This study examines blockchain technology (BCT) firms’ ownership structure and cash holding (CH). Using GMM on a sample of firms indexed on Blockchain50 in China during 2009–2022, findings show that Largest-shareholders minimise CH, indicating corporate expansion. Due to their monitoring motive, Top10-shareholders allow corporations to maintain large cash. To prevent currency misuse, institutional ownership and CH are negatively related. Managerial ownership favours, while the chairman ownership lowers CH, supporting the interest alignment theory. Pre- and post-BCT index period analyses demonstrate a weak post-index period influence. The BCT adaptation lessens information asymmetry and aids in reducing agency issues through quick information flow, limiting owners’ influence. This study adds empirical evidence on ownership structure and CH. The study's findings may apply to developing market enterprises employing BCT's corporate governance structures.
Ekaterina Koroleva, M.D. Dyachenko, Ekaterina I. IGNATIKOVA
Subject. The article investigates the influence of various factors on the price of Bitcoin. Objectives. The purpose is to build an econometric model enabling to interpret the price of Bitcoin based on the influence of a range of economic, social, and technical factors. Methods. To achieve the purpose of the study, we built a multiple regression model, using the Stata software product. We tested the model in terms of linearity, multicollinearity, homoscedasticity, normality of the distribution of residues. Results. The econometric model helped recognize the following factors as statistically significant in relation to the price of Bitcoin: economic – the MSCI World index, which is in direct correlation with the price of Bitcoin, and the USD index, which is in inverse correlation; social – an assessment of the level of interest of the Google search network users in cryptocurrency for a week; technical – the number of coins in public circulation and the number of unique addresses of crypto wallets involved in transactions of the blockchain cryptocurrency network. Conclusions. The presented model confirms the hypothesis that the price of Bitcoin directly depends on news publications and the opinions of users of various social networks. This aspect makes it vulnerable to short-term fluctuations, speculation, and volatility.
Юлія Кривенко, Вячеслав Бізянов, Олександр Секретар
Стаття присвячена дослідженню інноваційних інструментів фінансового ринку в системі міжнародних розрахунків. Зокрема, досліджувалися переваги використання інноваційних фінансових інструментів порівняно з традиційними методами. Крім того, у статті аналізуються ризики та виклики, пов’язані з впровадженням інноваційних інструментів. У статті розглянуто такі інноваційні інструменти фінансового ринку, як блокчейн і криптовалюти (Bitcoin і Ethereum), фінтех-платформи (PayPal, TransferWise (зараз Wise) та Revolut), цифрові валюти центральних банків (CBDC), смарт-контракти, АРІ та відкриті банківські рішення, Big Data, аналітика та штучний інтелект (Al) і машинне навчання та роботизована автоматизація процесів (RPA). Проаналізовано використання інноваційних інструментів фінансового ринку в світі.
Wantao Yu, Chee Yew Wong, Mark Jacobs, Roberto Chávez
Purpose This study aims to address a significant and previously unanswered question for both academics and practitioners: how do organizations learn to apply Blockchain technology to support modern slavery (MS) supply chain capabilities? Specifically, this study examines whether employees’ digital dexterity (EDD) and strategic investment in Blockchain technology (SIBT) can support three MS supply chain capabilities: internal MS capability (IMSC), MS capability with customers (MSCC) and MS capability with suppliers (MSCS). Design/methodology/approach This study uses resource accumulation and deployment perspective to explain how EDD promotes SIBT, which then drives the development of MS supply chain capabilities. Survey data collected from the Chinese manufacturing industry were used to test the proposed theoretical framework and hypotheses through structural equation modelling and moderated regression analysis. Findings EDD has a positive relationship with SIBT. SIBT has a positive relationship with IMSC. IMSC fully mediates the relationships between SIBT and MS capability with customers and suppliers. Originality/value By conceptualizing MS supply chain capabilities as a multi-dimensional construct for the first time, this study discovers the significant mediating roles of IMSC. The empirical findings also clarify digital dexterity of employees that drives investment in Blockchain technology to foster MS supply chain capabilities as resource accumulation and deployment processes.
Goal The article examines the concept of "cryptocurrency", substantiates the popularity of this new type of financial instrument in the economic space, highlights the main features of cryptocurrency as a type of virtual money and its impact on the economic system. Methodology. The following key features of cryptocurrency are highlighted: payment for goods and services; minimum level of impossibility of abduction; payments, fast and direct transactions; investment asset; business development on cryptocurrency, the functional roles of cryptocurrency in the digital economy are considered, trends and prospects for their development are investigated. Results.The main types of the most popular cryptocurrencies today have been considered, and their common features have been unified. It has been established that the most widespread cryptocurrency is Bitcoin. Market capitalization of cryptocurrencies provided. Scientific novently. An overview of crypto-spot exchanges is presented. The legal status of cryptocurrency was investigated, and it was found that more and more countries are granting cryptocurrency the status of a legal and legal means of payment, in some places equating it to electronic money. Practical significance. It is noted that cryptocurrency has both positive features and disadvantages, the main of which is the increased risk of fraud and fraud using digital currency.
The article highlights the results of a study of the specifics of public finance management in the context of the dynamic development of Ukraine's tokenized economy. It is substantiated that with the beginning of Russia's full-scale military aggression against Ukraine, budget revenues have significantly decreased and expenditures have begun to grow rapidly, which has led to significant imbalances in public finances and a significant increase in the budget deficit, which today has to be covered mainly from external sources. The author emphasizes that one of the alternative options for filling the budget revenues is taxation of the crypto industry, which has been developing rapidly and has become one of the TOP-5 countries in the world of cryptocurrency introduction in recent years. The author reviews the novelties of domestic legislation in the field of regulation of circulation of virtual assets and emphasis is the presence of contradictions in them with regard to the interpretation of their content and functions. The author identifies specific features of virtual assets and proves that they should be considered as an expression of the value of digital things created using the technology of a distributed ledger or other similar technology that allows their issue, transfer and storage in a decentralized manner, without the need to involve traditional financial intermediaries or centralized administrators. The author studies the global experience of taxation of virtual assets. It is substantiated that Ukraine should choose a policy of moderate regulation of the virtual asset market, capable of ensuring both budget revenues and control over the income from transactions with virtual assets. The author develops proposals for accelerating the introduction of the mechanism of taxation of virtual assets turnover as one of the alternative sources of formation of the state revenues of the country and successful implementation of the policy of moderate regulation of the virtual assets market.
Оксана Володимирівна Старчук, Надія Федорівна Чубоха, Artur Androsovych
Introduction. Currently, there is an urgent need to regulate the functioning of cryptocurrency markets in the context of the evolution of social relations. The rejection of the bill aimed at regulating the cryptocurrency market does not have sufficient financial and legal justification, as evidenced by expert opinions and textual analysis, which revealed the narrow approach of the drafters of the bill to solving cryptocurrency issues. Moreover, since the current law of Ukraine "On Virtual Assets" defines cryptocurrencies as unsecured virtual assets, the issue of cryptocurrencies is practically removed from the agenda. At a time when the war with Russia has begun, and the general defense and financial security of Ukraine needs to be strengthened by the state and government, it seems unjustified to ignore not only threats to national security, but also potential sources of financial growth. The purpose of the paper is to clarify the legislative framework regarding cryptocurrencies and the legal status of cryptocurrency market participants in Ukraine. Results. The paper examines the peculiarities of the development of financial and legal regulation of the cryptocurrency market in connection with globalization processes. The main attention is paid to the problems that arise in connection with attempts to solve the issue of regulation of the crypto-currency market partially at the national legislative level, without actively promoting it at the international level. It is shown that international cooperation in the field of regulation of cryptocurrency markets should be based on the principles of international law. In the context of regulating the functioning of cryptocurrency markets in the context of globalization, a set of principles has been formed that can be worked on to harmonize national and international interests. Conclusion. Since the cryptocurrency market is an important component of the transnational global economy, an important condition for the effective response of law-making bodies to dynamic changes in social relations in the context of globalization is the timely formulation of the principles of development of the financial and legal regulation of the cryptocurrency market at various levels. It is argued that this should happen through the timely formulation and implementation of the principles of financial and legal regulation of the cryptocurrency market at various levels.
Blockchain technology has emerged as a disruptive force in the realm of global finance, offering the promise of enhanced efficiency, transparency, and security. This paper provides a comprehensive examination of the applications, opportunities, and challenges presented by blockchain in the context of international financial management. The decentralized ledger system of blockchain holds significant potential for automating processes and improving credit identification in Islamic finance, yet it faces obstacles such as regulatory uncertainty and interoperability issues in traditional banking systems. Despite these challenges, blockchain has the capacity to streamline cross-border payments, digitize trade finance operations, and revolutionize cross-border remittances. However, scalability concerns and regulatory ambiguities pose significant hurdles to widespread adoption and implementation. Considering these challenges, collaboration and innovation are essential to unlocking the full transformative potential of blockchain in reshaping the landscape of global finance. By addressing regulatory uncertainties, enhancing scalability, and fostering collaboration between industry stakeholders and policymakers, blockchain technology can pave the way for a more efficient, transparent, and inclusive international financial ecosystem.
Hanan Ahmad Qudah, Sari Sulaiman Malahim, Rula Mustafa Airout, Mohammad Zakaria AlQudah · 7 authors
The advent of cryptocurrencies has provided both possibilities and problems in the sphere of long-term investing. As environmental, social, and governance (ESG) considerations acquire significance in the investing landscape, examining research trends and developments in unlocking the ESG value of sustainable investments in cryptocurrencies is critical. This work uses bibliometric analysis, a quantitative review approach, to comprehensively examine the scientific research outputs on this subject. The data for the analysis was gathered from the Web of Science Core Collection (WoS) database and then analyzed with the VOSviewer program. Only 59 of 784 keywords matched the preset threshold and were included in the study out of 1501 articles. The findings demonstrate the great attention paid by academics to subjects related to the ESG value of sustainable investment in cryptocurrencies between 2019 and 2022, with these topics addressed in 1133 articles and a total link strength of 1045. Furthermore, one notable study subject, with 302 citations from 2015 to 2023, is active ownership in the context of long-term cryptocurrency investments. This study issue has piqued the interest of many academics and has had a significant impact in the area.
Introduction. As organizations undergo digital transformation, the field of accounting and auditing is experiencing substantial changes. The potential of integrating blockchain technologies into accounting and auditing practices has been explored to identify innovative opportunities arising within the context of the ongoing digital revolution. The purpose of the paper is to analyze the innovative possibilities of utilizing blockchain technologies in accounting and auditing amidst the digital transformation. Results. The concept of blockchain technologies has emerged as a revolutionary and transformative force in the realm of digital innovations. Essentially, blockchain is a decentralized and distributed ledger technology that securely and transparently records transactions across a network of computers. This innovative approach to data management has the potential to reshape various industries, offering numerous advantages such as enhanced security, transparency, and efficiency. Analysis indicates that blockchain technologies present numerous innovative opportunities in the field of accounting and auditing. Immutable ledgers, smart contracts, and decentralized consensus mechanisms form the basis for improved data accuracy, fraud prevention, and real-time financial reporting. Furthermore, blockchain's capacity to streamline reconciliation processes and facilitate seamless information exchange among stakeholders provides significant advantages for both accountants and auditors. Conclusions. Blockchain technologies offer innovative opportunities for a revolutionary transformation of accounting and auditing practices in the era of digital transformation. The decentralized and transparent nature of blockchain enhances the reliability and efficiency of financial record-keeping, while smart contracts automate routine processes. While organizations grapple with implementation and regulatory challenges, the potential benefits of blockchain in accounting and auditing signal a shift in paradigm towards a more secure, efficient, and reliable financial ecosystem. As organizations navigate the digital transformation landscape, the adoption of blockchain in accounting and auditing practices becomes a strategic imperative to ensure financial integrity and transparency in the modern era.
Svitlana Volosovych, Mariia Nezhyva, Antonina Vasylenko, Л. С. Морозова · 5 authors
The Russian-Ukrainian war transformed the needs of consumers of financial services, both in Ukraine and abroad. On the one hand, the civilian population and the Armed Forces of Ukraine needed immediate help from the international community. On the other hand, individual and institutional investors were concerned about threats to traditional financial investments. The purpose of the article is to identify the priority directions for the development of the cryptocurrency asset market against the background of the Russian-Ukrainian war. The article presents an analysis of the cryptocurrency asset market with an emphasis on its structural changes in the conditions of the Russian-Ukrainian war. In the study, a survey was conducted to find out the impact of the war on the Ukrainian cryptocurrency market. The analysis of the survey results substantiates the hypothesis about the impact of increased hacking attacks by pro-Russian forces and missile attacks on the functioning of the cryptocurrency market in Ukraine. It has been confirmed that investments and payments are promising segments of the cryptocurrency market in Ukraine, in which, the most interested users and potential users of cryptocurrency are. Based on the received data, the weaknesses and strengths of the functioning of the cryptocurrency market in the conditions of war were identified. Threats and opportunities for the development of the cryptocurrency market against the background of Russian armed aggression are substantiated. The conducted research made it possible to formulate scenarios for the development of the cryptocurrency asset market in Ukraine in war conditions and the conditions for their implementation.
Full-scale hostilities have had a significant impact on the budget system due to increased spending on defense, reconstruction, and humanitarian assistance to vulnerable groups, which has affected the accumulation of budgetary resources. The article examines the impact of extraordinary challenges and threats on the national budget system, in particular, on the structure and volume of budget revenues and expenditures, the growth of the budget deficit and public debt, changes in regulation in the field of public finance, and the potential of financial capabilities of the regions. The purpose of the article is to make a scientific and practical assessment of the problematic aspects related to the transformation of the budget system, to outline the ways of attracting financial resources that can be used for the purpose of distribution and redistribution to perform the functions of the State, to identify the main areas of influence of emergency challenges and threats on the budget system of Ukraine and the priority areas and measures of budget policy in wartime.The authors conclude that the strategic and main directions of Ukraine's development need to be improved in the strategy of public finance management and financial and economic security as part of the implementation of the Memorandum of Economic and Financial Policies by the IMF. At the same time, the relevant legislative changes to the state budget for 2023 that meet the needs of Ukraine are studied, and the implementation of the first preparatory stage for the development of the National Revenue Strategy is analyzed. The authors emphasize the positive impact of decentralization on local self-government and the financial sustainability of local budgets. It is proposed to empower communities through monitoring the implementation of local budgets. In the context of defense needs, the possibility of including defense expenditures during martial law in local budgets is considered.
Introduction.Introduction.Nowadays, consumers are increasingly interested in cryptocurrency assets for various financial transactions.These transactions are associated with certain risks.This requires the identification of ways to manage them.Purpose.The purpose of the article is to identify and systematize the risks of the market of virtual assets, and identify the possibilities of their insurance.The classification of risks of cryptocurrency assets was proposed according to such features as areas of occurrence, nature of losses received, subjects of the cryptocurrency asset market, types of cryptocurrency operations, composition of the object, composition of subjects of the cryptocurrency asset market, connection of the risk with other types of it, levels of financial losses when carrying out transactions with cryptocurrency assets, possibility of management.The components of operational risks in the market of cryptocurrency assets were proposed.The main risks for miners, investors, traders, owners of cryptocurrency wallets and participants in the infrastructure of the market of cryptocurrency assets were identified.It was found that the limiting factors for the development of cryptocurrency risk insurance are problems with the assessment of insurance risks, problems with the determination of the identity of the insured, the problem of the possible anonymity of the owners of crypto wallets.Conclusions.The risk of cryptocurrency assets can be considered in a broad and narrow sense.In a broad sense, the risk of cryptocurrency assets is the probability of the occurrence of certain events, as a result of which there is a possibility of obtaining negative, zero or positive economic results.In a narrower sense, the risk of cryptocurrency assets is the probability of their total or partial loss under conditions of uncertainty.Operational risk has the most significant impact on the subjects of the cryptocurrency market.The possibility of insuring the risks of cryptocurrency asset market participants will help increase the safety of cryptocurrency transactions.At the same time, this will lead to the growth of trust in cryptocurrency.
Научная статья посвящена актуальным вопросам финансирования природоохранных мероприятий в современных условиях. Рассмотрены процессы децентрализации управления в сфере охраны окружающей среды, обеспечивающие большую роль региональных органов в управлении природоохранной деятельностью. Показана динамика расходов бюджетов всех уровней на охрану окружающей среды. Выделены государственные программы посвященные охране окружающей среды с соответствующими мероприятиями и финансированием. Доказано, что партнерство между государственными и частными структурами может способствовать улучшению эффективности использования средств, а также разработке более инновационных подходов к решению экологических проблем. Делается вывод и необходимости использования инструментов экономической стимуляции для привлечения частных инвестиций в охрану окружающей среды с целью обеспечения экологической устойчивости между государственным и частным секторами. Отмечена необходимость обеспечения прозрачности использования финансовых ресурсов и их целевой направленности для решения конкретных экологических проблем. The scientific article is devoted to topical issues of financing environmental protection measures in modern conditions. The processes of decentralization of management in the field of environmental protection are considered, ensuring a greater role for regional authorities in the management of environmental activities. The dynamics of budget expenditures at all levels on environmental protection is shown. State programs dedicated to environmental protection with corresponding activities and financing have been identified. It has been proven that public-private partnerships can help improve the efficiency of use of funds, as well as the development of more innovative approaches to solving environmental problems. It is also concluded that it is necessary to use economic stimulation tools to attract private investment in environmental protection in order to ensure environmental sustainability between the public and private sectors. The need to ensure transparency in the use of financial resources and their target orientation to solve specific environmental problems was noted.
Aawag Mohsen Alawag, Wesam Salah Alaloul, Baker Nasser Saleh Al-dhawi, Abdullah O. Baarimah · 6 authors
Construction, like any other industry, is prone to conflicts. The construction industry has witnessed a rapid transformation driven by advancements in technology, with a particular focus on smart construction projects aimed at improving efficiency, transparency, and collaboration. Blockchain technology offers a decentralized method of managing the data and promotes the performance and sustainability of building projects. Nevertheless, a comprehensive analysis of the present status of blockchain research integration has not been undertaken utilizing scientometric analysis. This paper presents a comprehensive review and bibliometric analysis of blockchain technology adoption within the context of intelligent construction projects from 2018 through 2023. A total of 1079 papers were extracted from the Scopus database. The VOSviewer tool was used to visually represent the literature including various countries, scholarly publications, and keywords. Moreover, using an analysis of often-used phrases, three significant study fields associated with blockchain have been identified “Management,” “Project,” and “Building.”. This article contributes to the existing body of knowledge by synthesizing the current state of research on blockchain technology in smart construction projects, offering a holistic view of its applications, and highlighting areas that require further investigation.
Today, environmental protection is a priority task for the governments of countries around the world due to the deepening of environmental problems and their impact on people's lives. Several problematic issues can and must be solved at the local level, which will make environmental policy more effective and take into account local needs. The study aimed to analyse the competence of local self-government bodies in terms of monitoring compliance with environmental legislation. A comparative analysis was used to study the issue of ensuring the protection of the environment and ecosystem by local self-government bodies through the prism of legal protection. During the research, several obstacles to the implementation of effective environmental protection measures at the local level were identified: the imperfection of the financing system, the lack of environmental awareness, the absence of effective administrative and procedural measures, and the imperfection of state control. In response to the identified problems, the positive experience of implementing the norms of the European Charter of Local Self-Government was investigated. It was established that the decentralization of local self-government had a positive effect on the protection of the ecosystem, as it brought local authorities closer to the public and provided local authorities with real powers to solve problems related to compliance with environmental legislation. In addition, to increase the effectiveness of mechanisms of state control over local self-government in the field of environmental protection, a system of principles of such control is proposed, consisting of publicity, systematicity, effectiveness, objectivity, impartiality, and universality. The proposed system will cover several key environmental problems and quickly and effectively solve them with the involvement of competent specialists and the public. The state of environmental protection at the local level is seen in further research and justification to determine practical recommendations for the implementation of decentralization of local self-government.
With the increasingly serious global environmental pollution problem, the ESG system established on the sustainable development theory has attracted the attention of all the countries. Compared with the effect of ESG information disclosure practice in western countries, ESG information disclosure practice in China is facing great challenges. Due to the inconsistency of the disclosure forms and disclosure standards of ESG information, the phenomenon of ESG information greenwashing cannot be effectively suppressed. From the perspective of ESG information collection, integration and verification, this paper analyzes the key factors restricting the quality of ESG information disclosure. The distributed accounting technology, across-chain interaction technology, and the characteristics such as imtamability and traceability of the Blockchain can effectively deal with the above constraints. By establishing a private chain within the enterprise, which is interacting with multiple external alliance chains, the enterprises can improve the quality of ESG information disclosure.
In Ukraine, the regulation of cryptocurrencies is still in the formative stage. Over the past few years, significant steps have been taken toward legalizing the cryptocurrency market, including the adoption of the "On Virtual Assets" law, which has been a crucial step toward regulating this segment of the financial market. However, despite considerable progress, challenges remain. It is necessary to ensure the harmonization of national legislation with international standards, which is essential for Ukraine's integration into the global financial system and for attracting investment. The development of cryptocurrencies and financial technologies has a significant impact on traditional financial systems. They open up new opportunities for investors and businesses by reducing the costs of financial transactions and increasing access to financial services. However, these innovations also create new challenges related to security, fraud, and maintaining financial stability. The growing popularity of cryptocurrencies forces regulators to adapt their approaches and implement new control mechanisms. Regulating cryptocurrencies in the EU and Ukraine is a complex and multifaceted process that requires consideration of financial stability, security, and regulatory requirements. On the one hand, EU countries strive to create a unified legal framework for cryptocurrencies that will ensure transparency and reliability in the market. On the other hand, Ukraine is taking its first steps toward regulating this new financial instrument, focusing on integrating with international standards and adapting to new challenges associated with the development of financial technologies. However, to succeed in regulating the cryptocurrency market, a number of key issues need to be addressed. One of the most important aspects is ensuring the proper protection of consumer and investor rights. This includes the implementation of effective mechanisms to protect against fraud, illegal financial transactions, and abuses related to cryptocurrencies. Another important issue is the taxation of transactions involving virtual assets, which requires government agencies to develop clear rules and procedures.
The article examines the history of the emergence of blockchain technology in order to understand its widespread implementation in many areas of modern human activity. It is defined that blockchain technology can be used to create an immutable or perpetual ledger for tracking orders, payments, invoices and other transactions. Thus, the researched technology is suitable for use in the field of finance and accounting. At its core, blockchain represents a type of distributed ledger technology, which is based on a token as an accounting object. This opens up opportunities for faster and more efficient financial transactions, as well as for the creation of new types of financial instruments. As a result of the study, the features of this innovative technology are revealed, namely: decentralization and immutability of data. The widespread use of blockchain technology in various fields has not bypassed auditing. In accounting and auditing, blockchain can serve as the basis for decentralized accounting systems, where every transaction is recorded and stored in on-chain blocks, ensuring that they are immutable and consistent. This can facilitate auditing, promote accounting accuracy, and provide greater transparency in financial operations. It is substantiated that the introduction of blockchain technology by auditing entities has a number of advantages and risks, which are described in the presented methodological study. Prospects for further research in this direction are to determine the efficiency of the use of the latest information technologies in the work of auditing entities and assess the potential risks that can arise in the auditing process.
Irina I. Glotova, Elena P. Tomilina, Irina P. Kuzmenko
The application of blockchain technologies, as well as the identification of their potential benefits and risks, is an important process of digitalization of society. The authors present a comprehensive view of how blockchain can change traditional processes in various areas, such as finance, healthcare and public administration, and assess the impact of these changes on the social structure and economic models. Aspects of decentralization, increased transparency and data security are considered in detail, along with challenges, including tech-nical, legal and ethical issues. The results of the study show that despite significant benefits, such as reduced costs and increased trust, blockchain also carries risks associated with ineffi-ciency in case of mass application, lack of a regulatory framework and the possibility of using the technology to “circumvent” laws.