Mykola Biloshkurskyi

Micro, Small, and Medium Enterprises (MSMEs), although they make up the bulk of enterprises in Nigeria, have shown uneven competitiveness in product output and size. This study aimed to examine the capacity needed to improve MSME competitiveness, with a focus on Lagos State. This research used an exploratory mixed-method design based on a cross-sectional survey of 100 manufacturing companies, key informant interviews, and national baseline information from SMEDAN and NBS. The results showed that for MSMEs, personal savings are a huge source of funding, and government credit is needed, but it is not sufficient. Together, these factors – poor managerial skills, technological underdevelopment, weak infrastructure, less market orientation, and restricted R&D capability – limit boundary upgrading. In this study, a capability-institution alignment perspective is developed, arguing that resources only increase competitiveness when they can be used in the context of supporting public and market institutions. Evidence highlights the importance of integrated interventions, which include providing affordable finance alongside business development services, digital and production upgrading, and the certification of standards, as well as delivery by local governments. These priorities relate to SDG 8 and support SDG 9 and SDGs 5, 10, 11, and 12.

This article provides a comprehensive analysis of financial stability and the fiscal and monetary factors underpinning Ukraine’s economic security amid the martial law imposed on February 24, 2022, as a result of the Russian Federation’s full-scale aggression. The study covers the period from 2022 to 2026 and is based on the systematization of macrofinancial indicators, an assessment of fiscal balance, an analysis of the structure of international financing, and the implications of monetary policy. The study draws on official data from the World Bank, the International Monetary Fund, the National Bank of Ukraine, the European Commission, and other institutions. It was found that following a 28.8% decline in real GDP in 2022, the financial system adapted to the shocks of the war and entered a phase of gradual macroeconomic stabilization. The key factors in maintaining financial stability were large-scale international financial and military support, the NBU’s tight monetary policy to control inflation, business adaptability, and the digitization of government financial services. At the same time, systemic financial and structural risks remain: a high government budget deficit, significant dependence on external concessional financing, energy vulnerability, and a shortage of qualified personnel. Strategic directions for strengthening fiscal and budgetary security are substantiated, including the diversification of capital-raising sources, support for the defense-industrial sector, incentives to encourage the return of the labor force, and the deepening of European integration. It is concluded that Ukraine’s financial system remains vulnerable during the war but demonstrates a high level of adaptability, which lays the groundwork for reconstruction provided that the security environment stabilizes.

This article is devoted to a comprehensive analysis of financial instruments for supporting startups in Ukraine and the European Union. The study examines key sources of funding for innovative enterprises, including government grant programs, venture capital, blended finance mechanisms, as well as institutional instruments implemented under the Horizon Europe and European Innovation Policy programs. Particular attention is paid to the role of the European Innovation Council as a central element in supporting high-risk technology startups, combining grant and investment components. The paper conducts a comparative analysis of the financial instruments of the European Union and Ukraine in terms of their accessibility, scale, and effectiveness in influencing the development of innovation ecosystems. It has been established that European Union countries have developed a multi-level financing system that covers all stages of startup development—from the initial idea to scaling up—whereas in Ukraine, support is focused primarily on the early stages and has a limited financial scope. The study’s findings show that combining grant instruments with investment mechanisms helps reduce risks for entrepreneurs, stimulate the attraction of private capital, and accelerate the commercialization of innovations. At the same time, key limitations of the Ukrainian system have been identified, including the underdeveloped venture capital market, limited access to large-scale investments, and insufficient integration into international financial programs. The article justifies the need to develop a comprehensive model for supporting startups in Ukraine that combines government funding, international instruments, and the development of private investment. The findings can be used to improve government policy in the field of innovation and enhance the competitiveness of the national economy.

Behavioral factors determine the choice of an investment strategy on the stock market and influence the adoption of investment decisions by investors. The relevance of the study is due to the need to highlight the importance of behavioral factors that determine the motives and decisions regarding investments in various types of financial instruments. The paper uses methods of analysis and synthesis to group the main rational and irrational factors of investor behavior, and analyze the dynamics of the stock market of Ukraine. The article examines the dynamics of the development of the stock market of Ukraine with a focus on the determinants of the investment behavior of participants (banks, investment, brokerage, insurance companies, hedge funds, venture funds, etc.). It is established that the securities market is characterized by a low level of liquidity, a low level of capitalization of the corporate segment, and is formed at the expense of domestic government bonds in the conditions of an increase in their weighted average yield after 2022. The yield of government bonds is one of the determining factors that determines the rationality of the behavior of financial corporations and financial intermediaries in the capital market. As a result, stock market participants apply moderate, conservative, and defensive investment strategies, preferring government bonds over stocks and corporate bonds. It has been determined that the irrational behavior of investors is formed under the influence of cognitive biases, such as fear of financial losses, imitation of collective behavior, anchoring effect, and fear of loss of financial benefits.

Digitalization in the stock market and the use of innovative data processing and analysis technologies have led to the emergence of new approaches to the formation of investment portfolios of different types of investors. The purpose of the article was to identify modern approaches to the formation of investment portfolios of different types of investors (retail, professional) in the context of the development of new technological sectors. It is proposed to consider an investment portfolio as a set of financial assets owned by an investor for a certain period of time and with a certain level of profitability depending on the level of risks taken. It is determined that the use of digital solutions in the formation of an investment portfolio contributes to a more rational approach to the selection of assets, reduces transaction costs for the acquisition of assets and increases the level of diversification of acquired financial assets. Under the influence of the digitalization of the economy and the emergence of new technological companies and startups, investors apply a dynamic approach to the formation of a highly diversified investment portfolio, combining in it the assets of exchange-traded investment funds, shares of companies from high-tech sectors and alternative assets (cryptocurrencies). A high level of prevalence of passive investment strategies through exchange-traded funds, an increase in the level of investment in shares of technology companies in new sectors of the economy, and a tendency to invest in high-risk and high-yield digital assets were revealed. It was found that digitalization and data analytics on digital platforms allow the development of personalized investment solutions using the recommendations of robo-advisors. The latter allows for a more balanced approach to investment based on rational, well-founded decisions made on the basis of data analytics. It was found that the use of algorithmic trading is a common phenomenon, which provides high liquidity in the stock market and minimizes risks for professional investors.

This study examines the role of social capital in enhancing adaptive capacity in tourism villages, focusing on Pujon Kidul Village, Indonesia, as a single case study centered on local residents. Although previous studies associate social capital with community resilience, empirical evidence remains inconclusive regarding which dimensions are most influential and how they shape adaptive governance in tourism village contexts. This study assesses the effects of reciprocity, trust in government actors, social networks, and perceived power on community adaptability. A quantitative approach was employed using Structural Equation Modeling with Partial Least Squares. Data were collected from 160 household heads through a structured questionnaire, with informed consent obtained and responses anonymized. The results indicate that the model explains 47.8% of the variance in adaptive capacity. Social networks and perceived power have significant positive effects on adaptive capacity, whereas reciprocity and trust in government actors do not show direct effects. These findings suggest that internal social dynamics, particularly, collaboration, empowerment, and community participation, play a more decisive role in strengthening resilience than institutional trust in this context. The study contributes theoretically by refining the concept of adaptive capacity through the integration of social capital dimensions with sustainability transition and resilience perspectives. Its novelty lies in highlighting the combined importance of social networks and perceived power as key foundations of adaptive governance in rural communities. Practically, the findings provide evidence‐based insights for inclusive and participatory rural development policies that support the achievement of Sustainable Development Goals 8, 11, and 13.

Rural communities in Indonesia are experiencing rapid socio-economic transitions driven by agricultural modernization, tourism expansion, and shifting livelihood structures. Understanding how internal community assets, particularly human capital and social capital, shape these transitions is essential for advancing sustainable development. This study investigates the roles of human and social capital in enhancing rural sustainability and community well-being, framing the analysis within the United Nations Sustainable Development Goals (SDGs). Using a mixed-methods approach that integrates Partial Least Squares Structural Equation Modeling (PLS-SEM; n = 214) with qualitative field insights, the study compares two contrasting village contexts: an agritourism community (Sidomulyo Village) and an organic-farming community (Lombok Kulon Village). Findings indicate that human and social capital significantly shape rural sustainability through distinct, context-dependent development pathways. In agritourism village settings, social capital (R² = 0.46 (Lombok Kulon) and 0.29 (Sidomulyo))—manifested through trust, shared norms, and cooperative networks—serves as the primary driver supporting SDG 8 (Decent Work and Economic Growth) and SDG 11 (Sustainable Cities and Communities) by fostering collective governance and diversified local economies. In contrast, the organic-farming community relies more strongly on human capital—agricultural knowledge, skills, and adaptive capacities, which reinforces food security and ecological resilience in alignment with SDG 2 (Zero Hunger) and SDG 12 (Responsible Consumption and Production). The model explains 57% of community-welfare variance in Lombok Kulon and 64% in Sidomulyo. The study contributes theoretically by linking capital formation to rural transformation pathways and provides policy-relevant insights for community empowerment, sustainable rural development.

The contemporary global landscape, marked by geopolitical conflicts, economic disruptions, and technological advancements, underscores the critical interplay between innovative business environments and human security, particularly in wartime conditions. Wartime contexts, characterized by instability, resource scarcity, and heightened risks, pose unique challenges to both economic systems and human well-being. However, they also create opportunities for innovation-driven resilience, where businesses adapt to adversity through technological, organizational, and financial innovations. This chapter establishes the theoretical foundations for understanding how an innovative business environment can strengthen human security in such conditions, with a focus on integrating concepts from economic, technological, and security studies. Drawing on interdisciplinary perspectives, it defines key terms, explores theoretical models, and contextualizes the discussion within wartime challenges, particularly those faced by Ukraine since the Russia-Ukraine conflict began in 2022.

Tourism is one of the government's leading sectors that contributes significantly to the country's foreign exchange receipts. One of the strategies of the tourism sector to continue to trigger economic growth is to develop sustainable tourism through the Tourism Village program. Tourism village development requires the collective involvement of local communities to ensure the program's sustainability. The availability and utilization of social capital influence community participation in tourism development. This study aims to identify how social capital affects community participation in developing the Bejijong Tourism Village program. The population in this study includes the heads of families of tourism actors, with a total sample of 279 households. The variables used are social capital variables consisting of social networks, trusts, social norms, and participation variables at the implementation stage. The analysis used is the Structural Equation Model (SEM) to determine the constituent factors contributing to each variable, thereby facilitating an understanding of the specific factors that merit attention for improvement and those that should be upheld to optimize tourism performance. The results of the analysis show that social capital significantly influences community participation. The better the social capital in Bejijong Village, the more people will be willing to participate in developing tourism villages. The social capital variable with the highest influence on participation is the trust variable. Therefore, the community must uphold the optimality of factors influencing trust for the sustainability of tourism development.