Economics, Econometrics and Finance, Business, Management and Accounting, Finance
12
Scopus Publications
542
Scholar Citations
11
Scholar h-index
13
Scholar i10-index
Scopus Publications
Multi-Level Public Investment Management for Sustainable Regional Transformation: Territorial Disparities in the EU’s Just Transition Mechanism Iryna Storonyanska, Khrystyna Patytska, Olena Ivashko, Lilia Benovska, Olgierd Jeż Sustainability Switzerland, 2026 The European Union’s Just Transition Mechanism (JTM) is a public investment instrument aimed at supporting territorially differentiated pathways toward climate neutrality. The study aims to analyse territorial disparities in the implementation of the European Union’s JTM and to interpret these differences through the framework of multi-level public investment management. The study examines key dimensions of implementation, including territorial disparities, differences in instrument uptake, and temporal relationships between commitments and socio-economic outcomes. Methodologically, the research employs a comparative analytical approach based on the analysis of secondary EU data and programme sources. The empirical analysis focuses on NUTS3 transition regions under Territorial Just Transition Plans. The results indicate substantial cross-country variation in the territorial coverage of the mechanism and in the mobilisation of its three financial pillars. The implementation structure remains strongly dominated by grant-based financing, while the uptake of non-grant instruments remains uneven and relatively limited. The analysis also identifies time lags between commitments, payments, and socio-economic indicators. By linking public investment management with sustainability transitions and territorial resilience perspectives, the study contributes to understanding how sustainability objectives are translated into territorially embedded investment practices within the EU.
From EU Just Transition Policy to Local Adaptation: Spatial–Economic Pathways for Coal Microregions in Eastern Europe Iryna Storonyanska, Khrystyna Patytska, Lilia Benovska, Olena Ivashko, Ihor Chulipa, et al. Energies, 2025 This study draws on the experience of selected European micro-regions in Germany, Poland, and Romania, representing different stages of a just transition, to identify applicable strategies for the Ukrainian context. The research aims to assess the spatial and economic preconditions for transformation, compare them across regions, and propose adaptation pathways. Methodologically, it combines spatial–economic analysis, comparative assessment, and critical evaluation of EU strategic approaches. The results reveal substantial disparities: European coal regions generally benefit from high population density, diversified economies dominated by the tertiary sector, strong research and education infrastructure, and cross-border advantages. In contrast, Ukrainian micro-regions are marked by demographic decline, low population density, rural settlement patterns, and complex security conditions. Based on these findings, the study recommends a localized transformation model emphasizing targeted investments, the strategic use of cross-border location, and the repurposing of existing specialized logistics and production infrastructure for new economic activities. The proposed approach contributes to the discourse on just transition by aligning regional development strategies with local structural capacities and constraints. The results obtained may be applicable in other European countries.
Redesigning Sustainable Vocational Education Systems to Respond to Global Economic Trends and Labor Market Demands: Evidence from EU Countries on SDGs Iryna Storonyanska, Lilia Benovska, Khrystyna Patytska, Olena Ivashko, Ihor Chulipa Sustainability Switzerland, 2025 The transformation of vocational education and training (VET) systems has become a strategic priority for achieving Sustainable Development Goals (SDGs), particularly in the context of accelerating global economic transitions. This article examines how EU member states modify their VET systems to address evolving labor market demands and align with the objectives of SDGs 4, 8, and 10, utilizing system alignment, decentralization, infrastructure development, stakeholder engagement, and investment in green and digital skills. The article analyzed the influence of these five strategies. Using cross-national comparative analysis and multidimensional indicators, the study reveals that strong partnerships with labor market stakeholders and investments in green and digital transitions significantly enhance the responsiveness and sustainability of VET systems. However, assumptions related to the decentralization of governance and infrastructure expansion were not consistently supported, indicating the need for a more nuanced approach to policy reform. The findings offer practical implications for VET policy design, emphasizing flexibility, system coherence, and future-oriented planning. This study contributes to the growing body of research that links education systems to sustainable economic development. The research also concludes that innovative management models—combining flexible governance, labor-market intelligence, and digital innovation—are central to modernizing VET and improving its adaptability to future skill needs.
Clustering EU Member States by Energy Security Level Using Kohonen Maps Olena Ivashko, Anastasiia Simakhova, Vladyslav Soliakov, Jerzy Choroszczak Energies, 2025 The topic of energy security is relevant for EU countries that pay great attention to new renewable energy sources and sustainable environmental development. The purpose of the article is to analyze and group EU countries by their level of energy security. To achieve this goal, general scientific methods and Kohonen maps (Deductor Studio package) were used. This article analyzes the state of energy security in EU countries, energy imports, the development of renewable energy sources, energy consumption, and energy security challenges. As a result of grouping EU countries according to Kohonen maps, three clusters were identified: countries with high, medium, and relatively low levels of energy security. The approach demonstrated the effectiveness of neural network-based clustering in revealing structural differences in national energy systems. The findings indicate that to strengthen energy security across the European Union, it is important to adopt differentiated approaches tailored to the specific needs of each cluster. The practical significance of the article lies in clustering EU countries by their energy security potential, which provides a basis for developing and implementing appropriate policies to enhance energy security. Recommendations for strengthening energy security were proposed for each cluster.
Does Size Determine Financial Performance of Advertising and Marketing Companies? Evidence from Western Europe on SDGs Tetiana Zavalii, Iryna Zhyhlei, Olena Ivashko, Artur Kornatka Sustainability Switzerland, 2025 The relationship between firm size and the financial performance of advertising and marketing companies remains understudied in the academic literature, including in the regional context. Using a panel data methodology, this study analyzes the impact of three proxies for firm size (total assets, number of employees, and sales) on the financial performance (return on assets and profit margin) of the 500 most profitable advertising and marketing companies from 16 Western European countries over the period 2019–2023. Weighted least squares regression analysis revealed statistically significant negative effects of all three proxies for firm size on financial performance, with the strongest negative effects on total assets on return on assets and sales on profit margin, which is similar to return on sales. Empirical data confirm the inverse relationship between total assets and their profitability; this indicates the advantages of resource-optimized business models with high management flexibility and effective use of intellectual capital compared to material-intensive structures. The inverse relationship between the number of employees and financial performance is due to higher operating personnel costs and the difficulty of effectively managing human resources as the number of employees increases. Increased sales negatively affect profit margins, demonstrating a decrease in the efficiency of converting revenue into profits as operations expand. These findings are important for developing effective financial management strategies and making investment decisions in the industry under study. The research contributes to SDGs 8, 9, and 12 by demonstrating how resource-optimized structures with higher management flexibility and effective use of intellectual capital can outperform material-intensive structures in the advertising and marketing industry.
PUBLIC SPENDING AND SUSTAINABLE ECONOMIC GROWTH IN TIMES OF CRISIS: EMPIRICAL TESTING OF DEVELOPED COUNTRIES Iryna Storonyanska, Liliya Benovska, Olena Ivashko, Nataliya Sytnyk, Andrii Dub Financial and Credit Activity Problems of Theory and Practice, 2025 Improving planning and increasing the efficiency of public expenditures, as well as determining their optimal structure, are crucial tasks for a country's development. However, these tasks become significantly more complex under conditions of uncertainty and are particularly relevant during economic crises. This study examines the characteristics and trends of the impact of public spending on economic growth during crisis periods in developed countries. A systematic methodological approach is applied in combination with statistical research methods. Several authorial hypotheses have been confirmed: according to Wagner's law, an increase in public expenditures should be accompanied by GDP growth; the socio-economic development of a country is determined not only by the volume but also by the efficiency of public financial resource utilization (in line with Keynes' hypothesis); the level of GDP redistribution through the state budget is sensitive to crises; local budgets are less affected by financial and economic crises; and in the face of external threats, especially when a country is involved in a military conflict, the role of the state increases. The study results provide several managerial recommendations aimed at improving the public investment system for local development.
How the Digital Economy Is Revolutionizing Marketing Management and Driving Sustainable Development Tetiana Sak, Inna Mylko, Olena Ivashko, Ihor Chulipa, Tomasz Wołowiec, et al. Sustainability Switzerland, 2025 E-business, based on information, communication, and digital technologies, is a component of the digital economy. Furthermore, it is characterized by active development, determining the currently spreading changes in the traditional economy. The purpose of this study is to determine the impact of the digital economy on the realization of sustainable development goals and the transformation of the concept of marketing management. The following research methods were used in the study: historical method—to study the evolution of marketing management concepts; statistical analysis—to study aspects of the digital economy; correlation and regression analysis—to identify the relationship between the level of digitalization and key indicators of sustainable development and marketing management; systematic approach to consider digitalization, sustainable development and marketing as interrelated components of a single system. The article presents the relationship of sustainable development goals with the need to improve approaches to marketing management in the context of digitalization. The objectives include UN goal number 8: “Decent Work and Economic Growth”, number 9: “Innovation and Infrastructure”, and number 12: “Responsible Consumption and Production”. The paper examines the evolution in approaches to understanding marketing management in the twentieth and twenty-first centuries. Correlation and regression analysis is used to identify how digitalization affects certain factors and how these factors contribute to it. The paper analyzes the dynamism of the formation and development of the worldwide digital economy, establishes the relationship between its components, and examines their impact on the ecosystem. The dynamics of the number of Internet and social media users in the world is analyzed and the changes in global e-commerce revenue and digital advertising expenditures are estimated. The positive consequences and opportunities that arise in the digital economy are presented. The authors emphasize the transformation of the marketing management concept with regard to the goals of sustainable development. Marketing strategies and directions in state policy for regulating the impact of the digital economy on the environment, taking into account the goals of sustainable development, are proposed for business entities.
Impact of Corporate Governance on Firms’ Sustainability Performance: Case Study of BIST 50 Index Companies Serhii Lehenchuk, Iryna Zhyhlei, Olena Ivashko, Ihor Chulipa, Bogdan Wit Sustainability Switzerland, 2024 Purpose: the purpose of this study is to investigate whether corporate governance mechanisms and attributes influence the sustainability performance of companies included in the BIST 50 Index. Results and contributions: Regression analysis showed that there was a significant positive influence of board tenure on sustainability performance and all its types; board size on environmental performance; and a dummy variable for board evaluation externally facilitated and company size on sustainability, environmental, and social performance. A significant negative impact of director attendance at board meetings on social performance was also revealed. This study contributes to the literature on the role of corporate governance in achieving the SDGs for BIST 50 Index companies, highlighting the significant impact of its individual indicators on the achievement of sustainability performance. Methodology: The authors reviewed 45 sustainability reports of BIST 50 Index companies for 2023. Four indices—Sustainability Performance, Environmental Performance, Social Performance, and Corporate Governance Performance Indexes—were developed to characterize sustainability performance and its types based on a content analysis of sustainability disclosures. To analyze the influence of mechanisms and characteristics of the corporate governance system on sustainability performance, eight independent variables were used: board size, number of board meetings, director attendance at board meetings, board independence, board tenure, a dummy variable for board evaluation externally facilitated, a dummy variable for internal auditors present, and a dummy variable for CEO and Chair functions combined. Two control variables, company size and leverage, were used as well. Gap: Today, the scientific literature has no universal approach and understanding of how the corporate governance system should be developed to improve sustainability performance or its individual components. Relevance: Development of a corporate governance system is one of the ways to increase the level of sustainability performance of companies. Impact: The results of the study made it possible to produce several recommendations (expand the number of board members, develop an effective procedure for regular changes of general directors in company boards, introduce independent external control tools in the corporate governance systems of companies) that will lead to the achievement of SDGs 5, 8, 16.
Enhanced Indoor Positioning System Using Ultra-Wideband Technology and Machine Learning Algorithms for Energy-Efficient Warehouse Management Dominik Gnaś, Dariusz Majerek, Michał Styła, Przemysław Adamkiewicz, Stanisław Skowron, et al. Energies, 2024 The following article presents a proprietary real-time localization system using temporal analysis techniques and detection and localization algorithms supported by machine learning mechanisms. It covers both the technological aspects, such as proprietary electronics, and the overall architecture of the system for managing human and fixed assets. Its origins lie in the ever-increasing degree of automation in the management of company processes and the energy optimization associated with reducing the execution time of tasks in an intelligent building supported by in-building navigation. The positioning and tracking of objects in the presented system was realized using ultra-wideband radio tag technology. An exceptional focus has been placed on reducing the energy requirements of the components in order to maximize battery runtime, generate savings in terms of more efficient management of other energy consumers in the building and increase the equipment’s overall lifespan.
The Impact of Sustainability Reporting on Financial Performance: Evidence from Turkish FBT and TCL Sectors Serhii Lehenchuk, Iryna Zhyhlei, Olena Ivashko, Grzegorz Gliszczyński Sustainability Switzerland, 2023 This study investigated the impact of sustainability reporting on financial performance, with a focus on companies in the Turkish food, beverage and tobacco and textile, wearing apparel and leather sectors. The sustainability reports of 48 companies listed on the Istanbul Stock Exchange for 2022 were studied, and the quality of sustainability practices was determined by using a general index (Sustainability Reporting Disclosure Quality Index (SRDQI)) and three partial indices (Environmental Disclosure Quality Index, Social Disclosure Quality Index, and Corporate Governance Disclosure Quality Index (CGDQI)). To analyze the relationships between financial performance and sustainability practices, two types of regression models were developed, based on which eight models were directly examined. The results indicate the complete absence of a statistically significant impact of SRDQI on all financial performance measures used. Among the partial indices, only CGDQI has a significant positive effect on the Assets Turnover Ratio. An analysis of the influence of control variables shows a multidirectional dependence of individual financial performance measures on the size of companies, their age, industry affiliation, as well as on the structure of capital used. Finally, this study provides directions for improving the institutional environment of sustainability reporting for Turkish companies.
Approaches to profit and cost management system of households within national economy Actual Problems of Economics, 2016
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