Том 10, випуск 1

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Browsing Том 10, випуск 1 by Subject "article"

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    Development of a conceptual methodology for periodic audit of accounting information
    (2025) Ivakhnenkov, Sergiy
    Purpose of the research. The purpose of this article is to develop methodologies for the continuous control and auditing of financial and accounting information amidst the rapid advancement of hardware and software technologies that enable real-time electronic reporting. The research aims to describe modern technologies applicable to continuous auditing and data analysis, specifically to ensure the reliability of information generated by information systems. It distinctively examines the concept of “periodic audit” as an alternative to embedded control modules, deeming it particularly relevant for the Ukrainian context.Methods of the research. The article employs an analysis of current research and publications on real-time reporting and continuous auditing, referencing works by American and Canadian researchers and professional organizations (AICPA, CICA, Institute of Internal Auditors). It reviews theoretical frameworks for implementing continuous control and conceptual models of periodic audit. Electronic reporting standards, notably XBRL, and their implementation practices globally and in Ukraine are analyzed. Technologies for obtaining, verifying, loading, and analyzing data for periodic audit purposes are described, including statistical methods (trend analysis, regression analysis, cluster analysis, etc.). Data from surveys of Ukrainian enterprises regarding the online publication of financial statements are also utilized.Results of the research. The study demonstrates that while technology facilitates real-time reporting, it necessitates corresponding continuous control and auditing to assure information reliability. Traditional continuous audit approaches involving embedded control modules in ERP systems present significant drawbacks: risks to system stability, high implementation costs, and limited developer support. The concept of “periodic audit” is proposed as an alternative. This approach involves periodically (e.g., nightly) extracting transactions into a separate data warehouse for subsequent analysis using specialized audit software. This enables near-continuous assurance regarding information, irrespective of the effectiveness of the enterprise’s internal controls. A general model for acquiring data for periodic audit purposes is presented, encompassing data verification, correction, loading, and analysis stages. The primary goal of data analysis is identified as developing patterns to detect unexpected data or transactions indicative of fraud or errors.Possible application of the research results. The proposed “periodic audit” methodology can be applied by internal and independent auditors to provide near-continuous assurance regarding the reliability of financial and accounting information generated by corporate computer systems. This approach is particularly beneficial in environments with inadequate internal controls, such as in Ukraine. The technology is versatile for identifying significant internal control weaknesses across various conditions, enterprises, information systems, and business/accounting structures. The results can inform the enhancement of audit practices, improve financial reporting quality, and enable the timely detection of fraud and errors.Conclusions. Rapid technological development necessitates a shift towards continuous or near-continuous control of financial information. The “periodic audit” concept, involving regular analysis of data extracted to a separate warehouse, offers a practical and compromise alternative to embedded continuous control systems, especially where resources are limited or internal controls are weak. This approach allows auditors to provide timely assurance with minimal delay. Despite their advantages, continuous control and periodic audit systems have limitations, including the risk of failing to detect errors (false negatives) and generating false alarms (false positives). Successful implementation requires an understanding of business processes and appropriate internal control technologies. The periodic audit concept holds particular relevance for Ukraine, given the need to improve management and control practices.
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    Fiscal space, debt sustainability and the transition to innovative growth in Ukraine: system dynamics approach
    (2025) Hryhoriev, Hennadii
    The purpose of the article is to assess the unique characteristics of government sector debt by employing a system dynamics approach and providing the goodness-of-fit analysis during the war and post-war period in Ukraine. The research formulates a set of proposals for possible post-war period of economic and financial recovery in the context of the debt-to-GDP ratio, fiscal space stability with a transition to an innovation-driven growth model. We use system dynamics tools to analyze and verify data, particularly Stella Architect Software.The research results are the following: the article indicates the presence of an S-shaped growth pattern in national debt relative to GDP, which indicates the necessity for the government to implement the initiatives to start a debt-free economic growth policy to achieve the goal of long-run independent economic policy making via fiscal reforms, tax revenues optimization, and innovations to foster competitiveness mechanisms. The article proves that strategies implemented for debt restructuring can influence public finances, which subsequently impacts the overall financial standing and stability of the government. It is essential for governments to thoroughly evaluate their options and formulate comprehensive debt restructuring strategies that consider both immediate and long-term financial goals. Neglecting to tackle unsustainable debt levels may result in financial crises, the implementation of austerity measures, and adverse effects on social services and public welfare.We prove and conclude that public external debt, fiscal space, and total economic capacity, as the elements of government policy, based on a transition to an innovative growth model, are the core elements to promote economic stability and growth while managing the risks associated with public external debt and the limitations of fiscal capacity. The results of the research are useful for the national government of Ukraine to implement fiscal policy with the elements of debt sustainability and innovative development. The execution of these strategies in managing financial debt and fiscal matters is crucial and will be fulfilled in our further research
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    Key determinants of dividend policy in U.S. public information technology companies
    (2025) Yakunenko, Kostiantyn; Romaniuk, Artem
    The purpose of this study is to explain why U.S. publicly listed information-technology firms – once reluctant to share cash – now pay dividends by testing how profitability, liquidity, firm age, growth opportunities, capital-expenditure intensity, past payouts, and corporate age jointly shape dividend policy. Regarding methodology, we analyze a balanced panel of 46 technology companies from 2010 to 2024 (690 firm-years) using firm- and year-fixed effects with heteroskedasticity-robust errors. All variables are standardized so that each coefficient reflects a one-standard-deviation change. Diagnostic tests address issues such as multicollinearity, serial correlation, and stationarity. The key findings reveal that dividend behavior in tech deviates from classic free-cash-flow logic: higher profitability reduces payouts (β = –2.23, p < 0.001), whereas greater liquidity increases them (β = 0.20, p = 0.01). Growth opportunities, proxied by price-to-book, dampen dividends (β = –0.39, p = 0.05), while corporate age boosts them (β = 0.14, p = 0.03), supporting life-cycle theory. Dividend smoothing is pronounced, with 57% of the previous year’s payout carried forward (β = 0.57, p < 0.001). Altogether, the model explains 51% of the within-firm variation and 43% of the overall variation, underscoring the relevance of the chosen predictors. The practical implications are twofold: managers should align the payout mode with balance-sheet context – mature platforms holding moderate cash can credibly raise regular dividends, whereas asset-light cloud businesses may favor opportunistic buy-backs – and investors can treat dividend initiation in tech as a quality screen that combines income with superior risk-adjusted returns. Crucially, these insights also help students see how capital-allocation theory translates into real-world payout decisions, making abstract finance concepts tangible in classroom discussion. Finally, the study’s originality and value lie in isolating the combined effects of liquidity, growth, and age within a single sector, thereby reconciling agency, pecking-order, and life-cycle views in an intangible-asset environment. The evidence clarifies why dividends have become a complement, rather than a substitute, for buybacks in Big Tech, providing a framework that can be replicated for cross-sector comparisons.
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    Statistical analysis of the correlation between monetary policy regimes and corporate lending rates
    (2025) Kurdiukov, Dmytro; Kaminskyi, Andrii
    Corporate lending rates have a significant impact on investment and the overall economy. In order to influence rates, the authorities pursue their own economic policy. One of these is monetary policy. In recent decades, an increasing number of countries have been modernizing their monetary policies to achieve their inflation and economic growth targets.The paper is devoted to the analysis of monetary policy (MP) regimes impact on corporate lending rates. The objective of the study is to confirm or reject three hypotheses. Each of the hypotheses is related to a specific aspect of the research topic, specifically, the differences between countries in terms of corporate lending rates and inflation, and the link between the above indicators. As part of the methodological component, the paper uses, firstly, regression equations to analyze the relationship between the variables of inflation and lending rates, and secondly, statistical analysis of selected indicators. The main result of the paper is the verification of all three hypotheses and the conclusion that the most effective monetary policy regime that would provide the lowest and least volatile corporate loan rates is the flexible inflation targeting regime. Therefore, in order to minimize corporate rates, the central regulator of a country that already implements inflation targeting (IT) should adopt a flexible inflation targeting regime. For countries with alternative monetary policy regimes, it would be more optimal to implement inflation targeting initially, and then modify it in a flexible IT, because flexible inflation targeting requires a prior proven track record in implementing classical IT.
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    Transformation of Ukraine’s foreign trade under geopolitical challenges
    (2025) Paliienko, Tetiana; Holopoteliuk, Vladyslav
    The purpose of the study is to analyse the trends and structure of Ukraine’s foreign trade under global economic and geopolitical challenges during 2014–2024. The method of statistical analysis of time series, a comparative method for Ukraine’s foreign trade flows, and a systemic analysis of changes in world trade were applied. The results of the study identified three stages of the transformation of Ukraine’s foreign trade: the first (2014–2016) is characterized by a sharp reduction in foreign trade operations due to the annexation of Crimea and the beginning of hostilities in Donbas; the second (2017–2021) demonstrated a gradual recovery and growth in foreign trade volumes; the third (2022–2024) witnessed a rapid decline and the beginning of the recovery of exports in conditions of a full-scale war. Changes in the commodity structure of exports were identified as an increase in the share of plant products to 32.4% in 2024, a reduction in metallurgical products by almost threefold, an increase in the share of IT services and intellectual property items to 12%. A chronic deficit in the trade balance was revealed, and a radical reorientation of export flows from the markets of the Commonwealth of Independent States countries to the markets of the European Union was recorded in the geographical structure.The research materials can be used to develop Ukraine’s foreign trade strategy during the war and post-war recovery, to form a state policy to support exports, to determine priority areas for diversifying trade flows and developing export-oriented sectors of the economy.The results of the study suggest a structural modification of Ukraine’s export potential through the development of sectors with high added value, diversification of the geographical structure of foreign trade with an emphasis on the markets of Asia, the Middle East and Africa, reorientation of the metallurgical industry to the production of products with a higher degree of processing, as well as further support for the IT industry and the export of digital services as a strategic direction for ensuring a positive foreign trade balance of Ukraine.