scholarly journals BANKRUPTCY PREVENTION OF ENTERPRISES AS A COMPONENT OF SUSTAINABLE DEVELOPMENT

2021 ◽  
pp. 18-31
Author(s):  
V.Ya. Nusinov ◽  
◽  
V.G Oliukha ◽  
L.A. Burkova ◽  
V.А. Shepeliuk ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Tax Evasion ◽  
Negative Impact ◽  
Internal Factors ◽  
Early Stages ◽  
Financial Condition ◽  
Probability Of Bankruptcy ◽  
Methodological Approaches ◽  
The Right ◽  
The Impact

Sustainable development of the enterprise is characterized by stable, balanced functioning of its three subsystems – economic, social and environmental. However, development is impossible without ups and downs, which disrupts stability. Recently, the spread of the pandemic has had a negative impact on the world economy and jeopardized the level of its sustainable development. In Ukraine, the impact of the pandemic has exacerbated the crisis due to the stratification of the unstable economic and political situation in the country. As a result, this led to a rapid growth in the number of unprofitable enterprises. Statistics show an increase in the number of initiated bankruptcy proceedings of enterprises and even their liquidation due to insolvency. The article hypothesizes that development cannot occur constantly, and therefore does not exclude the possibility of volatile states. Unsustainable development of the enterprise is characterized by its financial insolvency, which is identified with its bankruptcy. At the same time, bankruptcy of enterprises in Ukraine is quite common. Bankruptcy of the enterprise – the inability of the debtor to restore its solvency through the procedure of rehabilitation and restructuring and is a consequence of unsustainable development. It arises due to external (economic, scientific and technical, political, legal, international, environmental, pandemic, infrastructural) and internal factors (poor management of the founders of the debtor and its management). Internal factors are the main ones. Economic and legal means that can help identify in the early stages of negative trends in financial condition and prevent them – the development plan of the enterprise. One of the components of this plan is the economic analysis of the financial condition of the enterprise. The legislator has significantly simplified the requirements for filing a lawsuit to declare a company bankrupt. This can lead to abuse of the right to file such a lawsuit (raider seizures, tax evasion and unfair competition). In our opinion, a safeguard against abuse can be not only certain restrictions for the initiating creditor in the right to file for bankruptcy, but also the establishment by the legislator of increased liability for him in case of establishing the facts of abuse of such a right. In addition, the article emphasizes that the current methodological approaches to assessing the probability of bankruptcy of enterprises do not allow establishing the approach of this event taking into account the time factor, but only indicate the possibility of its occurrence. In this case, the range of possible time affects the choice of top management of urgent measures to correct the financial condition of the enterprise, the implementation of which will prevent the opening of bankruptcy proceedings or to delay the likelihood of its occurrence. The proposed methodological approaches allow determining the probability of bankruptcy of Ukrainian enterprises in order to predict the development of events in the early stages of bankruptcy.

scholarly journals THE IMPACT OF TAX GAPS ON THE FINANCIAL AND ECONOMIC SECURITY OF THE COUNTRY

2021 ◽  
Author(s):  
Inna Tiutiunyk ◽  
Julia Belous
Keyword(s):  
Sustainable Development ◽  
Economic Development ◽  
Tax Evasion ◽  
Negative Impact ◽  
Economic Security ◽  
Financial Policy ◽  
Important Place ◽  
Complex Concept ◽  
Tax Revenues ◽  
The Impact

Trends in the development of the main components of financial and economic security of the country indicate their significant variability and dependence on a combination of internal and external factors. An important place among the drivers of influence on the level of financial and economic security is occupied by tax revenues. Given the prolonged national and transnational market turbulence, which is observed in most sectors of the economy, one of the biggest threats to the financial and economic security of most countries is the presence of a significant volume of shadow operations. The consequences of their implementation are the lack of tax revenues in the budget and the reduction of the country's financial viability in financing economic development programs. The purpose of the article is to study the impact of tax gaps on the level of financial and economic security of the country. In the paper, the essence of the financial and economic security of the country, which is proposed to be understood as a complex concept, integrates the features of economic and financial development of the economic system. Based on the systematization of scientific literatures, the main tasks and functions of financial and economic security of the country including realization of goals and objectives of financial policy and formation of favorable conditions for economically sustainable development and growth, highlights the characteristics of this concept are substantiated. The paper identifies three characteristic features of the financial and economic security of the country: as an indicator of its ability to protect the interests of society in a volatile external and internal environment; economically sustainable development and growth; leveling threats to the internal and external environment. The role of tax gaps in reducing the level of financial and economic security of the country is substantiated, the probability of formation of tax gaps in the economy is predicted, measures to minimize tax evasion as components of increasing its financial and economic security are proposed. The established interdependencies should serve as a basis for the transformation of state economic and financial policy in Ukraine in terms of minimizing the negative impact of the shadow sector of the economy on the indicators of economic development of the state.

scholarly journals The Environmental Aspect in the Concept of Corporate Social Responsibility in the Energy Industry and Sustainable Development of the Economy

Energies ◽  
2021 ◽  
Vol 14 (18) ◽  
pp. 5993
Author(s):  
Katarzyna Huk ◽  
Mateusz Kurowski
Keyword(s):  
Sustainable Development ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Negative Impact ◽  
Iso 14001 ◽  
Energy Industry ◽  
Environmental Aspect ◽  
The World ◽  
Corporate Social ◽  
The Impact

Sustainable development is now an important direction for the further development of all economies in the world. It is important to balance economic development with the impact on the environment and our planet. Another direction in the development of management sciences is the emergence of the concept of Corporate Social Responsibility, which considers this impact in three key aspects—economic, environmental and social—in terms of microeconomics. This concept gives companies specific guidelines and tools that minimize their negative impact on the environment. Reducing the negative impact of companies influences the environment and this is what is mainly associated with them. However, companies should also pay attention to internal consistency and caring for employees. Company practices such as the exploitation of people, including children, and injustice in the workplace are some of the factors that can be observed in less developed countries. The article focuses on the presentation of the environmental aspect in the context of the concept of corporate social responsibility. We analyzed individual sectors of the economy in terms of the environmental aspect, with particular emphasis on the energy industry. The study is based on a statistical analysis taking into account data from 1718 companies from all over the world. The aim of the article is to present the environmental aspect in the context of corporate social responsibility in the energy industry as a direction for sustainable development of the economy. The article is based on the analysis of the literature and databases presenting CSR, which was created on the basis of questionnaire research. The article shows which regions of the world are worse and which are better in terms of the environmental aspects of CSR. Conclusions on the main CSR guidelines for the environment are also presented. We analyzed factors such as environmental routines, policies and targets, implementation of environmental management systems, ISO 14001/EMAS certification, environmental reporting, environmental requirements inside the supply chain, the trend of GHG emissions and the trend of energy consumption for their environmental impact. The analysis was carried out on the basis of given regions of the world and individual sectors of the economy, especially the energy industry.

scholarly journals Effective budgeting as a priority of the company›s development

2021 ◽  
Vol 16 (2) ◽  
pp. 46-53
Author(s):  
S. B. Kashkimbayev ◽  
A. N. Zhakupov
Keyword(s):  
Modern World ◽  
Budget Process ◽  
Budget Management ◽  
Subsequent Formation ◽  
Financial Condition ◽  
Analysis And Synthesis ◽  
Fierce Competition ◽  
The Right ◽  
Methodological Aspects ◽  
The Impact

In the modern world, in the conditions of economic instability and fierce competition, companies need to have effective tools that can provide an opportunity to study the current financial condition, compare cash inflows and outflows, approve the right decisions that contribute to the subsequent formation and development of the enterprise, as well as optimize management costs. In a company, such an important tool for financial planning, as well as control, is budgeting.This article discusses the tasks, goals, methods, disadvantages and advantages of budgeting, illustrates the full continuous cycle of budget management and the stages of development of the concept of budgeting. In addition to the theoretical aspects, the article considers the empirical and methodological aspects. The purpose of this article is to generalize the theoretical provisions and develop the organizational and methodological aspects of the application of budgeting and the impact of effective budgeting on the development of the overall company. The article uses complex and systematic approaches to the processes and phenomena under study, which is achieved through the methods of analysis and synthesis, review and collection of information, statistical analysis, scientific abstraction and visualization.In the conclusion of the article, the conclusions are made, that a properly formed concept of budgeting, improvement of methods and elements of the budget process will make it possible to manage the capital, as well as a single commercial, and the company as a whole, establishing the sequence of business types, terms and trends of restructuring. This will allow the owners of companies to adapt their business in time to all possible changes in market conditions.

scholarly journals Laundering Black Money by Means of Offshore Zones: The Negative Impact and Ways to Resolve

2021 ◽  
Vol 8 (523) ◽  
pp. 140-150
Author(s):  
O. T. Zamaslo ◽  
◽  
D. A. Kozak ◽  
Keyword(s):  
National Economy ◽  
Tax Evasion ◽  
Negative Impact ◽  
Action Plan ◽  
International Standards ◽  
Key Factors ◽  
Profit Shifting ◽  
State Budget ◽  
Business Entities ◽  
The Impact

The article is aimed at examining the problem of laundering black money in the offshore jurisdictions. Attention is paid to the key factors that attract economic entities regarding business registration in offshore zones. The impact of the tax burden on the process of moving profits to offshore jurisdictions is considered. The volumes of losses of the State Budget of Ukraine related to tax evasion of the funds placed on the accounts of offshore companies have been studied. The most typical schemes of laundering black money in offshore zones are presented, as well as a number of stages that form the process of laundering are highlighted. Emphasis is placed on round tripping investment as a key mechanism for returning foreign funds to a resident in the form of foreign direct investment, the main factors in the use of round trip transactions by Ukrainian business entities are allocated. Attention is drawn to the percentage of countries, which are the largest investors in Ukraine. It is determined that the use of offshore schemes by Ukrainian businesses contributes to the growth of the shadowing of the national economy and causes a direct negative impact on Ukrainian financial security, which is confirmed by the results of the National Risk Assessment 2019. Emphasis is placed on the OECD / G20 Base Erosion and Profit Shifting (BEPS) initiative to prevent money laundering offshore, and Ukraine’s key measures to implement relevant international standards are specified. Prospects for further research in this direction are to identify measures directed towards deoffshorization of the national economy, including through the implementation of the BEPS 2.0 Action Plan.

scholarly journals Dampak Faktor Eksternal dan Faktor Internal terhadap Perkembangan Bank Umum Syariah di Indonesia

2020 ◽  
Vol 1 (1) ◽  
pp. 97-108
Author(s):  
Luthfiah Nurazlina ◽  
Hasbi Assidiki Mauluddi
Keyword(s):  
Negative Impact ◽  
External Factors ◽  
Islamic Banks ◽  
Internal Factors ◽  
Simultaneous Test ◽  
Panel Data Regression ◽  
Data Regression ◽  
Simultaneous Testing ◽  
Significant Negative Impact ◽  
The Impact

The goal of this study was to determine the impact to which external factors such as GDP growth, inflation and BI interest rate and internal factors such as CAR, FDR and NPF have had an influence on the development of Islamic Banks in Indonesia that represented by the growth of total assets Islamic banks in Indonesia from 2015-2019. This research used a quantitative approach and the data would be analyzed using multiple regression test through panel data regression with partial test and simultaneous test provided by Eviews 10. Considering the results of the simultaneous testing, the study suggests that all variables had an impact on the development of the Islamic Bank. As for the partial test, from the external factors only the BI rate which gives a significant negative impact on the development of Islamic banks and from internal factors there are NPF and FDR which give significant negative impact. It was concluded that GDP, Inflation, and CAR did not affect the development of Islamic Banks in Indonesia.

scholarly journals The role and significance of diagnostics of the financial state of the enterprise in modern condition

2020 ◽  
pp. 5-8
Author(s):  
Tetiana PIZNIAK ◽  
Diana KHOMIAK
Keyword(s):  
Financial Analysis ◽  
Negative Impact ◽  
Enterprise Management ◽  
Analysis And Evaluation ◽  
Financial Condition ◽  
Financial Difficulties ◽  
Rational Diagnosis ◽  
Definition Of ◽  
The Right ◽  
Theoretical Foundations

Introduction. Achieving the key goals of the business object is possible through timely and rational diagnosis of the financial condition of the enterprise. To date, the company's management faces many questions to assess the financial condition. Therefore, the definition of the essence, the description of the factors of formation and the definition of ways to increase the financial result of the enterprise is one of the relevant areas of research. The purpose of the paper is to determine the theoretical foundations and practical approaches to the analysis and evaluation of the enterprise. Results. The mechanism of financial diagnostics of development and safe activity should be built in such a way that the negative impact of different types of destructive factors can be detected and quickly eliminated through regularity and verification. Assessment of a set of indicators makes it possible to identify factors that directly affect the financial condition of the enterprise and timely make the necessary management decisions to improve it. Diagnosing the financial condition and sustainability of the enterprise includes two main stages: rapid diagnosis and fundamental diagnosis. stages of the capital cycle, because financial difficulties can arise in any of them. Considering the system of factors influencing the financial condition of the enterprise, we can say that the greatest attention in the process of its management should be paid to the factors of internal influence, because these are the elements an entity can manage. Conclusion. To carry out successful activities in modern conditions of development, it is important to maintain an effective process of enterprise management, which consists in finding and making the most effective decisions and, accordingly, practical justification. Therefore, we can conclude that for a successful financial analysis of the enterprise, the right method and indicators must be chosen that can better describe the essence of the financial condition of the enterprise.

scholarly journals Energy Factor of Coal Mining Region Sustainable Development

2018 ◽  
Vol 41 ◽  
pp. 04036 ◽  
Author(s):  
Valeriy Kopein ◽  
Elena Filimonova ◽  
Irina Kudryashova ◽  
Ksenia Demidenko
Keyword(s):  
Sustainable Development ◽  
Coal Mining ◽  
Economic Crisis ◽  
Economic Conditions ◽  
Economic Policies ◽  
Internal Factors ◽  
Energy Factor ◽  
New Challenges ◽  
The Impact ◽  
Negative Factors

Economic sanctions as well as geopolitical situation have set new challenges for Russia. They reflect the necessity of creating an economy that is resistant to both the impact of external, often negative factors, and the need to reformat domestic economic policies. The article deals with the features of the interconnection of the industrial region energy sector and the sustainability of its development. It emphasizes the fact that in the context of an economic crisis the adaptation of regions to new economic conditions is actively influenced by internal factors. The fuel and energy complex is becoming one of the leading domestic resources as well as a catalyst for the related industries. It is noted that unsustainable processes of activating internal regional resources (energy, finance, etc.) hinder achieving sustainable development of the economy.

scholarly journals The impact of transport infrastructure projects on sustainable development within a major logistics gateway in North West England

2016 ◽  
Vol 7 (1) ◽  
pp. 28-40 ◽  
Author(s):  
Dimitrios Paraskevadakis ◽  
Alan Bury ◽  
Jin Wang ◽  
Jun Ren ◽  
Stephen Bonsall ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Negative Impact ◽  
Transport Infrastructure ◽  
Quality Data ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
The Sustainable Development ◽  
North West ◽  
The North ◽  
The Impact

Abstract In the North West of England the issue of a perceived infrastructure gap is of increasing concern. Investment needs to be made to improve the transport infrastructure of the region if it is to be expected to promote the development of its own regional logistics gateway. Funding tools have been set up to address the challenges arising from the imbalance in infrastructure development that exists between regions in the north of the United Kingdom and those in the south. For regions with well developed economies the outlook is promising as the availability of modern transport infrastructure looks set to improve. However, some sources believe that the development of new transport infrastructure will have a negative impact upon sustainable development. It is expected that this will occur in a range of both direct and indirect ways. As a result, it is critical that planning for the creation of new intermodal transport infrastructure, or the upgrading of that which already exists, takes into account the impact that these developments will have on the sustainable development of the host region. A scenario based development methodology is proposed in this paper. It was developed to provide a way to identify potential scenarios that may arise within a given region as a result of transport infrastructure projects. To create significant scenarios the methodology is dependent on the availability of a sufficient quantity of quality data. For this paper that data was collected through a focus group composed of stakeholders from the region in question. This was further supported by the performance of an impact survey using the same group of stakeholders.

scholarly journals The impact of regional tax legislation on strengthening the economic security of enterprises and sustainable development of territories (on the example of the Sverdlovsk region)

2020 ◽  
Vol 208 ◽  
pp. 06002
Author(s):  
Alexey Popov ◽  
Inna Cabelkova
Keyword(s):  
Sustainable Development ◽  
Economic Security ◽  
Tax Rates ◽  
Tax Legislation ◽  
Single Tax ◽  
Tax Benefits ◽  
The Right ◽  
Regional Authorities ◽  
Taxation System ◽  
The Impact

The gist of this article boils down to the analysis of legislative norms in the field of taxation, allowing the regions to ensure tax maneuver in relation to tax collection and, accordingly, to ensure economic growth. At the same time, both the norms of the Federal legislation, which allow regional authorities to establish tax rates and benefits, and the assessment of these opportunities, are disclosed on the example of the Sverdlovsk region. The possibilities of applying reduced tax rates and the use of investment tax deduction for corporate income tax, establishing differentiated rates and tax benefits for corporate property tax, criteria for the right to preferential taxation with a single tax levied in connection with the application of a simplified taxation system and other features of the regional tax legislation in relation to taxes credited to the budgets of the Subjects of the Federation. The problems of tax legislation that hinder the strengthening of the economic security of economic entities and, accordingly, the development of territories, as well as recommendations that allow increasing the efficiency of regional taxation and ensuring sustainable development of the Ural region are identified.

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