Economy, finances, management: Topical issues of science and practical activity


Issue №: 7 (47)

Published: 2019.08.14
DOI: 10.37128/2411-4413-2019-7

The magazine deals with the problems of the agricultural sector of the economy in the context of integration and processes of globalization. Attention is paid to the issues of development of digital economy, rural territories, technologies of enterprise management and organization of accounting, problems of legal support of economic processes, market tendencies of development of various branches of economy. Particular attention is paid to green tourism as a promising segment of the national economy.

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DOI: 10.37128/2411-4413-2019-7-12
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MAKOGON Vitaliy  -  PhD in Economics, Associate Professor of the Department of Finance, 

Kharkiv National Agrarian University name after V.V. Dokuchaiev (62483, Kharkiv  region, post office 

Dokuchaevskoe-2, e-mail: witmak.ua@gmail.com).

HOROKH Aleksandr  –  PhD in Economics, Associate Professor, Dean of the Faculty of 

Accounting and Finance, Kharkiv National Agrarian University name after V.V. Dokuchaiev (62483, 

Kharkiv region, post office Dokuchaevskoe-2, e-mail: gorohsasha82@gmail.com).

BRIK Svitlana  -  PhD in Economics, Associate Professor of the Department of Economic Analysis 

and Accounting, National Technical University «Kharkiv Polytechnic Institute» (61000, Kharkiv, 

Kyrpychova st., 2; e-mail: svetsvb@gmail.com).


The development of the agrarian sector of the economy essentially depends on the level of its credit 

support. The conducted studies have shown that effective use of credit resources to finance the production 

costs of agricultural products manufacturers is possible only if the law of diminishing returns is taken into 

account. The testing of the classic approach on the example of the agricultural enterprises to determining 

the effect of financial leverage as one of the main indicators of the efficiency to use the borrowing capital 

has shown that it does  not take into account the effect of the law of diminishing returns and may lead to 

erroneous conclusions regarding the appropriateness of using short-term loans to finance operating 

expenses. The developed methodical tools allowed establishing the reduction of the optimal level of 

production intensity of certain types of agricultural products with the use of the borrowed funds compared 

with the financing option solely at the expense of their current assets. The size of the optimal level reduction 

of production intensity under the condition of using credit resources depends on the level of the interest 

rates. The higher the interest rates the greater the reduction of the optimal level of intensity. It has been 

established that the optimal level of production intensity under the condition of financing expenses by the 

own and borrowed capital does not depend on the coefficient of financial leverage (the ratio of the own 

and borrowed capital). The developed methodical tools allow to determine the amount of the borrowing 

capital that does not reduce the amount of the expected profits in comparison with what can be obtained 

under the condition of financing only at the expense of the available own funds, but will contribute to a 

significant increase in volumes of commodity products.

Keywords: credit, loan interest, financial leverage effect, attracted capital, the law of diminishing returns, own working capital, expenses, profitability.

List of references

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legal problems].  –  Finansovo-kredytna diyalʹnistʹ: problemy teoriyi ta praktyky. 4, 7, 14 –21  [in Ukrainian].

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innovatsiynoho protsesu APK   [Bank lending in the system of financial provision of the innovation process of 

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silʹsʹkohospodarsʹkykh pidpryyemstv [Non-bank lending: peculiarities of application in the activity of 

agricultural enterprises.].  –  Naukovyy visnyk Uzhhorodsʹkoho natsionalʹnoho universytetu. (Ser.: 

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All journal issues

About journal

Topics of the journal:

051 Economics

071 Accounting and taxation

072 Finance, banking and insurance

073 Management

075 Marketing

076 Business, trade and exchange activities

241 Hotel, restaurant and catering 

281 Public administration


Key information:
ISSN (print): 2411-4413
DOI: 10.37128

The journal “Economy, finances, management: Topical issues of science and practice” is included in the "List of Scientific Professional Editions of Ukraine". 

The scientific edition is assigned the Category "Б" in the field of economics in specialties 051, 071, 072, 073, 075, 076, 241, 281

(Order of the Ministry of Education and Science of Ukraine No. 249, March 17, 2020).

The journal “Economy, finances, management: Topical issues of science and practice” has a Digital Object Identifier (DOI)

The journal “Economy, finances, management: Topical issues of science and practice” is indexed in such database as Index Copernicus Value (https://journals.indexcopernicus.com/search/form)


The editorial board of the journal is guided by the principles of scientific, objectivity, professionalism, informational support of the most significant innovative researches, observance of standards of publishing ethics.

The purpose of the journal "Economics, finances, management: Topical issues of science and practical activity» is the coverage of leading scientific ideas in the economic, financial and management activities of the sectors of the national economy and the involvement of representatives of the domestic and foreign scientific professional community.


Objectives of the journal:

  • publication of research findings on innovation in the economy, financial and management spheres, innovation of production processes;
  • expanding partnerships with international scientific publishing organizations;
  • enhancing the culture of reviewing and annotating published material;
  • adherence to editorial ethics.


Article publishing is a paid service. Cost for printing in professional publications in accordance with the Decree of the Cabinet of Ministers of Ukraine of August 27, 2010 No. 796 "On approval of the list of paid services that can be provided by state educational institutions, other institutions of the educational system belonging to state and communal ownership" and the order Rector of the Higher Education University Mazura VA dated March 14, 2018 No. 93 “On setting the cost of printing in professional editions of the University”.

The cost of printing one page in professional editions of the university is 60 UAH.

An additional copy of the magazine with the mailing list costs 450 UAH.

Recipient: Vinnytsia National Agrarian University MFO 820172 Current account No. 31256282102055 Code 00497236 Bank State Treasury Service of Ukraine, Kyiv. VAT payer code 004972302286. Registration number 100271744. Purpose of payment: for printing an article in the journal: ”Economy, finances, management: Topical issues of science and practical activity "

History of journal:

It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.

From 2015 ”Economy, finances, management: Topical issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 of PR as of December 31, 2014)

According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.