Hanna Saltykova

The purpose of the paper is to assess the war impact on the market value of the industrial complex enterprises of Ukraine. This is an important task for determining the investment needs to restore the Ukrainian economy, substantiating the reparations for Russia’s aggression against Ukraine, which should include the damage caused after the unleashing of a full-scale war from 24.02.2022 , and losses in the early phases of military aggression (after 22.02.2014).
The author’s method of assessing the market value is based on the CVA concept. The war impact on the enterprises market value should be manifested through changes in the effects of exploitation and financing liabilities, which show a differentiated effect from changes in the internal and external business environment of enterprises in wartime. Estimates should be based on the possibility of both negative and positive effects. The main direction of the negative influence is the financing effect, which is due to the action of the external business environment factor. The Kane-Essian argument should be considered in the estimates by calculating normalized effect sizes.
The normalized cumulative war impact equaled 165.1 billion dollars, which corresponds to 44.4% of the total market value of industrial enterprises of Ukraine, estimated for the period 2014–2022. About 14.4% of the total war impact on the market value of Ukraine’s industrial enterprises is attributed to the financing effect. Loss assessments can be used to evaluate the investment needs to restore destroyed and damaged business property. To determine the amount of compensation for damage caused by the war, the market value of an enterprise according to the CVA method can be used.

According to an inclusive growth framework, the top objectives of the economic policy shift from increasing incomes themselves to well-being. While banking sector development has conventionally been considered a growth factor, there is no clear understanding of its impact on inclusive growth. This article explores how the banking sector’s qualitative development, measured in dimensions of the services availability, lending supply, stability, and reliability of banking activity, relates to inclusive growth. To define the relations between banking system development and inclusive growth, the panel regression was employed for a sample of 46 economies selected based on the prescribed principles of sources reputability, methodology consistency, limits in data blanks, and differentiated into groups according to the World Bank’s classification.
The regressions’ assessment and involved tests show evidence of the quality of constructed models and present the following results. The banking availability, approximated with the number of automated teller machines, fosters inclusive growth regarding all groups of countries. In contrast, the increase in the number of commercial banking branches has inverse relations between high-income and upper-middle-income countries, and direct for lower-middle-income countries. The bank credit expansion negatively influences the inclusive growth for high income and lower-middle-income countries. The banking sector stability approximated with bank capital to assets ratio matters in terms of inclusive growth for high-income countries only, while this indicator for upper middle and lower middle economies is statistically insignificant.