The relevance of the study is determined by the growing role of decentralized autonomous organizations (DAOs) as an institutional basis for coordination and management in scalable digital business ecosystems in conditions of limited effectiveness of traditional hierarchical models. The purpose of the article is to provide a theoretical justification for the institutional effectiveness of DAOs and to identify the main mechanisms of their influence on the processes of coordination, distribution of responsibility, and decision-making in digital ecosystems. The methodological basis of the study is formed by the provisions of institutional economics, transaction cost theory, and collective action theory.The research uses methods of system analysis, theoretical generalization, comparative analysis, and institutional modeling. As a result of the research, the essence of DAOs as a new type of institutional construct in which formal and informal rules are integrated directly into the mechanism of coordination of economic agents has been clarified. It has been found that algorithmic enforcement, implemented through smart contracts, contributes to a reduction in transaction costs associated with the fulfillment and control of obligations, while strengthening institutional constraints. The main mechanisms of DAO’s influence on coordination have been identified, in particular procedural and asynchronous interaction, tokenized collective decision-making, and distributed responsibility. It has been found that the effectiveness of DAOs critically depends on the interaction between formal institutions and informal factors such as trust, reputation, and the activity of the community core. A generalized analytical model has been developed that demonstrates the relationship between DAO institutional mechanisms, their effects, and potential risks in the context of scaling digital ecosystems. The conclusions indicate that DAOs perform the functions of institutional coordination and reduction of transaction costs in digital business ecosystems through the algorithmization of formal rules and the use of smart contracts as a mechanism for ensuring compliance with norms.
The article is devoted to the study of the role of digital competencies of management personnel in ensuring the competitiveness of organizations in the financial technology (fintech) sector. In the context of digital transformation of the economy and accelerating technological changes, the presence of relevant digital skills among managers becomes an essential condition for the successful functioning of fintech companies capable of creating demanded personalized financial products and services. The author examines the evolution of the concept of «digital competencies» from basic computer literacy to a comprehensive category that includes proficiency in modern data analysis tools, artificial intelligence, and distributed ledger technologies. The paper systematizes the methods for developing digital competencies of management personnel, identifying three main groups: educational, practice-oriented (project-based), and organizational-motivational. For each group, specific learning tools are presented, such as distance learning systems (LMS), workshops, hackathons, communities of practice, as well as gamification tools and KPI trackers. It is substantiated that the choice of methods and tools should be made taking into account the organization’s resource availability, the workload of managers, and the need for individualization of the educational process to increase the efficiency of professional training costs.
This article examines the current state and evolution of electronic payment systems as a key factor in the structural modernization of the economy. It describes the institutional changes in the banking sector, as credit institutions transition from resource accumulation functions to the role of infrastructure operators of information and financial flows. It substantiates that the speed of settlements, the level of automation, and the technological connectivity of participants are becoming decisive factors in the competitiveness of the state's financial system. The article presents the impact of technological factors in the modernization of payment infrastructure on accelerating settlements, increasing the transparency of financial transactions, and strengthening the reliability of payment services. It illustrates how the implementation of intelligent data processing systems, distributed ledgers, and automated payment flow management algorithms creates the preconditions for increasing the efficiency of interbank settlements and expanding the availability of financial services. It is concluded that the effectiveness of the development of electronic payment systems is determined by the consistency of technological, institutional and managerial mechanisms that ensure the sustainable functioning of the financial system in the context of the digital transformation of the economy.
The article examines risk management as a strategic foundation for managing the economic activity of an enterprise under conditions of wartime instability, macroeconomic turbulence, and digital transformation. The relevance of the topic is driven by the growing level of environmental uncertainty, intensified competition, and the emergence of new digital and war-related risks that require the formation of an integrated system of strategic risk management. The purpose of the article is to substantiate the theoretical foundations and develop practical approaches to the formation of a risk management system as a strategic tool for managing the economic activity of an enterprise.The paper systematizes the main risk management instruments (risk acceptance, avoidance, transfer, and mitigation), identifies the structural elements of the risk management process, and proposes a model for organizing business processes within the framework of a risk management strategy. The concept of risk zones (risk-free, acceptable, critical, and catastrophic) is disclosed, enabling the assessment of risk concentration levels and ensuring timely adjustments of managerial decisions.Special attention is paid to digital risks arising from the implementation of cross-cutting digital technologies, including artificial intelligence, big data, robotics, and distributed ledger systems. The authors propose an original classification of digital transformation risks at the enterprise level, distinguishing economic, technical, organizational, and war-related risks, as well as identifying key risks associated with the use of artificial intelligence technologies (data privacy risk, infrastructure risk, statistical discrimination risk, incorrect managerial decision-making risk, workforce imbalance risk, etc.). The necessity of integrating digital risks into the corporate risk management system (ERM) is substantiated.The article also considers modern strategic approaches to risk management, including the “three lines of defense” model, the method of defining risk appetite and risk tolerance, and the development of risk culture and effective communication. It is proved that their integrated application creates a holistic risk management architecture aimed at preventive response, balancing profitability and sustainability, and enhancing the economic security of the enterprise. It is concluded that under modern conditions, risk management acts not only as a mechanism for minimizing threats but also as a strategic concept for ensuring long-term stability, innovative development, and competitiveness of an enterprise in the context of the digital economy and wartime challenges.
The article examines the role of blockchain and financial technologies in ensuring the transparency of operations with virtual assets in the context of the digital transformation of the financial system. It is substantiated that the development of financial technologies is one of the key drivers of the modernization of contemporary financial markets, shaped by global processes of digitalization, innovation, and changes in the economic behavior of market participants. It is determined that financial technologies form a new architecture of the financial system and contribute to increased efficiency, accessibility, and transparency of financial services.The study analyzes global and national factors influencing the development of financial technologies. Among them, particular emphasis is placed on the digitalization of the economy, the advancement of blockchain technologies and decentralized finance, changes in consumer expectations, the globalization of financial markets, as well as institutional, regulatory, and infrastructural challenges at the national level. It is demonstrated that the combination of these factors determines the pace and directions of the implementation of innovative financial solutions, particularly in the sphere of virtual asset circulation.The paper explores the economic essence of virtual assets as digital objects that possess value and operate within a digital environment based on distributed ledger technologies. The main types of virtual assets include cryptocurrencies, tokens, stablecoins, and non-fungible tokens (NFTs). Their economic functions, specific characteristics, and risks associated with high volatility and the cross-border nature of their circulation are systematized.Special attention is paid to the impact of financial technologies on the management of virtual assets. It is substantiated that the use of blockchain platforms, smart contracts, analytical and monitoring financial solutions, digital custodial services, and regulatory instruments contributes to enhancing transparency, accountability, and controllability of operations with virtual assets.The study systematizes practical solutions for ensuring the transparency of operations with virtual assets and identifies their impact on building trust, reducing operational risks, and improving the effectiveness of financial control.It is concluded that the transparency of operations with virtual assets is formed through the comprehensive integration of blockchain and financial technologies into a unified digital financial infrastructure, where the maximum effect is achieved through their combined application. Ensuring transparency in virtual asset operations is systemic in nature and requires the integration of technological, organizational, and regulatory instruments. In this context, blockchain and financial technologies act not only as technical tools for recording transactions but also as key drivers of trust, efficiency, and stability in digital financial markets.The necessity of combining technological, organizational, and regulatory instruments is emphasized, along with maintaining a balance between the transparency of financial operations and the protection of confidential data. Prospects for further research are identified, including the evaluation of the effectiveness of financial technology implementation across different segments of the financial market and the development of regulatory models for the circulation of virtual assets.
Subject. This article discusses the peculiarities of forming a holistic approach to assessing human capital as an economic resource of regions to improve the efficiency of its use in the context of decentralization. Objectives. The article aims to study human capital as a factor in the economic growth of regions in the context of decentralization, identify interregional disparities in its development, and substantiate strategic areas for intensifying the formation, funding, and effective use of human potential at the territorial level. Methods. For the study, I used analysis and synthesis, induction and deduction, abstraction, comparison, generalization, and systems and dialectical methods. Results. The article proposes strategic areas for intensifying and financing the development of human capital, taking into account modern challenges, and it pays particular attention to the institutional capacities of regions. The article substantiates current approaches to financing human capital in the context of the transition to a decentralization model, as well as in the systematization of data on investments in human resources for 20232025, and it formulates proposals for improving the sustainability of regional development through the optimization of inter-budgetary transfers, taking into account the existing interregional imbalances in the Human Development Index. Relevance. The results obtained have a certain practical value, as they can help regions more effectively utilize their potential, attract investment, create new jobs, and develop their own unique strategies for human capital development based on territorial characteristics.
The article provides a theoretical substantiation of the essence of investment technologies within the system of decentralized finance. Based on a synthesis of existing scientific approaches, the author proposes original definitions for key concepts: "investment technologies", "financial technologies", and "decentralized finance". It is demonstrated that decentralized finance represents an alternative ecosystem built on public blockchains and smart contracts, which ensures the complete elimination of intermediaries. The formulated theoretical propositions establish a foundation for the further development of the organizational and economic framework for managing investment technologies within the DeFi space.
Дмитро Люшенко, Нодарі Горгіладзе, Олександр Туголуков, Михайло Шептун · 6 authors
Висока волатильність криптовалют та швидке поширення технологій штучного інтелекту (ШІ) у фінансовому секторі визначають необхідність точного прогнозування ризиків і поведінки інвесторів у процесі цифрової трансформації фінансових ринків. Метою дослідження є розробка системи економетричних моделей для оцінки прибутковості, волатильності, ліквідності та ризику падіння основних криптоактивів із використанням методів на основі ШІ. Методологічна структура включає моделі специфікацій ARDL-MIDAS, GARCH-MIDAS, PMG та logit, які поєднують високочастотні ринкові дані, макроекономічні індикатори, он-чейнгові метрики та індекси настроїв інвесторів. Вибірка охоплює вторинні дані за 2018-2025 роки для п'яти провідних активів — Bitcoin, Ethereum, BNB, XRP та Solana. Результати моделі ARDL-MIDAS показали, що збільшення обсягів торгівлі на 1% збільшує короткострокову прибутковість на 0,012 пункту, водночас зростання індексу VIX зменшує їх на 0,014 пункту. У моделі GARCH-MIDAS коефіцієнти α=0.085 та β=0.900 підтверджували високу інерцію волатильності біткоїна, а компонент MIDAS у VIX мав значний вплив 0.27. Модель панелі PMG виявила негативний довгостроковий вплив волатильності на ліквідність (−0,27) і позитивний ефект надпливу стейблкоїнів (−0,12), що вказує на функцію стабілізації. Логіт-модель довела, що збільшення на стандартне відхилення індексу VIX збільшує ризик краху на 52%. Отримані результати підтверджують ефективність поєднання економетричних методів і ШІ для аналізу цифрових фінансових ринків і технологій ШІ для аналізу цифрових фінансових ринків. Висновки підкреслюють можливість практичного застосування запропонованих моделей у фінансовому прогнозуванні, управлінні ризиками та політиці стабілізації цифрових активів у контексті розробки інтелектуальних фінансових систем на основі ШІ.
Introduction. In the process of decentralization of power in Ukraine, the role of local governments in the formation and implementation of information policy has significantly increased. This has opened up new opportunities for ensuring transparency, accountability and public involvement in governance processes. However, at the same time, full-scale war, information threats, uneven institutional development of communities and limited resources have created significant challenges. In modern conditions, effective and transparent information policy is critically important for preserving democratic values, mobilizing public support and ensuring the sustainability of local development. Problem Statement. Despite the formation of legal and strategic foundations of information policy, its implementation in decentralization remains fragmented. Communities have different levels of access to digital tools, human resources and financial resources. The lack of unified transparency standards and monitoring mechanisms leads to a decrease in the effectiveness of communications and an increase in distrust on the part of citizens. The purpose of the article is to identify the challenges and prospects of forming a transparent information policy at the level of territorial communities in Ukraine under decentralization, as well as to develop practical recommendations for improving institutional, legal and digital mechanisms for its implementation. Methods. The study applied methods of analyzing the regulatory framework, comparing information policy models at different levels of government, generalizing practical experience of communities, and predicting the consequences of introducing certain management decisions. Results. The article analyzed the main barriers to forming a transparent information policy under decentralization, including limited digital infrastructure, weak institutional capacity, uneven access to information, and a low level of trust in government bodies. The potential of decentralization for introducing flexible and adaptive information policy models is revealed, in particular through the development of open data, local e-government platforms, and involving the public in the information process. The need to create unified standards of openness, digitalization of information procedures and training of local officials is substantiated. Practical recommendations are proposed for the formation of effective information policy on the ground, based on the principles of transparency, participation and trust. Conclusions. Transparent information policy should become an integral part of the development strategies of territorial communities in the context of decentralization. Its effectiveness depends on an integrated approach that includes regulatory support, financing, digital transformation and human capital development. Public administration should ensure not only the creation of favorable conditions for the implementation of openness policy, but also constant monitoring, feedback from citizens and adaptation to new challenges, including threats to information security in war conditions.
The article examines the economic nature of local finance and determines its social role under the transformation of Ukraine's public finance system. The study analyzes the historical evolution of local finance in foreign and domestic contexts, revealing a transition from viewing it as a simple community expenditure estimate to recognizing it as a complex instrument for territorial viability and financial independence. The research highlights that while foreign models followed a gradual path toward autonomy, the Ukrainian experience was marked by a long period of centralization within an administrative-command system, which is currently being overcome through fiscal decentralization. The paper systematizes academic approaches to defining "local finance" into five categories: system-resource, functional, economic, socio-economic, and legal. This classification demonstrates the multidimensional nature of local finance as both a component of public finance and the foundation of local self-government. The authors propose an updated definition, describing local finance as an institutionally regulated system of economic relations that ensures the implementation of both own and delegated powers, satisfies public needs, and promotes sustainable socio-economic development. Under the conditions of martial law and the challenges of post-war recovery, local finance is shown to transform from a mere budgetary tool into a strategic mechanism for social stability. The study concludes that the modern social role of local finance is centered on supporting internally displaced persons, ensuring security, and facilitating the recovery of territorial communities, thereby serving as a fundamental element of public finance sustainability.
The article is devoted to the study of blockchain technologies as an institutional tool for modernizing public administration in the context of the transition to Democracy 3.0. The relevance of the study is determined by the need to find new mechanisms to improve the efficiency, transparency, and legitimacy of public administration in the context of the digital transformation of society. This issue is of particular importance for Ukraine, which is simultaneously modernizing its state institutions in the context of war and European integration processes. The aim of the study is to provide a theoretical and methodological justification for the role of blockchain technologies as an institutional tool for the transformation of public administration in the context of the emergence of Democracy 3.0 and to determine the prospects for their implementation in the Ukrainian public sector. The methodological basis of the study is a neo-institutional approach, which allows us to consider blockchain not only as a technology, but also as a new type of institutional organization that transforms the rules, norms, and mechanisms of interaction between the state and citizens. The main results of the study include the conceptualization of the phenomenon of Democracy 3.0 as a new paradigm of public administration based on the principles of decentralization, transparency, and continuous citizen participation. It has been proven that blockchain acts as the technological basis for institutional change through three mechanisms: decentralization of trust, automation of execution through smart contracts, and immutability of records. Key institutional transformations influenced by blockchain technologies have been identified: the transition from representative to participatory and “liquid democracy” (a hybrid model of political governance that combines elements of direct and representative democracy, allowing citizens to flexibly choose between personal voting and delegating their vote to trusted representatives with the possibility of revoking this delegation at any time), the replacement of centralized control with decentralized verification, and the transformation of the trust economy from institutional to cryptographic. It is argued that blockchain creates a new architecture of state power, where traditional hierarchical structures are complemented by network forms of organization and decentralized autonomous organizations. The Ukrainian context of digital transformation of public administration is analyzed, including the experience of creating the Ministry of Digital Transformation, implementing the Dія ecosystem, and developing blockchain registries. Specific challenges to the implementation of blockchain technologies in Ukraine have been identified: legal barriers, the digital divide, bureaucratic resistance, and the need to ensure cybersecurity in the context of hybrid warfare. The novelty of the research lies in the development of a conceptual model of blockchain-mediated institutional transformation of public administration, which integrates the theory of neo-institutionalism with the concept of democracy 3.0. The practical value of the results is determined by the possibility of using the proposed approaches to form public policy on the digitalization of the public sector in Ukraine. Prospects for further research include empirical verification of the proposed model, development of metrics for evaluating the effectiveness of blockchain solutions in public administration, and research on the socio-psychological factors of citizens’ acceptance of decentralized forms of participation in public administration.
In modern conditions of functioning, healthcare institutions in Ukraine are undergoing a period of profound transformations, which are associated with the activation of the European vector of state development, military aggression from Russia, the challenges of the pandemic, migration mines and changes in state policy priorities. Based on this, it can be argued that the functioning of the healthcare sector takes place in a period of dynamic changes and variability of the external and internal environment. A feature of the organizational support of the functioning of healthcare institutions is the change in the management model - from centralized and inertial to autonomous, which is aimed at results. In accordance with the implemented medical reforms, some healthcare institutions have acquired the status of municipal non-profit enterprises, which has expanded the scope of independence in making management decisions in matters of organization and financing of institutions [1, 2]. However, the implementation of such changes requires time and appropriate organizational support, which in the conditions of the security and economic situation is a difficult task. From the point of view of financial support, the changes made according to the principle of "money follows the patient" should stimulate the competitiveness of healthcare institutions within the framework of cooperation with the National Health Service of Ukraine, but led to uneven conditions for the functioning of institutions in regional distribution, especially in rural areas. The reform of decentralization of power, which aimed to optimize the healthcare sector, which in practice was implemented in the reduction of healthcare institutions in rural areas and impaired the ability to receive medical services among the population of such territories, also made its corresponding adjustments. Therefore, the issue of organizational and economic support for the effective functioning of healthcare institutions in the context of transformational challenges is an urgent task for the authorities today. The greatest destruction and losses for the sphere of functioning of healthcare institutions were caused by the full-scale invasion, which led to significant destruction of facilities throughout the country, especially in border areas and zones of active hostilities. At the same time, part of the health facilities was destroyed by the war, part suffered significant damage and losses, which affected the ability of thousands of citizens to receive the necessary medical care. In addition to the physical losses of facilities, the challenge was the relocation of part of the health facilities from the territories of temporary occupation to safer regions, which affected the preservation of the material and technical base.
Topicality. The digitalization of the economy in the context of the Fourth Industrial Revolution fundamentally changes the logic of the functioning of economic systems. Industry 4.0 encompasses a range of breakthrough technologies, such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, cloud computing, 3D printing, big data, and robotics, which not only modernize production but also transform value creation processes, labor organization, consumption, and governance. This creates a need for scientific reflection on these processes, taking into account economic, social, and institutional aspects. Existing theoretical models do not fully explain the new patterns of economic development under conditions of digital transformation, which necessitates research into the mechanisms of structural change. Aim and tasks. The purpose of the article is to substantiate the mechanisms and forms of structural transformation of the economic system under the influence of the core technologies of Industry 4.0. In particular, the study examines how digital and autonomous solutions change the nature of production, distribution, consumption, and management. Materials and methods. The methodological basis of the study is a set of scientific approaches. The systems approach made it possible to consider digital technologies as a unified architectonics of a transformation model. Structural and logical analysis was used to identify the key directions of change: what is produced, how it is produced, and for whom. Comparative analysis was applied to contrast the classical “push economy” model with the modern “pull economy,” as well as human-centered and automated management solutions. Research results. The study established that the widespread implementation of Industry 4.0 technologies leads to systemic changes in the key parameters of the functioning of the economic system, namely the transformation of the coordinates “what to produce,” “how to produce,” and “for whom to produce.” It is proven that the integration of artificial intelligence, additive technologies (3D printing), and big data forms a model of customized, autonomous, and localized production, which is accompanied by a shortening of value chains and an increase in the flexibility of production processes. It is substantiated that blockchain technologically ensures a reduction in transaction costs and the decentralization of coordination mechanisms, while robotics drives productivity growth, and cloud computing and the Internet of Things ensure the rapid synchronization of production with real demand and enhance the adaptability of economic systems. Conclusion. The generalization of the obtained results allows us to assert that Industry 4.0 technologies form a qualitatively new architecture of the economic system, manifested in the transition from an extensive to an intensive model of economic growth, from a “push” to a “pull” logic of economic functioning, from mass to customized production, and from centralized to decentralized data management models. The identified shifts indicate the transformation not only of individual production or management processes but of the holistic structure of the economic system under the influence of digital technologies.
Introduction. Under current conditions of martial law, economic transformation, and European integration processes, vocational and technical education (VET) plays a key role in the formation of human capital and in meeting labor market needs. The effectiveness of its functioning largely depends on organizational, legal, and financial mechanisms that determine the sources, forms, and performance outcomes of financing vocational education institutions. The relevance of the study is обусловлено by the necessity to reorient the VET financing system from a maintenance-based model toward a results-oriented approach, to expand public–private partnerships, and to adapt national frameworks to European practices in the context of post-war recovery and Ukraine’s integration into the European Union. Purpose. The purpose of the article is to deepen the theoretical foundations and practical approaches to the organizational, legal, and financial support of vocational and technical education in Ukraine under conditions of martial law, post-war recovery, and European integration processes, with the identification of key mechanisms, institutional interconnections, and directions for improving the financing of the VET system. Methods (Methodology). The study employs the dialectical method of cognition, methods of theoretical generalization and systematization, comparative analysis, analysis of regulatory and legal acts, structural-logical modeling, and a comparative analysis of national and European models of vocational education financing. The methodological framework is based on the provisions of public finance theory, institutional economics, and the concept of human capital development. Results. The article systematizes the regulatory and legal framework for financing vocational and technical education in Ukraine, analyzes the evolution of VET financing models, and identifies key challenges in their implementation under decentralization conditions. A comparative analysis of vocational education models in selected European Union countries (Germany, France, Poland, and Finland) and Ukraine is conducted, focusing on funding sources, the level of employer participation, and training outcomes. Directions for improving organizational, legal, and financial mechanisms for VET provision are substantiated through the development of public–private partnerships, enhancement of state and regional procurement systems, introduction of performance-based budgeting, strengthening financial transparency, and intensification of international technical assistance and investment attraction. It is proven that the implementation of a comprehensive approach to financing vocational and technical education will enhance its adaptability to labor market demands and bring the national VET system closer to European standards.
This article examines the theoretical and methodological foundations of local budget management within the public finance system, specifically addressing the complex challenges of wartime and post-war recovery. The research systematizes diverse scientific approaches to positioning local budgets, proposing a refined definition of the local budget as a multi-functional financial instrument essential for regional strategic development and the provision of public services. The study argues that the multifaceted role of the local budget is a prerequisite for ensuring the socio-economic security and stability of territorial communities amidst current military and economic pressures. The authors establish that efficient public finance management is fundamental to national economic growth and financial system stability. A primary contribution of the research is the development of a conceptual model for local budget management, structured as an integrated complex with clearly defined objectives, subjects, and functional principles. This model incorporates regulatory, legal, and informational support mechanisms, allowing for the effective allocation of funds and increased transparency in the context of decentralization. The study emphasizes that both internal and external factors determine the effectiveness of decision-making and the choice of regional management strategies. Ultimately, the proposed model enhances the accountability of local authorities and reduces uncertainty in financial activities. By providing a framework for robust budgetary analysis, this conceptual approach fosters sustainable development and strengthens the financial capacity of Ukrainian regions. The findings provide a theoretical basis for improving the budgetary security of territorial communities during both conflict and reconstruction phases.
The article explores international experience in social services management and outlines directions for its adaptation in Ukraine. The key principles of effective management in social services are defined as decentralization, client orientation, system integration, community participation, and digitalization. Three main international approaches to social services are generalized: the Scandinavian (state-centered and socially oriented), the European (partnership-based and decentralized), and the social innovation approach (inclusiveness, collaboration, and technological focus). The Ukrainian context is analyzed in terms of staffing, financing, management culture, and legal framework. The necessity of systematic integration of international practices into Ukrainian realities is substantiated, considering socio-economic factors, societal values, and community potential. A four-level model of adaptation of international experience is proposed - normative, institutional, professional, and technological. It is concluded that modernization of social service management is an essential component of human capital development and the social resilience of Ukraine.
Adaptive models and mechanisms of project financing, which are becoming critical for ensuring the sustainability of entrepreneurial activity in Ukraine in conditions of unprecedented military uncertainty were explored and analyzed in the article. Particular attention was paid to the need to integrate risk-sharing instruments between the public and private sectors. The study focused on transforming traditional approaches to assessing investments that have proven to be unviable in conditions of systematic military risk and mass destruction of capital assets, and to identify factors that minimize fiscal pressure and facilitate the attraction of private capital to critical recovery sectors. The methodology was based on the analysis of empirical cases (the «5-7-9%» program, grant mechanisms) and their critical comparative analysis using the real options theory (ROT) as a strategic framework for assessing managerial flexibility (relocation, expansion options). Global regulatory requirements (IFRS, RDNA4) and institutional risk transfer mechanisms (MIGA and DFC) were also systematized. The hypothesis of a direct proportional dependence of financing efficiency on the synergy between state compensation for systemic risk and the ability of enterprises to quickly adapt was substantiated. The results confirm that business sustainability was achieved through a two-vector mechanism: centralized risk absorption (MIGA/DFC) provides an «external anchor», and decentralized flexibility mechanisms allow the implementation of managerial options at the enterprise level. Empirical analysis showed the effectiveness of state credit risk subsidy programs and identified key challenges, which allowed formulating recommendations for the transition to mechanisms for subsidizing the cost of insurance premiums. The scientific value of the article lies in the substantiation of an adaptive project financing model that integrates ROT and institutional de-risking, as well as in the systematization of requirements for investors and forecasting possible consequences of modern financing models in Ukraine.
In the context of the war, which has caused large-scale and systemic destruction of the energy infrastructure and significantly undermined the state’s ability to ensure stable and uninterrupted energy supply, there has arisen a need to revise the existing territorial energy provision systems due to the vulnerability of centralized infrastructure to physical and cyberattacks, as well as the necessity to secure a resilient, decentralized and autonomous operation of critical facilities and households. The purpose of this article is to examine the available potential and substantiate the prospects for cross-border cooperation of Transcarpathian territorial communities in the field of sustainable energy supply. The study reveals the existing potential of Transcarpathian in the sphere of sustainable energy, which is currently utilized at a very low level. It is well established that overcoming institutional, social, and infrastructural barriers to its full development requires strengthening cross-border cooperation both within existing programs and through new cross-border initiatives. One promising direction for an effective transition to sustainable energy supply in cross-border territories and communities is the creation of cross-border sustainable energy clusters, which would help mobilize investments, enhance coordination among government bodies, research institutions, and businesses, and reduce social tensions by involving communities in project planning and monitoring. An organizational model for cluster formation is proposed, representing an integrated multi-level system aimed at consolidating institutions, resources, and technologies of border regions to build a common energy space. Existing constraints to the model’s implementation under current conditions and possible ways to overcome them have been systematized. Keywords: sustainable energy supply, innovative sustainable energy clusters, renewable energy sources, territorial communities, cross-border cooperation.
The article explores the theoretical and methodological principles of integrating the organizational and economic potential of Blockchain technologies into the agribusiness system in the context of increasing demands for transparency and sustainability of value chains. The essence of Blockchain is revealed as a tool for forming a trusted information infrastructure that ensures data immutability, transaction automation and business process optimization based on smart contracts. It is substantiated that the use of distributed ledger technologies contributes to the decentralization of management, reduction of transaction costs, digitalization of product quality control and increase of the export potential of agricultural enterprises. Scientific approaches to the development of Blockchain solutions for agri-food supply chains are analyzed. A mechanism for integrating Blockchain into centralized and decentralized agribusiness platforms is proposed, which involves the development of digital competencies, the creation of support infrastructures and indicators for assessing the readiness of enterprises to implement distributed ledger technologies.
The research explores the features of administrative-territorial reform in Ukraine within the context of European integration and active decentralization processes. The author examines the legislative framework for local self-government reform, including the Concept of Local Self-Government Reform and the Implementation Plan, as well as practical measures aimed at territorial consolidation and strengthening the financial capacity of newly established territorial communities. Special attention is given to improving resource management efficiency, developing municipal services, enhancing the organizational and institutional capacity of local government bodies, and ensuring citizen participation in decision-making at the local level, including expanding practices of direct democracy. The research analyzes the dynamics of local budgets, the growth of capital expenditures, and the level of public support for the reform, demonstrating the effectiveness of the implemented measures. The role of international assistance and inter-municipal cooperation in enhancing community capacity is highlighted, along with the importance of professional training and development of local officials. The research emphasizes the relevance of a comprehensive approach to creating financially autonomous and effective territorial communities, including the development of methodological foundations for assessing their capacity to manage local finances and socio-economic development. This research is valuable for scholars, local government practitioners, and international experts interested in decentralization, administrative-territorial reform, and the improvement of municipal financial sustainability.
У період суспільних криз та нестабільності стратегічний фандрайзинг стає важливим практичним інструментом забезпечення фінансової стабільності та соціально-економічного розвитку. Метою роботи є аналіз стратегічних підходів до інноваційного потенціалу фандрайзингу, які можуть бути успішно використані для ефективного залучення фінансування. Методологія. У процесі дослідження було застосовано загальні наукові методи: аналіз і синтез, порівняння, структурно-логічний метод, систематизація, узагальнення та абстракція. Наукова новизна. У дослідженні розглянуто проблематику стратегічного фандрайзингу у контексті інструментарію фінансової підтримки в умовах обмеженого ресурсного забезпечення. Розглянуто різні підходи до фандрайзингу, в тому числі – цифрового, традиційного, інноваційного та партнерського. Проаналізовано особливості конкретних стратегій та інструментів, таких, як краудфандинг, онлайн-платформи, технології non-fungible tokens (NFT). Встановлено, що комплексний підхід до фандрайзингу, який асимілює сучасні та традиційні методи, дозволяє забезпечити максимальну ефективність у досягненні фінансової стабільності. Висновки. У дослідженні обґрунтовано, що краудфандинг, онлайн-платформи та NFT позиціонуються надійними інструментами фандрайзингу, зокрема, на етапі формування стратегії діяльності компанії. Запропоновано ключові підходи до врегулювання ринку краудфандингових інвестицій. Доведено, що розглянуті види альтернативного фінансування та підтримки вбачаються дієвим засобом трансформації підходів до фінансування інноваційних проєктів. Проведена у статті аналітика дозволяє ідентифікувати переваги моделей фандрайзингу, а також виділити дотичні ризики та виклики, що дозволить розробляти та впроваджувати ефективні стратегії їх нівелювання.
The relevance of the study is determined by the need for in-depth study and systematization of innovative decision-making methods that Web3 technologies offer to the modern business environment. In the context of global digital transformation, traditional approaches to management and finance are proving insufficient to ensure the competitiveness and sustainable development of organizations. The purpose of this article is to analyze Web3 tools, in particular blockchain, asset tokenization, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), as a basis for forming new, more transparent, secure, and effective methods and models for management decision-making. The paper applies a comprehensive methodology that includes a systematic analysis of the functional capabilities of Web3 technologies and a structural-logical approach to classifying their impact on corporate governance and financial management. The use of case studies has made it possible to illustrate the practical aspects of integrating these tools into the activities of large companies. The results confirm that Web3 is not only a technological trend but also a new paradigm that provides managers with qualitatively different tools. It has been established that blockchain creates a foundation for trust and data security; tokenization and DeFi radically increase the flexibility and liquidity of financial management; and DAOs transform corporate governance into a collective and inclusive process. In addition, the integration of AI agents into routine operations allows managers to effectively refocus their attention on strategic planning. The practical value of the article lies in providing organizations with clear recommendations for implementing Web3 technologies: from the need to start with pilot projects to test systems and processes to the mandatory investment in the development of internal competencies. The materials in the article can serve as a basis for developing innovative strategies that will help business organizations minimize technical and regulatory risks and secure leadership in today's digital market.
In today’s digital economy, traditional forms of ownership are undergoing significant changes due to the rise of new technologies, including the spread of Non-Fungible Tokens (NFTs). "Non-fungible" in this context means that each token is unique and cannot be easily exchanged for a similar item, as is the case with conventional digital or physical currencies. A token itself is a digital unit that can represent a digital asset, a piece of art or a unique item, or the granting of a service and so on. This study aims to analyze the role of NFTs as a tool that transforms ownership within the digital space and fosters new economic relationships. The research is grounded in the fundamentals of blockchain technology and integrates economic theories, specifically value theory and contemporary models of capital, in the context of NFTs. The article employs an interdisciplinary approach and examines the mechanisms of uniqueness and decentralized ownership inherent to NFTs, which are reshaping the structure and efficiency of the intangible assets market. Special emphasis is placed on the impact of NFTs on the monetization of digital assets, value formation, and the dynamics of the creative industry. Particular attention is also given to the speculative nature of the market, regulatory challenges, and the prospects for economic sustainability. The findings confirm that NFTs represent not only an economic innovation that transforms ownership mechanisms, but also pose complex challenges related to the legal protection of assets and market stability. The conclusions indicate that NFTs are not merely tools for transforming digital ownership but also play a significant role in shaping new models of the digital economy—models that require further research and regulatory attention. Keywords: NFT, digital economy, ownership transformation, intangible assets, blockchain, economic innovation, monetization, legal regulation.