Olena Kravchenko

This paper is devoted to the investigation of environmental, social and governance (ESG) disclosure regulation process and its possible connection with countries’ competitiveness as an integral part of countries’ Corporate Social and Environmental Responsibility (CSER) poliсy. ESG disclosure regulation criteria were examined according to their classification on Pension Fund Regulation, Stewardship Code, Government Corporate ESG disclosure, and Non-Government Corporate ESG disclosure by UNPRI in 2016 and for developed countries and developing and emerging countries separately. In order to find the relationship between ESG disclosure and the countries’ competitiveness (describing by Global Competitiveness Index), variety of statistical tests was applied (Student’s t-tests, ANOVA analysis, Mann-Whitney tests, simple average analysis and regression analysis with dummy variables). Research hypotheses about statistically significant differences in ESG disclosure regulation between developed countries and developing and emerging countries and the influence of ESG disclosure regulation on the overall competitiveness of the country were proved. ESG disclosure regulation became an effective instrument of countries CSER policy and tools for increasing their competitiveness.

An excessive increase in public debt characterizes the contemporary development of the global economic and financial system. The paper aims to examine the short- and long-run impact of state debt on economic growth in Nigeria. The model was estimated using an autoregressive distributed lag (ARDL) bounds testing method to co-integration for the long-run investigation. At the same time, the contemporaneous dynamics were explored using an unrestricted error correction model. The data were collected from the Central Bank of Nigeria’s statistical bulletins and annual reports, and it spanned the years from 1990 to 2020. The study uncovers evidence of a long-term link between the study variables. In addition, the study finds that all the explanatory is statistically significant. Specifically, economic growth is significant and negatively responsive to changes in external debt by 0.19% and debt servicing by 0.07%, contrary to its positive response to changes in domestic debt and exchange rate by 0.27% and 0.18%, respectively. The paper, therefore, recommends that government may consider more domestic borrowings to foreign borrowings that should only be resorted to when it is indispensable. Moreover, the government should also strive to balance loan servicing and the economic sustainability.

The purpose of the paper is to conduct a bibliometric analysis of scientific literature on the use of blockchain technologies in accounting for the period 2013–2022 based on the use of a number of special methods and tools, including Scopus and WoS, VOSviewer, Publish or Perish, Google Trends, and Google Books Ngram Viewer. Based on the results of the bibliometric analysis of relevant scientific publications, a map of the relationships between the concepts of «blockchain» and «accounting» with other categories was formed, which allowed identifying seven clusters. Based on the results of the analysis of the evolutionary time block of blockchain technology research, it was possible to identify several main periods during which the main accents in this area changed. It has been proven that it was in 2020–2021 that the interest of researchers was directed to considering blockchains as tools for working with financial and accounting information. An analysis of the space-time dimension of bibliometric analysis in Ukraine showed that the publication activity of research on the use of blockchain technologies in accounting has intensified since the second half of 2021. Analysis using Google Books and Google Trends confirmed the absence of analogies in the dynamics of changes in search queries «blockchain» and «accounting». The use of bibliometric analysis tools allowed identifying the most relevant works by the searched terms. Relevance was mostly determined by the significance of the scientific work and the scientific cluster. On the basis of these works, key theses are presented, which will become the basis for further empirical research on the chosen topic.

In the context of growing economic uncertainty, capital structure optimization is becoming a critical tool for minimizing financial risks, providing companies with the necessary stability and adaptability in modern conditions. This paper aims to develop theoretical foundations for the existing capital structure optimization methods and elaborate an optimal capital structure formation strategy to ensure companies’ financial stability and flexibility in conditions of high financial uncertainty. The article offers a stabilization-flexible approach to optimizing companies’ capital structure in financial instability and crises, making it possible to ensure the companies’ financial stability while preserving their ability to adapt to a volatile environment quickly. The main idea of the approach is the balanced use of equity capital and long-term and short-term liabilities to finance various components of assets, which helps to minimize risks and increase the efficiency of financial management. A roadmap for the implementation of the stabilization-flexible approach to optimizing the capital structure has been formed, the basis of which is the construction of a logical chain of actions, including the definition of companies’ goals, the assessment of available financial resources and risks, and the development of financing strategies, their implementation, further control and monitoring of results. The study results can be helpful for financial managers, analysts, and investors seeking to improve the efficiency of capital management and reduce the impact of external and internal risks on the financial condition of companies.

An integrated approach to the enterprise value-based management (VBM) provides a precise assessment of all accounting entities. The implementation of such an approach allows determining the value of objects that do not have a material form (intangible assets), but have a significant impact on the enterprise value. The growing role of accounting data in enterprise value formation and management determines the necessity of the research. Thus, the article aims to investigate the effect of integrated reporting implementation on the VBM at the Ukrainian enterprises. Based on recent scientific researches, the study substantiates that the VBM approach should be based on an integrated reporting concept and proves the necessity of transition from the traditional accounting model to sustainability accounting in Ukraine. The findings reveal the approach of integrated reporting incorporation into the enterprise VBM system. The authors offer the concept of creating an integrated reporting model in Ukraine that considers economic and legal criteria, basic and qualitative principles, and production, human, financial, social, natural, and intellectual capital.

Forensic audit of public debt is an important tool for ensuring financial transparency and effective public finance management. In the context of Ukraine, given the difficult economic situation and high level of public debt, the use of forensic audit is of particular importance. The study aims to conduct a forensic audit of Ukraine’s public debt by assessing the consistency of financial statements of key government agencies, identifying discrepancies, and evaluating their potential impact on financial stability. The methodology includes a cross-analysis of financial data from the Ministry of Finance of Ukraine, the National Bank of Ukraine, the Accounting Chamber of Ukraine, and the State Treasury Service. The study also includes an assessment of compliance with international public sector auditing standards (ISSAI, IPSAS, and OECD principles). The results show discrepancies in key public debt indicators between the different reporting institutions, with variations in total debt, debt service costs, and classification methodologies. Key findings indicate inconsistencies in the timing of data publication, differences in accounting methodology, and gaps in debt transparency. These discrepancies pose risks to the effectiveness of financial policy, external creditworthiness, and overall macroeconomic stability. The study concludes that strengthening coordination between government agencies and integrating forensic audit mechanisms into the system of regular financial oversight is necessary to increase the transparency of public debt and reduce financial risks. The proposed recommendations will help to improve fiscal management and ensure the reliability of financial reporting in Ukraine's public debt management system.

Acknowledgment
Prepared as part of a research project 101127602-EUEPDM-ERASMUS-JMO-2023-HEI-TCH-RSCH – "EU experience in public debt management: conclusions for Ukraine in the war and post-war period". However, the views and opinions expressed are those of the authors alone and do not necessarily reflect the views of the European Union or the European Executive Agency for Education and Culture (EACEA). Neither the European Union nor EACEA can be held responsible for them.