Actual problems of innovative economy and law

Journal "Actual problems of innovative economy and law" is included in category B for specialties: in the field of knowledge "Management and administration": 073, 076 (order of the Ministry of Education and Science of Ukraine dated 23.08.2023 No. 1035) and 071, 072, 075 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543); in the field of knowledge "Social and behavioral sciences" 051 (order of the Ministry of Education and Science of Ukraine dated August 23, 2023 No. 1035); in the field of knowledge "Law" - 081 and "Public management and administration" - 281 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543).
Registration of an entity in print media: Decision of the National Council of Ukraine on Television and Radio Broadcasting No. 1390 dated 11/16/2023. Media identifier: R30-02018
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The impact of socio-economic changes on the strategies and behavior of business entities

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УДК: 338.1

DOI: https://doi.org/10.36887/2524-0455-2024-6-10

Shaulska Larysa,
Doctor of Economics, Professor, Professor of the Department of Enterprise Economics,
Taras Shevchenko National University of Kyiv,
https://orcid.org/0000-0002-7919-6733
Chornyi Roman,
Doctor of Economics, Professor, Director of the Novovolynsk Educational and Research Institute of Economics and Management,
Western Ukrainian National University,
https://orcid.org/0000-0001-8614-9495
Marchuk Vadym,
Postgraduate student of the Department of Economics and Trade,
Lesya Ukrainka Volyn National University,
https://orcid.org/0009-0007-6188-964X

Our society is currently undergoing a complex socioeconomic shift, impacting numerous aspects of life. A crucial element of this transformation is digital diversification, the application of digital technologies to create innovative products, services, and business approaches. With the rapid pace of technological advancement, this diversification is essential for businesses to thrive, enabling them to adapt to evolving markets and maintain a competitive edge. Furthermore, identifying the ideal business development model is vital. In today’s volatile and competitive landscape, companies must constantly innovate to achieve growth. A successful model should consider the company’s specific operations, resources, and capabilities, as well as external influences like regulatory changes, economic conditions, and consumer demand. These societal transformations stem from reforms within socioeconomic activity, occurring at both national and regional levels and affecting all segments of society. Amidst challenges like the ongoing war in Ukraine, a survival strategy is paramount for ensuring continued operation. Businesses play a critical role in these transformations, and their actions are key to the success or failure of these processes. During times of systemic threats, such as those posed by war, economic decisions are often swayed by emotions and stress, potentially leading to flawed choices. Therefore, applying behavioral economics principles is crucial to understanding the link between socioeconomic transformation and decision-making during periods of instability and risk. Research in this field helps us comprehend how individuals make choices under pressure and uncertainty, enabling the development of effective strategies to promote rational business practices during crises.

Keywords: transformation, socio-economic transformation, digital diversification, behavioral economics, conditions of stress and uncertainty.

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The article was received 05.10.2024

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Shaulska Larysa, Chornyi Roman, Marchuk Vadym. 05.10.2024. The impact of socio-economic changes on the strategies and behavior of business entities. The journal "Actual problems of innovative economy and law". 2024 / #6. 51-55pp. https://doi.org/10.36887/2524-0455-2024-6-10

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Shaulska Larysa, Chornyi Roman, Marchuk Vadym. "The impact of socio-economic changes on the strategies and behavior of business entities". The journal "Actual problems of innovative economy and law". 05.10.2024. https://doi.org/10.36887/2524-0455-2024-6-10

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