Baltic Journal of Economic Studies

IMPACT OF CONSUMER BEHAVIOUR FACTORS ON SUSTAINABLE ONLINE PURCHASING DECISIONS

Olga Iurasova, Tabassum Iqbal — Fri, 10 Apr 2026 00:00:00 +0000

The present study explores the growing importance of aligning sustainable sales strategies with consumer purchasing behaviour in the digital marketplace. The objective of the research is to examine consumer behaviour in the context of online shopping, with a view to identifying how sustainability-related and behavioural factors influence purchasing decisions across diverse customer groups. A research gap has been identified in relation to sustainable sales and consumers' purchasing behaviour. The research focuses on consumer behaviour in online shopping. The goal of this study is to explore how different factors impact purchasing decisions in the context of a company’s sustainable development. Methodology. The application of K-Means clustering and regression analysis in this study offers valuable insights into the responses of distinct consumer segments to social, economic, and environmental drivers. This supports companies in achieving sustainable growth. The results obtained demonstrate the variation in consumer behaviour across the various customer groups (i.e., browsers, cart abandoners, buyers, premium shoppers) and illustrate the significance of each factor for each created cluster. The findings of this study indicate that representatives of the Browsers cluster were primarily influenced by social media engagement (+0.42) and advertising interaction (+0.36). Customers in the Cart Abandoners cluster showed discount sensitivity (0.51) and shipping preferences (-0.44). For the Buyers cluster, important factors are brand loyalty (+0.58), customer loyalty programmes (+0.46) and product ratings (+0.31). Premium shoppers have a high income and education level, and value time spent on product research. Practical implications. The study demonstrates that distinct behavioural patterns have a significant impact on the outcomes of consumption. The findings of the research project have the potential to contribute to the development of sustainable online purchasing as a significant component of sustainable development. Value/Originality. The present study draws on consumer behaviour theory in order to investigate the factors that shape online purchasing. It thereby offers original insights into consumer behaviour in the context of sustainable online purchasing decisions, thus contributing to a deeper understanding of how sustainability considerations influence digital consumption patterns.

TRENDS AND DETERMINANTS OF PRIVATE SECTOR PARTICIPATION IN INFRASTRUCTURE DELIVERY IN NIGERIA’S PPI PROJECTS

Samuel Kojo Aidoo, Patricia Lindelwa Makoni — Fri, 10 Apr 2026 00:00:00 +0000

This paper examines trends and factors that have influenced private-sector investment in infrastructure projects in Nigeria between 1990 and 2023. Despite growing interest in public–private partnerships (PPPs), private investment remains uneven across sectors such as transport, energy, information and communication technology (ICT), and municipal solid waste. Using project-level data from the World Bank's Private Participation in Infrastructure (PPI) database, the paper applies Ordinary Least Squares (OLS) and Quantile Regressions (QRs) to estimate the reasons behind the current investment level. The results suggest that ICT projects are not receiving significant investment, particularly on a small or medium scale, indicating sector-specific or constrained risks. Conversely, foreign sponsors are associated with higher investment values, though this only becomes apparent in large projects. Quantile regression further highlights the heterogeneous effects across the investment distribution. There are no consistent effects on multilateral support or on the type of project, such as Greenfield projects. These findings emphasise the necessity of targeted policy measures to encourage private investment in the ICT sector, which has historically experienced lower investment levels, and the requirement for more nuanced infrastructure planning approaches that consider project size diversity. The use of bootstrapped quantile regressions also helped to ensure robustness despite the small sample size of the projects. This research will be useful for policymakers, investors, and development financial institutions interested in investing in infrastructure in Nigeria.

ECONOMIC AND LEGAL ASPECTS OF PESTICIDE USE IN UKRAINE IN THE CONTEXT OF EU REQUIREMENTS

Olena Hafurova, Volodymyr Yermolenko, Tamara Novak — Fri, 10 Apr 2026 00:00:00 +0000

Current global trends towards greening agricultural production, increased attention to the implementation of eco-friendly practices, and reducing the negative impact of the agricultural sector on the environment pose new challenges for Ukraine. Along with overcoming the consequences of the war, Ukrainian farmers must respond to international requirements for environmentally friendly agricultural practices. This is, first and foremost, a prerequisite for participation in international trade in agricultural products, competitiveness on world markets, compliance with European integration requirements, and the restoration of the agricultural sector in accordance with the principles of sustainable development. Accordingly, one of the important issues is to achieve a reasonable balance between the need to reduce the use of chemicals in production processes, replace hazardous pesticides and agrochemicals with safer alternatives, and the need to reduce production costs. In view of the above, research into the economic and legal aspects of pesticide use in Ukraine in the context of EU requirements is particularly relevant, which is the purpose of this scientific article. The use of such scientific methods as philosophical (dialectical), general scientific (formal-logical and analytical) and special legal (comparative-legal and formal-legal) methods contributed to the solution of the research tasks. The statistical method of data processing and analysis was also used in the work. The study found that the absence of a ban on the use of neonicotinoid insecticides, which are particularly harmful to pollinating insects, in Ukrainian legislation is leading to an increase in their use, which is inconsistent with the position of the European Union, where such use is prohibited. At the same time, attention is focused on the economic risks for small agricultural producers in cases where a similar ban is imposed. It is noted that, given the difficult economic situation caused by the full-scale war, compliance with the requirements established by the EU in this area is practically impossible. It has been established that, despite significant risks to the environment and human health, Ukrainian legislation allows the use of pesticides by aerial spraying. The main shortcomings of the prospective legislation prohibiting this method of pesticide application and its non-compliance with EU legislation requirements have been identified (in particular, the establishment of an exhaustive list of cases for obtaining permits for aerial spraying of pesticides; reduction of the notification period for the start of such work). An economic and legal assessment of the prospects for using unmanned aerial vehicles to apply plant protection products in Ukraine and the EU has been carried out. The conclusions reached may form the basis for further economic and legal research in the field of plant protection product management.

MONOPOLIZATION OF THE INFORMATION MARKET BY DIGITAL PLATFORMS: LEGAL AND ECONOMIC IMPLICATIONS FOR MEDIA PLURALISM

Andrii Borovyk, Liudmyla Borovyk, Nataliia Derevianko — Fri, 10 Apr 2026 00:00:00 +0000

This article examines the legal and economic implications of the monopolization of the information market by digital platforms for the protection of media pluralism. In the contemporary digital environment, global technology companies increasingly act as key intermediaries between producers of informational content, audiences, and advertisers. This transformation of the media market is accompanied by the concentration of advertising revenues, the strengthening of algorithmic control over the distribution of information, and the emergence of new forms of economic dependence of journalism on platform infrastructures. The purpose of this article is to provide a comprehensive analysis of the impact of the economic dominance of digital platforms on media pluralism and to identify legal mechanisms capable of ensuring the balanced development of media systems in the context of digital transformation. The research employs an interdisciplinary approach that combines methods of legal analysis, media economics, and contemporary media studies. The study explores theoretical approaches to understanding media pluralism as a key prerequisite for a democratic information environment. Particular attention is paid to the transformation of classical concepts of pluralism in the context of the platformization of media, characterized by the growing role of digital platforms in shaping information flows and redistributing advertising resources. The article analyses the economic mechanisms of platform markets, including the two-sided model of interaction between audiences and advertisers, which contributes to the concentration of market power in the hands of the largest technology companies. A separate part of the study focuses on the analysis of algorithmic governance of information flows and its impact on the accessibility of journalistic content. It is demonstrated that algorithmic systems of recommendation and moderation effectively perform a gatekeeping function, determining the visibility of media content within the digital environment. The article also examines contemporary legal mechanisms for regulating the activities of digital platforms. In particular, it analyses the regulatory framework of the European Union, including the Digital Services Act, the Digital Markets Act, and the European Media Freedom Act, which collectively shape a new model for regulating the digital information space. The prospects for adapting these approaches within the national legislation of Ukraine are also considered. The study concludes that safeguarding media pluralism in the context of the growing dominance of digital platforms requires a comprehensive approach that combines instruments of competition law, media regulation, and economic support for journalism. An important direction for further development lies in the harmonization of national policies with European standards for regulating digital platforms and in the creation of sustainable economic models for the functioning of media systems.

ARMED AGGRESSION AND SANCTIONS POLICY IN THE GLOBAL SECURITY SYSTEM: LEGAL FRAMEWORKS, ECONOMIC IMPLICATIONS, AND DETERRENCE MECHANISMS

Oksana Voloshchuk, Olena Popovych, Oleh Vorobchak — Fri, 10 Apr 2026 00:00:00 +0000

The article examines the key dimensions of contemporary global security in the context of armed aggression, focusing on the economic, legal, informational, and cyber components of hybrid influence. The study's pertinence is rooted in the escalating prevalence of novel conflicts and their progressively intricate and multifaceted ramifications on the international system, encompassing disruptions to global trade, financial stability, and governance structures. The objective of the research is to ascertain the structural patterns that underpin deterrence mechanisms based on economic sanctions, international legal instruments, and crisis management strategies, thereby providing a comprehensive framework for understanding how states and international organisations can respond effectively to modern security challenges. The methodological framework utilised encompasses the structural-functional approach, comparative legal analysis, systematisation of economic effects, and modelling of potential implications for the victim state and the global market. The study demonstrates that sanctions reshape financial stability and market access for aggressor states, alter technological dynamics and investment behaviour, and can generate long-term systemic pressure. Concurrently, the research identifies concomitant side effects such as supply chain disruptions, price volatility, and heightened global economic uncertainty. The practical value of the study lies in its ability to provide comprehensive recommendations that are designed to enhance the effectiveness of sanction regimes, strengthen international coordination, mitigate risks for the victim state's economy, and integrate crisis management components into response mechanisms. In conclusion, the development of a multi-level, adaptive, and legally balanced deterrence system contributes to maintaining international security and protecting state sovereignty in the modern security environment.

COMPETITIVENESS OF UKRAINIAN AGRICULTURAL EXPORTS AND ENVIRONMENTAL EXTERNALITIES

Andrii Hadzalo, Oleg Stasiv, Oleksandra Palenychak — Fri, 10 Apr 2026 00:00:00 +0000

Agricultural exports plays a pivotal role in shaping Ukraine’s foreign trade specialization; however, the predominance of primary commodities intensifies challenges related to long-term competitiveness and environmental sustainability in conditions of European integration. The strengthening of environmental requirements within the EU Common Agricultural Policy necessitates a reassessment of the structural characteristics of Ukraine’s agricultural exports with explicit consideration of environmental externalities. The purpose of this study is to evaluate the competitive position of Ukraine’s agricultural sector using the revealed comparative advantage (RCA) index and the product complexity index (PCI), interpreting the results through the lens of economic externality theory. The object of the research is the structure of Ukraine’s agricultural exports, while the subject is the relationship between comparative advantages, product complexity, and environmental external effects. The methodological framework integrates international trade analysis tools with concepts from institutional and environmental economics. The empirical basis of the study is formed by international trade statistics for 2023. The research employs index analysis, comparative statistical methods, and theoretical interpretation of the obtained results. The findings indicate that Ukraine’s highest revealed comparative advantage (RCA) values are concentrated in product groups with low product complexity index (PCI) scores, reflecting the predominance of a resource-oriented model of export competitiveness. Although this model supports short-term export performance, it is associated with the accumulation of negative environmental externalities that remain largely non-internalized within the existing institutional framework. The scientific novelty of the study lies in the integrated application of RCA and PCI indicators in conjunction with externality theory to assess the sustainability of agricultural competitiveness in the context of Ukraine’s European integration. The practical significance of the results consists in substantiating policy recommendations aimed at developing financial and economic support mechanisms to stimulate higher value-added agricultural production and to mitigate the adverse effects of intensive natural resource use.

THE COMPREHENSIVE NATURE OF TAXATION RELATIONS

Oksana Hinda, Mykola Kucheriavenko, Andrii Salenkov — Fri, 10 Apr 2026 00:00:00 +0000

Tax legal relations constitute a specific and highly structured category of social relations, characterised by the fact that they can only emerge in legal form. The complex social, economic, technological and geopolitical circumstances that influence modern taxation processes in Ukraine necessitate a thorough examination of their legal nature. This article explores the essence, structure and composition of the subjects of tax legal relations, focusing on the mechanisms through which taxes acquire their legal status. A tax obligation arises only once a tax has been legislatively established and properly introduced. This creates a clear distinction between the establishment of a tax (its definition within the Tax Code of Ukraine) and its introduction (when the taxpayer becomes legally bound to fulfil the corresponding obligations). The study emphasises that contemporary tax relations cannot be adequately understood without considering three key factors: the impact of the war with Russia on both taxpayers and the subjects of taxation; the rapid digitalisation of public administration, which increases transparency significantly and reduces the risk of corruption; and Ukraine’s steady progress towards European integration, which is shaping the modernisation of tax legislation. This text focuses on the structural components of tax legal relations, namely their object, subjects, and content. The article demonstrates the necessity of distinguishing between the object of taxation and the object of the legal relation, as well as between subjects of tax law (potential participants) and subjects of tax legal relations (actual participants). The inherent inequality between authoritative and obligated subjects is shown to be an objective feature of public-law relations. The research under discussion highlights the dynamic character of tax legal relations and the growing importance of their coherent legal regulation in ensuring the financial stability and institutional capacity of the Ukrainian state.

ORGANISATIONAL FORMS OF DEVELOPMENT OF INTERNATIONAL ECONOMIC CO-OPERATION OF MACHINE-BUILDING ENTERPRISES

Alla Dunska, Valeriia Bondar, Xu Laibing — Fri, 10 Apr 2026 00:00:00 +0000

The purpose of the article is to develop a scheme for the operation of an export-oriented cluster of machine-building enterprises based on innovative development. The scheme includes specific, practical recommendations for the involvement of scientific and educational institutions, as well as various satellite enterprises, according to the development needs of different groups of enterprises. Methodology. This study builds on previous research concerning export-oriented development, innovation-driven growth, and foreign economic strategies. Scientific research on existing approaches to understanding various integration structures and the legislative acts that regulate them revealed the main differences among these structures. One important difference is the focus on various programs within the framework of the country's innovation policy and support for different types of projects. This research also identified the advantages and disadvantages of these projects for various enterprises in Ukraine's machine-building industry. The main content of the proposed methodology is the justification of a scheme for a cluster structure of interactions between machine-building enterprises. Results. The proposal entails the establishment of a system of clusters of machine-building enterprises, predicated on the principles of innovative activity. This system will involve research institutions and vocational education institutions. The formation of this system will allow for the strengthening of the value-added chain in terms of increasing labour productivity and attracting more qualified employees. It will also allow for the attraction of innovations that are needed "here and now", while using fewer financial resources. In accordance with the principles of management and the stages of formation proposed by the authors, a scheme has been formed for the functioning of an export-oriented cluster of machine-building enterprises based on innovative development. This scheme includes not only the core of the cluster—the main enterprises that manufacture machine-building products and the scientific institutions that ensure the innovativeness of the development vector—but also various satellite enterprises, financial institutions, and internal consumers of products and services. These entities operate under the given conditions of market development, influenced by state and regional authorities, as well as factors of the external environment of the domestic and international markets. Practical implications. Practical recommendations have been developed for forming a system of export-oriented clusters with an innovation bias for the studied groups of enterprises. This is reflected in the general scheme of cluster functioning and interaction among the various entities proposed to be involved in organizing and managing the cluster. This is in accordance with the proposed principles and the concept of interaction between the studied enterprises forming the basis of the cluster and the relevant scientific and educational institutions. The goal is to activate innovative activities and increase labour efficiency. Value / Originality. The methodological approach developed for the formation of a system of export-oriented clusters serves as the foundation for management decisions and the formulation of export strategies for machine-building enterprises within the context of developing an export-oriented model of the economy.

ENSURING THE ECONOMIC SECURITY OF UKRAINE AS A COMPONENT OF THE CUSTOMS COMPETENCES OF A CUSTOMS AUTHORITY OFFICIAL

Tamara Latkovska, Yurii Cherdyntsev — Fri, 10 Apr 2026 00:00:00 +0000

The article addresses the issue of whether ensuring the economic security of Ukraine should be considered the responsibility of a customs authority official. The purpose of this study is to analyse the current state of the competences of a customs authority official. To this end, the following three steps are proposed: a) the praxeological dimension is to be identified; b) the subject-content dimension is to be distinguished and analysed; c) the ensuring of the economic security of Ukraine is to be substantiated as one of the key competences of a customs authority official. The methodology of the study incorporates a variety of approaches, including general and special methods of scientific cognition, the method of systems analysis, the dialectical method, formallogical methods, and the structural-functional method, in addition to a range of empirical methods. The results obtained from this study support the advancement of the thesis that the concept of "customs competences", in contrast to the concept of 'competence of customs authorities' (which has legal significance), is an applied concept and represents a set of specific characteristics (knowledge, skills, abilities, motives, and values). The exhaustive list of these characteristics is provided by customs legislation. It is clear that defining the notion of "customs competences' in terms of 'professional competence" is a breach of legal drafting techniques, given that the latter is substantially broader and more comprehensive in terms of content and essence. The State Customs Service of Ukraine is proposing the adoption of the following: a) training programmes for customs authority officials with a focus on ensuring economic security; and b) advanced training programmes aimed at updating knowledge related to ensuring economic security.

DETECTION OF ILLICIT CAPITAL THROUGH THE FORENSIC METHODOLOGY OF CRIMINAL CORRUPTION INVESTIGATION

Oleksii Makarenkov — Fri, 10 Apr 2026 00:00:00 +0000

The article examines the forensic methodology for identifying the capital derived from corruption-related crimes. It is noted that the essence of the methodology lies in a system of methods for recognizing reliable traces, collecting, examining, documenting, and preserving evidence of the existence of such assets in both the material and cybernetic spheres. It is established that the “methodology for identifying corruption assets” is defined through the algorithms of forensic experts and investigators with data regarding such assets, their owners, the mechanisms of their acquisition, storage, multiplication, and laundering, the results of which are transformed into evidence. This methodology intersects with the “methodology of investigating money laundering offences.” It is emphasized that the personality of the corrupt actor and his accomplices is characterized by social alienation. Corrupt actors maintain special relationships with financiers (bankers, investors, insurers, brokers) and businesspersons, as well as with accountants and programmers. Taken together, analysis of these connections enables investigators to determine the places, methods, scale, and composition of misappropriated public funds, the results of their laundering and multiplication, and to identify appropriate mechanisms for their seizure and return. It is underscored that the documentation of procedural actions is accompanied by protocols (interrogations, inspections, expert examinations, audio, photo, and video recordings, etc.), inventory lists, and other annexes to the protocols of thorough searches, expert reports, procedural documents, and other materials required under criminal procedure law. A certain part of the evidentiary base for identifying and/or recovering corruption assets consists of contracts, certificates of completed work, memoranda, reports, and other officially prepared documents drafted by specialists in all jurisdictions and fields where such assets are located. The study of these documents is necessary to overcome the obfuscation created by corrupt actors. It is determined that corruption assets in cyberspace require verification of cryptocurrency wallets and electronic addresses belonging to the corrupt actor. Assets located outside the national jurisdiction in which they were obtained have a relatively high probability of being identified and/or returned only in countries intolerant of illicit proceeds and largely free from internal corruption. The article concludes that the practical measures of criminal justice authorities to identify illicit proceeds in the form of digital currencies and to trace their laundering through such currencies depend on legislative norms regulating the activities of cryptocurrency exchanges, which act as intermediaries in transactions with these assets. Financial monitoring by exchanges of the legality of the sources of funds used by participants in transactions on electronic platforms, as well as the blocking of assets belonging to corrupt actors, terrorists, war sponsors, money launderers, and other criminals, is essential. To date, the primary model for implementing such regulation remains that of the United States. It is summarized that the labor intensity, complexity, and duration of criminal procedural actions aimed at identifying corruption assets, combined with uncertainty regarding the timing of their return, underscore the importance of recording corruption assets - with varying degrees of verification, composition, nominal value, location, stage of return, and corresponding procedural documents of justice authorities - in a specialized register or in new sections of existing anti-corruption registers.

THE PRINCIPLE OF COMPLEMENTARITY BETWEEN INTERNATIONAL AND DOMESTIC JURISDICTIONS IN THE PROSECUTION OF WAR CRIMES

Oleg Tatarov — Fri, 10 Apr 2026 00:00:00 +0000

The article reconstructs the legal architecture of complementarity under the Rome Statute and articulates the ICC’s admissibility tests: unwillingness (shielding, unwarranted delay, lack of independence/impartiality), inability (total or substantial collapse/ unavailability of the national system), gravity, and the “same person/same conduct” standard. Drawing on Ongwen, Ruto and the Libya decisions (Saif Al-Islam Gaddafi; Al-Senussi), it distils how the Court distinguishes declaratory reforms from genuine investigative and prosecutorial action, assesses the availability of the accused, and evaluates a state’s capacity to secure a fair trial. A comparative institutional section demonstrates models from Nuremberg/Tokyo (exclusive jurisdiction over “major war criminals”), through ICTY/ICTR (tribunal primacy over national courts), to hybrid tribunals (SCSL, ECCC, Kosovo SC), situating the ICC’s contemporary role as complementing—rather than replacing—domestic justice. Focusing on Ukraine’s wartime context, the paper identifies admissibility risks (in absentia trials, use of pre-trial statements, special evidentiary rules) and proposes safeguards that demonstrate the genuineness and capacity of domestic proceedings (comprehensive audio-video recording, effective defence and cross-examination, reasoned judgments and proportionality of sanctions). It develops a practical algorithm for delineating jurisdictions and distributing criminal proceedings among national courts, the ICC, and possible hybrid mechanisms, taking into account the preconditions and triggers of jurisdiction, the admissibility tests (Article 17 of the Rome Statute), the “same person/same conduct” standard, and the “gravity” criterion. A roadmap for positive (proactive) complementarity is offered for Ukraine—capacity-building, harmonised evidence standards, structured cooperation with the ICC Office of the Prosecutor, and duplication-minimising protocols. The contribution lies in integrating the ICC’s admissibility doctrine with wartime procedural realities, clarifying terminology (primacy vs. “parallelism”), and introducing operational metrics of genuineness/capacity for oversight. The practical significance consists in developing policy tools for the prosecution of war crimes that are compatible with complementarity and fair-trial guarantees.

DIAGNOSIS OF THE STATE OF INNOVATION SUPPORT FOR THE SUSTAINABLE DEVELOPMENT OF THE AGRICULTURAL SECTOR

Inna Tomashuk, Kateryna Mazur, Olha Alieksieieva — Fri, 10 Apr 2026 00:00:00 +0000

The purpose of the study is to carry out a comprehensive diagnosis of the state of innovation support for the sustainable development of the agricultural sector in order to identify its level of formation, key trends, problematic aspects and constraining factors, as well as to substantiate directions for improving innovation development mechanisms in the context of ensuring economic efficiency, environmental balance and social resilience of the agricultural sphere. Methodology. The methodological framework of the study is based on a combination of general scientific and specialised research methods. Analysis and synthesis were employed for the conceptual examination of innovation support and sustainable development of the agricultural sector. The formation of theoretical propositions, conclusions and recommendations was carried out using the abstract-logical approach. The systems analysis method enabled the consideration of innovation support in the agricultural sector as a complex socio-economic system. The dynamics of innovation activity and the volume of financing for research and development were assessed using economic and statistical as well as index-based methods. SWOT and PEST analyses were applied to identify internal and external influencing factors. The generalisation and presentation of the research results were ensured through the use of graphical and tabular methods. Results. The results indicate that innovation support for the sustainable development of the agricultural sector in Ukraine has significant but insufficiently realised potential. It is revealed that the efficiency of agricultural production increases with the implementation of technological, digital and organisational innovations, the development of cooperation between enterprises, and the integration of science, education and business. Important factors include adaptation to climate change, the development of organic production, and the introduction of resource-saving technologies. At the same time, the agricultural sector faces problems of insufficient innovation financing, limited institutional support, a low level of innovation activity among enterprises, and regional development imbalances. Prospects for improvement include the development of public–private partnerships, modernisation of the technological base, improvement of infrastructure, support for organic production, and enhancement of product competitiveness in domestic and international markets. Practical implications. Diagnosing the state of innovation support for the sustainable development of the agricultural sector contributes to the formulation of well-grounded managerial decisions regarding the development of innovation activity at national and regional levels. Identifying the strengths and weaknesses of the innovation system enables the targeted implementation of technological and digital innovations, increasing agricultural productivity and resource-use efficiency. An increase in the competitiveness of agricultural enterprises in domestic and foreign markets is expected due to the greening of production, improved product quality and compliance with international standards. An important practical outcome is also the strengthening of state support for innovation, the development of innovation infrastructure, and the creation of favourable conditions for the implementation of green and digital solutions in the agricultural sector. Value/originality. The study provides a comprehensive understanding of the state and development trends of innovation support in the agricultural sector under conditions of environmental and socio-economic transformations, which is essential for shaping evidence-based national and regional agricultural policies. It emphasises the role of technological and digital innovations, human capital development, and interaction between science, education and agribusiness, creating prerequisites for enhancing production efficiency, environmental safety and the long-term competitiveness of the agricultural sector.

THE NORDIC MODEL OF SUSTAINABLE VALUE CREATION: ESG, PUBLIC-PRIVATE COLLABORATION, AND MARKET PERFORMANCE ON THE PATH TO CARBON NEUTRALITY

Olga Tsapko-Piddubna — Fri, 10 Apr 2026 00:00:00 +0000

Although Nordic economies rank among the global leaders in sustainability and climate policy, the extent to which corporate environmental, social and governance (ESG) performance and carbon efficiency translate into market value is not well understood. This paper analyses how large listed firms in Denmark, Finland, Norway, Sweden and Iceland create sustainable value under well-established disclosure frameworks and close public-private collaboration. It investigates the relationship between ESG scores, carbon efficiency indicators and financial characteristics for 82 firms between 2021 and 2024. Cross-sectional and pooled Pearson correlations, complemented by two-sample t-tests, demonstrate the link between revenues per tonne of CO₂, enterprise value including cash (EVIC) per tonne of CO₂, greenhouse gas (GHG) emissions intensity and the presence of carbon-reduction targets, and market capitalisation, assets, leverage, profitability and capital expenditure. The results show that there is no meaningful association between conventional ESG scores and firm value or profitability. In contrast, carbon-efficiency indicators exhibit strong and consistent financial linkages. EVIC per tonne of CO₂ is highly correlated with market capitalisation, assets and, in particular, total debt (r ≈ 0.90), suggesting that the firms that are the most carbon-efficient are also the largest and most capital-intensive. Revenue per tonne of CO₂ shows a moderate but significant correlation with size variables (r ≈ 0.54–0.55). Firms with carbon-reduction targets have a market capitalisation that is almost four times higher, as well as substantially greater EBITDA and CAPEX. This confirms that climate commitments are concentrated among companies that are stronger financially. Cluster analysis reinforces these patterns: seven independent NbClust criteria identify two clusters, with almost all firms falling into a dominant cluster, which is evidence of a highly homogeneous regional sustainability–financial structure. Only a few outliers diverge significantly from this Nordic profile. Sectoral asymmetries persist, with financial, technology, and consumer-oriented firms demonstrating a capacity to translate sustainability performance into valuation gains more effectively than industrial and resource-intensive sectors. The latter face limitations in the immediate improvement of their performance due to technological and operational constraints. The findings indicate that sustainable value creation in the Nordic region is driven primarily by carbon efficiency, firm scale, and institutional capacity, underscoring the importance of targeted industrial policies and innovation programmes in helping heavy industries close the carbon-efficiency gap.

AI-DRIVEN BUSINESS INNOVATIONS AS A TOOL FOR ECONOMIC STABILITY AND DEVELOPMENT OF UKRAINE

Oleksandr Cherep, Svitlana Markova, Anatoliy Leshchenko — Fri, 10 Apr 2026 00:00:00 +0000

This article examines the economic efficiency of AI-driven business innovations in combatting disinformation, which are key to ensuring Ukraine’s economic stability during wartime and post-war recovery. The study focuses on the implementation of AI in systems designed to counter information threats, while examining the economic costs and effectiveness of using intelligent technologies for information security, digital resilience, and business development. The analysis shows that disinformation poses significant risks to the state and business sector, influencing investment decisions, undermining business competitiveness and causing market instability. The study aims to analyse the role of artificial intelligence-based business innovations in ensuring Ukraine’s economic stability, assess their potential for innovation in post-war recovery processes, and identify key areas for developing AI technologies in a business context. The research tasks include assessing the impact of disinformation on businesses and the economy, substantiating the use of AI as an innovative tool for minimising information risks, developing an algorithm for evaluating the performance of AI systems (RAI – Real AI Impact), analysing the economic feasibility of AI investments using the benefit-cost ratio model, determining the potential of AI to drive business innovation, and identifying areas for the development of intelligent business technologies. The study emphasises that the use of AI strengthens not only information security, but also creates new business models, innovative services and digital products that provide Ukrainian enterprises with a competitive advantage. It proposes an algorithm for assessing the performance of AI systems based on the RAI indicator, as well as a model for justifying AI investments economically. This enables both businesses and public institutions to evaluate the benefits resulting from reduced disinformation risks. The modelling results show that potential economic losses from disinformation can be reduced by 81% with an AI system accuracy of 90%. A BCR value exceeding 1 indicates the economic viability of implementing AI as an innovative business solution. The study's scientific novelty lies in its combination of technological and economic approaches to evaluate the role of AI as a business innovation that enhances information resilience and supports enterprises' digital transformation. Its practical significance lies in its potential to inform the development of innovative business strategies, the creation of digital products, and the enhancement of business competitiveness, while optimising resources and supporting strategic planning under constraints. The proposed approaches will strengthen Ukraine’s economic stability and accelerate its post-war recovery by developing innovative, AI-based business solutions.

SELF-REGULATORY ORGANISATIONS AS MARKET REGULATORS WITH DELEGATED POWERS: COMPARATIVE ANALYSIS OF THE LEGISLATIVE FRAMEWORK

Mykhailo Shevchenko, Serhii Kuvakin, Khrystyna Solntseva — Fri, 10 Apr 2026 00:00:00 +0000

The purpose of this article is to identify exemplary and suboptimal approaches of certain countries to determination of the scope of public powers delegated to self-regulatory organisations as well as of means designed for ensuring efficient execution of these delegated powers in accordance with the norms of administrative law. Relying on comparative and systematic review methods, as well as on techniques of text analysis, the main legal contours of the model of self-regulation regulation of economic activities in particular areas (securities market, advertising and anti-money laundering), established by the legislation of certain countries (Germany, Ontario, the United Kingdom, the USA and Switzerland), are outlined. The authors conclude that self-regulatory organizations may be entrusted with the following delegated powers: (1) to register business entities or issue them permits, including after verifying their compliance with the eligibility criteria stipulated by regulatory legal acts (United Kingdom, USA, Switzerland); (2) to develop binding rules (standards) for the respective type of economic activity (USA, United Kingdom, Ontario, Switzerland); (3) to submit mandatory requests for the provision of information that is necessary for a self-regulatory organization to perform its functions (Lithuania); (4) impose liability measures on business entities that are members of a self-regulatory organization (United Kingdom, USA, Switzerland). Government control (supervision) over activities of self-regulatory organizations is carried out through: (a) approval/approval by regulatory authorities of the constituent documents of self-regulatory organizations, rules and standards for the activities of self-regulatory organizations, initiation of amendments to them, independent decision-making on this matter after consultation with the self-regulatory organization; (b) participation in meetings of executive bodies and disciplinary bodies of the self-regulatory organization on issues of its exercise of its delegated powers; (c) review by regulatory authorities of regulatory acts of self-regulatory organizations and/or their decisions on imposition of liability measures on business entities; (d) sanctioning self-regulatory organizations for violations of legislative requirements (including in connection with the systematic failure to ensure complianc by their members) or due to their failure to meet the performance indicators of their activities.