bluuebunny/crossref_metadata_2025_split huggingface dataset:
МОДЕЛЮВАННЯ ОПТИМАЛЬНОЇ ДИВІДЕНДНОЇ ПОЛІТИКИ УКРАЇНСЬКИХ КОМПАНІЙ
Authors: O. M. Ptakhina  , T. V. Sych  , Ye. V. Ivanov  , O. P. Yevsuykov  , O. V. Коzyrieva  
Published: August 2020

Актуальність теми дослідження полягає в тому, що для досягнення основної мети діяльності суб’єкта господарювання — отримання прибутку, такий аспект як розроблення раціональних пропорцій розподілу прибутку і вироблення оптимальної дивідендної політики, є одним з основних складових забезпечення ефективності діяльності підприємства. Метою дослідження стала розробка методичного підходу до визначення оптимальної дивідендної політики підприємств на основі залежності оптимальної норми дивідендних виплат від структури капіталу підприємств в Україні. Методологічну основу дослідження становить метод багатофакторного регресійного аналізу. На основі цього методу України розроблено поліноміальну регресійну модель складних зв’язків між нормою дивідендних виплат і показниками ефективності діяльності підприємств. Вибір підприємств здійснений за такими критеріями: організаційно-правова форма акціонерного товариства; підприємства здійснюють виплату дивідендів. Період дослідження — 2000—2018 роки. Для перевірки сценаріїв реалізації політики дивідендних виплат розраховано показник еластичності чистого прибутку підприємств, які сформували статистичну базу дослідження, від рівня дивідендних виплат. Для визначення оптимального рівня дивідендних виплат, за якого максимізується позитивний ефект (E = max), побудовано систему функції для різної структури капіталу підприємств і на основі проведення експериментів з цією системою визначено оптимальний рівень дивідендних виплат. Для визначення оптимального типу дивідендної політики, виходячи із рівня дивідендних виплат, оціненого у відсотках від чистого прибутку компанії, використано метод шкалювання за законом Фібоначчі. Розраховано діапазон кількісних рівнів дивідендних виплат досліджуваних компаній, відповідно до якого визначено тип оптимальної політики щодо сформованої структури капіталу компанії. Такий підхід дозволяє визначити відповідний тип дивідендної політики з урахуванням фінансового стану компаній з метою максимізації її ринкової вартості. Утилізує суб’єктивізм у процесі оптимізації дивідендної політики компанії і забезпечує достовірність результатів оцінки оптимального рівня дивідендних виплат. Сприяє підвищенню ефективності чистого прибутку компаній і нарощування потенціалу максимізації їхньої ринкової вартості.
DECENTRALIZATION OF POWER IN UKRAINE AND EUROPE: SECURITY AND FINANCE ISSUES
Authors: O. A. Muzyka-Stefanchuk  , O. O. Otradnova  , N. L. Huberska  , N. Ya. Borsuk  , V. G. Savenkova  
Published: August 2020

The decentralization is not a new phenomenon for Ukraine. The processes, directed to establish and to develop the local self-government according to European model, going away from complete subordination of local power to the state power during Soviet times, were activated since the state acquired the independence.
The purpose of article is to study how the processes for decentralization of power, finances, etc. are run under conditions of financial, economical and political crisis that take place in Ukraine and countries of Europe.
The local self-government and decentralization of power shall ideally have the connection with the territorial community. The decentralization of power in Ukraine is not the aspiration of territorial community but the attempt to remove someone from power, to divide the power, being received, between other people.
It is necessary to establish the regulatory background for development of local self-government, as well as to work out and to implement the norms for division of receipts from general state taxes and duties into practice.
In our opinion, the abovementioned vision is not only the understanding of decentralization but the understanding of local self-government itself. When the processes, related to development of rights at territorial communities or other territorial formations, start in the totalitarian country, where the real local self-government is absent, in this case one can speak about decentralization of power. That is to say, the state transfers the part of its functions to the communities. If the local self-government already exists, if the budget legislation assigns the corresponding receipts (assigned, own, regulating incomes) to the budgets of different levels, if the will is implemented in communities (through elections, referendums), so, this means that the power is already decentralized.
There is a need for identified potential threats from such positive at first sight processes. Because there is the possibility to receive the additional financial resources directly from state budget (budget and fiscal decentralization). Namely this is the main purpose to establish the united territorial communities. And here exclusively the populism slogans are that the purpose of such newly established communities is to approach the services to population, availability of residents in territorial community to solution of issues of local importance, etc. From the other hand, decentralization – this is what the ones who want more power are covered, because the power is money.
FORMATION OF THE SYSTEM OF FINANCIAL-INFORMATION SUPPORT OF ENVIRONMENTALLY-ORIENTED MANAGEMENT OF THE ENTERPRISE
Authors: L. M. Akimova  , O. O. Osadcha  , V. V. Bashtannyk  , N. M. Kondratska  , K. M. Fedyna  
Published: August 2020

The relevance of the study is due to the need for changes in the methodology and organization of financial and information support for the activities of business entities taking into account modern socio-economic transformations.
It has been established that awareness of limited resources and the introduction of programs for their conservation, ensuring the harmonious development of mankind has an impact on the conduct of economic activity. In addition, the need for systematic research aimed at creating modern information support for an environmentally-oriented enterprise management system is maximally connected with the need for close cooperation with international financial organizations, among which are comparability and objectivity of indicators. This confirms the importance of reflecting the above trends in the accounting methodology — a system that generates information about the results of an enterprise.
The article substantiates that the formation of a modern system of financial and information support for business activities aimed at the conservation and rational use of natural resource potential at the micro level will minimize financial risks associated with environmental changes, and at the macro level it will help to achieve the goals of environmentally sustainable development and implementation of state programs environmental safety of Ukraine. The main global forms of non-financial reporting are analyzed, as well as the domestic Management Report for the publication of information on environmental aspects of economic activity. Given the recommendations of the International Federation of Accountants on the dissemination of the use of integrated reporting, considerable attention is focused on the study of the reflection in it of the environmental components of the enterprise. It was found that based on integrated reporting, not only climate change strategies are formed, but also information on how climate change affects the enterprise’s business strategy and its ability to create value. Thus, integrated reporting formalizes the process of building strategies. Building an enterprise management system based on long-term strategies will not only reduce climate risks, but also create better models for building business structures, increase the stability of capital markets and global financial stability.
It is proved that the development of modernization tools for the domestic financial accounting system, the introduction of environmentally oriented accounting systems will, in addition to increasing the quality of accounting and analytical information, achieve global sustainable development goals and ensure environmental safety, stimulate the subjects of the domestic economy to protect, reproduce and rational use of natural resources.
ECONOMIC PREREQUISITES FOR DEVELOPMENT OF FINANCIAL AND CREDIT SYSTEM IN UKRAINE: SOCIO-HUMANITARIAN DISCOURSE IN CONTEXT OF SOCIAL TRANSFORMATION
Authors: V. P. Yelagin  , V. V. Mamonova  , N. V. Luhovenko  , L. A. Voropai  
Published: August 2020

The topic of the present paper is a search for the functional methods of bank management in the period of political and social transformation of society. The objective of the research is substantiation of the necessity for the government to have its own banks in order to exercise its functions and provide guarantees of stability in the state under the unfavorable conditions of a conflict of interests when the state is both the ‘regulator of the financial services market’ and the ‘bank owner’.
The analysis conducted in the paper on the benefits and losses due to the state ownership of banks has shown: vulnerability of the Ukrainian banks to political pressure; lobbying for the interests of systemic commercial banks and their obtaining of preferences or special terms; excessive budget expenditures for capitalization of failing systemic banks.
The experience of developed economies has been researched with an analysis of shortcomings, mistakes and prospects of state-owned bank management in different countries; banking market regulation methods and tools have been systematized. The paper focuses on the measure of nationalization, which was applied by many advanced countries; the impact of nationalizing important systemic banks is grounded, with an emphasis on the decisive role of nationalization in the transition period. It has been determined that many of the factors leading to bank nationalization are closely related to the problems of government regulation of the banking sector.
A conclusion has been made that in many countries the mechanisms for corporate regulation of state- or community-owned property do not even exist or are underdeveloped, and therefore, the governments of these countries, having sufficient information and appropriately trained specialists, should be responsible for all the socio-economic processes in the state. These considerations should be translated into elaboration of a mechanism for corporate governance of strategic public property objects. A corporate governance reform involves creation of competent and independent supervisory boards that would minimize a possible impact of politicians and public officials on the operating activities of banks.
OWNERSHIP RELATIONS AS PRECONDITIONS FOR THE EMERGANCE OF LEGAL RELATIONSHIP IN JOINT-STOCK COMPANIES
Authors: Y. Kirichenko  , V. Zhornokui  , O. Ruban  , N. Khodeeva  
Published: August 2020

The authors of the article have analyzed the understanding of ownership as a central entity and the main regulator of economic relations within a joint-stock company. It has been stated that ownership is associated with such categories as «property» and «right», which raises a considerable number of methodological issues originated by the formation of joint-stock companies’ ownership and shareholders rights in relation to the ownership. Particular attention has been paid to the fact that ownership in such a company as an economic category performs a certain function, which consists in the formation of a considerable amount of capital on the most profitable for all persons involved in this process, in order to its maximum profitable use. It has been noted that if we talk about the ownership of a joint-stock company, then it is formed by the issue of shares, and accordingly, the company, which is interested in attracting significant funds, conducts open placement, the proceeds of which are accumulated to use in its business activities. The authors have provided arguments in favor of other positive aspects of stock ownership that make it universal and capable of application wherever there is the need to accumulate significant amounts of funds and limit the scope of liability.
It has been concluded that ownership in a joint-stock company as an economic category performs a certain function, which makes it not only an economic, but also a legal category. This function is to generate a large amount of capital in the most profitable terms for all persons involved in this process, for its maximum profitable use. The category of «stock ownership» is used when referring to the legal regime of ownership in a joint-stock company — the ownership rights of the shareholders for the shares and the ownership rights of the company for the property, which in their implementation intersect and affect one another.
It has been supposed that the most appropriate model, to which stock ownership tends, is confidential property, ideology and practices of trusts. However, it is quite clear that its application in Ukraine in the present state of legal regulation is hardly worth supporting.
INFORMATION ANALYTICAL PROVISION IN FORMATION OF INNOVATIONAL PROJECTS PORTFOLIO OF ENTERPRISES IN THE CONTEXT OF SAFETY-ORIENTED MANAGEMENT
Authors: O. Maslak  , N. Grishko  , D. Pirogov  , M. Maslak  
Published: August 2020

It is devoted to the research of methodological approaches aimed at the objective assessment of cost aspects, means and results of implementation of management and technological decisions while balancing the portfolio of innovative projects. It is established that the project portfolio management mechanism is aimed at reconciling project implementation goals with the tactical and strategic orientations of the enterprise with parallel balancing of project budgets and determining the mutual impact of each of them. The article deals with the approach of forming a portfolio of industrial enterprises innovation projects in the aspect of strengthening its market positions on the basis of security-oriented management.
Based on the use of multivariate analysis, a model of influence indicators on the level of economic security of the enterprise has been developed. The using of the hierarchy method algorithm in formulating of recommendations for the selection of innovative projects on the criterion of economic security preserving is justified. The characteristics of the of communication features between economic security and the reputation of the enterprise have been determined and given. The closeness of relationship between the level of economic security and its reputation by using the correlation analysis was assessed. The authors identify the directions of balancing the project portfolio according to the criterion of ensuring a rational level of economic security and in conditions of preventive reputation strengthening. It is proposed to set the priorities of the criteria based on the results of correlation-regression analysis on the impact of factors on the enterprise’s economic security, namely: target efficiency, cost performance, security of financing, investment efficiency, reactive performance. The result of the method application is the formation of strategic recommendations for the selection of innovative projects on the criterion of maintaining economic security.
ЗАСТОСУВАННЯ МОДЕЛІ НАСКРІЗНОЇ ОПТИМІЗАЦІЇ ФІНАНСОВИХ І МАТЕРІАЛЬНИХ ПОТОКІВ У МЕХАНІЗМІ ЗАБЕЗПЕЧЕННЯ ФІНАНСОВОЇ БЕЗПЕКИ НА ПІДПРИЄМСТВАХ ОБОРОННОЇ ПРОМИСЛОВОСТІ
Authors: L. G. Shemayeva  , I. P. Mihus  , V. M. Shemayev  , V. V. Shemayev  , L. M. Melnyk  
Published: August 2020

Розглянуто проблему координації матеріальних i фінансових потоків на оборонних підприємствах у виробництві та доставці потрібного обсягу оборонної продукції у встановлені терміни. Мета статті — теоретичне обґрунтування необхідності узгодження певних суперечностей у потокових процесах на підприємствах і розроблення моделі поступової оптимізації матеріальних та пов’язаних з ними фінансових потоків як необхідної умови забезпечення фінансової безпеки підприємств оборонної промисловості.
Конфлікт інтересів (суперечності) аналізується щодо проходження матеріальних і пов’язаних із ними фінансових потоків, що відбуваються за чинної системи управління на вітчизняних оборонних підприємствах.
Методичною основою дослідження суперечностей потокових процесів підприємства були обрані аналіз і синтез. Економічний потік підприємства умовно розглянуто за характеристиками: обсяг потоку, час потоку і витрати потоку з подальшим урахуванням їхніх характерних якостей, властивостей, взаємозв’язків і суперечностей між ними.
Розроблена методика проектування логістичних рішень на підприємстві, яка передбачає здійснення повної оптимізації за допомогою методу компромісу матеріальних і пов’язаних із цим фінансових потоків. Запропонована імітаційна модель була доведена до впровадження програмного забезпечення та була протестована на оборонних машинобудівних підприємствах Києва.
Для врегулювання суперечностей, що виникають поетапно, встановлено два параметри (час потоку та обсяг потоку) за критеріями: 1) мінімізація витрат на всіх стадіях потоку;2) мінімізація періоду оборотності оборотних коштів — доцільно використовувати метод багатокритеріальної оптимізації.
Вирішення багатокритеріального завдання оптимізації матеріальних і пов’язаних із цим фінансових потоків на підприємстві базується на використанні методу компромісу, який реалізується на основі моделювальних моделей. Запропонована модель складається з п’яти взаємодіючих програмних елементів: модель управління програмою, програма закупівель, транспортна програма, програма складських складів, оцінка варіантів і програма вибору логістичних рішень.
Для розв’язання вищезазначеної проблеми пропонуємо використовувати метод «лівий нижній кут», який раніше використовувався для вирішення інженерних завдань. Запропонований метод дозволяє розв’язати задачу оптимізації вектора, коли критеріїв два, а кількість розглянутих варіантів — невелика.
A Forma Social da Comunicação no Contexto Soviético: Pertinência de Categorias da Economia Política da Informação, Comunicação e Cultura para o Estudo da Comunicação na URSS
Authors: Bastos Manoel Dourado , Ywatsugu Tatiana Iaquinto , Fusaro Willian Casagrande 
Published: August 2020

RESUMO O presente artigo investiga os fundamentos lógicos da forma social da comunicação no âmbito soviético, reconhecendo a pertinência das categorias da Economia Política da Informação, Comunicação e Cultura para o estudo da comunicação na URSS. Primeiramente foram avaliadas duas interpretações dialéticas da experiência soviética (Arthur, 2016 e Kurz, 1999), a fim de entendê-la como parte de um sistema mundial produtor de mercadorias. Observada a permanência peculiar da forma do capital como substância das relações sociais no contexto soviético, avalia-se em que termos a derivação da forma social da comunicação, sua materialidade e funções (Bolaño, 2000) são pertinentes para uma interpretação da comunicação na URSS.
Palavras-chave: Forma Social da Comunicação; URSS; Função Publicidade; Função Propaganda; Informação para a Dinâmica de Trabalho.
Educação e inclusão em escolas de educação básica: análise preliminar
Authors: Mori Nerli Nonato Ribeiro 
Published: August 2020

Resumo A política nacional de educação especial na perspectiva da educação inclusiva foi estabelecida em 2008. Desde então, é cada vez maior a inserção de alunos com deficiência, transtornos globais do desenvolvimento ou altas habilidades/superdotação no ensino comum. Como está ocorrendo esse processo? De que modo estão se concretizando os princípios e determinações dos documentos norteadores da educação inclusiva? Em busca de respostas para essas questões realizamos uma pesquisa sobre educação básica e inclusão nas cinco regiões brasileiras. Os dados iniciais foram colhidos por meio de levantamento junto a 1200 professores e, na segunda etapa, foi realizado um estudo de campo com observação direta de atividades e entrevistas com profissionais com professores das Salas de Recursos Multifuncionais e gestores de 15 escolas das regiões cinco regiões brasileiras. Os resultados indicam que ainda é grande o desafio de avançar para além do direito ao acesso e efetivar práticas educacionais voltadas para as especificidades dos alunos que não atendem os padrões de aprendizagem e desenvolvimento estabelecidos. Palavras-chave: educação especial; inclusão; aprendizagem.
Intrapelvic Loss of a Trial Femoral Head During Total Hip Arthroplasty
Authors: Wallis Carl , Ninomiya James T. 
Published: August 2020

Case:
We report a case of intraoperative femoral head trial dislocation, with intrapelvic migration treated only with close observation with over the 17-year follow-up.

Conclusion:
Total hip arthroplasty has been used as an effective means of treating debilitating arthritis of the hip. Common complications of hip arthroplasty have been discussed at length in the literature. Intraoperative dislocation of the femoral head trial with intrapelvic migration is a relatively uncommon complication with only several documented cases in the literature. Multiple treatment strategies are described for this complication including immediate surgical exploration, delayed surgical exploration, laparoscopic exploration, and observation.
Hyperflexion Knee Injury with Anterior Cruciate Ligament Rupture and Avulsion Fractures of Both Posterior Meniscal Attachments
Authors: Bisping Lucas , Lenz Robert , Lutter Christoph , Schenck Robert C. , Tischer Thomas 
Published: August 2020

Case:
A 54-year-old patient presented with low-velocity hyperflexion knee trauma while falling at a ski lift with anterior cruciate ligament (ACL) rupture and avulsion fractures of both posterior meniscal attachments. Meniscal avulsions were treated arthroscopically using transtibial sutures; a partial medial collateral ligament tear was treated conservatively. Six weeks later, reconstruction of the ACL was performed, and both meniscal attachments were stable.

Conclusion:
Hyperflexion of the knee puts direct shear and compressive force on the posterior tibia. This can result in ligament injuries combined with avulsion fractures of both posterior meniscal attachments. Arthroscopic treatment is a practicable technique for this type of injury.
Epiphyseal Split Depression Tibial Plateau Fracture with Preservation of Physeal Growth in a Pediatric Patient
Authors: Olsen LT Aaron A. , Katsma LT Mark S. , Smith CDR Christopher S. , Stepanovich LCDR Matthew T. 
Published: August 2020

Case:
A 14-year-old skeletally immature boy sustained a lateral split depression tibial plateau fracture without extension through the physis. He underwent open reduction internal fixation with all-epiphyseal instrumentation.

Conclusion:
Tibial plateau fractures that spare the physis are rare injuries, with no reports previously in the literature of operative treatment without physeal arrest. Careful all-epiphyseal reduction and fixation is a viable option with good-to-excellent outcomes and return to sporting activities.