Baltic Journal of Economic Studies http://www.baltijapublishing.lv/index.php/issue <p><strong>ISSN (Print)</strong>: 2256-0742</p> <p><strong>ISSN (Online)</strong>: 2256-0963</p> <p><strong>DOI</strong>: https://doi.org/10.30525/2256-0742</p> <p>Publishing House of Polonia University “Educator” and&nbsp;Riga Nordic University&nbsp;are the co-publishers of this periodical.</p> <div style="text-align: justify;">The <strong>"Baltic Journal of Economic Studies"</strong> is an international scientific journal in the field of economics, business management, national economy, structural and social policies, innovation perspectives and institutional capability. The scientific journal publishes original research and theoretical and practical articles on many issues of economic science. The main attention is paid to articles on the evaluation and analysis of the modern economy, the branch economy of local and foreign markets, the development of business strategies that further promote the direct development of the economy of Eastern Europe and Baltic states.</div> <div style="text-align: justify;">The journal is now published five times a year, and is seeking manuscripts for its upcoming issues. We welcome original research and industry experienced papers. Those who are interested to publish their research papers are requested to send their original research papers to us.</div> Publishing House "Baltija Publishing" en-US Baltic Journal of Economic Studies 2256-0742 COORDINATING HOUSEHOLD DEMAND AND VEHICLE-USE ARCHETYPES TO ENABLE URBAN ON-STREET EV CHARGING WITHOUT DISTRIBUTION UPGRADES http://www.baltijapublishing.lv/index.php/issue/article/view/4059 <p>Urban electrification strategies are increasingly relying on on-street charging to support residents without private driveways. However, distribution networks in dense neighbourhoods often operate near the limits established during their initial planning. This paper uses Kensington, London, as an example to focus on on-street charging in medium-density urban areas with terraced housing, and to investigate whether coordinated, phase-aware charging can increase EV uptake in multi-occupancy residential settings without triggering costly network reinforcement. Specifically, the study quantifies the impact of household demand stochasticity and vehicle-use heterogeneity on available thermal headroom and charging adequacy, as defined by standard After Diversity Maximum Demand (ADMD) planning levels. The analysis integrates a high-resolution residential demand model with behavioural EV driving archetypes to simulate overnight charging over a 365-day period, utilising the existing grid connection of six flat terraced houses without grid updates. The model employs ADMD to define aggregate feeder capacity and to simulate scenarios in which total load is managed to prevent exceeding the per-household diversified rating. The framework evaluates the sufficiency of the morning state of charge (SoC) for one, two or three vehicles by comparing an optimised phase-balancing strategy with a worst-case uncoordinated allocation. The results demonstrate that, for a six-flat terraced house, the available “soft” ADMD headroom, which is dictated by the coincidence of household base load, is the primary binding constraint rather than charger nameplate power. For initial uptake of one EV per six flats, the mean morning battery SoC remains high (70–73%). However, as the number of vehicles increases to three per shared constraint, the system reaches a capacity-saturated regime. In this state, optimisation improves grid quality and prevents localised phase overloads, but cannot offset the overall energy deficit. These findings suggest that, although phase-aware coordination can facilitate early-stage on-street electrification, saturation levels will require either physical reinforcement or advanced demand flexibility.</p> Aivars Rubenis Aigars Laizans Girts Aleksans Copyright (c) 2026 Aivars Rubenis, Aigars Laizans, Girts Aleksans https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 1 17 10.30525/2256-0742/2026-12-3-1-17 THE ENERGY TRANSITION OF THE UNITED ARAB EMIRATES 2008–2023. FROM MASDAR CITY TO COP28 http://www.baltijapublishing.lv/index.php/issue/article/view/4060 <p>This article outlines the changes to the United Arab Emirates' energy policy between 2008 and 2023. The research aims to demonstrate the multifaceted process of energy sector transformation, from implementing the Masdar City smart city concept and developing nuclear and solar energy to strengthening the country's international position by hosting the COP28 summit. The research addresses questions concerning the evolution of the energy mix and the importance of strategic investments in the UAE's transformation. The analysis was based on the theories of the rentier state and soft power. The research results indicate a gradual reduction in the dominance of natural gas, alongside an increase in the share of low-carbon sources—primarily nuclear and solar energy. Despite the partial implementation of their objectives and delays resulting from financial constraints, the implementation of energy security projects has contributed to the diversification of energy production. The hypothesis that the UAE's status as a net importer of natural gas has driven investment in low-carbon energy has been confirmed. Financed by revenues from fossil fuels, the transition has reduced emissions and freed up gas resources for future LNG exports.</p> Małgorzata Kamola-Cieślik Fuad Jomma Dana Mohammed Danish Aladdin Sajadi Copyright (c) 2026 Małgorzata Kamola-Cieślik, Fuad Jomma https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 18 27 10.30525/2256-0742/2026-12-3-18-27 THE IMPACT OF GREEN BRANDING ON PURCHASE INTENTIONS AND FINANCIAL PERFORMANCE: EVIDENCE FROM KOSOVO http://www.baltijapublishing.lv/index.php/issue/article/view/4061 <p>This study examines the influence of green branding and green brand image on consumer purchase intentions in Kosovo. As environmental awareness grows, local consumers are increasingly considering the ecological impact of their choices, prompting companies to integrate sustainable practices into their marketing strategies. This research aims to determine whether green branding and brand image significantly influence consumers' willingness to purchase eco-friendly products, and to identify any demographic differences in this behaviour. A quantitative approach was adopted. Data were collected via a structured questionnaire distributed to a diverse group of consumers across Kosovo. A total of 190 valid responses were analysed using descriptive statistics, as well as correlation and regression analyses. This methodology enabled a detailed examination of the relationships between green branding, brand image and purchase intentions, and the impact of factors such as gender and age on consumer behaviour. The findings reveal a strong positive correlation between green branding and consumer purchase intentions. This suggests that clearly communicating a brand’s environmental initiatives can encourage consumers to choose sustainable products. A green brand image also has a significant effect, with consumers perceiving environmentally responsible brands as more trustworthy and appealing. Many respondents expressed a willingness to pay a premium for green products, highlighting both ethical considerations and a growing consumer interest in sustainability. Notable gender differences emerged, with female consumers demonstrating greater sensitivity to green branding and a stronger inclination to purchase eco-friendly products than males. In conclusion, the study highlights the significance of green branding and brand image in influencing consumer behaviour in Kosovo. It provides companies with practical insights on how to enhance brand value while promoting sustainable consumption. By integrating environmental responsibility into their marketing strategies, businesses can foster consumer loyalty and gain a competitive advantage. The research contributes to academic knowledge by providing empirical evidence from a local context and emphasising the financial and marketing implications of green branding. Overall, the study highlights the importance of understanding green consumer behaviour in emerging markets, offering valuable insights for companies and policymakers seeking to promote environmentally responsible practices.</p> Saranda Kajtazi Arbana Sahiti Ramushi Copyright (c) 2026 Saranda Kajtazi, Arbana Sahiti Ramushi https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 28 36 10.30525/2256-0742/2026-12-3-28-36 CRIMINALISATION OF ECONOMIC OFFENCES AS AN INSTRUMENT OF STATE ECONOMIC POLICY: LIMITS OF EFFECTIVENESS AND RISKS OF EXCESSIVE INTERVENTION http://www.baltijapublishing.lv/index.php/issue/article/view/4062 <p>The present article examines the criminalisation of economic offences as an instrument of state economic policy in the context of ensuring economic security. The relevance of the study is driven by the need to effectively combat economic crime in Ukraine under conditions of martial law, a high level of the shadow economy, and ongoing European integration transformations, as well as the necessity to prevent excessive criminal law intervention in entrepreneurial activity. The objective of the present study is threefold: firstly, to elucidate the conceptual foundations of the criminalisation of economic offences; secondly, to determine the limits of its effectiveness; and thirdly, to identify the risks associated with the excessive application of criminal law mechanisms in the sphere of economic relations. The findings demonstrate that the criminalisation of economic offences can only be effective if based on the principles of proportionality, subsidiarity, legal certainty and ultima ratio. Its effectiveness has been shown to depend directly on the institutional capacity of the state, the likelihood of enforcement, and the quality of law enforcement practice. Furthermore, the study shows that excessive criminalisation can lead to the devaluation of criminal law, increased pressure on businesses, heightened corruption risks, a deterioration in the investment climate and an expansion of the shadow economy. The study's scientific novelty lies in conceptualising criminalisation as an element of state economic policy from the perspectives of economic and legal analysis. It also involves determining the limits of its effectiveness, taking international experience into account. The practical significance of the results lies in their potential application to improve the regulation of economic relations under criminal law, particularly with regard to revising economic crime provisions, developing compliance-oriented mechanisms and aligning Ukrainian legislation with European Union standards.</p> Andrii Borovyk Sergii Kostiukevych Vitalii Mykulets Copyright (c) 2026 Andrii Borovyk, Sergii Kostiukevych, Vitalii Mykulets https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 37 46 10.30525/2256-0742/2026-12-3-37-46 ECONOMIC AND LEGAL FOUNDATIONS OF THE ACTIVITIES OF RELIGIOUS ORGANISATIONS IN UKRAINE http://www.baltijapublishing.lv/index.php/issue/article/view/4063 <p>The article examines the administrative-legal and economic-legal foundations of the activities of religious organisations in Ukraine as specific legal entities that combine the features of non-profit organisations, subjects of property relations, and participants in economic and financial relations. The theoretical and methodological basis of the study is formed by the principles of freedom of religion, separation of church and state, and equality of religious organisations before the law. The study also employs a combination of private and public law approaches to the regulation of their activities. The legal regime of property of religious organisations, issues of land use, taxation, economic and charitable activities, as well as state control, are analysed. It has been established that the activities in question exhibit a mixed legal nature and are subject to regulation by the norms of constitutional, administrative, civil, economic, land, and tax law. The fundamental economic and legal issues are identified, particularly in the domains of property registration, land use, taxation, economic activity, and the utilisation of humanitarian aid. The necessity of improving Ukrainian legislation is substantiated, in particular, through the clarification of the legal regime of property, the simplification of land use procedures, and the definition of mechanisms of state control and taxation of religious organisations. Research methods. The methodological basis of the research consists of formal legal, comparative legal, and systemic methods, as well as the functional method, which made it possible to study the activities of religious organisations as subjects of property, land, economic, and financial legal relations. The analysis of judicial practice and scientific sources was also employed. The purpose of the article is to provide a comprehensive analysis of the economic and legal foundations of the activities of religious organisations in Ukraine. In particular, the analysis will determine the specific features of their legal status as participants in property, land, economic, and tax relations. The article will also outline the main problems of their functioning and possible ways of their resolution. In order to achieve this objective, the administrative and legal status of religious organisations, the legal regime of their property and land use, the specifics of taxation, as well as the features of their economic and charitable activities are examined. Furthermore, the judicial practice involving religious organisations is analysed. Conclusions. The study establishes that religious organisations in Ukraine are specific legal entities whose complex legal status is formed at the intersection of constitutional, administrative, civil, economic, land and financial law. Although they are established to fulfil the religious needs of citizens, their activities involve property, land, economic and financial legal relations, determining the mixed nature of the legal regulation of their activities. It has been established that the economic activities of religious organisations are connected with the use of property and land, the receipt of charitable contributions and donations, and the provision of humanitarian aid. These activities are aimed at ensuring the fulfilment of their statutory purposes. In this regard, their activities fall within the remit of public law, particularly with regard to state registration, land use, taxation, accounting, the use of humanitarian aid and state oversight. The prevailing economic and legal challenges are attributed to the inadequate regulation of the legal framework governing religious organisations' property, the complexity of formalising land-use rights for plots beneath religious buildings, issues of taxation, and the absence of legal certainty regarding the regime of humanitarian aid and the limits of state control. It has been determined that under conditions of martial law, religious organisations perform important social and humanitarian functions related to providing assistance to the population and military personnel, as well as participating in the implementation of state policy in the field of military chaplaincy. This demonstrates the growing public-law significance of their activities. In this context, the necessity to enhance Ukrainian legislation is substantiated, particularly through the establishment of the legal framework for the property of religious organisations, the simplification of land-use procedures, the clarification of the criteria for distinguishing statutory activity from economic activity, the determination of the procedure for accounting for and using humanitarian aid, and the establishment of clear limits and mechanisms of state control. Consequently, the economic and legal foundations of the activities of religious organisations consist in the combination of private-law property relations and public-law regulation, which necessitates further improvement of Ukrainian legislation.</p> Oleksandr Voroniatnikov Nataliia Borsuk Ruslan Syimovskyi Copyright (c) 2026 Oleksandr Voroniatnikov, Nataliia Borsuk, Ruslan Syimovskyi https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 47 57 10.30525/2256-0742/2026-12-3-47-57 GAME THEORY AND CAPITAL FLOWS IN EMERGING MARKET UPGRADES: INSIGHTS FROM VIETNAM'S STOCK MARKET http://www.baltijapublishing.lv/index.php/issue/article/view/4064 <p>This study employs a game-theoretic and empirical framework to examine capital inflows and investor behavior in the context of Vietnam's anticipated upgrade from frontier to emerging-market status. The analysis models strategic interactions among active, passive, sovereign, and institutional funds using three distinct game-theoretic structures: competition, coordination, and auction games. These theoretical mechanisms are subsequently linked to observed ETF-flow and liquidity data, as well as stylized evidence on IPO demand and foreign ownership limits. Comparative benchmarks drawn from prior upgrade episodes in Korea, Taiwan, and Saudi Arabia are used to contextualize Vietnam's potential inflow ranges and valuation effects within an international framework. Descriptive statistics and graphical evidence illustrate how upgrade-related news coincides with shifts in market volatility, capitalization, and trading activity. The analysis highlights the central role of regulatory reforms, global investor trends, and sector-level constraints, particularly foreign ownership limits and the growing influence of Gulf sovereign wealth funds, in determining the size and composition of capital inflows. The findings generate policy recommendations for regulators, listed firms, and fund managers regarding strategies to expand absorption capacity, strengthen market infrastructure, and manage liquidity and systemic risk during the upgrading process. The proposed game-theoretic framework, anchored in empirical benchmarks, has broader applicability to other emerging markets undergoing or preparing for index-status reclassification.</p> Quoc Tran-Nam Copyright (c) 2026 Quoc Tran-Nam https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 58 68 10.30525/2256-0742/2026-12-3-58-68 INTERNATIONAL ECONOMIC CO-OPERATION IN THE FIELD OF HIGHER EDUCATION http://www.baltijapublishing.lv/index.php/issue/article/view/4065 <p>This article examines international economic co-operation in higher education as a complex, multidimensional process integrating economic, institutional, academic, political, and security components. The research is based on a theoretical and methodological framework that draws on approaches to the internationalisation of higher education, concepts of the knowledge economy, theories of international economic co-operation and approaches to analysing transnational higher education and the global market for educational services. Particular attention is devoted to analysing the economic nature of international co-operation in higher education, including its main forms and strategies such as academic mobility, international educational programmes, grant financing, transnational education and the activities of international branch campuses. It is demonstrated that, in the current climate, higher education operates as a sector of international trade in services, with universities playing an active role in global economic interactions. In its applied dimension, the article outlines the main risks associated with international economic co-operation in higher education. These include financial dependence on external resources, institutional asymmetry, intensified competition between universities, the loss of intellectual capital and the instability of short-term economic models. It demonstrates that, in times of war, these risks become systemic and directly impact the functioning of Ukraine's higher education system. The study concludes that a balanced model of international economic co-operation is needed, combining integration into the global educational space with the preservation of institutional autonomy, the development of national scientific potential and the economic sustainability of higher education institutions. Research methods. The research is based on formal, legal, systemic, structural, functional and comparative methods, as well as an economic and analytical approach to assessing international co-operation in higher education. The study is based on an analysis of international scientific research, statistical data, legal and regulatory documents, and the operational practices of higher education institutions within the global educational landscape. Purpose of the article. The article aims to provide a comprehensive analysis of international economic co-operation in higher education. It seeks to determine the economic essence of this co-operation, its forms, and the strategies for its implementation. Additionally, it aims to identify the risks and limitations that affect the development of Ukraine's higher education system under conditions of globalisation and martial law. Conclusions. The study concludes that international economic co-operation in higher education is an integral part of the modern knowledge economy, as well as being an important means of integrating states into the global community. Higher education fulfils a social and an economic function, ensuring the formation of human capital, encouraging innovation and enabling participation in the international market for educational services. It has been determined that the primary forms of international co-operation possess significant economic potential; however, they simultaneously generate risks of financial dependence, institutional asymmetry, and loss of human capital. Under conditions of war, it has been shown that international co-operation has a dual nature: on the one hand, it is a critically important resource for support and development; on the other hand, it makes the higher education system more vulnerable to external factors. The argument is made that an effective model of international economic co-operation should be based on the principles of long-term strategy, diversification of funding sources, institutional resilience, and the combination of international integration with the development of national educational potential.</p> Oksana Kuzmenko Liudmyla Kozhura Andrii Omelchenko Copyright (c) 2026 Oksana Kuzmenko, Liudmyla Kozhura, Andrii Omelchenko https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 69 82 10.30525/2256-0742/2026-12-3-69-82 INVESTMENT AND FINANCIAL SUPPORT FOR THE FUNCTIONING OF CRITICAL INFRASTRUCTURE OF UKRAINE IN THE CONDITIONS OF CRISIS TRANSFORMATIONS http://www.baltijapublishing.lv/index.php/issue/article/view/4066 <p>This article examines issues related to investment and financial support for critical infrastructure in Ukraine during periods of crisis and transformation. It reveals the essence of investment and financial support for critical infrastructure in conditions of crisis transformation accompanied by increased security risks, the destruction of production and logistics links, a shortage of budgetary resources, and an increased need for the rapid restoration of vital systems. It has been proven that the sustainable operation of critical infrastructure facilities requires a multi-level financing model combining state investments, local budgets, public-private partnership mechanisms, international technical assistance, credit resources, insurance instruments, and special recovery funds. These funds are intended to increase the resilience, modernisation, and digitalisation of infrastructure complexes. Particular attention is paid to determining investment priorities, taking into account the facilities' strategic significance, vulnerability level, expected socio-economic effects, and the need to ensure continuity of basic services for the population and businesses. Provided that the institutional environment is improved, transparent procedures for the distribution of funds are introduced, a risk monitoring system is developed, a programme-targeted approach is applied, and investment policy is aligned with the goals of national security, economic stability, and the state's long-term recovery, it is proven that increasing the efficiency of financial support for critical infrastructure is possible. Research methods. The study is based on a methodological approach that combines dialectical, system-structural, formal-logical and comparative-legal methods, as well as analysis and synthesis. This approach enables a comprehensive study of the financial and economic mechanisms that ensure the stability of critical infrastructure in times of crisis. The expected scientific outcome is a clearer understanding of the nature and characteristics of investment and financial support for critical infrastructure in times of crisis. The purpose of the article is a comprehensive study of the theoretical and applied principles of investment and financial support for the functioning of critical infrastructure in conditions of crisis transformations, as well as identifying problems and areas for improving the relevant mechanisms. To achieve this objective, the following tasks have been identified: 1) to examine the nature of critical infrastructure as an object of financial and investment influence; 2) to describe the sources and mechanisms of its financing; 3) to analyse the risks and challenges that arise in crisis situations; 4) to justify ways of improving the effectiveness of investment and financial support for its operation. Conclusions. The study determined that investment and financial support for the functioning of Ukraine's critical infrastructure in times of crisis transformation are pivotal prerequisites for maintaining economic stability, national security and continuity of basic services to the population. Research has demonstrated that the efficacy of such support is contingent on a combination of budgetary resources, international financial assistance, public-private partnership mechanisms, insurance instruments and recovery trust funds, in addition to the implementation of transparent procedures for the management of financial flows. The feasibility of prioritising investments according to the vulnerability level, strategic significance, and potential for rapid socio-economic impact of objects is substantiated. It was determined that improving the institutional environment, digitalising management processes, strengthening the risk-oriented approach, and harmonising investment policy with the long-term goals of recovery and modernisation of the state would increase the effectiveness of financial support.</p> Viktoriia Chorna Artur Zamryha Bohdana Bohdan Copyright (c) 2026 Viktoriia Chorna, Artur Zamryha, Bohdana Bohdan https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 83 92 10.30525/2256-0742/2026-12-3-83-92 PRIORITY AREAS OF INTEGRATION OF INNOVATION INTO THE STRATEGY FOR ENSURING SUSTAINABLE DEVELOPMENT OF THE AGRICULTURAL INDUSTRY http://www.baltijapublishing.lv/index.php/issue/article/view/4067 <p>The purpose of the article is to identify key areas for integrating innovations into the strategic processes of ensuring the agricultural sector's sustainable development, with the aim of improving its efficiency, competitiveness and ability to adapt to economic, environmental and social challenges. Methodology. The study of priority areas for incorporating innovations into the strategic framework to ensure the sustainable development of the agricultural sector is based on the thorough application of theoretical, analytical and empirical methods. These methods enable an in-depth evaluation of the effectiveness of innovative solutions and their impact on the economic, environmental and social sustainability of the agricultural sector. The research methods include: theoretical analysis (to examine scholarly sources, as well as international and national experience in the implementation of innovations in agriculture, and to identify conceptual approaches to sustainable development and ESG-oriented financing); the systematic approach (with a view to conducting a comprehensive assessment of the agricultural sector as an integrated system encompassing production, financial, environmental and social components, taking into account global and local challenges; analytical methods—in particular SWOT analysis, PESTEL analysis and financial and economic assessments—to identify key issues and potential avenues for integrating innovation); empirical methods (for the collection and processing of statistical data, expert surveys of managers of agricultural enterprises and institutional representatives, and the evaluation of the effectiveness of existing innovative practices); forecasting and modelling methods (to develop scenarios for the implementation of innovative solutions and to assess the expected economic, environmental and social outcomes of their integration). The amalgamation of these methodologies guarantees a scientifically substantiated and praxis-oriented evaluation of pivotal avenues for innovation integration, thereby facilitating the formulation of recommendations for the development of sustainable development strategies for the agricultural sector and the provision of support for Ukraine's post-war economic recovery. The findings of the study suggest that integrating innovations into the strategy to ensure the sustainable development of Ukraine’s agricultural sector has significant potential, particularly in wartime and during post-war recovery, but this potential is not being realised to its fullest extent. It has been established that the efficiency of agricultural production can be substantially increased through the implementation of technological, digital and environmentally oriented innovations; the development of co-operative and cluster-based forms of interaction; and the strengthening of integration between science, education and agribusiness. The key drivers of sustainable development are adaptation to climate change, the adoption of resource-efficient and low-carbon technologies, the development of organic production methods and the digitalisation of management processes. At the same time, a number of systemic constraints have been identified, including insufficient innovation financing, fragmented institutional support, low levels of innovation among agricultural enterprises and regional disparities in access to modern technologies. The prospects for enhancing the effectiveness of innovation integration are found to be associated with the development of public–private partnerships, improvements to financing mechanisms, modernisation of the material and technical base, development of innovation and digital infrastructure, and strengthening the competitiveness of agricultural products in domestic and international markets. Practical implications. The results obtained can be used to inform managerial decisions regarding the integration of innovations into sustainable development strategies for the agricultural sector at national, regional, and enterprise levels. Diagnosing the financial, institutional and technological determinants of innovative development enables priority areas for state support to be identified, financing mechanisms to be optimised, and private and international investment to be stimulated, particularly in the context of post-war recovery. The recommendations for implementing digital, resource-efficient and environmentally oriented innovations are of practical significance. These innovations contribute to increased productivity, financial resilience and the adaptability of agricultural enterprises to risks. Implementing the proposed approaches creates the conditions necessary to enhance the competitiveness of agricultural products, ensure adherence to ESG principles, improve resource management and establish an innovation-oriented model for the sustainable development of Ukraine’s agricultural sector. Value/Originality. The study provides a systematic overview of the key areas for incorporating innovations into a strategy that ensures the sustainable development of the agricultural sector, taking into account global challenges and post-war recovery. This is of significant importance for developing effective national, regional and corporate agricultural policies. The research's scientific novelty lies in integrating the concepts of sustainable development, digital transformation, and ESG-oriented financing into a unified analytical model for the strategic development of the agricultural sector. The focus is on technological, digital and environmental innovations; the development of the institutional environment and human capital; and collaboration between science, education and business. These factors create the conditions necessary to enhance production efficiency, adaptability to risk, environmental security and the long-term competitiveness of Ukraine’s agricultural sector.</p> Inna Tomashuk Natalia Koval Liudmyla Boltovska Copyright (c) 2026 Inna Tomashuk, Natalia Koval, Liudmyla Boltovska https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 93 106 10.30525/2256-0742/2026-12-3-93-106 ECONOMIC AND LEGAL ANALYSIS OF ENVIRONMENTAL DAMAGES CAUSED BY THE DESTRUCTION OF THE KAKHOVKA HYDROELECTRIC POWER PLANT http://www.baltijapublishing.lv/index.php/issue/article/view/4068 <p>The destruction of the Kakhovka Hydroelectric Power Plant on June 6, 2023, constitutes one of the largest technogenic-environmental catastrophes in European history, releasing the majority of the reservoir's 18 km³ volume, resulting in flooding that affected 80 settlements across four oblasts and directly impacted approximately 100,000 people. Despite the unprecedented scale of the disaster, existing damage assessments remain fragmented and methodologically limited. The official Post-Disaster Needs Assessment (PDNA), conducted by the Government of Ukraine and the United Nations, estimates total damage at 13.8 billion USD. However, the time horizon for ecosystem service losses is limited to 18 months, and a conservative 50% impact fraction is applied. Although alternative assessments by CEPR and the Centre for Economic Strategy provide sectoral data, they lack an integrated mechanism. This article presents a comprehensive mechanism for calculating the economic damage caused by the destruction of the Kakhovka dam. Drawing on an analysis of international judicial precedents (ICJ Costa Rica v. Nicaragua, UNCC F4 Panel), the methodologies of international organisations (World Bank DaLA, FAO, TEEB) and scientific approaches to the valuation of ecosystem services (Costanza et al.), the article proposes a five-component formula:TD = D + L_econ + L_eco + I + R, which encompasses direct damage, economic losses, losses of ecosystem services, indirect effects and recovery needs. A three-scenario approach (conservative, base case and high-end case) is appropriate for calculating environmental damage, applying a declining discount rate and time horizons of 30–100 years. The illustrative calculation shows that the total damage is in the range of 19–83 billion USD, which exceeds the PDNA estimate by between 1.4 and 6 times. The proposed mechanism can be applied to other cases of dam destruction in armed conflict or peacetime, providing a transparent and replicable framework for assessing damage in judicial, policy-making and scientific contexts.</p> Viktor Ladychenko Nataliia Medynska Bogdan Yarynko Copyright (c) 2026 Viktor Ladychenko, Nataliia Medynska, Bogdan Yarynko https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 107 117 10.30525/2256-0742/2026-12-3-107-117 EXPORT DEVELOPMENT OF UKRAINIAN AGRI-SMES THROUGH CREDIT AND GUARANTEE INSTRUMENTS http://www.baltijapublishing.lv/index.php/issue/article/view/4069 <p>The relevance of this study is determined by the increasing importance of enhancing the export capacity of small and medium-sized enterprises (SMEs) in Ukraine in conditions of wartime economic disruption. The objective of the research is to assess whether the export potential of Ukrainian agri-SMEs can be enhanced through the introduction of credit and loan guarantee instruments, with a particular focus on their integration into value chain structures and access to international markets, including Canada. Methodology. This study takes a mixed-methods approach, combining statistical analysis and desk research with stakeholder consultations involving SMEs, financial institutions and sectoral organisations. The analytical framework incorporates value chain analysis, financial intermediation theory and a programme-oriented approach to economic development, paying particular attention to the role of SMEs in the social economy. Results. The findings demonstrate that Ukrainian agri-SMEs have significant but underutilised export potential. The main constraints are not related to market demand, but rather to limited access to tailored financial instruments, weak coordination within value chains and the high perceived risk of lending to SMEs. The study shows that, unless they are combined with guarantee mechanisms and institutional strengthening of financial intermediaries, credit instruments alone are insufficient to activate export growth. Practical implications. The results suggest that integrating credit and guarantee instruments into value chain development can improve access to finance for SMEs, support investment in production and certification, and facilitate entry into export markets. This approach is particularly relevant when designing programmes aimed at economic recovery and trade expansion. Value/Originality. This study makes a valuable contribution to the existing literature by proposing a conceptual model of export activation that links financial instruments with value chain coordination and institutional capacity. It sheds light on SME development in times of crisis and emphasises the importance of financial innovation in fostering local economic resilience.</p> Maksym Filiak Zhanna Semchuk Larysa Yankovska Copyright (c) 2026 Maksym Filiak, Zhanna Semchuk, Larysa Yankovska https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 118 125 10.30525/2256-0742/2026-12-3-118-125 MANAGEMENT OF THE COUNTRY’S DEFENCE CAPABILITIES, STRATEGIC DIRECTIONS FOR THE DEVELOPMENT OF THE UKRAINIAN ARMED FORCES, AND ENVIRONMENTAL DEGRADATION DURING WAR http://www.baltijapublishing.lv/index.php/issue/article/view/4070 <p>This article examines the strategic priorities of the Armed Forces of Ukraine regarding economic and military defence, as well as the selection of an effective defence strategy based on economic capabilities and the actions of aggressor states. Methodology. The latest methodological strategies and technologies. The focus of the analysis is on the proliferation of technologies designed to support military operations, which have become central to strategies for defence capability and an appropriate response to an aggressor. Results. According to the table provided in this paper, the main problems facing Ukraine in the pre-war period were the underdevelopment of the following defence strategies: the creation of an effective system for recruiting and manning the defence forces; the underdevelopment of the intellectual capacity to supply weapons produced by the defence industry; the contamination of the sites of Ukraine’s production facilities and the lack of fortifications; low levels of overall firepower and durability; the lack of a clear transition to NATO standards; the public’s lack of readiness for war; a large pro-Russian population; and the government’s weak stance on issues relating to the Constitution of Ukraine. Practical implications. Assessing a country’s defence capabilities and the impact of various types of pollution on the environment requires a detailed examination of the indicators that influence these factors in practice, and the application of these practical findings. This paper examines the strategic directions for the development of the Armed Forces of Ukraine and the losses incurred by Ukraine as a result of environmental pollution during wartime. Assessment of the impact of various types of pollution on the environment. There are three clusters in which losses are taken into account: 1. Losses in underestimated monetary terms, mainly related to wildlife; 2. Average losses resulting from air pollution, damage to wildlife and land resources; 3. Losses of water resources. Environmental pollution in Ukraine during the war remains outside the scope of intellectual capital for strategic thinking. The use of weapons is not always guided by artificial intelligence tools to adjust decision-making and combat operations with minimal losses. Ukraine possesses a variety of powerful ground- and sea-based strike drones capable of intercepting enemy assets. Value / Originality. Ukraine possesses a diverse range of powerful land- and sea-based strike drones capable of intercepting enemy targets. The specifications of most of them remain classified, but this is what determines the key strategic advantages in the war against the aggressor. Weapons that surpass the capabilities of nuclear weapons may also feature in military operations.</p> Victor Ogarenko Vasyl Porokhnya Andrey Semenov Copyright (c) 2026 Victor Ogarenko, Vasyl Porokhnya, Andrey Semenov https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 126 134 10.30525/2256-0742/2026-12-3-126-134 HUMAN RIGHTS AND ETHICS IN AI-DRIVEN STRATEGIC COMMUNICATIONS: RISKS, MITIGATION, AND PROTOCOLS http://www.baltijapublishing.lv/index.php/issue/article/view/4071 <p>The rapid integration of artificial intelligence (AI) into strategic communications offers significant opportunities but also poses complex ethical challenges. This study examines the ethical and human rights implications of AI-driven systems used for disseminating information, making decisions and engaging with audiences. Key risks identified include algorithmic opacity, bias and discrimination, misinformation, privacy violations, the manipulation of public opinion and security threats. These risks have the potential to undermine social trust, democratic processes and individual autonomy. A two-stage methodological framework is employed, combining a theoretical risk assessment based on digital ethics, human rights theory and socio-technical analysis, with a technical evaluation using Long Short-Term Memory (LSTM) neural networks. The first stage categorises ethical risks, and the second stage uses machine learning techniques to detect and quantify these risks in textual communication. The study also looks at ways to reduce the risk, such as Explainable AI, human oversight, testing for bias, monitoring content, and creating regulatory frameworks. This shows that AI can be both a source of risk and a tool for ethical governance. The findings highlight the importance of integrating ethical principles, human rights considerations and robust governance mechanisms into the deployment of AI in strategic communications. Combining technological solutions with organisational policies and human oversight enables AI to enhance communication efficiency and innovation, while safeguarding individual rights, promoting trust and supporting democratic and social integrity.</p> Oleksandr Cherep Yuliia Kaliuzhna Svitlana Markova Copyright (c) 2026 Oleksandr Cherep, Yuliia Kaliuzhna, Svitlana Markova https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 135 139 10.30525/2256-0742/2026-12-3-135-139 SETTLEMENTS IN THE CONTEXT OF INTERNATIONAL DIGITALISATION OF THE ECONOMY: ASPECTS OF LEGAL REGULATION http://www.baltijapublishing.lv/index.php/issue/article/view/4072 <p>In the context of the international digitalisation of the economy, settlements are a critically important area at the intersection of technological innovation, economic necessity and legal regulation. The development of public relations shows that the world is moving from experimenting with digital payment solutions to implementing them on a large scale, which requires a clear legal basis to ensure security, efficiency and inclusiveness. For Ukraine, studying international experience and current legal norms is a prerequisite for successfully integrating into the global digital financial space. This will increase the competitiveness of the national economy, create a favourable environment for innovation, and maintain an appropriate level of consumer protection and financial stability. The study aims to provide a comprehensive analysis of the legal aspects of digital payment systems in cross-border transactions, identify issues with the current legal framework, and develop evidence-based recommendations to enhance Ukrainian legislation on digital payments. This will be achieved by considering international experience and the country's aspirations for European integration. The research methodology consists of the following methods: comparative legal analysis, formal legal analysis, systemic analysis, and the analysis and synthesis method. The research involved carrying out a comparative analysis of the regulatory approaches of leading jurisdictions to the legal support of digital payments. Particular attention was paid to analysing the European regulatory package, which includes the Third Generation Payment Services Directive, the Crypto-Asset Market Regulation, the Digital Operational Stability Regulation and the Instant Payment Regulation. The conceptual approaches of international financial organisations—particularly the Bank for International Settlements, the International Monetary Fund, and the European Central Bank—to the tokenisation of money and assets as the basis of the future monetary system were studied. Current Ukrainian legislation on electronic document management, banking, and the digitalisation of the economy was critically analysed. Gaps and contradictions in the legal regulation of digital payment systems have been identified that hinder the effective implementation of innovative financial technologies. Based on the generalisation of international experience and analysis of domestic legal doctrine, scientifically sound recommendations have been developed to improve Ukrainian legislation while taking into account the state's aspirations for European integration. The results of the study are of practical significance for the improvement of Ukrainian legislation in the field of digital payments, the formation of regulatory policy by the National Bank of Ukraine and the development of methodological recommendations for financial institutions. They can also be used in the teaching of financial law, banking law and information technology law.</p> Liudmyla Panova Yana Tytska Larysa Raicheva Copyright (c) 2026 Liudmyla Panova, Yana Tytska, Larysa Raicheva https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 140 154 10.30525/2256-0742/2026-12-3-140-154 MEDIATION IN E-COMMERCE: ECONOMIC AND LEGAL (INCL. CRIMINAL) ASPECTS http://www.baltijapublishing.lv/index.php/issue/article/view/4073 <p>The modern global economy is undergoing a fundamental transformation centred on the rapid growth of e-commerce. The digitalisation of trade creates new opportunities for businesses and consumers alike, while also generating new types of disputes that require effective resolution mechanisms. Traditional justice systems are not flexible or effective enough to respond to the challenges of the digital age, making the search for alternative approaches to resolving commercial disputes relevant. Against this backdrop, a detailed analysis of the legal and economic aspects of the development of mediation in e-commerce is required. The study aims to analyse the use of mediation as a tool for resolving e-commerce disputes in terms of economic advantages, and to determine the effectiveness of online mediation in cross-border commercial relations. The research methodology consists of the following methods: the dialectical method, the system analysis method, the formal legal method, the comparative legal method, and the synthesis method. The study found that, compared to traditional litigation, mediation in the field of e-commerce provides dispute resolution 50–55% faster, while preserving business relationships in 68% of cases. The economic analysis shows that transaction costs for dispute resolution can be reduced by up to 30% for small and medium-sized businesses. The study revealed a significant transformation in the electronic dispute resolution legal landscape in 2024–25: the termination of the European Online Dispute Resolution Platform, and the simultaneous development of national initiatives, particularly in Canada, Latvia and California. The impact of artificial intelligence on mediation was analysed. It was found that platforms designed to resolve disputes have the potential to automate processes while maintaining human control over decision-making. The potential use of blockchain technologies and smart contracts for automatically executing mediation agreements was also identified.</p> Daria Balobanova Ihor Shumak Nataliia Petrenko Copyright (c) 2026 Daria Balobanova, Ihor Shumak, Nataliia Petrenko https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 155 165 10.30525/2256-0742/2026-12-3-155-165 STRUCTURAL AND INSTITUTIONAL DETERMINANTS OF THE COMPETITIVENESS OF THE AGRICULTURAL SECTOR ON THE EXAMPLE OF THE CARPATHIAN REGION OF UKRAINE http://www.baltijapublishing.lv/index.php/issue/article/view/4074 <p>This article examines the territorial differences in the structural and institutional factors that influence the competitiveness of Ukraine's agricultural sector in the Carpathian region, which is characterised by a unique combination of natural resource potential, land use patterns and production conditions. It analyses the dynamics of agricultural enterprises' development within the Lviv region. Particular attention is paid to identifying region-specific mechanisms for developing the competitive advantages of agricultural enterprises amid structural production transformations and intensified European integration processes. The study analyses sectoral differentiation, the level of land use concentration in the corporate sector and the institutional parameters of state financial support, all of which shape the initial conditions for production activities and the export orientation of enterprises. It has been established that growth in export performance is driven by the concentration of production and resources. While this generates short-term economic advantages, it does not fully reflect European trends in balanced development. A low level of social, economic and environmental responsibility poses long-term structural risks to the sustainable development of the agricultural sector. The methodological framework combines a statistical and comparative analysis of agricultural development indicators with an institutional approach to assessing the impact of state agricultural policy and regional analysis methods. Failing to consider regional structural characteristics when applying uniform or fragmented financial support instruments, or ignoring balanced development principles, limits the realisation of export potential and does not ensure sustainable competitive advantages. The scientific novelty lies in the comprehensive justification of adapting institutional and economic mechanisms to the characteristics of regional development and the requirements of the European economic space. This provides a basis for a differentiated agricultural policy at a regional level and for identifying adaptation measures in line with EU standards.</p> Oleksandra Palenychak Liudmyla Goncharenko Andrii Hadzalo Copyright (c) 2026 Oleksandra Palenychak, Liudmyla Goncharenko, Andrii Hadzalo https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 166 172 10.30525/2256-0742/2026-12-3-166-172 THE EU MEMBER STATES AMID THE POLYCRISIS http://www.baltijapublishing.lv/index.php/issue/article/view/4075 <p>The idea of strong, united, sovereign Europe has revived again, but appears to be much harder to implement amid the polycrisis and the growing geopolitical rivalry. The objective of the paper is twofold: first, to reveal the context for the integration processes development in Europe in the 20th century; second, to examine the dynamics of GDP, GDP per capita, and population of the EU member states. Methodology. The data, taken from the UNCTAD Handbook of Statistics, the UNCTADstat Data Centre, as well as various publications, served as the information source for using logical-historical and tabular-graphical methods. The results demonstrate that over 2015-2024 the EU’s share of the global economy in terms of the regional nominal GDP fell from 21,49%, i.e. $16’067’827 mln (EU-28, with the UK), or 17,69%, i.e. $13’226’754 mln (EU-27, without the UK) in 2015 to 17,56%, i.e. $19’381’983 mln in 2024. The key engines of the EU are Germany and France: their combined nominal GDP in 2024 amounted to $7’820’170 mln, or 40,35% of the bloc, with Germany’s indicator being more than 1.47 times higher than that of France. Over 2015-2023, GDP of Germany grew by 37,31%, while that of France – by 27,13%: France’s position weakened since its share of the EU-27 dropped from 18,15% in 2015 to 16,42% in 2023. While the EU’s average GDP per capita is nearly three times higher than that of the world, significant disparities between member states persist. During 2019-2024, the EU-27’s share of the global population (without the UK) fell by 0,22%: from 5,76% to 5,54%. Practical implications. The global financial crisis of 2008 reshaped the US–EU–Japan triangle and put the EU in a difficult position while making the PRC more influential globally. Value/originality. The post WWII split of Eurasia served as the starting point for dividing the globe into spheres of influence and security thus shaping the development of regional integration processes worldwide. At the age of polycrisis, strengthening the civilizational roots of the European nations will contribute to building, on the one hand, the EU autonomy on the regional level, and, on the other hand, the bridge between the East and the West on the global level.</p> Svitlana Radziyevska Copyright (c) 2026 Svitlana Radziyevska https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 173 185 10.30525/2256-0742/2026-12-3-173-185 ANALYSIS OF TRENDS AND PROSPECTS FOR THE DEVELOPMENT OF THE LEGUME MARKET IN THE CONTEXT OF MODERN ECONOMIC CHALLENGES http://www.baltijapublishing.lv/index.php/issue/article/view/4076 <p>The study aims to assess current trends and prospects for the legume market, analyse factors affecting supply and demand, and identify ways to boost the industry's economic efficiency in the face of modern economic challenges. The study is reinforced by the following applied tasks: 'Development of agrobiotechnological approaches to the production of crop products to restore the fertility of soils affected by hostilities'. The study focuses on the legume market as part of agricultural production and as an element of the state's food security system. The study focuses on the economic, agroclimatic and institutional factors influencing market performance, as well as the structure of demand and supply, and the level of yield and profitability of production. Data analysis revealed that Ukraine is a leading exporter of leguminous crops in Europe. Soybeans are cultivated on 168 thousand hectares, yielding 3.4 million tons; peas on 347 thousand hectares, yielding 610 thousand tons; chickpeas on 40 thousand hectares, yielding 50 thousand tons; and beans on 45 thousand hectares, yielding 50 thousand tons. The authors' own research into crop yields at Vinnytsia National Agrarian University under conditions of economic activity proved that the yields exceeded the average Ukrainian level for soybeans (2.67 t/ha), chickpeas (3.02 t/ha), peas (4.16 t/ha) and beans (3.63 t/ha). This indicates the potential for increasing productivity. Market analysis demonstrates its sensitivity to a range of external and internal factors, including world prices, weather conditions, military risks, logistical constraints, and investment activity. A SWOT analysis reveals strengths such as favourable soil and climatic conditions, agrobiological potential and export experience, as well as weaknesses such as lower average yields compared to leading countries, limited internal processing and uneven technical support. The following strategic directions for market development are proposed: increasing yield through the introduction of zonal cultivation technologies and modern varietal composition; developing an internal programme to deal with processing based on the high added value of products; diversifying export markets and logistics; and improving state support mechanisms. The expected effects of implementing the measures are an increase in average yields by 15-25%, an increase in profitability by 10-18%, an increase in gross receipts, and a strengthening of Ukraine's export potential. This will ensure long-term food security and competitive advantages in the international market.</p> Ihor Didur Hanna Pantsyreva Yevhenii Volynets Copyright (c) 2026 Ihor Didur, Hanna Pantsyreva, Yevhenii Volynets https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 186 193 10.30525/2256-0742/2026-12-3-186-193 MACROFINANCIAL ASYMMETRY OF EU MEMBER STATES AS A FACTOR IN THE DIFFERENTIATED EFFECT OF FISCAL RULES http://www.baltijapublishing.lv/index.php/issue/article/view/4077 <p>The subject of this research is the macrofinancial asymmetry of European Union Member States and its role in the differential impact of supranational fiscal rules. This paper views supranational fiscal regulation as an institutional mechanism for coordinating fiscal policy. The effectiveness of this mechanism is determined by the structural characteristics of public finances, the state of the external sector, and the country’s status within the Economic and Monetary Union. The research is based on the principle of multilevel economic governance, which states that fiscal rules operate within a framework of both national sovereignty and supranational control. The research aims to substantiate the institutional and macrofinancial factors that determine the varying intensity of the Stability and Growth Pact's and the Excessive Deficit Procedure's disciplinary impact on EU Member States. It also aims to identify the key channels through which this impact is realised, taking into account debt burden, external imbalances and market financing constraints. The research methodology is based on systemic, institutional and structural-functional approaches, supplemented by a comparative analysis of Member States' macrofinancial indicators. Analytical and synthetic methods were employed to develop a comprehensive conceptual framework combining the flow (current account) and stock (net international investment position) dimensions of external balance. The results obtained prove that fiscal differentiation is determined by a combination of debt dynamics, financing structure and external sector performance. Countries with a surplus external position and creditor status have greater fiscal space, while those with deficits and a negative net international investment position are more dependent on external financing conditions. The conclusions demonstrate that macrofinancial asymmetry is a key structural factor in determining the effectiveness of supranational fiscal regulation, and must be considered when enhancing the EU's medium-term budgetary framework. The research's practical value lies in its ability to inform the adaptation of fiscal strategies to conditions of external vulnerability, thereby ensuring long-term debt sustainability.</p> Andriy Tymoshenko Yulia Tymoshenko Copyright (c) 2026 Andriy Tymoshenko, Yulia Tymoshenko https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 194 201 10.30525/2256-0742/2026-12-3-194-201 THE EVOLUTION OF EXCHANGE AND THE ONTOLOGY OF VALUE IN THE DIGITAL AGE: AN ECONOMIC-PHILOSOPHICAL STUDY OF THE CRYPTO-SECTOR TECHNOLOGIES http://www.baltijapublishing.lv/index.php/issue/article/view/4078 <p>Relevance. Technological innovations that are driving the digitalisation of economic life are highlighting the need for a philosophical rethink of the nature of money, trust and value. The crypto sector is a particularly interesting area for the implementation of new forms of exchange that challenge traditional ideas about the monetary system. Problem statement. The emergence of cryptocurrencies as decentralised digital assets raises a number of fundamental economic questions concerning the autonomy of money issuance, the limits of state regulation, the nature of value, new forms of trust and economic freedom. It is becoming essential to critically rethink the technological and socio-historical aspects of the formation of a new ontology of value and exchange. The purpose of the study is to establish the conditions necessary for utilising the potential of the crypto sector to overcome the crisis of confidence and reduce transaction costs. Materials and methods. The study is based on an analysis of classical and modern economic theories of money and the concepts of decentralisation and monetary competitiveness. The study's methodology includes a systemic approach, structural and functional analysis methods, a comparative historical method and a dialectical method. Results. The present study analyses the evolution of the concept of 'private money' in the digital age, with a particular focus on the ontological, technological, and sociocultural dimensions of value and trust. To this end, cryptocurrencies and other crypto instruments are used as illustrative cases. The study demonstrates that cryptocurrencies can be understood as a partial realisation of the concept of 'private money' in a digital environment, where trust is based not on institutional guarantees but on algorithmic transparency and integrity. Ontological grounds for reconsidering value, economic freedom and relative autonomy in the digital economy have been identified. Several prerequisites for utilising the crypto-sector's potential to overcome the trust crisis and reduce transaction costs have been formulated. Conclusions. The crypto-sector is a space not only for the implementation of technological and financial innovations, but also a fundamental historical challenge to traditional views of the role of the state, centralised issuance, autonomy, self-regulation, trust, and value. Further study requires an interdisciplinary approach, in which the philosophy of economics plays a key role in conceptualising new forms of economic reality. This article provides an explanation of economic and philosophical ideas on the 'denationalisation of money', offering a structural analysis of contemporary practices that implement these ideas in blockchain, cryptocurrency and smart contract concepts.</p> Oleksandr Stovpets Yevhen Borinshtein Vitaliya Gotynyan-Zhuravlova Copyright (c) 2026 Oleksandr Stovpets, Yevhen Borinshtein, Vitaliya Gotynyan-Zhuravlova https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 202 215 10.30525/2256-0742/2026-12-3-202-215 A MULTICRITERIA OPTIMISATION APPROACH FOR INVESTMENT PROJECT FUNDING http://www.baltijapublishing.lv/index.php/issue/article/view/4079 <p>This research focuses on the allocation of limited financial resources among competing investment projects using multicriteria methods, with a particular emphasis on funding procedures in which projects are evaluated according to economic, social, environmental and other policy-relevant criteria. In many practical contexts, funding agencies must decide which projects deserve support and how much of the requested budget to allocate to each one when the available budget is insufficient to finance all eligible proposals. The study aims to develop and demonstrate a transparent decision-support model that improves the flexibility and efficiency of financing investment projects by enabling funding decisions to be made on a partial rather than an all-or-nothing basis. The proposed methodology builds on an earlier multicriteria integer linear programming formulation by introducing continuous variables representing the proportion of funding granted to each project, as well as auxiliary binary variables indicating whether a project is approved. The logical relationship between approval and allocation is modelled using Big-M constraints, resulting in a mixed-integer linear programming (MILP) formulation. This model simultaneously maximises the cumulative evaluation scores under each criterion and the number of supported projects while ensuring that the total budget constraint is satisfied. As these objectives may be in conflict with one another, the weighted-sum method is employed to generate Pareto-optimal funding plans. Two procedures for generating weights are considered: systematic iterative stepping over the unit simplex, and quasi-random Sobol-sequence-based generation. To inform the final decision, the global criterion method is used to select the Pareto solution that is closest to the utopian point. The model was implemented in MATLAB using the intlinprog solver and tested on an illustrative dataset comprising eleven investment projects evaluated under three criteria, subject to a fixed total budget. The results show that the partial-funding formulation increases the practical flexibility of the allocation process, offering more options than the original integer-only model. In the binary case, the selected solution may leave part of the budget unused because no additional project can be fully financed. However, the proposed MILP formulation allows the remaining budget to be allocated in fractions, ensuring full utilisation of the budget and enabling support for additional or higher-ranked projects. Computational experiments indicate that this added flexibility does not substantially increase solution time, and may even improve average runtime in the examined setting. The main conclusion is that partial funding provides a more realistic and efficient framework for selecting investment projects under multiple criteria. Nevertheless, the study also shows that unrestricted fractional allocations may result in funding shares that are too small to be meaningful in practice. Therefore, future refinements should include minimum funding thresholds and other policy constraints to ensure that mathematically efficient solutions can be implemented in real financing programmes.</p> Ivan Georgiev Borislav Chakarov Slavi Georgiev Copyright (c) 2026 Ivan Georgiev, Borislav Chakarov, Slavi Georgiev https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 216 222 10.30525/2256-0742/2026-12-3-216-222 THE ECONOMIC SECURITY OF THE CRIMINAL JUSTICE SYSTEM IN UKRAINE: LESSONS FROM THE PAST AND PROSPECTS FOR EU INTEGRATION http://www.baltijapublishing.lv/index.php/issue/article/view/4080 <p>The subject of this study is the economic security of Ukraine's criminal justice system, as seen through the lens of past experiences and prospects for integration into the European Union. This article aims to identify the potential for achieving a satisfactory level of economic security within the criminal justice system in the context of European integration. The methods employed to achieve this objective included hermeneutics, analysis, systemic-structural approaches, and comparative methods. The results of the study underscore the necessity of further developing the system to bolster the economic safeguards of the criminal justice system, especially in anticipation of Ukraine’s accession to the European Union. Conclusion. Research has found a close, two-way link between a state’s economic security and that of its justice system, particularly its criminal justice system. This link lies in the interdependence of these two forms of security. The state budget deficit poses a significant threat to the economic security of the judiciary because it is entirely funded through budgetary allocations. In this context, an analysis was conducted of the expenditure side of the state budget for the general needs of the judicial system for the years 2023–2026. This analysis revealed that funding for this sector has increased annually throughout the period under review. The study supports the identification of two fundamental approaches to countering the 'economic starvation' of the criminal justice system: increasing funding for the justice system and the prudent use of resources. The present study examines the impact of the targeted use of international aid received through co-operation with the European Union on ensuring the economic stability of the justice system. In this context, the 'Ukraine Facility' programme, which currently provides financial support for European integration processes, has been highlighted. The article therefore provides an example of how Ukraine’s accession requirements to the European Union can benefit the economic component of the criminal justice system by digitising the judicial system through the introduction and operation of the Unified Judicial Information and Communication System.</p> Dmytro Baranenko Volodymyra Dobrovolska Yevgen Yakovykh Copyright (c) 2026 Dmytro Baranenko, Volodymyra Dobrovolska, Yevgen Yakovykh https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 223 228 10.30525/2256-0742/2026-12-3-223-228 FROM CONTROL TO EMPOWERMENT: HOW DELEGATION, TRUST, AND PSYCHOLOGICAL SAFETY INTERACT IN ALBANIAN LEADERSHIP http://www.baltijapublishing.lv/index.php/issue/article/view/4081 <p>Does delegation create psychological safety? In many Western settings, the evidence suggests that it does. In Albania, however, the relationship is less clear-cut. Using data from 157 Albanian employees, testing of the Intelligent Delegation Model revealed that delegation strengthens trust, which in turn supports psychological safety. However, the process does not extend beyond this. Psychological safety did not result in better outcomes, and high-quality communication undermined the trust-building effect of delegation. When managers delegate and communicate intensively, Albanian employees may interpret this as inconsistent, seeing it as more akin to control than empowerment. This suggests that Western leadership theories cannot be applied unchanged in different contexts. In high power-distance, post-socialist environments, effective delegation may require granting genuine autonomy, which may entail limiting managerial communication rather than increasing it. Therefore, organisations should adapt their empowerment practices to local cultural expectations instead of importing global 'best practices' that may have unintended consequences.</p> Mimoza Manxhari Marsela Çengeli Liridon Veliu Copyright (c) 2026 Mimoza Manxhari, Marsela Çengeli, Liridon Veliu https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 229 243 10.30525/2256-0742/2026-12-3-229-243 EPOCHAL CHANGES INFLUENCING THE WORLD OF WORK: A SYSTEMATIC LITERATURE REVIEW OF IMPLICATIONS FOR HUMAN RESOURCE MANAGEMENT http://www.baltijapublishing.lv/index.php/issue/article/view/4082 <p>This scoping review systematically analyses the significant influence of epochal transformations, principally the Fourth Industrial Revolution (Industry 4.0), demographic transitions and the shift towards service- and knowledge-intensive economies, on human resource management (HRM) practices and professional roles. In accordance with PRISMA guidelines, the methodology involved a thorough search of relevant academic databases using Boolean operators to combine keywords. The inclusion criteria encompassed peer-reviewed, methodologically rigorous studies that were directly pertinent to the research scope. Sources lacking peer review or methodological robustness were excluded. The findings suggest that Industry 4.0 technologies can automate HR functions such as recruitment and performance appraisal, enable data-driven talent analytics and boost employee engagement, provided they are implemented strategically. However, adoption also introduces risks, including technostress, burnout and increased staff turnover due to digital overload. Demographic shifts necessitate the development of inclusive policies, flexible working arrangements, continuous skills development initiatives and effective intergenerational management strategies. The transition towards a knowledge economy requires agile competency frameworks and competency-based assessment models, as well as the development of human-centred organisational cultures. HR professionals are evolving into strategic partners who require competencies in digital literacy, change management, AI integration and ethical data governance. Organisations should implement balanced digital transformation strategies that incorporate safeguards for well-being, invest in continuous learning, foster inclusive frameworks and modernise performance management and reward systems. Cultivating ethical organisational cultures remains paramount. HR practitioners should develop expertise in data analytics, AI governance and strategic foresight. Proposed areas of future research include the integration of Industry 5.0 paradigms, strategies for mitigating technostress, the analysis of the cross-cultural impact of digitalisation, and the development of metrics for evaluating the effectiveness of HRM within digitised work environments.</p> Samuel Bangura Copyright (c) 2026 Samuel Bangura https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 244 254 10.30525/2256-0742/2026-12-3-244-254 THE TRANSFORMATION OF UKRAINE’S AGRICULTURAL LABOUR MARKET IN THE CONTEXT OF WAR AND A DEMOGRAPHIC CRISIS: AN ECONOMIC AND LEGAL ANALYSIS http://www.baltijapublishing.lv/index.php/issue/article/view/4083 <p>Research into the issue of rural employment in wartime is becoming particularly relevant. Equally important in the current context is the analysis of demographic trends in rural areas, the identification of the main factors contributing to the decline in the rural population, and the conduct of an economic and legal assessment of rural unemployment and the employment of women in agriculture. It is precisely these issues that are addressed in this article, the aim of which is to provide an economic and legal analysis of the labour market in agriculture. The methodological framework of this study was based on the following methods of scientific inquiry: philosophical (dialectical), general scientific (formal-logical method, analytical method, statistical method of data processing and analysis) and specialised scientific (formal-legal and comparative-legal methods). The research has established that, as in the pre-war period, the process of depopulation of rural areas is continuing in Ukraine today. The statistical analysis carried out demonstrates the catastrophic rate at which the rural population is declining. The main factors behind this continue to be: a high mortality rate and a relatively low birth rate, as well as ongoing migration, driven not only by the population’s poor living conditions but also by the military operations taking place within Ukraine. To improve the demographic situation in rural areas, it is considered appropriate to develop a set of measures aimed at developing their social and engineering infrastructure, improving the provision of healthcare, education and other services to residents, and so on. This should be carried out within the framework of the state policy on rural development. It has been established that current Ukrainian agricultural legislation contains no provisions regarding the need to address demographic problems in rural areas. To address this shortcoming, it is proposed that strategies for helping rural areas emerge from the demographic crisis be included in strategic documents setting out measures for Ukraine’s demographic development. It has been demonstrated that, when assessing the current agricultural labour market, it is important to take into account factors such as: the inclusion of members of private peasant households in the category of the employed population; the high level of hired labour used without proper registration; the increased demand for women to perform traditionally male-dominated jobs (tractor driver, lorry driver, etc.). The latter has significantly expanded the opportunities for them to exercise their right to employment. However, the effectiveness of such implementation must depend directly on ensuring safe working conditions, effective monitoring of compliance with labour legislation, and striking a balance between the principle of gender equality and the need to protect women’s health. These considerations must be taken into account not only in current legislation but also in future legislation, in particular in the new codification of labour law.</p> Olena Hafurova Volodymyr Yermolenko Tamara Novak Copyright (c) 2026 Olena Hafurova, Volodymyr Yermolenko, Tamara Novak https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 255 266 10.30525/2256-0742/2026-12-3-255-266 ECONOMIC SOVEREIGNTY OF THE INDIVIDUAL AS A COMPONENT OF THE FIFTH GENERATION OF HUMAN RIGHTS http://www.baltijapublishing.lv/index.php/issue/article/view/4084 <p>This article examines the concept of individual economic sovereignty in the context of the fifth generation of human rights, taking into account the changes brought about by the spread of digitalisation and algorithmic governance. It argues that past human rights frameworks, especially second-generation socio-economic rights, do not adequately address how individuals participate in the modern economy. Digital platforms, algorithms, and data processing systems are reshaping markets, financial services, businesses, and jobs. The focus is on the transition from formal recognition of rights to their substantive enforcement. This article examines the complex legal status of individual economic sovereignty, including the management of income, assets, and labour potential, as well as the independent development and implementation of economic strategies. In addition, the economic value of intangible resources in the digital age is highlighted, especially the control of digital identity and personal data. Practicability is assessed. This category highlights the complexity of the system and reflects the shift from a state-based model of rights enforcement to one that includes private technological actors and infrastructure. This study draws its theoretical framework from human rights thinking that originated in the work of Karel Vasak and evolved in contemporary doctrinal developments, distinguishing between fourth and fifth-generation rights. Challenges associated with the platform economy include protecting labour rights, control over data as an economic resource, access to digital infrastructure, ensuring privacy as a requirement for autonomous economic behaviour, tackling algorithmic discrimination, and ensuring cross-border data processing and digital tax. The essence of economic sovereignty is carefully examined. This study shows that legal standards, technological system design, and the effectiveness of institutional protective measures are closely linked. In the case of Ukraine, the dissent argues that the protection of economic rights and freedoms is becoming more complex due to the digital economy, financial technologies, and increased integration into the European legal system. It concludes that the country’s legislation needs to be amended to account for algorithmic governance. This includes improving the protection of personal data, simplifying the process of challenging automated decisions, and creating special protections for those who engage in non-standard activities. Finally, it is important to note that the concept of personal economic sovereignty has theoretical and practical advantages that redefine human rights in the high technology era. The subject of this study is the economic sovereignty of the individual as a legal and theoretical construct within the fifth-generation human rights framework, including its content, structural elements, and implementation mechanisms in the context of digitalisation, platform-based economic relations, and algorithmic governance. Methodology. In this study, we investigated the digital economy elements of individual economic sovereignty using a multifaceted legal framework combining general scientific and legal methods. Within this theoretical model, both doctrinal and legal methods were used to examine the role of individual economic sovereignty. The fifth generation of human rights thinkers belongs to this generation. We were able to compare Ukrainian laws with those of other regions and countries regulating digital rights, personal data protection, algorithmic governance, and employment practices on platforms using similar legislative frameworks. The EU, the UN, the ILO, and the OSCE have responsibility for these regions and countries. We were able to assess the extent to which the Ukrainian legal system adapts to the challenges posed by the growth of the digital economy and identify relevant institutional differences. The analytical method allowed us to identify key elements of personal economic sovereignty, such as data ownership, financial independence, access to digital infrastructure, protection of labour rights in the platform economy, and algorithmic systems that ensure privacy and non-discrimination. Traditional socio-economic rights were integrated with a modern digital legal framework to create an integrated theoretical and legal model of economic sovereignty. An inductive approach was used to summarise current trends in digital platforms, algorithmic governance, and cross-border data processing, while a deductive approach was used to identify general trends in the transformation of human rights in the digital economy. The systems approach allows us to recognise that individual economic sovereignty is only one element of a complex legal and economic system in which state bodies, private digital platforms, and international regulatory mechanisms interact. In addition, a functional approach was used to examine how effectively legal norms ensure individuals’ actual economic autonomy and how effectively legal protection systems influence decision-making algorithms. Thus, important decisions were made on improving legal policy, including incorporating digital elements into human rights frameworks and adapting legal regulation to modern technological needs. This article aims to develop a comprehensive theoretical and legal understanding of economic sovereignty of the individual as a fifth-generation element of human rights, defining its content, structural dimensions and distinctiveness in the context of digitalisation, platform economy and algorithmic management, in the Ukrainian legal order, to ensure effectiveness. Implementing individual economic autonomy in the digital economy. The results. Given the changing nature of economic relations in the era of digitalisation, the platform economy, and algorithmic governance, research demonstrates the importance of personal economic sovereignty as a conceptually important component. Digital infrastructure and algorithmic solutions enhance access to economic opportunities, which means that traditional socioeconomic rights cannot fully guarantee genuine individual autonomy. According to proponents, economic sovereignty entails an improved legal position and the ability to independently implement economic strategies, control resources, and manage digital identity and personal data as valuable economic assets. Its key features are described as financial independence, privacy, non-discrimination in algorithmic systems, protection of platform economy workers’ rights, and access to digital infrastructure. While laws are important, economic sovereignty also depends on technological conditions, commercial platforms, and the effectiveness of legislative guarantees. Strengthening data protection, ensuring automated judicial decisions, and regulating platform labour procedures all demonstrate that Ukrainian legislation must adapt to the digital economy. Clearly, concepts of personal economic sovereignty are crucial to rethinking human rights in the digital age and developing a human-centred legal order. Conclusion. As human rights evolve in the digital economy, one significant legal concept is individual economic sovereignty. Data control, algorithmic governance, and access to digital infrastructure are some of the newer topics included in this material, which expands beyond more conventional socioeconomic rights. Recognising rights formally is only half the battle; technological systems and legal protection mechanisms must also be in working order for this sovereignty to be enforced. One way to make sense of the new kinds of digital reliance and freedom restrictions is to include individual economic sovereignty in the human rights discourse of the fifth generation. Here, existing legal institutions should be adapted to contemporary technological circumstances, and new legal regulations should strive to guarantee people's true economic autonomy.</p> Victoria Prodan Veronica Berch Ivan Shved Copyright (c) 2026 Victoria Prodan, Veronica Berch, Ivan Shved https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 267 273 10.30525/2256-0742/2026-12-3-267-273 ADMINISTRATIVE AND LEGAL REGULATION OF ONLINE MEDIA ECONOMIC ACTIVITY IN UKRAINE UNDER DIGITAL TRANSFORMATION http://www.baltijapublishing.lv/index.php/issue/article/view/4086 <p>The article is devoted to a comprehensive study of the administrative and legal regulation of the economic activity of online media in Ukraine under conditions of digital transformation and European integration. The relevance of the topic is determined by the rapid development of the digital media market, the growing role of online media as actors within the digital economy, the expansion of platform-based content distribution models, the increasing use of artificial intelligence technologies, and the strengthening dependence of media outlets on the algorithmic infrastructure of global digital platforms. Of particular importance is the formation of an effective model of administrative and legal regulation capable of ensuring a balance between freedom of expression, the economic sustainability of the media sector, transparency of digital advertising, protection of personal data, and the need to safeguard state information security under martial law. The purpose of the study is to determine the legal nature of online media as subjects of economic activity, to analyse the administrative and legal mechanisms governing their functioning within the digital environment, to examine the influence of the platform economy, digital advertising, personalization, and artificial intelligence technologies on contemporary online media business models, as well as to substantiate promising directions for the modernization of Ukrainian legislation in accordance with European digital standards. The study establishes that contemporary online media in Ukraine operate as full-fledged participants in the digital economy, whose economic activity is based on a combination of advertising, subscription, donation-based, platform, and service monetization models. It is demonstrated that the adoption of the Law of Ukraine On Media constituted an important stage in the institutionalization of online media and in the formation of a new model of their administrative and legal regulation based on the combination of voluntary registration, transparency mechanisms, procedural oversight, and differentiated state supervision. The article substantiates that the economic sustainability of online media increasingly depends on platform algorithms, digital advertising, content personalization, and the use of user data, which requires administrative and legal regulation to take into account not only the content-related dimension of media activity, but also the platform-economic nature of the contemporary digital media environment. It is established that a prospective model of online media regulation should combine the principles of media freedom, due administrative procedure, transparency of algorithmic practices, protection of personal data, and fair competition within the digital environment. The scientific novelty of the study lies in the comprehensive analysis of the administrative and legal regulation of the economic activity of online media as a component of the digital economy, as well as in identifying the impact of platform dependency, digital advertising, personalization, and artificial intelligence on the transformation of contemporary media law. The practical significance of the results consists in the possibility of their application in the process of improving Ukrainian media legislation, developing co-regulatory mechanisms for the digital environment, harmonizing national legislation with the Digital Services Act, the European Media Freedom Act, and the Audiovisual Media Services Directive, as well as in shaping a modern service-oriented model of public administration in the field of digital media.</p> Liudmyla Borovyk Andrii Havryliuk Victoriya Valko Copyright (c) 2026 Liudmyla Borovyk, Andrii Havryliuk, Victoriya Valko https://creativecommons.org/licenses/by/4.0 2026-07-03 2026-07-03 12 3 274 283 10.30525/2256-0742/2026-12-3-274-283