Economic Foundations Research Articles

Advancements in Bankruptcy Prediction Models and Bibliometric Analysis

Since the economic downturn of the 1930s, there has been a growing interest in predicting company bankruptcies. Though not a new topic, the prospect of business bankruptcy has gained increasing relevance due to globalisation. This study explores various methodologies employed in predicting bankruptcy. Preventing bankruptcies also bolsters economic stability by averting the adverse effects of insolvency on the community. Companies with a solid and flexible economic foundation are more likely to succeed. This article reviews existing literature, discusses prevalent predictive models, and presents a statistical analysis of bibliometric data associated with bankruptcy prediction. This work aims to answer the research question of identifying the trends over time in the econometric models used to predict bankruptcy. This article may be useful for finance and business students in providing an overview of the subject and for business managers to identify the key determinants of financial distress. Exploring the R package, Bibliometrix® demonstrates its efficacy as a powerful tool for science mapping.

КОРРУПЦИЯ КАК СОЦИАЛЬНОЕ ЯВЛЕНИЕ

The article analyzes the influence of corruption on the social life of society. The causes and consequences of corruption are considered, the importance of negative social consequences is emphasized. It was revealed that if a distortion of social, political, economic foundations is identified in a state, then there is a degradation of social relations due to the weakening of legal institutions, then the level of corruption will be high. Effective measures to combat corruption aimed at strengthening social norms in society are summarized and listed

Cryptoeconomics: Financial Market Security Aspects and Implications for Managerial Accounting

"The development of modern information technologies and the processes of globalization are key factors for the emergence and spread of virtual currency. The legal status of cryptocurrency is still uncertain. It is considered both as a modern means of payment and as a speculative tool for illegal activities. However, despite such diametrically opposed interpretations, the fact that economic realities are constantly changing is unconditional. The IFRS reporting system is no exception, which should adapt to new challenges in a timely manner and take into account the need to disclose information about new progressive elements as much as possible. The article aims to analyze the economic and financial essence of cryptocurrencies, assess the phenomenon of the crypto economy and its impact on the financial market and monetary policy, as well as to outline appropriate implications for the corporate level – namely, for management accounting. The methodology is based on a theoretical analysis of cryptographic protocols and tools for investment and macroeconomic analysis, some approaches of economic theory. It is shown that although today cryptocurrency is a speculative, high-risk instrument, cryptoeconomics is increasingly integrating into the global financial market, while the potential risks of this process still outweigh its benefits. Accordingly, at the micro-level, management accountants must understand the related risks and be able to explain the implications to the management team and the board of directors. The originality of research consists of an attempt to combine the analysis of macro- and micro-implications of emerging crypto economics based on an economic theory foundation."

From turbulence to resilience: A bibliometric insight into the complex interactions between energy price volatility and green finance

Given the growing concerns over climate change and energy price dynamics, this study provides a comprehensive bibliometric analysis of energy price volatility (turbulence) and the resilience of green financial markets. Using data from Scopus from 1994 to October 2023, we employ performance analysis, science mapping, and thematic analysis through bibliometric study. Efficient Market Hypothesis (EMH), Game Theory, Dynamic Capabilities, and Resource-based view provide solid theoretical foundations for understanding these dynamics. Our findings reveal four critical themes: sustainable development in the green energy sector, technological innovations and renewable energy integration, economic foundations and investment dynamics in green financial markets, and environmental impact and policy influence. The analysis highlights the pivotal role of green finance in mitigating energy market fluctuations and promoting sustainable development. Policymakers and practitioners should leverage innovative green financing strategies to enhance economic resilience and drive long-term sustainable development. We propose thought-provoking questions to guide future research on these themes.

Comparison and analysis of discharge standards of rural domestic sewage in different regions

China rural habitat remediation work has made significant progress. As part of this effort, various regions have implemented rural sewage treatment pollutant discharge standards, taking into account their unique economic foundations, management levels, and characteristics of rural sewage discharge. A comparative analysis of the rural domestic sewage discharge standards in the southeastern and northwestern regions of China reveals that these standards primarily consider the water environment quality of the receiving water bodies. However, there are substantial variations in pollutant concentration limits for rural sewage discharged in different regions. This research aims to guide the transition of rural sewage treatment from high-standard discharge to resource utilization. Additionally, it seeks to provide valuable insights for the selection of sewage treatment technologies, models, and governance strategies in different regions of China.

ORGANISATIONAL AND ECONOMIC SUPPORT FOR FOOD SECURITY IN THE CONTEXT OF EXTRAORDINARY CHALLENGES

The theoretical and methodological basis of the research presented in the scientific paper is based on the solution of the problem of the effective functioning of the market environment, agricultural market infrastructure in Ukraine, problems and prospects that Ukrainian agrarian modernity has today in the development of global food markets. An important block of issues is also the role of the state in building new mechanisms of restrictions and incentives, implementation of the whole set of regulatory policies during the war in the context of global political, economic, food and financial challenges. The purpose of the study is to improve scientific approaches and practical recommendations for solving the problem of ensuring the organisational and economic foundations of the functioning of the agrarian market in Ukraine under martial law. In order to achieve this goal, a wide range of research methods was used, the most important of which were the methods of generalisation and synthesis, scientific abstraction, analytical diagnostics, descriptive statistics. The methodical basis of the research were general and special methods, namely: system analysis - in order to comprehensively characterise the strategic potential of agricultural development; statistical analysis (method of standard deviation) of the dynamics of gross production by main types of agricultural products, generalisation and synthesis - in order to examine the legislative and regulatory bases in the direction of diagnosis of the potential of the agricultural sector to ensure the sustainability of national food security. The dialectical method of understanding socio-economic processes, the formal-logical method and the method of system analysis have been applied in order to better understand the processes of the country's food supply, the formation of food independence from imports, the identification of the regularities of the processes of food self-sufficiency, as well as to take into account the influence of macroeconomic factors on the improvement of the level of national food supply and food security. The main set of indicators and factors (conditions) of national food security and the set of indicators of national food security were formed to address important issues of food supply in accordance with the country's potential capabilities in the production, storage, processing of agricultural products to provide food for all categories of the population with appropriate levels of consumption, as well as food of adequate quality and safety. The study determines that the economic focus of regulatory measures on the food sector, on the protection of domestic consumers, will lead to the provision of agricultural producers with the necessary and optimal level of income, and will help to increase the competitiveness of the agricultural sector as a whole. It has been proved that solving the problem of improving the organisational and economic foundations of functioning of the agrarian market of Ukraine under martial law will generally contribute to ensuring the level of national food security, which will further give a powerful impetus to the State-building in Ukraine under martial law.

TRIAL BY JURY AS A GUARANTEE OF LEGITIMATE DECISIONS: CONSTITUTIONAL, LEGAL AND ECONOMIC PRINCIPLES

The article is devoted to the analysis of the constitutional, legal and economic foundations of the jury trial as a guarantee of legal decision-making. The issue of jury trial remains extremely relevant in the context of building a democratic society and the rule of law. In accordance with the principles of separation of powers, a jury trial is an institution which ensures public control over justice and significantly affects the legitimacy of court decisions. The subject of the study is the constitutional and legal relations related to the functioning of the jury, as well as the economic relations closely related to it. The study of this topic is important for ensuring the effectiveness of justice, protecting human and civil rights and freedoms, and increasing public confidence in the judicial system. The purpose of the article is to analyse the constitutional and legal framework and economic principles underlying the jury trial and determining its role as a guarantor of lawful decision-making in the judicial system. The methodology of the article includes the method of analysis, comparative method, empirical method, method of synthesis and generalisation of results, and historical method. The results of this paper include an analysis of the role and significance of the jury in the legal system, the peculiarities of its composition and procedural functioning, as well as its impact on law enforcement and human rights protection. The publication analyses the constitutional and legal framework of the jury as a guarantee of legal decision-making. The authors analyses the domestic and foreign experience of using a jury trial, examines its advantages and disadvantages, economic factors and impact, as well as the legal acts regulating the activities of a jury trial, and the principles and procedures underlying its functioning. It is concluded that the historical context of the development of the jury trial demonstrates its significant role in the administration of justice. When defining the role and functions of the jury in the modern legal system, one can note its important impact on ensuring fair trial and protection of citizens' rights. However, there are problems and challenges that require attention, in particular, the issue of increasing the effectiveness and inviolability of the jury in practice. The conclusion of the study is that the institution of jurors is crucial for ensuring the fairness of justice and public trust, is determined by the constitutional principles of ensuring its independence, requires improvement of legislation, training of jurors and consideration of economic consequences for its further development, as evidenced by the results of the analysis and comparative methods with the European and American experience.

How long has it taken China’s economy to recover from the COVID-19 epidemic?

The coronavirus disease 2019 (COVID-19) epidemic has profoundly impacted the stability of China’s economy, resulting in severe short-term economic fluctuations. A critical question arises: How long did it take for China’s economy to return to its pre-epidemic development status? This paper aims to answer this question and conducts an in-depth analysis of China’s national economic resilience in the face of this unprecedented challenge. To achieve this goal, this paper begins by examining the progression of the COVID-19 epidemic and China’s corresponding economic policies. It then delves into the national economic resilience of China across macroeconomic, industrial, and financial dimensions. This is achieved by analyzing the trajectory of economic recovery in these three dimensions following the substantial shock of the pandemic. The result shows that China spent approximately 2 years to restore its macroeconomic development, industrial structure, and financial system to the pre-COVID-19 epidemic status. This result reflects the national economic resilience of China to some extent. Following the immense shock of the COVID-19 epidemic, China’s economy exhibited a rapid recovery, demonstrating robust national economic resilience. This recovery can be attributed to several factors: first, a solid economic foundation established over past decades; and second, the strategic policies implemented by China, including decisive epidemic management, effective fiscal measures, and adaptable monetary policy.

Myco-remediation of synthetic dyes: a comprehensive review on contaminant alleviation mechanism, kinetic study and toxicity analysis

AbstractA strong economic foundation can be achieved by the growth of a number of businesses, including food, paper, clothes, leather, and textiles. However, because of improper waste management, industrialization and modernization have resulted in the massive disposal of water effluent laden with harmful substances like dyes and heavy metals, which has negatively impacted the ecosystem. A new green technology called myco-remediation has emerged to battle harmful toxins while promoting sustainable development effectively and economically. This review employed enzymatic degradation, biosorption, and their influencing parameters for optimization in order to highlight the invaluable potential of fungal bioremediation for dye degradation. Current perspectives on enzyme immobilization techniques and kinetic studies of dye removal have been reviewed, which can aid in the selection of quick and effective removal processes. This research offers new insight into a criterion that is often overlooked in favor of dye decolorization efficiency: the toxicity assessment of pure dye and post-process metabolites produced following myco-remediation. Our attention has been directed towards toxicity analysis at many levels, including genotoxicity, phytotoxicity, and zoo-toxicity. This is important to keep in mind when considering the extensive implications of myco-remediation for the recycling and reuse of industrial effluent. Enzyme engineering and omics technologies have been highlighted as potential future developments.

DEVELOPMENT OF INTERNATIONAL ACTIVITIES OF INDUSTRIAL ENTERPRISES

The article delves into the urgent issues surrounding to the development of Ukraine's enterprises' international activities in contemporary conditions. It provides a meticulous examination of the fluctuating landscape of Ukraine's exports and imports, meticulously identifying key trends and primary drivers behind these changes. Special attention is paid to the development of exports of domestic metallurgical and agricultural products, as well as the analysis of service exports and the identification of negative factors affecting the operations of exporting enterprises. Additionally, the article meticulously examines the commodity structure and geographical distribution of imports, offering a comprehensive understanding of the nation's trade dynamics. Drawing from this exhaustive analysis, it arrives at conclusive insights regarding the imperative need for structural reforms within the domestic economy. Central to the discourse is the imperative need for the formulation of a comprehensive industrial policy, determining its fundamental principles and strategic priorities. The article underscores the urgency of adopting proactive measures conducive to contemporary demands at macroeconomic, regional, and microeconomic levels. It is envisaged that these measures will enhance the resilience and effectiveness of international trade operations amid global changes in the local and global markets, thereby strengthening the country's economic foundations and enhancing its competitiveness on the international stage. The article contains a profound analysis of various aspects shaping the trajectory of enterprises' international interactions. It emphasizes the necessity of forming a comprehensive industrial policy and delineates its principles and priorities aimed at reshaping the economic landscape and stimulating sustainable growth in an era characterized by unprecedented volatility and interconnectedness. The conclusion is drawn that the modernization and development of the internal processing industry should become a key factor in enhancing competitiveness and fostering economic development in Ukraine

ЗАСАДИ РОЗВИТКУ МІСЦЕВИХ БЮДЖЕТІВ В УМОВАХ РЕФОРМУВАННЯ МІСЦЕВОГО САМОВРЯДУВАННЯ

The article is devoted to an overview of some of the main organizational and economic foundations of the development of local budgets in the conditions of local self-government reform. It was determined that local self-government is a manifestation of the democratic management of social development, which is based on the idea of citizen participation in solving community problems. The main functions of local self-government are the involvement of citizens in issues of local development, management of communal property, socio-economic and cultural development, provision of social services to the population. The powers of local self-government bodies include the preparation of community socio-economic development programs, the involvement of enterprises and ensuring the efficient use of resources. The implementation of the organizational and economic mechanism benefits all participants in the process, because the accumulation of taxes in the local budget contributes to the growth of the quality of life of the population, creates additional conditions for the development of enterprises, the creation of new jobs, and affects the formation of the investment climate. In the conditions of martial law, changes were made to a number of regulatory and legal documents regulating budgetary issues to ensure the smooth functioning of budgets at various levels during the war. The changes concerned the provision of prompt, continuous and timely implementation of local budgets, which provide for the needs of both residents and business entities of the OTG. To ensure the restoration of the work of enterprises and organizations in the liberated territories, local self-government bodies redistribute state aid. At the same time, the biggest changes in legislation related to the cancellation of mandatory taxes and deductions to the budgets of the OTG. Further scientific research in this direction concerns the improvement of the methodology for analyzing the development of local budgets in the context of local self-government reform. A number of regulatory and legal documents regulating budgetary issues under martial law were reviewed.

Assessing Risks in Cross-Regional Tourism Corridors: A Case Study of Tibetan Plateau Tourism

Due to the frequent impact of external risks, scientific tourism risk assessment has become the primary task to be implemented in the process of tourism development. Especially with the development of self-driving travel, cross-regional tourism corridors have become an important tourism carrier. However, compared to traditional fixed-location tourism, cross-regional tourism introduces a more intricate landscape of risks. Therefore, there is a pressing need to assess the tourism risks inherent in these corridors. There are many cross-regional tourism corridors in the Tibetan Plateau, but the natural environment of the Tibetan Plateau brings great risks to these tourism corridors. That is why this study focuses on the Tibetan Plateau’s tourism corridors, employing methodologies such as the Analytic Hierarchy Process, entropy weight method, geographic information systems (GIS) spatial analysis, and others to delve into their tourism risk profiles and the influencing factors. Our findings reveal elevated tourism risks across the Tibetan Plateau’s corridors, notably concentrated along the Yunnan–Tibet Line, north Sichuan–Tibet Line, Xinjiang–Tibet Line, Tangfan Ancient Road, Qinghai–Tibet Line, and south Sichuan–Tibet Line. Furthermore, Geodetector was employed to scrutinize the factors influencing tourism risk within the Tibetan Plateau’s corridors, identifying tourism resource endowment, geographical location, precipitation patterns, and economic foundations as primary influencers. Notably, the interaction between these factors exacerbates the overall tourism risk. These insights significantly contribute to the field of tourism risk research and provide a scientific basis for formulating robust tourism safety management strategies within the Tibetan Plateau region.

Inequalities: The Economic Foundation

Inequality takes many forms, but it starts with inequality of wealth and incomes. From that flows inequality is social mobility, life expectancy, educational attainment and even happiness. And the inequality of wealth and income is very extreme – both withing countries and between rich and poor countries. The gaps are hardly narrowing, if at all. Behind extreme inequality is the concentration of the bulk of wealth in the form of the ownership of productive capital in just a few adults in the world – no more 1% of 8bn people. That concentration has arisen because of the economic structure of the capitalist mode of production as it has spread across the world in the last century. While that basic structure remains in place, redistribution policies for income and wealth will be inadequate. A fundamental change in the social and economic formation of modern economies is required.

For the greater good: modern China’s struggle on housing shortage

The examination of housing shortages in China presents a fascinating subject that is rarely directly addressed. This topic not only captures our interest due to the irony in a communist country but also in light of the profound transformation of Chinese society, evolving from an agrarian civilization to a modern industrialized state. The objective of this essay is to establish a comprehensive framework that encompasses economic, social, and architectural narratives as an integrated whole. This essay delves into the historical trajectory of housing shortages in modern China, tracing the evolution of this issue within Chinese society since the founding of the communist regime in 1949. Given China’s unique industrial and residential policy framework, housing provision is intrinsically linked to state-owned factories and residential certification, commonly referred to as hukou. As the political and economic foundations have shifted over time, so too has the root cause of housing shortages. In addition to general historical and theoretical research, we have undertaken an in-depth examination of Lanxi City, one of the industrial clusters established in China. The case study of Lanxi City involves a series of visits and interviews conducted within local factories and communities. Our analysis identifies two distinct phases in this evolution: the “fundamentalist communist era” and the transitional period toward a market economy. Each of these eras can be further subdivided into four distinct phases, providing a more nuanced perspective. Our findings reveal that various housing distribution mechanisms have contributed to the issue of housing shortages. During the first era, housing shortages were primarily a result of hukou restrictions, industrial disparities, sluggish construction processes, and corporate profit considerations. In the latter phase, spanning the 1980s and 1990s, housing shortages were exacerbated by escalating costs and a slow rate of housing unit replenishment. As the new millennium unfolded, real estate bubbles compounded the housing crisis, with older neighborhoods ill-suited for modern living. Our interviews and visits complemented our literature research, offering valuable insights into the systemic exploitation of specific groups in pursuit of broader goals, hence the title. This paper underscores the housing shortage in China as a consequence of economic disparities between urban and rural regions, as well as between the prosperous East coast and the underdeveloped West hinterland.

Organisational and economic support for the development of business enterprises in agriculture under martial law

Entrepreneurs in agriculture ensure the potential of the country's food security and environmental protection. The study aims to substantiate the social, economic and conceptual foundations of the activities of business entities in agriculture under martial law. The research methodology is based on the provisions of system-functional analysis and institutional economic theory. Graphical, and abstract methods of systematisation of results were used. The study found that in 2023, more than 50 thousand business entities (92% of them were farms) produced products. 1.6 thousand agricultural businesses received loans worth 60.1 billion UAH. The author substantiates the need to keep the preferential financing of agricultural entrepreneurs under the "Affordable Loans 5-7-9%" programme as "survival loans" with the expansion of the limits to 130-140 million UAH and a reduction of the interest rate to 5%. The study determined that small business and family farming are the primary guarantors of employment. It is proved that in the period 2017-2022, 84.64% of the variation in net profit is explained by the variation in the level of agricultural products sold by business entities. The article substantiates the expediency of applying the organisational and economic principles of business development in wartime, developing comprehensive indicators for assessing the state of development of business structures in the agricultural sector of the economy and the impact of entrepreneurship on the development of rural areas. The indicators of development and efficiency of agricultural enterprises are characterised. The information and analytical material can be considered when developing regional programmes for the development of agrarian entrepreneurship.

Geographical and economic foundations of the study of infrastructure: collective monograph

Based on a systematic approach, the monograph examines the features of the placement and development of the infrastructure complex in various areas of geography and economics. The monograph is intended for representatives of the scientific and pedagogical community, undergraduate and graduate students, graduate students and students of advanced training and professional retraining courses

Performance of unequal piled raft under vertical loading in cohesionless medium

The performance of piled rafts with unequal pile lengths in cohesionless soil under vertical loading was investigated in the present study through experimental and numerical analysis. A pattern function is used to define the pile length arrangement. The motivation for considering such a function is to ensure that the varying pile lengths follow a suitable geometric pattern, and it does not obstruct the construction practice in field applications. The piles at different locations within the raft were equipped with strain gauges to observe the strain distribution along their lengths during the static load test. Load sharing was evaluated by placing an earth pressure cell beneath the raft. A three-dimensional finite element analysis was used to simulate the experimental results aimed at assessing the load settlement and load-sharing responses. A comparison was conducted to verify the reliability of the tests. Subsequently, a detailed parametric study was conducted in accordance with different pattern functions, pile spacing, and pile locations in the piled rafts. The load settlement, load sharing, and bending moment of the raft were evaluated. An understanding of the pile behavior at different locations within the group will be helpful in selecting the suitable pile geometry during actual construction in the field. A foundation designed by considering the optimized pile length will be helpful in developing a more economical and resilient foundation system.

THE POLITICAL AND ECONOMIC FOUNDATIONS OF THE RADICAL CHANGE IN THE DIPLOMATIC RELATIONS OF THE RUSSIAN EMPIRE WITH THE REGIONS OF CENTRAL ASIA IN THE 60S OF THE XIX CENTURY

This article will reveal the physiological and economic foundations of the radical turn of the Russian Empire in relations with Central Asia, which took place precisely from the middle of the XIX century. In particular, it has been shown that there are also several external influences in combination with domestic needs such as owning a market with the purchasing power of industrial products that are developing in the country, meeting the demand for cotton raw materials that have arisen, expanding their territory at the expense of southern borders. In this regard, these include the defeat in the Crimean War, the inability to compete with the Western European powers, the need to have its own influence in Central Asia in order to gain an advantage over the Balkan issue.

Constructing A Model of the Impact of Human Capital and Social Capital on the Employment Quality of Chinese University Graduates: Based on the Mediating Role of Career Development

Introduction: This article is based on the theories of human capital, social capital, social interaction, and collaborative governance. From the dual perspectives of human capital and social capital, combined with the mediating role of career development, it studies the factors that affect the quality of employment for university students and constructs a conceptual model to determine the mediating role of career development between human capital, social capital, and the quality of employment for university graduates. Through a large amount of literature and previous research theories, suitable employment quality indicators, human capital indicators, social capital indicators, and career development indicators were selected. This article reveals the influencing factors of improving the employment quality of university graduates, providing ideas for improving the employment quality of university graduates and promoting the improvement of the higher education system and the stable development of the social economy. Objective: It introduces a novel perspective on career development and explores the mediating role of career development in the impact of human capital and social capital on the employment quality of university graduates. This not only provides more objective and scientific guidance for university graduates' job values, self-awareness, and planning but also helps them better develop and cultivate their own human capital and social capital capability providing effective practical guidance. At the same time, it can provide objective analytical data for the reform of major settings in university education, the establishment of career courses, and the fair and reasonable formulation of employment policies, providing a new research perspective for studying the quality of employment of university graduates. Theoretical Framework: In the developmental stage, at least four economists have made outstanding contributions: Theodore W. Schultz and Gary Becker, Jacob Mincer and Edward Denison, respectively from different angles in different fields for the formation of the basic framework of the foundation, the modern sense of human capital theory was born, not only laid the theoretical foundation for the western education economics but also opened up a new field of western economics research. Method: The research of domestic and foreign scholars on the career development of university students is similar. Due to the differences in the focus, attention topics, and research methods, the dimensions of career development of university students are also defined differently. Results and Discussion: The theories of human capital and social capital have received attention and recognition from scholars as the basis for studying the quality of employment for university graduates. The impact of human capital and social capital on the quality of employment for university graduates is also significant. However, in existing research, there are not many studies that focus on the quality of employment for university graduates from the perspectives of schools and social governance, based on social interaction theory and collaborative governance theory. Specifically, there is a lack of systematic theoretical support and empirical exploration in exploring the impact of major differences and career development on the quality of employment for university graduates, and overall, it is still in the exploratory stage. Research Implications: The research results indicate that there is a significant correlation between career development, human capital, social capital, and the quality of employment for university graduates Originality/Value: This model is not yet tested in Chinese contexts.

Assessing Inequality and Its Translation on Economic Growth and Human Development in West Africa

Sub-Saharan Africa in general and West Africa in particular are ranked as one of the most unequal regions of the world. This study aims at investigating the direct effect of inequality on economic growth and human development (HD). To assess this effect, we use three variables and rigorous estimation techniques. The indirect effect of inequality on the economic growth–HD nexus in West Africa is analyzed with a view to identifying ways of realigning the policies to bring down inequality in West African economies. For this, we compare different standpoints on how inequality affects this nexus. Then, we run fixed effect panel regression and random effect panel regression on various models to test the hypotheses. We find that the positive impact of inequality on HD and economic growth in the most developed economies of the region results from deliberate policies coupled with strong economic and socio-political foundation.