Entrepreneurial finance and its impact on e-business

The article examines the competitiveness of Ukrainian banks influenced by economy digitalization, the dynamic spread of electronic payments and e-commerce, as well as innovative technologies aimed at providing digital services. When shifting to an Online Platform business model, a bank can expand its range of banking products, attract more customers, thereby forming a competition policy and gaining competitive advantages. The paper aims to assess the digitalization level affecting the general competitiveness of banks and its components based on Ukrainian banks. For this purpose, the following methods were used: standardized input statistical indicators, comparison and ranking, a cluster analysis, and a regression and correlation analysis. The cluster analysis confirmed the current role of digitalization as a competition driver that determines the competitive advantages of banks and creates additional opportunities to expand the customer base and the range of services. The correlation and regression dependence of the competitive position identified by the activity indicators of certain banks on the level of competitive digitalization confirmed a close direct impact on the competitive position of personal deposits arising from the development of digital banking technology; the pre-tax income, profiles of assets and personal loans, and corporate deposits are subject to a significant direct impact, while the weakest direct impact determines corporate loans. The foregoing substantiates the feasibility of large-scale introduction of innovative digital technologies by banks to maintain competitive positions in the banking sector of the economy. Applying the proposed approach based on certain regression equations, managers of Ukrainian banks will be able to assess the efficiency and make appropriate decisions concerning investing in digital tools and services.

The correlation between macroeconomic dynamics and the inflation rate is the subject of many economic studies. The principles of monetary policy are developed in classical economics studies, which are based on the theories of Keynes, Phillips, Campbell, etc. However, classic approaches require practical validation, especially with regard to modern economic trends in times of crisis and emerging economies. Therefore, the purpose of the paper is to investigate and summarize the impact of inflation targeting and other key monetary policy instruments on fundamental economic indicators in Ukraine during periods of stability and crises. An empirical analysis is based on official statistics from Ukraine for 2011–2019. This study uses econometric methods (multivariate regression and simultaneous equation model), which are applied for the general and transmission impact of inflation on the estimation of economic growth. The results prove that inflation does not affect (less than 0.46 linear correlation) fundamental economic indicators during periods of real GDP growth and a quarterly CPI level of less than 2%. On the other hand, there are significant simultaneous regressions (more than 0.8 coefficients of determination) between unemployed, spending on real final consumption, hryvnia exchange rate and monetary policy instruments (discount rate, international reserves, amount of government bonds, M3 monetary aggregate) for periods when the quarterly CPI (consumer price index) is more than 2%. Therefore, the traditional monetary policy implications are discussed for emerging economies.

Milk consumption is a very important part of consumers’ daily diet due to its positive health effect. The purpose of the paper is to evaluate the market of milk and dairy products. The paper analyzes the development of milk consumption in V4 countries, which was described by using regression functions. The data were obtained from the statistical offices of chosen countries. Based on the achieved results it was found that in Slovakia and Hungary milk consumption is very low, but in the Czech Republic and Poland consumption is recorded in the range of recommended doses and is sufficient. Looking to the future, based on the described trend of consumption, it is possible to assume that the situation in the Slovak Republic will be accompanied by unfavorable developments and in comparison with other V4 countries, Slovakia will consume the least milk and dairy products per capita. Moreover, a questionnaire survey orientated on the level of milk consumption and consumer behavior was conducted on the sample of 518 respondents. Average Slovak consumers consume daily 1 glass of milk, 20 g of cheese, 70 g of curds, and 250 g of sour-milk or other dairy product. Depending on the level of consumption, 3 consumer segments were defined for which different consumer behavior was identified, especially in the issue of factor assessment. In general, however, it is concluded that the quality and price of milk and dairy products are crucial for consumers to make their choice.

Acknowledgment
This paper is supported by the Operational Program Integrated Infrastructure within the project: Demand-driven research for the sustainable and innovative food, Drive4SIFood 313011V336, co-financed by the European Regional Development Fund.