Financial Markets, Institutions and Risks (FMIR)

Editor-in-Chief
Serhiy Lieonov, Head of the Editorial Board, First Vice-Rector, Dr, Professor, Economic Cybernetics Department
Gerald P. Dwyer, Ph.D., Professor of Economics and BB&T Scholar Clemson University, USA
Jacob Kleinow, Ph.D., Consultant Finance & Risk in Zeb Consulting; Freiberg University of Mining and Technology, Germany

Managing Editor
Alyona Nikonova, MSc, Sumy State University, Sumy, Ukraine

Section Editors
Andreas Horsch, Professor, Department of Investment and Finance, Technical University Bergakademie Freiberg, Germany
Inna Makarenko, Doctor of Economics, Associate Professor, the Department of Accounting and Taxation, Sumy State University, Ukraine
Hassan Obeid, Ph.D., Professor, Head of Finance Department at European Business School Paris, France
Saša Obradović, Dr., Professor of Macroeconomics, Faculty of Economics, University of Kragujevac, Serbia
Andreas Horsch, Professor, Department of Investment and Finance, Technical University Bergakademie Freiberg, Germany
Inna Makarenko, Doctor of Economics, Associate Professor, the Department of Accounting and Taxation, Sumy State University, Ukraine
Hassan Obeid, Ph.D., Professor, Head of Finance Department at European Business School Paris, France

Editors
Prem Lal Joshi, Ph.D., Professor, Multimedia University, MMU, Kenya
Levente Kovács, Ph.D., Professor, University of Miskolc, Head of Economic Relations Department, Hungary
Inna Shkolnyk, Doctor, Professor, Head of Department of Finance, Banking Management and Insurance, Sumy State University, Ukraine
Taras Savchenko, Ph.D., Professor, Head of Accounting and Taxation Department, Sumy State University, Ukraine
Krzysztof Koj, Ph.D., Professor Economist, Business Trainer & Advisor, Higher Education Manager (Dean, MBA Academic Director), Lecturer; Polish Business Trainers Society, Poland
K.M. Anwarul Islam, Founder and Editor-in-Chief of International Journal of Finance and Banking Research, USA. Springer Journal, The Millennium University, Bangladesh
Jarosław Szostak, Ph.D., Professor, WSB University in Chorzów, Poland
Armin J. Kammel, Professor (FH), LLM (London), MBA (CLU) Ehrenprofessor (Danube University Krems), Austria
Magdalena Szyszko, Ph.D., Professor WSB University in Poznan, Poland
Aruna Kumar Panda, Ph.D., Post-Doc. (Business), Fellow, ICSSR, New Delhi; Chief Consultant and Head (R&D), International Society for Social Services, (ISSS), India
Jean-Michel Heitz, Ph.D., Full Professor, ESSCA, Université Paris-Dauphine, Université Paris 1 Panthéon-Sorbonne, France
Dileep Kumar M., Ph.D., Full Professor, University Institute for International and European Studies, Inter-national Teaching University, Tbilisi, Georgia
Wioletta Nawrot, Ph.D., University of Pennsylvania; PRP Licensed Instructor, ESCP Europe, Kaplan In-ternational College London, CASE – Center for Social and Economic Research, Great Britain
Ali Asgari, Ph.D. in Marketing & Management, Universiti Teknologi Malaysia, Panoply Consultancy, Uni-versiti Kebangsaan, Malays
Prem Lal Joshi, Ph.D., Professor, Multimedia University, MMU, Kenya
Levente Kovács, Ph.D., Professor, University of Miskolc, Head of Economic Relations Department, Hungary
Inna Shkolnyk, Doctor, Professor, Head of Department of Finance, Banking Management and Insurance, Sumy State University, Ukraine
Taras Savchenko, Ph.D., Professor, Head of Accounting and Taxation Department, Sumy State University, Ukraine
Krzysztof Koj, Ph.D., Professor Economist, Business Trainer & Advisor, Higher Education Manager (Dean, MBA Academic Director), Lecturer; Polish Business Trainers Society, Poland
K.M. Anwarul Islam, Founder and Editor-in-Chief of International Journal of Finance and Banking Research, USA. Springer Journal, The Millennium University, Bangladesh
Jarosław Szostak, Ph.D., Professor, WSB University in Chorzów, Poland
Armin J. Kammel, Professor (FH), LLM (London), MBA (CLU) Ehrenprofessor (Danube University Krems), Austria
Magdalena Szyszko, Ph.D., Professor WSB University in Poznan, Poland
Aruna Kumar Panda, Ph.D., Post-Doc. (Business), Fellow, ICSSR, New Delhi; Chief Consultant and Head (R&D), International Society for Social Services, (ISSS), India
Jean-Michel Heitz, Ph.D., Full Professor, ESSCA, Université Paris-Dauphine, Université Paris 1 Panthéon-Sorbonne, France
Dileep Kumar M., Ph.D., Full Professor, University Institute for International and European Studies, Inter-national Teaching University, Tbilisi, Georgia
Wioletta Nawrot, Ph.D., University of Pennsylvania; PRP Licensed Instructor, ESCP Europe, Kaplan In-ternational College London, CASE – Center for Social and Economic Research, Great Britain
Ali Asgari, Ph.D. in Marketing & Management, Universiti Teknologi Malaysia, Panoply Consultancy, Uni-versiti Kebangsaan, Malays
Prem Lal Joshi, Ph.D., Professor, Multimedia University, MMU, Kenya

Language Editors
Humenna Yuliia, PhD, Sumy State University, Sumy, Ukraine

Technical Editors
Humenna Yuliia, PhD, Sumy State University, Sumy, Ukraine

Journal details
Sumy State University
2, Rymskogo-Korsakova st.
40007 Sumy, Ukraine
Tel.: +38-0542-665-104 Fax: +38-0542-665-114

e-mail:
head_armgpublishing@ssu.edu.ua

Publisher
DE GRUYTER POLAND
Bogumiła Zuga 32A Str.
01-811 Warsaw, Poland
T: +48 22 701 50 15