The 13th International Financial and Banking Forum “Challenges of Modern Financial Risks, Strategies and Prospects”
On November 25-26, 2021, the 13th International Financial and Banking Forum “Challenges of Modern Financial Risks, Strategies and Prospects” was held. The organisers were the Warsaw University of Life Sciences and Jan Kochanowski University of Kielce. The co-organiser of the event was the Department of Finance of the National University of Life and Environmental Sciences of Ukraine. Teachers and graduate students of the Department of Finance actively participated in the forum, presenting the results of their research.
Prof. Dr. Jarosław Gołębiewski, Vice-Rector for Didactics of the Warsaw University of Life Sciences, greeted the participants and highlighted that the main topic of the forum was focused on current financial issues, both at the micro and macroeconomic levels. In times of economic instability, special attention should be paid to the study of financial risks, strategies and financial prospects of economic entities.
Prof. Dr hab. Jarosław Karpacz, Deputy Rector for Development and Finance of Jan Kochanowski University of Kielce, noted that the issues raised for the discussion were extremely relevant. The exchange of experience between practitioners and scientists in today's volatile economic environment will result in drawing sound conclusions in support of economic activities.
Prof. Dr. Serhii Kvasha, Vice-Rector For Scientific and Educational Activities and Development of the National University of Life and Environmental Sciences of Ukraine, emphasized the importance of such academic initiatives for the practical implementation of Ukraine's strategic course. In addition, he noted the relevance of the forum topics and the possibility of the further application of research in solving the topical issues of the financial sector of the economy.
Head of the Department of Finance Nadiya Davydenko presented the report “Ensuring the financial sustainability of agricultural enterprises in Ukraine”. She noted that strengthening financial stability will allow an agricultural enterprise to increase the level of competitiveness and economic efficiency of production. In today's conditions, Ukraine's agriculture is in a state of uncertainty. The positive point is that due to natural and climatic conditions, high yields are achieved, a flexible taxation system is in place, and state subsidy programs are implemented. But there are also negative aspects, namely: the lack of an effective algorithm for implementing planned programs; inconsistency in interaction between executives of different levels; instability of the market environment; and problems in the pricing system in the agricultural sector. A key obstacle at the micro level is the lack of effective management decisions in the manufacturing sector, sales policy, financial and investment policy.
Associate Professor Zoya Titenko presented a study on “Investment project risk simulation as a factor for improving the financial security of the enterprise”. In her report, she noted that simulation is a rather complex study in the analysis of the enterprise. This is one of the most significant limitations in the spread of this tool of risk assessment. However, this model is one of the most accurate and reliable in the analysis of business processes, as it simulates the real economic conditions. The analysis of the risk assessment of the investment project for an agricultural enterprise using the Monte Carlo method allowed to obtain the probability distribution of the effective design variable.
The conference was also attended by graduate students and master students of the Department of Finance. In particular, Ruslan Vorobey presented the results of his research “Determinants of Ukrainian agri companies stock prices moves” (research advisor - Professor Nadiya Davydenko). He noted that Ukrainian agricultural companies do not always take into account the peculiarities of the developing markets. The effectiveness of placement is studied mainly in relation to the life cycle of the company, regardless of the market and the scope of their activities. Given that one of the features of the Ukrainian business is low stability and short-term planning horizons, this life cycle model is not suitable for determining the time of placement of shares on foreign stock markets.
Master student Ivan Olifer conducted research on “Social life during the high level of shadow economy” (research advisor - Professor Nadiya Davydenko). Ivan noted that negative expectations of economic entities and macroeconomic instability during the crisis led to the intensification of capital outflows from the legal sector and an increase in the level of shadowing in Ukraine’s economy, which tended to decline in the pre-crisis period. On the one hand, shadow economic relations mitigated the effects of the crisis. On the other hand, the high level of shadowing objectively leads to the destruction of the levers of economic management, further stratification of the population, undermining confidence in the government and slowing down the reforms.
Maksym Klymenko, a graduate student of the Department of Finance, presented research on “Shaping the future via environmental taxes” (research advisor - Olexander Labenko). He focused on the problems of environmental taxation. In particular, he noted that the negative impact of man on the environment is a global problem of the XXI century, a factor in the deterioration of climatic conditions and a threat to the existence of civilization. Catastrophic environmental consequences require rethinking of the priorities. The focus of attention should lay on ensuring the interaction of the environment, society and the economy. Public awareness of the negative consequences of economic activity results in scientific research on the most effective methods and tools to reduce this negative impact.
All reports presented at the forum were comprehensive, engaging and thought-provoking. The participants were able to communicate with international experts and sum up the forum with a productive discussion.
Alina Buryak,
Associate Professor of the Department of Finance
