Corporate Strategy Development Research Articles

The Impact of Digital Investment on Corporate Environmental Performance in The Context of "Dual Carbon" Goals

The dual carbon strategy of "carbon peak and carbon neutrality" is an essential path for high-quality development and poses new practical demands for the transformation and upgrading of corporate development strategies. Based on data from listed companies in China from 2018 to 2022, this study explores the relationship between digital investment and corporate environmental performance and introduces organizational resilience as a moderating variable to analyze its impact. According to the research, organizational resilience acts as a positive moderator between digital investment and business environmental performance, whereas the former has a detrimental impact on the latter. Robustness tests confirm the validity of the conclusions. . Robustness tests confirm the validity of the conclusions. Heterogeneity analysis reveals that the effects of digital transformation are asymmetrical, depending on the type of property rights, the region in which a firm operates, and the extent of CSR that is done. In order to balance economic and environmental performance, companies should strengthen their green innovation capabilities during digital transformation. They should also recognize the beneficial moderating role of organizational resilience, proactively enhancing their stability and flexibility in the face of unforeseen circumstances.

Customs Broker Services Operational Performance: Basis for the Development of Corporate Strategy

This study investigated the operational performance of customs brokers and its implications for developing a corporate strategy. In total, 277 respondents participated, comprising 121 customs brokers and 156 importers from the Philippines, providing demographic information and responding to selfadministered questionnaires. We evaluated operational performance based on quality, speed, dependability, flexibility, and cost using a 4-point Likert scale. The findings revealed that both groups of respondents highly rated customs brokers in terms of quality, dependability, flexibility, and cost. Specific examples illustrating these high ratings were noted. We analyzed differences based on demographic profiles between customs brokers and importers, including gender, speed, and educational attainment. Significant differences were found based on gender and speed. Additionally, variations in educational attainment were identified regarding dependability and flexibility. A significant difference was observed between customs brokers and importers regarding operational performance objectives in terms of speed, with customs brokers rated higher than importers. Addressing this identified difference by implementing targeted measures to enhance speed can contribute to overall operational improvement, meeting the time-sensitive needs of importers and further strengthening the reputation of customs brokers. These findings have practical implications for developing a strategy to enhance the operational performance of customs broker services. By recognizing their strong performance in quality, dependability, flexibility, and cost, customs brokers can continue to prioritize and maintain high standards in these areas, thereby improving overall service delivery.

Corporate Strategies for Sustainable Development and Adoption of New Technologies

Digital technologies and innovative solutions play a crucial role in promoting sustainable development. However, it is important to acknowledge that these technological advancements may positively and negatively impact sustainability (Gray, 1994; Al-Emran, Griffy-Brown, 2023). In 2015, the United Nations (UN) adopted the 2030 Agenda for Sustainable Development as a plan of action to end poverty, protect the planet, and ensure prosperity for all people worldwide (UN, 2015). The Agenda contains 17 integrated sustainable development goals (SDGs) and 169 specific measurable targets. It emphasizes the private sector’s role in facilitating the advancement and achievement of the UN’s sustainable development initiatives, working in partnership with governments, civil society, and other stakeholders (UN, 2015). Even before adoption of this agenda, several social, environmental, and technological developments have impacted the operations and functions of companies. One of these developments is the emergence of green sustainability (Gray, 1994; Abbas, 2019), which helped evaluate companies’ overall performance and shaped the creation of customer value. The corporate (as well as institutional) responses to the emergence of green sustainability have provided an impetus for companies to develop relevant business models compatible with these developments and to share these models with shareholders and society at large. This impetus, in turn, has made it possible to implement sustainable development practices coherently and nurtures a new culture consistent with a large-scale transition to a green, sustainable future. Digital communications effectively eliminate the geographical boundaries for businesses and their customers, so the latter can quickly contact different suppliers worldwide, and locate substitute goods that fulfil their needs (Singh, 2020; Mather, 2020). This trend has thus made acquiring and maintaining competitive advantage a real challenge for companies. This challenge involves the task of achieving the UN Sustainable Development Goals (SDGs) and aligning business strategies with these SDGs. Hence, companies successfully adopt multiple strategies and generate knowledge to satisfy the needs of their customers and achieve their SDGs. The private sector’s contribution to the achievement of the SDGs can be realized through the integration of principles into corporate strategies and operations. In this context, given that the development and implementation of corporate strategy is the responsibility of the firm-level green sustainability model (including environmental, social, and governance aspects), it is essential to provide an understanding of whether and how, green sustainability models affect or influence the corporate sector’s engagement with SDGs (Mangena, 2012; Pirzada et al., 2017).

The Impact of ESG Performance on Innovation Research

High-quality economic and social development has become the main theme of the current era, and the promotion of corporate ESG development is of great significance to the implementation of the new development concept of "innovation, harmony, greenness, openness and sharing". This paper takes 3,784 listed companies in Shanghai and Shenzhen A-shares from 2011 to 2021 as research samples, and conducts research on ESG performance and corporate innovation with the help of Stata17.0 software, based on which it further examines the roles of financing constraints, the proportion of QFII, and the characteristics of senior executives in this influence path. The study finds that: (1) ESG performance has a significant role in promoting corporate innovation; (2) ESG performance can alleviate financing constraints and increase the QFII ratio, thus enhancing corporate innovation; (3) executives with academic background and overseas study background can positively regulate the relationship between ESG performance and corporate innovation. (4) Firms in the eastern and central regions can promote R&D investment by improving ESG performance, and firms in the central region can promote corporate innovation performance more significantly by improving ESG performance. (5) Firms in the national region are able to promote innovation output by improving ESG performance, but state-owned enterprises are unable to improve R&D investment through ESG performance. The findings provide some empirical basis for further promoting corporate strategy development and improving corporate governance mechanisms.

Методы формирования стратегических альтернатив для горно-металлургических компаний на примере ПАО «ГМК “Норильский никель”»

At present, the growth of the mining industry is influenced by a high degree of uncertainty in macroeconomic parameters and geopolitical factors. To mitigate potential risks in the current environment, it is important to focus on the development, justification, and selection of strategic alternatives that enable organizations not only to grow over the medium and long term but also to adapt to changes in the external environment. In science, a substantial methodological foundation has been laid for strategic management and corporate planning. However, prevailing methodologies and tools, such as the extended SWOT analysis method, the Boston Consulting Group (BCG) matrix, the GE-McKinsey matrix, the ADL/LC matrix, and the Ansoff matrix, fail to account for the unique characteristics of companies operating in the mining and processing sectors. This study aims to assess the applicability of matrix-based analysis methods in identifying and developing strategic alternatives for mining and metals companies. It undertakes a comprehensive review of methodological approaches to identifying business development strategies and discusses the advantages and disadvantages of existing methods and tools. In pursuit of practical validation, matrix methods are applied to the task of developing strategic alternatives for a company operating in the Arctic region, specifically, Nornickel. The study illuminates the potential and limitations associated with employing these methods to solve management problems. The article gives methodological and practical recommendations aimed at enhancing the utility of matrix-based methods for their effective application in the development of corporate strategies in the mining and metals sector.

Corporate social responsibility, green innovation, environment strategy and corporate sustainable development

Corporate social responsibility, green innovation, environment strategy and corporate sustainable development

Long-term performance of technology acquisitions: The role of acquisition program diversity, innovation, and alliance portfolio size – Evidence from the pharmaceutical industry

This study investigates whether serial acquisitions enhance shareholder value in the context of technology acquisitions. We analyze how acquisition program diversity – defined as differences between multiple targets' firm types – affects long-term acquisition performance and examine how this relationship is contingent on strategic resources. By testing data regarding 312 technology acquisitions by 147 public pharmaceutical companies from 2002 to 2021, we find that the effect of acquisition program diversity on shareholder value follows an inverted U-shaped curve moderated by the acquirers' innovation level and alliance portfolio size. Our findings indicate that the performance of technology acquisitions depends on the acquiring firms’ diversification degree regarding the industry value chain and internal and external resources relevant to corporate development strategies.

A Digital Strategy Development Framework for Supply Chains

Digitalization has provoked rapid changes in the operational landscape, thus requiring prompt decision-making across end-to-end supply chains. Notwithstanding the fact that technology is the epicenter of digital transformation, more often than not, organizations fail to effectively adopt innovative applications, harness their full potential, and realize growth and competitiveness. Therefore, this article argues that a unique strategy formulation process is required to embrace digitalization in manufacturing supply chains. However, within the context of manufacturing networks, strategy formulation approaches are limited. To this end, this article adopts a case study approach to extract tacit knowledge across 12 multinational companies within the theoretical boundaries of corporate strategy development. Research findings and a theoretically derived framework demonstrate that there are three typologies of digital strategy development for manufacturing supply chains, namely: 1) top-down; 2) bottom-up; and 3) mixed. Every identified typology is supplemented with three determinant criteria for digital supply chain strategy formulation, i.e., number of suppliers, market demand, and product types. Noteworthy, the aforementioned strategies are context-dependent. This article contributes to the operations management field by formulating a novel strategy development framework for digital supply chains. The proposed framework, synthesized via strategic management theoretical views and primary evidence, can provide a reference point as companies chart their current and future digital supply chain strategy state.

Analisis Kebijakan Kualifikasi Kesehatan Dan Standar Pengawakan Terhadap Kinerja Awak Kapal Bedasarkan Penerapan MLC 2006

Maritime Labour Convention (MLC) 2006 is a standard level of manning when establishing, approving or revising the level of manning, the competent authority is obliged to pay attention to the need for working hours or minimize excess working hours, as well as the principles of applicable international instruments, in particular from the International Maritime Organization regarding the level of manning. The purpose of this study is to analyze health qualification policies and manning standards for crew performance based on the application of MLC 2006 in PT. Dhama Lautan Utama Semarang Branch. The method used in this study was descriptive qualitative where the sample used was 6 people. The data analysis technique uses the SWOT analysis method using the calculation process of IFAS (Internal Strategy Factor Analysis), EFAS (External Strategy Factor Analysis) and SWOT Analysis diagram using a likert model scale. Based on the results of the analysis, it shows that there are internal and external influences on health qualification policies and manning standards on the performance of ship crews based on the 2006 Maritime Labour Convention (MLC) in PT. Dharma Lautan Utama, Semarang branch. Using SWOT IFAS and EFAS analysis in the calculation of external factors, the value is 0.667 internal while internal factors of 1,063 have a higher value than opportunity-threat. This shows that the optimization of strenght and opportunity in the development of corporate strategy.

Comparation of differences in the performance of corporate social responsibility between Chinese and American pharmaceutical enterprises-based on corporate social responsibility report.

Objective: We compared Chinese and American pharmaceutical companies' corporate social responsibility (CSR) reports to determine their differences and to analyze the possible reasons for them. Methods: We took as a model the top 500 pharmaceutical companies from Torreya's (a global investment bank) list of the 1,000 most valuable pharmaceutical companies in the world. We then collected the 2020 corporate social responsibility reports of 97 Chinese and 94 American pharmaceutical companies. These reports were analyzed using software such as ROST Content Mining 6.0 and Gephi 0.92. Results: We formed a high-frequency word list, a semantic network diagram, and a high-frequency word centrality scale for the Chinese and American pharmaceutical corporate social responsibility reports. The Chinese pharmaceutical companies' corporate social responsibility reports formed a layout of "double centers and double themes," and the text paid more attention to the disclosure of environmental protection information. The American pharmaceutical companies formed a report presentation form of "three centers and two themes," focusing on corporate social responsibility information disclosures from the perspective of humanistic care. Discussion: The differences in between Chinese and American pharmaceutical companies' corporate social responsibility reports may be due to different corporate development strategies, regulatory requirements, social demands, and the concept of "corporate citizenship." This study makes recommendations for Chinese pharmaceutical companies to better fulfill their CSR at three levels: policy-making, company management, and society.

Modification of the Value Management of International Corporate Structures in the Conditions of the Digital Economy

Purpose of the research. Investigate formats for managing the value of international corporate structures, taking into account the formation of digital assets, and develop recommendations for introducing precise modifications to the management of the value of international corporations in the digital economy. Design/Method/Plan of the reseach. Systematic, synergistic, conceptual and methodological approaches are used, involving the use of the method of analysis and synthesis, modeling, formalization, methods of statistical and economic analysis, modeling, expert support and evaluation. Results of the research. The formation of a new external environment of corporations - the "digital environment" - is substantiated as a space for the manifestation of competitive advantages of the digital transformation of the economy, which is characterized by a clarification of the influence of digitalization on the activities of international corporate structures. The factors of increasing the cost in the digital environment are identified, being based on the developed modified approach, which takes into account both the change of the previously known cost factors in the digital environment and the emergence of new, previously unformulated cost factors, which allow to create a scenario of the economic activity of the corporation in the digital environment, to establish the dependence of the selected factors cost and will divide the factors acting in the formation of the digital environment, and the factors that manifest themselves directly in the digital economy. The concept of cost management of the corporation has been developed, in terms of assessing the new external corporate environment, taking into account the influence of digital factors, identifying new cost levers, taking into account radical changes in technological processes, including recommendations on the adaptation of new digital cost management tools, which allows assessing the digital component of the growth of modern markets and takes into account both the creation and destruction of value under the influence of the digital economy. The theoretical significance of the research. The role of the digital economy in relation to the models and tools of corporate governance has been determined. The points of contact and interaction of corporate strategies and the process of business digitalization based on the effective management of the value of the corporation have been studied. The practical significance of the research. The results and recommendations of the study can be implemented in long-term programs for the digitalization of international corporate governance practices and digital support for the development or adaptation of corporate strategies in order to implement the complex potential of the corporation. Originality/Value/Scientific novelty of the research. The specificity of the implementation of digital economy tools in the organizational formats of the activities of international corporate structures has been studied. Modified models for improving corporate value management based on blockchain technologies and digital cost control as part of a corporate strategy have been proposed. Prospects for further research. The obtained results of the research can be used in the context of the development of national and branch programs for digitalization of corporate management and the implementation of digital technologies in the model of corporatization of enterprises and organizations of various forms of ownership. Article type. Theoretical. JEL Classification: F23, L19, O33

Current and Expected Development of Corporate Strategies for Managing Environmental Risks in Hungary

Environmental challenges often present businesses with unexpected situations, and in order to address them, innovation in the direction of sustainability must become an unavoidable activity. This entails the transformation and development of the existing business models, assuming a great business risk. The occurrence of the risk and its extent can only be estimated, which is why it is important to have management models that are able to handle the challenges posed by new, constantly arising risk factors. We analyzed the largest companies based on the number of employees with headquarters or sites in Hungary with regard to the management methods used by them to manage environmental risks. The methods used were the analysis of variance and cluster analysis. Based on the results of the research it is clear that the companies surveyed are already very concerned with environmental opportunities and risks, and they expect that the role of innovations applied to manage them to play a more prominent role in their future target system. However, the level of this is significantly different and does not depend on the financial performance, and at the same time companies can be divided into distinct groups according to the level of environmental risk management.

Crafting counter frames: Shell's corporate strategies in the Nigeria campaign, 1995–1998

In this article we analyse the actions of Royal Dutch/Shell (since 2021, Shell) considering the campaign against them and their operations in Nigeria in the mid-1990s. Using the concept counter-frames we analyse Shell's internal documentation of the campaign to understand how a multinational extractive industry engaged in disputes of legitimacy and against critiques of their operations. Focusing on frame disputes in the campaign the article contributes with an understanding of the practical development of counter-frames. Using historical records in the form of internal situational reports circulated among subsidiaries during the campaign period we show how different strategies such as lobbying, individual contacts, embedded journalists, production of information products and the development of social programs all were developed through a historical and contingent process between subsidiaries, the public and social movement organisations. Rather than solely identifying strategies used by oil companies the paper expose and analyse the internal logics of Shell which add important insights on the development of corporate strategies in in light of environmental and human right campaigns, legislations and standards.

Acquisition as a Corporate Development Strategy

Acquisition as a Corporate Development Strategy

ESG Strategies and Practices of Chinese Listed Companies

In the wake of the global outbreak of the new coronavirus, many organizations have been subjected to stress tests, including companies and some contractual organizations. This, coupled with challenges ranging from economic inequality to racial inequality to climate change and those already closely tied to business, has combined to create an extraordinary test for business. Capital market investors are also re-examining traditional growth models and placing greater emphasis on sustainability, with a new surge in global ESG investment and practice. China’s economy has benefited from a combination of sustainable development strategies and high-quality development strategies, making it the world’s first major economy to recover from the epidemic. The government has introduced a series of initiatives on carbon emissions, anti-monopoly, and corporate governance to positively transform to a low-carbon economy. When asked about how to handle the deep-rooted problems facing society, companies often say that they cannot afford to invest in environmental protection, high employee compensation, or other social issues because they must return sufficient profits to shareholders. To address this issue, this paper will use the ROSI model developed by the Stern Center for Sustainable Business (CSB) to embed ESG strategies into corporate development strategies to better integrate, track report on the financial performance of companies owing the implementation of ESG strategies, which will improve management decisions related to ESG and sustainable practices and provide investors with more actionable information.

개인 간 거래 플랫폼 이용자 특성에 대한 비교분석

Purpose: C2C e-commerce platforms have distinct characteristics from conventional B2C e-commerce platforms, and reflecting this, it can be seen that users of C2C e-commerce platform will have various differentiated characteristics in terms of demographic and product purchase propensity. By comparing and analyzing the characteristics of rapidly growing users of C2C e-commerce platform, it is expected that basic data necessary for corporate strategy and policy development related to the development of mobile platform services that are driving the growth of C2C e-commerce can be provided. For this purpose, this paper tries to examine and identify the differentiated characteristics of users of C2C e-commerce platforms through the comparative analysis with the characteristics of users of B2C e-commerce platforms. Research design, data, and methodology: For this comparative analysis, large-scale nationwide survey data for the period of 2016~2021 were used to construct relevant variables for the analysis. As for the characteristics of users, various demographic characteristics, characteristics related to the use of information and communication devices and services, and characteristics related to product purchase propensity were comprehensively considered as explanatory variables. Two dummy variables are constructed for dependent variables. One indicates whether to have experience of using C2C e-commerce platforms and the other indicates whether to have experience of using B2C e-commerce platforms. Using these two dummy variables as dependent variables, we estimated logit models. Based on the estimation results, we analyzed how user characteristics affect the likelihood of use of C2C e-commerce platforms and the likelihood of use of B2C e-commerce platforms, respectively. By comparing the estimation results, we could examine and identify the differentiated characteristics of users of C2C e-commerce platforms from the characteristics of users of B2C e-commerce platforms. Results: As a result, the use of C2C e-commerce platforms was relatively common among young people. And unlike the use of conventional B2C e-commerce platforms, the use of C2C e-commerce platforms was affected only by household income, not by personal income, not by gender, but by employment status. This difference is related to the proportion of used product transactions and face to face transactions in C2C e-commerce. In addition, as both the C2C and B2C e-commerce platforms are mainly based on mobile Internet services, the characteristics related to the use of information and communication devices and services were similar. Regarding the product purchase propensity, it was found that users of C2C e-commerce platforms mainly focus on used product transactions, so instead of putting value on the latest products, they put value on visible parts such as design and color. In addition, users of B2C e-commerce platforms value additional functions other than those required in the product, but such characteristics did not appear for users of C2C e-commerce platforms. Conclusions: In the past few years, the use of C2C e-commerce platforms has grown rapidly and its proportion continues to grow amid changes in the consumption paradigm coupled with the evolution of mobile platform services. An understanding of the characteristics of users who purchase products through such C2C e-commerce platforms is very important for operators and policymakers related to C2C e-commerce platform services. It is meaningful in this respect that the results of this paper were able to confirm differences in various aspects in the demographic and product purchase propensity of users of C2C e-commerce platforms. These differences can be seen as reflecting the characteristics of the main consumer group and consumption patterns in the C2C e-commerce. Findings regarding the differentiated characteristics of users of C2C e-commerce platforms can be used as basic data necessary for the future development of mobile platform services for C2C e-commerce. In addition, as the large proportion of face to face transactions generally restricts access to women who shop a lot online, investment and efforts are required to develop services to increase the stability of non-face-to-face transactions. Socially, the encouragement of transaction of used products has benevolent effects of saving resources and alleviating environmental problems, so policy seeking such as legally supporting the stability of C2C transactions is also desirable. However, as it is a newly rapidly growing service based on innovation, policy efforts to induce autonomous investment and efforts of private sector should be prioritized over hasty legal intervention.

The impact of foreign directors and firm performance on strategic change

PurposeThis study aims to investigate the joint effect of foreign directors (FDs) and firm performance on the corporate strategic change.Design/methodology/approachA theoretical framework linking foreign directors, firm performance and strategic change is proposed and tested. This study uses a sample of longitudinal data from 958 US listed firms over the period 2010–2018. The basic model of study first tests whether there is a direct relationship between FDs and level of strategic change. It then incorporates firm performance as a moderating variable, testing its effect on the relationship between foreign director and strategic change.FindingsConsistent with the study’s expectations, the empirical findings indicate that FDs rich in appropriate experience are associated with superior strategic change, measured both in terms of variation in firm strategy over time and deviation from industry norms. The findings confirm that FDs are a salient driver of strategic change. The strength of the effect, however, depends on the firm performance.Research limitations/implicationsThis paper has implications for effective global leadership development based on international appointments. First, directors can benefit from being assigned to work in foreign countries so that they are exposed to a wide range of experiences and can learn to overcome culture shock. Second, posting directors to foreign countries can improve their international knowledge and enhance various competencies related to creativity, leadership and problem-solving. By demonstrating that the board’s characteristics can play a role in corporate strategy development, the current study thus has implications for both study and practice with regard to board composition. The number of seats on any given board is finite, and each individual director is thus expected to not only monitor top management but also to apply their knowledge and relevant experience in service to the company’s ambitions. Except in cases where high firm performance leads to strategic persistence, the results suggest that greater levels of FDs correlate positively with strategic change.Practical implicationsThe practical implications of this paper pertain to director recruitment and selection. First, the findings echo support for the inclusion of members with greater levels of international experience on boards and top management teams. It seems that, despite the importance of this characteristic, directors at US companies often lack substantial experience abroad (Carpenter and Westphal, 2001). A possible reason for this could be that internationally experienced employees otherwise lack the social capital necessary for promotion to directorships because of time spent stationed away from the firm’s headquarters. It is thus essential for companies to create networking opportunities for directors assigned to foreign offices.Originality/valueAlthough previous research has provided some insight into how chief executive officer international experience can manifest in strategic change, this understanding remains far from complete for the members of board of directors. Furthermore, the topic of firm performance as a potential moderating influence remains underexplored. The aim of this study, therefore, is to assess the impact of FDs among directors on corporate strategic change while taking into account the possible confounding role of firm performance in this relationship.

Strategizing the Implementation and Development of Financial Technologies in National Innovation Systems

This article considers the strategic processes of national innovation systems in the context of the introduction of financial technology, as well as systematized stages of development of financial technology in the world. As a result of the work the stages and strategic trends in the emergence of financial technologies in the innovation systems of different countries weresystematized. It is necessary to allocate the USA as the country-leader on creation and realization of financial technologies. The research revealed that companies of different sectors not only use financial technologies to improve the quality of their services, but also actively implement these technologies in long-term corporate development strategies. The article also explored the strategic features of the implementation of financial technologies in the innovation systems of the United States, China and the European Union. The main strategic decisions on creation of innovation ecosystems, interaction of large companies, representatives of financial system, state and science are given. Introduction and realization of financial technologies transforms not only financial and innovation systems, but also the whole national economy. Around the world, countries are paying increasing attention to the strategy of digital transformation of economic systems and increasing access to financial technology.

ДЕФІНІЦІЯ ПОНЯТЬ «ФІНАНСОВІ РЕСУРСИ» ТА «ГРОШОВІ КОШТИ»

The obtained results of theoretical research become the basis of the practical activities of enterprises and are the basis for the development of programs, projects, corporate and functional strategies of the enterprise. Therefore, a theoretical study of clarifying the essence of the concepts "financial resources" and "cash" is relevant from the point of view of optimizing management processes in financial management and establishing effective internal and external communications with the correct use of these concepts. The purpose of this scientific article is to study the essence of the definitions "financial resources" and "cash" and clarify their common and distinctive characteristics. The article discusses the concept of "resources" and their characteristics. Different approaches of scientists to the interpretation of financial resources, their features and differences are studied. The obtained results are systematized in a table highlighting the key meaning, which became: cash funds, cash resources, highly liquid assets, own and loan funds, target direction and sources of income (internal and external). The role of money in the financial and economic activity of the enterprise is determined. Cash is constantly deposited in bank accounts or cash registers in the form of proceeds from sales or income and is withdrawn when payments are made. Domestic scientists define cash as the receipt and outflow of monetary units of the enterprise and their equivalents, generated as a result of its economic activity, the movement of which is related to the factor of time, risk and liquidity. It has been proven that equating financial resources with money significantly narrows the concept of "financial resources", because they include not only available, but also potential funds. We consider it expedient to interpret "financial resources" as a set of cash and their equivalents, formed in the process of economic activity and received from the outside intended for the fulfillment of financial obligations and financing processes of the reproduction of the enterprise. It is established that cash is not the same as financial resources, but is only a part of them and is the most liquid asset of the enterprise, including cash in hand, funds on bank accounts in banks, deposits and electronic money. The given definition of financial resources of the enterprise reveals the main internal content of financial resources, according to which it becomes possible to identify the mechanism of the influence of finance on the reproductive process, which is a prospect for further scientific research.

Challenges and opportunities of blockchain energy applications: Interrelatedness among technological, economic, social, environmental, and institutional dimensions

The energy sector is undergoing a transition of decarbonization, decentralization, and digitalization. This paper explores the application of blockchain in this transition. Through qualitative content analysis, expert interviews and discussion rooted in recent literature, key insights on the practical challenges and opportunities of blockchain energy applications are investigated. This is done in technological, economic, social, environmental, and institutional dimensions in order to propose holistic insights. Key dentified issues include scalability, data privacy, costs of change, market dynamics, user experience, skills, multi-stakeholder governance, and regulatory change. Key identified opportunities also range across these dimensions, such as blockchain advancements, power market development, user research, and regulatory sandboxes. While most research on blockchain energy applications has been from the technological lens, this paper contributes with a multi-dimensional approach. The interrelatedness among these dimensions is one of the key messages of this paper. Both corporate strategy and public policy development need to integrate user behavior research, business model innovation and regulatory experimentation for a holistic approach in understanding and implementing blockchain, and other emerging technologies. It is suggested that the multi-dimensional challenges and opportunities identified in this study, and functioning of their interrelatedness, are of interest for further exploration both in academia and among practitioners.