Stage Of Economic Development Research Articles

Дискуссия о правовой природе российского финансового рынка

On December 18, 2023, a round table on the topic «The Russian financial market: legal nature and structure» was held at the Institute of State and Law of the Russian Academy of Sciences. The article provides a brief overview of the discussion that took place, reflecting the scientific community's understanding of the concept, structure and elements of the modern financial market of the Russian Federation. During the round table, leading experts from leading research and higher educational institutions in Russia and neighboring countries were asked how effective the existing legal instruments are to ensure the stable functioning of the financial market, is the Russian financial market coping with its assigned role. The participants of the round table paid special attention to such controversial issues as the theoretical and legal content of the concept of «financial market» and its structural elements, the formation of a legal model of the financial market of the Russian Federation at the present stage of economic development. At the end of the discussion, the participants unanimously stated the expediency of further improving the legal model of the financial market. We have identified the legal tools necessary to achieve the primary goals of financial market development. We decided to continue the study of the legal nature of money and money circulation, which plays a key role in the functioning of the financial market and in the general economic mechanism.

МЕХАНИЗМ ВЗАИМОДЕЙСТВИЯ МАЛОГО БИЗНЕСА И ЛИЗИНГОВЫХ КОМПАНИЙ: ПРОБЛЕМЫ И ТЕНДЕНЦИИ РАЗВИТИЯ

Target. Explore the mechanism of interaction and the role of leasing in the activities of small business companies at the present stage of economic development. Tasks. Determine the role of small business in the development of the Russian economy at the present stage; analyze the main restrictions in the development of small businesses in Russia; identify key trends in the development of the leasing market and analyze the mechanism of its influence on the development of small businesses. Methodology. This article, based on the use of general methods of scientific knowledge, examines trends and problems in the development of small businesses and the leasing market and their interaction in various aspects. Results. Trends and problems in the development of small businesses in the Russian Federation have been identified, strategies for the development of the Russian leasing market have been determined; the problems hindering the introduction of leasing into the practice of small business companies are summarized. Conclusions. The use of modern leasing technologies will make it possible to create effective mechanisms for their use for the sustainable economic development of small businesses, as well as significantly intensify the investment process in the Russian Federation.

ТЕОРЕТИЧНІ ПІДХОДИ ДО ФОРМУВАННЯ ФІНАНСОВИХ ПОТОКІВ В ЛОГІСТИЧНИХ СИСТЕМАХ

It has been proven that at the current stage of economic development, the efficiency of the movement of goods flows and the effectiveness of the operation of logistics systems depends on the efficiency of the use of financial flows. It is emphasized that this is especially relevant when financial resources are limited in enterprises. This requires primary attention to the analysis of relevant financial flows at the stages of forecasting, organization and control of logistics operations as a basis for planning the movement of material flows, management of flow processes and logistics systems as a whole. According to the research results, it was noted that there is no unambiguous interpretation of the concept of "financial flows" in modern scientific discourse, and the authors use different approaches to define it, considering this definition in both a narrow and a broad sense. It was established that financial flows differ in diversity and heterogeneity. Their main types are summarized in the form of a classification based on such basic features as: relation to a certain logistics system; appointment; the method of transferring the advanced value to the goods; form of calculations, etc. It is noted that this list of classification features is not exhaustive and can be expanded. But the use of a significant number of varieties in the analysis and optimization of the management of flow processes in logistics systems can complicate this activity and cause a decrease in the efficiency of logistics management. The main characteristics of financial flows, which are indicators of the effectiveness of the relationships of the participants in the logistics process and testify to the level of efficiency of the management of financial resources and logistics systems as a whole, have been studied. Among them: the volume and value of the flow; time and its orientation. It is noted that other additional characteristics are determined taking into account the specifics of the enterprise and the importance of a specific financial flow. Attention is focused on the fact that the parameters of financial flows in the logistics system must meet certain requirements that are of interest in the organization of flow processes and their management. Among them: sufficiency; consistency with other types of flow processes in the logistics system; adaptability of financial flow characteristics; creation of conditions for optimization; ensuring the reliability of funding sources, etc.

Implementation of the export potential as a factor in sustainable development of the forest sector: regional aspect

At the present stage of economic development, international trade is becoming an arena for solving geopolitical problems. The implementation of the export potential in the context of the concept of sustainable development is based on a detailed analysis of trends in the export specialization of national economy priority sectors. The subject of the study is the regional forest sector. The provisions of the theory of comparative advantages served as a methodological basis. The article summarizes approaches to assessing the export potential, analyzes the commodity and geographical diversification of the Russian forest sector. The relevance of improving the analytical tools for assessing the sustainability of sectoral socio-economic systems is proved. The information basis of the study is official customs statistics. An analysis of the dynamics of exports made it possible to assess the impact of economic instruments, regulatory and managerial influences, and customspolicyon the development of the export potential of the forest sector. The index of Revealed comparative export advantage has a multiplicative character. It made it possible to obtain detailed information for the development and adjustment of strategies for territorial and sectoral development. The authorsidentified export specialization products of the forest sector of the Russian Federal Districts. An insufficient level of use of resource potential and a narrow specialization of most forested regions in products with low added value were stated.

ОЦЕНКА ПОТЕНЦИАЛЬНОСТИ БАНКРОТСТВА И РАЗРАБОТКА КОМПЛЕКСНЫХ МЕРОПРИЯТИЙ ПО ПОВЫШЕНИЮ ЭКОНОМИЧЕСКОЙ УСТОЙЧИВОСТИ КОММЕРЧЕСКОЙ ОРГАНИЗАЦИИ

At the present stage of economic development, one of the most important areas of financial analysis is to assess the potential for bankruptcy. It is based on a comprehensive analysis of the financial condition of the organization, special attention is paid, first of all, to the assessment of solvency, financial stability, business activity and profitability. At the final stage of assessing the potential of an organization’s bankruptcy, anti-crisis strategies should be developed, which come in different directions: production, marketing, etc. At the same time, special attention should be paid to cost reduction issues, that is, production strategy. The purpose of this work is to develop an industrial anti-crisis strategy based on the assessment of the potential bankruptcy of organizations engaged in the provision of services in the field of electricity and energy supply. To achieve this goal, the following tasks were set and implemented: the theoretical foundations of diagnosing the potential bankruptcy of an organization and developed anti-crisis strategies were studied; an assessment of the potential of bankruptcy based on a multi-criteria approach to its diagnosis was carried out (indicators characterizing liquidity, financial stability, business activity and profitability of the studied organizations were evaluated); a comprehensive analysis of the financial condition was carried out and an assessment of the potential of bankruptcy was given according to the methods of William Henry Beaver and Edward Altman; an anti-crisis production strategy was developed to improve the financial condition of the organization and prevent bankruptcy. The object of the study is an organization engaged in the transmission of electricity and technical equipment, located on the territory of the Krasnodar Territory and the Republic of Adygea.

ВЛИЯНИЕ ОЛИГОПОЛИСТИЧЕСКОЙ КОНКУРЕНЦИИ НА ЭКОНОМИКУ СТРАНЫ

This paper studies the essence and significance of one of the components of imperfect competition – oligopoly. In the course of writing the paper, the main specific features of oligopoly that distinguish it from monopoly and monopolistic competition have been identified. In addition, the main conditions of its emergence were noted, with the allocation of varieties of the category under consideration. An important place in the study was given to the main models of oligopoly, in particular: price leadership model, Bertrand model, cartel model and Cournot model. In addition, a comparative analysis was conducted to identify the positive and negative sides of the existence of oligopoly. Undoubtedly, the topic of our research is very relevant at the current stage of economic development. This is primarily due to the fact that oligopoly acts as one of the most common market structures. After all, almost all technically complex industries belong to oligopoly, in particular such industries as metallurgy, electronics, automobile manufacturing and many others.

ПРОБЛЕМИ КООРДИНАЦІЇ МОНЕТАРНОЇ ТА БЮДЖЕТНОЇ ПОЛІТИКИ В СУЧАСНИХ УМОВАХ

The escalation of economic and political instability necessitates that governments and central banks seek determines the need to find new approaches to ensure the stability of the functioning of financial markets and public finances, as well as to support economic growth in the context of the implementation of their economic, financial and monetary strategies. Addressing these challenges involves enhancing the coordination of monetary and fiscal policies through the utilization of both formal institutions and informal practices, given the considerable need for updating traditional approaches proposed by economic theory. Based on the theoretical analysis of existing scientific concepts and approaches, this study discerns the principal trends in establishing methodological frameworks for orchestrating the interaction between monetary and fiscal authorities in formulating and implementing monetary and fiscal policies. By means of a comparative analysis of the activities of central banks and governments of the leading countries of the world and domestic practice, the interrelationships between monetary and fiscal policy have been determined and characterized, the main institutional, operational and instrumental factors that restrain the processes of effective interaction of monetary and fiscal authorities have been identified. Empirical analysis reveals that central banks in most countries exhibit a high degree of operational and managerial independence, although disparities in political and financial autonomy are apparent, potentially engendering contradictions in the collaboration between monetary and fiscal authorities. It is substantiated that successful coordination of monetary and fiscal policies necessitates the presence and efficient functioning of formal institutions in conjunction with the utilization of informal practices that complement and reinforce each other. The need to clarify the institutional foundations, functions and spheres of interaction of fiscal and monetary authorities, taking into account the features of the modern stage of economic development, is substantiated. The key principles are defined, the main goals are formulated and the objects of coordination are characterized. A system of measures is proposed that should contribute to the improvement of monetary and fiscal policy coordination processes by strengthening formal and informal cooperation of authorities. The practical implementation of the developed approaches and recommendations will enhance the effectiveness of the collaboration between the government and the National Bank of Ukraine in coordinating monetary and fiscal policies to ensure financial stability and promote economic and social development.

ДОСЛІДЖЕННЯ РОЛІ ЦИФРОВОЇ ЕКОНОМІКИ В ДОСЯГНЕННІ ЦІЛЕЙ СТАЛОГО РОЗВИТКУ ТА ЗБЕРЕЖЕННЯ ПРИРОДНИХ РЕСУРСІВ

The current stage of economic development is characterized by the integration of a wide range of digital technologies, services, goods and services into the economic system. One of the aspects of studying digitalization is the analysis of its impact on sustainable development. The article examines the relationship between the digital economy and sustainable development, as well as strategies and opportunities that can contribute to achieving the goals of sustainable development. The digital economy, thanks to its innovations and technologies, can make a significant contribution to sustainable development, but this requires the development and implementation of appropriate strategies: bridging the gap, Increasing efficiency, optimizing resource management, separating economic growth from environmental impact, expanding "green" opportunities practices, fighting illegal activities, Inclusive growth and increasing resilience, bridging the digital divide, empowering local communities, increasing resilience to climate change, encouraging sustainable innovation, promoting global cooperation. The impact of digital technologies on the economy and sustainable development is considered. The question of how to ensure a balance between economic development and preservation of the environment and social values in the conditions of digital transformation is being investigated. The growing relationship between digitalization and sustainable development processes has been revealed. The presence of environmental risks of digitalization is considered. An analysis of the impact of end-to-end digital technologies on the process of achieving 17 sustainable development goals, which are provided for by the Sustainable Development Agenda for the period up to 2030, adopted by the UN, has been carried out. It is substantiated that these goals provide the most comprehensive approach to assessing the achievement of sustainable development of the world economy. The classification of the impact of digitalization on the sustainable development of the economy is provided, which consists in the formalization of the possibilities and limitations of digitalization in the paradigm of achieving sustainable development. The Legatum Prosperity Index was studied in order to assess the dynamics of sustainable development and digitalization of Ukraine over the past 5 years (2019–2023).

Система електронного адміністрування податків в Україні в умовах глобальної цифровізації

At the present stage of economic development, when technologies are actively transforming all spheres of life, the introduction of electronic tax administration is an important factor in ensuring the stability and development of the country. Effective collection and processing of tax information is of utmost importance to ensure financial discipline, efficiency and the ability of the State to finance social and economic programs, ensuring seamless operation. The use of advanced information technologies in this area opens up new prospects for increasing efficiency, reducing administrative difficulties and improving interaction between government agencies and taxpayers. Therefore, the purpose of this article was to study the issues of the theoretical foundations of the organization of the electronic tax administration system, analyze its development and effectiveness of its use in Ukraine in the context of digitalization, research of global trends and developments and outlining development prospects in the long run. To achieve this goal, approaches to the interpretation of the concept of electronic taxation, the reasons for the development of this type of tax administration, the advantages of its use for taxpayers and tax authorities were considered. The purpose and efficiency of such implemented services and applications as the electronic cabinet, the service for submitting electronic reports and documents, the system of electronic administration of VAT and the sale of fuel, the «Pulse» service, such application as «My Tax Service», are also analyzed. The dynamics of the growth of users of the electronic cabinet is analyzed; the number of documents submitted, including by type; the number of electronic documents submitted to the Unified Register of Tax Invoices and the Unified Register of Excise Tax Invoices in recent years. The main components of the transformation of electronic administration of taxes in the world are considered; it is studied what applications and services have been implemented to improve the presentation of electronic reporting in the digital space; receiving consultations through chatbots, conducting inspections, etc., in recent years in countries such as Poland, Mexico, Australia, China, Spain and others. Promising directions for the development of electronic tax administration for Ukraine are outlined.

The Establishment and Development of Forensic Economic Examination in Ukraine

Forensic economic examination, as a significant state institution, indirectly reflects the state of economic relations, as it studies them within the procedural field using the methodological foundations of economic sciences. The article’s purpose is to study the key stages of the development of forensic economic examination, depending on the evolution of economic relations. The author examines stages of forensic economic examination development using the criterion of the transformation of economic relations. By employing methods of analysis, synthesis, and generalization, the conditions for the development of forensic economic examination are identified at each stage, highlighting characteristic features and patterns. Due attention has been given to issues of economic property as the driving force behind economic relations. Since economic relations are directly linked to the issues of property rights, the outcomes of violations of these rights in the economic sphere are the subject of an investigation by forensic economic examination appointed by judicial investigative authorities. The author examines the leading system-forming blocks of forensic economic examination which form its essence and are in constant dynamic development and interconnection. The stages of the development of forensic accounting examination are analyzed, and the transformation of economic relations on a global and national scale is considered as a criterion for periodization.

Evolution of Theoretical Approaches to the Analysis of State and Business Cooperation in the Infrastructure Sphere

The classification of historical periods in the evolution of cooperation between the state and business in the infrastructural sphere by stages and forms of cooperation has been improved: antiquity (use of buyouts; competitive construction of post offices with cities, ports and harbors (manceps); infrastructural construction (precarium)) of the Middle Ages ("casual » application of PPPs; buyouts; concessions; "regalia"); the period of colonization (use of concessions for the development of new land colonies and international trade; involvement of private armed ships with their owners to solve military and trade "tasks" at sea); the origin and development of capitalism, industrialization (systematic concession legislation; capital-intensive projects; attraction of private capital in the form of concessions for the development of the utility sector); the modern stage from the middle of the 20th century. (transition from the policy of "public administration" to the "new public administration" model; "private financial initiative"; development of public-private partnership (PPP) regulation worldwide (in more than 120 countries); launch of cross-border PPP projects and projects with attracting direct foreign investment). It was determined that in France during the Middle Ages and the reign of mercantilism, the predominant role of the state in economic development, including infrastructure development, was emphasized. The state attracted private business and financed the works. Unlike mercantilists, representatives of the school of physiocrats believed that the state should not interfere in the field of entrepreneurship at all. The idea of state cooperation with private business in the development of industry by means of optimal regulation and protection from foreign competition, especially at the initial stage, was also reflected in the works of the German scientist F. List. Implementation of projects through the transfer of infrastructure objects under concession conditions to private companies allows to significantly increase their efficiency. The example of the railways of Belgium, Germany, Austria-Hungary and Switzerland shows that this form of PPP is quite competitive during the implementation of large infrastructure projects. At the same time, in order to achieve economic efficiency, such projects must be accompanied by strict state control. After the Second World War, the doctrine of a socially oriented model and a concerted strategy of economic development (concerted economy) came to the fore in economic thought. The positions of J. Keynes and moderate supporters of state intervention in the economy were dominant until the 70s. 20th century, when the ideas of "state capitalism" reached their peak. It is also necessary to note the role played by the theory of the public sector in justifying the role of the state in the economy at various stages of economic development. The state takes an active role in areas that are not attractive to private actors and are related to the generation of "public goods" to increase the level of well-being.

Fostering Academic Entrepreneurship for Economic Development: Challenges, Frameworks, and Strategies in ASEAN

The economies of ASEAN countries have experienced growth, but many find themselves stuck in the "middle-income trap" for an extended period. Overcoming this trap is crucial as it is linked to issues such as limited job opportunities and unstable income, especially in Southeast Asia. To avoid this trap, promoting innovation is recommended, with the startup ecosystem seen as a key driver of economic growth since the 2010s. Accelerating business development through startup promotion has become a benchmark for achieving economic development. Encouraging entrepreneurship, particularly through startups, plays a significant role in boosting economies. Academic entrepreneurship, involving students, governments, and private enterprises, has emerged as an important approach. However, middle-income ASEAN economies, especially in the lower-middle-income bracket, face challenges in promoting academic entrepreneurship due to resource, funding, and connection limitations. To address this, a conceptual framework was developed to understand the theoretical relationship between the economic development stage and entrepreneurship through startups. Panel data analysis using natural logarithmic data revealed that entrepreneurship via startups is a significant predictor and a substantial factor in promoting economic development. Building on the panel data analysis results, a strategic framework for promoting economic development through entrepreneurship via startups was formulated through qualitative analysis. This involved integrating insights from academic entrepreneurship policies and the current development conditions in six selected middle-income ASEAN economies, along with the status of the startup ecosystem. Notably, there is a need for further development in financial and educational support to encourage young university students to establish companies in collaboration with governments and enterprises. Tailoring startup policies to the development status of each country is desirable.

WAYS TO IMPROVE THE MECHANISM OF PROPERTY INSURANCE IN THE REPUBLIC OF UZBEKISTAN

The article is devoted to the essence of insurance and the mechanism of realization of property insurance at the present stage of economic development in the Republic of Uzbekistan. Insurance is an important element of the functioning of the financial system of the state, capable of ensuring the continuity of social reproduction, depending on the negative consequences of natural disasters, accidents, natural and man-made disasters and other unforeseen events that cause high risks of property loss, as well as to guarantee social protection of the population. to stabilize the process of investing in the economy. Today, property insurance in Uzbekistan is an insurance industry in which the object of insurance relations are property interests and property in various forms (for example, buildings, structures, equipment, and so on). The property insurance market in our country is developing quite rapidly, and if there are no serious turning points in society in the future, then after a while insurance may become one of the main factors protecting the interests of citizens and legal entities owning any property.

The roles of big businesses and institutions in entrepreneurship: A cross-country panel analysis

This study aims to determine whether big business or institutions comprise a more significant entrepreneurship determinant. In addition, we have three subobjectives: We examine (1) how the relationship between big businesses and entrepreneurship changes according to the economic development stage; (2) if big businesses affect the two different entrepreneurship types, namely, opportunity- and necessity-driven entrepreneurship, differently; and (3) which institutional factors are effective for these two different entrepreneurship types. To this end, we compare the effects of big businesses and institutions on entrepreneurship among 33 countries covering lower-middle-, upper-middle-, and high-income countries during the 2001–2015 period. Among the various determinants of entrepreneurship, we focus on two key factors that affect entrepreneurship, namely, big businesses and institutions while controlling for the demand- and supply-side factors that influence entrepreneurship. This study conducts fixed-effect estimations. We find that the relationship among entrepreneurship, big businesses, and economic development is “N-shaped.” In particular, there is a positive relationship between big businesses and opportunity-driven entrepreneurship in high-income countries. Moreover, among the various institutional factors, only supportive public policies toward new firms and positive social perceptions toward entrepreneurs are effective for opportunity-driven entrepreneurs, whereas none of the institutional factors are effective for necessity-driven entrepreneurs.

Art Market as an Economic Indicator

In three different ways, this article provides insight into how the presentation of artwork reflects the changing stages of the economy. The article delves into the historical significance of the Dutch Golden Age, where artistic opulence went hand in hand with economic prosperity. In addition, it dissects the broader stages of economic development and their reflection in art from ancient agrarian societies to today's digital age. Finally, the article explores the evolving patterns of transactions in the art market, tracing the shift from barter systems to modern digital transactions. Through these lenses, the article shows that the art market can serve as a dynamic indicator of economic change, providing insight into social values, economic health, and the evolving interplay between culture and commerce. The economic crisis of 2008 and the potential dangers of the fine art market are examined. The future use of market trends as a starting point for econometric measurements was envisaged.

Analysis of the Relationship between Regional Carbon Financial Market Development and Industrial Structure Upgrading: A Grey Relational Model Approach

Carbon finance, recognized globally as one of the effective solutions to combat global warming, is poised to inject fresh vitality into economic and societal production as it develops. Based on data from 13 cities in the Beijing-Tianjin-Hebei region, this study explores how the development of the carbon finance market affects industrial structure upgrading from the perspectives of carbon finance market development level and industrial structure upgrading. Firstly, by constructing an evaluation indicator system, a comprehensive comparative analysis of the carbon finance market development and industrial structure upgrading of these cities is conducted. Secondly, the study uses the grey relational model to delve into the degree of correlation between the development level of the carbon finance market and the upgrading of the industrial structure. The result shows significant regional disparities among these cities in terms of the development of the carbon finance market and the upgrading of industrial structure. Beijing and Tianjin lead in terms of carbon finance market development. Through the analysis using the grey relational model, it is found that there is a moderate to strong correlation between the level of development of the carbon finance market and industrial structure optimization, indicating the importance of all factors in influencing industrial structure upgrading. Empirical results demonstrate that, on a holistic scale, the development of carbon finance has a significantly positive impact on industrial structure advancement and rationalization. However, disparities exist among different cities, primarily attributed to varying levels of economic development, policy orientation, and developmental stages.

ФІНАНСОВА ПОЛІТИКА УКРАЇНИ В СУЧАСНИХ УМОВАХ

The article is devoted to revealing the essence of financial policy, researching the current state of the state's financial policy and analyzing trends in its development. Financial policy is a complex and multi-component phenomenon aimed at ensuring the activities of bodies at all levels of government. In today's conditions, it is important to research the actual instruments of financial policy formation and ways of its improvement, which will effectively influence the development of the financial mechanism. The search for ways to improve financial policy at the current stage of economic development requires constant analysis and study in order to adjust the financial mechanism in response to external and internal factors. Since the full-scale invasion of the aggressor country on the territory of our state, there has been a need to develop a new mechanism of financial policy, which involves the search for additional sources of filling the state budget, revision of previously adopted normative legal acts and attraction of international financial assistance. The authors of the article considered the state and prospects for the development of the state's financial policy under the influence of external and internal factors. The challenges faced by the economy and ways to overcome them are analyzed. The legislative framework that will improve the mechanism of financial policy has been studied.

Impact of Agricultural Production on Economic Growth in Zimbabwe

To achieve inclusive growth, and poverty and inequality reduction, Africancountries should enhance labour-intensive agricultural production due totheir abundance of natural resources and labour. In this paper, we examinethe impact of agriculture on the economic growth of Zimbabwe usingthe Autoregressive Distributed Lag (ARDL) model employing data coveringthe period 1970 to 2019. The results show that agricultural productionhas a significant positive impact on economic growth in the short run whileshowing no impact on economic growth in the long run.Additionally, thestudy confirms that inflation, government expenditure and gross fixed capitalformation have a positive impact on economic growth in both the longrun and short run. Although the agricultural sector plays a salient role inthe early stages of economic development, it is, however, not able to maintainsustainable economic growth over a long period in Zimbabwe. Additionalmacro-economic policy levers are required to compliment agriculturalproduction and promote sustainable economic growth.

Digital ecosystems in international technological business

Introduction. The current stage of economic development is characterized by the increasing impact of advanced digital information and communication technologies (ICT) on the entire system of human interactions, encompassing the processes of production, distribution, exchange, and consumption of both material and immaterial goods. Among the emerging phenomena in today's economic relations system are digital ecosystems, which are created and developed through the actions of international technological companies. The purpose of the paper is to define the essence and content of the concept of "digital ecosystems" for further analysis and understanding in an economic context. Results. It is argued that, in an economic sense, the concept of ecosystems is a continuation of the scientific inquiries of various scholars studying changes and relationships in the business environment from the perspectives of competition and collaboration among its participants. Today, business ecosystems created and developed by international technological companies typically operate through digital platforms, services, and solutions, transforming them into digital business ecosystems. The paper identifies key types of digital ecosystems in business and emphasizes the existence of other types of digital ecosystems (governmental, hybrid) that also require further exploration. The role of international technological companies in shaping global digital ecosystems is explored, using Amazon as an example. It is clarified that leading global technology companies play a crucial role as conductors of the ecosystem of ecosystems. In digital ecosystems, boundaries are constantly changing, participants and components are updated. As a result, the description of the structures of digital ecosystems varies among different authors. Conclusion. Theoretical guidelines are provided for further research on digital ecosystems in economics and business, both from the perspective of economic strategy developers and theoretical economists.

A REVIEW OF STOCK MARKET IMPACT OF ENVIRONMENTAL CATACLYSMS AND LESSONS FOR INVESTORS

The objective of this paper is to present a review analysis of stock market impact of environmental disaster with the factors that orchestrate the impact, and to offer a novel framework for investors and managers. The paper applied an in-depth empirical review and synthesis method. Findings from the review and synthesis of empirical literature provide strong evidence that environmental disasters have diverse effects on the stock markets with majority of the literature reporting adverse effects on the stock markets. Additionally, findings are more preponderant on short run impact than on long run effects. Findings also show that environmental disasters may offer unique arbitrage opportunities for short-selling investors. The paper concludes by highlighting the capacity of environmental finance as one of the catalysts to bolster corporate adaptive capacity to environmental disaster. Furthermore, the degree of environmental disaster impact on stock market may depend on factors such as the type of environmental disaster, geographical location of environmental disaster, economic sector, stage of economic development, length of disaster and intensity of disaster. Accordingly, the paper develops a framework, which is recommended as a model for further research agenda on environmental disaster effect on stock markets.