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  Тип елементу:Публікація,

  Enterprise capitalisation as an indicator of financial stability and market value

  Davydenko, Nadiia Mykolaivna

  ;

  Hordei, Oksana Dmytrivna

  ;

  Novytska, Olena Valeriivna

  ;

  Давиденко, Надія Миколаївна

  ;

  Гордей, Оксана Дмитрівна

  (2026, Державний податковий університет)

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  The aim of this article is to examine the nature of a company’s market capitalisation as an integral indica tor of financial stability and market value, and to identify the key factors and current trends influencing its formation and growth in the context of an unstable economic environment and digital transformation. The article employs general scientific and specialised research methods, in particular: methods of theoretical generalisation and systematisation – to elucidate the essence of capitalisation; comparative analysis – to examine the evolution of approaches to its interpreta tion; a systems approach – to substantiate the relationship between capitalisation, financial stability and market value; structural-logical analysis – to identify internal and external factors influencing the formation of capitalisation; and grouping and classification methods – to summarise the factors affecting a company’s market value. The article proves that, in the current climate, a company’s market capitalisation serves not only as a measure of its value, but also as a com prehensive indicator of its financial capacity, investment attractiveness and long-term development. The article justifies the relevance of analysing capitalisation in relation to financial stability, which reflects a company’s ability to maintain solvency, use resources effectively and ensure operational stability. It has been established that the level of capitalisation is shaped by a combination of internal (profitability, capital structure, liquidity, quality of management) and external (market perception, investment expectations, information transparency, reputation) factors. The key areas of capitalisa tion’s influence on a company’s market value have been identified, and it has been demonstrated that its growth requires a comprehensive approach, which includes improving operational efficiency, optimising the financial structure, developing intangible assets, enhancing corporate governance and implementing digital technologies. The scientific value of this study lies in deepening the theoretical approach to understanding capitalisation as an integrated indicator that combines the financial, managerial and market characteristics of a company’s operations. A systematic view of the relationship between capitalisation, financial stability and market value is proposed through the combination of internal and external indicators, enabling a shift from formal measurement of value to a substantive analysis of the factors shaping it. The prac tical value lies in the possibility of using the results obtained to substantiate management decisions aimed at ensuring the sustainable growth of a company’s value in the context of digitalisation and heightened risks.

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  Тип елементу:Публікація,

  Digital competencies and their influence on the financial behaviour of Ukrainian households amid economic transformation

  Davydenko, Nadiia Mykolaivna

  ;

  Manolescu, Irina Teodora

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  Titenko, Zoia

  ;

  Mocanu, Natalia

  (2026, EU Public Administration Integration and Resilience Studies)

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  The article examines the relationship between levels of financial and digital literacy and the financial behaviour of Ukrainian households in the context of contemporary economic challenges. The authors highlight the growth in the financial literacy index (from 11.6 points in 2018 to 12.3 points in 2021), which puts Ukraine on a par with Central and Eastern European countries. At the same time, it has been established that access to the Internet has a significant impact on economic well-being: households with Internet access have higher incomes, and the correlation coefficient between these parameters is more than 0.96, which indicates a strong direct relationship. The article reveals the concept of digital financial literacy as an integrated competence that includes the ability to search for, process and apply information about financial products, use modern financial technologies and adequately assess digital risks. Key competencies (such as cybersecurity, information processing, and innovative use of fintech) confirmed by international and domestic research are highlighted. Based on statistical data analysis, the authors show that improving households' digital and financial literacy promotes informed decision-making, reduces financial vulnerability and improves quality of life. A systematic set of recommendations is developed: from self-education through digital services to integrated educational programmes covering different age and social categories. The article will be useful for researchers of economic behaviour, policymakers, representatives of financial institutions and educational institutions.

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  Тип елементу:Публікація,

  Comprehensive Assessment of Ukraine’s Budget Security in the Context of Military Threats

  Martynenko, Valentyna Vitaliivna

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  Wasilewska, Natalia

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  Davydenko, Nadiia Mykolaivna

  ;

  Wasilewski, Mirosław

  (2026, Міжнародна асоціація стратегічного управління, ЄС)

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  Purpose: The purpose of this article is to assess Ukraine’s level of budget security under martial law, based on an empirical analysis of key fiscal indicators and multi-variant scenario forecasting for the medium-term period. Design/Methodology/Approach: The assessment is built upon the normative framework of the Methodological Recommendations approved by the Ministry of Economic Development and Trade of Ukraine (2013). The research standardizes four fundamental indicators: the state budget deficit to GDP ratio, the general government sector fund balance, the level of GDP redistribution through the consolidated budget, and the public debt service and repayment ratio. Analytical forecasting is performed using linear trend functions and a scenario approach incorporating trend confidence intervals to account for high volatility under economic crisis conditions. Findings: The study revealed a severe and structural deterioration in Ukraine’s budget security following the full-scale military invasion. In 2023, the composite budget security level plummeted to a critical minimum of 6.7%, driven by the state budget deficit expanding beyond 20% of GDP and GDP redistribution rising to 47.48%. Conversely, temporary relief was observed in debt servicing due to successful restructuring. The regression analysis established a functional correlation confirming that a 1% increase in the budget security level corresponds to a +0.14% expansion in real GDP, with changes in GDP accounting for 55.9% of budget security dynamics. Predictive scenarios for 2024–2026 indicate that under a realistic trajectory, the indicator will remain within the absolutely dangerous zone (5.3–13.2%), and even under optimistic assumptions, it will not exceed critical thresholds (31.3–38.9%). Practical Implications: The practical value of the paper lies in a structured set of anti-crisis measures tailored for wartime public financial management. These include the rigorous reallocation of budget funds towards defence and essential social welfare, conducting comprehensive performance audits of state programs, optimizing tax legislation to mitigate the administrative burden on enterprises, and intensifying institutional cooperation with global creditors (IMF, World Bank, EU) to streamline external financial assistance. Originality/Value: The originality of the research lies in the improved methodological approach to evaluating how armed conflicts systematically shock public finances. By integrating a complex economic-statistical assessment with stochastic modelling, the study provides a robust empirical framework to isolate the acceleration of macroeconomic decline caused specifically by the erosion of budget security.

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  Тип елементу:Публікація,

  Behavioural aspects of investment decisions

  Davydenko, Nadiia Mykolaivna

  ;

  Buriak, Alina Viktorivna

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  Kliuchka, Olha Volodymyrivna

  (2024, Причорноморський науково-дослідний інститут економіки та інновацій)

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  Behavioural finance theory suggests that patterns of overconfidence, overreaction and overregulation are common to many investors, and that such groups can be large enough to prevent a company's share price from reflecting economic indicators. Modern empirical studies show that investment decisions are influenced by a number of subjective factors. These subjective factors are behavioural biases. They provide a number of new approaches to explaining investment activity. The article stud ies the influence of behavioural factors on the investment decisions of managers, especially on the investment decisions of corporate relations subjects. It was found that knowing the main reasons for irrational actions of corporate relations subjects, it is possible to predict and control such situations and, as a result, to avoid negative consequences of irrational behaviour.

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  Тип елементу:Публікація,

  Analysis of the Impact of State-Owned Banks on the Sustainability of Public Finances

  Davydenko, Nadiia Mykolaivna

  ;

  Boiko, Svitlana Vasylivna

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  Cherniavska, Olena Ivanivna

  ;

  Nehrey, Maryna Volodymyrivna

  (2023, Molecular Diversity Preservation International (MDPI))

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  This paper aims to provide a retrospective assessment of Ukraine’s state policy concerning state-owned banks and evaluate their impact on the sustainability of Ukraine’s public finances. The research methodology employs an empirical study of the cash flow of public funds to state owned banks and the reverse cash flow to determine the impact of the activity and stability of public finances. The cash flowtostate-owned banks includes the expenditure of public funds for the creation of authorised capital during the establishment of state-owned banks, the acquisition of shares in operating commercial banks, additional capitalisation of state-owned banks, etc. The reverse cash flow comprises dividends paid based on the performance of state-owned banks, as well as revenue generated for public funds through the sale of shares (privatisation) of state-owned banks. This study highlights the costs associated with recapitalising state-owned banks. These costs disrupt the stability of public finances, create additional debt dependency for Ukraine, impose an additional burden on public finances, and lead to structural changes that reduce funding for social spending. As a result, Ukrainian taxpayers are financing the inefficient activities of state-owned banks while experiencing reduced investments in education, healthcare, social protection, environmental protection, and other essential areas.

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