Value Principle Research Articles

Health care provider payment schemes in Central and Eastern European countries

Abstract Background Health care provider payment schemes are key elements of the health care system that influence providers behavior, quality of care, and efficient use of resources. In recent decades, Central and Eastern European (CEE) counties have implemented various reforms that have changed payments methods and other elements of the purchasing process. The aim of the study was to provide an overview of the current provider payment schemes within the public health system in selected CEE countries and identify the main directions of their reforming. Methods Based on existing literature, a theoretical framework and data collection form were first developed. Next, desk research was conducted to collect data on provider payment methods and other elements of the purchasing process in primary care, outpatient specialized care, hospital care, and long-term care. The collected information was verified and supplemented though consultations with national experts. Nine countries were included: Bulgaria, Croatia, Czechia, Estonia, Latvia, Lithuania, Hungary, Poland, and Romania. The study was conducted in 2023. Results Capitation, fee-for-service, and case-based payments are the most commonly used methods in the analyzed countries. The countries are increasingly using blended payment methods. Primary and hospital care have the most diverse payment method mix and have experienced the most substantial changes in their payment schemes since 2010. The most common changes focused on modifying existing methods (detailing payment categories, changing the principles of tariff valuation), and introducing additional methods to pay for specific services or performance (fee-for-service, bonus payments). Conclusions CEE countries are following similar directions in reforming provider payment systems, with the goal of strengthening primary health care, shifting emphasis from inpatient to outpatient care and improving cooperation between health care providers. Key messages • CEE countries largely use output-based methods to pay for health care services. • Provider payment systems are becoming more blended as countries look for the most effective payment method mix to meet policy objectives.

Market-Consistent Valuation and Capital Assessment for Demographic Risk in Life Insurance: A Cohort Approach

We explore the quantification of demographic risk in accordance with the market-consistent actuarial valuation principles. Our contribution includes closed formulas for assessing the inflows and outflows of an insurance policy portfolio using a cohort approach. To maintain versatility, we address both traditional and equity-linked policies, providing a market-consistent valuation of liabilities. Subsequently, we compute the capital requirement for idiosyncratic risk (linked to accidental mortality) and systematic risk (trend risk), presenting an approach that allows consideration of the risks at cohort level. Specifically, we evaluate the minimum capital using an annual time horizon, a 99.5 % confidence level, and the Value at Risk as the risk measure, developing a framework aligned with the European Solvency II regulation for insurance and reinsurance companies. Moreover, the model can be easily adapted to accommodate other regulatory frameworks, incorporating specific rules and accounting principles relevant to diverse jurisdictions worldwide. The numerical analysis and the sensitivities reveal that the accidental volatility of policyholders’ deaths is influenced by the inherent characteristics of the cohort’s policies, the age of policyholders, and the variability of sums insured. Furthermore, trend risk is contingent on both accidental volatility and the longevity forecasting model employed.

From Administrative Price to Market Value of Real Estate. The Evolution of the Valuation System in Poland

Abstract The article applies the method of historical research, using a temporal perspective dating back to 1985, to trace the evolution of market valuation principles for real estate in Poland. These principles evolved similarly to those in many other post-socialist countries, influenced by political and socio-economic transformations and the resulting list of objectives for which these values became essential. The changing legal regulations allowing for the emergence and development of a free real estate market played a decisive role in this process. It was also a period of preparing real estate valuation professionals to meet these requirements. Today, the methodology of valuation, under increasing pressure from various real estate market entities and the rapid advancement of intelligent data collection and processing technologies, is undergoing further evolution. In many countries, including Poland, lively discussions and disputes are ongoing regarding the legal authorization of statistical tools and automated valuation models in valuation practice. These possibilities are being considered particularly in the context of mass property valuations for tax purposes. The methodology involves the analysis of Polish legal provisions, foreign literature, and documents proving the gradual marketization of valuation principles.

Principles of accounting and reporting as principles of valuation and their implementation in practice

The basis of any valuation rules are its principles. In this regard, before defining these rules, it is first necessary to establish what these principles should be. In this article, the basic modern principles of accounting and reporting embedded in the systems of Russian and International standards are considered as principles for valuation of accounting and reporting objects. When conducting research, methods such as analysis and synthesis, grouping method, comparison, analogy method, logical approach, systematic approach were used. As a result of the research, this paper presents a system of valuation principles derived from the principles of accounting and reporting provided for by the main domestic and international regulatory documents. In addition, this article analyzes the practice of implementing these principles by Russian and foreign organizations with different scales of activity. The results obtained in this article will be useful to a wide range of readers interested in the problems of modern accounting and reporting, including valuation, which can be used in the educational process of higher educational institutions, as well as in the practical work of accounting departments of modern organizations.

Sustainability scoring tool for real estate according to German and European valuation principles in the purchasing process

PurposeSustainability has become an integral part of the real estate industry, alongside advancing globalization and demographic development. Due to real estate's influence on greenhouse gas emissions throughout its life cycle, both the regulatory and legal requirements concerning the sustainability of real estate are growing and, as a result of social responsibility, the interest of tenants and investors in sustainable real estate. However, criteria for measuring the ecological sustainability of a real estate investment in the purchase process in order to reduce the risk of including “stranded assets” in the portfolio are missing. This paper aims to address the need to integrate the issue of carbon stranding into existing sustainability rating tools.Design/methodology/approachExisting tools are examined based on defined criteria to determine whether they are suitable for purchasing a property before suitable tools for purchase are compared. Strengths and weaknesses are identified, which are to be remedied with the scoring tool. Taxonomy regulation is integrated into the existing valuation basis as a legal regulation.FindingsThe result is a scoring tool that enables real estate companies to measure and evaluate the ecological sustainability performance of a property during the acquisition process, taking into account the three aspects of sustainability and considering them when determining an appropriate purchase price in line with market conditions. Moreover, the developed tool helps to minimize the risk of acquiring a stranding asset.Research limitations/implicationsThe environmental, social and governance (ESG) framework employed in this study does not incorporate governance considerations. While the analysis extensively evaluates the building's environmental and social aspects, it does not extend to examining the governance practices of the companies involved. Thus, the assessment is confined solely to the physical attributes of the property without accounting for broader corporate governance factors.Practical implicationsThe developed scoring tool represents a valuable tool for the real estate industry, offering insights into sustainability performance during property acquisitions and providing a structured framework for decision-making. By addressing both certification and taxonomy regulation requirements, the tool contributes to the industry's evolution toward more sustainable and environmentally responsible real estate practices.Originality/valueIn response to the growing importance of sustainability in the real estate industry, this paper introduces a novel scoring tool for evaluating the sustainability of real estate investments during the acquisition process.

The Evolving Attitudes of Institutional Economists: From Growth to Degrowth

The growth imperative characteristic of consumer capitalism rests on continuous mass production, fueled by fossil fuels, legitimized by the assumption that wants are infinite. Institutionalists have generally attributed growth to technology, a manifestation of the community’s knowledge base applied to increasing throughput to produce goods. That same technology, however, may precipitate degrowth, a decline in the throughput making growth possible. The first section attributes the Great Acceleration to continuous mass production, requiring the corporate form of business enterprise. The second section explains the degrowth movement focusing on the work of George Kallis. Degrowth arose in response to the adverse effects of growth, providing an ecological critique of mainstream economics. Degrowth advocates minimizing throughput. The third section briefly traces the evolution of institutionalists’ attitudes towards growth, attitudes guided by the principles of instrumental valuation and social provisioning. The fourth section offers a conclusion, focusing on pecuniary emulation pushing people to live at the pecuniary standard, a standard that continues to rise with increases in throughput and innovation.

Properties of Salicylidene-Aniline as a Corrosion Inhibitor in Oil and Petroleum Products Transportation Systems

Introduction. Risks of accidents and fires during transportation and pumping of oil and petroleum products is a significant problem of technosphere safety. The reasons may be leaks due to corrosion damage to pipelines, tanks and oil storage tanks. In view of the possible serious financial, environmental and social consequences of such incidents, it is important to constantly seek new, more effective approaches to preventing corrosion processes. It is obvious, for example, that at present not all chemical compounds capable of suppressing or inhibiting the destruction of metals and alloys have been thoroughly studied. The presented scientific work is partly aimed at overcoming the lack of data in this area. The objective is to investigate an insufficiently studied compound salicylidene-aniline, which can be a corrosion inhibitor similar to other nitrogen-containing compounds similar in structure and composition.Materials and Methods. The gravimetric method was used to study the inhibitory, adsorption and complexing properties of salicylidene-aniline. The experiments were carried out with St3 steel plates. The mass of metal samples without an inhibitor and with an inhibitor was recorded before and after exposure in the test media. The effect was determined by the change in the corrosion rate. When setting up experiments, the authors were guided by GOST 9.905–82 "Unified system of corrosion and ageing protection. Corrosion test methods. General requirements". The volume of the corrosive medium was determined according to GOST 9.506–87 "Unified system of corrosion and ageing protection. Corrosion inhibitors of metals in water-petroleum media. Methods of protective ability evaluation". The corrosion criteria were taken from GOST 9.908–85 "Unified system of corrosion and ageing protection. Metals and alloys. Methods for determination of corrosion and corrosion resistance indices". The calculations were based on the valuation principle, which sets the ratio of a multiplicative metrized linear order on a set of particular criteria. An integral indicator based on mathematical and methodological approaches was used for ranking.Results. The effect of hydrochloric acid medium on steel samples St3 was studied. Four concentrations of the inhibitor were taken: 0 %, 0.01 %, 0.1 %, and 0.2 %. The mass of metal samples without an inhibitor and with an inhibitor was recorded before and after exposure in the test media. The effect was determined by the change in the corrosion rate. The mass index of corrosion was calculated. The surface quality during destruction and corrosion inhibition was determined in five stages: the elements to be evaluated were selected, the purpose of the evaluation was formulated, the elements of the technical condition of the object under study were found, the essence of determining the usefulness or value of the criterion was described, and the essence of optimization was explained. The studied properties were ranked with respect to the multiplicative metrized linear order on a set of particular criteria. For the calculations, the task was set — to determine the components of vector B in accordance with one of the evaluation stages. We are talking about the stage when the usefulness or value of the criterion is analyzed by points on the numerical axis indicating the state of the object "better — worse". We constructed an indicator z approximating a known or specified (learning) matrix of paired relationships between objects. The resulting indicator allowed us to assess the technical condition of the surface during the course of corrosion and when it slowed down due to the addition of salicylidene-aniline. The result was obtained for samples with a surface area from 10.1∙10-4 m2 to 11.9∙10-4 m2. During the experiment, the mass of the metal decreased by 0.2–0.8 times with the inhibitor and almost by 3.5 times without it. The mass index of corrosion was recorded from 0.15 g/m2∙h to 0.48 g/m2∙h. At the same time, the protective ability of the inhibitor was quite high: the minimum was 77.4 %, the maximum was 94.8 %. This is a convincing indicator. It is also worth mentioning such an advantage of salicylidene-aniline as a low danger. Its hazard class is III (for comparison: the hazard class of aniline is a level higher — II).Discussion and Conclusion. The authors propose to use salicylidene-aniline as a means to increase the safe service life of oil pipelines and tanks. The potential of this composition as an effective corrosion inhibitor, highly soluble in oil and petroleum products, has been proven. Such properties of salicylidene-aniline as slow oxidation and moderate toxicity are noted.

Exploration on the Reform of Civic Science Teaching in the Course of “Principle of Project Quota and List Valuation”

Higher education should not only cultivate students’ professional skills, but more importantly, pay attention to students’ ideological and political education. In order to give full play to the effect of ideological and political education of professional courses, this paper takes the course “Principle of project quota and list valuation” as an example, briefly describes the course positioning and teaching objectives. This paper deeply analyzes the existing teaching problems after the integration of ideological and political goals in the curriculum, and puts forward improvements from multiple perspectives such as the optimization of ideological and political education goals, teachers’ teaching skills, teaching methods, and evaluation methods of learning effects. Practice has proved that by digging deeply into ideological and political elements, reforming teaching methods, and integrating curriculum knowledge with students’ post ability and quality, students can generally establish professional feelings and professional beliefs, and achieve the objectives of curriculum ideological and political teaching.

Is Reviewing Valuations a Tool for Curtailment of Professional Opinions?: A Perspective of a Reviewer Based on Valuations for Secured Lending Purpose

This paper delves into the pivotal role of valuation reviews in mortgage lending, dispelling misconceptions prevalent among private practice valuers. Drawing on the International Valuation Standards Framework, the study emphasizes the importance of qualified and ethical valuers in producing credible reports. Leveraging the author's extensive experience in the state sector and as a valuation reviewer for leading banks, the paper provides insights into fourfold review techniques—Administrative (Compliance) Review, Desk Review, Field Review, and Technical Review. These techniques ensure the accuracy, appropriateness, and adherence to Generally Accepted Valuation Principles, as per International Valuation Standards. In addition, the paper explores the technical background of mortgage valuations, highlighting nine key principles followed by valuers and examining Sri Lanka Valuation Standard-07. This paper also includes ten compelling case studies, covering diverse scenarios such as legal principles, wasting assets, building limits, accuracy of calculations, and valuation challenges associated with cattle farms and apartment buildings under construction. The paper reinforces the crucial role of valuation reviews in maintaining the integrity of mortgage valuations and the inclusion of ten case studies adds practical insights, covering a spectrum of scenarios and reinforcing the argument for adherence to regulatory standards and client requirements.

Theoretical and methodological principles of evaluating the market value of intellectual property objects

The purpose of the article. The purpose of this study is the formation of scientific and methodological provisions and practical recommendations for determining organizational and economic dominants, which become one of the main driving forces for ensuring the effective assessment of the market value of intellectual technologies. Analyses results. Theoretical and methodological issues of valuation of intellectual property objects are considered. The fundamental principles of IP valuation have been formed and substantiated, which are closely correlated with the accuracy and objectivity of the assessment. For a better understanding of the significance and scope of use of the principles proposed for practical use, their totality is divided into three characteristic groups: the principles of observing the interests of the right holder of intellectual technology, observing the interests of the consumer, observing the laws of the market economy. Two basic components of the value assessment of an intellectual product have been determined - analytical and calculation - a competent combination of which allows to form a scientifically based assessment result. It has been proven that, in addition to the market value, other values of the value of the object of intellectual property are used in scientific circulation: investment, insurance, collateral, installation, investment, and so on. The structure of the life cycle of an intellectual property object is proposed, which includes six stages. The economic characteristics of each stage of the life cycle are provided. The definition of each type of value was formed and the dependence of their value on the stage of the life cycle of the intellectual product, the value of which is estimated, was proved. With the use of the collective expert assessment procedure, specific quantitative results of calculations of various types of value at the stages of the life cycle of an intellectual product were obtained, which are based on the ratio of the market value of the intellectual product and other types of intellectual property value. Practical recommendations are provided on the possibilities of using the developed methodological recommendations to determine the prospects of possible consumption of an intellectual product at each stage of its life cycle. Conclusions and directions for further research. The conducted research allows to evaluate the methodological and scientific-theoretical essence of intellectual property valuation from new positions. The assessment of the value of intellectual technologies, taking into account the stage of their life cycle, is a necessary condition for effective commercialization, that is, their introduction into the process of market commercialization (buying and selling) or use in one's own production and economic activity with the aim of increasing its efficiency. It should be noted that the issues of estimating the value of intellectual property objects and their commercialization are quite complex and require further research to form their reliable methodological and methodical base. Most of the proposals presented in the article are extraordinary, they are proposed for the first time and require further processing, clarification and development, especially in the practical aspect. Therefore, the authors associate the prospects of further research with the systematization of the conducted research, a more detailed consideration of factors, their connection with the industry (economic sphere) of basic use and the further development of conceptual provisions, which are only initially indicated by the authors in this article.

Where Did Redlining Matter? Regional Heterogeneity and the Uneven Distribution of Advantage

This article analyzes the regional variation in outcomes of a seemingly standardized federal neighborhood valuation principle used in home mortgage insurance grading. The objective is to highlight the contingent discriminatory and economic conditions that mediated heterogeneous housing outcomes across different parts of the United States. How did city and regional economic and demographic growth patterns vary before and during the mortgage insurance program implemented through the Federal Housing Administration (FHA)? How might this have shaped loan guarantee patterns? How does preexisting racial housing discrimination relate to outcomes? Adopting an orientation that centers on Whiteness and the benefits of mortgage finance for certain groups and neighborhoods, this analysis uses a Bayesian hierarchical framework to investigate the degree of the FHA’s influence between 1940 and 1970, here proxied by the Home Owners’ Loan Corporation maps, on A or B (“AB”) graded neighborhoods versus C graded neighborhoods in different cities. This article studies how home values and homeownership change over time and whether there are regional variations in the influence of these grades. It also studies what longitudinal socioeconomic patterns might explain the persistence or decline of the AB effect over time. Findings show cities in the West Coast, Southwest, and northern central United States that saw the most housing construction also had the highest proportions of FHA loans to overall dwelling units. There is also a distinctive consistency and persistence of benefit on home value and homeownership to AB graded neighborhoods in these cities, possibly owing to regional shifts in the industrial landscape.

Cost–Benefit Analysis of Investments in Air Traffic Management Infrastructures: A Behavioral Economics Approach

An important and challenging question for airport operators is the management of airport capacity and demand. Airport capacity depends on the available infrastructure, external factors, and operating procedures. Investments in Air Traffic Management (ATM) infrastructures mainly affect airside operations and include operational enhancements to improve the efficiency, reliability, and sustainability of airport operations. Therefore, they help increase capacity while limiting the impact on the airport infrastructure itself. By reviewing the neoclassical valuation principles for Cost–Benefit Analysis (CBA), we find that it does not consider relevant behavioral economic challenges to conventional analysis, particularly: failure of the expected utility hypotheses, dependence of valuations on reference points, and time inconsistency. These challenges are then incorporated through practical guidelines into the traditional welfare model to achieve a new methodology. We propose a novel CBA behavioral framework for investments in ATM infrastructures to help policy makers and airport operators when faced with a capacity development decision. This is complemented with a practical example to illustrate and test the applicability of the proposed model. The case study evaluates the deployment of Automatic Dependent Surveillance–Broadcast (ADS–B) as an investment aimed at improving ATM operational procedures in the airport environment by providing advanced ground surveillance data. This allows airport operators to discover the causes of taxi congestion and safety hotspots on the airport airside. The benefits of ADS–B are related to enhanced flight efficiency, reduced environmental impact, increased airport throughput, and improved operational predictability and flexibility, thus reducing waiting times. At the airport level, reducing the waiting times of aircraft on the ground would lead to a capacity release and a reduction in delays. The results show that, following a traditional CBA, the investment is clearly viable, with a strong economic return. Including behavioral notions allows us to propose a new evaluation framework that complements this conclusion with a model that also considers inconsistencies in time and risk perception. A positive Net Present Value can turn into a negative prospect valuation, if diminishing sensitivity and loss aversion are considered. This explains the reticent behavior of decision makers toward projects that require robust investments in the short-term, yet are slow to generate positive cash flows. Finally, we draw conclusions to inform policy makers about the effects of adopting a behavioral approach when evaluating ATM investments.

Economic valuation of wildlife conservation.

The online version contains supplementary material available at 10.1007/s10344-023-01658-2.

Foreign Currency Obligations: Indexation Clauses in Case of Depreciation of the Value of the Currency

In the periods of crisis, money obligations become a continuing issue, mainly in currency depreciation or high inflation. Recently, the money obligations have been defined as an obligation to transfer small ownership of a certain amount of money by jurisdictions. However, these obligations are flawed in terms of the value inequity of one of the two contracting parties. Therefore, the French, German and Anglo-Saxon jurisdictions have proposed to incorporate an indexation clause called the "monetary valuation principle.” This means that the sum of returned money must be reevaluated on the return day accordingly to indices previous stipulated in the contract between the two signatory parties. In this article, we are discussing this issue from the perception of Kuwaiti law.

«GRÜNDRISSE EINER ÖEKONOMETRIE» – економетрична бухгалтерська теорія, розроблена в Галичині на рубежі ІХ–ХХ ст.

The materials of this article are a continuation of the published results in the publication in the previous issue, which provides a generalized comparison of the basic principles of building accounting and "traditional" econometric concepts. In this study, an analysis of the formulated methodological principles of the studied accounting (balance sheet) theory was carried out with an assessment of the methods of representation in the accounting system and the balance sheet generalization of the main objects and economic processes of the enterprise. On the basis of methods and approaches traditional for the accounting field, a scientific and critical analysis of the conceptual foundations of the researched development was carried out. From the standpoint of the contemporary development of accounting theoretical knowledge and with a focus on modern requirements for the construction of accounting and reporting systems, the view of the author of this article on the shortcomings and individual strengths of the researched development is formulated. Separate components of the researched development compared to existing modern problems in accounting and reporting systems. Some provisions of the theoretical development are evaluated from the point of view of their suitability for modern theory and practice. A comparison of the conceptual foundations of the researched development with modern practice based on international principles (standardization) of accounting data formation on the state of resources, capital and the efficiency (effectiveness) of the functioning of the economic system was carried out. Proposals about successful solutions in the studied development, which can be used for the modern development of accounting science, are formulated. The expediency of introducing into the modern system of accounting research formulated in the development of the basic principles and provisions for the creation of capital reserves (valid reserve funds), which are absolutely necessary in the modern conditions of conducting activities of any business entity, is argued. The possibility and expediency of adapting to modern conditions the principles of accounting for intangible economic resources developed in this theory, in particular the principles of their evaluation and write-off of value, are also substantiated. Modern inflationary processes require approaches to the accounting valuation of assets that are adequate to these conditions, which can be solved by using the valuation principles proposed in the development.

IFRS FOR SMEs: EVOLUTION AND DISCUSSIONS

Research on the harmonization of financial reporting of SMEs worldwide is currently focusing on the global application of IFRS for SMEs as an alternative for the financial reporting of entities whose securities are not listed on a regulated market. Several principles of recognition and valuation of assets have been simplified as a result of revisions made to the entire set of IFRS standards in order to meet the specific demands of small and medium-sized entities (SMEs) in meeting the information needs of readers of financial statements. The proposed goal was reached through the application of the historical research methodology, which involved an examination of the background and development of the IASB s project on the financial reporting of small and medium-sized enterprises, as well as subsequent events following the first and second revisions of the standard. Starting in 2000, when the first discussions about the need for a distinct standard for small and medium-sized entities emerged, to March 2021, when the feedback received following the second Request for Information for revision, the time period studied covered a number of significant events, taking into account that this provides a better understanding of the evolution of the IFRS standard for SMEs. Hence, three time periods were examined: the standard s pre-publication period (2000–2009), its first revision (2009–2015), and its second revision (2019-2021).

Developing an equity-focused metric for quantifying the social burden of infrastructure disruptions

ABSTRACT Communities in the United States are increasingly dependent upon aging infrastructure systems and challenged by more frequent and intense extreme weather events due in part to climate change. However, prioritizing resilience-related investments in these systems is hindered by the lack of performance metrics that objectively quantify the societal outcomes of infrastructure disruptions, such as power or water outages. This article outlines the process of developing an equity-focused resilience metric that captures the social consequences of infrastructure service disruptions on households. Theoretically grounded in the Capabilities Approach (CA) theory of human development, this metric focuses on estimating the burden of post-event adaptations taken by households to maintain their basic capabilities (e.g., ability to access food and water) and fulfill important household functionings (e.g., maintaining health and well-being). A travel cost method (TCM) that considers travel-related expenses, direct out-of-pocket expenses, and opportunity costs is presented as a way to measure the value of locations (e.g., grocery stores, emergency shelters, etc.) that provide services that enable households to maintain capabilities. A gravity-weighted model of accessibility is also discussed as a way to capture the value of having multiple potential service locations from which to choose and offers a way to capture important factors impacting a household’s ability to access important goods and services during outages. The proposed social burden metric equation incorporates the valuation principles of the TCM into the framework of the gravity model, resulting in a novel metric with strong methodological heritage. The article concludes by discussing the types of data needed to populate the proposed metric and future applications of this work that could inform the resilient infrastructure investments and planning necessary to mitigate the social burdens of power outages on vulnerable populations.

Sustainability awareness in the Portuguese wine industry: a grounded theory approach

ABSTRACT In order to bridge the knowledge-gap between sustainability awareness and the old world winegrowing culture, this research explores and analyses perceptions of key individuals in Portuguese wine industry regarding sustainability issues, uncovering intercultural trends, expectations and tensions. A grounded theory approach was used on collected nationwide data from semi-structured interviews with leading wine specialists. After conducting an inductive qualitative-content analysis using IRAMUTEQ software, results displayed key domains of concern rooted into three lexical macro ramifications analogous to the environmental-social-governance factors. The sector’s tendency to approach sustainability based on different strategies of action was also exposed. These are the fuse of two main strategic profiles: impact assessment versus value creation; with external exposure versus inward orientation approach. Findings may be used as a reference to wine managers and policy-makers pursuing sustainability goals. The development of a sustainability framework with guidelines is also recommended for standardized accounting and valuation principles in line with the Portuguese context.

COLLATERAL OPERATIONS OF BANKS IN TERMS OF EXISTENTIAL CRISES IN UKRAINE

The paper presents results of the study on essence, types and features of collateral operations of Ukrainian banks in terms of existential crises. It is studied the legal interpretation of the essence of pledge, its own definition has been proposed. It is disclosed features of pledge as an instrument of securing bank loans, which consists in the ability to secure possible future claims, therefore its spread in bank lending is justified by the ability to cover not only the borrowed value, but also accrued interest, including at a variable (floating) rate. It is presented the author’s approach to the essence of collateral operation as a complex of interrelated bank’s actions aimed at establishing, terminating and realizing the right of pledge, the subject of which is property pledged to secure loans granted or received on the basis of concluded pledge agreements. It is substantiated the extraction of valuation, insurance, and monitoring collateral operations, which reflect the bank’s actions to implement the principles of the acceptance of security for clients’ credit debt, namely: the principle of fair valuation, the principle of preservation, and the principle of availability. It is analyzed the dynamics and structure of the aggregate collateral portfolio of Ukrainian banks within the available statistical base (since Q3 2017). It is concluded that the security of bank loans has deteriorated as a result of the reduction in the value of the pledged property against the background of an almost unchanged volume of the loan portfolio. It is substantiated the imbalance in the structure of the collateral portfolio, where more than 2/3 is constituted by various types of movable property and property rights, while real estate objects do not exceed 35%. It is noted a decrease in the productivity of bank lending against a weakening of the corresponding collateral coverage, which is confirmed by the low ratio of the value of the collateral to the volume of lending and the excessive liquidity of the banking system in Ukraine.

Valuation of Digital Intellectual Assets: Principles, Factors, Approaches and Methods

The object of the study is digital assets and digital intellectual assets as objects of valuation. The subject of the research are the principles, factors, approaches and methods of assessing the value of digital assets, including digital intellectual assets, in order to involve them in civil turnover in modern realities. The relevance of the problem is caused, on the one hand, by the formation of new types of assets — digital, including intellectual — in the context of digitalization of the economy and public relations, on the other — by the uncertainties arising during their identification, as well as the need to substantiate the applicability of valuation principles, approaches and methods to determine the value of such assets for further involvement in civil turnover. The purpose of the study is to substantiate the principles, factors, approaches and methods applicable to the valuation of digital intellectual assets, their approbation on specific examples (domain names). Methods of statistical and comparative analysis, generalization, classification, and valuation were used. The essential characteristics of digital intellectual assets have been defined: intangible nature, creation with the help of digital technology; manifestation of value in the information system; the ability to civil (property) turnover as objects of intellectual rights. The applicability of valuation principles, income and comparative approaches to the valuation of digital intellectual assets is substantiated. The factors influencing the value of digital intellectual assets, as well as specific factors characteristic of one of the types of digital intellectual assets — domain names are identified. An example of using the analogs method to estimate the cost of a second-level domain name in the framework of a comparative approach is shown. It is concluded that digital intellectual assets satisfying all essential characteristics can be put on the balance sheet as intangible assets, and their market value is determined on the basis of income or comparative approaches using the principles of evaluation and identified factors.