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The paper aimed to formalise the relationship between the level of Ukrainian energy efficiency from 30 indicators of social, ecological and economic development of the country. The main purpose of the study is to identify the impact and dependence of socio-ecological and economic indicators on the level of energy efficiency using multiple correlation-regression analysis. The systematisation of the analysed results allowed identifying the core directions to overcome the issues of the slow pace of energy efficiency improvement and the development of carbon neutrality of the country. The relevance of this scientific solution to the problem is that the level of energy efficiency is influenced by a large number of socio-ecological and economic factors sometimes independent of each other. The authors analysed the relationship between the level of energy efficiency and socio-ecological and economic indicators of country development. The investigation consisted from the following stages: conducting polynomial-regression analysis of energy efficiency development in Ukraine; development of correlation-regression multiple models of relationships between energy efficiency indicator and socio-ecological-economic indicators; explaining the conclusions and providing recommendations considering the findings. The object of the study was the processes of energy efficiency relationships with 30 indicators of socio-ecological and economic development, namely how much they affect the energy development of the country. The conclusions were theoretical and practical in terms of the impact on the level of energy efficiency of interdisciplinary indicators. The conclusions which proved by the empirical findings allowed identifying weaknesses in the development of the national economy, as well as to improve and increase the energy potential of the country through energy efficiency development strategies due to the studied determinants that have a strong impact on the level of energy efficiency.

Keywords: energy efficiency, carbon-free economy, sustainable development, energy sector, green energy, energy security.

The paper deals with the analysis of the main preconditions to develop the strategy of the green brand promotion with the purpose to attract additional green investment to the company's development. In this case, the authors allocated the main features of green investment which should be taken into account during the developing of the marketing program to promote the green brand of the company. The authors identified the main approaches to define the meaning of a green brand. Thus, in the paper, the authors defined the green brand as the unique symbols, signs, words or combinations of them which developed the green imagination about the company which operations correspond to the sustainable development goals. In the paper, the authors allocated the main drivers of the green brand as follows: green brand equity, green trust and green satisfaction. Besides, green brand equity has a mediating role between green trust and green satisfaction. With the purpose to increase the efficiency of the marketing program to promote green brand the authors generalized the main principals which should be considered by the companies. The authors highlighted that using greenwashing lead to the huge reputation loses. Besides, greenwashing decreases the level of trust to the green brand among stakeholders of the green investment market. The authors proposed to solve the abovementioned problem through the publication in free access to the nonfinancial report by the company on a regular basis. In addition, it should be obligatory and to control by the government. In the paper, the theoretical basis of the linking between sustainability, green brand perception and company policy performance was identified by the authors.

У статті авторами проаналізовані передумови формування механізмів залучення додаткових зелених інвестицій на фінансування заходів по досягненню цілей сталого розвитку та зеленого зростання економіки країни. При цьому авторами визначено, що одним із перспективних шляхів невіліювання наявних бар'єрів (стереотипне мислення, асиметрія інформації, неузгодженість цілей та інтересів основних стейкхолдерів, тощо) є формування дієвої маркетингової програми промоції зелених інвестицій. Авторами було виокремлено основних стейкхолдерів ринку зелених інвестицій та охарактеризовано їх інтереси з урахуванням специфіки зелених інвестицій. При цьому авторами, запропоновано механізм колоборації стейкхолдерів ринку зелених інвестицій, що враховує та узгоджує їх інтереси за допомогою виокремленого економічного, мотиваційного, організаційного, нормативного та маркетингового забезпечення. У статті доведено необхідність врахування принципів системної динаміки при формуванні механізму колаборації стейкхолдерів, з метою мінімізації ймовірності виникнення ланцюгової реакції появи негативних шоків, протиріч та конфліктів у ланцюгах взаємодії між стейкхолдерами. У рамках розробленого колабораційного механізму авторами охарактеризовано маркетингову концепцію 8Р з урахуванням специфіки зелених інвестицій: ціноутворення з урахуванням зелених цілей, зелені інвестиції як продукт, позиціювання на ринку зелених інвестицій, просування бренду «зелений», формування зеленого іміджу та бренду, основні стейкхолдери ринку зелених інвестицій, державна підтримка та політичний клімат, зелене виробництво, якість та сертифікація. Окрім цього, поряд із традиційними маркетинговими інструментами колабораційного механізму авторами сформовано систему сучасних маркетингових інструментів просування зелених інвестицій. Авторами наголошено, що подальших досліджень потребує система інструментів підвищення рівня довіри основних стейкхолдерів до бренду «зелений», а також необхідним є аналіз підходів до формування зеленого бренду як на рівні країни так і компанії. ; The paper deals with analyses of the preconditions to develop mechanisms for attracting additional green investments to finance the achievement of sustainable development goals and the country's green growth. At the same time, the authors proved that one of the most attractive ways to avoid the current barriers (stereotyped thinking, information asymmetry, the inconsistency of goals and interests among stakeholders, etc.) was the formation of the promotion program for green investments. The authors identified the main shareholders of the green investment market and characterized their interests, considering the specifics of green investments. Moreover, the authors developed the stakeholders' collaboration mechanism of the green investment market, considering their interests through a distinct economic, motivational, organizational, regulatory and marketing support. In the paper, the authors justified the necessity to format stakeholders' collaboration mechanism basing on system dynamics principles in order to minimize the negative shocks, contradictions and conflicts in the interaction chains between stakeholders. Within the framework of the developed collaborative mechanism, the authors described 8P marketing concept taking into account the specifics of green investments: green pricing, green investment as a product, positioning in the green investment market, promotion of the green brand, the formation of a green image and brand, key stakeholders in the green investment market, government support and political climate, green production, quality and certification. In addition, along with traditional marketing instrument of the stakeholders' collaboration mechanism, the authors allocated modern marketing instruments to promote green investments. The authors identified the further investigation direction as follows: analyse of the approaches to increase the trust level of key stakeholders to the brand "green"; analyse of the approaches to the format the green brand as for the country as for the company.

У статті авторами проаналізовані передумови формування механізмів залучення додаткових зелених інвестицій на фінансування заходів по досягненню цілей сталого розвитку та зеленого зростання економіки країни. При цьому авторами визначено, що одним із перспективних шляхів невіліювання наявних бар'єрів (стереотипне мислення, асиметрія інформації, неузгодженість цілей та інтересів основних стейкхолдерів, тощо) є формування дієвої маркетингової програми промоції зелених інвестицій. Авторами було виокремлено основних стейкхолдерів ринку зелених інвестицій та охарактеризовано їх інтереси з урахуванням специфіки зелених інвестицій. При цьому авторами, запропоновано механізм колоборації стейкхолдерів ринку зелених інвестицій, що враховує та узгоджує їх інтереси за допомогою виокремленого економічного, мотиваційного, організаційного, нормативного та маркетингового забезпечення. У статті доведено необхідність врахування принципів системної динаміки при формуванні механізму колаборації стейкхолдерів, з метою мінімізації ймовірності виникнення ланцюгової реакції появи негативних шоків, протиріч та конфліктів у ланцюгах взаємодії між стейкхолдерами. У рамках розробленого колабораційного механізму авторами охарактеризовано маркетингову концепцію 8Р з урахуванням специфіки зелених інвестицій: ціноутворення з урахуванням зелених цілей, зелені інвестиції як продукт, позиціювання на ринку зелених інвестицій, просування бренду «зелений», формування зеленого іміджу та бренду, основні стейкхолдери ринку зелених інвестицій, державна підтримка та політичний клімат, зелене виробництво, якість та сертифікація. Окрім цього, поряд із традиційними маркетинговими інструментами колабораційного механізму авторами сформовано систему сучасних маркетингових інструментів просування зелених інвестицій. Авторами наголошено, що подальших досліджень потребує система інструментів підвищення рівня довіри основних стейкхолдерів до бренду «зелений», а також необхідним є аналіз підходів до формування зеленого бренду як на рівні країни так і компанії. ; The paper deals with analyses of the preconditions to develop mechanisms for attracting additional green investments to finance the achievement of sustainable development goals and the country's green growth. At the same time, the authors proved that one of the most attractive ways to avoid the current barriers (stereotyped thinking, information asymmetry, the inconsistency of goals and interests among stakeholders, etc.) was the formation of the promotion program for green investments. The authors identified the main shareholders of the green investment market and characterized their interests, considering the specifics of green investments. Moreover, the authors developed the stakeholders' collaboration mechanism of the green investment market, considering their interests through a distinct economic, motivational, organizational, regulatory and marketing support. In the paper, the authors justified the necessity to format stakeholders' collaboration mechanism basing on system dynamics principles in order to minimize the negative shocks, contradictions and conflicts in the interaction chains between stakeholders. Within the framework of the developed collaborative mechanism, the authors described 8P marketing concept taking into account the specifics of green investments: green pricing, green investment as a product, positioning in the green investment market, promotion of the green brand, the formation of a green image and brand, key stakeholders in the green investment market, government support and political climate, green production, quality and certification. In addition, along with traditional marketing instrument of the stakeholders' collaboration mechanism, the authors allocated modern marketing instruments to promote green investments. The authors identified the further investigation direction as follows: analyse of the approaches to increase the trust level of key stakeholders to the brand "green"; analyse of the approaches to the format the green brand as for the country as for the company.

PurposeThe transition to green growth goals requires the concerted efforts of the whole society. Enterprises, as important players in the market, play a key role in promoting green and sustainable development. The rise of the concept of sustainable development has enabled more enterprises to disclose environmental, social and governance (ESG) information, and ESG behaviour is regarded as a positive strategic behaviour to implement the new development concept. This paper aims to explore the influence of ESG performance on enterprise green innovation.Design/methodology/approachThis study applies a fixed effect model and the regulation effect of empirical analysis to explore the influence of ESG performance on enterprise green innovation. The object of investigation is 2014–2021 Shanghai and Shenzhen A-share listed companies.FindingsThe results of an empirical analysis outline the following conclusions: (1) ESG performance has a significant effect on enterprise green innovation, mainly by easing the pressure of the financing enterprise, fitting stakeholders' environmental protection concept and obtaining employee organizational identity that influences enterprise green innovation. (2) Government regulation positively regulates the role of ESG performance in promoting the green innovation of enterprises. (3) Heterogeneity analysis found that the strengthening role of ESG performance on the green innovation of enterprises is stronger in green invention patents, state-owned enterprises and nonheavily polluting industries.Research limitations/implicationsDespite the valuable findings, this study has a few limitations. Thus, it is necessary to extend the object of investigation by adding other Asian countries, which allows for comparison analysis and allocating best practices for promoting green innovation. Besides, innovation and ESG performance depend on the quality of institutions. In this case, the future study should incorporate the indicators that reveal the quality of institutions (corruption, transparency, digitalisation, voice, accountability, etc.).Practical implicationsAccording to the above conclusions, this paper proposes suggestions at the level of enterprises, government and investors. At the enterprise level, ESG responsibility should be strengthened, ESG information should be consciously disclosed and the quality of ESG disclosure should be improved. Government departments should play the role of supervisors, improve the construction of ESG information disclosure systems and promote the formation of ESG systems. At the social level, investors should improve the ESG information status and pay more attention to the ESG performance of enterprises.Originality/valueThis study fills the scientific gaps in the analysis impact of ESG performance on the green innovation of enterprises. This paper contributes to the theoretical landscape of ESG efficiency by developing approaches based on two empirical models: testing the impact of enterprise ESG performance on green innovation and testing whether government regulation plays a regulatory role in the relationship between ESG performance and green innovation. Besides, this study analysed the ESG performance and green innovation within the following categories: heavy and nonheavy polluter industries; state and nonstate-owned enterprise groups.

This paper examines the economic relationships between oil price volatility and socially-economic development of 14 Organization of the Petroleum Exporting Countries (OPEC) using the annual panel data for the period 1990–2014 obtained from the World Bank (WB) statistical data sets. Hausman specification test has been performed to choose the method of panel data analysis, and the results were in favor of fixed effects estimation. The main findings indicate the direct relationship between economic growth and oil price volatility. The research supports the hypothesis that an increase in crude oil prices is positively related to GDP, and a 10% increase in oil prices correlates with 0.6-4% GDP improvements. Structural changes in employment in favor of service sector are negatively correlated with GDP per capita. Changes in GDP structure in favor of oil rents on 10% lead to the shrinking of GDP on 1%. Life expectancy at birth, as an indirect indicator of health, positively influences the economic growth indicators and an improvement in life expectancy on one percentage leads on average to 1% growth in GDP and 0.5-1.33% growth in GDP per capita. Energy efficiency improvements are positive drivers of GDP values at OPEC, and our findings suggest that a 10% increase at GDP per unit of energy use leads to 3% increase of GDP itself. The study recommends investing in energy efficiency, human capital, and capital formation to guarantee long-run economic development and prosperity of OPEC counties.

The main objective of this research is to study the role and impact of fiscal decentralization on the macroeconomic stability of the country. The paper analyzes and systematizes approaches to the definition of 'macroeconomic stability' concept. The key factors that impact macroeconomic stability are identified. In the framework of this research, the authors identify fiscal decentralization as one of the factors affecting macroeconomic stability. To determine the strength and statistical significance of the above mentioned relationship, the authors suggest presenting macroeconomic stability as a functional dependency between macroeconomic stability and the level of fiscal decentralization, which is described by the following variables: the growth rate of money supply, investment and openness of the economy, fiscal decentralization. In this case, it is suggested to determine the level of fiscal decentralization in three directions: expenditure decentralization, revenue decentralization and expenditure decentralization simultaneously.

The purpose of this article is to propose the integrated index of Public Governance efficiency based on the Fishburne's method, considering the impact's power and direction of the different sub-indexes (Worldwide Government Indicators) on macroeconomic stability and eliminating the issue of multicollinearity. The object of the study was 11 European countries that had two common features: 1) in the political sphere, during 1990–1992 the countries started the political transformation process by refusing the monopoly of the communistic regime; 2) in the economic sphere, the countries experienced transformation from planned to market economy. Based on these criteria, the following countries were selected: Lithuania, Latvia, Poland, Bulgaria, Croatia, Romania, Armenia, Belorussia, Georgia, Moldova, and Ukraine. The research findings proved a connection between the political and social determinants and the macroeconomic stability for the all the countries. Moreover, the research results confirmed the existence of a cycle of social and political conflict, which depends on inter-relation of Public Governance and the society, where the efficiency of Public Governance cannot be achieved without the support from the society, and the society cannot cooperate with non-effective Public Governance.

The purpose of this article is to propose the integrated index of Public Governance efficiency based on the Fishburne's method, considering the impact's power and direction of the different sub-indexes (Worldwide Government Indicators) on macroeconomic stability and eliminating the issue of multicollinearity. The object of the study was 11 European countries that had two common features: 1) in the political sphere, during 1990–1992 the countries started the political transformation process by refusing the monopoly of the communistic regime; 2) in the economic sphere, the countries experienced transformation from planned to market economy. Based on these criteria, the following countries were selected: Lithuania, Latvia, Poland, Bulgaria, Croatia, Romania, Armenia, Belorussia, Georgia, Moldova, and Ukraine. The research findings proved a connection between the political and social determinants and the macroeconomic stability for the all the countries. Moreover, the research results confirmed the existence of a cycle of social and political conflict, which depends on inter-relation of Public Governance and the society, where the efficiency of Public Governance cannot be achieved without the support from the society, and the society cannot cooperate with non-effective Public Governance.

The purpose of this article is to propose the integrated index of Public Governance efficiency based on the Fishburne's method, considering the impact's power and direction of the different sub-indexes (Worldwide Government Indicators) on macroeconomic stability and eliminating the issue of multicollinearity. The object of the study was 11 European countries that had two common features: 1) in the political sphere, during 1990–1992 the countries started the political transformation process by refusing the monopoly of the communistic regime; 2) in the economic sphere, the countries experienced transformation from planned to market economy. Based on these criteria, the following countries were selected: Lithuania, Latvia, Poland, Bulgaria, Croatia, Romania, Armenia, Belorussia, Georgia, Moldova, and Ukraine. The research findings proved a connection between the political and social determinants and the macroeconomic stability for the all the countries. Moreover, the research results confirmed the existence of a cycle of social and political conflict, which depends on inter-relation of Public Governance and the society, where the efficiency of Public Governance cannot be achieved without the support from the society, and the society cannot cooperate with non-effective Public Governance.

The purpose of this article is to propose the integrated index of Public Governance efficiency based on the Fishburne's method, considering the impact's power and direction of the different sub-indexes (Worldwide Government Indicators) on macroeconomic stability and eliminating the issue of multicollinearity. The object of the study was 11 European countries that had two common features: 1) in the political sphere, during 1990–1992 the countries started the political transformation process by refusing the monopoly of the communistic regime; 2) in the economic sphere, the countries experienced transformation from planned to market economy. Based on these criteria, the following countries were selected: Lithuania, Latvia, Poland, Bulgaria, Croatia, Romania, Armenia, Belorussia, Georgia, Moldova, and Ukraine. The research findings proved a connection between the political and social determinants and the macroeconomic stability for the all the countries. Moreover, the research results confirmed the existence of a cycle of social and political conflict, which depends on inter-relation of Public Governance and the society, where the efficiency of Public Governance cannot be achieved without the support from the society, and the society cannot cooperate with non-effective Public Governance. ; Straipsnio tikslas - pristatyti "Fishburne" metodu pagrįstą integruotą viešojo valdymo efektyvumo indeksą, sudarytą atsižvelgiant į skirtingų subrodiklių galios ir krypties poveikį makroekonominiam stabilumui, o taip pat - į multikolinearumo problemą. Tyrimui buvo pasirinkta 11 Europos šalių, turinčių bendro pobūdžio bruožų politinės ir ekonominės raidos srityse, tai: Lietuva, Latvija, Lenkija, Bulgarija, Kroatija, Rumunija, Armėnija, Baltarusija, Gruzija, Moldova ir Ukraina. Tyrimo rezultatai parodė, jog egzistuoja ryšys tarp politinių ir socialinių veiksnių bei makroekonominio stabilumo visose šalyse. Be to, tyrimas atskleidė viešojo valdymo ir visuomenės tarpusavio priklausomybės svarbą: viešojo valdymo efektyvumas negali būti pasiektas be visuomenės paramos, o visuomenė negali bendradarbiauti su neefektyvia valdžia. Todėl šalims siekiant ekonominio konkurencingumo tarptautiniu mastu reikalingas viešasis valdymas, kuris leistų formuoti šalies ekonominių ir socialinių tikslų vientisumą užtikrinančią politiką.

The purpose of this article is to propose the integrated index of Public Governance efficiency based on the Fishburne's method, considering the impact's power and direction of the different sub-indexes (Worldwide Government Indicators) on macroeconomic stability and eliminating the issue of multicollinearity. The object of the study was 11 European countries that had two common features: 1) in the political sphere, during 1990–1992 the countries started the political transformation process by refusing the monopoly of the communistic regime; 2) in the economic sphere, the countries experienced transformation from planned to market economy. Based on these criteria, the following countries were selected: Lithuania, Latvia, Poland, Bulgaria, Croatia, Romania, Armenia, Belorussia, Georgia, Moldova, and Ukraine. The research findings proved a connection between the political and social determinants and the macroeconomic stability for the all the countries. Moreover, the research results confirmed the existence of a cycle of social and political conflict, which depends on inter-relation of Public Governance and the society, where the efficiency of Public Governance cannot be achieved without the support from the society, and the society cannot cooperate with non-effective Public Governance.