SocioEconomic Challenges (SEC)

ISSN (print) – 2520-6621
ISSN (online) – 2520-6214

Open access journal

Editor-in-Chief: Dr., Prof. Olha Kuzmenko

Issued quarterly

Scientific Peer-Reviewed Open Access Journal – SocioEconomic Challenges (SEC), ISSN (print) 2520-6621, ISSN (online) 2520-6214 was founded by Sumy State University, Ukraine in 2016 and registered by the Ministry of Justice of Ukraine (Certificate No. KB 22380 – 12280Р from October 31, 2016). The language of publication is English.

Open access statement
This journal allows readers to read, download, copy, distribute, print, search, or link to the full texts of its articles and to use them for any other lawful purpose with due acknowledgement (citation) to authors and the journal.

Contact us:

or Managing Editor

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Aims and scope Instruction for authors Editorial and Review Board Indexing Advertising Article publication charge

The Journal of SocioEconomic Challenges promotes the development of scientific cooperation and international dissemination of theoretical and empirical research, as well as the best world practices for ensuring the stability of social and economic processes in the context of globalization, democratization, ecologization and digitalization of social relations.

Our journal publishes original articles of basic and applied research, conceptual and empirical papers, conference papers, case studies and critical reviews.

Key topics:

  • Economic Growth;
  • Digitalization of the public sector, social and economic relations;
  • Globalization and international socio-economic relations;
  • Influence of state policy on socio-economic development;
  • Stability and sustainability of socio-economic systems;
  • Greening the economy and society;
  • Economy of corporate and civil sectors and households;
  • Sociology and social psychology;
  • Demographic, migration processes and employment;
  • Combating poverty and rational distribution of income and resources;
  • Economic security and the fight against corruption.

The acceptance rate of submitted papers is about 25-30%.

Manuscript organization

Open access

ARMG Publishing uses an open access model.

Open access means that articles will be publicly available to all, free of charge and without restriction. It allows our readership to read, download, copy, distribute, print, search, and cite full versions of texts and to use such texts in any other conceivable legal manner.

Archiving policy

Authors can share their research in a variety of different ways.

Preprints (the author’s version of the article prior to submission to the journal for peer review, which has not been edited or typeset). Authors may post their submitted version of the manuscript on their personal website, institutional repository or a subject repository such as arXiv, RePEc, Research Gate, etc.

Accepted Author Version (the version after amendatory process following the peer review process, but prior to the final published version). Authors can post the Accepted Author Version on their personal website, blogs or institutional repository, privately with students or colleagues for their personal use.

Final Version of Record (the fixed version of a journal article that has been published by ARMG Publishing). The published article can be used for own teaching needs or to supply on an individual basis to research colleagues, provided that such supply is not for commercial purposes, via commercial platforms if the author has chosen a CC-BY license, or the platform has an agreement with us.

When posting or re-using the article please provide a link to the appropriate DOI for the published version of the article on ARMG Publishing journals.

General guidelines for authors

Articles should be between 3000 and 7500 words in length.

All submissions should be formatted in the following way: typewritten in 11 Times New Roman, alignment justified, double-spaced, no page numbers, no page breaks, and with no tables or figures included within the text. Article files should be provided in Microsoft Word or PDF formats.
Please minimize the use of abbreviations and do not cite references in the abstract.

The paper organization is the following:

Article Title

A title of not more than ten words should be provided. The title should present the study design.

Author Details

The full names, institutional addresses and email addresses for all authors and a corresponded author should be listed.


Abstract in English should contain the following aspects:

  • The purpose of an article;

  • The author’s contribution including the scientific novelty and practical significance;

  • Conclusions and directions of further researches;

  • The abstract should not exceed 250 words;


It is recommended to indicate three to ten keywords.

JEL Classification

Our articles are classified according to the JEL classification codes, please write the corresponding code. If you have some difficulties, our managing editor will help you.

Main text of the paper:


The context and purpose of the study are presented.

Literature Review

A summary of the existing literature.


This section is a clear description of all processes, interventions and comparisons. It reflects the type of statistical analysis used.


The main findings are depicted in this section.

Conclusions and Discussion

This secion is represented as brief summary and potential implications.


Suggestions about what should be done in accordance with this research.

Acknowledgements and Research Funding

Authors who wish to include Acknowledgements should send them together with the submission in an MS Word file. Research Funding should appear in the Acknowledgements section.

List of Abbreviations

If abbreviations are used in the text they should be defined in the text at first use, and a list of abbreviations should be provided.


References should be written in Roman script. They begin on their own page and are listed in alphabetical order by the first author’s last name. References to other publications must be carefully checked for completeness and accuracy.

For example:

Journal article

Author, A.A., Author, B.B., Author, C.C., Author D.D. (2005). Title of article. Title of Journal, Vol. (No.), 49-53.

Article by DOI

Slifka, M.K., & Whitton, J.L. (2000). Clinical implications of dysregulated cytokine production. Journal of Molecular Medicine, doi:10.1007/s001090000086.


Timoshenko S.P., Young D.H., Weaver W. (1974). Vibration problems in engineering. 4th ed. New York, Wiley. 521 p.

Online document

Abou-Allaban, Y., Dell, M. L., Greenberg, W., Lomax, J., Peteet, J., Torres, M., & Cowell, V. (2006). Religious/spiritual commitments and psychiatric practice.

Resource document. American Psychiatric Association. Accessed 25 June 2007.

Self-citation should be terminated.


If Appendixes are provided, they appear on a new page after the figures. Multiple appendixes are labeled with letters (Appendix A, Appendix B).


All Figures (diagrams, line drawings, web pages/screenshots and photo images) should be submitted in electronic form.

Submit figures as separate high-resolution (300 dpi) JPEG, PDF or PNG images.

All Figures should be of high quality, legible and numbered consecutively with arabic numerals.


Tables should be typed and included in a separate file to the main body of the article. The text of Tables should be written using Times New Roman 10pt. 8. The position of each table should be clearly stated in the body text of article. Do not submit tables as non-editable images.


All papers are published in English.

Permissions and reprints


ARMG Publishing offers two types of reprints:

  • Hard-copy reprints which must be ordered in quantities of at least 10-15.

  • Electronic reprints or E-prints which are encrypted, electronic copies of works in PDF format that you can easily print yourself, distribute via email, post on a website or use in e-detailing. E-prints must be ordered in quantities of at least 30.

The price depends on the quantity of reprints. Please contact the Editor-in-Chief of the corresponding journal to make an order:

Copyright and author’s rights

Articles submitted to the journal should not have been published before in their current or substantially similar form, or be under consideration for publication with another journal. Authors submitting articles for publication warrant that the work is not an infringement of any existing copyright and will indemnify the publisher against any breach of such warranty. For ease of dissemination and to ensure proper policing of use, papers and contributions become the legal copyright of the publisher unless otherwise agreed.

ARMG Publishing takes issues of sscientific misconduct, copyright infringement, plagiarism or other breaches of best practice in publication very seriously. We are focused on the rights protection of our authors. Also we seek to protect the reputation of the journal against malpractice. Submitted articles will be checked with duplication-checking software by using Unicheck.

ARMG Publishing provides authors with CC BY license. It permits use, distribution and reproduction in any medium, provided the original work is properly cited. The CC BY license permits commercial and non-commercial reuse.

Please register using the ORCI.

About ORCID iD.

An Open Researcher and Contributor Identifier (ORCID iD) is a unique and persistent digital identifier used to disambiguate researchers from one another. Created by ORCID, this iD helps ensure that work is properly attributed and that you receive credit for everything you do. It integrates with other identifiers (e.g., ResearcherID, Scopus and LinkedIn) and databases (e.g., Crossref) to centralize your research outputs and professional profiles. Your ORCID iD remains the same regards of whether you change your name, your institution, your country or your field of research and provides a unique and permanent marker of your scholarly contributions.

  • Olha Kuzmenko

    Head of the Editorial Board. Doctor of Economics. Professor. Head of Economic Cybernetics Department, Sumy State University. Head of Scientific and Educational Center for Business Analytics, Ukraine.
    Research interests: Economic Stability, Business Analytics, Anti-Money Laundering/Combating the Financing of Terrorism, Insurance and Reinsurance, Risk Assessment, Financial Monitoring, Econometrics
  • Chang Woon Nam

    Dr, Professor, Senior Economist at Ifo Institute – Leibniz Institute for Economic Research at the University of Munich, Ifo Center for International Institutional Comparisons and Migration Research, Professor of Economics at University of Applied Management, Germany.
    Research interests: Public Finance, Regional Economics, Asian Economy.
  • Hai-Chin Yu

    PhD, Professor of Finance, Department of International Business, Chung-Yuan University, Taiwan.

    Research interests: Corporate Finance, Capital Market, Financial Institution Management.
  • Patrick Hayden

    PhD, Professor, Chair of Political Theory and International Relations, University of St Andrews, UK.

    Research interests: International Political Theory, International Ethics, Contemporary Political Theory, History of Social and Political Thought, Critical Theory, Human Rights, Genocide Studies, Ethics and Politics of Globalization.
  • Paul Gentle

    PhD, Visiting Economist, Auburn University, USA; Guangzhou Institute of Technology, China.

    Research interests: Public Finance, Macroeconomics, Economic History.
  • Rudrarup Gupta

    Commercial Manager of Multifarious Projects Group, India; Overseas Reviewer, World Academy of Science and Technology, USA.

    Research interests: Management, Leadership, Sales & Distribution Management and E- Commerce.
  • Yener Coşkun

    Dr, Senior Specialist, Capital Markets Board of Turkey, Visiting Lecturer, Izmir University of Economics, Turkey.

    Research interests: Financial markets, housing finance, capital markets, regulation, real estate valuation.
  • James Alm

    PhD, Professor and Chair, Department of Economics, Tulane University, New Orleans, LA USA.

    Research interests: Public Economics.
  • Cezarina Adina TOFAN

    PhD, Lecturer, Faculty of Accounting and Finance, Spiru Haret University, Romania.

    Research interests: industrial management.
  • Richard Adepeju

    Professor of Banking and Management Sciences, Project Manager, School of Transport, Lagos State University, Lagos, Nigeria.
    Research interests: banking and finance, business and management, leadership, corporate governance, business ethics, strategy, marketing, human resource management.
  • Rafael Grasa Hernández

    PhD, Professor of international relations, Autonomous University of Barcelona, President of International Catalan Institute for Peace, Spain.

  • Istemi Demirag

    PhD, Professor and Head of Accounting Group; Director of Post Graduate Research at Keele University Management School, UK.
    Research interests: Good Governance, Effective and Intelligent Accountability and Networking in Hybrid Organisations; Performance Management and Public Private Partnerships (PPPs) especially Risk Transfer and Management issues.
  • Spyros Papathanasiou

    Dr, Adjunct Lecturer in Finance, Faculty of Social Sciences. Hellenic Open University, Greece.

    Research interests: Finance, Investments, Behavioral Finance, Technical Analysis. Entrepreneurship.
  • Issam Buhaisi

    PhD, Full Professor of Accounting, Head of Accounting Department at University of Plaestine, Gaza-Palestine.

    Research interests: Financial Accounting, Financial Management and Analysis, Accounting Information System, IFRS Adoption and Adaptation, Accounting in Developing Countries, Using Accounting Information on Decision Making.
  • Haifeng Huang

    PhD, Professor, Assistant Dean, Peking University HSBC Business School (PHBS), China.

    Research interests: Economic Transition, Strategic Management, Regional Economics, Green Economics.
  • George Ramos

    PhD, Leisure and Culture, Tourism Professor, Polytechnic Institute of Castelo Branco, Portugal.

    Research interests: Economic and Social Geography, Cultural Landscapes, Tourism and Development.
  • Christian Richter

    PhD, Professor of Economics, Head of Department of Economics, Faculty of Management Technology, German University in Cairo, Egypt.
    Research interests: Behavioural Economics and Finance, Convergence of Business Cycles, Eurozone Crisis, Financial Economics, Time Frequency Analysis and Climate Change.
  • Clem Tisdell

    PhD, Professor Emeritus in School of Economics, The University of Queensland; Professorial Associate with Risk and Sustainable Management Group, School of Economics, The University of Queensland, Research Associate CEPA, Australia.
    Research interests: Ecological economics, social economics, tourism economics, development economics.
  • Celso Nunes

    PhD, Professor of Economics, Department of Management and Economics, Faculty of Social Sciences, Madeira University, Portugal

    Research interests: Economics of Education, Income Distribution, Poverty Measurement and Social Economics.
  • Roberto Garza Barbosa

    PhD, Professor, School of Law, Tecnológico de Monterrey, Campus Monterrey, Mexico.

    Research interests: commercial law, civil law, intellectual property and e-commerce.
  • Alejandra Trejo-Nieto

    PhD, Research Professor, Center for Demographic, Urban and Environmental Studies, The College of Mexico, Mexico.
    Research interests: Industrialization, Labor Markets, Economic Growth, Productivity and Efficiency, Specialization, Location and Spatial Distribution of Economic Activities.
  • Adriatik Kotorri

    PhD, Professor of finance and banking; Trainer and researcher in agricultural projects; Faculty of Economics, University of Tirana, Albania.

  • Hidayat Ullah Khan

    PhD, Chairperson, Department of Economics at Kohat University of Science & Technology (KUST), Kohat, Pakistan.

  • Larysa Hrytsenko

    Dr, Professor, Department of Finance and Entrepreneurship, Sumy State University, Ukraine.

    Research interests: state investment policies, public-private partnership, financial and economic aspects of enterprises activity, investment projecting.
  • Nadiya Kostyuchenko

    PhD, Associate Professor of Economic Theory Department. Head of the Teachers Training Faculty at Sumy State University, Ukraine.

    Research interests: Environmental Economics, Institutional Economics, Sustainable Development.
  • Sergiy Dmytrov

    Dr, Professor, Member of Management Board, Head of Financial Monitoring Department, Bank Credit Dnepr PJSC, Ukraine.

  • Donatella Porrini
    PhD, Associate Professor in Economic Policy, National Scientific Qualification for Full Professorship; Department of Economic Science, University of Salento; Scientific Director of ISUFI (Interdisciplinary Institute of Advanced Studies) at University of Salento, Italy.
    Research interests: Law and Economics, Insurance Market Competition, Big Data Effects on Financial Market, Environmental Policy Instruments Choice, Climate Change Policies.
  • Iryna D’yakonova

    Dr, Professor, Head of Educational and Research Institute for Business Technologies, Sumy State University, Ukraine.

    Research interests: State Regulation of The Economy, International Finance, Financial Crises.
  • Serhat Güvenç

    PhD, Professor of International Relations, Kadir Has University, Turkey.

    Research interests: Turkish Foreign Policy, European Integration, Defence and Security Studies, Military History, Naval History.
  • Octavian Jula

    PhD, Associate Professor, Faculty of Economics and Business Administration, Babes Bolyai University, Romania.
    Research interests: Economics, Corporate Governance, Taxation, Microeconomics, Macroeconomics, Real Estate Market, Economic Diplomacy.
  • Mykhailo Makarenko

    Dr, Professor of the Department of International Economics, Sumy State University, Ukraine.

    Research interests: Financial Globalization, Anti-inflation Regulation, Monetary Policy of Central Banks, International Competitiveness of Business.
  • Cristiano Perugini

    PhD, Associate Professor at the Department of Economics, Finance and Statistics, University of Perugia, Italy.

    Research interests: Inequality, Labour Market, Regional Development.
  • Fabrizio Pompei

    PhD, Associate Professor in Applied Economics at the Department of Economics, University of Perugia, Italy.

    Research interests: Institutions and Wage Inequality; Economics of Innovation and Labour Market; Economics of Innovation and Corporate Governance; Economics of Innovation and Regional Development.
  • Francesco Pastore

    PhD, Associate Professor of Economics, University of Campania Luigi Vanvitelli; Research Fellow of the IZA of Bonn, Italy.

    Research interests: Micro and Macroeconomics, Labor Economics, Education Economics, Industrial Economics and International Trade, Non-profit organizations.
  • Manuel Alejandro Cardenete Flores

    PhD, Full Professor University Loyola Andalucia, Director of Loyola Leadership School, Spain.

    Research interests: Input-Output Models, SAM Models and Computable General Equilibrium Models – at regional and national level- using GAMS, PyIO, SIMSIPSAM and GTAP softwares.
  • Giuseppe Lucio Gaeta

    PhD, Assistant Professor of Public Economics, University of Naples L’Orientale, Naples, Italy; Associate Research Fellow at c.MET05 – Inter-University Centre for Applied Economic Studies on Industrial Policy, Local Development and Internationalization, Italy.
    Research interests: Education Economics, Cultural Economics, Political Economy.
  • Petr Šauer

    Prof. Ing. CSc., Prof. h.c., Institute for Sustainable Business, Director of Environmental Policy Unit at Department of Political Science, Chair at University of Economics in Prague, Faculty of International Relations, University of Economics in Prague, Czech Republic.
    Research interests: Environmental Economics, Science, Technology and Environmental Politics.
  • V.J. Byra Reddy

    PhD, Professor in Management and Assoc. V-P Academics and Accreditations at University of Petroleum and Energy Studies, India.

    Research interests: Managerial Economics, Advanced Micro Economics, International Business, Research Methods.
  • Oguz Demir

    PhD, Assistant Professor of Economics at Istanbul Commerce University, the Director of International Research Center for Creative Economy established by UNCTAD and Istanbul Commerce University, Turkey.

    Research interests: Development Economics, International Economics, Knowledge Economics; Integration.
  • Sudhir Rana

    PhD, Assistant Professor, Fortune Institute of International Business (FIIB), New Delhi, India.

    Research interests: international marketing, international positioning process, benefit-impacts of internationalization, marketing education and sustainable development.
  • Joanna Fomina

    PhD, Assistant Professor, Professional employment Institute of Philosophy and Sociology, Polish Academy of Sciences, Poland.

    Research interests: European integration, sociology of migration, civic participation.
  • George Voskopoulos

    PhD, Associate Professor of European Studies, Research Coordinator, Jean Monnet Chair, Centre of Excellence at the Department of International and European Studies, University of Macedonia, Thessaloniki, Greece, f. Head of the Department (9/2013-7/2016).
    Research interests: European integration theories, European governance, EU institutions, international security, comparative foreign policy, CSDP of the EU, transatlantic relations.
  • Andżelika Kuźnar

    PhD, Institute of International Economics, Collegium of World Economy, Warsaw School of Economics, Poland.
    Research interests: International trade in services, Intellectual property protection, International trade policy, Foreign direct investment.
  • Lina Sineviciene

    Dr, Lecturer at the Department of Finance, School of Economics and Business, Kaunas University of Technology, Lithuania.
    Research interests: private investment behavior, public finance, fiscal policy, development of financial system, sustainable development.
  • Medani P. Bhandari

    PhD, Professor, Department of Natural Resource & Environment / Sustainability Studies, Akamai University, USA.
    Research interests: sustainable development, climate change mitigation, protected area management, institutional architectures of biodiversity conservation, environmental system monitoring and analysis, migration / immigration, flood management, conflict management.
  • Hasmik Hovhanesian

    PhD, Docent of Economics and International Economic Relation Department, Faculty of Economics and Management, Yerevan State University; Expert at Public Private Dialogue Network, Armenia.
    Research interests: foreign trade, export promotion policy, free trade agreement, regionalization, foreign trade investments.
  • Pedro Cosme da Costa Vieira

    Assistant Professor with Tenure and Habilitation, Faculty of Economics, University of Porto, Portugal.

    Research interests: macroeconomic models, econometrics, information management, human capital, corruption.
  • Gang Wang

    PhD, Merton M. Sealts, Jr. Visiting Assistant Professor, The College of Wooster, USA.

    Research interests: monetary economics, financial economics and time series.
  • Larysa Sysoyeva

    Dr, Associate Professor, Research Fellow, Alfried Krupp Wissenschaftskolleg, Greifswald, Germany (2016-2017); Department of Finance, Banking and Insurance, Sumy State University, Ukraine.

    Research interests: European Financial Integration, Financial Regulation, Financial Stability.
  • Yucheng Jiang

    PhD, The People’s Bank of China, Financial Research Institute, Beijing, China.

    Research interests: Monetary Policy, Financial Economics, Econometrics.
  • Nino Bitsadze

    PhD Student, Tbilisi State University, Chief Specialist at Department of Scientific Grants and Programs Ensuring, Evaluation and Analysis, Shota Rustaveli National Science Foundation, Georgia.

    Research interests: macroeconomics, development economics, international economics, economic growth.
  • Oleksii Lyulyov

    PhD, Associate Professor of Economics, Entrepreneurship and Business Administration Department. Deputy Director of education work of Oleg Balatsky Academic and Scientific Institute of Finance, Economics and Management at Sumy State University, Ukraine.

    Research interests: Economic Growth, Economic Stability, Global Economics, Models of Social and Economic Development.

  • External reviewers

    Angela Kuznetsova

    Doctor of Economics, Professor, Rector of the University of Banking, Kyiv, Ukraine

  • Nataliya Pedchenko

    Doctor of Economics, Professor, First Vice-Rector of Poltava University of Economics and Trade, Poltava, Ukraine

  • Tetyana Zatonats’ka

    Doctor of Economics, Associate Professor, Professor of the Department of Economic Cybernetics, Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

  • Olga Abakumenko

    Doctor of Economics, Professor, Professor at the Department of Finance, Banking and Insurance, Chernihiv National University of Technology, Chernihiv, Ukraine

  • Nataliya Vyhovska

    Doctor of Economics, Professor, Head of the Department of Finance and Credit, Zhytomyr State Technological University, Zhytomyr, Ukraine

  • Halina Powęska

    Dr hab., Assistant Professor, Warsaw University of Life Sciences, Poland

    Research interests: local and regional development, trade, tourism, economics of culture.
  • Iwona Pomianek

    Dr, Assistant Professor, Warsaw University of Life Sciences, Poland

    Research interests: local and regional development & economics, entrepreneurship
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