¹ 5, 2018

Êiëüêiñòü ïåðåãëÿäiâ: 20

C O N T E N T S, No. 5, 2018 

UDC 338.43.01(477)
O L G A  S H U L G A,
Associate Professor, Cand. of Econ. Sci.,
Doctoral student of the Department of Political Economy,
Kyiv National Economic University named after Vadym Hetman,
54/1, Peremohy Av., Kyiv, 03057, Ukraine
© Shulga Îlga, 2018;
For today, the status and pace of development of agrarian sector of Ukraine’s economy, due to accumulated problems, leave much to be desired. Part of these problems is caused by mistakes in management at the macro and micro levels, and some are caused by contradictions in the system of agrarian relations.
It is necessary to propose the most effective, in terms of solving the socio-economic contradictions in agrarian sector, the option of further transformation of agrarian relations in Ukraine.
The theoretical base of the research was publications of domestic scientists on agrarian problems (including problems of formation and regulation of agricultural land market), published in monographs, periodicals and on information portals on the Internet.
Economic policy is a certain system of actions of the state, aimed at encouraging or changing of economic processes. Agrarian policy is an integral part of the state’s economic policy and is a system of goals and measures aimed at solving a set of problems related to the functioning of agrarian sector of the economy in order to increase its efficiency and ensure sustainable development. Today, the main task of the state’s agrarian policy is the formation of an efficient and competitive agricultural sector of the economy on the basis of sustainable development.
It is proposed to introduce the market of agricultural land in two stages. At the first stage, the right to purchase land in this category must be granted to the state. And only later, when proper agrarian culture will be formed among the business entities and a sufficient mass of effective landowners and land users will emerge, it will be possible to abolish the moratorium on the purchase and sale of agricultural land. This will be the second stage. At the same time, it should be legally stipulated that at the second stage buyers of land can only be a national agency for land resources and citizens of our country. As for foreigners, they should be given only the right to lease land. 
The following directions of improvement of agrarian policy in Ukraine can be singled out: (i) formation of a civilized market of agricultural lands; (ii) promotion of the growth of merchantability of PPF (private peasant farms); (iii) development of agricultural co-operation, cluster organization of agro-industrial production and management; (iv) promotion of the introduction of new equipment and technologies; (v) improvement of production management on the basis of information and communication technologies; (vi) mass increase of professional qualification level of employees; (vii) activation of innovative activity of agricultural enterprises; (viii) solution of socio-economic problems of development of rural territories; (ix) improvement of environmental policy, etc.
Keywords: agrarian sector; property relations; private property; contradictions; economic policy; agricultural land market; rent (ðð. 3–22).
References 8.
1. Zinchuk T.O., Dankevych V.Y. Evropeis’kyi dosvid formuvannya rynku sil’s’kohospodars’kykh zemel’ [European experience of agricultural land market formation]. Ekonomika APK – The Economy of Agro-Industrial Complex, 2016, No. 12, pp. 84–92 [in Ukrainian].
2. Gaiduts’kyi P.I. Agrarna Reforma L.D. Kuchmy v Ukraini [L.D. Kuchma’s Agrarian Reform in Ukraine]. Kyiv, Information Systems Ltd., 2015 [in Ukrainian].
3. Kropyvko M.F. Klasternyi pidkhid do upravlinnya sil’s’kym rozvytkom [Cluster approach to rural development management]. Ekonomika APK – The Economy of Agro-Industrial Complex, 2008, No. 5, pp. 55–58 [in Ukrainian].
4. Luzan Y.Y., Luzan O.Y. Instytutsionalizm – naukova platforma dlya udoskonalennya derzhavnoi agrarnoi polityky [Institutionalism as a scientific platform for enhancement of the state agrarian policy]. Ekonomika APK – The Economy of Agro-Industrial Complex, 2016, No. 2, pp. 29–36 [in Ukrainian].
5. Lupenko Yu.O., Khodakivs’ka O.V. Naukovi Zasady Zaprovadzhennya Rynkovoho Obihu Zemel’ [Scientific Principles for the Introduction of Market Circulation of Land]. Kyiv, NNTs “IAE”, 2016 [in Ukrainian].
6. Kon³k O., Martin A. Pol’s’kyi dosvid rehulyuvannya rynkovykh zemel’nykh vidnosyn [Polish experience in regulating land market relations], available at: [in Ukrainian].
7. Yurchyshyn V.V., Gryn’ko R.I., Gubeni Yu.E. et al. Rozvytok Sil’s’kykh Terytorii. Zemel’na Reforma [Development of Rural Territories. Land Reform]. P.M. Muzyka (Ed.). Lviv, SPOLOM, 2012 [in Ukrainian].
8. Nahorna T.M. Osoblyvosti innovatsiynoi diyal’nosti v sil’s’kohospodars’kykh pidpryemstvakh [Features of innovative activity in agricultural enterprises]. Agrosvit – Agrosvit, 2012, No. 13, pp. 43–50 [in Ukrainian].
The article was received by the Editorial staff on February 23, 2018
UDC 338.2; 339.138
O L I V E R  O R L O V,
Doctor of Econ. Sci.,
Professor of the Department of Marketing and Trade Entrepreneurship
Khmelnytskyi National University, 
11, Instytutska St., Khmelnytskyi, 29016, Ukraine,
© Orlov Oliver, 2018; 
In modern economic theory and practice, there is a whole range of problems, where the lack of analytical tools does not allow adequately measuring the expected results.
A number of hypotheses are presented; proofs of these hypotheses show that a set of important economic problems (planning of cost production, profit, break-even point by product, pricing for new products and evaluation of effectiveness of inno-vation projects) do not meet an appropriate solution because of the lack of analytical tools. As an alternative, solutions of these problems based on the marginal approach concept are proposed.
Distribution of fixed costs between types of products (proposed in accordance with the concept of marginal approach) is inherently a covering of fixed costs by marginal profit and formation on this basis of profit and profitableness both by the types of products and by enterprise as a whole.
The concept of the marginal approach was also used to solve the problems of pricing on new products of industrial and technical purpose, which allowed forming the lower and upper limits of prices on an anti-costly basis.
Methods for evaluating the effectiveness of innovative projects, which are pre-sented in economic literature and practice from the second half of the 20th century, are reduced to comparing investments with magnitude of profit from sale of an in-novative product during its life cycle. It is proposed to compare investments with the marginal profit received by the enterprise from a new product during its life cycle (of course, taking into account discounting).
The results obtained have theoretical value, since they allow new ways to form cost price, profit and profitableness by product types, offer an anti-costly approach to pricing with provision of appropriate tools, as well as evaluation of effectiveness of innovation projects. And a practical significance of these results is to create ap-propriate conditions for a flexible cost management, profits and prices, which is es-pecially important for a rapidly changing market conditions.
Keywords: marginal profit; break-even coefficient; safety margin; lower price limit; innovative project (ðð. 23–34).
References 14; Tables 4; Formulas 10.
1. Upchurch A. Upravlencheskii Uchet: Printsipy i Praktika [Management Ac-counting: Principles & Practice]. Moscow, Finansy i statistika, 2002 [in Russian].
2. Drury C. Upravlencheskii i Proizvodstvennyi Uchet [Cost and Management Accounting: an Introduction]. Moscow, UNITI-DANA, 2002 [in Russian].
3. Daly J. Effektivnoe Tsenoobrazovanie – Osnova Konkurentnogo Preimush-chestva [Pricing for Profitability: Activity-Based Pricing for Competitive Ad-vantage]. Moscow, Vil’yams, 2004 [in Russian].
4. Heyne P. Ekonomicheskii Obraz Myshleniya [Economic Way of Thinking]. Moscow, Delo, 1993 [in Russian].
5. Helfert E. Tekhnika Finansovogo Analiza [Techniques of Financial Analysis]. Moscow, Audit, UNITI, 1996 [in Russian].
6. Finansovyi Menedzhment. Teoriya i Praktika [Financial Management. Theory and Practice]. E.S. Stoyanova (Ed.). Moscow, Perspektiva, 1996 [in Russian].
7. Sokolov A. Upravlencheskii Uchet Nakladnykh Raskhodov [Managerial Ac-counting of Overheads]. Moscow, Finansy i statistika, 2004 [in Russian].
8. Savchuk V. Finansovyi Menedzhment Predpriyatiya [Financial Management of Enterprise]. Kyiv, Maksimum, 2001 [in Russian].
9. Orlov O., Ryasnykh E. Vsegda li tsel’ opravdyvaet sredstva? Kak raspredelit’ uslovno-postoyannye izderzhki [Does the end justify the means? How to allocate conditionally fixed costs]. Ukrains’kyi zhurnal Ekonomist – Ukrainian journal Economist, 2001, No. 5, pp. 45–49 [in Russian].
10. Atkinson A., Banker R., Kaplan R., Young M. Upravlencheskii Uchet [Management Accounting]. Moscow, Vil’yams, 2005 [in Russian].
11. Dolan R., Simon H. Effektivnoe Tsenoobrazovanie [Power Pricing: How Managing Price Transforms the Bottom Line]. Moscow, Ekzamen, 2003 [in Rus-sian].
12. Nagle T., Holden R. Strategiya i Taktika Tsenoobrazovaniya [Strategy and Tactics of Pricing: A Guide to Profitable Decision Making]. St. Petersburg, Piter, 2001 [in Russian].
13. Orlov O. Problemy otsenki innovatsionnykh proektov v mashinostroenii [Problems of innovation projects’ evaluation in mechanical engineering]. Aktual’ni problemy ekonomiky – Actual Problems of Economics, 2015, No. 1, pp. 43–51 [in Russian].
14. Kantorovich L. Matematicheskie Metody Organizatsii i Planirovaniya Pro-izvodstva [Mathematical Methods of Production Planning and Organization]. Lenin-grad, PH of LSU, 1939 [in Russian].
The article was received by the Editorial staff on February 06, 2018

UDC 658.14:339.72
G A N N A   M Y S A K A,
Associate Professor, Cand. of Econ. Sci.,
Associate Professor of the Department of Accounting and Auditing,
© Mysaka Ganna, 2018;

I V A N   D E R U N,
Cand. of Econ. Sci.,
Assistant of the Department of Accounting and Auditing,
© Derun Ivan, 2018;

Faculty of Economics,
Taras Shevchenko National University of Kyiv,
90a, Vasylkivska St., Kyiv, 03022, Ukraine
One of the sources of information used in the process of making managerial decisions is public financial reporting of corporations. On its basis, the company’s financial condition, business reputation and investment attractiveness are assessed. Indicator of the latter is result of a comparison of the market value of the company with its estimate, which is presented in financial statements. Since, with the help of existing accounting methods, it is not possible to adequately form information on market value in financial statements, the effectiveness of investment decision depends essentially on a model used to evaluate the components when preparing the financial statements. 
To determine the influence of financial reporting indicators on the market value of the company, financial statements of 44 transnational corporations reporting by IFRS / IAS (19 enterprises) and by US GAAP (25 enterprises) in 2014–2016 were researched using the multi-factor regression with panel data. The authors found that, depending on the financial reporting framework (US GAAP or IFRS / IAS), the market value of the company is sensitive to various indicators presented in its reporting.
The article substantiates the assumption that this is due to different degrees of application of the model of objects valuation at fair value within the specified accounting systems. The authors conclude that extended application in the current accounting of asset valuation at fair value increases the informational value of financial statements of issuers of securities for professional stock market participants.
Keywords: market value; estimated value; fair value model; model of historical cost price; IFRS / IAS; US GAAP (pð. 35–48).
References 11; Tables 5; Formulas 2.
1. Bazylevych V. Sovremennaya ekonomicheskaya teoriya: v poiskakh novoi paradigmy [Modern economic theory: searching a new paradigm]. Visnyk Kyivs’koho natsional’noho universytetu imeni Tarasa Shevchenka. Ser.: Ekonomika – Bulletin of Taras Shevchenko National University of Kyiv. Economics, 2013, Iss. 146, pp. 5–7 [in Russian].
2. Bazylevych V.D. Rozvytok finansovoho rynku u suchasnykh umovakh [Development of the financial market in modern conditions]. Finansy Ukrainy – Finance of Ukraine, 2009, No. 12, pp. 5–12 [in Ukrainian].
3. Mysaka G. Globalizatsiya svitovoi ekonomiky v aktyvizatsii protsesiv harmonizatsii ta standartyzatsii oblikovykh system [The world economy globalization in the revitalization process of harmonization and standardization of accounting systems]. Visnyk Kyivs’koho natsional’noho universytetu imeni Tarasa Shevchenka. Ser.: Ekonomika – Bulletin of Taras Shevchenko National University of Kyiv. Economics, 2013, Iss. 151, pp. 97–100 [in Ukrainian].
4. Chernyak O.I., Vasyl’chenko I.I. Vysokochastotna torhivlya yak novitnya tekhnolohiya finansovykh rynkiv [High-frequency trade as the latest technology of financial markets]. Visnyk Universytetu bankivs’koi spravy Natsional’noho banku Ukrainy – The Banking University Bulletin, 2013, Iss. 2 (17), pp. 91–95 [in Ukrainian].
5. Christensen H.B., Nikolaev V.V. Does fair value accounting for non-financial assets pass the market test? Review of Accounting Studies, 2013, Vol. 18, No. 3, pp. 734–775.
6. Herrmann D., Saudagaran Sh.M., Thomas W.B. The quality of fair value measures for property, plant and equipment. Accounting Forum, 2006, Vol. 30, No. 1, pp. 43–59.
7. Nichita M. Regression model for risk reporting in financial statements of accounting services entities. SEA. Practical Application of Sciences, 2015, Vol. 3, No. 2 (8), pp. 101–107.
8. Sunder S. Risk in accounting, available at:
9. Derun I.A. Identyfikatsiya ryzykiv u systemi bukhhalters’koho obliku pidpryemstva [Risk identification in the company’s accounting system]. Ekonomichnyi chasopys-XXI – Economic Annals-XXI, 2016, Vol. 159 (5-6), pp. 97–100 [in Ukrainian].
10. Baltagi B.H. Econometric Analysis of Panel Data. New York, John Wiley, 2008.
11. Kozhan R. Financial Econometrics with Eviews. Copenhagen, Roman Kozhan & Ventus Publishing Aps., 2009.
The article was received by the Editorial staff on October 26, 2017.
UDC 336.774
I R Y N A   K R A M A R E N K O,
Associate Professor, Cand. of Econ. Sci.,
Dean of the Faculty of Law and Social and Information Technologies,
Mykolaiv Interregional Institute of Human Development 
of the “Ukraine” University",
22, 2-Viiskova St., Mykolaiv, 54003, Ukraine,
©Kramarenko Iryna, 2018; 

L I L I I A   K O Z A C H E N K O,
Cand. of Econ. Sci.,
Associate Professor of the Department of Accounting and Taxation 
Mykolaiv National Agrarian University,
9, Georgii Gongadze St., Mykolaiv, 54020, Ukraine,
© Kozachenko Liliia, 2018;
Today, the banking system does not fulfill its main task, since it does not finance or lend to the real sector of the economy, and a quarter of the loans provided are written off and unpaid. The current situation in Ukraine necessitates studying the ways and means to improve the assessment of the borrower’s creditworthiness as the main direction for stabilizing and improving the efficient lending activity of com-mercial bank.
The purpose of the study is: (i) to access the current state of bank lending to business; (ii) to access the borrower’s creditworthiness and its influence on the amount of overdue loans; (iii) to determine provision for impairment of loans; (iv) to provide practical recommendations for improving the borrower’s creditworthiness on the example of JSC Raiffeisen Bank Aval.
The annual amount of loans granted by the banking system to enterprises in-creases, while the indebtedness of the customers also grows. Thus, the share of overdue loans in August 2017 amounted to 22.65% of the total loans granted in Ukraine. The JSC Raiffeisen Bank Aval is among the leaders in providing loans. During the period under study, interest income of the bank decreased significantly, this indicates a low profitability of credit operations. When analyzing the provisions for impairment, it was revealed that more than 28% of loans are written-off, and this is primarily due to a wrong assessment of the borrower’s solvency.
When assessing the financial condition of the borrower, according to the meth-odology of JSC Raiffeisen Bank Aval, it is determined that performance indicators of the potential payer of loans are not taken into account. Also, the methodology has no rating or scoring of accounting ratios used in the analysis of solvency of the bor-rower. The rationale is to use, when assessing the solvency of the borrower of JSC Raiffeisen Bank Aval, the Decree “About the statement of Regulations about deter-mination of Ukrainian banks credit exposure in active banking operations”, which came into force on January 3, 2017.
Keywords: credit; provision for impairment of loans; loan portfolio; creditworthi-ness; methodology for assessing the financial condition of the borrower; credit rating (ðð. 49–60).
References 2; Figure 1; Tables 4.

1. Vovchak O., Meda N. Modernizatsiya pidkhodiv do otsinky kredytospromo-zhnosti pozychal’nykiv bankiv [Modernization of approaches for assessing the cre-ditworthiness of bank borrowers]. Visnyk Natsional’noho banku Ukrainy – Herald of the National Bank of Ukraine, 2013, No. 12, pp. 11–15 [in Ukrainian].
2. Kryvokon’ O.S., Buryak I.M. Orhanizatsiini aspekty analizu kredytospromo-zhnosti pidpryemstv-pozychal’nykiv [Organizational aspects of creditworthiness analysis of the enterprises-borrowers]. Efektyvna ekonomika – Effective economy, 2012, No. 6, available at: [in Ukrainian].
The article was received by the Editorial staff on November 30, 2017.
UDC 332.02:332.1
V A S Y L   K R A V T S I V,
Professor, Doctor of Econ. Sci.,
© Kravtsiv Vasyl, 2018;

P E T R O   Z H U K,
Cand. of Econ. Sci.,
Senior Researcher,
Leading Researcher
© Zhuk Petro, 2018;

Institute of Regional Research named after M. I. Dolishniy of the NAS Ukraine,
4, Kozelnytska St., Lviv, 79026, Ukraine
The wider interpretation of the mountain policy notion is outlined. The entities and objects of domestic mountain policy, its forming principles, objectives and tasks are defined. Analysis of parameters of economic development level of mountain regions in Lviv oblast is performed and their negative dynamics is determined. Conclusions are made on low efficiency of mountain policy instruments applied in Ukraine and necessity of their improvement, including through implementation of the best European practices. The mechanisms of mountain territories’ development maintenance applied in European countries are studied. In particular, attention is paid to opportunities for Ukraine to use the instruments of territorial development that encompass not only the EU member states but the neighboring ones as well. In this context the peculiarities of application of new European instrument of countries’ and regions’ cooperation – macro-regional strategies – are shown. The initiative on development with Ukraine’s participation and adoption by the EU authorities of the Carpathian Macro-regional Strategy (MRS) is emphasized. Spatial limits of Carpathian MRS are presented and its priority spheres, most important objectives and tasks are revealed. The issues of introduction of special investment activity regime at Ukraine’s mountain territories are addressed as well. On this basis the attraction of investment into priority economic activity types compatible with ecological features of mountain territories, their natural and resources basis and economic traditions are promoted. Conclusions confirm the necessity to develop and implement modern policy of mountain territories’ development in Ukraine, based on economic support, increased competitiveness, prevention of depopulation, preserving the ecological function and ethno-cultural heritage of mountain regions.
Keywords: mountain territories; socio-economic development; instruments; European experience (pp. 61–72).
References 7; Figures 2.
1. Kravtsiv V.S., Zhuk P.V. Kontseptual’ni zasady rozrobky ta realizatsii derzhavnoi programy staloho rozvytku Ukrains’kykh Karpat [Conceptual principles of the creation and realization of the state’s program of steady development of the Ukrainian Carpathians]. Ekonomika Ukrainy – Economy of Ukraine, 2013, No. 1, pp. 4–11 [in Ukrainian].
2. Kontseptual’ni Zasady Staloho Rozvytku Hirs’koho Rehionu [Conceptual Principles of Sustainable Development of Mountain Region]. M.A. Golybets’ (Ed.). Lviv, Polli, 2007 [in Ukrainian].
3. Karpats’kyi Rehion: Aktual’ni Problemy ta Perspektyvy Rozvytku, u 8 t. [Carpathian Region: Actual Problems and Prospects of Development, in 8 vol.]. Lviv, NAS of Ukraine, Institute of Regional Research, 2013. Vol. 1. Ecological safety and natural resources capacity, 2013. – 336 p. [in Ukrainian].
4. Pityulych M.M. Hirs’ki Terytorii Ukrains’kykh Karpat: Suchasnyi Stan ta Perspektyvy Rozvytku [Mountain Territories of Ukrainian Carpathians: Current State and Development Prospects]. Lviv, Institute of Regional Research named after M.I. Dolishniy of the NAS Ukraine, Uzhhorod, Grazhda, 2015 [in Ukrainian].
5. Zimmermann H. Derzhavna Polityka dlya Hirs’kykh Rehioniv – Dosvid Deyakykh Evropeis’kykh Krain ta Mozhlyvi Varianty dlya Ukrainy. Proektnyi Dokument No. 18 [State Policy for Mountain Regions – Experience of Some European Countries and Options for Ukraine. Project Document No. 18], available at: [in Ukrainian].
6. Makakhovsky Yu. Dosvid SShA, Kanady ta krain ES v upravlinni ekonomichnym rozvytkom depresyvnykh terytorii [The US, Canada and EU experience in managing economic development of depressed areas]. Naukovi pratsi Kirovograds’koho natsional’noho tekhnichnoho universytetu. Ekonomichni nauky – Scientific works of the Kirovograd National Technical University. Economic sciences, 2015, Iss. 28, pp. 43–53 [in Ukrainian].
7. Polishchuk L.S. Rehional’ni asymetrii v ES ta novi instrumenty polityky vyrivnyuvannya [Regional asymmetries in the EU and new policy instruments alignment]. Aktual’ni problemy mizhnarodnykh vidnosyn – Actual problems of international relations, 2015, Vol. 2, No. 126, pp. 116–124, available at: [in Ukrainian].
The article was received by the Editorial staff on February 14, 2018. 


UDC 332.2:331.839
O K S A N A  D R E B O T,
Professor, Doctor of Econ. Sci.,
Corresponding Member of the NAAS of Ukraine,
Head of the Department of Institutional Support,
© Drebot Oksana, 2018; 

A N D R I Y  G A D Z A L O,
Cand. of Econ. Sci.,
Senior Researcher of the Laboratory of Environmental Management,
© Gadzalo Andriy, 2018; 

Institute of Agroecology and Nature Management of the NAAS of Ukraine
12, Metrologichna Str., Kyiv, 03143, Ukraine

Economists and sociologists have repeatedly raised the problem of defining the concepts of “institute” and “institutions”, “institutionality” and “institutionalism”. This is due to informal mix of terms, epistemology of institutionalism and different translation of foreign sources. However, attempts to draw attention to delimitation of these concepts in various scientific sources did not give an actual result – in fact, until now there has not been formed a system for defining, specifying and clearly articulating specific terms. Hence, all the works of this semantic nature did not get practical implementation. Thus, the authors assume that in the science of institutionalism, due to misinformation of the main terms, there is a gap in understanding their meaning, degree of study and adequacy, significance.
During the processing of official scientific and reference publications, it was suggested that plurality of explanation and use of the category “institute” was due to a number of reasons, one of which is etymological one. The publications included: scientific articles on the subject, monographs, extended abstracts of thesis and thesis, textbooks, encyclopedias, as well as dictionaries: bilingual, dictionaries of foreign words, terminological, etymological, encyclopedic, interpretative, academic, dictionaries-reference books. It is also important that, besides scientific publications, the definitions studied are also found in reference dictionaries, reference books, encyclopedias, etc., which to a certain extent testifies to the official interpretation of these concepts. Accordingly, based on the analysis of reference encyclopedic literature, terms and literary sources were grouped based on similarity of interpretation. However, it is not always possible to equate one rule to all adjacent processes in scientific theories. And since the institutional theory relates to several scientific areas (for example, social, economic, legal, theoretical and methodological, state-building, etc.), the authors consider it appropriate to separate the role of concepts depending on their functional purpose.
Keywords: institute; institution; theory of institutionalism; environmental institutes; nature management; norms; rules; organization (ðð. 73–84).
References 31; Figure 1.
1. Veblen T. The Theory of the Leisure Class: An Economic Study of Institutions. New York, A. M. Kelley, bookseller, 1965.
2. Hamilton W.H. The institutional approach to economic theory. American Economic Review, 1919, Vol. 9, No. 1, pp. 309–318.
3. Commons J. Institutional economics. American Economic Review, 1931, Vol. 21, pp. 648–657.
4. Karmazina M. “Instytut” ta “instytutsiya”: problemy rozriznennya ponyat’ [“Institute” and “institution”: problems of distinguishing the concepts], available at: [in Ukrainian].
5. Lozynska T.M. Do problemy vzhyvannya terminiv “instytut” i “instytutsiya” v konteksti instytutsional’noho analizu [On a problem of using the terms “institute” and “institution” in the context of institutional analysis]. Biznes Inform – Business Inform, 2014, No. 7, pp. 8–13 [in Ukrainian].
6. Khvesyk M.A., Golyan V.A. Instytutsional’na Model’ Pryrodokorystuvannya v Umovakh Global’nykh Vyklykiv [Institutional Model of Nature Management in the Context of Global Challenges]. Kyiv, Kondor, 2007 [in Ukrainian].
7. Haiday T.V. Instytutsii yak instrument instytutsiinoho ekonomichnoho analizu [Institutions as an instrument of institutional economic analysis]. Ekonomichna teoriya – Economic Theory, 2006, No. 2, pp. 53–64 [in Ukrainian].
8. North D. Instytutsii, Instytutsional’ni Zminy ta Funktsionuvannya Ekonomiky [Institutions, Institutional Change and Economic Performance]. Kyiv, Osnovy, 2000 [in Ukrainian].
9. Hodgson G.M. What are institutions? Journal of Economic Issues, 2006, Vol. 40, Iss. 1, pp. 1–25.
10. Ostrom E. Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge, Cambridge University Press, 1990.
11. Furubotn E.G., Richter R. Instituty i Ekonomicheskaya Teoriya: Dostizheniya Novoi Institutsional’noi Ekonomicheskoi Teorii [Institutions and Economic Theory: The Contribution of the New Institutional Economics]. St. Petersburg, PH of the St. Petersburg State University, 2005 [in Russian].
12. Kasper W., Streit M.E. Institutional Economics: Social Order and Public Policy. Cheltenham, Edward Elgar Publishing, 1998.
13. Stupen’ M., Shumlyansky B. Utochnennya ponyati³no-katehorial’noho aparatu instytutsiinoho zabezpechennya investytsiinoi diyal’nosti lisovoho sektoru ekonomiky [Clarification of conceptual and categorical apparatus of institutional providing of investment activities of the forest sector]. Ukrains’kyi zhurnal Ekonomist – Ukrainian journal Economist, 2015, No. 1, pp. 27–29 [in Ukrainian]. 
14. Nosova O.V. Instytutsional’ni pidkhody do doslidzhennya perekhidnoi ekonomiky [Institutional theory and its application in a transition economy]. Ekonomichna teoriya – Economic Theory, 2006, No. 2, pp. 25–36 [in Ukrainian].
15. Shpykulyak O.G. Ekonomichni instytutsii ta instytuty u rozvytku teorii rynku [Economic institutions and institutes in the development of market theory]. Ekonomika APK – The Economy of Agro-Industrial Complex, 2010, No. 1, pp. 159–165 [in Ukrainian].
16. Levina M.V. Sutnist’ transaktsiinykh vytrat v instytutsional’nii ekonomitsi ta bukhgalters’komu obliku [The essence of transaction costs in the institutional economy and accounting]. Proceedings from Oblik, analiz i audyt: vyklyk instytutsional’noi ekonomiky. Mizhnarodna nauk.-prakt. konf. [Accounting, analysis and audit: challenges of institutional economics. International scientific and practical conference]. Lutsk, 2014, pp. 96–98 [in Ukrainian].
17. Williamson O.E. The Economic Institutions of Capitalism. New York, London, Routledge, 1985.
18. Ovsienko Yu.V. Institutsional’nye izmeneniya: obshchie printsipy i osobennosti v postsovetskoi Rossii [Institutional changes: the general principles and specific features in the post-Soviet Russia]. Ekonomika i matematicheskie metody – Economics and Mathematical Methods, 2003, No. 2, pp. 203–209 [in Russian].
19. Ekonomichna Entsyklopediya, u 3 t. [Economic Encyclopedia, in 3 vol.]. B.D. Havrylyshyn (Ed.). Kyiv, Akademia, 2000 [in Ukrainian].
20. Slovnyk Inshomovnykh Sliv: 23000 Sliv ta Terminolohichnykh Slovospoluchen’ [Dictionary of Foreign Words: 23,000 Words and Terminological Phrases]. L. Pustovit (Ed.). Kyiv, Dovira, UNVTs “Ridna mova”, 2000 [in Ukrainian].
21. Entsyklopedychnyi Slovnyk z Derzhavnoho Upravlinnya [Encyclopedic Dictionary of Public Administration]. Yu.V. Kovbasyuk, V.P. Troshchyns’kyi, Yu.P. Surmin (Eds.). Kyiv, 2010 [in Ukrainian].
22. Slovnyk Inshomovnykh Sliv [Dictionary of Foreign Words]. O.S. Mel’nychuk. Kyiv, Home edition USE, 1974 [in Ukrainian].
23. Velykyi Entsyklopedychnyi Yurydychnyi Slovnyk [The Big Encyclopaedic Law Dictionary]. Yu.S. Shemshuchenko (Ed.). Kyiv, PH “Yurydychna dumka”, 2007 [in Ukrainian].
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29. Kharichkov S.K., Burkyns’kyi B.V., Galushkina T.P., Granovs’ka L.M., Khumarova N.I. Instytutsional’ni Zasady ta Instrumentarii Zbalansovanoho Pryrodokorystuvannya [Institutional Bases and Tools of Balanced Nature Management]. Odesa, Institute of Market Problems and Economic-Ecological Research, 2010 [in Ukrainian].
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31. Pavlov V.I., Zaremba V.M., Fesina Yu.G. Instytuty ta Instytutsii Agrarnoho Pryrodokorystuvannya: Rehional’nyi Vymir [Institutes and Institutions of Agrarian Nature Management: Regional Dimension]. Lutsk, Nadstyr’ya, 2008 [in Ukrainian].
The article was received by the Åditorial staff on November 10, 2017.
L E O N I D  K I S T E R S K Y,
Professor, Doctor of Econ. Sci.,
Professor of Vasyl’ Stus Donetsk National University, 
Director of the Institute for International Business Development,
21/12, Lyuteranska Str., Of. 25, Kyiv, 01024, Ukraine,
© Kistersky Leonid, 2018;
Reference 1.
SUMMARIES (pp. 89-92)


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