Abstract: The article examines how the European Union’s definitive Carbon Border Adjustment Mechanism, effective from 2026, alters the pricing logic of exporters of metals and fertilisers supplying the EU market. The relevance of the study is determined by the transition from a reporting-based transitional period to a regime in which embedded emissions become a direct component of border-adjusted cost and commercial negotiation. The purpose of the article is to identify the mechanisms through which the 2026 CBAM rules affect export pricing and to systematise strategic responses that allow firms to preserve margin, competitiveness and market access. The study analyses the regulatory configuration of CBAM, sectoral differences in emissions coverage, official default values, and the transmission of carbon-related costs into product-level pricing. It is shown that the effect of CBAM is uneven across products, countries and production routes, which makes comparative emissions performance and data quality decisive commercial factors. The results indicate that effective adaptation requires the integration of emissions measurement, contract redesign and industrial decarbonisation into a unified pricing strategy.

Abstract: The article examines payment terms as a mechanism of economic influence within supply chains and analyses their consequences for small and medium-sized suppliers. The relevance of the topic is determined by the persistence of extended payment periods and late settlement practices in B2B transactions, which redistribute liquidity in favour of the stronger contractual party. The purpose of the study is to identify how payment terms become a source of market power and how this affects the financial resilience of SME suppliers. The paper analyses the channels through which payment delays influence liquidity, financing costs, investment capacity and supplier dependence on large buyers, and also considers the dual role of reverse factoring. It is established that payment terms function as a form of hidden buyer financing at the supplier’s expense and intensify bargaining asymmetry within the supply chain. The study concludes that payment policy should be treated as an element of supply chain resilience management rather than merely a component of working capital administration.

Abstract: The article examines the financial governance trade-offs between treasury centralization and regional discretion in multinational companies. The relevance of the topic is determined by growing regulatory fragmentation, persistent foreign-exchange restrictions, uneven access to banking infrastructure and the expanding role of treasury in scenario-based liquidity and risk management. The purpose of the study is to identify the principal organizational and financial trade-offs between centralized and regionally differentiated treasury models and to determine the conditions under which a hybrid architecture delivers more robust outcomes. The paper synthesizes recent survey evidence, analytical materials and regulatory sources in order to compare the efficiency gains of centralization with the constraints arising in specific jurisdictions. It is established that centralization improves liquidity visibility, decision consistency and risk control, but cannot be universalized without regard to local regulatory and operational conditions. The study concludes that the most effective model is a contingent hybrid in which policy and control remain centralized, while execution within defined mandates is differentiated at the regional level.

Abstract: This article examines the transformation of titanium-zirconium raw material supply chains amid increasing geopolitical turbulence, sanctions pressure, transport restrictions, and the redistribution of raw material flows. The relevance of this topic stems from the high concentration of mining, processing, and maritime logistics for critical minerals, meaning that any disruption in one area quickly spreads to processors, exporters, and industrial consumers. The scientific novelty lies in linking three analytical frameworks: the criticality of titanium and zirconium for industry, the vulnerability of international raw materials logistics, and applied models for restructuring supply chains through diversification, hub-based distribution, development of secondary flows, and the transition to a multi-channel customer service model. The goal of the study is to develop strategic solutions for restructuring titanium-zirconium raw material supply chains in an unstable international environment. Comparative, logical-analytical, structural-functional, and systemic methods are used. Recent publications on critical minerals, supply chain resilience, titanium circular strategies, and global zirconium turnover are analyzed. The practical value of the findings lies in their application to mineral raw materials export trade, the formation of logistics hubs, procurement redistribution, and the reorganization of customer portfolios.

Abstract: The article examines how supplier concentration beyond the first tier generates hidden fragility in strategic procurement systems. The relevance of the topic is determined by the growing importance of supply chain resilience, trade dependencies and upstream bottlenecks that remain poorly visible in conventional procurement reporting. The purpose of the study is to identify the mechanisms through which multi-tier concentration creates hidden exposure, to explain why traditional procurement metrics understate this problem, and to develop a governance framework for its monitoring and mitigation. The paper synthesizes recent evidence from the OECD, the World Bank, the European Investment Bank, the IMF, McKinsey and network-based academic research. It is shown that a procurement portfolio may appear diversified at the first tier while remaining highly dependent on shared upstream process nodes, logistics corridors, regulatory chokepoints or technological platforms. The study concludes that resilient procurement requires selective multi-tier governance based on supplier mapping, exposure scoring and differentiated mitigation, rather than blanket relocalization or purely price-based sourcing logic.

Abstract: The article examines strategic buffer inventories under unstable trade routes as a governance instrument at the intersection of cost efficiency and supply resilience. The relevance of the topic is determined by recurring transport disruptions, longer lead-time uncertainty, and the growing need to reassess inventory policies beyond the logic of lean optimization alone. The purpose of the study is to determine under what conditions additional inventories perform a strategic insurance function rather than merely freezing capital. The paper analyses recent evidence on route instability, resilience costs, and supply disruption exposure, and develops an analytical interpretation of the cost-resilience trade-off in inventory decisions. It is shown that the value of buffer inventories depends on disruption probability, replenishment volatility, substitutability of inputs, and the operational cost of interruption. The study concludes that strategic stockholding is economically justified not as a universal practice, but as a selective response for categories where the expected cost of disruption exceeds the carrying cost of resilience-oriented inventory.

Abstract: The article is dedicated to the development of a dynamic asset allocation framework for Unit-Linked insurance products based on machine learning algorithms capable of responding to market volatility in real time. The relevance of the study is determined by the increasing instability of financial markets and the structural limitations of static strategic asset allocation within insurance wrappers. The novelty lies in integrating predictive return–volatility coupling, reinforcement learning optimization, and boundary-aware transaction control into a unified allocation architecture suitable for policy-level implementation. The work describes the structural transformation of portfolio management logic from periodic rebalancing to state-dependent adaptive exposure scaling. Special attention is paid to computational efficiency, interpretability constraints, and regulatory compatibility. The work sets itself the goal of identifying how machine learning mechanisms can enhance drawdown control and risk-adjusted performance inside Unit-Linked contracts. Comparative analysis, structural synthesis of empirical studies, and analytical generalization were used to solve this task. The conclusion demonstrates that adaptive allocation increases resilience while preserving institutional feasibility. The article will be useful for insurers, asset managers, and researchers in financial engineering.

Abstract: The article examines internal capital allocation in diversified business groups and analyses the governance tension between investment discipline and cross-subsidization. The relevance of the topic is determined by the renewed attention to resilience-oriented capital allocation, scenario-based financial planning, and the role of internal capital markets under volatile external financing conditions. The purpose of the study is to identify when internal capital allocation improves investment efficiency and strategic coordination, and when it leads to distorted incentives, persistent support of weak units, and weakened capital discipline. The paper synthesizes recent managerial evidence and academic approaches to internal capital markets, cross-subsidization, and group-level governance. It is shown that internal reallocation can enhance performance when the corporate center is able to identify strategic complementarities, financing asymmetries, and temporary shocks more effectively than external capital markets. At the same time, the benefits of flexibility decline when allocation decisions become detached from transparent return criteria and accountability. The study concludes that the effectiveness of internal capital markets depends on governance architecture rather than on diversification alone.

Abstract: The article examines the evolution of measurement and performance evaluation systems in public relations in the context of the Fourth Industrial Revolution, driven by the pervasive integration of artificial intelligence technologies. The relevance of the study is determined by the PR industry’s need to adapt to new technological conditions and the heightened requirements for the measurability and verifiability of communicative value. The scientific novelty lies in systematizing the effects of AI on PR metrics and proposing the author’s integrated evaluation model. The study identifies the limits of traditional approaches to measuring PR activity and analyzes the capabilities of contemporary AI tools, namely natural language processing, machine learning methods, and predictive analytics. A separate emphasis is placed on the shift from retrospective diagnostics to predictive modeling in PR. The purpose of the work is to demonstrate how AI transforms the paradigm of data collection and interpretation in PR and to develop a conceptual framework for practitioners. The conclusion substantiates the potential of AI to transform PR into a strategic, data-driven business function. The findings presented in the article will be of interest to PR practitioners, marketers, communication researchers, and corporate executives.

Abstract: The article examines board accountability in listed companies under concentrated ownership and analyses the resulting governance challenge of minority shareholder protection. The relevance of the topic is determined by the growing prevalence of concentrated ownership structures in public markets and by the inadequacy of governance models derived primarily from dispersed-ownership assumptions. The purpose of the study is to identify how ownership concentration reshapes the accountability function of the board and under what conditions this leads either to stronger monitoring or to selective responsiveness to dominant shareholders. The paper synthesizes contemporary corporate governance discussions and interprets board accountability as a relational mechanism conditioned by ownership architecture, information asymmetry, and nomination power. It is shown that concentrated ownership may improve strategic discipline, but may also weaken the substantive independence of the board and reduce the credibility of minority protection. The study concludes that effective accountability in such firms depends on governance safeguards that preserve autonomous judgment, balanced oversight, and reviewable decision processes.