On the question of financial support for business during the war (Ukrainian case)
Keywords:
Ukraine, financial support, business, military invasion, innovative and sustainable development.
Abstract
The military invasion of Ukraine is accompanied by the infrastructure destruction, territories occupation, forced migration, a catastrophic drop in GDP, high inflation rates etc. Domestic business is one of the most important sources of tax revenues for the state budget, and therefore the question of its support during martial law is relevant and timely. The purpose of the article is to study the impact of the Russian invasion of Ukraine on the domestic economy, in particular, to determine the consequences for business entities and to assess the measures and volumes of financial support for businesses during the war, as well as to determine the priority directions for further financing of businesses. The scientific methods used: analysis, synthesis, graphic and statistical methods, the method of establishing cause-and-effect relationships. As a result of the research, the current state of the Ukrainian economy was determined and areas of support for businesses were considered. The novelty of the research is the proposal of priority directions for financing of businesses in wartime conditions, in particular financing of innovative and sustainable development. The practical results of the study can be used by businesses and the government to determine the main directions of adaptation to military conditions.
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References
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Spence M. (2021). Government and economics in the digital economy. Journal of Government and Economics, 3, 100020. https://doi.org/10.1016/j.jge.2021.100020
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van Meijl, H., Bartelings, H., van Berkum, S., Cui, D., Smeets-Kristkova, Z. & van Zeist, W. J. (2022). Impacts of the conflict in Ukraine on global food security. Wageningen Economic Research, 2022-052. Recovered from https://library.wur.nl/WebQuery/wurpubs/599055
Zolkover, A. O., Rusina, Y. O., Bielialov, T. E. & Neseniuk, E. S. (2020). The Influence of Innovative Potential on Gross Production and Economic Security: Regional Analysis. International Journal of Management, 11(4). Recovered from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3601566
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Antezza, A., Frank, A., Frank, P., Franz, L., Rebinskaya, E., & Trebesch, C. (2022). Which countries help Ukraine and how? Introducing the Ukraine Support Tracker. Kiel Working Paper, 2218. https://hdl.handle.net/10419/253673
Astrov, V., Ghodsi, M., Grieveson, R., Holzner, M., Kochnev, A., Landesmann, M., & Bykova, A. (2022). Russia’s invasion of Ukraine: assessment of the humanitarian, economic, and financial impact in the short and medium term. International Economics and Economic Policy, 1-51. https://doi.org/10.1007/s10368-022-00546-5
Bahn, R. A., Yehya, A. K., & Zurayk, R. (2021). Digitalization for Sustainable Agri-Food Systems: Potential, Status, and Risks for the MENA Region. Sustainability, 13(6), 3223. https://doi.org/10.3390/su13063223
Bobasu, A., & De Santis, R. A. (2022). The impact of the Russian invasion of Ukraine on euro area activity via the uncertainty channel. Economic Bulletin Boxes, 4. https://ideas.repec.org/a/ecb/ecbbox/202200042.html
Chepeliev, M., Hertel, T. W. & van der Mensbrugghe, D. (2022). Cutting Russia’s fossil fuel exports: Short-term pain for long-term gain. SSRN. http://dx.doi.org/10.2139/ssrn.4081300
Ciuriak, D. (2022). The Economic Consequences of Russia’s War on Ukraine. Verbatim, CD Howe Institute, 11. http://dx.doi.org/10.2139/ssrn.4067766
Davies, P. (2022). Cyber espionage is key to Russia’s invasionof Ukraine – The international community is fighting back. Euronews. Recovered from https://www.euronews.com/next/2022/03/09/cyberespionage-is-key-to-russia-s-invasion-of-ukraine-the-international-community-is-fight
Diia (n.d.). Government services online. Retrieved August 25, 2022, from https://diia.gov.ua/
Ihnatenko Р. (2022). Target advertising technologies: essence and efficiency. Financial and Credit Activity Problems of Theory and Practice, 1(42), 428–435. https://doi.org/10.55643/fcaptp.1.42.2022.3715
Law of Ukraine № 2120-IX. On Amendments to the Tax Code of Ukraine and other legislative acts of Ukraine regarding the validity of norms for the period of martial law. Verkhovna Rada of Ukraine. Retrieved August 25, 2022, from https://zakon.rada.gov.ua/laws/show/2120-20#Text
Law of Ukraine (project) № 9015. On the Strategy of Sustainable Development of Ukraine until 2030. LIGA360, Retrieved August 25, 2022, from https://ips.ligazakon.net/document/JH6YF00A?an=332
Lim, W.M., Chin, M.W.C., Ee, Y.S., Fung, C.Y., Giang, C.S., Heng, K.S., & Weissmann, M.A. (2022). What is at stake in a war? A prospective evaluation of the Ukraine and Russia conflict for business and society. Global Business and Organizational Excellence, 1-14. https://doi.org/10.1002/joe.22162
Lioutas, E.D., Charatsari, C., & De Rosa, M. (2021). Digitalization of agriculture: A way to solve the food problem or a trolley dilemma? Technology in Society, 67, 101744
Melnyk, T. Yu. (2022). State support and stimulation of business development in Ukraine during martial law. Economy, management and administration [Ekonomika, upravlinnia ta administruvannia], 2(100), 3-11. (In ukranian)
Order of the Cabinet of Ministers of Ukraine № 67. On the Approval of the Concept of Development of the Digital Economy and Society of Ukraine for 2018-2020 and the Approval of the Action Plan for its Implementation. Verkhovna Rada of Ukraine, January 17, 2018. Retrieved August 25, 2022, from https://zakon.rada.gov.ua/laws/show/67-2018-р#Text
Ozili, P. K. (2022). Global economic consequence of Russian invasion of Ukraine. SSRN, 1-27. http://dx.doi.org/10.2139/ssrn.4064770
Patt, A. & Steffen, B. (2022) A historical turning point? Early evidence on how the Russia-Ukraine war changes public support for clean energy policies. Energy Research & Social Science, 91, 102758. https://doi.org/10.1016/j.erss.2022.102758
Prohorovs, A. (2022). Russia’s War in Ukraine: Consequences for European Countries’ Businesses and Economies. Journal of Risk and Financial Management, 15(7), 295. https://doi.org/10.3390/jrfm15070295
Sakun, O. S., Shchur, R. I. & Matskiv, V. V. (2022). Financial aspects of supporting the business sector of Ukraine under martial law. Actual problems of the economic development of the region [Aktualni problemy rozvytku ekonomiky rehionu], 1(18), 50-60. https://scijournals.pnu.edu.ua/index.php/aprde/article/view/6096
Spence M. (2021). Government and economics in the digital economy. Journal of Government and Economics, 3, 100020. https://doi.org/10.1016/j.jge.2021.100020
State Statistics Service of Ukraine. (n.d.). Official site. Gov.Ua. Retrieved August 25, 2022, from https://www.ukrstat.gov.ua/
van Meijl, H., Bartelings, H., van Berkum, S., Cui, D., Smeets-Kristkova, Z. & van Zeist, W. J. (2022). Impacts of the conflict in Ukraine on global food security. Wageningen Economic Research, 2022-052. Recovered from https://library.wur.nl/WebQuery/wurpubs/599055
Zolkover, A. O., Rusina, Y. O., Bielialov, T. E. & Neseniuk, E. S. (2020). The Influence of Innovative Potential on Gross Production and Economic Security: Regional Analysis. International Journal of Management, 11(4). Recovered from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3601566
Zscheischler, J., Brunsch, R., Rogga, S., & Scholz, R. W. (2022). Perceived risks and vulnerabilities of employing digitalization and digital data in agriculture–Socially robust orientations from a transdisciplinary process. Journal of Cleaner Production, 358, 132034. https://doi.org/10.1016/j.jclepro.2022.132034
Published
2022-08-30
How to Cite
Shaleny, V., Shtefan, N., Krylova, O., Myronchuk, V., & Tsurkan, I. (2022). On the question of financial support for business during the war (Ukrainian case). Amazonia Investiga, 11(54), 232-242. https://doi.org/10.34069/AI/2022.54.06.22
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