WORLD EXPERIENCE ADAPTATION OF ANTI-CRISIS MANAGEMENT OF ENTERPRISES IN THE CONDITIONS OF NATIONAL ECONOMY’S TRANSFORMATION

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

Published: Aug 5, 2020

  Svitlana Khalatur

  Lesia Kriuchko

  Anna Sirko

Abstract

The purpose of the article is to systematize and generalize the experience of leading countries to form and implement an effective crisis management system; to clarify the role of the state in the formation and implementation of anti-crisis regulation strategy of the real sector of the economy, as well as to substantiate the main methodological provisions of its formation. The subject-matter of the study is the methodological and conceptual foundations of the process of the effective crisis management system of the USA, China, Japan, the EU and Ukraine. Methodology. The research is based on the set of well-known general scientific and special methods of research in economics. In particular, the dialectical method, the method of scientific abstraction, the method of systematic analysis, economic and mathematical modeling has been used in the article. Conclusion. The world experience of solving the problems of enterprise bankruptcy is generalized. The experience of the USA, Japan, China, the countries of the European Union is considered. The econometric model taking into account the heteroskedasticity of the residues shows that an increase of 1% Central government debt, bank capital to assets ratio, expense, exports of goods and services, foreign direct investment, net inflows will increase GDP by 2.41%, 1.53%, 1.23%, 2.03%, and 1.19% respectively in the studied countries. Examining the experience in the field of crisis management, it should be noted that in Europe there is a selective approach aimed at stimulating the activities of specific companies; public sector priorities are education, health care, pensions, and the labor market. In addition, in some countries in order to find innovative structures of enterprises, increase their competitiveness and efficiency, out of the crisis, the development of privatization programs is used, which in each country have their own characteristics. World experience shows that the models of anti-crisis management constructed in different countries of the world provide various potential opportunities for progressive socio-economic changes. However, none of them can be used in its pure form in the formation of anti-crisis management policy in Ukraine. This is due to the conditions of accumulation of this experience by countries, the formation of mechanisms and institutions in a balanced economy, differences in the construction of financial and credit mechanisms, and so on. The use of positive experience should be the first step towards reforming the crisis management system.

How to Cite

Khalatur, S., Kriuchko, L., & Sirko, A. (2020). WORLD EXPERIENCE ADAPTATION OF ANTI-CRISIS MANAGEMENT OF ENTERPRISES IN THE CONDITIONS OF NATIONAL ECONOMY’S TRANSFORMATION. Baltic Journal of Economic Studies, 6(3), 171-182. https://doi.org/10.30525/2256-0742/2020-6-3-171-182
Article views: 1281 | PDF Downloads: 854

##plugins.themes.bootstrap3.article.details##

Keywords

anti-crisis management, financial and economic problems, state anti-crisis management, crisis, cooperatives, international experience, financial security

References

Amaro, S. (2018). Greece’s economic future is nearing a crucial moment. CNBC. Retrieved from: https://www.cnbc.com/2018/05/23/greeces-economic-future-is-nearing-acrucial-moment.html

Aslud, A. (2013). Ukraine’s Financial Crisis 2009. Eurasian Geography and Economics Journal, no. 50(4), pp. 371–386.

Atolia, M., Loungani, P., Marquis, M., & Papageorgiou, C. (2017). Premature Deindustrialization, Structural Transformation, and Economic Development: Review and Policy Analysis. Retrieved from: https://www.gov.uk/dfid-research-outputs/premature-deindustrializationstructural-transformation-andeconomic-development-reviewand-policy-analysis (accessed 28 April 2020).

Babenko, V., Pasmor, M., Pankova, J., & Sidorov, M. (2017). The place and perspectives of Ukraine in international integration space. Problems and Perspectives in Management, vol. 15, issue 1.

Bekiaris, M., Efthymiou, T., & Koutoupis, A. (2013). Economic crisis impact on governance & internal audit: the case of Greece. Corporate Ownership & Control, no. 11(1), pp. 55–64. Retrieved from: http://www.virtusinterpress.org/IMG/pdf/Bekiaris_Efthymiou_Koutoupis_paper_COC__Volume_11_Issue_1_Fall_2013_-2.pdf

Bozek, S., & Emerling, I. (2016). Protecting the organization against risk and the role of financial audit on the example of the internal audit. OECONOMIA, no. 7(3), pp. 485–499. doi: 10.12775/OeC.2016.028

Bril, M. (2018). Research of macroeconomic disables of Ukraine. Economics of Development, no. 17, pp. 20–29. doi: https://doi.org/10.21511/ed.17(4).2018.03

Carataș, M. A., & Spatariu, E. C. (2013). Risk management and compliance as main topics within nowadays’ Romanian internal auditing. Ovidius University Annals, Economic Sciences Series, no. 13(1), pp. 1141–1145. Retrieved from: https://ideas.repec.org/a/ovi/oviste/vxiiy-2012i1p1141-1145.html

Cohen, J., Krishnamoorthy, G., & Wright, A. (2017). Enterprise risk management and the financial reporting process: The experiences of audit committee members, CFOs, and external auditors. Contemporary Accounting Research, no. 34(4), pp. 1178–1209. doi: https://doi.org/10.1111/1911-3846.12294

Danylyshyn, B., & Bohdan I. (2020). Developing a system of anti-crisis measures for Ukraine’s economy in the spread of the coronavirus pandemic. Banks and Bank Systems, vol. 15, issue 2, рр. 1–15. doi: https://doi.org/10.21511/bbs.15(2).2020.01

Drogalas, G., Eleftheriadis, I., Pazarskis, M., & Anagnostopoulou, E. (2017). Perceptions about effective risk management. The crucial role of internal audit and management. Evidence from Greece. Investment Management and Financial Innovations, no. 14(4), pp. 1–11. doi: https://doi.org/10.21511/imfi.14(4).2017.01

Dykan, V., & Pakharenko, O. (2019). Development of a structuralfunctional model for the implementation of the methodological approach to assessing the business network effectiveness. Economics of Development, no. 18(4), pp. 41–49. doi: https://doi.org/10.21511/ed.18(4).2019.05

Elok Sri Utami (2017). The effect of the crisis on financial performance of property sector in Indonesia. Investment Management and Financial Innovations, no. 14(1-1), pp. 248–253. doi: 10.21511/imfi.14(1-1).2017.11

European Financial Stability and Integration: Report 2011 – April 2020. Retrieved from: http://ec.europa.eu/internal_market/economic_analysis/docs/financial_integration_reports/20120426-efsir_en.pdf (accessed 20 May 2020).

Karamushka, O., Moroz, S., & Vasylieva, N. (2018). Information component of innovative support for agricultural enterprises capital. Baltic Journal of Economic Studies, vol. 4, no. 4, pp. 145–150. doi: https://doi.org/10.30525/2256-0742/2018-4-4-145-150.

Khalatur, S. (2013). Features of the functioning mechanism of the investment market in Ukraine. Visnyk of Poltava State agrarian academy, no. 4, pp. 121–124. (in Ukrainian)

Khalatur, S., Trokhymets, O., & Karamushka, O. (2020). Conceptual basis of tax policy formation in the globalization conditions. Baltic Journal of Economic Studies, vol. 6, no. 2, pp. 81–92. doi: https://doi.org/10.30525/2256-0742/2020-6-2-81-92

Khalatur, S., Khaminich, S., Dubovych, O., Budko, O., & Karamushka, O. (2020). Multiple system of innovation investment decisions adoption with synergetic approach usage. Entrepreneurship and Sustainability, vol. 7, no. 4, pp. 2745–2763. doi: https://doi.org/10.9770/jesi.2020.7.4(12)

Khalatur, S., Stachowiak, Z., Zhylenko, K., Honcharenko, O., & Khalatur, O. (2019). Financial instruments and innovations in business environment: European countries and Ukraine. Investment Management and Financial Innovations, no. 16(3), pp. 275–291. doi: https://doi.org/10.21511/imfi.16(3).2019.25

Khalatur, S. (2017). Important provisions for the development of agriculture of Ukraine. Baltic Journal of Economic Studies, vol. 3, no. 2, pp. 147–154. doi: https://doi.org/10.30525/2256-0742/2017-3-2-147-154

Kotlyarevskaya, K. (2019). Strategies for socially responsible recruitment at Ukrainian enterprises under European integration. Development Management, no. 17(1), pp. 15–22. doi: https://doi.org/10.21511/dm.5(1).2019.02

Kozhukhіvska, R., Parubok, N., Petrenko, N. et al. (2017). Methods of assessment of efficiency of creating regional innovative clusters for dynamic development of economics. Investment Management and Financial Innovations, no. 14(3), pp. 302–312. doi: https://doi.org/10.21511/imfi.14(3-2).2017.01

Kozmenko, S., & Korneyev, M. (2017). Formalization of the impact of imbalances in the movement of financial resources on economic growth of countries in Central and Eastern Europe. Accounting and Financial Control, no. 1(1), pp. 48–58. doi: https://doi.org/10.21511/afc.01(1).2017.06

Lyulyov, O. (2017). Impact of state finance on macroeconomic stability of Ukraine. Public and Municipal Finance, no. 6(3), pp. 17–22. doi: https://doi.org/10.21511/pmf.06(3).2017.02

Shin, I., & Park, S. (2017). Integration of enterprise risk management and management control system: based on a case study. Investment Management and Financial Innovations, no. 14(1), pp. 19–26. doi: https://doi.org/10.21511/imfi.14(1).2017.02

Slav’yuk, R., & Slaviuk, N. (2018). Government debt management: challenges and perspectives. Investment Management and Financial Innovations, no. 15(3), pp. 143–156. doi: https://doi.org/10.21511/imfi.15(3).2018.12

Tranchenko, L., Petrenko, N., Kustrich, L., Parubok, N., & Tranchenko, O. (2018). Strategic management optimization of the regional agricultural sector by means of modern forecast modeling instruments. Problems and Perspectives in Management, no. 16(4), pp. 64–74. doi: https://doi.org/10.21511/ppm.16(4).2018.06

Treaty establishing the European stability mechanism, 2020. Retrieved from: https://www.efsf.europa.eu/attachments/esm_treaty_en.pdf__ (accessed 23 March 2020).

Utami, E. S. (2013). Kinerja Finansial Perusahaan Yang Melakukan Akuisisi (Firm Financial Performance Conducting Acquisition). Jurnal Akuntansi Universitas Jember, no. 11(2), pp. 48–61.

World Bank (2020). World Development Indicators 2020, World Bank. Retrieved from: https://data.worldbank.org/indicator (accessed 11 May 2020).

Zakharchenko, V., & Zakharchenko, S. (2016). Fiscal state as a factor international Ukraine competitiveness and regions: evaluation and improving ways. Problems and prospects of economics and management, no. 4(8), pp. 159–167.