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Ova Studija nastaje u vremenu potrebe za rekonstrukcijom, adaptacijom, popravkom i unapređenjem inženjerskog naselja (Bungalovi) Mješovitog Holdinga “ERS” MP a.d. Trebinje ZP “ Hidroelektrane na Drini” a.d. Višegrad, u naselje koje će biti na mapi turističke ponude Višegrada. Turizam Višegrada je u ekspanziji, raste tražnja za turističkom ponudom. Geografski položaj Višegrada, ćuprija na Drini koja je vezana za nobelovca Ivu Andrića, zatim od nedavno Andrićgrad, kao i blizina Zlatibora, doprinose da Višegrad bude veoma interesantna turistička destinacija. Cilj inoviranog naselja jeste profit, koji će ovo preduzeće ostvarivati putem izdavanja bungalova zainteresovanim turistima. Mješoviti Holding “ERS” MP a.d. Trebinje ZP “ Hidroelektrane na Drini”, a.d. Višegrad, uradilo je sve pripreme za adaptaciju istog, tj. naselje se priprema za turističku ponudu. Godina 2023. jeste godina kada se očekuju intezivni radovi na ovom projektu, odnosno godina završetka najvećeg dijela radova. Finansijska sredstva za rekonstrukciju i adaptaciju istih,od strane nadležnih organa ovog preduzeća, odobrena su planom nabavki za 2023. godinu. Ekonomsko finansijska analiza i istraživanje tržišta, kao sastavni dijelovi ove Studije, pokazuju da je racionalno i ekonomski opravdano ulaganje u rekonstrukciju, adaptaciju i popravku bungalova, s ciljem da postanu sastavni dio turističke ponude Višegrada. Na osnovu Studije može se zaključiti da bi bilo neopravdano da naselje služi samo za izdavanje, znajući da je većina gostiju zainteresovana za usluge SPA centra. Zato ova Studija predviđa izgradnju i SPA centra, sa korištenjem termalne vode koja se nalazi u neposrednoj blizini, što zasigurno može biti komparativna prednost ovog naselja.

The concept of a circular economy in the world arose in response to growing consumption and, as a result, to the accumulation of a mass of waste that cannot be quickly processed in the natural environment and has a harmful effect on the environment. The introduction of a circular economy along with the modernization of production will provide Ukrainian society with double benefits. First, the reuse of already consumed resources allows you to obtain significant benefits both in terms of savings in their purchase and in reducing the costs of waste disposal. Secondly, the burden on the environment is reduced and the problems of waste disposal are solved, which positively affects the country’s ecosystem.

The essence and types of decoupling as a strategic basis for the development of the green economy are analyzed. The actualization of the use of decoupling for Ukraine in the context of highlighting issues of its environmental and economic security is shown. Calculations of the integral decoupling factor for Ukraine were carried out.

Based on the results of the calculations, conclusions were made regarding the effectiveness of the system of nature management and management of the socio-economic development of the state, directions for solving problems and prospects for further research were determined. The conducted analysis made it possible to draw conclusions that at this stage of economic development there is an urgent need to transition to an inclusive and circular economy. The results of the conducted research can be used in the development of the strategy of green economy and sustainable development of countries.

The importance of trade openness and human capital for the economic growth of countries is the subject of many studies today. The role of innovations and the innovativeness of economies in modern economic development is extremely important. With greater accumulation of human capital, knowledge, skills and innovation are accumulated. All these variables are crucial for achieving higher economic growth. Special attention in the studies of relevant authors is directed towards researching this relationship on the example of small open economies, as well as developing countries. The purpose of this paper is to examine the relationship between trade openness and human capital as explanatory variables and GDP as a dependent variable in a sample of eight Balkan countries. The goal of the research is to quantify the relationship between two independent variables and GDP as a dependent variable. The period in which we observe this relationship covers the period from 2000 to 2019. Achieving the research objective is done on the basis of a panel model with fixed and random effects. The results of the panel research testify to the existence of a positive relationship between trade openness and human capital as independent variables and GDP as a dependent variable. Calculated coefficients with independent variables were obtained with a high level of statistical significance. The conclusion of the research implies that there is a positive impact of trade openness and human capital on GDP.

Gold holdings increased during recent time. Geopolitical factors could be responsible for such shift taking into account rising number of conflicts in the world since 2014. However, optimal share for gold in external assets is still disputable. The paper provides empirical tests to identify political economy factors of central bank’s gold holdings. The paper imply two empirical approaches: analysis of how gold reserves in tones and as a share of reserves distributed among the countries with different political regimes; logit regression to identify role of political economy factors that may push countries’ switch to gold. Results of empirical analysis shows that political regime itself is not obvious driving force of gold share. Excluding developed countries, it is possible to see that autocracies do not outperform democracies in terms of mean and median share of gold systematically. Countries demonstrated shifts toward gold early then reference point of 2014 year despite political regime. Logit regression also helps to see that countries heavily have being exposing to gold are more likely hoarding large exchange reserves and politically stable. Proxies of geopolitical aggressiveness are valid with some covenants. While Global Peace Index is well proxy to identify geopolitical preconditions of countries’ switch to gold, military expenditures are not. This means that geopolitical motives of gold hoarding probably work directly and indirectly through exchange reserves accumulation and supportive political stability. Geopolitical aggressiveness that coincides with only large military expenditures but not with reserves accumulation is likely to stand on weak economic ground.

Russia’s military aggression against Ukraine has undermined the global energy system, leading to high energy prices and increased concerns about the EU’s energy security EU leaders have adopted a number of laws and developed the REPowerEU plan to reduce dependence on Russian energy imports by accelerating the transition to clean energy and creating a more sustainable energy system in Europe. The plan includes measures to save energy, diversify supplies and rapidly replace fossil fuels with clean energy sources, as well as prioritizes equity and solidarity, taking into account the energy balances of each EU member state. It builds on the Fit for 55 proposals and supports the ambitious goal of achieving at least -55% net greenhouse gas emissions by 2030 and climate neutrality by 2050.The aim of the article is to study the use of renewable energy in the European Union, the application of autoregressive models to predict the development of renewable energy.The results and conclusions. As a result of the study, based on the methodology of transients, a model of change in the volume of investment in wind energy was developed in the form of a differential equation. It was proved that the transition process is stable, even with time constraints or reduction of investment in the development of wind energy over time it will return to a stable growing trend (which was obtained by means of bagatofactor autoregressive models).

This paper explores the role of information technology in enhancing the efficiency of economic management during the COVID-19 pandemic. The research aim was to investigate how the integration of information technology, data usage, and analytics, digital transformation of the financial sector, ensuring digital inclusion and cyber security can contribute to improving economic management in times of crisis. The research methodology involved data collection through a questionnaire that asked participants a series of questions about their attitudes and perceptions regarding the integration of information technology and its impact on the efficiency of economic management during the pandemic. The data were analyzed using the chi-square statistical method to determine the existence of significant relationships between variables. The results indicate that information technology is a key factor in strengthening economic management during the COVID-19 pandemic. The integration of information technology, data usage, and analytics, digital transformation of the financial sector, and ensuring digital inclusion and cyber security can enhance efficiency, transparency, and stability during crisis times. The research emphasizes the need for investment in information technology, the development of implementation strategies, strengthening cyber security, and ensuring digital inclusion as key steps towards building a more resilient economic environment during the pandemic. Further research and implementation of these technologies in practice are recommended to achieve sustainable economic development and successful crisis management.

The purpose of the article is to assess the gap between people’s readiness for effective activity in the digital economy and to identify the functional capabilities of universities to reduce this gap. The research used methods of generalizations, logical, systematic, and comparative analysis, and statistical-economic, sociological, and economic-mathematical methods and techniques. The results of the study showed that the digitalization of the economy, the state, and society, which is taking place in Ukraine, requires a significant increase in the level of society’s readiness for digital changes. For effective integration into the digital environment, in particular in the field of education, it is necessary to create a digital infrastructure that meets EU standards. The authors conducted a study of the development of the digital inclusive component of the regions of Ukraine.Proposed ways of digital development of society. In particular, it has been proven that promoting the development of the provision of educational services improves the digital literacy of the population for daily tasks and for employers to minimize the gaps between the digital environment and people’s skills. It is substantiated that the acquisition of new digital skills and competencies of employees requires the development of training networks and the improvement of foreign language knowledge, both for young people and for other generations.

The development of rural areas is a complex and dynamic phenomenon, the effectiveness of which depends on food security and the economic activity of the population. The urgency of these issues is exacerbated by unprecedented challenges for Ukraine and the transformation of the legal field under martial law. The study aims to determine the factors and determinants of the development of human capital in rural areas in Ukraine, considering the experience of the EU countries in the conditions of global challenges. It is substantiated that the policy adopted in the state to ensure the development of rural areas based on the principles of inclusiveness should be based on balanced instruments, methods, and levers capable of minimizing external and internal threats to agribusiness. Essentially, people’s opportunities and abilities for economic and social activities, as well as for their own development, are critical. It has been proven that the determining factor in this process should be human capital. The motivation for economic activity in the village is singled out from personal factors. In its absence, all prerequisites for urbanization are formed. In this context, the upward dynamics of the indicator of the share of the urban population in the EU countries, which can become an obstacle to the development of business in rural areas, was analyzed and revealed. Attention is paid to the prospects of small businesses in rural areas. The relationship between the urbanization indicator and the human development index in Ukraine and the EU countries was studied.

The article considers the use of sustainable energy as a potentially effective alternative energy source capable of replacing traditional natural fuels. The aim of the research is to develop a complex model of sustainable economic development able to promote introducing and expanding sustainable power engineering as potential alternative energy source, providing sustainable economic development, energy efficiency and reducing damages to the environment. The hypothesis lies in introduction of a model for sustainable economic development due to expansion of renewable energy which will result in economic growth, rise in energy efficacy and reducing hazards to the environment. A comparative analysis of costs and revenues of various types for using energy sources was carried out to estimate the economic efficiency and feasibility of renewable energy. The data analysis toolkit uses MS Power BI software, in which the data model was created. The conducted regression analysis provided valuable nu-merical and practical results on formation of the model of sustainable economic development of renewable power engineering. The research is based on the analysis of the impact “share of energy” on the level of electric energy import and CO₂ emissions. It is recommended to intensify efforts to develop renewable energy as a key direction for sustainable economic development to ensure energy security, reduce negative environmental impact and achieve global sustainable development goals.

The COVID-19 pandemic has provided important lessons in determining future development strategies for countries whose economies are largely dependent on natural resources. The following study was conducted to analyze the potential for tourism to contribute to economic growth and sustainability of economic development in countries rich in natural resources during the post-resource period. Using data from the Republic of Azerbaijan, a co-integrated regression model was used in the analyses. Findings showed that (1) tourism has a positive effect on economic growth and can play a role in ensuring its sustainability; (2) a decrease in revenues from tourism carries more risk for the economy than revenues from oil (coefficient of variation); (3) if an oil and gas country chooses a tourism-based development path in the post-oil and gas era, it may face very serious challenges (due to the fact that tourism sector is highly vulnerable to direct and indirect events); (4) dominance of the tourism sector in the economy carries more risk than dominance of the oil and gas sector.

However, combining two different approaches showed that choosing tourism as one of the priority sectors in the post-oil and gas era can reduce risks and will contribute more to the diversification of the economy.

Income inequality has become an important economic and humanitarian problem for both advanced and emerging economies, especially with the increase in financialization trends. The equitable distribution of income has garnered attention in both developed and developing nations, given the rise in global trade and production. However, limited research has explored the impact of financial inclusion on income inequality. To address this gap, this study investigated the effect of financial inclusion on income inequality in Türkiye, contributing to the very limited literature. In this study, the financial inclusion variable is measured using a six-dimensional index encompassing financial institutions and financial markets with depth, access, and availability sub-dimensions. During the time frame spanning from 1980 to 2021, estimations of parameters are conducted employing cointegration regression techniques, including FMOLS, DOLS, and CCR. The analysis revealed that inflation, per capita income, urbanization, and financial inclusion have a negative impact on income equality, whereas education has a positive impact. A 1% rise in financial inclusion is associated with a proportional rise in income inequality of approximately 0.012%. Contrary to the findings of previous empirical studies in general, the increase in financial inclusion in Türkiye has a distorting effect on income equality. The findings of this study offer important implications for Türkiye. While the relationship between the financial inclusion indicator and income inequality is not negative, increasing the income of low-income groups across all financial sectors is likely to improve income equality.

This study aims to create a theoretical model of business sustainability with financial literacy antecedents. The antecedents of financial literacy are intellectual capital and risk attitudes. The research location is in the province of East Java, Indonesia. Batik SMEs are only found in Indonesia because it is a cultural heritage belonging to Indonesia that does not exist in other countries. The sampling technique used was purposive sampling, with 222 respondents from the batik SMEs spread across six cities. The data was taken using a questionnaire on a Likert scale. Data analysis uses SEM (structural equation modeling) with the SmartPLS application. The study results show that risk attitudes toward financial literacy have a positive effect. The effect of financial literacy on the business sustainability of the batik industry has a positive influence. The impact of intellectual capital on the business sustainability of the batik industry has a positive effect. Risk attitudes have no significant positive impact on business sustainability. Financial literacy has yet to be able to mediate intellectual capital’s influence on the batik SME’s business sustainability. This needs to be explored further with further research. Furthermore, financial literacy can mediate risk attitudes towards the business sustainability of batik SMEs.

Banks play an essential role in the economy, therefore, their performance must be maintained. Compared to other business sectors, the banking sector has continually achieved the greatest market shares over several periods. When a bank becomes more efficient, it can raise its income and market prices as well as investor confidence. This study examines various factors that influence operational efficiency and the implication for market prices. In 2016 – 2021 years, 28 banking companies were sampled from all banking companies listed on the Indonesia Stock Exchange. Purposive sampling was used for data collection, and linear multiple regression was used for data processing by running tests such as descriptive statistics, determination, regression equations, hypotheses, and implications. The findings reveal a statistically significant relationship between a firm’s size, capital adequacy, loan-to-deposit ratio, net interest, and inflation with operational efficiency, while non-performing loans and exchange rates have no a substantial impact. Additionally, capital adequacy, loan-to-deposit ratio, inflation, and exchange rates had statistically significant effects on market prices, although operational efficiency, non-performing loans, and net interest did not. The mediating analysis reveals that there is no interaction between non-performing loans and net interest with market prices, but it is a mediator for other variables. The research is important for a variety of stakeholders, including managers, investors, and policymakers, who are interested in resolving banking business operations, increasing financial performance, and preserving market prices by establishing mitigation strategies related to specific-internal and external factors.

This study analyzes the relationship between macroeconomic factors that affect the inflation rate. Through our research, we will analyze the impact of money supply growth, economic growth, import level and export level on the inflation rate for 40 countries that we have taken. There are: 6 Latin American countries, 2 Western Balkan countries, 19 Europe countries, 10 countries of Asia, 2 countries of Africa and Australia, within 8 years, namely from 2012 to 2023. The data for the execution of the work were obtained from the World Bank as a credible institution for the publication of statistics and Trading Economics, Another important institution in terms of statistics where 320 observations which are included in the analysis, so the data of this study are second- hand data. Since we have a group of study countries, then the data type of the study is Panel. The econometric model that we used for analysis is the model with the method of small squares. The findings of this paper show that countries that increase the money supply will also face an increase in the inflation rate, so the impact of the money supply on the inflation rate is positive. In the research countries, the results show us that we have a very small difference in the average import and export, which results in a very small average economic growth.

Climate change and its impact on economic growth or vice versa is an important burning issue in the present world and therefore the present world and its population, especially in West Africa, are bound to face various calamities in recent times and the excessive emission of carbon (1.8 per cent of total carbon emission by the world’s emission) is one of the important reasons behind it. Therefore, it is very important to examine the relationship between carbon emissions and economic growth in the region and for this, the present article is focusing over some selected countries of Economic Community of West African States (ECOWAS) and therefore the 10 ECOWAS countries are selected randomly, out of 15 ECOWAS countries and 32 years of data from 1991-2022 are utilized which is sourced from World Development Indicators (WDI), World Bank and Central Bank of Nigeria (CBN) Bulletins. A panel data regression technique employed for the analysis of data. The Fixed Effect Model (FEM) estimates indicates that the out of eight explanatory variables four are negatively associated with Co2 emissions and one is statistically significant while other three are insignificant statistically. The Random Effect Model (REM) estimates pointed out that the out of eight independent variables three are having negative effects over the Co2 emission and five are having positive impact over the emissions. Therefore, the study perceived that emission of Co2, Gross Domestic Product (GDP) and industrial growth are not enough to lead the climate change in the region.

This paper discusses the risks that businesses face in the tax system from the point of view of the cycle of money. The current research is about the influence of companies that participate in global tax transactions on the tax revenue. The results show that controlled transactions have a negative impact on the GDP and tax revenue, discouraging any uncontrolled investments. The diminished risk increases the tax revenue. The objective of this research is to show that a tax policy of a low tax rate increases uncontrolled transactions, leading to a growth of GDP and tax revenue. This work complies with the theory of the Cycle of Money. The impact of risk on tax revenue has been determined by comparing results with and without this factor. The Q.E. method uses mathematics and programming, allowing the determination of an appropriate equation by a feedback procedure. An econometric analysis is applied to check the results of the model. A special technique is introduced, for the first time, to identify the risk by the sensitivity impact of one factor to another one. Sensitivity is determined as the ability of one factor to counteract instantly the changes of another one. If the counteract is instant, it is considered that the sensitivity is high. If the counteract delays, it is determined that the sensitivity is low. For high sensitivity, the risk is low, and the adjustment is the appropriate one. For low sensitivity, the risk is high, as the adjustment is not adequate.

The COVID-19 virus pandemic had an impact on all segments of life, including dally operations of companies. Companies had to adapt to market developments and change their business philosophy in order to survive in the market. This paper showed how the crisis caused by the COVID-19 virus pandemic affects the business of companies. This study aims to examine the business performance indicators (BPI) of companies listed on the Warsaw Stock Exchange (WSE) before and during the COVID-19 pandemic with a focus on corporate social responsibility (CSR). In order to examine this, a multivariate regression analysis was conducted. The findings show that there were no changes in the BPIs before and during the COVID-19 pandemic in companies in relation to CSR strategy. The only exception was found in the group of CSR companies that reported a lower profit margin during the COVID-19 pandemic. Companies with better BPIs may be willing to introduce CSR principles into their strategy and during the pandemic, intangibles influenced CSR strategy in a negative way. The limitations of the article are related to the study of only one market. Identified relationships allowed for a better understanding of the application of social responsibility principles among enterprises in Central Europe.

This research investigates the impact of oil price fluctuations on food prices in Saudi Arabia between 1979 and 2020 using Nonlinear Autoregressive Distributed Lags (NARDL) methodology. The study employs Augmented Dickey Fuller (ADF) and Phillips Perron (PP) tests to determine the integration order of the variables and Bounds testing to confirm the existence of long run cointegration relationships between each variable. The results indicate that oil shocks influence food prices through several mechanisms. Firstly, the cost of energy increases due to the rise in oil prices, affecting the agricultural commodity market, including farm equipment, food processing, packaging, and distribution costs. Secondly, the demand for agricultural commodities to produce biofuels affects food availability and thus food prices. Thirdly, as an oil-based economy, the oil price shock affects food prices through its impact on government spending, which affects aggregate demand and liquidity. Therefore, Saudi Arabia should adopt appropriate policies to mitigate the impact of oil price shocks on food prices, including investing in renewable energy sources, diversifying its economy, and improving food production and supply chain efficiency. Additionally, implementing appropriate fiscal policies to ensure sufficient budget allocation for food support programs is crucial. However, Investing in groundwater exploration can contribute significantly to the development of Saudi agriculture and to gradually achieving food self-sufficiency.

As a fossil fuel-dependent nation, Kazakhstan is caught between issues and possibilities in its search for a sustainable energy transition. Despite its tremendous resources, Kazakhstan’s renewable energy capacity is 1%, much behind its non-renewable peers. According to this research, green fiscal policies in renewable energy firms are needed to reduce the country’s political and economic dependence on the global oil sector. This report emphasizes regional collaboration and Kazakh-stan’s potential leadership in Central Asian Green Economy projects. Kazakhstan can promote renewable energy adoption and economic sustainability by forming regional alliances.

Challenges lie ahead on the green future path, so this paper addresses legislative, infrastructure, financial, and data barriers to green fiscal initiatives in Kazakhstan. It stresses the significance of holistically tackling these concerns, including banking and stock market reforms and sustainable planning. Policymakers and stakeholders in Kazakh-stan can use the research findings to boost the economy, fight corruption, and increase political engagement. Upskilling the workforce to support green technology and local renewable energy production is recommended. The report recommends proactive global crisis prediction and management to help Kazakhstan handle economic and environmental challenges. Hence, the above actions are crucial to Kazakhstan’s goal of industrialization by 2050. Kazakhstan can lead a world rapidly moving to green energy by committing to green fiscal methods, regional collaboration, and addressing the many obstacles to development. By doing so, it can safeguard its future and advance the global green energy revolution.

This research aims to analyze the influence of each Hexagon Fraud factor that causes fraudulent financial reporting, namely Pressure, Opportunity, Rationalization, Arrogance, Capability and Collusion based on respondents’ perceptions of the content. The research methodology used is a quantitative method, sample determination was carried out using a purposive sampling method with certain criteria. The questionnaire was distributed to 3 leaders and 3 officials based on the selected sample. Primary data was obtained to test 6 research hypotheses based on the answers of 96 respondents from 16 State-Owned Enterprises (SOEs) from the selected sample. Data processing uses Smart PLS version 3.00 to test validity and reliability and test research hypotheses. The results of research on hexagon fraud theory show that Opportunity, Arrogance and Capability have a positive and significant effect on Fraudulent Financial Reporting, while Pressure, Rationalization and Collusion do not have a significant effect on Fraudulent Financial Reporting. Research findings reveal that fraud perpetrators are parties who have a deep understanding of the company’s internal control policies, especially knowledge about the effectiveness or ineffectiveness of internal controls, both from within and from outside SOEs. Fraud perpetrators may come from leaders or officials who are knowledgeable about the organizational structure and governance of officials in strategic positions.