The coronavirus disease (COVID-19) pandemic led to a catastrophic burden on the healthcare system and increased expenditures for the supporting medical infrastructure. It also had dramatic socioeconomic consequences. The purpose of this study is to identify the empirical patterns of healthcare expenditures’ influence on sustainable economic growth in the pandemic and pre-pandemic periods. Fulfilment of the research task involves the implementation of two empirical blocks: (1) development of a Sustainable Economic Growth Index based on public health, environmental, social, and economic indicators using principal component analysis, ranking, Fishburne approach, and additive convolution; (2) modelling the impact of different kinds of healthcare expenditures (current, capital, general government, private, out-of-pocket) on the index using panel data regression modelling (random-effects GLS regression). Regression results in the pre-pandemic period show that the growth of capital, government, and private healthcare expenditures positively influence sustainable economic growth. In 2020–2021, healthcare expenditures did not statistically significantly influence sustainable economic growth. Consequently, more stable conditions allowed capital healthcare expenditures to boost economic growth, while an excessive healthcare expenditure burden damaged economic stability during the COVID-19 pandemic. In the pre-pandemic period, public and private healthcare expenditures ensured sustainable economic growth; out-of-pocket healthcare expenditures dominantly contributed to the pandemic period.

The priority task for ensuring the economic security of a country, which is especially noticeable in the rapidly changing conditions of the contemporary global world, is to forecast challenges and threats. Economic security is one of the necessary conditions for state development, which provides guidelines for making major social and economic decisions. There are a few studies on the determinants of the economic security and no data about security determinants that are required to monitor it. The study aims to identify possible links between leading determinants of the economic security. For this purpose, on the example of Ukraine, causal links between the formation of real GDP (as the leading determinant that characterizes the economic security of the state), 11 determinants that indicate the level of international economic development, and 6 determinants of social development for the period 2014–2020 were determined. With a 5% level significance, the impact on the volume of real GDP of 14 determinants of state economic security was noted and specific time lags were defined. Besides, the bilateral causal effect and lack of causal connection between individual determinants were mentioned. Findings are helpful for effective public administration. In addition, active measures are needed to combat corruption, shadow and criminal economy, and state protection of domestic producers operating in the military, food, information, and energy security sectors. AcknowledgmentAlina Bukhtiarova gratefully acknowledges financial support from the Ministry of Education and Science of Ukraine (0120U100473).

Corporate social responsibility is a concept that allows organizing economic life both at the level of the organization and at the level of the state taking into account the broader interests of the social environment of a contemporary enterprise and stimulating inclusive growth in the quality of economic relations. Entrepreneurs are aware that CORPORATE SOCIAL RESPONSIBILITY AS A REQUIREMENT FOR A SUSTAINABLE APPROACH TO CONTEMPORARY ECONOMICS journal of modErn sciEncE 2/51/2023 63 they are expected not only to generate profits, but also to fairly shape relations with the entire socio-economic environment. CSR can be defined as a concept through which companies voluntarily take into account social and environmental interests at the stage of strategy building, as well as relations with various stakeholder groups. Being responsible does not just mean meeting all formal and legal requirements, but in addition to increased investment in human resources, environmental protection and stakeholder relations, i.e. voluntary involvement. Thus, social responsibility is a process by which companies manage their relationships with a variety of stakeholders who can have a real impact on their business success and, consequently, on the quality of economic relations in micro and macro terms. Thus, it should be treated as an investment and not as a cost, as in the case of quality management. Organizational systems operating in modern companies increasingly take into account psychosocial capital management strategies. This is because it has a decisive impact on the growth of the company's value (which should not be equated only with book value). Stakeholders are a company's capital, as important as financial capital (money, financial instruments, investments), technical capital (technical infrastructure) and natural capital (nature).T. WOŁOWIEC, M MARCZUK, A. WIŚNIEWSKA Wyższa szkoła Gospodarki EurorEGionalnEj im. alcidE dE GaspEri W józEfoWiE 64 na wzrost wartości firmy (który nie należy utożsamiać jedynie z wartością księgową). Interesariusze to kapitał firmy, tak samo ważny jak kapitał finansowy (pieniądze, instrumenty finansowe, inwestycje), kapitał techniczny (infrastruktura techniczna) i kapitał naturalny.

Fiscal burden, especially taxes, is undoubtedly one of the factors influencing business decisions. Taxpayers often prefer one location for their business to another based on the local fiscal policy. It can also lead to a decision to relocate the company’s headquarters or to start a branch or plant elsewhere. The intervention function (stimulative, incentive) of taxation is linked to its non-fiscal impact on taxpayers. The results of tax interventions depend on the proper selection of incentives and their intensity. Despite doubts that have been raised around the rationale for the use of taxes as a stimulus influencing economic decisions (due to the interference with the principle of fair competition), tax incentives are widely used in practice.