DOI: 10.46340/eujem.2024.10.1.2
Ivan Zayukov, Doctor of Economic Sciences
Vinnytsia Institute of Trade and Economics of State University of Trade and Economics, Vinnytsia, Ukraine
Hennadii Mazur, Doctor of Economic Sciences
Vasyl’ Stus Donetsk National University, Vinnytsia, Ukraine
Serhii Kozlovskyi, Doctor of Economic Sciences
Vasyl’ Stus Donetsk National University, Vinnytsia, Ukraine
Ruslan Lavrov, Doctor of Economic Sciences
T. H. Shevchenko National University «Chernihiv Colehium», Kyiv, Ukraine
Matsyuk Vladyslav
Vinnytsia Institute of Trade and Economics of State University of Trade and Economics, Vinnytsia, Ukraine
How to cite: Zayukov, I., Mazur, H., Kozlovskyi, S., Lavrov, R. & Matsyuk, V. (2024). The Influence of the Net Financial Result of the Activities of the State Enterprises of Ukraine on the Efficiency of the Use of their Capital in the Corporate Management System. European Journal of Economics and Management, 10, 1, 15-25. https://doi.org/10.46340/eujem.2024.10.1.2
Abstract
Increasing the efficiency of corporate management of state-owned enterprises in the current military conditions of Ukraine is an important factor in ensuring an increase in their profitability. The increase in the rate of return on equity is a guarantee of further socio-economic development of state-owned enterprises. The purpose of the article is to study the relationship between the net financial results of the activities of state-owned enterprises and the profitability of their capital as an important task of improving the efficiency of corporate management of state-owned enterprises of Ukraine. Systematization of the main data on the state companies of Ukraine, which were selected for analysis, was carried out, in particular: LLC “Gas supply company “Naftogaz of Ukraine”; National Energy Company “Ukrenergo”; State enterprise “National Atomic Energy Generating Company “Energoatom”; Public joint-stock company “Ukrhydroenergo”; Boryspil International Airport. An analysis of the statistical data of the Organization for Economic Cooperation and Development for the years 2014−2019 of the net financial result of the activities of state-owned enterprises of Ukraine and the profitability of their capital was carried out. A correlation-regression analysis was conducted to determine the influence of the net financial results of the activities of state-owned enterprises on the profitability of their capital. It was found that there is a reliable positive relationship between the net financial result of the activity of state-owned enterprises of Ukraine and the profitability of their capital. The results obtained during the correlation-regression analysis for the considered state enterprises are summarized. A model of corporate management of state-owned enterprises is proposed. The model presents management subjects (the state, shareholders, external investors, staff, etc.). The main four blocks that make it possible to ensure effective corporate management are presented: the supervisory board, the board, strategic planning, ownership policy.
Keywords: financial results, correlation-regression analysis, profitability, equity, model, corporate management.
JEL: G38, G30.
References
Government portal (2023). Efektyvni derzhavni pidpryiemstva [Effective State Enterprises]. https://www.kmu.gov.ua/reformi/ekonomichne-zrostannya/efektyvni-derzhavni-pidpryemstva [in Ukrainian].
Acharya, V., et al. (2015). Corporate Debt in Emerging Economies: A Threat to Financial Stability.
The Brookings Institution and the Centre for International Governance Innovation. https://www.brookings.edu/wp-content/uploads/2016/07/ciepr2015toweb.pdf
Shen, H., Kou, H., Zhang, C. (2016). An Empirical Study of Financial Development, Financing Constraints and Corporate Investment. China Industrial Economics, 6. https://doi.org/10.4236/jss.2019.710035
Alfaro, L., Chari, A., Asis, G. & Panizza, U. (2017). Lessons Unlearned? Corporate Debt in Emerging Markets. Harvard Business School. NBER Working Paper, 17-097. https://www.hbs.edu/ris/Publication%20Files/17-097_723806cb-9ad0-4d42-b57c-90040627b89b.pdf.
Huanga, Y.S. & Wang, C.J. (2015). Corporate Governance and Risk-Taking of Chinese Firms: The Role of Board Size. International Review of Economics and Finance, 37, 96-113. https://doi.org/10.1016/j.iref.2014.11.016
Khan, H.R., Khidmat, W.B.K. & Saleem, K. (2020). Corporate Governance Quality, Ownership Structure, Agency Costs and Firm Performance. Evidence from an Emerging Economy. Journal of Financial Risk Management, 13(7), 154. https://doi.org/10.3390/jrfm13070154
Zymovets, V., Tereshchenko, O. (2015). Korporatyvni finansy yak dominanta finansovoi nauky Corporate Finance as a Dominant Financial Science. Finansy Ukrainy [Finance of Ukraine], 9. http://nbuv.gov.ua/UJRN/Fu_2015_9_7 [in Ukrainian].
Davydenko, N. (2014). Vplyv finansovoi systemy na finansove zabezpechennia pidpryiemstv [The Influence
of the Financial System on the Financial Support of Enterprises]. Formuvannia rynkovykh vidnosyn v Ukraini [Formation of Market Relations in Ukraine], 9, 76-80. [in Ukrainian].
Seliverstova, L. (2013). Mistse finansiv korporatsii u finansovii systemi Ukrainy [The Place of Corporate Finance in the Financial System of Ukraine]. Aktualni problemy ekonomiky [Current Economic Problems], 2, 84-90. http://nbuv.gov.ua/UJRN/ape_2013_2_11 [in Ukrainian].
Krysovatyi, A.I., Fedosov, V.M., Riazanova, N.S. (2013). Korporatyvni finansy v konteksti vyklykiv suchasnoi innovatsinoi ekonomiky [Corporate Finance in the Context of the Challenges of the Modern Innovative Economy]. Finansy Ukrainy [Finance of Ukraine], 9, 7-27. http://dspace.wunu.edu.ua/bitstream/316497/11904/1/Fu_2013_9_3.pdf [in Ukrainian].
Stetsko, M. (2017). Aktyvizatsiia rynku kapitaliv u finansuvanni realnoho sektoru ekonomiky [Activation
of the capital market in financing the real sector of the economy]. Oblik i finansy [Accounting and finance], 2, 107-115. http://sf.wunu.edu.ua/index.php/sf/article/view/970 [in Ukrainian].
Oblik-Pres [Account-Press]. (2024a). Zahalni vymohy do finansovoyi zvitnosti [General Requirements for Financial Reporting]. https://oblik.press/np-s-bo-1-zahalni-vymohy-do-finansovoi-zvitnosti/# [in Ukrainian].
Verkhovna Rada of Ukraine. (2013, 28 March). Nakaz pro zatverdzhennya Metodychnykh rekomendatsiy shchodo zapovnennya form finansovoyi zvitnosti (№ 433) [Order on the Approval of Methodological Recommendations for Filling out Financial Reporting Forms (no. 433)]. Ministerstvo Finansiv Ukrayiny (Ministry of Finance
of Ukraine). https://zakon.rada.gov.ua/rada/show/v0433201-13#Tex [in Ukrainian].
Oblik-Pres [Account-Press]. (2024b). Chystyy finansovyy rezultat: prybutok [Net Financial Result]: profithttps://oblik.press/ryadok-2350-chystyj-finansovyj-rezultat-prybutok/# [in Ukrainian].
Shkola biznesu Nova Poshta [Nova Poshta Business School]. (2022). Rentabelnist Pidpryyemstva [Profitability
of the Enterprise]. https://online.novaposhta.education/blog/rentabelnist-pidpriemstva [in Ukrainian].
Chatterjee, S., Simonoff, S. (2013). Handbook of Regression Analysis Copyright. https://onlinelibrary.wiley.com/doi/book/10.1002/9781118532843/
Naftohaz Ukrayiny [Naftogaz of Ukraine]. (2024). Pro Kompaniyu: misiya, meta, tsinnosti [About the Company: Mission, Purpose, Values]. https://gas.ua/uk/about-us [in Ukrainian].
Natsionalna enerhetychna kompaniya Ukrenerho. [National energy company Ukrenergo] (2024). Pro Kompaniyu [About the Company]. https://ua.energy/pro_kompaniyu/ [in Ukrainian].
Natsionalna Atomna Enerhoheneruyucha Kompaniya Enerhoatom [National Nuclear Power Generating Company Energoatom]. (2024). Tsili ta meta [Goals and purpose]. https://www.energoatom.com.ua/mission.html [in Ukrainian].
PrAT Ukrhidroenerho [PJSC Ukrhydroenergo]. (2024). Istoriya Kompaniyi [History of the company]. https://uhe.gov.ua/pro_kompaniyu/istoriya_kompaniyi [in Ukrainian].
Boryspil International Airport (2024). About the airport. https://kbp.aero/airport/about/
Organization for Economic Cooperation and Development (2021). Corporate management of state enterprises: Ukraine. http://www.oecd.org/corporate/soe-review-ukraine.htm
Atamanchuk, Z.A., Makohin, Z.I. (2022). Modeli korporatyvnoho upravlinnia: svitovyi dosvid ta problemy formuvannia v Ukraini v umovakh suchasnykh vyklykiv ta zahroz. Ekonomika i orhanizatsiia upravlinnia Models of Corporate Governance: Global Experience and Problems of Formation in Ukraine in the Conditions of Modern Challenges and Threats. Ekonomika i orhanizatsiia upravlinnia [Economics and Management Organization], 2 (46). https://jeou.donnu.edu.ua/article/view/12545 [in Ukrainian].
Atamanchuk, Z.A. (2021). Problemy ta perspektyvy rozvytku korporatyvnoho upravlinnia v Ukraini Problems and Prospects for the Development of Corporate Governance in Ukraine. Biznes Inform [Business Inform], 8, 184-189. https://doi.org/10.32983/2222-4459-2021-8-184-189 [in Ukrainian].
Manzhula, Ye.V. (2015). Osoblyvosti formuvannia korporatyvnoi vlasnosti v Ukraini [Peculiarities of the formation of corporate ownership in Ukraine]. Ekonomika ta pravo [Economics and Law], 18(29), 22-27. https://enpuir.npu.edu.ua/bitstream/handle/123456789/18805/ Manzhula.pdf?sequence=1&isAllowed=y
[in Ukrainian].
Korobka, S.V. (2016). Korporatyvne upravlinnia v Ukraini: problemy ta shliakhy yikh vyri-shennia [Corporate governance in Ukraine: problems and ways to solve them]. Naukovyi visnyk LNUVMBT imeni S. Z. Hzhytskoho [Scientific bulletin of S. Z. Gzhitsky Lviv National University of Veterinary Medicine and Biotechnology], 18(2), 80-83. http://nbuv.gov.ua/UJRN/smlnues_2016_18_2_17 [in Ukrainian].
Iorhachova, M.I. (2018). Problemy korporatyvnoho upravlinnia v Ukraini [Problems of corporate governance in Ukraine]. Efektyvna ekonomika [Efficient economy], 11. https://doi.org/10.32702/2307-2105-2018.11.50 [in Ukrainian].
Organization for Economic Cooperation and Development. (2021). Corporate management of state enterprises: Ukraine. http://www.oecd.org/corporate/soe-review-ukraine.htm
