.

Abstract. The basis of economic and financial security of the enterprise is effective financial and economic activity, stable financial condition, rational use of financial resources, the ability to counter threats to the internal and external environment. One of the factors of effective financial and economic activity and economic security of enterprises is the formation of effective logistics chains that provide its participants with opportunities to counter threats to the internal and external environment. Formation of effective logistics chains on the basis of taking into account the economic interests of its participants causes changes in the results of their financial and economic activities and creates the basis for their financial independence, socio-economic efficiency and stability. The purpose of the article is to form approaches to assessing the efficiency of the logistics chain on the basis of economic and financial security of enterprises. The article investigates scientific approaches to evaluating the efficiency of the logistics chain of enterprises, identifies their strengths and weaknesses, analyzes their methodology. An approach to evaluating the efficiency of the logistics chain of industrial enterprises, the use of which will reconcile the economic interests of the participants in the logistics chain, reduce their financial costs, ensure effective economic activity, form the basis for their financial and economic security. The scientific novelty of the article is the formation of a modern approach to evaluating the efficiency of the logistics chain, which, in contrast to existing ones, involves the use of an indicator of the efficiency of logistics activities of enterprises, the proposed indicator is the stationarity of ratio of operating results to logistics costs relative to the mean or deterministic trend over time, and identification of potential models of logistics efficiency of enterprises, which would ensure economic and financial security of enterprises. It is proved that efficiency of the logistics chain is achieved under the condition that the financial result from the operating activities of the enterprises united by the logistics chain in relation to their costs for logistics activities will not change for a long time or will naturally change with a reliable forecast and possibility economic forecasting of further cooperation. The expediency of using this approach was confirmed on the basis of the analysis of the efficiency of logistics chains of selected enterprises. The initial data for the construction of this model were the logistics costs as a component of the company’s operating expenses and the financial result from operating activities. The deficiencies in the use of existing accounting standards and regulations that govern the integrated assessment of the enterprise’s logistics costs have been established. It is proposed to use the Davis databases, which are formed on the basis of a web-survey of enterprises regarding the value of their logistic costs. It is noted that the actual stability of the logistics chains for each enterprise and the optimal ratio of their results to costs are determined by the current market conditions. An idea of the efficiency of connections in the logistics chain is formulated. It was concluded that the existence of a long-term stable equilibrium in the form of vector co-integration for all subjects of the logistics chain can be considered optimal. Prospects for further research are the development of a scientific approach to the formation of a logistics cluster as a basis for financial and economic security of enterprises. Keywords: economic security, financial security, financial costs, financial results, efficiency, the logistics chain, logistics activities. JEL Classіfіcatіon С22, D22, D61, O30 Formulas: 5; fig.: 2; tabl.: 2; bibl.: 15.

Introduction . The rational organization of the management system as a whole, and in the context of certain types of management activities, such as financial, strategic, innovation, personnel management, etc., now becomes not an additional business advantage, but an objective condition for the existence of an enterprise. But since the market economy, within which the modern production of business, financial, investment processes must be carried out by modern business entities, focused primarily on the needs of the final consumer and guided by the demand and supply trends, it is necessary for the management of domestic enterprises to distinguish market management as an applied bases for the functions of planning, organization, motivation, coordination and control over economic activities, taking into account market trends and customer-oriented needs of all categories of stakeholders . Purpose . The purpose of the article is to identify the features of market management in enterprise management systems in Ukraine. In order to realize the goal set within this study, it is necessary to fulfill a number of the following tasks: to offer an author’s definition of the concept of market management; to establish the list of goals and results of effective realization of market management processes for domestic enterprises in modern economic conditions; to identify obstacles of the integration of market management practices into enterprise management systems in Ukraine. Methods. Method of theoretical analysis, monographic method, method of generalization, abstract-logical method are used. Results. Under market management, it is proposed to understand a separate form of management activity that is dynamic and flexible, and which is dominated by the type of innovation management, able to respond in a timely manner to the market conditions changes, new conditions of competition and quickly transform the mechanisms of enterprise activity, taking into account the requirements of the environment and in line with the expectations of stakeholders. The list of goals and results of effective realization of market management processes for domestic enterprises in the modern economic conditions is established. The main ones are: orientation on the needs of customers and other categories of stakeholders, the formation of price and production policy, depending on the trends of supply and demand; cost optimization and transition to innovative production technologies; flexibility in making managerial decisions and information transparency. Originality. Author’s definition of the concept of market management is proposed. The list of goals and results of effective realization of market management processes for domestic enterprises in the modern economic conditions is established. The obstacles on the way to integration of market management practices into enterprise management systems in Ukraine are identified. Conclusion . The obstacles of the integration of market management practices into enterprise management systems in Ukraine are identified. Thus, obstacles to the active use of market management practices were: business entities resource constraints, the lack of skilled personnel, lack of information on market trends necessary for wise management decisions, traditions of doing business that are difficult to undergo transformation, etc.

The aim of this research is to examine the effect of liquidity, activity and solvency ratios on profit growth in the property and real estate sub-sector listed on the Indonesia Stock Exchange. Using saturated sampling, which uses 12 samples from 12 populations taken according to specified criteria. The analytical tool used is multiple linear regression using SPSS. The independent variables used are liquidity ratio which is measured by current ratio, activity ratio measured by total asset turnover, and solvency ratio measured by debt to equity ratio. Meanwhile, the dependent variable used in this research is profit growth. The results found in this research are that the activity ratio has a positive influence on profit growth, the solvency ratio has a negative influence on profit growth, while the liquidity ratio has no influence on profit growth. Abstrak Penelitian ini bertujuan untuk melihat pengaruh rasio likuiditas, aktivitas, dan solvabilitas terhadap pertumbuhan laba pada sub sektor property dan real estate yang terdaftar di Bursa Efek Indonesia. Menggunakan saturated sampling, dimana dari menggunakan 12 sampel dari 12 populasi yang diambil sesuai dengan kriteria yang ditentukan. Alat analisis yang digunakan adalah regresi linear berganda dengan menggunakan SPSS. Variabel bebas yang digunakan adalah rasio likuiditas yang diukur dengan current ratio, rasio aktivitas yang diukur dengan total asset turnover, dan rasio solvabilitas yang diukur dengan debt to equity ratio. Sedangkan, variabel terikat yang digunakan dalam penelitian ini adalah pertumbuhan laba. Hasil yang ditemukan pada penelitian ini adalah rasio aktivitas memiliki pengaruh positif terhadap pertumbuhan laba, rasio solvabilitas memiliki pengaruh negatif terhadap pertumbuhan laba, sedangkan rasio likuiditas tidak memiliki pengaruh terhadap pertumbuhan laba.

A stable, transparent financial system inspires confidence among investors and supports the overall economic growth. Inflexible regulation tends to slow down economic progress, making countries less attractive to investors. Economies with bank-oriented financial systems tend to be less attractive to investors, so their long-term goal is to demonstrate flexibility through liberalization, attracting new investors and ensuring survival in highly competitive and unforgiving global conditions. Liberalization success is even more essential for developing countries and their efforts to open the borders for capital flows and attract new investments. While financial liberalization affects all sectors of the economy and directly influences growth, it does not guaranty it. The removal of financial restrictions could affect capital distribution, increase volatility, create challenges for banks, etc. To support the liberalization efforts, it is very important to understand the nature of banking business, criticality of transparent and effective regulatory framework, as well as the expectations of potential investors. The main goal of this paper is to discuss the process of financial liberalization in developing countries and motivate the policy makers to consider available lessons when creating their balanced approach to financial (de)regulation processes towards financial development and integration in the global financial landscape. Keywords: financial liberalization, financial regulation, economic development, developing countries. JEL Classification: G18, G21, G28

The objective of this paper is to investigate patterns in the behaviour of various financial performance indicators for capital intensive (CI) and labour intensive (LI) enterprises during an upswing (1987–1989) and a decline (1990–1992) phase of the economic cycle, as measured by the Gross Domestic Product.The nature of an enterprise's activities and the fluctuations which occur in the economic cycle are used to distinguish between patterns in the indicators relevant to the measurement of financial performance. This paper considers the influence of the economic cycle on financial performance in CI and LI enterprises. An analysis is conducted of 62 financial performance indicators in order to ascertain possible different patterns between CI and LI enterprises over two predetermined periods which represent an upswing and a decline in the economic cycle. Exploratory Data Analysis (EDA) is used to identify possible differences between groups of CI and LI enterprises during these phases of the economic cycle. The identified patterns obtained from the results of the EDA are applied to categories of financial performance indicators in order to determine possible trends between CI and LI enterprises as exhibited by the financial performance indicators' behaviour during an upswing and a decline period in the economic cycle. The majority of the patterns obtained from the analysis are to be expected. However, some patterns exhibited by the financial indicators were unexpected. These patterns need clarification.An analysis of the results obtained by means of median plots and notched box and whisker plots indicates that nine financial performance indicators included in the research show statistically significant differences between CI and LI enterprises during either an upswing, a decline or during both periods. The analysis further indicates that five performance measures (three cash flow, one profitability and one inflation-adjusted indicator) highlight differences between CI and LI enterprises for both the upswing and decline in the economic cycle. In addition, four cash flow indicators suggest statistically significant differences between CI and LI enterprises during an upswing or decline period.The results of this investigation can be used to make financial forecasts for various types of enterprises over different expected phases of the economic cycle.

The purpose of this paper is threefold. First, it measures profit efficiency and financial stability of commercial banks of Pakistan. Second, it empirically estimates the effect of the already implemented financial regulations on the profit efficiency and financial stability of banks. Third, it examines the differential effect of financial regulations on profitability and financial soundness across bank size. To carry out the empirical analysis, a balanced bank-level panel data covering the period 2008-2014 is used. To gauge the profit efficiency of commercial banks, Data Envelopment Analysis (DEA) is utilised, while, to proxy the financial soundness, the Z-score is calculated for each bank. The panel regression approach is used to examine the effects of financial regulations on the profit efficiency and financial soundness of banks. We find that the financial regulations enforced by State Bank of Pakistan (SBP) have significant impacts on the profit efficiency and financial stability of banks. The results indicate that the non-performance loans to assets ratio (NPLL) and the reserve ratio (RR) impact positively, whereas, the liquidity ratio (LIQR) and the loans to deposits ratio (LODEPOSIT), significantly and negatively affect the profit efficiency of banks. However, only LR and RR are positively and significant related to the financial stability. The results also suggest that the financial regulations have significant differential effects on the profit efficiency and financial soundness of banks across bank size. JEL Classification: C23, E44, G21, G28 Keywords: Profit Efficiency, Financial Soundness, Financial Regulations, Data Envelopment Analysis, Z-Score, Differential Effects

Subject. The article addresses the normative values of financial indicators of the liquidity group that are formed as a result of financial and economic relations of the enterprise. Objectives. The aim is to calculate the normative values of financial indicators of the liquidity group for engineering, transport and logistics companies, using the hierarchical cluster analysis tool. Methods. The study draws on general scientific research methods. Results. We offered an algorithm to calculate the normative values of financial indicators, using the hierarchical cluster analysis; calculated the normative values of the quick liquidity ratio, current liquidity ratio, and absolute liquidity ratio for the branches of mechanical engineering, transport and logistics. Conclusions. The calculated financial indicators are applicable for the analysis of financial and economic activities of mechanical engineering, transport and logistics enterprises. The proposed algorithm based on the method of hierarchical cluster analysis can be used to calculate other financial indicators of enterprises operating in various industries.

0ver the last three decades, the use of technology has accelerated the process of innovation and brought about changes in financial markets and institutions that have undercut the effectiveness of regulatory frameworks in place in many nations since at least the immediate post-World War II period. The response of public authorities has generally been to accede to pressures from the private financial sector to dismantle the old framework. Thus, most of the changes in financial structure and regulation that have taken place have been driven by market forces rather than shaped through the deliberative processes of law and regulation. With one important exception--capital adequacy requirements for banks-there has been very little rebuilding of a rule-based foundation. And even capital adequacy standards are now being questioned by U.S. regulators as promoting evasive innovation that is making them ineffective, outmoded, and inefficient (Greenspan 1998; Meyer 1998). Their preferred strategy for ensuring soundness relies on self-regulation at the level of the individual institution through systems of internal controls.

Profit growth is a key indicator of a company’s financial performance and sustainability. Inmanufacturing industries, particularly the textile and garment subsector, effective financial management isessential to maintain stable profit growth amid dynamic economic conditions. This study aims to examine theeffect of liquidity and solvency ratios on profit growth in textile and garment manufacturing companies listedon the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This research employs a quantitativeapproach using secondary data obtained from the annual financial statements of 10 selected companies,resulting in 50 observations collected through purposive sampling. Liquidity is measured using the CurrentRatio, while solvency is proxied by the Debt-to-Equity Ratio (DER). Data analysis techniques includedescriptive statistics, classical assumption tests, multiple linear regression analysis, and hypothesis testingusing t-tests, F-tests, and the coefficient of determination (R²). The empirical results indicate that neitherliquidity nor solvency ratios individually exhibit a statistically significant influence on profit growth.Furthermore, when tested simultaneously, these financial ratios do not significantly explain variations in profitgrowth. The coefficient of determination shows that liquidity and solvency ratios account for only 11.6% ofthe variation in profit growth, suggesting that other factors play a more dominant role. From a managerialperspective, these findings imply that decision-makers should not rely solely on liquidity and solvencyindicators when formulating strategies to enhance profit growth. Instead, managers are encouraged toconsider additional factors such as operational efficiency, cost control, market conditions, and strategicinvestment decisions to achieve sustainable profitability.

The article found out that the results of the financial and economic activity of enterprises are under the negative influence of the market environment. In addition, threats and risks can lead to a decrease in the level of financial stability, instability of activity, unprofitable functioning and bankruptcy of enterprises. Accordingly, it is expedient to timely identify and analyze factors of the external and internal environment, develop measures to neutralize their negative impact. All this is possible under the condition of a stable level of financial and economic security and the use of tools to ensure it, which will allow the enterprise to resume work, ensure the stability of functioning and determine the directions of development. Among such tools, the strategy of ensuring financial and economic security plays an important role. It was determined that the success of the enterprise depends on the level of economic security, which allows to protect it from the negative influence of the market environment. It is substantiated that one of the important components of economic security is financial security, which ensures the improvement of financial indicators of activity, the rational use of financial resources, and the growth of financial stability. A thorough analysis of the existing approaches of scientists to the definition of the concept of “economic security”, “financial security”, “financial and economic security”, “strategy for ensuring financial and economic security” was carried out. The absence of an approach to the interpretation of the definition “strategy for ensuring the financial and economic security of the enterprise” was established, and an own vision of this concept was formed: a model of actions, tools for ensuring a stable level of economic and financial security by applying approaches, methods, functions, principles, software and resource support, taking into account interaction with the development strategy, management system and mechanism, which will guarantee the restoration, improvement, maintenance of the state of financial and economic activity, the level of financial and economic security, the avoidance of a crisis situation, the neutralization of the influence of factors, threats, risks in the short- and long-term period, provided that the appropriate type of strategy and will contribute to economic and financial development, the formation of economic balance. The difference between the proposed concept of “strategy for ensuring the financial and economic security of the enterprise” and already existing approaches is substantiated.

Relevance. The relevance of the subject is conditioned upon the fact that while doing business, a financial manager faces many problems related to the financial management system, as a result of which there is a need for rational use of financial resources. Purpose. This study is aimed at identifying methods and tools of financial management in the organisation management system. Methodology. The leading approach to the study of this problem is a combination of synthesis and analysis methods, which, complement each other and allow comprehensively considering the process of optimising the company's activities through the use of basic methods, concepts, and tools of financial management. Results. The main results obtained within the framework of this study are the consideration of the essence of financial management, the identification of its role in the financial management system at the enterprise, the identification of the main methods of financial management in the management system, the substantiation of the tools through which these methods are implemented, and the formulation of the main difficulties of the organisation of the financial management system, which an enterprise may face. Conclusions. The study's conclusions significantly influence the rational and effective use of capital, financial resource enhancement, and investment volume increase, enabling enterprises to improve their competitive advantages in the market and generate profits, which is the ultimate goal of any business management. Keywords: management; financial management; business optimization; financial management methods; financial management tools

The article reveals the concept of sustainable development of an enterprise, defines its usefulness in the context of developing a control mechanism in the enterprise management system. It has been established that the concept of sustainable development of an enterprise should be based on the interaction of three key components: the economic component, the social component and the environmental component. It has been proven that the main basis of sustainable development is, first of all, the flexibility of the enterprise management system. It was determined that the concept of sustainable development of an enterprise should be based on the principle of balance, the principle of purposefulness, the principle of ensuring sustainability, the principle of adaptability, the principle of dynamism, the principle of integrity and environmental motivation. It was found that the effective application of the concept of sustainable development of enterprises in practice is often impossible due to the complicated implementation of the sustainable development strategy. The financial activity of enterprises in Ukraine is analyzed by the main types of economic activity. It was found that the indicator of the general financial result (balance) to taxation of enterprises in 2019 against 2016 increased by 19,3 times, in 2020 it decreased by 54,4 % compared to the previous year. It was determined that the activity of agricultural, forestry and fishing enterprises was profitable for the analyzed period, however, in 2020, compared to the beginning of the analyzed period, the financial result (balance) before taxation decreased by 9,8 %. Profitable for the study period was the activity of wholesale and retail trade enterprises, repair of motor vehicles and motorcycles, and financial and insurance enterprises. At the same time, the unstable dynamics of changes in the financial indicator (balance) before taxation occurred in the activities of industrial enterprises, construction enterprises, transport enterprises and warehousing enterprises, postal and courier activities, and temporary accommodation and catering enterprises. It is noted that the prospects for further research in this direction are the analysis of the components of sustainable development of enterprises from the point of view of a practical approach to their analysis.

At the present stage of transformational changes, the issues of managing logistic activities in the management system of agrarian enterprises appear extremely important. And especially these issues are actualized in the context of the rapid development of the digital economy. In view of this, the purpose of the presented research is further development of theoretical and methodological provisions, the development of scientific and methodological approaches and also practical recommendations for enhancing the efficiency of logistics management of business entities in the agro-industrial complex, taking into account the peculiarities of digitalization of business processes. The article provides statistical analysis of indicators characterizing the level of use of information and communication technologies in the organization of logistic activities at Ukrainian enterprises of the processing industry. The key barriers that hinder the digital transformation of logistic activities of agrarian enterprises, which are conditionally classified into 7 groups: institutional, market, transport, marketing, information, organizational, financial, and economic, are identified. The expediency of applying an integrated approach to the management of logistic activities of agrarian enterprises in the digital economy is substantiated. A digital strategy for the transformation of the logistics management system of agrarian enterprises is proposed, the implementation of which will allow to obtain a synergistic effect, including the economic, social and environmental effects.

The theoretical substantiation of the distribution and sales management system of a trade enterprise is carried out in the article. The role of distribution and sales policy of the enterprise in realization of the purposes and tasks of business activity is shown. Sales activities of enterprises occupy a leading place in the management system. It has a goal subordinated to the management of strategic development of the enterprise, aimed at forming a system of support, taking into account industry characteristics, internal and external problems. The use of scientifically approaches to the management of sales activities of industrial enterprises will allow managers to make effective decisions. Sales is an integral part of marketing activities of the enterprise, which consists of a holistic process of bringing products to the final consumer through the use of marketing measures to study the needs, formation and stimulation of demand for products to meet consumer needs and make a profit. The organization of sales management system of a trade enterprise, which provides for the development, planning, coordination, organization and control of relevant measures and key indicators of efficiency and scale of product promotion in order to establish long-term relationships with business partners in a strategic partnership. The problems of sales management and distribution of a commercial enterprise are studied. The efficiency of the distribution and sales system is analyzed and practical ways to solve the research and production problem, which is to develop recommendations for the management of the distribution system and sales policy of the organization, the development of practical recommendations for its improvement. The directions of improvement of the system of distribution and sale of products are substantiated. In order to increase payment discipline in settlements with counterparties to improve sales activities in the direction of sales through a single-level (and multilevel) distribution channel, it is recommended to identify key aspects to be specified in supply and sale agreements. To improve the implementation of the strategy of management of distribution and sales of products, it is proposed to reorganize the scheme of implementation of logistics processes in the enterprise. To increase the financial efficiency of sales activities, it is proposed to introduce an optimal CRM-system for automation of business processes and interaction with customers in the direction of sales through the zero distribution channel.