Sustainable Development Of Economic Entities Research Articles

ЕКОНОМІКО-МАТЕМАТИЧНЕ МОДЕЛЮВАННЯ СТАЛОГО РОЗВИТКУ У ДІЯЛЬНОСТІ ПІДПРИЄМСТВ

The article examines modern aspects of the use of mathematical models in solving problems of sustainable development of enterprises. The essence of the concept of sustainable development was considered and its importance for enterprises in the modern dynamic business environment was determined. The role of mathematical modeling in the decision-making process based on the application of specific methods and tools that help to analyze and optimize the production processes of economic entities in the context of sustainable development is studied. A complex of specialized mathematical models used for modeling sustainable development is considered, including such aspects as linear and non-linear programming, simulation theory, game theory, differential equations, etc. The peculiarities of the application of these models in the activities of enterprises were analyzed and their effectiveness in ensuring the achievement of sustainable development was determined. Practical examples of the implementation of economic and mathematical models at enterprises of various industries on the basis of reducing resource consumption, optimizing production processes, waste and risk management strategies, as well as planning future investments in sustainable development were studied. The importance of the development and improvement of economic-mathematical modeling methods for achieving the goals of sustainable development of economic entities is determined. The essence of challenges and obstacles that arise in the process of implementing economic and mathematical models to achieve sustainable development of enterprises, which include the objective need for access to a large amount of data, the complexity of interaction with counterparties, as well as the instability of the modern economic environment, is considered. Strategies and recommendations for overcoming these challenges are proposed, including the development of information systems and the actualization of the needs of business entities regarding the importance of sustainable development. The necessity of integrating mathematical models in the planning and economic activities of enterprises to achieve the efficiency of their sustainable development is determined. The importance of applying economic-mathematical modeling to increase the efficiency of enterprises and stimulate their sustainable activity to achieve strategic goals is proven.

МЕХАНИЗМ ФОРМИРОВАНИЯ ИНТЕЛЛЕКТУАЛЬНОГО КАПИТАЛА РЕГИОНА

Effective management of the region’s intellectual capital requires a well defined structure in which all elements are interconnected and regional characteristics are acknowledged. The study aims to develop a mechanism responsible for the intellectual capital of the region. The subject of the study is the intellectual capital of the region. To achieve the aim, the study examines various interpretations of the concept of intellectual capital, with the components of intellectual capital indicated. The influence of intellectual capital on the sustainable development of economic entities is revealed. The study identifies priority areas for supporting the development of regional intellectual capital, such as basic components and components of infrastructure capital. In the Pskov Region, a list of enterprises that form the intellectual capital of the region, which is considered a leading factor in production, is formed. The dynamics of indicators of the components of intellectual capital in the Pskov Region is presented. Theoretical and static methods for processing research data are used. The ambiguity of scientists’ views is revealed through an analysis of their approaches to the formation of the region’s intellectual capital. The authors proposed a mechanism responsible for the intellectual capital of the region in the form of a closed effective interaction of elements of the capital structure, with regional infrastructure playing a significant role. The study focuses on the need to develop innovative approaches to improving intellectual capital. The concepts of intellectual capital and intellectual capital of the region are compared. It is noted that the concept is not unambiguous, since it does not determine how many components of intellectual capital, in addition to the basic ones, should be taken into account. The ambiguity of the concept predetermined differences in the mechanisms responsible for intellectual capital. The mechanism responsible for intellectual capital proposed by the authors clearly shows the interconnection of all its elements, taking into account regional characteristics.

Аnalysis and audit of the effectiveness of sustainable development of economic entities

Main problem: In today's global business environment, meat processing businesses are faced with the inevitable need to ensure sustainable development, especially in the context of exports. One of the key issues that requires attention is the effectiveness of accounting and risk management during exports, which affects the stability of business and the economy as a whole. The purpose of this article is to study the sustainability indicators of an enterprise exporting its products. The main objective of the article is to conduct a detailed analysis of the sustainability indicators of an exporting enterprise, identify factors influencing the success of their activities, and develop recommendations for ensuring sustainable development in the international environment. Methods: When writing this article, a study was conducted that included an analysis of the current situation in the field of export of goods, in particular, a study of export volumes, main trading partners and the structure of exported goods. Approaches to analyzing the structure of exports of meat products include determining the share of each type of product in total exports, as well as identifying the main trading partners based on sales volumes abroad. Results and their significance: The article identifies key factors influencing the sustainable development of enterprises in the context of export activities. The results of the analysis allow us to develop recommendations and strategies for improving accounting and risk management during exports, which can help strengthen business sustainability. The results obtained serve as the basis for creating effective strategies and recommendations to improve business sustainability in the export environment. This can be an important contribution to the development of a sustainable economy and increased competitiveness of enterprises. Risk assessment and management are important for sustainability when exporting goods. It is recommended to use financial instruments, create reserves, and organize training to improve risk management and financial stability when exporting.

ОСНОВНЫЕ ПОКАЗАТЕЛИ И ПРИНЦИПЫ УСТОЙЧИВОГО РАЗВИТИЯ МАЛОГО БИЗНЕСА АГРАРНОГО СЕКТОРА ЭКОНОМИКИ

Small agricultural enterprises, providing high growth rates of agricultural production, are a significant resource of the state, whose role in the implementation of the food program is growing every year. Recent years have shown an increase in the number of small enterprises engaged in the cultivation of grain crops in the Russian Federation and in the Voronezh region.
 At the same time, many small agricultural enterprises have an insufficient level of production, labor and financial resources, which disrupts the sustainable development of economic entities and the occurrence of bankruptcy of small businesses, the termination of activities. All this requires the search for new approaches and principles for the formation of sustainable development of agricultural enterprises and the definition of their priority areas.
 The article summarizes and analyzes the existing concepts of "sustainability". The economic realities in the field of grain production are considered on the example of small enterprises in the Voronezh region. The risks and threats that contribute to the decline in the development of the grain sector of the economy, represented by small agricultural enterprises in the Voronezh region, are identified.
 The author proposes a system of qualitative and quantitative indicators to assess the level of sustainable development of small agricultural enterprises.
 To obtain conclusions on the stated topic of the publication, the method of comparing and comparing the indicators of small enterprises in the Voronezh region was used. The main principles of sustainable development of small businesses in the agricultural sector are disclosed, the implementation of which in the practice of small agricultural enterprises will contribute to the sustainable development of small businesses, the growth of food security in the Voronezh region and the Russian Federation as a whole.

Development of the social component as a guarantee of sustainable economic development of the organization

The uncertainty of the external environment significantly increases the risks of sustainable development of economic entities, pushes them to innovate. Among the variety of turbulence factors, the authors propose to focus on three drivers that are most significant in their impact: digitalization, geopolitics, ecology. The purpose of the study is to describe a transformational approach to the social component, the effectiveness of which is assessed by indicators of financial stability of an economic entity. The tasks of determining the key competencies of successful companies are solved, the main organizational components of the social component are substantiated, the use of the technology of implementing the proposed concept is demonstrated on the example of IT companies. The authors used general scientific methods of generalization, deduction, abstraction, theoretical approach of ascent from the abstract to the concrete; experimental methods of observation, modeling and comparison. According to the results of the approbation, it is proved that the development of the social component is the key to stable economic development of an economic entity.

Problems of assessing the formation of sustainable development of economic entities

Subject. The article addresses the specificity of economic entities’ sustainable development of Russia. Objectives. The focus is on identification of problems in assessing the formation of sustainable development, substantiation of the need to develop a methodology to determine the sustainability of development. Methods. The study rests on general scientific methods, like scientific abstraction, analysis and synthesis, approaches to determining the impact of behavioral aspects of decision-makers on management decisions when assessing the effectiveness of economic entities’ development. Results. The paper underpins the expediency of using the market value of an enterprise to determine the influence of internal and external factors on the efficiency of socio-economic and environmental development; establishes the dependence of such development on industry affiliation; states that the assessment of results of economic entities’ development should consider their value, and the value management should be aimed at company growth. It is important to consider the discontinuity of market development and the continuity of enterprise development, and the principle of decomposition of company value into the cost of growth prospects and the cost of flow of its benefits. The expansion of tools for strategic financial assessment of sustainable development based on the use of indicators of dynamic abilities and difficult-to-simulate resources is crucial. Conclusions. Factors influencing the choice of sustainable development strategy at the micro level should be supplemented by factors characterizing behavioral motives. I offer a methodological approach enabling to improve the financial assessment of sustainable development based on identification of relationship between dynamic abilities and the market value of the analyzed economic entity.

Financial and economic mechanism of the regulation of sustainable development of economic entities in a circular economy: institutional dominants

The article defines that to create an effective system of financial and economic regulation of the system-vector development of economic quiddity in the conditions of the circular economy it is necessary to define reserves, which contain a system of measures and methods of determining the potential capacity to develop in accordance with the real opportunities of economic entities of the energy sector in conditions of uncertainty, that allows to make well-grounded and well-balanced management decisions. It is determined that the methodical approach to determining the impact of target parameters of financial and economic condition on the level of the system-vector development of economic entities of the energy sector in the conditions of the circular economy, based on the use of financial-economics identification of the system-vector development of economic quiddity, considering the diversity, nonlinearity of target parameters of financial and economic activities and the convergence of their institutional dominants. This allows to determine the weighting of statistical indicators of financial condition, which reflects the parametric data of ranges of factors-indicators of impact on the level of financial-economics support of the system-vector development of economic quiddity in the conditions of the circular economy.

Conceptual approach to the development of accounting and information support for managing the sustainable development of economic entities in the agro-industrial complex based on the ESG strategy

Managing the sustainable development of economic entities of the agro-industrial complex on the basis of an ESG strategy, which provides for transparency in management, concern for the environment and people, necessitates the development of its accounting and information support, which is problematic due to the narrowness of the methodological, subject-object and instrumental basis of the traditional accounting system. The purpose and result of the study was the development of a new conceptual vision of a management accounting and information system, based on advanced management technologies, solving the problems of the content of ESG reporting and the quality of accounting and information support.

ОБЛІКОВО-АНАЛІТИЧНЕ ЗАБЕЗПЕЧЕННЯ УПРАВЛІННЯ ОРЕНДНИМИ ВІДНОСИНАМИ НА ПІДПРИЄМСТВАХ АПК

The article of accounting and analytical information at the modern stage of management determines the level of efficiency and effectiveness of management activities, which is of decisive importance in modern management conditions. In this aspect, the sustainable development of business entities depends on the formation of an effective system of accounting and analytical support for enterprise management. The purpose of the article is the formation of accounting and analytical support for the management of lease relationships against the background of the needs of ensuring the sustainable development of economic entities. The main functions of the accounting and analytical provision of lease relationships were analyzed, the economic essence of the lease was disclosed in accordance with P(S)BO 14 "Lease". The components of the organization of the system of accounting and analytical provision of lease relations at the enterprises of the agro-industrial complex in accordance with the regulatory framework have been studied. One of the most important issues in the formation of an effective and rational system of analytical support for management is the definition of objects, subjects and the purpose of the organization of analysis at a specific enterprise. At agro-industrial complex enterprises, fixed assets are the basis of economic activity. However, in the conditions of the financial and economic crisis, such a specific mechanism for attracting fixed assets as rent is becoming more and more popular. A methodology for comprehensive analysis of farm lease operations has been developed. During the analysis, special techniques of economic analysis, such as horizontal and vertical analysis, were used. An important direction of analytical evaluation is the analysis of the effectiveness of the use of leased fixed assets using a system of cost and physical indicators. An abstract-logical approach was used to generalize the theoretically presented material and form practical conclusions. As a result of the conducted research, proposals were made and relevant conclusions were drawn regarding the improvement of the efficiency of the use of leased fixed assets in the economy, which led to an increase in the profitability of the economy.

Agglomeration as a Form of Attracting Investment in Territorial Development Projects

Currently, due to the intensification of crisis phenomena, the urgency of ensuring the sustainable development of economic entities is increasing. The main condition for the stabilization of the economic situation in the country and in the regions – the rise of the real sector of the economy – is provided only if there is an influx of investment. At the same time, problems arise not only in the search for investment resources, but also in their effective development in an unstable external environment and the impact of internal risk factors. The attraction of investment resources and the implementation of projects for the integrated development of territories in conditions of risk and uncertainty is one of the main reasons for the development of appropriate forms and mechanisms for the implementation of such projects. Agglomeration can be considered as one of such forms of implementation of integrated territorial development projects that reduce the impact of investment risks and expand investment opportunities. The trend towards education is associated with the strengthening of the role of large cities within the regions, which leads to a change in the development strategy of the region. This requires the development of an appropriate financial and investment mechanism for the implementation of projects for the integrated development of territories. This article discusses some aspects of the functioning of the financial and investment mechanism of agglomeration, allowing to counteract the investment risks of integrated development projects.

The content and strategic opportunities for supply chain analysis as a tool to ensure sustainable development of organizations

Subject. The article addresses the analytical support to supply chain management in the context of the orientation of economic entities towards sustainable development and digitalization of the economy. Objectives. I focus on identification of methodological specificities and substantiation of relevant methodological tools for analyzing supply chains, which make it possible to systematically assess the transparency, efficiency and resilience of supply chains, and establish their impact on the long-term competitiveness and sustainable development of economic entities participating in supply chains. Methods. The study draws on the analysis, synthesis, generalization, comparison, abstraction, index method, the systems, strategic, and risk-oriented approach. Results. The paper reveals the essence and content of supply chain analysis, shows the importance of SCOR, DCOR, and CCOR models for monitoring the transparency, standardization of analysis, and optimization of supply chains, substantiates the role of business processes strategic analysis in the SCOR Model, presents analytically valuable indicators of organizations in supply chains environmental responsibility, which correspond to the international GRI Standards. Conclusions. The need for sustainable development of economic entities and digitalization of supply chains have led to the updating of supply chains analysis based on relevant methods, models and indicators. The analytical support to supply chain management should enable to assess the transparency, efficiency and resilience of supply chains. We systematized the key indicators of supply chains and made proposals to expand the indicators of organizations’ responsibility through the inclusion of social responsibility and corporate governance for integrated approach to the analysis of ESG risks.

Trends and innovations in reporting on the sustainable development of economic entities

Subject. This article discusses the development priorities and major innovations in the sustainability reporting standards of the Global Reporting Initiative (GRI). Objectives. The article aims to reveal the essence of the most important changes made to the sustainability reporting standards in connection with their improvement, and assess the impact of innovations on the informative and analytical value of sustainability reporting. Methods. The study relies upon analysis and synthesis, comparison, generalization, and abstraction. Results. The article shows trends in the preparation of sustainability reporting, discloses the background for revising and expanding the list of sustainability reporting standards, and describes the essence of innovations introduced into the GRI Standards. Conclusions and Relevance. The main innovations in the sustainability reporting standards are related to the revision of the GRI Universal Standards, updating the Topic Standards, and the development of Sector Standards. The application of updated and expanded standards for sustainability reporting will help improve the corporate practice of disclosing information on the economic, social and environmental performance of organizations. The results obtained can contribute to the further promotion of sustainability reporting, improving the practice of its preparation, and developing a methodology for comprehensive analysis of economic entities' sustainable growth.

ЭКОНОМИЧЕСКАЯ УСТОЙЧИВОСТЬ ОРГАНИЗАЦИИ В ЦИФРОВОЙ ЭКОНОМИКЕ

Modern tools and mechanisms for ensuring the sustainable development of organizations lie in the field of digital technologies. Digital transformation is one of the main prerequisites and a powerful tool to create a sustainable industry and ensure sustainable development. To determine the impact of digitalization on the economic sustainability of an organization, a comprehensive analysis that includes three areas has been carried out in this paper. First, the impact of digitalization on indicators that characterize the sustainability of the organization has been studied. Second, the impact of digitalization has been analyzed with regard to the flow of business processes and the processes of value formation in the organization, which determine the sustainability of the organization. Third, modeling of the impact of digitalization on the performance of the organization using statistical data has been carried out. In our study we have used the methods of systemic, process-functional, correlation-regression and content analysis. The links between the sustainability of an organization and digital transformation strategies have been clarified and systematized, the impact of digitalization on the economic, financial, social, environmental, production, technological, marketing, investment, organizational and managerial sustainability of an organization has been studied. The influence of business models of the digital economy and Industry 4.0 technology on the business processes of an organization is systematized according to the stages of value creation and directions for ensuring sustainability. A methodical approach has been developed and tested to assess the impact of digital technologies on the development of economic entities using the example of the Ural Federal District. A statistical analysis of the introduction of digital technologies in organizations of the Ural Federal District has been carried out, the dependences between the indicators of use of information and communication technologies and the development of economic entities have been revealed. The directions for further research in the field of the impact of digitalization on economic sustainability and sustainable development of economic entities have been identified.

КОМПЛЕКСНЫЙ ПОДХОД К ОЦЕНКЕ ЭКОНОМИЧЕСКОЙ УСТОЙЧИВОСТИ ПРЕДПРИЯТИЙ ПРОМЫШЛЕННОГО СЕКТОРА

The problem of economic sustainability of industrial enterprises is becoming more and more relevant in modern economic reality. This is explained by the increasing rates of occurrence of fluctuations of various genesis affecting the external and internal environment of an economic entity. Managing the development of an enterprise without maintaining the stability of its economic status is not effective in today's reality. Standard approaches to conducting economic activity and anti-crisis economic policy lose the ability to maintain the stability of the enterprise. Completely new factors and threats of a destructive nature, such as the global pandemic that has disrupted the established supply chains, and the geopolitical tensions, force managers to make renovation management decisions. To generate a successful strategy for the sustainable development of an industrial enterprise, it is necessary to establish in detail the basis and essence of the category of economic sustainability. To achieve this goal, a research of modern approaches to understanding economic sustainability and factors affecting the sustainable development of industrial enterprises was carried out. The main criteria indicators that have the maximum impact on the sustainable development of economic entities without reference to the volume of production and the main field of activity were established. The process of solving the task was based on statistical and factor analysis, on the grounds of which a quantitative assessment of economic sustainability was made. The results obtained can form the basis for the strategic development of mechanisms for sustainable management of industrial sector enterprises of any scale.

Методика распределения затрат на внедрение новых и модернизацию действующих технологий на производственную себестоимость продукции в условиях устойчивого развития промышленного предприятия

One of the important tools for incorporating the paradigm of sustainable development into the complex fabric of economic activity of an enterprise in the real sector of the economy is the permanent process of introducing new and updating existing production technologies. Managing this difficult process requires fundamental changes in the traditional approach to structuring the information and tool space of the accounting and calculation process of forming the production cost of products. The solution of this difficult task involves the decomposition of the pool of indirect costs in order to allocate from its composition the costs of introducing new and upgrading used technologies and then assigning them to the production cost. It should be noted that these costs are distributed in proportion to the quantitative characteristics of material cost savings. The choice of this indicator as a distribution base is justified by the fact that it is one of the key components of the economic benefits coming to the enterprise. In the course of the study, various methods were used comprehensively, including: observation, systematization, formalization, modeling and visualization, decomposition and aggregation of data. The results obtained in the course of the study will improve the quality of the information and instrumental space for making managerial decisions aimed at ensuring the sustainable development of economic entities in the real sector of the economy by updating existing and introducing new, advanced production technologies.

The economic analysis of the impact of grand challenges on sustainability and continuity of business entities’ activities

Subject. The article addresses the need to develop new methodological tools for assessing threats to and opportunities of sustainable development of business entities, enabling to adequately reflect their activities in the analysis of their interaction in rapidly changing economic conditions. Objectives. The aim is to underpin a methodological approach to the formation of indicators for assessing the sustainable development of business entities in the face of grand challenges, which rests on the grouping of indicators according to the type of economic development. Methods. The study draws on resource-oriented approach, which we developed and tested in the economic analysis of sustainable development of business entities, and statistical methods. Results. Based on the methods of cognitive and resource-oriented analysis, we defined a set of basic indicators, characterizing the intellectual capital. The implementation of the methodological approach enabled to identify two baseline indicators of intellectual capital involved in the formation of a Grand Challenge, i.e. the number of computers with access to global information networks and the cost of patents and licenses for inventions, industrial designs, utility models. We developed and evaluated integrated indicators of intellectual capital to determine the possibilities of sustainable development of economic entities of the Russian Federation. Conclusions. The offered approach helps define a set of indicators of different types of capital to be included in the integrated reporting and analysis of possibilities of economic entities’ sustainable development in the face of grand challenges. The produced set of indicators is basic and may change.

The Demerger Impact upon Sustainable Development of Economic Entities: Evidence from Romania

The Covid-19 induced economic crisis has significantly affected almost all businesses from nearly every sector, causing severe financial problems, lack of cash assets, and decrease of revenues. In this context, the economic entities were forced to look for adjustment and rescue solutions of their activities. One possible solution for the recovery and reorganization of economic entities’ activities is demerger. This paper evaluates the impact of demerger upon the sustainable development of economic entities in terms of economic efficiency and financial performances. To achieve this goal, a statistical analysis of profitability ratios before and after the demerger, as well as a structural analysis of 268 demerger projects for the April 2012–April 2021 period, were performed. The results attest there are no significant differences between the ex-ante and ex-post financial performances. However, demerger seems to have a positive effect upon analyzed companies helping them to overcome economic hardships, rethink their business strategies, and continue their activity in the medium and long-term time horizon.

Formation of a Financial Security Management Mechanism Based on the Introduction of New Information Technologies

The article is devoted to the current problem of forming a strategy-oriented mechanism for managing the financial security of Ukrainian enterprises based on the introduction of new information technologies. It was established that transformational processes in the economy of Ukraine create the need to search for modern and effective ways to ensure the sustainable development of economic entities. The approaches to the definition of the financial security category of the enterprise are generalized and provided the author's definition of this category taking into account the strategically oriented approach. The main strategic guidelines are systematized, which are a prerequisite for the formation of an effective and efficient mechanism for managing the financial security of a modern enterprise of Ukraine in the context of the information and digital economy. A financial security management mechanism has been established to solve the problem of ensuring financial security, assess the level of financial security. A set of measures aimed at using the available resources and capabilities of the enterprise are taken. Proposals are presented for solving typical tasks on information and analytical support of the management process of financial security of the enterprise by means of introduction of new information technologies.

Digitalization as a Factor of Sustainable Development of Industrial Enterprises

This study discusses the development of digitalization processes in the world and the Russian Federation, how they are manifested in the economy and, in particular, in industry. Weak performance of the Russian Federation in the digitalization field is noted with the main reasons indicated. The role of the "Digital Economy of the Russian Federation" Program in the development and implementation of digital technologies into domestic practice is shown. The development of these technologies is uneven in various national economy sectors, as well as their prospects in the field of material production, including industry. The ways of accelerated adaptation of industrial enterprises to digital reality are shown. These paths include, in particular, the development of dynamic capabilities of companies, transition to end-to-end industrial systems, adoption of the smart enterprise concept based on the SAP S/4HANA platform. The relevant positive experience of certain industrial companies is shown. In the context of digitalization, the sustainable development (SD) concept gains more priority with the continuous adaptation of economic systems to the changing requirements of the external environment. The dependence of the sustainable development level on the economy digitalization degree is shown. The main goals of sustainable development of economic entities are formulated, approaches are described for linking these goals with the corresponding goals at the level of the region, industry and the country as a whole. It is noted that the sustainable development of industrial enterprises during digitalization can be fully ensured only with effective support from the state based on the GR management concept.

ТРАНСФОРМАЦИЯ ВНУТРЕННЕГО АУДИТА – ЭФФЕКТИВНЫЙ СПОСОБ УВЕЛИЧЕНИЯ ВКЛАДА В УСТОЙЧИВОЕ РАЗВИТИЕ ХОЗЯЙСТВУЮЩЕГО СУБЪЕКТА

The role of internal audit in ensuring sustainable development of economic entities is indisputable. How-ever, the biggest challenge faced by internal auditors is how the level of their contribution can truly be weighed against the ability and role recognized by society, especially as most economic actors move from a traditional business model to a sustainable business model. The article highlights the main approaches to the transfor-mation of internal audit in order to make it an integral part of the corporate governance structure and make a significant contribution to sustainable development.