Finance Science Research Articles

Public finance in modern Ukraine: theoretical and practical aspect

Introduction. In this article we analyze the sphere of public finance in Ukraine. In the theoretical aspect, domestic financial science does not pay enough attention to issues related to the conflicting combination of economics and politics in public finance, the interplay of political and financial theories in this field, and the application of behavioral models of various public finance subjects in scientific research. At the same time, there is a need for clarification of the structure and nature of public finance. Objective. To define the essence and structure of public finance based on well-established theoretical postulates; to investigate main trends in its development, problems, and ways of improvement in modern Ukraine using statistical data. Results. Foreign and domestic scholars not only interpret the concept of "public finance" differently but also include various components in it. Public finance is defined as the total amount of society's always limited monetary resources at the disposal of the state authorities and local self-government. Its formation and use require accompanying institutional and organizational activities based on the scientific groundwork produced by public finance theory. Over the past five years public finance in Ukraine has been characterized by conflicting trends with the defining factors being the global Covid-19 pandemic and Russia's full-scale war against Ukraine. In 2022, the share of expenditures of the consolidated budget and the Pension Fund reached a record high of 65.8% of annual GDP. The deficit of the consolidated budget has reached a record level. In these conditions, the government is implementing a forced but well-balanced active debt policy. The existing solidarity-based pension system significantly burdens and adds problems to Ukraine's public finance. Conclusion. To solve a series of accumulated problems in the field of public finance, what is needed first and foremost is peace in Ukraine after its victory. During the post-war reconstruction process, further reforms and measures should be taken to improve the state of public finance and bring it closer to international standards of efficiency, effectiveness, social utility, and security.

BEHAVIORAL FINANCE: ESSENCE AND APPROACHES TO DEFINITION

The article analyzes approaches to defining the essence of behavioral finance. The historical nature of the concept of "behavioral finance" and the main trends in its definition have been studied. The main areas of scientific knowledge of behavioral finance are highlighted, respectively, according to the psychological and economic approach. Evolutionary changes in the views of the scientific community regarding the concept of rationality of economic agents are considered. The interpretation of the concept of "behavioral finance" by domestic and foreign scientists was analyzed, the connection of behavioral finance with financial theory, practice and psychology as the basis for all definitions of their complex conceptualization was investigated. It was established that the main influence on the further development of behavioral finance is the failure of the neoclassical theory to explain a number of anomalies that are the result of irrational decisions. It has been proven that in connection with the growth of the trend of practical application of behavioral finance, the relevance of the study of the theoretical aspect of this direction of financial science is also increasing.

LITERASI FINTECH, KEPERCAYAAN KONSUMEN DAN NIAT MENGGUNAKAN E-WALLET

This study aims to examine the role of FinTech literacy and trust on the intention of using e-wallet. The sample is 84 respondents who use at least 3 times a month one of the e-wallet applications. The 5-point Likert scale was used to determine respondents' responses to the question items contained in the questionnaire. The collected data was then analyzed using the SPSS program. The results show that FinTech literacy is not a factor that is considered by Generation Z to use e-wallet applications. However, trust in e-wallet is a factor that can increase the interest of Generation Z to continue using e-wallet applications. Next, this paper will be able to contribute to the development of behavioral financial science.

ECONOMICS AND ADVANCED CALCULATION METHODS OF FINANCIAL ENGINEERING

Topicality. The article defines the place and implementation of the tasks of financial engineering. In recent years, against the background of the active use of trade and financial instruments, the complexity of monetary relations between enterprises and financial institutions and the wide spread of computer technologies increase the relevance of the topic.Aim and tasks. The main purpose of the article is to determine the possibility of misuse of financial instruments reflecting the system of risk management, which is an element of financial engineering, which is considered as a means of achieving the competitiveness and strategic advantage of organizations.Research results. In the modern world, the processes of making managerial decisions are becoming more and more complex, while it is necessary to take into account an increasing number of factors that affect the financial results of an enterprise. Decision-makers are required to use mathematical skills in the design of financial transactions, knowledge of the basics of computer modeling. Today, not a single major financial institution in the world, including central banks, can work without computer mathematical models of modern financial science. From this point of view, a new direction in the training of specialists is relevant - financial engineering.Materials and methods. While conducting the research, sources related to financial engineering were examined, articles related to the complexity of monetary relations between enterprises and financial institutions and the wide spread of computer technologies were analyzed. Content analysis, induction, deduction, and comparative analysis methods were used during the research.Conclusion. The conclusion of the study is that the use of innovative financial technologies or the borrowing and use of advanced financial instruments from us requires a qualitatively new arrangement of cooperation, which is not possible under implementing sanctions. The final result is that the use of innovative financial technologies, the organization of the professional association of economists and financiers of the country, the creation and development of self-regulating organizations, the formation of a community of highly qualified specialists and the development of the quality management system of educational services are necessary for the development of machine building in Azerbaijan.

Implementation Of The Basic Concept Of Corporate Social Responsibility As A Branding Strategy at Amboina Restaurant

Companies carry out their social responsibility in various forms and each company implements CSR in several ways. This restaurant produces heavy food such as mixed rice, soto, rawon, and egg petis. The uniqueness of this restaurant is that when producing food, it has a unique taste image, namely with the typical spices of Bangkalan Regency which is rich in spices, besides that it is no less interesting with large pieces of fish compared to the others, with its uniqueness this Amboina restaurant applies one of the following: One CSR triple bottom line is people, so the researcher proposes to apply all triple bottom lines with the aim of obtaining a positive image in the hope of having a long product life cycle. This research is a qualitative type with an interview method that obtains the results of this study, namely the proposal of triple bottom line people in the form of social action, performance innovation, and employee rewards. Planet with training in reducing household waste that is used as fertilizer and liquid soap. Profit in the form of CSR regarding financial science to be more specific in processing finances.

The issue of economic and legal prerequisites for the emergence and development of compliance in the banking sector

The article examines the issue of prerequisites for the emergence and development of compliance, which is becoming increasingly widespread in the sphere of business in Ukraine. Compliance control is a necessary and mandatory element of the activities of Western companies, both financial and representatives of other areas of business. Compliance came to Ukraine relatively recently and has not become widespread in domestic business. The issue of compliance is relatively new not only for domestic financial science and law enforcement practice, but also for industries, agriculture, and medicine in the framework of control, prevention and prevention of risks associated with non-compliance with the requirements, rules, and regulations of the law. That is why in the field of ensuring banking security, it is necessary to comply with the requirements of the legislation regulating relations in the field of banking activity, with the aim of increasing the efficiency of operations, increasing competitiveness and investment attractiveness. Failure to comply with this requirement may cause irreversible consequences for the banking institution itself, for the state, as well as for investors, partners, shareholders and customers. Prevention of these negative consequences is the task of an effective banking compliance system as an element of Ukraine's economic security. For a better understanding of the meaning of the compliance procedure, in the article, the author singles out the economic and legal prerequisites for the emergence of compliance, its importance, development in Ukraine, and the consequences of applying this procedure. Recently, the banking system of Ukraine has been significantly affected by changes in economic conditions, namely military actions that caused a decrease in assets, created a large number of risks and threats for banking institutions. The current state of Ukrainian control over compliance with legislation in the compliance system in banking requires research and a critical analysis of its regulatory framework in Ukraine to determine effective directions for the development of legislation in this area. The author analyzed international compliance documents that define the principles of compliance, contain recommendations for building an effective compliance function, establish mechanisms for the implementation and functioning of the compliance control system, regulate issues of identification, assessment, management, and timely notification when compliance risks are identified.

Сочетание методологий финансовых исследований

The article analyzes mathematical modeling as a methodology for the study of finance, which today is quite limited and outdated. The directions of the introduction of additional methodology in the field of finance — behavioral science are studied. The behavioral methodology is revealed for: predicting the reaction of investors; considering the general question of how financial markets help the country in allocating resources and ensuring long-term economic stability; contributing to improving the process of making financial and investment decisions. The usefulness of introducing behavioral models into financial science is substantiated, which in combination with mathematical modeling will allow for significant updates in this area.

Development of Modern Approaches to Exchange-Traded Financial Asset Evaluation

Estimation of exchange-traded financial asset fair value is one of the most important tasks in modern financial science. However, the importance of methods for prediction of future prices is constantly changing. The study provides a comparative analysis of fundamental and technical analysis methods, reveals their advantages and disadvantages. Such characteristics of fundamental analysis as profit, income, profitability and the level of debt burden are considered in detail, the degree of their influence on the price of securities is analyzed. After the study, conclusions were drawn about the increasingly narrow use of technical analysis during short-term and investment problem solution. A prediction is given for a further decrease of fundamental analysis importance as the main method of assessment. To obtain these conclusions, we used statistical data reflecting the dynamics of exchange-traded assets when companies entered IPOs. The data obtained indicate a clear correlation between the innovation component of a business, market share and its price. At the same time, the company profit has finally ceased to be the main characteristic of the business during its assessment. Additionally, they studied the relationship between the fairness of exchange-traded asset evaluation and quantitative easing (QE) programs. Conclusions are made about the need to increase the forecast prices in the case of a soft monetary policy application.

Research on the realization path of carbon emission reduction in Zhejiang Province

Zhejiang Province is a developed province in China. Over the years, the scale of economic development has been expanding. At the same time, Zhejiang province attaches great importance to reducing carbon emissions and has achieved remarkable results. Based on the grey correlation theory, this paper analyses the influencing factors of carbon emission in Zhejiang Province, and puts forward a series of suggestions for realizing carbon emission reduction in Zhejiang Province. The results show that the factors affecting carbon emissions in Zhejiang Province, in order of importance from high to low, are as follows:total population; total GDP; financial investment in education; financial investment in environmental protection and financial investment in science and technology. Therefore, in order to achieve the goal of carbon emission reduction in Zhejiang Province, we should focus on the following aspects: controlling the population and advocating green consumption; Improving the green growth level of local economy; increasing education expenditure to improve the people’s awareness of energy saving and environmental protection; increasing financial science and technology expenditure to develop advanced carbon emission reduction technology; Further increasing investment in environmental protection to purchase and configure more advanced environmental protection equipment.

How a probabilistic analogue of the mean value theorem yields stein-type covariance identities

AbstractA method for the construction of Stein-type covariance identities for a nonnegative continuous random variable is proposed, using a probabilistic analogue of the mean value theorem and weighted distributions. A generalized covariance identity is obtained, and applications focused on actuarial and financial science are provided. Some characterization results for gamma and Pareto distributions are also given. Identities for risk measures which have a covariance representation are obtained; these measures are connected with the Bonferroni, De Vergottini, Gini, and Wang indices. Moreover, under some assumptions, an identity for the variance of a function of a random variable is derived, and its performance is discussed with respect to well-known upper and lower bounds.

ЕКЗОГЕННІ ДЕТЕРМІНАНТИ ПУБЛІЧНИХ ВИДАТКІВ У СУЧАСНОМУ ГЛОБАЛІЗОВАНОМУ СВІТІ

Анотація. Процеси глобалізації у світовій економіці посилюють тенденції залежності бюджетних політики країн, у тому числі у сфері формування публічних видатків, від міжнародних відносин. У науковій літературі доволі ґрунтовно розкрито різноманітні механізми залежності публічних видатків від міжнародних відносин. Однак обґрунтовані наукові позиції щодо тих чи інших наслідків для видатків бюджетів різних країн не впорядковано в цілісну систему зовнішніх чинників. Метою статті є систематизація вчення про вплив міжнародних відносин, у яких бере участь країна, на видатки державного бюджету і розвиток теоретичних положень фінансової науки про зміни публічних видатків під впливом міжнародних відносин. Запропоновано згрупувати чинники, які впливають на публічні видатки, у чотири напрями: 1) геополітичні; 2) юридичні, 3) фінансово-кредитні; 4) інфраструктурні. Серед геополітичних чинників, які найбільше впливають на видатки держави, виокремлено військову агресію, ізоляцію, санкції, втручання у внутрішні справи країни тощо. Важливе значення для публічних видатків мають міжнародно-правові (юридичні) чинники, а саме: правові акти міжнародних інституцій, правомочність яких поширюється на державу; ухвали міжнародних судів; рішення міжнародних фінансових організацій. З-поміж чинників міжнародної фінансово-кредитної системи, від яких залежать видатки національних бюджетів, зазначено стан, динаміку, тенденції на міжнародних фінансових, валютних, кредитних ринках. Наслідки інфраструктурних чинників для публічних видатків проявляються через створення об’єктів глобальної інфраструктури, їхня модифікація і ліквідація. Одержані результати дають змогу чіткіше ідентифікувати міжнародні чинники, що впливають на публічні видатки, і більш ґрунтовно розуміти природу такого впливу. Ключові слова: публічні видатки, бюджет, бюджет держави, економічні санкції. Формул: 0; рис.: 1; табл.: 0; бібл.: 31.

Financial law and financial science in Russian Federation and Czech Republic (comparative research)

The methodology. Comparative legal, historical and analytical scientific methods were used. The main results, scope of application. Formation of financial-legal theory in both countries took place under the circumstances of political changes. In relation to the Czechoslovak Republic, the attention is focused on the period from the formation of the Czechoslovak Republic in 1918 to the formation of the Czech Republic in 1993, and the main emphasis is made on the period of the 21st century. Periodization of financial law and financial science, and also the system of financial law considers the teaching of financial law and financial science at the Faculty of Law, Charles University. The study also characterizes the process of development of financial law and financial science in pre-revolutionary Russia, highlights the Soviet period of development of financial law, focuses on the problems of development of modern financial law. Periodization of financial law, as well as the system of financial law, are presented from the perspective of teaching of the subject of financial law at the faculties of law. The authors suppose that the modern system of financial law and financial science has retained the original division into two parts, general and specific. All sub-branches of the special part of financial law may be divided into three main blocks: (1) sub-branches of the fiscal part of financial law; (2) sub-branches of the non-fiscal part of financial law; common sub-branches of the non-fiscal part of financial law.Conclusions. The hypothesis about the unity of the principles of financial law and financial science, and public finance as the main category, as well as about the independence of this branch of public law was confirmed during the study. Due to the growing volume of legal regulation in both countries, the historical division of the financial law system is not enough, there is an extensive fragmentation of division in the financial law system. We are observing the emergence of new sub-branches, which are likely to tend to the formation of new branches.

DEVELOPMENT OF THE DOCTRINE OF FINANCIAL POLICY, THE FINANCIAL SYSTEM, FINANCIAL AND CREDIT MECHANISM AND FINANCIAL RESOURCES IN THE WORKS OF THE UKRAINIAN SCIENTIST MIKHAIL KRUPKA

Introduction. Each scientist contributes to the formation and development of financial theory and practice, which enriches financial science, makes it more powerful and effective. A special niche in this area is occupied by the Ukrainian scientist M. I. Krupka, who celebrates his 70th birthday in October 2021. His contribution to teaching in the areas of financial policy, financial system, financial and credit mechanism, financial resources is significant and occupies a worthy place in financial science, deserves study, generalization and dissemination. Therefore, the study of this problem is relevant. The purpose of the article is to study the current theoretical, methodological and practical foundations of financial policy, financial system, financial and credit mechanism, financial resources in the scientific works of the Ukrainian scientist M. I. Krupka and clarify recommendations for solving certain problems in this area in modern conditions. Methods. The work uses dialectical, structural-logical, institutional, functional approaches, methods of generalization, analysis and synthesis, induction and deduction, comparison, ascent from the concrete to the abstract and from the abstract to the concrete, assessment and others. Results. The main directions of scientific research of M. I. Krupka are revealed, in particular in the field of economic theory, money, credit and banking and finance. The approaches to the interpretation of financial policy, its influence on socioeconomic processes in society have been clarified. The definitions of the financial system, the features of its formation and functioning are considered. The nature, essence and main components of the financial and credit mechanism of the innovative development of the Ukrainian economy are analyzed. The theoretical, methodological and practical foundations for the formation and use of financial resources in Ukraine have been developed.

About the concept of methodology of the science of financial law (financial and legal science)

About the concept of methodology of the science of financial law (financial and legal science)

ПРО ДЕЯКІ ПИТАННЯ ОЦІНКИ ФІНАНСОВОГО СТАНУ ПІДПРИЄМСТВА

The purpose of the article is to critically analyze the essence of the financial condition of the enterprise, with further study of key analytical indicators that are used or can be used to assess the financial condition of the enterprise. Firstly, the very subject of study of financial science is emphasized, since it is the finances of an enterprise that can act as a generalized indicator of the success of the entrepreneurial activity. Secondly, attention is drawn to the essence of "profit" as a key indicator that determines the effectiveness of a particular enterprise, in particular, the content of this indicator is analyzed from the point of view of the legislator. The thesis is that most of the indicators used in the financial analysis are in no way innate, only there is a consensus opinion of experts on their general content and feasibility of use. Further attention is paid to the feasibility of using indicators such as net income, gross profit, operating income, etc. Also, the article states that synthetic indicators are also used in addition to analytical indicators of financial analysis. The thesis is formulated that in general the list of synthetic indicators of analysis is not exhaustive and depending on the problems and depth of analysis, each researcher can create their own indicators, which can be unique for a particular enterprise, and more commonly used in the future. Legislatively established that enterprises of any organizational and legal form are fully responsible for their obligations to creditors, budget, public control bodies (professional unions), etc., and therefore the responsibility for their own financial condition is also borne by the enterprises themselves, at least within the statutory property. This provision allows the fact that in addition to several innormated indicators of analysis as income or income, other indicators of analysis should be used, and not only are generally accepted in domestic practice. In particular, given the growing share of foreign funding for Ukrainian enterprises, additional attention should be paid to financial analysis indicators such as EBITDA, EBIT, OIBDA, and others.

Research on innovative model of engineering leadership development based on action learning

At present, talent competition is becoming a focus of international competition. Both developed countries and large developing countries regard scientific and technological human resources as the core factor of strategic resources and enhancing national competitiveness, and vigorously strengthen the capacity building of scientific and technological human resources. Engineering leadership training is a new direction in modern higher education. Enterprises require graduates not only to be experts in design and analysis, but also to have leadership, with excellent communication, expression, adaptation, coordination and management characteristics. In recent years, the state's investment in industrial science and technology activities has maintained rapid growth, the national financial science and technology appropriation has increased steadily, the enterprise's investment in science and technology has maintained rapid growth, and the expenditure on scientific research and experimental development has continuously refreshed historical levels. Various organizations in China are also gradually applying action learning for leadership development. From the effect of action learning and traditional methods on leadership development, this paper discusses the innovation and educational measures of leadership development based on action learning.

ESSENCE AND ROLE OF STATE EXPENDITURES IN REGULATING THE DISTRIBUTION OF THE POPULATION’S INCOME

Purpose. The aim of the article is to generalize the theoretical approaches to determining the essence, classification and composition of state expenditures and substantiation of their role and mechanism in regulating the distribution of population income. Methodology of research. The theoretical and methodological basis of the research is the fundamental provisions of financial science, set forth in the works of Ukrainian and foreign scientists on the issues of formation of state expenditures. The following general scientific and special methods were used in the research process: logical analysis, synthesis, theoretical generalization (in the process of distinguishing the concepts of “budget expenditures” and “budget costs”); induction, deduction, abstract and logical (when characterizing the essence of state expenditures, state purchases and social transfers); abstraction, description, comparison (to substantiate the mechanism of influence of state expenditures on improving the financial condition of the population). Findings. It has been established that, in terms of economic essence, “budget expenditures” is a broader concept than “budget costs”, since they, under the conditions of exchange for the necessary value equivalent, can be turned into expenses. It is substantiated that public purchases and social transfers are a type of public expenditure. After all, the essence of public procurement consists in the allocation of budget funds for the purchase of goods and services necessary for the functioning of state and local authorities and the population. Instead, social transfers by their content are a system of monetary or in-kind payments to the population that are not related to their participation in economic activity at the present time or in the past. A graphical interpretation of the mechanism of influence of state expenditures on the improvement of the financial condition of the population is presented. Originality. Approaches to the classification of state expenditures have been improved. According to the method of influence on the financial condition of the population, it is proposed to divide expenses into those that directly improve the financial condition of the population, and those that improve the financial condition of the population through reproductive processes. Practical value. The results of the presented research can be used in the process of forming and implementing financial policy in terms of the use of state expenditures to improve the financial condition of the population. Keywords: state expenditures, state purchases, social transfers, population income distribution.

ФІНАНСОВИЙ ПОТЕНЦІАЛ ЗАКЛАДІВ ВИЩОЇ ОСВІТИ УКРАЇНИ: ЕКОНОМІЧНА ПРИРОДА, ПРОБЛЕМИ ТА МОЖЛИВОСТІ ЗРОСТАННЯ

The article is devoted to highlighting the economic nature of financial potential, as an economic category that reflects the financial aspects of the economic activity of economic entities in general and higher education institutions in particular. The purpose of the article is to generalize scientific views, their systematization and the development of methodological approaches to the comprehensive study of financial potential of higher education institutions of Ukraine. The tasks of the publication are the application of comparative and systemic approaches in the study of financial potential, the identification of its relationship with finance as a basic category of financial science based on the use of key categories of the theory of knowledge, clarification the place of financial potential in the list of definitions of economic science and its role in the organization of economic activity at various levels of economic management, finding opportunities for practical growth based on improving the organization of educational activities and modernizing the financial system, developing proposals for improving the management of financial activities of higher education institutions based on the use of estimated (forecast, planned) and actual (reporting) indicators of financial potential. In the process of researching the financial potential as an economic phenomenon, its close connection with the economic power of the main activity of economic (institutional) units of the economy was revealed. For non-financial corporations - this is production activity, for institutions of higher education - this is educational and scientific (scientific and technical) activity. All other types of economic activity are of an additional (secondary, service) nature. Their organization must be directed to the full realization of the capacities of the main activity, which should contribute to increasing the efficiency of economic activity as a whole. Based on the analysis of statistical data regarding the activities of higher education institutions, it was found that the possibilities of increasing their financial potential during 2010-2020 steadily decreased, which is explained by a significant reduction, for various reasons, in the number of students. Overcoming the problem of lack funds, due to the increase in tuition fees, also seems problematic, since the income and expenses of higher education institutions are mainly formed outside their main activity, namely in the plane of the financial system, the modernization of which in line with the best world standards is gaining special importance.

Государственная деятельность М. М. Сперанского в новейшей российской научной журнальной периодике: взгляды и оценки

Approaches and estimates of the state activity of the political figure, the large reformer in imperial Russia M. M. Speransky is considered. The author analyzed the latest publications on this subject in the leading domestic scientific magazines for 2017-2021. It is noted that interest in the state activity of the reformer has constant and steady character. The author investigated such aspects of a problem as: the general estimates of M. M. Speransky and a basis of his political and legal views, projects of the state transformations and their realization, a role of the reformer in development of the Russian law, the Siberian reforms according to the modern journal periodical press. It is emphasized that the interest of researchers is attracted by projects of the state reforms, especially emergence and activity of the State Council and the future not only this power institution, but those principles on which it arose initially. The role of the statesman in formation of institutional function of the mechanism of the state is shown. Rather new plot is studying projects and Speransky's activity in formation of financial science and also fundamentals of domestic law and legal education in Russia. The author paid attention to new aspects in studying the Siberian reforms of M. M. Speransky which study has fruitful historiographic tradition, their assessment is given. The conclusion is drawn that the total number of publications on the analyzed questions, in comparison, for example, with the Soviet period, increased considerably. New problems on a joint historical began to be studied and jurisprudence, to be applied the comparative method and a comparativist in general as the direction of researches more widely. Along with it the prospects of further studying a subject in connection with new objective conditions of development of modern social and humanitarian knowledge are planned.

Perception of Foreign Language Learners in the Use of Internet-Based Tools

This study is aimed at understanding the perception of foreign language learners on the use of internet-based tools in learning in general and learning a foreign language in particular. The study is focused on investigating the learners? view on the strengths, significant uses and problems with integrating internet-based tools in classroom learning and personal supplementary learning. A survey was used in collecting data by providing a 35-item self-assessment questionnaire to a whole class of respondents who are taking a Mandarin language course from the College of Business and Financial Science of the University of Makati. The data collected was analyzed by getting the frequency and mean to determine which strengths, significant uses, and problems with integrating internet-based tools perceived to be true for the learners. Although foreign learners have a generally positive view of integrating internet-based tools in foreign language learning, they are not using it sufficiently.