Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine
The main problems related to the low level of innovation are analyzed activity in Ukraine, sources and causes of these problems have been investigated, as well as directions of their solution and organizational and economic mechanisms have been proposed innovative activities activation to ensure eco...
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Zakharchenko, O. Kotsiurba, O. Koval, V. Abliazova, N. 2023-08-07T09:11:12Z 2023-08-07T09:11:12Z 2022 Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine / O. Zakharchenko, O. Kotsiurba, V. Koval, N. Abliazova // Вісник економічної науки України. — 2022. — № 2 (43). — С. 124-131. — Бібліогр.: 16 назв. — англ. 1729-7206 DOI: https://doi.org/10.37405/1729-7206.2022.2(43).124-131 https://nasplib.isofts.kiev.ua/handle/123456789/193063 658.114.5:330.341.1(477) The main problems related to the low level of innovation are analyzed activity in Ukraine, sources and causes of these problems have been investigated, as well as directions of their solution and organizational and economic mechanisms have been proposed innovative activities activation to ensure economic development of the country. It is noted that vertically integrated corporate structures are especially effective for innovative development. Author's vision of the innovative management process is presented development of integrated association of enterprises, interaction of mechanisms of corporate integration and management of innovation activities and mechanism of innovative and integrative development of enterprises corporate association. It was unsubstantiated nature of mergers and acquisitions of joint stock companies as the processes of redistribution of equity control. Author generalized nature for obtaining corporate control over the joint-stock companies in the course of operations of a hostile M & A. and considered it mechanisms. Then it was proposed classification of the main types of mergers and acquisitions of enterprises. Also it was generalized approach to formation of a monitoring system of benchmarks that identify possibility of attempts at hostile mergers and acquisitions over the strong and weak signals. It was summarized systems of measures that can be used to counteract this process reviewed. possible variants infringement of the rights and interests of shareholders through unpredictable changes in the size or structure of the share capital in the implementation of the operations of a hostile M & A. Author substantiated composition of factors in the formation of the company attractive for attempts a hostile mergers and acquisitions. Finally it was defined criteria for evaluation of optimal ways to protect the Company against attempts of hostile mergers and acquisitions. Проаналізовано основні проблеми, пов’язані з низьким рівнем інноваційної діяльності в Україні, досліджено джерела та причини цих проблем, а також напрями їх вирішення та запропоновано організаційно-економічні механізми активізації інноваційної діяльності для забезпечення економічного розвитку країни. країна. Зазначається, що особливо ефективними для інноваційного розвитку є вертикально інтегровані корпоративні структури. Представлено авторське бачення процесу інноваційного менеджменту розвитку інтегрованого об’єднання підприємств, взаємодії механізмів корпоративної інтеграції та управління інноваційною діяльністю та механізму інноваційно-інтеграційного розвитку підприємств корпоративного об’єднання. Обґрунтовано сутність злиття і поглинання акціонерних товариств як процесів перерозподілу акціонерного контролю. Узагальнено сутність та розглянуто механізми отримання корпоративного контролю над акціонерними товариствами в процесі здійснення операцій недружнього злиття-поглинання. Запропоновано класифікацію основних типів злиттів та поглинань підприємств. Узагальнено підхід до формування системи моніторингу контрольних показників, що ідентифікують можливість виникнення спроб недружнього злиття-поглинання за сильними та слабкими сигналами. Розглянуто системи заходів, які можуть застосовуватися для протидії такому процесу. Узагальнено можливі варіанти защемлення прав та інтересів акціонерів через непередбачувані зміни розміру або структури акціонерного капіталу в ході здійснення операцій недружнього злиття-поглинання. Обґрунтовано склад факторів формування привабливості акціонерного товариства для здійснення спроб недружнього злиття-поглинання. Визначено критерій оцінки оптимальності способів захисту акціонерного товариства від спроб недружнього злиття-поглинання. en Інститут економіки промисловості НАН України Вісник економічної науки України Менеджмент інновацій Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine Організаційно-економічні важелі активізації корпоративного управління в інноваційній діяльності акціонерних товариств України Article published earlier |
| institution |
Digital Library of Periodicals of National Academy of Sciences of Ukraine |
| collection |
DSpace DC |
| title |
Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine |
| spellingShingle |
Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine Zakharchenko, O. Kotsiurba, O. Koval, V. Abliazova, N. Менеджмент інновацій |
| title_short |
Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine |
| title_full |
Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine |
| title_fullStr |
Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine |
| title_full_unstemmed |
Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine |
| title_sort |
organizational and economic levers of activation of corporate governance in the innovative activity of joint-stock companies of ukraine |
| author |
Zakharchenko, O. Kotsiurba, O. Koval, V. Abliazova, N. |
| author_facet |
Zakharchenko, O. Kotsiurba, O. Koval, V. Abliazova, N. |
| topic |
Менеджмент інновацій |
| topic_facet |
Менеджмент інновацій |
| publishDate |
2022 |
| language |
English |
| container_title |
Вісник економічної науки України |
| publisher |
Інститут економіки промисловості НАН України |
| format |
Article |
| title_alt |
Організаційно-економічні важелі активізації корпоративного управління в інноваційній діяльності акціонерних товариств України |
| description |
The main problems related to the low level of innovation are analyzed activity in Ukraine, sources and causes of these problems have been investigated, as well as directions of their solution and organizational and economic mechanisms have been proposed innovative activities activation to ensure economic development of the country. It is noted that vertically integrated corporate structures are especially effective for innovative development. Author's vision of the innovative management process is presented development of integrated association of enterprises, interaction of mechanisms of corporate integration and management of innovation activities and mechanism of innovative and integrative development of enterprises corporate association.
It was unsubstantiated nature of mergers and acquisitions of joint stock companies as the processes of redistribution of equity control. Author generalized nature for obtaining corporate control over the joint-stock companies in the course of operations of a hostile M & A. and considered it mechanisms. Then it was proposed classification of the main types of mergers and acquisitions of enterprises. Also it was generalized approach to formation of a monitoring system of benchmarks that identify possibility of attempts at hostile mergers and acquisitions over the strong and weak signals.
It was summarized systems of measures that can be used to counteract this process reviewed. possible variants infringement of the rights and interests of shareholders through unpredictable changes in the size or structure of the share capital in the implementation of the operations of a hostile M & A. Author substantiated composition of factors in the formation of the company attractive for attempts a hostile mergers and acquisitions. Finally it was defined criteria for evaluation of optimal ways to protect the Company against attempts of hostile mergers and acquisitions.
Проаналізовано основні проблеми, пов’язані з низьким рівнем інноваційної діяльності в Україні, досліджено джерела та причини цих проблем, а також напрями їх вирішення та запропоновано організаційно-економічні механізми активізації інноваційної діяльності для забезпечення економічного розвитку країни. країна. Зазначається, що особливо ефективними для інноваційного розвитку є вертикально інтегровані корпоративні структури. Представлено авторське бачення процесу інноваційного менеджменту розвитку інтегрованого об’єднання підприємств, взаємодії механізмів корпоративної інтеграції та управління інноваційною діяльністю та механізму інноваційно-інтеграційного розвитку підприємств корпоративного об’єднання.
Обґрунтовано сутність злиття і поглинання акціонерних товариств як процесів перерозподілу акціонерного контролю. Узагальнено сутність та розглянуто механізми отримання корпоративного контролю над акціонерними товариствами в процесі здійснення операцій недружнього злиття-поглинання. Запропоновано класифікацію основних типів злиттів та поглинань підприємств. Узагальнено підхід до формування системи моніторингу контрольних показників, що ідентифікують можливість виникнення спроб недружнього злиття-поглинання за сильними та слабкими сигналами.
Розглянуто системи заходів, які можуть застосовуватися для протидії такому процесу. Узагальнено можливі варіанти защемлення прав та інтересів акціонерів через непередбачувані зміни розміру або структури акціонерного капіталу в ході здійснення операцій недружнього злиття-поглинання. Обґрунтовано склад факторів формування привабливості акціонерного товариства для здійснення спроб недружнього злиття-поглинання. Визначено критерій оцінки оптимальності способів захисту акціонерного товариства від спроб недружнього злиття-поглинання.
|
| issn |
1729-7206 |
| url |
https://nasplib.isofts.kiev.ua/handle/123456789/193063 |
| citation_txt |
Organizational and Economic Levers of Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine / O. Zakharchenko, O. Kotsiurba, V. Koval, N. Abliazova // Вісник економічної науки України. — 2022. — № 2 (43). — С. 124-131. — Бібліогр.: 16 назв. — англ. |
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ZAKHARCHENKO O., KOTSIURBA O., KOVAL V., ABLIAZOVA N.
124 ВІСНИК ЕКОНОМІЧНОЇ НАУКИ УКРАЇНИ
UDC 658.114.5:330.341.1(477) DOI: https://doi.org/10.37405/1729-7206.2022.2(43).124-131
Oleg Zakharchenko
DrHab (Economics), Associate Professor
ORCID 0000-0001-8198-6569
е-mail: robin_a@ukr.net,
Private Higher Education Institution
«Rauf Ablyazov East European University», Cherkasy,
Olha Kotsiurba
PhD (Economics), Associate Professor
ORCID 0000-0001-6356-7301
е-mail: kotsyurbaolga@ukr.net,
Central Ukrainian National Technical University,
Kropyvnytskyi,
Viktor Koval
DrHab (Economics), Professor
ORCID 0000-0003-2562-4373
е-mail: victor-koval@ukr.net,
Izmail State University of Humanities, Izmail,
Nataliia Abliazova
PhD (Economics), Associate Professor
ORCID 0000-0002-2367-9349
е-mail: tatamurova2002@gmail.com,
Private Higher Education Institution
«Rauf Ablyazov East European University», Cherkasy
ORGANIZATIONAL AND ECONOMIC LEVERS OF ACTIVATION
OF CORPORATE GOVERNANCE IN THE INNOVATIVE ACTIVITY
OF JOINT-STOCK COMPANIES OF UKRAINE
Introduction. Innovative development intensification
is one of the main conditions of accelerated socio-eco-
nomic growth Ukraine. At the same time, innovative ac-
tivities intensification should contribute to also moderniza-
tion of the national economy, which will increase the level
competitiveness of manufactured products.
For the socio-economic development of the country
in the strategic perspective, the modern innovative system
presence becomes decisive in the process of managerial de-
cisions at different levels of government. At the same time,
it should be borne in mind that innovative development
should acquire an orderly character and contribute to im-
proving the quality of the institutional environment. In
turn, the economy diversification, changing its industrial
and raw material structure, increasing entrepreneurial ac-
tivity are aimed at solving this problem.
Constant and continuous creation and implementa-
tion of innovations is the main factor in achieving success
in the competition of the country. The innovations imple-
mentation, as well as new scientific and technical achieve-
ments in the production of new or insufficient goods, tech-
nologies and services is crucial for the development, con-
servation of nature and increasing the population living
standards.
However, the current state of innovative development
in Ukraine faces serious problems that hinder its develop-
ment, like that: acute shortage of financial resources; in-
sufficient development of mechanisms of state regulation
of innovative activity and specifics of implementation of
innovative development; lack of methodological develop-
ments that allow you to assess your innovative potential
and formulate priority ways of its development. Finally, the
formation and activation of innovative development re-
quires focused efforts from the authorities.
Problem statement and its connection with important
scientific and practical tasks. Domestic and foreign scien-
tists over the past decade have achieved significant success
in developing theoretical foundations for the innovative de-
velopment management. Of scientific publications, the
works of D. Arzhantsev, K. Bogan, Iu. Bondar, T. Davila,
L. George, V. Golovatyuk, O. Hutsaliuk, S. Ilyashenko,
M. Inglish, T. Logutova, V. Solovyova, G. Korenyako,
M. Porter, M. Skibi, S. Tulchinskaya, etc. Therefore,
scientific works of leading scientists indicate interest in
studying key problems and issues of innovative develop-
ment activation. Despite the expansion of the studying
problems range, many aspects have not been studied
enough. This applies to the conceptual foundations of the
innovative development in the context of corporate inte-
gration processes activation, the regularities of its for-
mation, internal sources of development, the laws of the
market mechanism, factors influencing its parameters, the
theory of analysis processes, justification of development
trends, as well as improvement of the organizational and
economic mechanism of innovative activity intensification
in the context of corporate integration processes activation.
ZAKHARCHENKO O., KOTSIURBA O., KOVAL V., ABLIAZOVA N.
2022/№2 125
Formulation of research objectives (problem
statement). The article is aimed at development of organi-
zational and economic mechanism of innovative activity
intensification in the context of corporate integration pro-
cesses activation.
An outline of the main results and their justification.
The innovative model of technological development is the
future of Ukraine. In the meantime, in industry, after the
previous decline and stabilization, development continues
at the stage use of previously created capacities, which are
outdated, as a rule, the production structure. Therefore,
innovation has not yet become the main direction of eco-
nomic development. Despite some positive trends in the
innovative development of Ukraine (for example, the vo-
lume of innovative products shipped outside the state, for
three last years increased by 1.5 times), the number of de-
velopments in order to create new equipment decreased
since 2010 more than 2 times. The overall share of inno-
vation has decreased products in total production (for the
period from 2010 1.7 times).
There is a general decrease in the innovative activity
of enterprises, the level of developments commercializa-
tion, small improvements prevail, limited replication of in-
novations. The share of enterprises engaged in innovative
activities is several times less than in the USA, Japan, Ger-
many and France.
Previously, we had a chain for the innovative tech-
nology sector development: basic science and effective
education, a system for training and improving their skills,
applied developments and inventions, prototypes, new
technologies, use — implementation, obtaining results,
profit. Then — investing the share of profits in science and
education, and so on in a new circle.
The development and implementation of the final in-
novative product was carried out by industry science, de-
sign bureaus, scientific and technical workers at enterprises.
In the West, this was set up by government programs, ven-
ture funds and corporations, which accumulated significant
experience and sufficient capital.
Therefore, now we are not spreading innovations en
masse not only because the stage of using the capabilities
of the previous technological structure has been delayed,
but also because, on the one hand, there are too few funds
(or their insufficient use for this purpose), and on the other,
as a rule, industry institutions are weakened or completely
collapsed. In addition, since they are on the final path of
innovative ideas to production, urgent action is needed to
resuscitate this link of the innovative cycle (as, by the way,
the scientific sector in most higher educational institu-
tions).
In addition, in Ukraine, the vast majority of industrial
enterprises and their associations of both state and non-
state ownership do not show interest in financing innova-
tions that cannot give a guaranteed and quick return. They
are more concerned with the current issues of survival or
strengthening their position by building property, spreading
areas of activity, monopolizing or profitable distribution of
their sales markets, investing capital primarily in these
measures. Innovative measures, if funded, are only those
related to the introduction of already tested domestic or
foreign models of new equipment and technologies.
Therefore, while domestic entrepreneurs "mature" to
the realization of the need to invest in research and deve-
lopment, their commercialization with the creation of
relevant structures, as well as the general economic envi-
ronment favorable for innovation in Ukraine, the state
should, along with market measures, more actively in-
fluence innovative processes, initiate them, not only ex-
cluding support, but also certain forced involvement of in-
dustrialists.
For example, to maintain production at the current
level and ensure innovative development of enterprises, it
is advisable to have two budgets: the first is a regular
budget, which includes current cost estimates and accounts
for 80-90% of all costs of the organization; the second is a
special budget for future (prospective) development. This
budget should be 10-20% of total costs and be stable re-
gardless of whether good or bad times for the enterprise.
Deviations from this ratio should be accompanied by fiscal
actions on the part of the state.
The idea of restoring the State Innovative Fund with
a network of its branch and territorial divisions deserves
attention. In our opinion, it would be advisable to diffe-
rentiate contributions to the fund depending on the scale
of independent financing by enterprises of innovative
measures (including participation in the establishment and
support of innovative structures): the more funds the en-
terprise spends on such financing, the less (up to zero) the
deduction rate should be. That is, contributions to the in-
novative fund should be a kind of fine for innovative pas-
sive enterprises.
One of the real ways to create conditions in the coun-
try for the transition to an innovative model of develop-
ment is to promote the approval of large structures in the
corporate sector of the economy. The research of the in-
stitute, our scientific and practical experience prove, and
from the world experience it follows that it is large corpo-
rations, concentrating the main investment resources, that
are able to carry out and carry out advanced reproduction
on an innovative basis and ensure the stability and com-
petitiveness of national enterprises in the world and do-
mestic markets. In addition, the innovative competition of
enterprises and the growth of research and development
costs generated by it cause the need for cooperation of en-
terprises in this area, the creation of scientific and produc-
tion associations in order to enter the market with new
high-tech products. At the same time, such corporations
are the real base of small innovative businesses.
Vertically integrated corporate structures associated
with the production stage sequence are particularly effec-
tive (or stages of the innovative cycle from development to
industrial implementation) and are based on the cross-in-
dustry integration of mining and processing industries, raw
materials and processing enterprises, scientific organiza-
tions and industrial enterprises, in which the competitive
advantage is achieved by guaranteed supply and sale, saving
transaction costs, demand for investments and innovative
products, joint capital management, speed and significant
expansion of the reproduction process.
At the same time, in the conditions of integration of
enterprises (especially when integration is carried out pre-
cisely for the implementation of innovative transfor-
mations), it is necessary to take into account not only the
innovative potential, but also the potential to support (en-
sure) innovative development. Thus, some participants in
the corporate integration association (hereinafter referred
to as CIА) may have the knowledge and competence to
substantiate the parameters of transformation processes,
others - financial or resource opportunities to ensure such
changes. Accordingly, resource and competence (innova-
tive) components should be allocated within the framework
ZAKHARCHENKO O., KOTSIURBA O., KOVAL V., ABLIAZOVA N.
126 ВІСНИК ЕКОНОМІЧНОЇ НАУКИ УКРАЇНИ
of the consolidated potential of CIA to determine the
guidelines for the innovative development of CIA.
Thus, the organization of the management of the in-
novative development of CIA requires taking into account
the parameters of combinatorial advantages for the imple-
mentation of innovative activities and the synergetic effect
of the mutual addition of resources and technologies that
arise during the interaction of participants in integration
processes. At the same time, a system of information sup-
port for management processes acquires a certain transfor-
mation, which should be focused on the creation, distribu-
tion and use of consolidated innovative knowledge. Under
this requirement, the CIA management information sup-
port subsystem will focus not only on the collection of in-
formation used to monitor the activities of CIA participants
or to calculate the plan-fact of deviations.
Here you need to create information support for the
processes of creation, distribution, processing and use of
knowledge within the established CIA. The formation of a
system of criteria for the selection of participants of the
CIA and control over their participation in the implemen-
tation of innovative transformations is also important. In
this case, it will be appropriate to expand existing ap-
proaches to assess the effectiveness of innovative projects
in the direction of determining the level of use of consoli-
dated innovative resources. Any of the available methodo-
logical approaches should take into account the parameters
of innovations diffusion between the participants of the
CIA, the opportunities for the emergence of corporate sy-
nergy or the direction of use of consolidated financial re-
sources.
Summarizing the above prerequisites for the imple-
mentation of the processes of innovative development of
CIA, we will give a scheme for organizing the management
of such processes. It should be noted that innovative de-
velopment should be carried out on an ongoing basis. The
corresponding such scheme requires a cyclic representa-
tion. With an overview of this, the use of the Petri net-
work apparatus becomes appropriate, which represent the
organization of the management of innovative development
as a discrete event process. In general, a Petri network is a
collection of events (set {p}) and transitions (set {t}) that
trigger the occurrence of the specified events. The scheme
of organization of management and activation of innova-
tive development of CIA proposed by the author is pre-
sented in Fig. 1.
Fig. 1. Model of the innovative development organization management process of integrated association
Source: supplemented by the authors based on [9].
Four sets of events and transitions form the basis of
the diagram presented in Fig. 1. The first set is responsible
for selecting participants in the integration and innovative
process and organizing their management. The start of this
process is modeled by position p1. The limitation for this
model is that there is a certain enterprise that ensures the
integration process start. At the same time, position p0 can
correspond to the organizational dedicated corporate cen-
ter. Directly forming the selection of participants of inno-
vative development is modeled by the transition t1, the in-
put of which offers from potential participants of the CIA
are submitted (the desire to be involved in integration pro-
cesses is confirmed). The entire list of potential participants
of the CIA is contained in the component p1. The already
formed set of CIA participants is given in position p2. It is
clear that the operation of the CIA is possible only if the
values of individual participants correspond. Verification of
such compliance is carried out by transitions t2 (in case of
compliance) and t3 (in case of non-compliance). If the
value guidelines do not correspond, analysis of non-
conformance parameters (position p3) is carried out and
their transfer to the start of the integration and innovative
process (transition t4).
The second set of events in the diagram presented in
Figure 1 describes directly the process of organizing the
management of the innovative development of the already
formed CIA. The main elements of the organizational pro-
cess (represented by the position p4) are reduced to the
formalization of the subject and the object of management,
the development of proper management procedures (the
definition of levers and tools for implementing guiding in-
fluences), the development of organizational regulations
ZAKHARCHENKO O., KOTSIURBA O., KOVAL V., ABLIAZOVA N.
2022/№2 127
and principles of interaction, the determination of rights
and responsibility for the implementation of development
processes, etc.
The operation of the t5 transition reflects the conso-
lidation of the components of the organizational process in
the form of regulations or relational (institutional) norms
adopted for implementation. The chip in position p5 re-
flects the design documents or the first version of the prin-
ciples of interaction between the participants of the CIA.
If it is not possible to fix such norms for the determined
configuration of the instrumentation, the transition t5
is triggered and a new step of the integration process is
initialized.
Accordingly, the chip in position p7 reflects the for-
mation of the specified norms. If you need to review the
rules of interaction of the participants of the CIA or change
the parameters of the organization of the management pro-
cess, the transition t8 is triggered. Otherwise, the t9 transi-
tion is triggered by the start of the innovative development
process.
The third set of events is responsible directly for pre-
paring the implementation and implementation of innova-
tive transformations. Reference points for carrying out such
transformations are modeled by position p7. Transition ac-
tuation simulates t10 matching parameters of innovative
transformations. The generated parameters are displayed in
position p8, and the transition t11 simulates directly the
implementation of innovative changes. The operation of
this transition transfers to position p9 the resulting charac-
teristics of the performed changes, which within this posi-
tion are compared with the desired vector of the targets of
the CIA. If there are no significant deviations, the formed
mechanism for managing innovative development contin-
ues to work. The t12 transition is responsible for this. If
there are deviations, the procedure for assessing the com-
pliance of the CIA composition with the desired require-
ments for the results of innovative development is initial-
ized (the start is determined by the operation of the t13
transition).
Here the fourth set of events and transitions comes
into effect. Thus, position p10 contains the results of posi-
tioning all participants in the CIA on the plane "innovative
potential — resource potential — approach to the protection
of innovation." After the t14 transition is triggered, the re-
sults of pairwise correlation of the characteristics of the in-
novative activity of the CIA participants are transferred to
position p11. There are several options for further actions:
a complete review of the composition of the participants of
the CIA (initialized by the t15 transition), a change in the
parameters of the organization of the innovative develop-
ment management (initialized by the t16 transition) and an
adjustment of the requirements for the results of the CIA
innovative activity as a whole.
Thus, the model presented in Fig. 1 reflects the logic
of the innovative-integrative process of interaction of eco-
nomic entities during their consolidated development.
Such logic should also take into account the concept of
increasing returns adopted in the work. There are a number
of other mechanisms that support such an increase in effi-
ciency. The list of such mechanisms and the disclosure of
the general logic of interaction between them is shown in
Fig. 2.
Fig. 2. Disclosure of logic of interaction between mechanisms of corporate integration and innovative management
Source: supplemented by the authors based on [9].
The mechanisms outlined in Fig. 2 can be considered
as a structural representation of the mechanism of corpo-
rate integration of subjects of innovative activity. In such a
representation, any mechanism is considered in the context
of determining its constituent mechanisms. In addition to
this approach, there are also other options for determining
the content of the category of the mechanism, within the
framework of which the scheme presented in Fig. 1 can be
transformed into the disclosure of a set of levers and tools
for implementing guiding influences. The corresponding
diagram is shown in Fig. 3.
ZAKHARCHENKO O., KOTSIURBA O., KOVAL V., ABLIAZOVA N.
128 ВІСНИК ЕКОНОМІЧНОЇ НАУКИ УКРАЇНИ
For each of the mechanisms indicated in Fig. 3, the
main criterion of its efficiency is indicated and the rela-
tionship between the introduced criteria is determined. The
performance criteria are determined taking into account
the interests of all stakeholders involved in the management
of corporate integration restrictions. Moreover, taking into
account the interests of all stakeholders ensures solving the
above problem of the limited potential of the enterprise for
the start of development processes by combining the efforts
of various economic entities for joint innovation. The proof
of this hypothesis is confirmed by the objective failure of
an individual entity to independently maintain a proper
competitive position and ensure the growth of the market
share.
Without strengthening state intervention in innovative
activities in industry, the effective use of existing potential
is hardly possible. It is enough to recall the experience of
Japan, Italy, Germany, the USA in saving steel, automo-
tive, shipbuilding, coal industry, etc. In this regard, I would
like to emphasize, that the institute has developed specific
proposals and regulations for the use of funds for technical
re-equipment of mines for the Ministry of Fuel and
Energy, which should be provided on a competitive basis
and provided that the income and expenses are balanced
with the subsequent reduction or cancellation of state sub-
sidies and the return of the funds raised.
Fig. 3. Static representation of the innovative and integrative development mechanism of enterprises corporate association
Source: supplemented by the authors based on [9].
In modern conditions, the innovative development in
specific industries and regions should include not only the
activities of central, but also industry authorities and ma-
nagement and regional authorities, which are due to the
need to fulfill industry and regional orders. The latter
should be implemented at the level of local state executive
authorities and local self-government bodies. Especially
this actual in the current conditions of possible strengthen-
ing of their role and financial support in accordance with
ZAKHARCHENKO O., KOTSIURBA O., KOVAL V., ABLIAZOVA N.
2022/№2 129
the main provisions of the reform of the administrative-
territorial structure.
Such orders can cover all types of innovative activi-
ties, including scientific and technical development, engi-
neering preparation of production, implementation of spe-
cific technical, organizational and other innovations, inno-
vative projects as part of regional scientific and technical
development programs.
With the help of the system of regional orders for the
implementation of innovative activities, it becomes possible
to properly solve such problems as the timely implementa-
tion of existing innovative opportunities, the concentration
of resources on the use of effective ones, the operational
management of the innovative process at the regional level
with minimal risk from the wrong choice of one or another
innovative direction.
As experience shows, the most dynamic development
is acquired by those regions where innovative clusters have
formed, which are associations of interconnected various
organizations (industrial companies, research centers,
scientific institutions, public administration bodies, etc.)
based on the sectoral or territorial concentration of net-
works of specialized suppliers, major manufacturers and
consumers, which are a single technological chain. Clusters
focus their activities on the production of world-class in-
novative products, their creation is especially effective in
the implementation of economic development programs
for industries, individual regions, and sometimes even
entire countries.
The formation of industrial clusters in leading in-
dustrialized countries, such as Germany (chemistry, me-
chanical engineering) and France (food production, cos-
metics), led to the fact that entire groups of industries be-
gan to interact within clusters, contributing to the multi-
plicative effect on employment and technology transfers.
The mechanism for managing innovative activities in
accordance with the cluster model covers the whole "idea-
market" cycle by introducing many institutions into clus-
ters, organizations, enterprises that play an important role
in the development and implementation of innovations —
research institutes, higher educational institutions, stan-
dardization bodies, chambers of commerce and industry,
etc. The effective functioning of individual clusters indi-
cates the prospects for the use of such a structure in various
industries and regions, because they contribute to the
creation of new opportunities for the revival of existing en-
terprises, expansion of employment of skilled workers and
production of goods competitive on the world market.
Therefore, it is necessary to provide for the develop-
ment of several pilot projects, followed by widespread ex-
perience in applying a cluster approach to the development
of the economic base of industries and regions. These pilot
projects should be introduced for different types of territo-
ries — agricultural, industrial, recreational, as well as those
where it is advisable to create "points" of growth of national
scientific and technical potential and innovative develop-
ment of production. This requires a change in the policy
priorities of regional and local authorities in the direction
of creating a system of small and medium-sized firms that
have close technological, economic and social ties and give
a significant multiplicative effect on employment and
export opportunities of regions.
Technopark is one of the forms of innovative infra-
structure, which provides an innovative sphere of all types
of services, as well as interaction of elements of the inno-
vative process, contributes to the innovative diffusion in all
spheres of the economy. In Ukraine, elements of innova-
tive infrastructure are not sufficiently developed. There are
practically no such elements as exchanges (fairs) of scien-
tific and technical developments, innovative projects and
scientific and technical innovations, insurance of innova-
tive risks, venture capital. It is necessary to develop and
national, and on its basis — industry and regional programs
for the development of innovative infrastructure.
In accordance with the needs of the effective func-
tioning of the innovative infrastructure, it is necessary to
bring the number of innovative infrastructure enterprises by
type of economic activity to the proportions recognized
abroad. For example, there are now more than 3,000 tech-
noparks in the world, about 300 in Europe and another
1,500 innovative centers. Ukrainian technoparks in their
majority only take root and expand the impact on the eco-
nomy. It is necessary to deal with their effectiveness where
questions arise, and when today it is necessary to destroy
the current technological model of innovative policy from
the shoulder, it will take at least 5 years to create a new
one, and maybe 10 years.
One of the effective means of overcoming the deficit
of investment resources, as foreign experience shows, is
venture financing of innovations by creating venture funds
that invest their funds, first of all buying shares of the com-
pany. In Ukraine, the named form of investment has not
yet become widespread. The underdevelopment of venture
financing in Ukraine is largely due to the weak develop-
ment of the stock market, lack of legal support.
The organizational direction of the development of
the venture investment system involves the creation of
state, regional and sectoral venture investment institutions,
the formation of a regional database on the number and
effectiveness of all the innovations used.
The economic direction of the venture investment
system is to create a network of venture funds, develop
recommendations for determining the effectiveness of in-
vested venture capital.
The problem of metrological provision of innovative
development of economic systems of different levels (re-
gion, country) and audit of efficiency of innovative activity,
substantiated comparison of real (and not virtual, as it hap-
pens) benefits with real effect is relevant.
The main task for solving this problem is to determine
the peculiarities of forming the economic efficiency of the
development of transformational economic systems with an
innovative component, improving the methods of assessing
the economic, social and environmental efficiency of
innovations; objective meters of innovative development;
determination of criteria for evaluation of innovative de-
velopment, etc.
Such an audit of efficiency, as a set of statistical, audit
and analytical actions aimed at determining the level of
efficiency of innovative development of the economy and
at the same time targeted expenditure of state resources, is
extremely important.
In addition to the above and other organizational and
economic means of development of the national innovative
system, which should permeate all production, science and
education, more effective use of social reserves of workers
innovative activity is important. The reasons for its decline,
according to research, are an imperfect system of corporate
management of domestic enterprises, unclaimed creative
initiative, non-compliance with the conditions for innova-
tions introducing with modern requirements, insufficient
time for creative activity, lack of an effective mechanism
ZAKHARCHENKO O., KOTSIURBA O., KOVAL V., ABLIAZOVA N.
130 ВІСНИК ЕКОНОМІЧНОЇ НАУКИ УКРАЇНИ
for stimulating and motivating workers to creative initiative
and innovative activity.
It should also be noted the legal insecurity of authors
and other participants in innovations, legal nihilism and
subordination of legislation to the interests of the scientific,
technical and industrial elite. The development of innova-
tive activity is also not facilitated by the mood of domestic
industrial enterprises for the purchase of foreign equipment
and technologies.
Conclusions. The development of Ukraine as an in-
novative state especially requires a higher level of personnel
competence, an effective system of employee motivation,
increased interest and inclusion of workers in the process
of implementing the model of innovative development. In
the face of fierce competition in the domestic and foreign
markets, deep knowledge of innovations and know-how is
required, which are used by leading enterprises and firms
in technologies, equipment, information systems, corporate
management, marketing research.
In connection with the above, the relevance of the
introduction of a new conceptual approach — the for-
mation of a network of innovative centers of a special type,
aimed at transferring the most valuable high-yield offers to
the sectors of the economy by creating favorable conditions
for talented developers.
The innovation of society is largely determined by so-
ciocultural prerequisites — the peculiarities of culture, the
type of sociality, behavior, activity and, accordingly, the
specific sociocultural resources that it has. The experience
of innovative development of both Western and Eastern
countries (Japan, China, India, etc.) shows that societies
that have succeeded in this way do not ignore their socio-
cultural resources but use them as a basis for rational or-
ganization of the innovative process. Therefore, when using
Western European and other approaches, it is necessary to
bear in mind the low efficiency of formal solutions. And,
unfortunately, we often do so. Therefore, in modern con-
ditions, Ukrainian society must reveal its innovative poten-
tial thanks to a rational approach to the use of its socio-
cultural resources — traditional values, norms, rules of so-
cial relations, cooperation. Based on this, in order to in-
crease the innovative activity of citizens, sociological re-
search aimed at identifying socio-cultural resources of in-
novative growth is a promising direction.
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mechanism and development modeling]. Kharkiv, Inzhek.
408 p. [in Ukrainian].
Стаття надійшла до редакції 09.11.2022
Формат цитування:
Zakharchenko O., Kotsiurba O., Koval V., Abliazova N. Organizational and Economic Levers of Activation of
Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine. Вісник економічної науки Ук-
раїни. 2022. № 2 (43). С. 124-131. DOI: https://doi.org/10.37405/1729-7206.2022.2(43).124-131
Zakharchenko, O., Kotsiurba, O., Koval, V., Abliazova, N. (2022). Organizational and Economic Levers of
Activation of Corporate Governance in the Innovative Activity of Joint-Stock Companies of Ukraine. Visnyk
ekonomichnoi nauky Ukrainy, 2 (43), рр. 124-131. DOI: https://doi.org/10.37405/1729-7206.2022.2(43).124-131
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