The purpose of this study was to establish the role of public audit in ensuring transparency and accountability in corporate governance under varying institutional systems. The analysis encompassed six companies from Austria, Germany, and Kosovo (two from each country), operating in strategically significant sectors – energy, telecommunications, and banking. The research period covered 2020-2024. A case study methodology, along with content analysis of audit reports, was applied to assess practices in response to audit recommendations. The findings revealed a systemic influence of auditing on managerial processes: in Germany and Austria, the implementation rate of audit directives reached 87.4% and 81.2%, respectively, accompanied by the digitalisation of reporting, adoption of blockchain solutions, and development of internal response plans. Companies in Germany and Austria utilised national e-reporting platforms and XBRL protocols, which facilitated timely audits and access to supporting documentation. In contrast, the implementation rate in Kosovo did not exceed 43.6%, with over 50% of audits still conducted on paper, significantly diminishing control effectiveness. The incidence of accounting violations, double recording of expenses, and documentation inconsistencies was higher among Kosovar firms. The results indicated a strong correlation between digital integration, organisational responsiveness to audit, and the quality of managerial adjustments: in German firms, the average time to respond to auditor remarks was reduced to 5 days, whereas in Kosovo it remained unchanged – over 21 days. The study proposes a conceptual model integrating digital, behavioural, and regulatory factors to explain audit effectiveness under institutional risk conditions. The findings are practically relevant for countries with transitional economies, particularly for developing digital control infrastructures and enhancing corporate reporting transparency.

The article is devoted to the study of institutional prerequisites and mechanisms for implementing the tokenisation of real-world assets (RWA) as an innovative tool for sustainable financing of local hromadas in Ukraine. In the context of the digital transformation of the global financial system and the need to diversify funding sources for territorial development – especially in the post-war reconstruction period – there is a growing demand for alternative mechanisms to attract investment at the local self-government level. The authors analyse the current state of the institutional environment for implementing RWA-tokenisation in Ukraine, identifying key obstacles and opportunities for the development of digital financial instruments in municipal governance. A conceptual model of the institutional-functional architecture of the RWA-tokenisation ecosystem is developed, incorporating regulatory, organisational-institutional, technological, financial-economic, compliance, and informational-educational components. A comprehensive SWOT analysis of the potential for real asset tokenisation in Ukrainian local hromadas reveals significant opportunities to create innovative financing mechanisms for infrastructure projects and to enhance the investment attractiveness of territories. Four scenarios for the development of the institutional environment are proposed: “institutional stagnation,” “experimental phase,” “integrated RWA ecosystem,” and “technological transformation”. Based on empirical research into the readiness of territorial hromadas to implement blockchain technologies, practical recommendations are formulated for creating an effective institutional foundation for RWA tokenisation. The study results can inform public policy on the digitalisation of municipal finance and support the implementation of pilot projects to tokenise public assets.

The article examines the interrelationship between food security and the level of development of the agricultural sector in Ukraine in the context of global challenges and military threats. The main focus is on the etymology of the concept of “food security”, its evolution in international and national legislation, as well as contemporary approaches to defining its components. The main trends in the functioning of the agricultural sector are analysed, particularly in the context of destabilising factors such as the COVID-19 pandemic, climate change and the war with Russia. Key problems are identified: disruption of logistics supply chains, complications in the sowing campaign, reduced yields, restricted access to international markets, and loss of infrastructure. Particular attention is paid to agricultural export indicators, which, despite significant losses, remain a determining factor in Ukraine's macroeconomic stability and integration into the global economic space. It has been proven that the agricultural sector is the strategic basis for food security, ensuring the satisfaction of domestic demand, the formation of foreign exchange earnings and the strengthening of Ukraine's position as one of the world's leading suppliers of grain and oilseeds. It is shown that food security encompasses three interrelated aspects: availability, access and consumption, each of which directly depends on the effectiveness of agricultural production development and state support policies. The prospects for the development of the agricultural sector, particularly in the field of crop production and oilseed seed production, as well as the importance of humanitarian initiatives such as “Grain from Ukraine” for strengthening the country's international image, are substantiated. The importance of adapting agricultural policy to EU standards, developing innovative technologies and providing systematic support to agribusiness as necessary conditions for ensuring sustainable development and strengthening food security in Ukraine and the world as a whole is emphasised.

The article addresses the economic assessment of introducing solar technologies as an essential component of green energy development in Ukraine. The issue is considered through the prism of the impact of solar generation on enterprise cost optimisation, energy independence, and increased resource efficiency. In the context of martial law and the destruction of the centralised energy infrastructure, the issue of decentralising electricity generation and transitioning to renewable sources is of particular practical importance. Based on a financial and economic model, the optimal parameters for a solar power plant (SPP) for a medium-sized enterprise are determined. The key indicators, in particular, the payback period by static and dynamic methods, are calculated. The plant's capacity is determined based on the enterprise's seasonal insolation and consumption structure. The results of the study demonstrate high profitability and rapid return on investment in SPP, provided that the capacity is appropriately configured to the consumption structure. Attention is paid to the model's sensitivity to changes in WACC and inflation, as well as to scenarios of overcapacity installation, which result in a decrease in profitability due to a generation surplus. The potential benefits and limitations of projects are assessed, in particular, the threat of reduced economic efficiency when the optimal installed capacity is exceeded without sufficient consumption. A model for evaluating the economic feasibility of SPP investments is presented, accounting for consumption, seasonality, equipment degradation, and the time value of money. The study confirms the financial feasibility of transitioning to green energy at the individual enterprise level. The results show high profitability for such investments, even under conservative estimates. However, it is emphasised that the optimal SPP capacity should be chosen to account for individual consumption characteristics to avoid energy overproduction.

This study examined the implementation and effectiveness of indirect assessment methods in personal income tax administration, with particular emphasis on regulatory frameworks and opportunities to enhance tax audit effectiveness. The research employed a statistical analysis, case study examination, and comparative assessment of implementation practices across different jurisdictions. The study primarily focused on Latvia's experience as a representative EU member state, analysing data from 2020-2024 on tax administration performance indicators and audit outcomes. The findings revealed that the successful implementation of indirect methods requires integrating advanced technological capabilities with appropriate legal frameworks. At the same time, effectiveness varies significantly across economic sectors and taxpayer categories. The research demonstrated that jurisdictions investing in digital infrastructure and staff expertise achieved 23.4% higher voluntary disclosure rates and improved assessment accuracy by 16.8%. Analysis of the Latvian experience showed that properly adapting international best practices to local conditions increased detection rates by 81.2% in 2024, with particularly strong results in the professional services and retail trade sectors. The study identified key success factors, including data quality, staff competency, and technological infrastructure. An analysis of implementation costs revealed significant variations in resource requirements, with initial technology investments ranging from 2.5 to 3.5 million EUR, yielding average returns of 185% over five years. The research demonstrated that jurisdictions with integrated tax administration systems had 15-20% higher success rates in implementing indirect assessment methods than those with fragmented systems.

With a view to improving the management mechanisms of the healthcare system in local communities in the coal-mining region, emphasis is placed on the importance of taking into account the socio-economic conditions of life in these areas. The current state and prospects for the development of management mechanisms in the healthcare sector are analyzed, and the fundamental problems and critical challenges associated with environmental pollution, occupational risks, and limited medical infrastructure are identified. The directions for modernizing management mechanisms through the integration of environmental strategies, digital solutions, telemedicine, and information and analytical systems that form the basis for rapid response to threats to public health are substantiated. The potential for cross-sectoral interaction among local authorities, medical institutions, industrial enterprises, and the public to form a sustainable healthcare model capable of adapting to the conditions of military transformation and environmental degradation is revealed. Based on national and international experience, strategic planning tools, preventive programs, mechanisms for administrative decentralisation, and innovative forms of cooperation are proposed to improve the accessibility and quality of medical services. The importance of digitising management processes, expanding health monitoring systems, and involving communities in the formulation of health policy is emphasised, thereby strengthening social stability and enabling the effective implementation of a model of just transformation in coal regions. The role of preventive approaches and the development of medical services focused on early detection of environmentally induced and occupational diseases were summarised, as they are critically important for communities in coal-mining areas. It is emphasised that the introduction of innovative management tools and partnership models of interaction creates the preconditions for a sustainable, adaptive healthcare system capable of ensuring long-term, positive social effects. It was emphasised that the effectiveness of further transformations largely depends on local authorities' ability to integrate modern management practices and digital solutions into the strategic planning for the development of the medical sector in local communities.

The article addresses the challenges of modelling the collective intelligence of innovation-integrated enterprises in the context of digital transformation. An overview of mathematical models used to describe collective intelligence technologies is given. It is noted that collective intelligence technologies focus on the effective use of intellectual potential in working with an enterprise’s organisational capital. The concept of IQ as a measure of intelligence has been confirmed as applicable to the enterprise. The paper proposes a new mathematical model for calculating the collective intelligence quotient IQ, which makes it possible to compare group capabilities with individual ones, and, in particular, allows demonstrating the possibility of increasing the efficiency of the intelligence quotient for each group member by dividing work according to the competencies of the participants. This mathematical model for calculating collective IQ can serve as a basis for assessing the efficiency of enterprises in using collective technologies. To address the most difficult modelling task – the synergy of the intelligence of different people in the course of joint work – a model is proposed that assesses synergy based on participants' analytical or creative abilities. A variant of such synergy is a joint solution to a problem using brainstorming technology. The proposed model enables assessing the effectiveness of collaboration and can also be used to select participants for collaboration. The scientific novelty of the study lies in the study of collective intelligence technologies in enterprise management, substantiation of the place of these technologies in the tasks of corporate informatization and calculation of the effectiveness of new technologies, which made it possible to prove the special role of collective intelligence technologies in the organization of work in the knowledge age. The results of scientific research and the authors' practical recommendations contribute to the effective use and development of collective intelligence in the design of knowledge management systems at enterprises and their network associations in promising knowledge-intensive technological areas.

The efficiency of financial trading is a fundamental concept in finance, essential to effective price discovery, minimising transaction costs, and maintaining market liquidity. Despite the theoretical robustness of concepts like the Efficient Market Hypothesis, empirical evidence reveals persistent inefficiencies, particularly in financial trading in emerging markets under globalisation and newer asset classes such as cryptocurrencies. The purpose of this article is to evaluate the efficiency of financial trading in the context of globalisation. To achieve this, ARIMA-GARCH time-series modelling was used. The empirical analysis incorporated data from developed financial markets (S&P 500, FTSE 100) and emerging financial markets (Shanghai Composite Index) from 2010 to 2023, focusing on transaction costs, liquidity, and volatility. The mathematical model incorporated components such as market price dynamics, transaction costs, liquidity, and flow rates information to construct a combined efficiency metric. The results demonstrate significant disparities in efficiency among markets. Financial trading in the developed markets exhibited lower volatility clustering and higher price predictability, indicative of greater efficiency. In contrast, financial trading in the emerging markets showed pronounced inefficiencies due to higher transaction costs and volatility. The proposed model enables us to quantify market efficiency and highlights the impact of liquidity and transaction costs on price alignment. It also provides a holistic view of market efficiency and serves as a tool for traders, policymakers, and regulators. Further research is recommended to empirically validate the model across different asset classes and assess its implications for regulatory frameworks.

This study examines the impact of key economic growth indicators on the carbon credit market in India, highlighting how selected macroeconomic variables shape its dynamics in an emerging economy. Using secondary data covering 11 years from the Reserve Bank of India (RBI) and BSE India, the research applies rigorous econometric methods, including the Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) Unit Root Tests, the Vector Error Correction Model (VECM), and Ordinary Least Squares (OLS) regression, to explore both short- and long-run relationships among variables. The analysis considers crude oil prices, automobile sales (AMS), the Housing Price Index (HPI), GDP, the Index of Industrial Production (IIP), and the Green Exchange Index—an indicator of sustainable finance performance and investor confidence in carbon markets. These variables capture economic activity, market sentiment, and energy dependence, all of which influence carbon credit pricing and demand. Empirical results indicate that crude oil prices and AMS negatively affect carbon credits, whereas HPI, GDP, and IIP positively impact them. The Wald test indicates no long-run relationship between carbon credits and crude oil, AMS, or HPI. However, GDP, IIP, and the Green Exchange Index significantly boost carbon credits in the short run. A robustness check using 2024 data confirms the consistency and structural stability of these associations over time. The study concludes that macroeconomic and industrial indicators are decisive in shaping carbon credit movements. Strengthening industrial productivity, promoting sustainable finance, and aligning macroeconomic management with green policy objectives can enhance the efficiency of carbon markets. These findings provide valuable insights for policymakers, investors, and environmental economists seeking to harmonise economic growth with emission reduction goals. The Indian experience also offers a strategic reference for other emerging economies pursuing sustainable carbon trading frameworks.

This paper aims to review the literature on resilience and small and medium-sized enterprises (SMEs). Grounded in a thorough review process, a systematic analysis of 109 papers – included in the Web of Science and Business Source Premier databases – in the fields of business, management, economics, and related areas is conducted and presented. The research identifies four distinct strands of discussion, each drawing on a specific conceptualisation of resilience in the context of SMEs. These four conversations set the stage for refining the understanding of SMEs’ resilience and identifying shortcomings in the literature and avenues for future research. Drawing on broad perspectives, we categorised SMEs’ resilience as an inherent attribute of business, then delved into the phenomenon in the face of crises, both during and after a disturbance. Diverse influencing factors/enablers have been outlined and summarized. Generally, the present research highlights that the contributing factors are industry-specific and region-specific. In recent research, sustainability has received particular attention alongside other influencing factors. Additionally, we uncovered theoretical and conceptual frameworks to underpin research on SMEs’ resilience. The dynamic capabilities view, the resource-based view, social and human capital theories, sustainability theory, and crisis/risk management frameworks are among the most prominent approaches in research on organisational resilience. Thus, by offering a timely review of the literature (2010 – the first quarter of 2025), we characterise the current state of knowledge and integrate diverse strands of scholarship on SMEs' resilience and its factors, aiming to provide a systematic overview.