Scientific Bulletin of the National Academy of Statistics, Accounting and Audit

Statistical Monitoring of the Circular Economy: International Approaches and Prospects of Their Implementation in Ukraine

N. A. Hrynchak — 2026-05-29

The article contains an analytical review of current international approaches to the statistical monitoring of the circular economy, with elaborating on their adaptability to the Ukrainian statistical system. The research is based on the analysis of methodological approaches developed by the Organization for Economic Co-operation and Development (OECD), the United Nations Economic Commission for Europe (UNECE), the United Nations Environment Program (UNEP), and Eurostat, and contributions by individual scholars. A review of the evolution of statistical approaches to circular economy measurement is made, including the development of indicator sets, classification frameworks, and integrated monitoring models. The key indicators used in international monitoring frameworks, including Domestic Material Consumption (DMC), Material Footprint (MF), Resource Productivity (RP), and Circular Material Use Rate (CMUR), are discussed. Particular attention is attached to the OECD– UNECE conceptual framework for measuring the circular economy and its role in harmonizing international statistical practices in this field. The analysis gives evidence of poor statistical support for the socio- environmental dimension of the circular economy in Ukraine. The current system of official statistical observations envisage neither recording of employment and gross value added in circular economy sectors nor estimations of social effects of the circular transformation. This does not allow for a holistic assessment of economic results from the implementation of circular economy principles and their implications for labor market. Some components of the international monitoring system have already had an appropriate statistical support in Ukraine. It mainly refers to statistics on generation and treatment of waste, use of energy resources, renewable energy sources, greenhouse gas emissions, and other environmental characteristics. However, the above indicators tend to be used as isolated components of the statistical observation, not fully incorporated in the integrated system for circular economy assessment.

A Statistical Study of R&D and Innovation Trends in Ukraine under Martial Law

O. O. Kozlenko — 2026-05-29

The article contains results of a comprehensive statistical study of research and development (R&D) and innovation in Ukraine under martial law. The strategic role of R&D and innovation as factors underlying economic resilience, competitiveness, and post-war recovery is substantiated. The analysis covers statistical data for 2021–2024 on internal R&D spending, structure of R&D spending by source, distribution of R&D spending by field of science, distribution of R&D personnel by field of science, age structure of researchers, structure of innovation spending by economic activity. The results reveal a high dependence of the national R&D sector on public funding and persistent structural imbalances in human capital reproduction. Econometric modelling demonstrated a statistically significant and strong correlation between the R&D productivity and gross domestic product, confirming the priority of an intensive R&D model over extensive expansion. At the same time, the correlation between innovation expenditures and the number of new-to-market innovations appears to be unstable and only moderately significant, indicating institutional constraints in the commercialization of R&D and the presence of time lags and external shocks. Cluster analysis was applied to identify regional typologies of innovation development, revealing pronounced spatial asymmetries and a high concentration of R&D and innovation capacities in a limited number of regions. The findings justify the need for a differentiated national and regional innovation policy aimed at strengthening institutional support, improving the efficiency of R&D resource allocation, and enhancing the adaptive capacity of the innovation system under conditions of war and structural transformation.

Using the Main Sources of Big Data to Generate Economic Statistics

O. V. Stavytskyi — 2026-05-29

The article examines the experience of National Statistical Offices (NSOs) of the Asia-Pacific region in the use of big data for the production of economic statistics, as well as the prospects and challenges of integrating such information sources into the system of official statistics. The purpose of the study is to substantiate the feasibility of integrating big data into the system of economic statistics, and to identify ways to improve its quality, relevance, and analytical value in the context of modern global digitalization. The study demonstrates the application of big data in estimating key macroeconomic indicators, including consumer price indices, residential property price indices, tourism statistics, and others. It is proven that the most effective sources of big data are online price data, retail scanner data, mobile phone information, administrative tax databases, financial transactions, and other digital traces of economic activity. The advantages of using big data are highlighted, including increased timeliness of statistical information, the possibility of generating more detailed indicators, reduced costs of conducting surveys, and expanded analytical capabilities of official statistics. At the same time, the article identifies challenges associated with their implementation, such as access to information, ensuring the confidentiality of personal data, harmonizing new data sources with traditional methodologies, and the need to develop technical infrastructure. The study shows that the NSOs of the Asia-Pacific region are implementing numerous projects related to the use of big data in the field of economic statistics, but most of them remain at the experimental stage. An exception is price statistics, where several NSOs have already integrated scanner data and/or online data into the calculation of the consumer price index for certain product categories. In some cases, these non-traditional data sources can fully or partially replace traditional methods of data collection. However, big data are most often used in addition to traditional sources, providing more timely and detailed information as well as new analytical opportunities.

Advanced Approaches to Accounting, Analysis and Control at Agricultural Enterprises in the Context of Digitalization

A. M. Brychko — 2026-05-29

Amidst the massive digital transformation of the economy, the Ukraine’s agricultural sector faces the need to rethink traditional approaches to accounting, financial analysis, and internal control. The article’s purpose is to sum up and systematize advanced approaches to accounting, analysis, and control at agricultural enterprises in the digitalization context, and to outline improvements in the information support of accounting, analytical, and control. A comparative characteristic of the traditional and digital models for accounting at the agricultural enterprise is given; an architecture of the digital system for accounting, analysis, and control at the agricultural enterprise is proposed. It was established that the implementation of cloud-based ERP systems could ensure the integration of financial and management accounting within a unified digital environment, automation of primary documentation, and electronic document exchange with regulatory authorities. It is demonstrated that the application of Big Data technologies, predictive analytics, and IoT sensors expands the analytical capabilities of agricultural enterprises – from retrospective analysis of financial results to crop yield forecasting and real-time cost management. It is substantiated that the implementation of blockchain technologies and continuous auditing systems facilitates the transition from selective retrospective control to real-time monitoring of business transactions. However, the full realization of digitalization potential is constrained by insufficient technical infrastructure, a shortage of qualified personnel, and the need for harmonizing Ukrainian practices with international financial reporting standards. The research findings can be used in methodological developments designed to promote the digital transformation of accounting and analytical support for agricultural enterprises in Ukraine.

European Integration as a Determining Factor in the Transformation of Ukraine’s Fiscal Policy

M. O. Kuzheliev — 2026-05-29

This article highlights the impact of European integration on the transformation of Ukraine’s fiscal policy. It is argued that the fiscal policies of European Union member states and candidate countries are underpinned by the principles of transparency, predictability, accountability, and medium-term planning, which should also become fundamental to Ukraine’s public finances. It is demonstrated that, in the context of an active phase of war, Ukraine’s fiscal policy performs not only a regulatory but also a critically important stabilizing function, as it must simultaneously ensure funding for defense, social protection, infrastructure reconstruction and the maintenance of macro-financial stability. The analysis covers the evolution of EU fiscal rules from the classic Maastricht criteria to the new economic governance architecture, which is based on national medium-term structural fiscal plans and control of net primary expenditure. It has been established that the current model of budgetary and tax coordination in the EU is more flexible than the previous one, which creates for Ukraine not only obligations but also an opportunity to adapt national fiscal policy to strategic development goals. It has been demonstrated that the key areas of fiscal and tax reform for Ukraine are the harmonization of indirect taxation, the implementation of European requirements regarding VAT and excise duties, the enhancement of tax transparency, the digitalization of tax administration, and the introduction of e- audits and the automatic exchange of tax information. The main challenges of this process are identified: structural asymmetry in the tax system, institutional and administrative barriers, and the conflict between the EU requirements for free competition and the Ukraine’s need to stimulate reconstruction. It is concluded that European integration is the main determinant of the modernization of Ukraine’s fiscal and tax policy and an important instrument for creating the conditions for post-war economic recovery and long-term financial stability.

The Accounting of Financial Investment as Key Asset of Business Entities in Business Management

N. V. Ovsiuk — 2026-05-29

The article highlights specifics of recording data about investment processes, in particular ones on attracted foreign investment required for financing economic transformations in Ukraine, which is possible only given full trust and active cooperation between the entities involved in the investment process and providing them with accessible, operational and reliable data generated by the accounting system. The main obstacle to the use of external and internal investment resources remains insufficient coverage of data on investment processes in accounting and financial reports, which is a characteristic feature of the national accounting practice. Reorganization of the accounting and financial reporting system in accordance with the provisions of IFRS is an integral part of the processes aimed at the formation and development of market relations. However, the international methodology for estimating the fair value of financial investments cannot be easily applied in Ukraine due poor performance of the security market characterized by inadequate capitalization, poor attractiveness for foreign investors, high inflation, and macroeconomic instability. A favorable environment for foreign investment cannot be created unless the national methodology for accounting of financial investments is adapted to the international standards. The global practice of accounting of financial investment is largely based on current transactions with securities on the stock market. However, this approach is complicated by poor performance of the domestic stock market. In order to increase the transparency and reliability of accounting data, it is necessary to strengthen the state control over compliance with established accounting norms and standards in the business enterprise sector, and to impose sanctions for their violation. Special emphasis needs to be placed on the regulation of procedures for valuation and revaluation of investment, and on the employment of methods accounting for the investor’s share in the investment object’s capital.

Sectoral Analysis in External Audit: Role, Objectives, Basic Terminology

T. S. Melnyk — 2026-05-29

Achieving the objective of external audit depends primarily on the quality of the planning stage, where sectoral analysis plays a decisive role. It enables the rational planning of audit activities, but only with adequate understanding of the structure of the analyzed economic system and its components. The article reveals the essence and interrelations of the constituent elements of the national economy’s structure as an integral economic system, as well as new approaches to their structuring. Based on an analysis of international thematic sources, the author proposes a concept of economic structure, considering the role of sectoral analysis in external audit; provides a substantive description of the constituent elements of the national economy’s structure from the perspective of different approaches and their use in regulations and official documents. Based on a review of international thematic sources, a definition of the concept “economic structure” is proposed, considering the role of sectoral analysis in external audit. A substantive description of the constituent elements of the national economy’s structure is provided, from the point of view of different approaches applied in regulatory legal acts and official documents. Using the methods of formal dialectical logic and an analysis of the views of domestic and international scholars on the subject matter, the author presents her vision of the essence of the basic categories for sectoral analysis. To establish the relationships between these categories, methods of induction, deduction, and scientific abstraction were employed. A critical analysis of existing approaches to sectoral structuring of the national economy in domestic and foreign scientific literature was carried out, to outline their practical significance for sectoral analysis. Further development of sectoral analysis in external audit and the formation of its categorical apparatus should ensure compliance with the risk-oriented approach to planning the activities of the Accounting Chamber of Ukraine, and enhance the efficiency of use of its audit resources.

Value-Based Management of Fintech Companies: Business Model Analysis Aspect

G. O. Aleksin — 2026-05-29

The rapid expansion of fintech has changed the structure and economic logic of financial services. Fintech firms increasingly operate as hybrid organizations that combine the scalability of technology platforms with the responsibilities and risks of regulated financial institutions. However, fast user growth, rising transaction volumes, and access to venture funding do not automatically lead to financial sustainability. This creates the need for a deeper financial analysis of how fintech companies generate revenue, manage costs, control risks, and convert digital scale into stable profitability. The research objective is to identify the key financial characteristics of the fintech business model, and to develop an analytical framework for assessing its sustainability based on revenue structure, cost dynamics, risk exposure, scalability, and monetization quality. The authors examined the main revenue streams of fintech companies, including transaction fees, interchange income, subscription payments, SaaS fees, lending spreads, payment processing income, foreign exchange margins, and embedded-finance revenues. It is shown that fintech should not be treated as a single homogeneous business model. Payment platforms, digital lenders, neobanks, financial infrastructure providers, and super-apps differ significantly in their revenue models, cost structures, capital requirements, and risk profiles. The emphasis is placed on the importance of unit economics, regulatory costs, operating leverage, revenue quality, customer monetization, and the ability to sustain profitability after the initial phase of rapid expansion. It is concluded that fintech sustainability depends not only on scale but also on recurring revenue, disciplined cost management, risk control, customer trust, and diversified monetization. The most resilient fintech business models are ones combining digital scalability with predictable revenue streams, strong compliance capacity, and a clear path from growth to risk-adjusted profitability.

SMART Approach to Innovation Management in Business Administration Practice

A. A. Hlushenkova — 2026-05-29

Modern enterprises operate in an environment characterized by rapid technological change, where traditional approaches to business administration often prove insufficiently effective. SMART approaches are of particular relevance in innovation management, as innovation activities are associated with a high level of uncertainty and risk, as well as the need for rapid adaptation to changes in the market environment. The article reveals theoretical and practical aspects of applying the SMART approach to innovation management within the business administration practice. The relevance of employing SMART technologies is substantiated in the context of digital transformation of the economy, the increasing market competition, and the growing role of innovation as a key factor for the competitiveness of enterprises. The essence of the SMART approach and its significance for improving the efficiency of planning, organizing, coordinating, and controlling innovation activities is shown. Specific features of integrating SMART principles into business administration systems are revealed, with analyzing their impact on the effectiveness of managerial decision-making. Practical aspects of the application of SMART objectives in the implementation of innovation projects are analyzed. The prospects for the wider adoption of SMART approaches by modern enterprises, organizational, methodological, and technological challenges involved in their implementation in business administration are outlined. It is concluded that the application of the SMART approach contributes to enhancing the manageability of innovation processes, optimizing resource utilization, reducing uncertainty, and ensuring the sustainable development of enterprises in a dynamic external environment.

Customer Relationship Marketing on the Tourist Services Market а Motivational Analysis

L. A. Dyachenko — 2026-05-29

The article highlights theoretical, methodological and practical aspects of customer relationship marketing on the tourism services market, based on an in-depth motivational analysis of consumer behavior. The relevance of the study arises from the need to identify new managerial solutions for domestic tourist businesses amidst macroeconomic instability, military conflict, inflation, and declining consumer purchasing power. The essence and internal structure of consumer motives are analyzed, with biological and social needs serving as their foundation, and desires, aspirations, and inclinations representing the forms of their manifestation. The evolution of the classical EKB (Engel–Kollat–Blackwell) model of consumer behavior analysis into the contemporary CDP (Consumer Decision Process) model is examined. Key subjective and external factors influencing consumers’ decisions to purchase a tourist product are identified. Particular attention is paid to B. Schmitt’s concept of “customer experience management”. The strategic stages of its implementation in the tourism business practice are substantiated, encompassing the levels of sensations, feelings, thoughts, actions and relationships. A comprehensive framework for effective customer relationship in the tourist sector is proposed. This framework is based on the optimization of customer databases, the implementation of CRM systems, and the monitoring of customer retention and churn rates. Economic indicators for assessing the effectiveness of customer relationship marketing in the tourism sector are systematized. The study demonstrates that, in times of crises and conflicts, tourists tend to act according to a logic similar to Maslow’s hierarchy of needs: they first evaluate the possibility of satisfying basic needs, particularly safety and security, and only then assess comfort, service quality and infrastructure standards. Considering Maslow’s system of basic needs, particularly the need for safety, it is proposed to expand the set of factors influencing consumer decision-making on the tourism market by adding four additional determinants: the absence of armed conflicts, a low crime rate, political stability, and the effectiveness of healthcare system. These factors are crucial for consumers of tourism services, as the existence of an ongoing conflict or a dysfunctional healthcare system may lead potential tourists to abandon travel plans altogether. A predictive model of the key criteria for selecting tourist products under conditions of global turbulence has been developed.

Strategic Management Accounting and Its Role in Management Control: A Theoretical Perspective

O. A. Zorina — 2026-05-29

The article elaborates on the economic essence of strategic management accounting, with outlining its role in the management control of an enterprise, and systematizing its functions, principles, methods, and tools. This research topic is relevant due to the increasing role of strategic accounting in management control, because it provides information support for long-term decisions in the business sector: it allows for cost, income and investment analysis, for adaptation to changes and effective implementation of long-term plans; contributes in the rational use of financial, material and intellectual resources, in sustaining competitive edge, in project implementation or modernization of business processes. A review of approaches to interpretation of “strategic management accounting” concept was made, with proposing its authors’ definition as a system for collection, processing and analysis of economic information, designed for setting, selection and implementation of business development strategies by analyzing costs, revenues, external environment and resource capacity of an enterprise, and integrating financial and non-financial indicators for assessment of competitive advantages and business development prospects. It is argued that strategic management accounting lays the information and analytical background for management control. The crucial objectives of strategic management accounting were outlined, which allowed to define its main functions: forecasting (planning), analytical, control, informational, coordinative (communicational), regulatory; its supplementary functions were proposed: assessment, adaptive, motivational. A typology of tools and methods of strategic management accounting was made. Principles specific to strategic management accounting were outlined (with reference to the existence of general principles of accounting): purposefulness, relevance, comprehensiveness, strategic focus, adaptability, effectiveness, consistency, forecasting and planning, control and assessment. It is argued that further developments in strategic management accounting will be driven by global trends such as digitalization of business processes, expansion of eco- systematization, rapid transition to jokers’ era, partial geo-economic fragmentation, and de-globalization resulting from prolonged military actions.

Conceptualizing the State Security Policy Within the Paradigm of Sustainable National Economic Development

O. M. Kyrylenko — 2026-05-29

The article reveals theoretical, methodological, and applied aspects of managing the economic security of business entities amid the unprecedented challenges posed by martial law and global transformational processes. It is substantiated that in modern realities, the economic security is evolving from a supporting management function into a fundamental pillar of business viability. Particular attention is paid to critical infrastructure objects, for which ensuring physical integrity, economic independence, and protecting the interests of stakeholders attains the status of a national priority. It is shown that the strategic approaches to security is dependent on the scale of the enterprise. It is proved that while small and medium-sized businesses often limit themselves to situational measures, large economic entities face an urgent need to form a systematic scientific and theoretical foundation. The authors emphasize that military actions on the territory of Ukraine have become a critical factor nullifying the effectiveness of previous “peacetime” strategies, requiring an immediate update of security-oriented management parameters. The necessity of developing new resource management mechanisms that account for the dynamism of external threats and the volatility of the market environment is highlighted. Approaches to revising strategic planning horizons and implementing anti-crisis monitoring tools are proposed. It is concluded that the effectiveness of economic security management in wartime directly depends on the management’s ability to combine accumulated practical experience with the latest scientific developments in risk management. The research results can be used by state authorities and management of large enterprises to strengthen macroeconomic stability and protect long-term national economic interests.

The Financial Impact on Staffing in the Academy Sector of the Ukrainian R&D

S. I. Kniaziev — 2026-05-29

The article is devoted to the problem of preserving human resources the national research and development (R&D) sector, in particular its Academy component, which had long been vital for Ukraine, but it came to the spotlight after the break out of the war, thus making this theme even more topical. The essence of transformations in R&D staffing and financing in independent Ukraine is revealed, with underlining the mismatch between the current financial status of R&D and the legally fixed obligations of the government on R&D financing. Estimates of the losses in research personnel of the national R&D, resulting from researchers’ retraining and moving to jobs in other economic sectors or emigration, are given. The forms of emigration processes are shown, with estimating the impact of the large-scale Russian invasion on their pace. It is argued that the only efficient way for staff replenishment in the national R&D sector has to be the policy for support of young talents, encompassing all the levels of education and research process: from early finding of able students to setting up the required conditions for realization of creative capacities of researchers. It is substantiated that the system for support of talents has to build on three integrated principles: identification, development, retention. It is emphasized that in time of war, the government’s role as sponsor should be added by the role of coordinator when it comes to support of talents and professional training for the national R&D sector. Results of the author’s analysis of the salary rate in the National Academy of Sciences (NAS) of Ukraine are given; the schemes for professional training within the NAS of Ukraine through implementing budget programs “Scientific and Science & Technology Activities of Research Institutions of the National Academy of Sciences of Ukraine”, “Training of Staff on Priority Areas of Research and Promoting Innovation Activities of Research Institutions of the National Academy of Sciences of Ukraine”, and “The Arrangements for Official Appraisal of Research Staff in the National Academy of Sciences of Ukraine” are outlined. Quantitative indicators of these programs’ efficiency are given. Financial and social measures aimed at preservation, increase and development of research personnel in the national R&D sector are provided.

The Influence of Socio-Psychological Climate on the Corporate Culture of the Enterprise

L. V. Lazorenko — 2026-05-29

The article reveals the essence of corporate culture and the influences of socio-psychological climate in the organization on its performance. Enterprise managers nowadays pay ever more attention not only to personnel motivation systems, but also to the corporate culture as an important component for the stable business in the organization. Building an effective corporate culture is impossible without taking into account the socio-psychological climate in the team, since it determines the nature of interactions between employees, the level of trust, the readiness for cooperation and the perception of common organizational values. In management practice, these concepts are often considered separately: the socio-psychological climate is often associated with motivation, communication and personnel management, while corporate culture is interpreted as a set of corporate norms, rules and symbols. This approach is narrowed, because the corporate culture has a distinct psychological nature and reflects the internal state of the organization, its values and the quality of interpersonal relationships. The corporate culture, once properly built, underlies the team cohesion, but also contribute to the competitiveness, reputational stability, and profitability of the company. This problem becomes especially relevant in wartime, when employees need support, understanding, security, and emotional stability. If a company is able to provide such conditions, it will increase staff loyalty, but also strengthen its own image as a socially responsible and psychologically mature organization. Corporate culture should be interpreted as a system of personal and collective values accepted and shared by employees, on the one hand, and a set of rules, techniques and models of behavior that ensure external adaptation and internal integration of employees, on the other. The effectiveness of such a culture depends on how consistent it is with the socio-psychological climate in the team, because the psychological situation determines the readiness of the staff to support the proclaimed values and act by them.

Transforming Budget Management within the Public Finance System under Fiscal Consolidation

L. P. Sidelnykova — 2026-05-29

The public finance system of Ukraine operates under unprecedented geopolitical and security challenges that have resulted in a substantial widening of fiscal imbalances. The rapid growth of defense expenditures amid a narrowing tax base undermines the effectiveness of traditional budget management instruments. Under these circumstances, an objective need for a radical transformation of domestic budget management, based on flexibility and anti-crisis response mechanisms, is required to ensure the state's overall fiscal sustainability. The purpose of the study is to assess the transformation processes occurring within Ukraine's budget management system under fiscal consolidation and to substantiate managerial decisions aimed at strengthening long-term fiscal sustainability. The article sets out the results of a comprehensive analysis of the architecture of public finances of Ukraine over ten years. It demonstrates that the classical tax-based model of budget formation has undergone a radical transformation, with the share of tax revenues contracted, and non-tax revenues and large-scale external assistance in the form of grants and concessional loans having become the main sources for fiscal support. Structural shifts in the expenditure side of the consolidated budget, resulting from the dominance of security and defense expenditures and reduced financing of human capital, were explored. Trends in the rapid accumulation of public debt driven by high levels of borrowing relative to gross domestic product were identified; changes in the structure of credit support, with particular emphasis on attracting long-term international financial resources, were analyzed. It is substantiated that the hybrid financing model ensures short-term macro-financial stability while generating long-term debt and currency risks. The priority directions for improving budget management include strengthening fiscal consolidation through expenditure optimization, broadening the revenue base, reducing refinancing risks, and enhancing the institutional capacity of the medium-term budget planning system.

Digital Leadership and HR-Transformation at Telecommunications Enterprises in the Context of Digitalization

A. M. Soroka — 2026-05-29

The efficiency of telecommunication enterprises is largely conditional on the managers’ ability to adapt human-resource (HR) management to the digital environment, to implement innovative technologies in this field, and to enhance digital competencies of the staff. However, the transition from the classical staff management to the strategic management of talents using digital tools (HR transformation) in the telecommunication sector is hampered by several factors (poor digital corporate culture, resistance to change, shortage of skilled staff, etc.), which raises the importance of studies devoted to patterns of digital leadership and HR transformation at telecommunication enterprises in the digitalization context. The article highlights the features of digital leadership and HR transformation patterns in the telecommunications sector amidst rapid economic digitalization. The analysis covers advanced approaches to digital HR management, with identifying the key competencies of digital leaders, and the impact of digital technologies on HR management system in the telecommunication sector. The results of a comparison of Ukrainian telecommunication companies Kyivstar and Lifecell in terms of digital transformation, HR process automation, and the implementation of HR innovations are given. The main advantages and challenges in implementing digital leadership in HR management are outlined, with demonstrating the importance of digital corporate culture for enhancing the corporate performance in the telecommunication sector. A model for digital leadership for the telecommunication enterprise, reflecting the linkages between digital competencies, HR management technologies, and the innovative corporate culture, is proposed.

Integrating ESG Сriteria into Dynamic Methods for Performance Evaluation of Corporate Investment Projects

P. A. Stetsiuk — 2026-05-29

The article highlights theoretical and practical aspects of integrating ESG criteria into dynamic methods for performance evaluation of corporate investment projects. Conceptualization of ESG (Environmental, Social, Governance) within the scope of investment project analysis reflects a shift of the fundamental paradigm from traditional shareholder value maximization toward a model of sustainable development and inclusive capitalism. In both academic and practical discourses, ESG criteria are viewed not as secondary ethical components, but as endogenous factors for risk assessment and long-term project viability. The integration of these non-financial indicators into the investment decision-making process enables the identification of latent vulnerabilities related to climate change, social shifts, and regulatory transformations. It is substantiated that traditional financial indicators, including net present value (NPV), internal rate of return (IRR), profitability index (PI), and discounted payback period (DPP), no longer provide a reasonably comprehensive evaluation in the context of sustainable development and responsible investment. A review of advanced theoretical approaches to incorporating environmental, social, and governance factors into investment analysis was made. The key limitations of classical dynamic evaluation methods related to insufficient consideration of long-term ESG risks, non-financial effects, and changes in the cost of capital were identified. A model of dynamic ESG discounting based on differentiated adjustment of the discount rate depending on the ESG sustainability level of a project is proposed. An approach to adjusting projected cash flows considering ESG-related risks and opportunities, as well as a system of ESG sensitivity indicators for NPV and IRR was developed. The practical significance of the research lies in improving the accuracy of long-term investment project evaluation and adapting financial analysis to the requirements of sustainable finance.

The State Financial Control of Public Procurement in Ukraine under Martial Law

V. V. Yasyshena — 2026-05-29

The article reveals trends in the public procurement system in Ukraine under martial law, and the role of the state financial control in ensuring the efficiency of budget resources. The relevance of the research topic is due to the need to ensure the effective and transparent use of budget funds in the public procurement system under martial law, and to strengthen the role of the state financial control. The analysis covers theoretical and practical dimensions of the public procurement system in Ukraine, and the role of the state financial control in increasing the efficiency of public finance management. It is stressed that military challenges have triggered the transformation of procurement procedures, e.g., the simplification of procurement mechanisms and the expansion of opportunities for concluding direct contracts, to promptly meet the needs of the security and defense sector, the medical sector, and critical infrastructure. The need to maintain a balance between the speed of managerial decision-making and the appropriate level of the state financial control is substantiated, to minimize the risks of ineffective or inappropriate use of public funds. The results of public procurement in 2022–2024 show the gradual recovery of competitive procedures, and the increasing level of transparency in the procurement system. The results of activities of the state financial control bodies are highlighted, confirming the effectiveness of preventive and analytical oversight mechanisms in the procurement sector. The main problematic aspects related to procurement planning, estimating the expected cost and amending the terms of contracts are outlined. It is concluded that further developments of the public procurement system are associated with the increased transparency, digitalization of procedures, harmonization with European standards and the enhanced efficiency of the state financial control.