Managing Successful Universities

To stay competitive in a business environment, continuous performance evaluation based on the triple bottom line standard of sustainability is necessary. There is a gap in addressing the computational expense caused by increased decision units due to increasing the performance evaluation indices to more accuracy in the evaluation. We successfully addressed these two gaps through (1) using principal component analysis (PCA) to cut the number of evaluation indices, and (2) since PCA itself has the problem of merely using the data distribution without considering the domain-related knowledge, we utilized Analytic Hierarchy Process (AHP) to rank the indices through the expert’s domain-related knowledge. We propose an integrated approach for sustainability performance assessment in qualitative and quantitative perspectives. Fourteen insurance companies were evaluated using eight economic, three environmental, and four social indices. The indices were ranked by expert judgment though an analytical hierarchy process as subjective weighting, and then principal component analysis as objective weighting was used to reduce the number of indices. The obtained principal components were then used as variables in the data envelopment analysis model. So, subjective and objective evaluations were integrated. Finally, for validating the results, Spearman and Kendall’s Tau correlation tests were used. The results show that Dana, Razi, and Dey had the best sustainability performance.

https://www.mdpi.com/2071-1050/12/3/789/pdf

An integrated Multi-Criteria Decision Making Model for Sustainability Performance Assessment for Insurance Companies

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Сучасний стан науково-технічного потенціалу і перспективи розвитку в Україні

The desire and ability to apply the concept of social responsibility is directly proportional to a culture that is formed due to the relevant knowledge, skills and qualifications. It is believed that university education is able to interest future owners, experts and clients of insurance companies in running socially responsible activities.The purpose of the study is to determine the role of universities in disseminating the social responsibility practices in the insurance sector.The main method of research is the survey conducted among 536 full-time students-financiers at domestic universities in September and October 2018. This method allowed to identify peculiarities of students’ perception of the social responsibility concept in the insurance sector of Ukraine. The case study method was also applied to reflect the social responsibility practices used by domestic insurance companies.As a result of the combination of the methods proposed, the low level of students’ knowledge of social responsibility in the insurance sector and the low interest of insurance companies as compared to foreign insurance companies have been shown. That is why, in the process of training, it is important for universities to focus on the proper world-view positions and value orientations, dialog and ethical cooperation that will enhance the professional training of students and develop modern professional competence among them that will meet international practices and requirements.

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The role of universities in disseminating the social responsibility practices of insurance companies

The COVID-19 pandemic has affected different sectors of the economy, including insurance, and has become a problem and a clear catalyst for innovation. The pandemic has highlighted some inefficiencies of the traditional model of interaction between insurers and their customers and focused on insurance companies’ efforts on innovations and investments in the digital future. That is why the article aims to generalize the transformations of the institutional environment in the InsurTech ecosystem in the context of the COVID-19 pandemic and identify prospects for its development in the post-pandemic period.The analysis of the functioning of InsurTech as an ecosystem necessitated the identification of challenges for the insurance market in the context of COVID-19. The peculiarities of the insurance market development have been identified: the blurring of boundaries between insurers, BigTech firms, and technological partners; expanding interaction with policyholders based on the principle of support and the use of social networks; changes in the structure of the implemented insurance services; an increase in insurance fraud cases; the growing demand for parametric insurance products; introduction of a digital approach to the interaction with customers and employees, modernization of technological infrastructure and expansion of data processing capabilities; remote risk identification; acceleration in the use of financial technologies by insurance market participants. There is a transformation of the insurance market under the influence of business processes digitalization because insurers are aware of the importance of InsurTech in the formation of competitive advantages. For many companies, the crisis has strengthened their innovative development strategies and accelerated the implementation of financial technology tools in their business processes against the background of modernization of technological infrastructure. Chatbots, telematics, the Internet of Things, machine learning, artificial intelligence, predictive analytics, etc., are widely used. In the future, InsurTech will also play an important role in introducing digital innovations in the insurance market.

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Transformation of insurance technologies in the context of a pandemic

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Business Risk Management in Times of Crises and Pandemics

Received August 27, 2018 Revised from September 30 23, 2019 Accepted October 25, 2019 Available online March 15, 2020 The economic necessity becomes the orientation of the enterprise management system to ensure sustainable development, which will create a basis for increasing the economic strength of the enterprise, solving environmental and social problems. Increasing the social status of workers at enterprises, meeting the socially significant needs of the population are the priority areas of dynamic socioeconomic transformations. The socialization of the economy is largely determined by the satisfaction of the worker’s needs, the completeness of their involvement in the modern process of transformation and the effectiveness of methods of human resources management. The purpose of this article is to substantiate the foundations of socialization of organization sustainable development based on the principles of corporate social responsibility (CSR). To confirm the hypothesis of the growth of the role of CSR, which is connected with the necessity of maximizing the positive influence on society through the implementation of the strategy of interaction between the organization and stakeholders. The possibility of introducing business ethics standards at each hierarchical level of management (top management, middle management, lower level management, and employees) are considered. It is proved, that the development of corporate social activities is becoming the most important managerial innovation, the service sector is characterized by a greater orientation towards achieving medium-term reputational effects while reducing the focus on short-term risk reduction, socially responsible company can successfully implement the principles of sustainable development in its activities, taking into account the requirement to harmonize social, economic and environmental priorities. JEL classification: М14; О15; О35 DOI: 10.14254/1800-5845/2020.16-1.11

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Socialization of Organization Sustainable Development Based on the Principles of Corporate Social Responsibility

The globalization of educational space shows that university education should meet the needs of society based on the ethical principles of interaction between participants of educational process and use innovative teaching methods. Therefore the purpose of the study is to substantiate the importance of convergence of systems of education at Scottish and Ukrainian universities in order to provide ethical leadership in the field of education. A systematic approach to the realization of the purpose of the study allowed solving the main tasks: systematization of the strengths of Scottish education, justification of the impact of university social responsibility on providing ethical leadership in education, comparing the main indicators of the process of providing educational services in Scotland and Ukraine.As a result, it is established that the synergetic effect from the application of the concept of ethical leadership is achieved as a result of the interaction of all participants in the educational process, namely: the state (awareness and realization of the social mission to develop the potential of youth); universities (development of educational programs taking into account the needs of modern society and the use of teaching methods capable of forming the necessary competences for future specialists); students (interest in obtaining quality education).  

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The Convergence of The Systems of Education at Scottish and Ukrainian Universities in the Context of Ethic Leadership

Academic entrepreneurship is the link between higher education institutions and business, which satisfies the combination of basic (engineering) and additional (entrepreneurial) education. The purpose of the article is to outline the determinants of academic entrepreneurship development in Ukraine, as well as to substantiate the performance indicators. Research methods: analysis and synthesis (for determining determinants of academic entrepreneurship development in Ukraine); system-structural analysis (for determining performance indicators); abstract-logical (for theoretical summarization and conclusion); graphics (for visualization of the model of sustainable academic entrepreneurship). Results of the research: system of advantages and limitations of academic entrepreneurship development for higher education institutions, students and the region; stages of creation sustainable academic entrepreneurship; performance indicators for determining the ability of a higher education institution to create and maintain the functioning of academic entrepreneurship (scientific capacity, financial capacity, organizational capacity). The proposed approach allows to improve the quality of higher education, to establish cooperation with business and to take into account the needs of the modern market and the region in the training of specialists.

Inna Khovrak

Papers

Business Risk Management in Times of Crises and Pandemics

The role of universities in disseminating the social responsibility practices of insurance companies

Socialization of Organization Sustainable Development Based on the Principles of Corporate Social Responsibility

The Convergence of The Systems of Education at Scottish and Ukrainian Universities in the Context of Ethic Leadership

Academic Entrepreneurship in Ukraine: Determinants of Development and Performance Indicators