Foresight Development Strategy of the Financial Capacity: Comparative Study of the Ukrainian Agricultural Sector

  • Oksana Radchenko National Scientific Center “Institute of Agrarian Economics”, Ukraine
  • Nataliia Semenyshena State Agrarian and Engіneering University in Podilya (SAEUP), Ukraine
  • Iryna Sadovska Lesya Ukrainka Eastern European National University, Ukraine
  • Kateryna Nahirska Lutsk National Technical University, Ukraine
  • Nataliia Pokotylska State Agrarian and Engіneering University in Podilya, Ukraine
Keywords: Foresight development strategy, financial potential, institutional sector, agrarian sector, state regulation, macro indicators

Abstract

The system of foresight methods is most often used to solve research problems that are distinguished from the continuity of historical chronology. The aim of our study is to search for new approaches to measuring, assessing and forecasting the economic and financial potential of the agricultural sector, in order to develop an adequate public administration strategy. We have set the task to answer what effect this trend will have for the agricultural sector and the economy of Ukraine in the coming years. We used normative-system analysis - an approach that allows to identify measures that stimulate or limit the implementation of a particular scenario for a particular research subject. This method is aimed at formulating policies and foresight strategies, which are implemented by calculating the financial potential of the agricultural industry. The basis of the research was the hypothesis that the financial potential of the macro level should be analyzed according to the current foresight strategy method, which involves (i) identifying the object of forecasting (agrarian sector), (ii) determining the essential conditions (targets that the financial potential for sustainable development should correspond to), (iii) scanning the environment (what resources and types of potential are related to financial), and (v) identifying alternatives and possible future scenarios (building a balance sheet of financial resources). The results of the statistical analysis suggested that the main determinants of the financial potential are:  the volumes, structure, and proportions of reproduction. Furthermore, the efficiency and strength of financial potential are compared with the main macroeconomic indicators of rural development. The results revealed that the necessity of state regulation of financial flows connected with the agrarian sector is substantiated by monitoring the process of forming financial flows in a number of key parameters with the aim of observing the equivalence of all management forms to financial resources. This research contributes to the previous literature on Ukraine context, where we proposed ways to improve the quality of financial potential, the conditions for its formation and distribution and redistribution in accordance with the National Concept for the Development of the Agrarian Sector (2015). Additionally, this research will pave the way for the adaptation of foreign experience, including international comparisons of financial flows and state support.

Author Biographies

Oksana Radchenko, National Scientific Center “Institute of Agrarian Economics”, Ukraine

PhD, Associate Professor, Leading Researcher, Department of fiscal policy

NSC "Іnstitut Agrarian Economy"

Nataliia Semenyshena, State Agrarian and Engіneering University in Podilya (SAEUP), Ukraine

Nataliia Semenyshena - Ph.D. in Economics, Associate Professor of Accounting and Taxation Department in State Agrarian and Engineering University in Podilya, Deputy Head of the Department for Research, co-founder of the NGO "Sophus" 

Member of the Federation of Accountants, Auditors and Financiers of the AIC of Ukraine.

Was awarded the Badge of Honor from the Ministry of Agrarian Policy and Food of Ukraine.

Founder and Executive Editor of the International Scientific Journals «The Institute of Accounting, control and analysis in the globalization circumstances», «The Economic discourse»

She teaches disciplines taught: Accounting and Reporting according to International standards; Scientific research methodology, Enterprise reporting, Accounting policy, Accounting in banks, Organization of accounting.

Author of more than 200 scientific works. Scientific interests: financial accounting, institutional accounting theory, IFRS, accountency policy, Economics.

Co-organizer over 50 international conferences in Ukraine and abroad, and, accordingly, a member of the editorial board of editions of scientific publications.

E-mail: natviksem@gmail.com

Orcid : https://orcid.org/0000-0002-0718-0230

ResearcherID:          A-8626-2016

Tel. +38 097 5103680.

Iryna Sadovska, Lesya Ukrainka Eastern European National University, Ukraine

 

DrSc in Economics, Professor of the Department of Accounting and Audit.

She teaches disciplines taught: Management Accounting, Organization of Accounting, Accounting, Organization and Methodology of Audit. Carries out scientific management of bachelor and master papers. Scientific interests: institutional theory of accounting, management accounting. Author of more than 250 scientific works

Kateryna Nahirska, Lutsk National Technical University, Ukraine

PhD (Economics), Associate Professor of the Department of Accounting and Audit

Nataliia Pokotylska, State Agrarian and Engіneering University in Podilya, Ukraine

Department of Management, Public Administration and Administration

 

Published
2020-04-30
Section
ECONOMICS OF ENGINEERING DECISIONS