Jelena Erić Nielsen, Verica Babić, Vesna Stojanović-Aleksić, Јеlena Nikolić
Research Question: The purpose of this paper is to explore how leadership style and organizational structure characteristics influence employees’ intentions to start their own entrepreneurial ventures, ideas or projects, within an organizational setting. Motivation: The main goal is to learn how to prevent innovativeness declining in a traditional organization and make internal environment friendly for entrepreneurial initiatives and for employees with propensity to develop new ideas, aiming to create sustainable competitive position. Idea: The paper explores how identified leadership variables, initiative, pioneer, proactive behaviour and ability to communicate vision affect employees’ entrepreneurial intentions. We also analyze the organizational structure impact, testing organic design, level of centralization and formalization. For measuring employees’ entrepreneurial intentions, we use a previously validated scale and measurements, innovation, risk propensity and autonomy. Data: The data are collected using a questionnaire on a random sample of 208 respondents employed in nineteen Serbian companies. Tools: A quantitative study methodology was designed and implemented, appropriate statistical methods performed, including correlation and linear regression analyses. Findings: We have found evidence that appropriate leadership style has a positive influence on employees' entrepreneurial intentions. More specifically, there is a positive correlation between the leader’s initiative, pioneer and proactive behaviour, and the employees’ intentions to start innovative entrepreneurial ventures. The employees’ willingness to act autonomously is affected by leader’s initiative and proactive attitude, but also by ability to clearly communicate the vision. The study also reveals that organic organizational structure, decentralization and low formalization have a positive influence on employees' entrepreneurial intentions. Contribution: The study contributes to a significant degree by filling gaps in knowledge base, revealing new perspectives about relevance of both leadership style and organizational structure for encouraging organizational entrepreneurship. The analysis also provides a more fine-grained perspective about characteristics of organizational design and improves understanding of the employees’ actions depending on authority delegation, procedures and overall flexibility of organizational structure. Practical implications represent guidelines for practitioners as to how to set up structure and adjust leadership style in order to foster entrepreneurship among employees.
The goal is to study the assessment of the doctors working in the PAS regarding the readiness of the PAS institutions ofUkraineto implement the project mechanism: "The transition to paying for contracts with the National Health Service of Ukraine" within the further development of decentralized organizational transformations of the administrative system of the PAS ofUkraine. Materials and methods. 53 doctors (PAS staff ofUkraine) were interviewed by a specially designed questionnaire. Statistical processing of the obtained results is carried out using generally accepted statistical methods. Results. The comprehensive assessments of the readiness of PAS institutions inUkraine to implement the project mechanism: "Going to pay for contracts with the National Health Service of Ukraine", taking into account the basic principles of further reorganization transformations of structural management, based on the implementation of the model of the project of the regional pathoanatomical center (SRC). Conclusions. The results of the study showed that, according to surveyed doctors, the current system of PAS of Ukraine within the framework of the implementation of the mechanism of decentralized organizational reform by 2020 will be ready only by 67.5% for the implementation of the project mechanism, similar results are associated with existing problems in the field of financing of PAS establishments in Ukraine and the urgent need to develop new investment mechanisms aimed at realizing the search for the necessary financing of the project's economic and resource support.
Sep 30, 2019·Scientific Bulletin of Ivano-Frankivsk National Technical University of Oil and Gas (Series Economics and Management in the Oil and Gas Industry)
The aim of the study is to evaluate innovative technologies for social development financing. Research methods. Theoretical and methodological basis of the research is the scientific work of domestic and foreign authors on financing of social development with the help of innovative technologies, Internet resources. The study uses a set of general and special scientific methods and approaches, including: monographic - for the literary review of the problem under study; systemic and structural analysis – for interpretation of the essence of fundraising, crowdsourcing, crowdfunding as complex economic categories, logical generalization, systematic method, method of comparisons, graphical methods, which allowed to ensure the conceptual unity of the research. Results of work. Innovative technologies of financing of social development are analyzed, among them: fundraising, crowdsourcing, crowdfunding. The activities of the Na-Starte Kraudfanding Platform, including the involvement of interested parties in this Crowdfunding Platform, are described. It has been established that financing of social projects by providing grants is a significant step forward from the point of view of development of social responsibility of business. It is traced that today in Ukraine there are a number of active grant programs in the field of education, science, medicine, and social security. Conclusions. The listed innovative approaches become relevant in the context of decentralization and community development, in particular, participatory budgeting is the ability of male and female residents of the city to participate in deciding how to distribute a certain part of the budget.
Mykola Kucheryavenko, Olga Dmytryk, Oleksandr Golovashevych
The advent of cryptocurrencies and rapid growth of crypto-networks heralded a new era in evolution of financial relations. The main goals achieved by introduction of cryptocurrencies included: a) removal of the third party (the government, banking and financial institutions) from transactions between the parties to a transfer; b) anonymity of the parties; c) transaction security. The governments of various countries of the world have a different stance as regards the use of cryptocurrencies, and in some cases, they consider this medium of exchange illegal. The transnational nature of transactions involving cryptocurrencies and the absence of physical borders for these transactions complicate legislative regulation of the circulation of cryptocurrencies in Ukraine.The use of cryptocurrencies has significant effect on the economies of Ukraine and other countries of the world due to easy dissemination and popularity of this technology and the growing capitalization of cryptocurrencies. The exchange of cryptocurrencies into fiduciary money and the possibility of gaining substantial profits on a cryptocurrency exchange due to high volatility of cryptocurrencies necessitate development, as soon as possible, of approaches to legislative regulation of both terminological apparatus related to circulation of cryptocurrencies and the exchange transaction procedures, profit taxation, etc. Considering the multisided nature of crypto-networks and the diversity of cryptocurrencies currently existing in the world (over 2000 variants as of today), classification of existing cryptocurrencies and definition of their features represents a contemporary task.This article characterizes development of blockchain technology that serves as the basis for the functioning of cryptocurrencies, defines their characteristic features, positive and innovative concepts implemented with their advent. Cryptocurrencies were classified based on various criteria (issue type, network decentralization, limitation on issue, controllability of cryptocurrency issue, etc.), and two groups of features typical either for all cryptocurrencies or for their certain variants were proposed. It was proposed to define a cryptocurrency as a variety of e-money used as an alternative additional currency and circulated within global computer networks on the basis of blockchain technology that envisages asymmetrical encryption and the use of various cryptographic protection methods.
The features of legislation concerning taxation of cryptocurrency in different countries of Europe are analyzed in this article. The author uses the anthroposociocultural approach as the basis for the study of the problem. From the point of view of anthroposociocultural approach, the necessity of proper legal regulation of taxation of cryptocurrencies has been determined to ensure the realization of the human right to taxes. The legal regulation of taxation of cryptocurrency at the European level is analyzed. The author notices that there is still no unified approach to defining what cryptocurrencies are, and how countries can develop a common policy for taxing them. This is due partly to the anonymity of users, and partly to the ambition of virtual currencies to circumvent traditional financial institutions. The author specifies what taxes can cryptocurrencies be taxed by (tax on income, capital gains tax), analyzes European approaches to solving the problem of taxation of cryptocurrencies. The author notes that Eastern Europe states have more simple and attractive tax rates. The author of the article analyzes the European judicial practice in the field of taxation of IT activities, in particular cryptocurrencies, focuses on the practice of the European Court of Justice.
The article analyzes the implementation of the local budgets of the UTC of the Vinnytsia region. The achievements of the local self-government reform in terms of the effectiveness of management of the budget resources of the united territorial communities were determined. An analysis of the financial capacity of the budgets of the joint territorial communities of the region. The problematic aspects of the financial provision of the execution of functions by the local authorities are singled out. The ways of improving the territorial organization of power on the principles of decentralization and construction of financially self-sufficient territorial communities are proposed. Currently, financial autonomy of local budgets of UTC is provided by the relevant legal norms of the Budget Code of Ukraine. The implementation of individual steps of fiscal decentralization also expanded the financial autonomy of local budgets through: the establishment of uniform norms of deductions from national taxes; the difference between the indicative planning system of the local budgets of the Ministry of Finance of Ukraine; formation of a single basket of general fund revenues and expansion of the source of its filling; formation and putting into operation of the system of equalization of the tax capacity of the territory, etc.
One of the more notable developments in financial infrastructure framework during recent years has been the emergence of networking alternative financing platforms, aimed at bringing together firms and individuals looking for capital and others that have money to lend, invest or donate. That was upticked by establishment of innovative financing platforms and different business models, starting with peer-to-peer lending and equity crowdfunding and evolving to cryptocurrencies and virtual services providers. The emergence of crypto-assets is an important area of interest for regulatory authorities, including those dealing with issuance and secondary trading of crypto-assets. This article focuses on the innovative financial technologies impact phenomena, acknowledging FinTech imputed substantial benefits to the financial sector infrastructure, as well as considerable risks. Along with the analysis of theoretical developments of domestic and foreign scholars, an attention is paid to global discourse involving G20 and G7 countries, Financial Stability Board, Financial Action Task Force on Money Laundering (FATF), The International Organization of Securities Commissions (IOSCO) that raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented in full scope and integration prospects. Thus, emphasized the necessity to introduce the highest standards of financial regulation, especially with regards to anti-money laundering and counteraction to financing terrorism (AML/CFT), anti-corruption, financial transparency, accountability and inclusion in order to guarantee the stability of the financial system and consumer protection with awareness towards possible regulatory gaps. 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In the digital economy, the strengthening of the role of socially oriented non-profit organisations (NPOs) in addressing issues related to the harmonization of the social and economic aspects of society development, cannot be achieved without refocusing accounting on the solution of strategic tasks. An important tool of strategic planning and accounting in order to attract and monitor the use of earmarked funds — is budgeting, which had not been adequately reflected in the accounting activities of socially oriented NPOs. The organization of budgeting system in socially oriented non-profit organizations is based on the following characteristics: the problem of selection of calculation units; a high level of uncertainty of a profitable part of the budget, which is financed by revenues from basic and associate activities; the social orientation of the non-profit organizations, which defines the enhanced responsibility for performance and requires the clarification of the concept of operations results in itself. In the socially oriented NPO, the use of the result-oriented budgeting model, in which the expenditure of trust funds is administered in accordance with the principle of centralization on the one hand, and on the other hand, the objectives are achieved on the basis of the principles of decentralization, ensures planning, execution and monitoring of budget expenditures in direct connection with the specified, and achievable results. Under this model, the mobile annual budgets with a step equal to one month’s budgeting are used. Budget performance analysis aims to assess the quality of socially oriented non-profit organizations’ performance, which have a double-sided nature: on the one hand, the Organization’s efforts are evaluated, and on the other hand, the task force is evaluated. The effect of earmarked funds’ use becomes visible in subsequent reporting periods and is determined with regard to socially oriented NPOs within the society.
Introduction. In the period of crisis aggravation in the economy of Ukraine, a household and economic entity, as a rule, avoid saving financial resources. They prefer to invest their capital in foreign currency, valuable things, real estate and gold. The choice of the investment object is often determined by the level of fluctuations of its value depending on the political situation in the state, extent of intervention of the third parties in the process of ownership and disposal of the object, legal security and so on. Lately more and more individuals note the desired criteria in relatively new instrument of the financial market - cryptocurrency.Purpose. The purpose of the article is the determination of modern features of cryptocurrency functioning in the world and assessment of the advantages and disadvantages of their use.Results. The essence of the cryptocurrency determines its main advantages: the confidentiality and data security of owners; independence from the state; the lack of territorial and time restrictions in transactions; the low cost of service, etc. As a result, the cryptocurrency is gaining the increasing popularity among the population, the infrastructure of its sale via terminals is forming (there were already about 5000 ones in 2018), futures contracts for Bitcoins are being put into practice, the network of commercial and production structures is expanding. It gives wide opportunities for cryptocurrency payment.Conclusion. The cryptocurrency becomes more and more important part of society and work technology all over the world. The number of people who use cryptocurrency increased and is approaching the population of a small country – from 2.9 to 5.8 million people. The majority are inhabitants of North America and Europe. For the effective functioning of cryptocurrencies their institutionalization is necessary. It can be done in two ways: first, it is a legal institutionalization, and secondly it is the market institutionalization, which is carried out through the establishment of formal and informal rules for cryptocurrency functioning.
The article has been devoted to the system analysis of supply chains digital integration. The main goal is to study the practical significance of the blockchain in terms of digital integration of supply chains, to identify areas for further development. World experience of implementing blockchain projects in supply chains has been analyzed, trends in the use of digitalization technologies in logistics have been identified, components of digital supply chain integration have been considered. The general scheme of work with information is the collection of relevant data from news messages, evaluation of requests on the Internet by statistics analysis tools “Yandex. Choice of words” and “Google Trends”, analysis of legal and law enforcement documents using the search and analytics capabilities reference-legal systems, study of intellectual property through the service “Yandex. Patents». Systematization of the data was carried out by expert methods by the specialists of the Logistics Department from the State University of Management. The phenomenon of the popularity of the term “blockchain” has been examined, a plenty of papers, news articles, legal acts, devoted to the blockchain (distributed registry) and related with it technologies has been studied. The shortcomings of the blockchain, complicating the practical commercial application of technology in logistics and the economy as a whole, has been systematized; domestic legal support, regulating the issues of blockchain, cryptocurrency and related concepts has been analyzed; innovations (technologies, inventions, platforms and systems), related to the digitalization of the economy have been classified, and the components of digital integration of supply chains and logistics business processes have been formulated. The results of this study can be used to consolidate information about the opportunities and problems of blockchain in connection with related technologies, as well as in making decisions about the application of blockchain in logistics in order to integrate modern supply chains.
The article proposes to carry out the process of developing a new financial system of the BRICS States in the following sequence: to transfer foreign trade between the States to settlements in national currencies, with the subsequent development of its own unit of account, which will subsequently be able to replace the dollar and the Euro in mutual settlements within the BRICS; develop your own cryptocurrency or choose one of the existing cryptocurrencies, which for a certain period will be one of the possible elements of the settlement mechanism in the mutual trade of these five countries; to develop supra-national crypto-currency for the countries members of the BRICS. This process will be very complex, as it will require many technological, macroeconomic and organizational challenges.To solve the problem of building a new financial and monetary system of the BRICS countries, the article analyzes the actual level of digitalization of financial activities in the countries of the Association, on the basis of which proposals are developed and the following conclusions are formulated: crypto-currency operations are not completely prohibited in any of the States of the Association, and the prohibitions apply only to certain operations (ISO, mining, exchanges). Cryptocurrency is not recognized as a legal means of payment; in the BRICS countries there are no own, national cryptocurrencies, and only projects of future cryptocurrencies are developed, taking into account the features of the set goalsof economic development and management of cryptocurrency activities; the countries of the Association do not abandon the use of blockchain technology in the field of economy and Finance, as it ensures the openness and security of data storage, the creation of centralized exchanges, the exchange of goods and services; the BRICS countries should be interested in a gradual shift away from dollar dependence. The instruments of this movement are the national currency, its own, internal unit of account, its own national cryptocurrency, supranational cryptocurrency.
The article presents the results of research aimed at assessing the Bitcoin (BTC) capability to act as a widely accepted means of payment. The analysis includes technological and economic conditions of the BTC operation system. The research used data on market capitalization, the number of participants and the level of volatility of the BTC exchange rate in 2010-2018 from the portal coinmarketcap.com. The results of the research showed that BTC possesses certain characteristics typical of money, and has the potential to increase its share in the payment system in the future. BTC's ability to act as an electronic equivalent of cash depends on such factors as the stability of its exchange rate and the level of acceptance among users and payment acceptors. The statistical analysis of the correlation showed that along with the increase in the capitalization value of the BTC market the volatility of the exchange rate of this currency is lowered and the level of acceptance among e-commerce participants is increased. Such dependence will allow for further technological development of BTC and other cryptocurrencies and a wider use in trade.
Within the decision-making process, investors are interested in finding the most effective solutions that will allow them to obtain short-term benefits. Current economic environment is characterized by the emergence of new financial instruments that can assist investors to diversify their investment portfolio. Crypto-currencies represents a category of financial assets that can be used by investors to reduce risk and achieve significant returns. Therefore, the study intends to analyze the financial behavior of investors in the moment of publishing the financial statements. Financial statements could have a positive or negative influence on the investment portfolio and structure. The issue analyzed by this study is represented by the ability of the cryptocurrency Bitcoin to be considered as an alternative investment asset. The study is divided into two parts. In the first part, the study presents the review of literature about value-relevance, cryptocurrency term and speculative bubble. The second part presents the research methodology and results. The results of the study validate the hypothesis of this study, cryptocurrency Bitcoin being a financial asset that can be used as an alternative investment asset for diversification of investment portfolio.

 
 
 The purpose of the article is to reveal the role of the state in the field of social protection of the population, to analyze the tendencies of development of budget financing of social security in Ukraine and to offer ways to improve the reform of the sphere of social protection of the population. The article describes the priority directions of the activity of the state and institutional features of the interaction of the legislative and executive power in the field of social protection, developed an adaptive model of state regulation of the sphere of social protection in the context of decentralization, analyzed the dynamics of spending on social protection and social security.
 
 
The article deals with current challenges for regional development and their impact as causes of threats to economic security. Economic security is seen as a complex multilevel system, the formation of which occurs at various levels of economy’s hierarchy: the state level, an economic sector, an industry (economic activity), a region, a business enterprise, a city, a town, a village, a local territorial community, a person. It is determined that a region’s internal and external environment is the key factor of its economic security. The assessment, which was carried out, enables to establish the following characteristics: structural imbalances, a gap between regional investing priorities and determined priorities, a break in the production chain, an asymmetry in technological development of regional industries, expansion of foreign companies on the domestic market, incompatibility between the system of institutions and the aims of social and economic development of regions.The research paper describes the current challenges for regional development, such as deepening of regional differences in creating tensions in regional labour markets; intensification of migration processes; growing differences in the intensity of structural changes; reducing foreign investment; institutional and fiscal decentralization; growing problems in organizing and financing social services; deepening asymmetry in the development of cross-border infrastructure, which requires a system of protection against increasing threats to economic security.A range of methodological approaches to assessing the level of economic security is generalized. A set of quantitative and qualitative indicators is suggested for evaluating the results of security assurance activities at all levels of the hierarchy: a region, a territorial community, a business enterprise, a person.The priority areas of administrative activity designed to prevent threats to economic security are identified. Given the current challenges, these priority areas include: structural reform of the economy, an increasing backbone role of state-owned entrepreneurship, inter-regional and inter-municipal cooperation, modernization of social safety in terms of personal security, strengthening safety of entrepreneurship, reinforcement of security of local communities under conditions of political, administrative, financial, fiscal, economic and environmental decentralization.The main characteristics of each area are pointed out. Further research studies are to be undertaken to empirically examine the results of these measures and identify barriers for institutional assurance of economic security.
Олена Фоміна, Olena Moshkovskа, O. O. Avhustоva, Olha Romashko · 5 authors
Various mechanisms for implementation, and at the same time contradictory approaches to the essence, evaluation, reflection, and regulation, led to the need to consider and improve approaches to the recognition of cryptocurrency. Based on the critical analysis of the legal provisions in Ukraine and the approaches of scientific experts, practitioners and international experience, the economic essence of cryptocurrency is substantiated. The legal, economic and accounting aspects of cryptocurrency recognition in developed and transformational economies are revealed. In order to meet the information needs of users, the peculiarities of the application of methods for estimating cryptocurrency commodities and the influence of the chosen method on the reflection of such an asset in the financial statements have been identified. The necessity to clarify and harmonize existing national accounting standards for recognizing and reporting on cryptocurrency transactions has been identified. The proposed approach to the identification and recognition of cryptocurrency goods will improve the relations between the owners of cryptocurrency and the state, legalize cryptocurrency transactions and form an effective system for managing such transactions in Ukraine.
Today, the world is on the threshold of a digital revolution that will affect all spheres of public life. The application of cryptocurrencies and blockchain technology has gone a long way since its introduction. Now it has reached a new milestone as it gets implemented in the energy sector. Blockchain and cryptographic technology have the potential to radically change the energy industry of the usual. Blockchain and cryptocurrencies are changing the energy sector and in the article is considered how it will affect the energy industry. Blockchain systems and cryptocurrencies no longer require either intermediaries or a central authority. But it is still difficult today to put such models into practice. In addition, there are a number of legal and regulatory requirements that blockchain projects must also comply with. Cryptocurrency is one of the most relevant topics when it comes to digitalization. On the basis of the analysis of the foreign practice of the use of cryptocurrency in the electric power industry, the prospects of implementation of such projects for Ukraine and their legal support are analyzed. Emphasized the advantages of blockchain and cryptocurrencies and demonstrates the mechanism of their work. The situation regarding the definition of the legal status of cryptographic goods in foreign countries and Ukraine is analysed. The main points to be solved in the course of approval of the right regulation of cryptocurrencies in Ukraine are determined. Foreign and certain domestic experience of using the blockchain technology and cryptology in the field of electric power industry indicates the prospect of further development of this direction. In the implementation of such instruments,it seems that it will allow accelerating the payments in electricity supply relations, will allow them to be more transparent, and at the same time protected from unauthorized interference, enhance the culture of contractual relations. REFERENCES1. Maidanyk R.A. Virtualna valiuta v tsyvilnomu pravi Ukrainy: stan, tendentsii, perspektyvy. Visn. Nats. akad. prav. nauk Ukrainy. 2018. Vol. 25, No. 2. P. 114-129 [in Ukrainian].2. Husieva I.I., Petrova T.O. Tendentsii rozvytku kryptovaliut na rynku Ukrainy. Naukovyi visnyk Mizhnarodnoho humanitarnoho universytetu. 2017. Iss. 24 (1). P. 48050 [in Ukrainian].3. Lukianov V.S. Zarodzhennia rynku kryptovaliuty v informatsiino-merezhevii paradyhmi. Aktualni problemy ekonomiky. 2014. No. 8 (158). P. 4360441 [in Ukrainian].4. Svon M. Blokchejn: Shema novoj jekonomiki. M.: Olimp-biznes, 2017. 240 p. [in Russian].5. Blokchein — novi mozhlyvosti dlia vyrobnykiv ta spozhyvachiv elektroenerhii? Ohliad svitovoi elektroenerhetyky, pidhotovlenyi PwC. Pricewaterhouse Coopers International Limited (PwCIL), 2016. URL: https://www.pwc.ru/ru/publications/blockchain/blockchain_opportunity-for-energy-producers%20and-consumers_RUS.pdf [in Ukrainian].6. Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. EUR-Lex: Access to European Union law. URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32015L08497. Federal act on banks and savings banks. URL: https://www.admin.ch/opc/de/classifiedcompilation/19340083/index.html8. O razvitii cifrovoj jekonomiki: Dekret Prezidenta Respubliki Belarus' ot 21.12.2017 № 8. URL: http://president.gov.by/ru/official_documents_ru/view/dekret-8-ot-21-dekabrja-2017-g-17716/ [in Russian].9. Zelena knyha rehuliuvannia rynku kryptovaliut: Ofis efektyvnoho rehuliuvannia. Traven 2018. URL: https://cdn.regulation.gov.ua/fe/5b/20/42/regulation.gov.ua_Zelena-Knyha.-Rynok-Kryptovaliut.pdf [in Ukrainian].10. Bitcoins: Aufsichtliche Bewertung und Risiken für Nutzer. Bundesanstalt für Finanzdienstleistungsaufsicht. 19.12.2013. URL: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Fachartikel/2014/fa_bj_1401_bitcoins.html [in German].11. Blockchain: Hype or Innovation: CoinForum.de. 26.02.2016. URL: https://Bitcoinblog.de/2016/02/26/rwe-undslock-it-wollen-ethereum-fuer-elektroautos-nutzen/12. Kryptovaliuta SolarCoin ta soniachni elektrostantsii. "SolarCoin" Nova kryptovaliuta yaka stymuliuie montazh dzherel alternatyvnoi elektroenerhetyky. 17.01.2018. URL: https://prel.prom.ua/a322224-kriptovalyuta-solarcoinsonyachni.html [in Ukrainian].13. Pro obih kryptovaliuty v Ukraini: proekt Zakonu Ukrainy vid 06.10.2017 No. 7183. URL: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62684 [in Ukrainian].14. Pro stymuliuvannia rynku kryptovaliut ta yikh pokhidnykh v Ukraini: proekt Zakonu Ukrainy vid 10.10.2017 No. 7183-1. URL: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62710 [in Ukrainian].
The purpose of the article is to identify system features of the mechanism of decentralized management of natural resources, adapted to European standards of management. Methodological approaches have been developed to create a system of mechanisms for managing natural resources in the context of decentralization of power in Ukraine. They are based on the principles of structural and project management, subsidiarity, good governance, public-private partnership and natural resource management with the participation of local communities, structural, project management and consolidated financing for the sustainable development of municipalities. The authors presented specific proposals on the creation of an environmental management system at the level of territorial communities and municipalities on the basis of the cluster-corporate economy by transferring them wide rights to use natural assets of local importance. The concept of an algorithm for the periodization of the process of decentralization of powers in the management of natural resources is developed until 2030, which will provide a transition to forms and methods of natural resources management that will effectively complete the European integration process in Ukraine.
Alex Plastun, Anna Oleksandrivna Drofa, Tetyana Viktorivna Klyushnik
Purpose – to investigate the Month of the year effect in the cryptocurrency market. Design/Method/Research Approach. A number of parametric and non-parametric technics are used, including average analysis, Student's t-test, ANOVA, Kruskal-Wallis statistic test, and regression analysis with the use of dummy variables. Findings. In general (case of overall testing – when all data is analyzed at once) calendar the Month of the Year Effect is not present in the cryptocurrency market. But results of separate testing (data from the period “suspicious for being anomaly” with all the rest of the data, except the values which belong to the “anomaly data set”) shows that July and August returns are much lower than returns on other months. These are the worst months to buy Bitcoins. Theoretical implications. Results of this paper claim to find some holes in the efficiency of the cryptocurrency market, which can be exploited. This contradicts the Efficient Market Hypothesis. Practical implications. Results of this paper claim to find some holes in the efficiency of the cryptocurrency market, which can be exploited. This provides opportunities for effective portfolio management in the cryptocurrency market. Originality/Value. This paper is the first to explore Month of the Year Effect in the cryptocurrency market. Paper type – empirical. Authors gratefully acknowledge financial support from the Ministry of Education and Science of Ukraine (0117U003936).
The international experience of various countries of the world in the implementation, usage, and economic and legal status of cryptocurrency is compared in this research. The advantages and disadvantages of using cryptocurrency at the present stage of economic and scientific-technical development of Ukraine are considered. The results of the research of the awareness of market participants regarding the advantages and disadvantages of cryptocurrency and the presence of interest in the usage of cryptocurrency are given. The aim of this article is to study the possibilities of using cryptocurrency for economic development. The object of the research is the process of using cryptocurrency in the market in Ukraine, taking into account world experience. Practical implications. The results of a study of the demand for cryptocurrency in Ukraine. The research was conducted with the help of a questionnaire, as a result of which it was found out: the level of awareness of cryptocurrency; subjective perception of cryptocurrency; sources of awareness of cryptocurrency; the presence of the potential interest of Ukrainians in the acquisition of cryptocurrency. It was found what exactly Ukrainians consider the main advantages and disadvantages of cryptocurrency. Value/originality. Cryptocurrency as a means of payment and a type of electronic money is found in the most countries of the world in the “grey” zone, and regulators, if not prohibit, then at least do not recommend citizens to invest in such assets. However, the state of science and technology development of blockchain technologies, which are the basis of cryptocurrency, and the state of demand for cryptocurrency in the Ukrainian market are ready to use cryptocurrency. For the effective implementation of cryptocurrency, Ukraine lacks only the normative framework. Developing a regulatory framework in this area will help to bring cryptocurrency markets to stability. The introduction of international experience in the usage of cryptocurrency in Ukraine, the creation of own model of behaviour will be the first step towards building a transparent and understandable cryptocurrency market, which will lead to the development of the economy as a whole.
Purpose – the purpose of this study is to analyse the cryptocurrency market and to forecast household investments in it from a theoretical and practical point of view. Research methodology – in order to achieve the aim of the article, scientific literature and statistical data analysis, comparative analysis and SWOT analysis were done. Also, ARIMA forecasting model was adapted to forecast Household investment in cryptocurrencies. Findings – the first part of the study presents the theoretical aspects of cryptocurrencies. An overview of the cryptocurrencies and their market is provided, focusing on the concept of Bitcoins, its’ mining and technical principles of operation. The second part of this study is intended to analyse the cryptocurrencies market and its dynamics. In the last part of the research tendencies of household investments in cryptocurrencies are examined for the period of 2016–2019 according to the data from cryptocurrency exchange. Also, household investments in cryptocurrencies are analysed and major future investment trends and seasonality are identified as well. Household future investment in cryptocurrencies is also predicted. Research limitations – data used in the research only includes currency exchange information, that may be inaccurate when concluding the main trends of the market. Practical implications – the practical results of the study may be useful for households interested in investing, especially in risky investment alternatives. Results of the research justify the dynamics of the currency market and the fluctuation of cryptocurrencies’ prices that shows that investment in cryptocurrencies is very variable, unstable and risky. Originality/Value – cryptocurrencies market is particularly dynamic and fast-changing, so the newest scientific investigations are urgent. In this research, an attempt was made to forecast household investment in main cryptocurrencies
Миколаївський національний аграрний університет, Н. В. Лагодієнко, Ю. В. Волосюк, Миколаївський національний аграрний університет · 8 authors
Introduction. The paper examines and generalizes approaches to taxing cryptocurrencies in different countries of the world with the aim of identifying the most successful experience for its subsequent adaptation and application in the Ukrainian Legislation. The tendencies of the possible change of the cryptocurrencies control vector are revealed. The definitions of cryptocurrency are analyzed, possible variants of their legal status are determined. The analysis of prospects for establishing the legal status of cryptocurrencies in Ukraine is carried out. The draft laws on amendments to the Tax Code of Ukraine were studied. It was established that in Ukraine there was not yet formed the legal framework for determining the legal status and regulation of cryptocurrencies and proposed ways to improve Ukrainian legislation in the sphere of cryptocurrency transactions. \n \nPurpose. The purpose of the study is to analyze the global experience of cryptocurrency taxation in order to identify the best approaches to this problem in Ukraine. \n \nResults. Today, it is impossible to develop a universal mechanism for taxation of cryptocurrencies, since there are no single standards for the taxation of digital coins in the world. This is due to the fact that some countries do not want to recognize the use of digital money as legitimate, and countries that have given official status for cryptocurrencies use of their own approaches to taxation. The procedure for taxation of transactions using cryptocurrencies is governed by the national legislation of the member states. In this case, as a rule, the digital currency is treated as a commodity or an intangible asset, and not as a currency or money. \n \nConclusions. It has been proved that in the world practice several approaches to determining the legal status and taxation of cryptocurrencies with common trends have been formed. To date, Ukraine has not yet set up a legislative framework for the regulation of cryptocurrency, but there is a development of provisions and bills that need to be further elaborated.
The article describes the problem of forecasting prices of cryptocurrencies at the financial markets. Methods for analyzing and forecasting prices of cryptocurrencies at the financial markets are considered in detail. A trend indicator – moving averages – is considered as an auxiliary tool for technical analysis that helps to analyze and forecast prices of cryptocurrencies at the financial markets. During the study there were analyzed several methods of different categories, namely: SMA (Simple Moving Average), EMA (Exponential Moving Average), WMA (Weighted Moving Average). For analyzing moving averages, there were conducted the analysis, based on mean-square deviation together with the standard graphic analysis. The whole process was divided in several stages: a moving average was calculated, based on basic values; based on values of the calculated moving average, there was calculated a mean square deviation; deviation with the least numerical value was chosen among the massive of deviations. It has been revealed, that SMA has the least value of mean-square deviation, but EMA is the better choice, because EMA is most sensitive among considered moving averages, although an error extent is rater more.