Liudmyla Zakharkina

Transparency is a fundamental necessity for the insurance market in the modern fast-changing and digital world. The study aims to establish, based on bibliometric analysis, the research trends and subject areas of the insurance market transparency, including the impact of digital technologies, regulatory initiatives, and the internal policies of insurance companies. A bibliometric analysis of papers published in the journals indexed by the Scopus database for the years 1988–2023 was conducted to achieve this goal. Five clusters have been identified based on the analysis of the shared use of keywords, demonstrating the multidisciplinary nature of the research subject. They cover government regulation and risk management; ethics; technological innovations in increasing transparency; transparency of prices and costs in health insurance; and state medical insurance transparency. The analysis of insurance market transparency trends has allowed identifying four key stages of development: post-crisis regulatory mechanisms (2013–2016), Solvency II regulation effectiveness (2017–2019), transparency during the pandemic (2020–2021), and the impact of digital innovations since 2021. Spatial clustering made it possible to identify five groups of countries whose representatives are co-authors of research on insurance market transparency. The leading countries in research on insurance market transparency are the USA, the UK, and Germany.

Acknowledgment
This research was funded by the Ministry of Education and Science of Ukraine (projects No. 0122U000774 “Digitalization and transparency of public, corporate and personal finance: the impact on innovation development and national security”, No. 0123U101945 “National security of Ukraine through the prevention of financial fraud and money laundering: war and post-war challenges”). This research was funded under the research subsidy of the Faculty of Organization and Management of the Silesian University of Technology in Poland for the year 2023 (13/990/BK_23/0178).

Type of the article: Research Article

Abstract
Transitional banking systems increasingly rely on both digitalization and corporate social responsibility (CSR) to sustain resilience and public trust. This study evaluates whether the integration of digital capabilities and CSR relates to bank-level trust and reputation in Ukraine and Kazakhstan. The study assembled 2019–2023 indicators for four banks – PrivatBank, Monobank (Ukraine), Kaspi.kz, and Halyk Bank (Kazakhstan) – based on publicly available information. All measures were standardized, and Principal Component Analysis (PCA) was used to construct a Digital-CSR Index (DCSI). The first principal component (PC1), which jointly loads on digital innovation, CSR, and sustainability variables, explains 54.5% of total variance and serves as the composite index; document coding achieved Krippendorff’s α = 0.82. Results show a clear rank order: Kaspi.kz = 4.48, PrivatBank = 0.88, Monobank = −0.27, and Halyk Bank = −4.07. Higher DCSI values are associated with stronger outcomes in customer trust and reputation across cases (e.g., trust levels up to 8.5/10), and descriptive fits suggest that the integrated index captures more cross-sectional variation in these outcomes than single-domain proxies. Robustness checks excluding one indicator at a time and restricting Ukrainian observations to the post-2022 period preserve the loading structure and rank order. The study concludes that integration, rather than parallel pursuit, of digitalization and CSR is associated with superior legitimacy outcomes in transitional contexts. Country conditions shape this relationship: Ukraine’s crisis-driven digital expansion is tempered by disclosure volatility, whereas Kazakhstan’s steadier assurance environment favors platformized integration. The DCSI provides a transparent, replicable benchmark to guide managerial strategy and regulatory design in comparable financial systems.

Type of the article: Research Article

Abstract
Money laundering threatens global financial integrity, while digital governance is increasingly seen as a tool to enhance transparency and regulatory capacity. This study operationalized digital governance through the United Nations E-Government Development Index, which captures the scope and quality of online public services, telecommunications infrastructure, and human capital. The paper aims to examine whether improvements in e-government development are associated with measurable reductions in systemic money-laundering vulnerabilities at the country level. The study uses an unbalanced panel of 171 countries for 2012–2024 (982 observations). Fixed- and random-effects models with Box–Cox transformations were estimated, with the Hausman test guiding model selection and cluster-robust and Driscoll–Kraay standard errors ensuring reliable inference. The results demonstrate a statistically significant and economically meaningful inverse relationship between e-government development and money-laundering risk, measured by the Basel AML Index. In the preferred fixed-effects specification, the coefficient on the transformed EGDI is –1.56 (p < 0.001), indicating that within-country improvements in digital governance capacity are associated with substantial reductions in AML vulnerability over time. This effect remains robust across alternative error structures, with 95% confidence intervals of [–1.96, –1.17] under cluster-robust estimation and [–1.75, –1.38] under Driscoll–Kraay correction. The inclusion of country-specific fixed effects reveals considerable structural heterogeneity in baseline AML risk (approximately 1.15–3.90), while time effects display limited variation over the sample period (approximately 2.11–2.19), confirming that the risk-reducing role of digital governance is not driven by specific countries or particular years.

Acknowledgment
This article was prepared based on the results of a study funded by the Ministry of Education and Science of Ukraine, “GovTech for Ukraine: A Digital, Secure, Transparent, and Equitable State in Times of War and Post-War Reconstruction” (registration number: 0126U000544).

Type of the article: Research Article

Abstract
Whether digital transformation in the public sector and in financial services jointly contributes to banking stability – or whether the two strands proceed along parallel trajectories – remains an open empirical question for post-socialist economies undergoing both reforms simultaneously. This study addresses the question in three components. First, a cross-country mediation analysis covers up to 130 economies over 2018–2024 (853 country-year observations), drawing on the World Bank GovTech Maturity Index, the IMF Financial Access Survey, and the IMF Financial Soundness Indicators, with panel OLS, country-clustered standard errors, and bootstrap mediation tests. Second, the results are decomposed via fixed-effect deviations for three post-Soviet economies from distinct EBRD regions: Ukraine, Armenia, and Kazakhstan. Pre-shock GovTech maturity is positively associated with digital banking adoption (β = +2.91, p = 0.017); sub-pillars differ in channel: core government systems for transaction intensity, public service delivery for account ownership. Bootstrap mediation tests do not support the indirect path through digital banking adoption (six specifications, lowest p = 0.132). GovTech maturity instead shows a substantial direct association with the non-performing-loan ratio – a 13-percentage-point reduction per unit increase in GTMI (p = 0.037) – plausibly operating through institutional infrastructure such as property registries, e-courts, and tax-credit information systems. The two strands are linked but not chained: GovTech is associated with digital banking adoption, yet the route to lower non-performing loans runs through institutional infrastructure. Country-level decomposition reveals heterogeneous GTMI trajectories and identifies reform priorities across public service delivery and core government systems.

Acknowledgment
This article was prepared based on the results of a study funded by the Ministry of Education and Science of Ukraine entitled “GovTech for Ukraine: A Digital, Secure, Transparent, and Equitable State in Times of War and Post-War Reconstruction” (registration number: 0126U000544).