SCIENTIFIC REVIEWS OF THE AZERBAIJAN STATE UNIVERSITY OF ECONOMICS
Scientific Reviews of the Azerbaijan State University of Economics (UNEC) is a peer-reviewed academic journal serving researchers, doctoral candidates, and professionals in economics and related social sciences. Published quarterly in Azerbaijani, English, and Russian, it covers economics, sociology, and public policy. The journal is included in the official list of scientific publications recommended by the Higher Attestation Commission of the Republic of Azerbaijan for publishing the main results of dissertations.
ANALYSIS OF THE TRANSITION OPPORTUNITIES TO CORPORATE GOVERNANCE PRINCIPLES IN AZERBAIJANI COMPANIES
This research aims to evaluate the current conditions and practical transition pathways to corporate governance standards in Azerbaijan. The focus lies on both state-owned enterprises (SOEs) and private or family-run companies, assessing the effectiveness of regulatory frameworks and internal governance mechanisms. The study applies a mixed-method approach, including document analysis of national legal acts (Civil Code, Listing Rules of the Baku Stock Exchange, Cabinet resolutions), content analysis of ESG reports, and a comparative review of OECD and EBRD country diagnostics. The findings indicate that although a strong regulatory foundation exists, practical implementation varies significantly across sectors. Common weaknesses include the limited authority of independent board members, the superficial nature of ESG disclosures, and underdeveloped internal audit and risk management structures. The scientific novelty of the study lies in proposing a “transition roadmap” that outlines a step-by-step approach to enhancing corporate governance structures within Azerbaijani companies. This roadmap includes adopting model charters for board committees, introducing the “comply or explain” principle into annual reporting, and gradually integrating ESG metrics starting from governance and social indicators. The study's practical relevance is high: it provides actionable guidelines for improving investor confidence, aligning corporate practices with international standards, and strengthening governance transparency and efficiency. In particular, the model addresses the unique characteristics of Azerbaijani firms operating in a transition economy context, where familial ownership and informal decision-making often dominate.
corporate governance, ESG disclosure, regulatory framework, board independence, transition model.
Copyright (c) 2026 We collect and use personal information that is necessary for the processing and publication of manuscripts submitted to us. This information includes names, affiliations and contact details; including postal address, emails, and phone numbers. Any personal information received by the Azerbaijan State University of Economics Scientific Reviews (UNEC-SR) will only be used to process and publish your manuscript.
GLOBAL FOOD WASTE AND ITS SOCIO-ECONOMIC IMPORTANCE OF EFFECTIVE MANAGEMENTE OF EFFECTİVE MANAGEMENT
The article examines the nature, volume, neutralization, and utilization of waste and losses, especially food waste and losses, from a scientific and methodological perspective, drawing on international experience. The need to study the management of waste and losses is scientifically substantiated by highlighting important problems related to the interaction between the generation of food waste under global conditions and the fact that a significant part of people still suffer from hunger and malnutrition. In the research process, the classification of food waste, its areas of occurrence and causes, and the consequences of sometimes not complying with the requirements of environmental and technological norms and standards were scientifically studied, taking into account reality. The volume of food waste and losses on a global and Azerbaijani scale, the mechanisms for their effective management and utilization were analyzed, and the possibilities of wide application of modern digital technologies were shown. In order to reduce food waste, the socio-economic importance of rationalizing storage, nutrition culture, packaging, transport and logistics, disposal, and other processes related to products generated in supply and food chain facilities, as well as their use as raw materials for green energy, fertilizer in crop production, and feed additives in livestock farming in auxiliary areas, has been reflected. In addition, the article also discusses the application of innovative technologies in food waste management and the use of advanced international experience to improve the supply of food products to the population in the world and in our country, and, most importantly, to minimize the costs spent on food safety and environmental protection; finally, their socio-economic and ecological importance has been scientifically substantiated and relevant proposals have been made.
food waste, management, disposal, environment, economic efficiency.
IMPACT OF DIGITAL TRANSFORMATION ON THE OIL AND GAS SECTOR
The article reviews the application possibilities of digital technologies in line with the challenges of digital transformation in the oil and gas sector, their main directions and the problems that may arise with the application of digitalization. The role of digital technologies in managing the operations of oil and gas companies, reducing operating costs and making optimization decisions is analyzed. It also substantiates the usefulness that they can bring to the potential growth of hydrocarbon reserves produced by the global industrial method, ensuring stability in energy security and managing the energy sector in new ways. The purpose of the study is to adapt the digital transformation process in the oil and gas sector to the reduction of CO₂ emissions and the “net zero” strategy and to determine the application possibilities of digital technologies by analyzing the digitalization strategies of international oil and gas companies. The article uses the methods of analysis, systematic approach, synthesis and comparative analysis.
digitization, oil and gas sector, digital technologies, CO2 emission, oil and gas company.
THE ROLE OF INVESTMENTS IN DESIGN AND BRANDING IN ENHANCING THE COMPETITIVENESS OF LIGHT INDUSTRY ENTERPRISES
This article examines the role of investments directed towards design and branding in enhancing the competitiveness of light industry enterprises. In modern global markets, not only production capacity but also the aesthetic value of products, their distinctive features, and brand capital emerge as key sources of competitive advantage. The article first explains the economic essence of design and branding and their mechanisms of influence on the market position of enterprises. It then analyzes the current state of the light industry sector in Azerbaijan, the functioning of design centers, and the institutional and financial constraints encountered in the process of brand creationThe findings reveal that targeted investments in design and branding not only increase the volume of production but also contribute to the expansion of export potential, the strengthening of the “Made in Azerbaijan” concept, the creation of new jobs, and the establishment of a sustainable position in international markets. As a result, the article recommends strengthening supportive state policies, establishing design and branding laboratories for SMEs, and expanding innovative support mechanisms in technoparks.
design, branding, light industry, competitiveness, investment.
A COMPARATIVE ANALYSIS OF THE EVOLUTIONARY PATH AND STRATEGIC STRUKTURE OF THE ARTIFICIAL INTELLIGENCE POLICY SYSTEMS IN CHINA AND AZERBAIJAN
Artificial intelligence has become a key technology for strategic competition and the modernization of social governance among countries, and it has promoted a new round of policy system reshaping. This paper takes China and Azerbaijan as research objects, systematically reviews the evolutionary paths and strategic structural characteristics of the two countries’ artificial intelligence policy systems, and conducts a cross-national comparative analysis based on public policy documents, industry data, and development plans. Since 2017, China has built a multi-level and systematic artificial intelligence policy system through top-level design, forming a full-chain layout from core technology research and development and industrial transformation to ethical governance. Azerbaijan launched a national artificial intelligence strategy in 2025, and its policy system remains at an early stage of construction, emphasizing basic capacity building and an international cooperation orientation. By comparing the similarities and differences between the two countries in terms of policy evolution logic, strategic goal setting, implementation mechanisms, and institutional capacity, this article reveals the inherent relationship between differences in development stages and governance logic, and puts forward theoretical suggestions for policy structure optimization and medium- and long-term coordinated layout. This article does not focus on specific local experiences, nor does it explore the effects of technology application in depth, but seeks to construct a comparative perspective on the evolution of macro-level policy systems, providing a theoretical basis and practical reference for understanding the AI policy construction paths of different countries.
AI policy, policy evolution, strategic structure, Azerbaijan, China-Azerbaijan cooperation.
ADVANCING ECONOMIC PROSPERITY THROUGH INNOVATION: THE AZERBAIJANI MODEL OF INNOVATION-DRIVEN ECONOMIC GROWTH
This study proposes a novel economic development model for Azerbaijan, leveraging the “Quintuple Helix” framework to drive innovation-based growth and ensure long-term sustainability. As Azerbaijan transitions from a resource-dependent economy to one driven by innovation, competitiveness, and diversification, this research provides an analysis of both domestic innovation activities and international best practices to formulate a comprehensive model. The proposed model emphasizes the integrated collaboration of five key stakeholders: government, private sector, research and educational institutions, civil society, and ecological sustainability. Such collaboration is essential for the successful implementation of innovation-led economic transformation. Strategic priorities identified within the model include renewable energy, development of the startup ecosystem, growth of small and medium-sized enterprises (SMEs), and expansion of the digital economy. This research underscores the critical role of coordinated policy measures and regulatory reforms in fostering a robust innovation ecosystem. The findings provide valuable insights for policymakers, business leaders, and academic institutions, offering a structured approach to enhancing Azerbaijan’s competitiveness and sustainability in a rapidly evolving global economy. The study also calls for future research that incorporates empirical case studies and quantitative evaluations to assess the practical impact of the proposed model.
innovation, technological innovation, research and development, innovation policy, green technology, start up, macroeconomic policy coordination, development.
IMPACT OF AGRICULTURAL SECTOR DEVELOPMENT ON THE FORMATION AND DYNAMICS OF THE AGRO-FOOD MARKET
The main aim of the study is to explore the development prospects of Azerbaijan’s agri-food market, its structural characteristics, and strategic directions. The research considers both the potential of the domestic market and competitiveness in regional and global markets. It also seeks to identify factors ensuring sustainable development in the agricultural sector, analyze the effectiveness of subsidies and state support mechanisms, and propose optimal strategies to enhance production and export potential. The study employed statistical analysis, comparative analysis, a systematic approach, and logical generalization. Key components of Azerbaijan’s agri-food market were thoroughly analyzed, including the producer structure, cooperative activities, state subsidy programs, market infrastructure, and digitalization levels. Strategic measures such as regional production specialization, logistics development, and adoption of innovative technologies were also evaluated. Findings indicate that increasing production volumes, properly organizing regional specialization, and improving logistics and market infrastructure are fundamental for the sustainable development of the market. Additionally, implementing innovative technologies and expanding cooperative activities significantly contributes to higher productivity and integration of local production into global markets. The study’s limitation lies in the occasional insufficiency of available statistical and practical data, highlighting the need for more detailed field research in the future. Its practical significance is substantial for improving agricultural development strategies, enhancing government policy efficiency, and strengthening farmers’ economic resilience, as well as long-term planning and competitiveness in international markets.
agricultural sector, agro-food market, government regulation, subsidy mechanisms, regional specialization.
A RISK-BASED INTEGRATED MODEL FOR FINANCIAL EVALUATION OF PUBLIC–PRIVATE PARTNERSHIP (PPP) PROJECTS IN THE TRANSPORT SYSTEM
This article proposes a new Risk-Based Integrated Model (RAIM) for the financial evaluation of Public–Private Partnership (PPP) projects in the transport system. The model integrates three traditional methods Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period into a unified analytical framework that incorporates risk analysis through Monte Carlo simulation. This approach allows for a more comprehensive assessment of project sustainability under economic and operational uncertainties. An empirical analysis based on the Hanoi–Vinh high-speed railway project demonstrates the model’s applicability. Using hypothetical cash flow data, the results show that the project’s NPV equals USD 1.25 billion, IRR reaches 11%, and the Payback Period is 12 years. In a risk scenario with a 15% decline in passenger demand, the NPV decreases to USD 950 million and IRR drops to 8%. These findings emphasize the importance of government subsidies and balanced risk-sharing mechanisms in maintaining project viability. The scientific novelty of this study lies in introducing a risk-adjusted integration of NPV, IRR, and Payback Period methods, offering a multidimensional and practical tool for PPP project evaluation and contributing to the sustainable development of transport infrastructure.
public-private partnership (PPP), transport infrastructure, net present value (NPV), internal rate of return (IRR), payback period.
BLOCKCHAIN IN BUSINESS: SCIENTIFIC BASIS, ECONOMIC IMPACT, AND CHALLENGES
This article provides a comprehensive analysis of blockchain technology as a transformative force in the digital economy, focusing on its scientific foundations, technical mechanisms, economic implications, and challenges for business adoption. Blockchain, as a distributed ledger technology, ensures decentralization, immuta-bility, transparency, and data security, offering a fundamentally new way of organizing transactions and trust in economic systems. The study highlights its multidimensional impact across finance, supply chains, energy, healthcare, government services, and aviation, emphasizing how programmable transactions and smart contracts reshape business processes, reduce transaction costs, and enable new organizational forms. Special attention is given to asset tokenization, decentralized finance (DeFi), and central bank digital currencies (CBDCs), which represent innovative business models emerging from blockchain integration. The article situates blockchain research within its historical and theoretical roots, starting with Satoshi Nakamoto’s foundational 2008 paper, and traces the evolution of scientific literature from technical proofs of concept to systematic reviews addressing governance, regulation, and sustainability. Empirical studies from 2019–2024 show that blockchain generates the highest returns in contexts characterized by information asymmetry and complex intermediation, such as financial clearing or medical data sharing. At the same time, persistent barriers include scalability, interoperability, energy consumption, cyber threats, and fragmented regulation. The rapid rise of Blockchain-as-a-Service (BaaS) further expands accessibility, allowing firms to integrate blockchain solutions without heavy infrastructure costs. However, achieving sustainable large-scale implementation requires resolving legal uncertainties, developing unified performance metrics, and addressing environ-mental concerns. Overall, blockchain is analyzed not only as a technical tool but as a strategic instrument of digital transformation, reshaping business models, trust dynamics, and global economic interactions.
blockchain, digitalization, innovation, decentralization, challenges.
PROBLEMS OF ENTREPRENEURSHIP DEVELOPMENT IN THE CONTEXT OF THE FORMATION OF A GREEN ECONOMY
The study is devoted to the scientific-theoretical and practical analysis of the problems of entrepreneurship development in the context of the formation of a green economy. The aim of the research article is to study the trends of the green transformation of entrepreneurship, existing problems, and institutional mechanisms in Azerbaijan. The relevance of the work is driven by the need to identify institutional, financial, and innovative constraints in this area within the context of global environmental challenges and the "Azerbaijan 2030" National Priorities. The study, using methods of comparative, analytical, systemic, and statistical analysis, examines data from local (SSC, KOBİA) and international (UNEP, OECD, World Bank) sources for the 2015-2024 period. The research addresses questions about the essence of green entrepreneurship, the role of SMEs in this process (17.8% share in 2024), and the effectiveness of innovations ("Smart City"). As a scientific novelty, the problems of green entrepreneurship development in Azerbaijan (financial, institutional, innovative) are comprehensively studied for the first time, and a systematized analytical model of influencing factors is formed. The practical significance lies in the fact that, as a result of the research, a package of practical recommendations has been developed to improve state policy and stimulate a green business environment. The results can be used in the formation of economic policy and in SME projects.
green economy, green entrepreneurship, innovative development, green transformation, SMEs (Small and Medium-sized Businesses).
DISTRIBUTION OF THE ECONOMICALLY ACTIVE POPULATION BY SEX-GENDER AND THE UNEMPLOYMENT FACTOR
This study aims to assess the interaction between the economically active population's sex-gender structure and Azerbaijan's unemployment dynamics from 1995 to 2023. The annual data of the State Statistical Committee were explored and analyzed in the Python environment using pandas and matplotlib, and various resources were consulted to explain the trends. The results indicate that although there was gender convergence in employment during the period from 2003 to 2023, the pandemic shock in 2020 caused a temporary divergence. The practical significance of this study lies in the fact that the localized version of the "unemployment entry index" enables real-time tracking of gender asymmetry in the labor market. The scientific novelty of the research is that this index has been adapted to the Azerbaijani context for the first time and accounts for 3.1 percentage points of the gender gap.
labor market, labor resources, employed and unemployed population, gender-based social structures, exploratory data analysis
Copyright (c) 2025 We collect and use personal information that is necessary for the processing and publication of manuscripts submitted to us. This information includes names, affiliations and contact details; including postal address, emails, and phone numbers. Any personal information received by the Azerbaijan State University of Economics Scientific Reviews (UNEC-SR) will only be used to process and publish your manuscript.
ASSESSMENT OF THE IMPACT OF PUBLIC TRANSPORT ON TOURISM IN THE BALAKAN ADMINISTRATIVE DISTRICT
The article analyzes the impact of public transport infrastructure on tourism development in the Balakan administrative region located in the northwestern part of Azerbaijan. The main objective of the study is to determine the impact of the existing transport network of the region on tourist mobility, access to tourist sites and the implementation of the tourism potential of the region as a whole. Within the framework of the study, the current state of the public transport system operating in the Balakan region was analyzed, and statistical data on existing route lines, the technical level of the vehicles used, the quality of service and the road infrastructure were studied. The traffic density within the region was calculated using Engel's formula, and the degree of relationship between public transport facilities and tourist activity was determined using Spearman's linear correlation coefficient, and a moderately strong positive correlation was found between them. The results show that some shortcomings of the existing transport infrastructure limit tourists' convenient access to certain facilities, which negatively affects the overall satisfaction of tourists. The article puts forward a number of practical recom-mendations for improving the transport system. These proposals can become an important scientific and practical basis for the development of a sustainable and balanced strategy for tourism development in the Balakan region.
Balakan, correlation, transport, sustainable development, tourism
THEORETICAL BASIS OF PROFESSIONAL DEVELOPMENT AND ADVANCED TRAINING OF TEACHERS: APPROACHES TO EDUCATION IN THE CONTEXT OF GLOBAL EXPERIENCE
The effectiveness of modern educational systems directly depends on the professional knowledge, pedagogical skills and value-oriented approaches of teachers, which determine the quality of the educational process and the individual and academic development of students. This study systematically analyzes the theoretical and practical aspects of the professional development of teachers. The theoretical foundations of professional development are based on competency theories (Guskey's model of change, Villegas-Reimer's personal and institutional approaches), pedagogical principles (Darling-Hammond and McLaughlin's constructivist model, Borg's reflective improvement framework), and philosophy of Education (UNESCO's “four pillars” principle, competence-based education) (Guskey, 2002; Villegas-Reimers, 2003; Darling-Hammond & McLaughlin, 1995; Borg, 2015A; UNESCO, 2016). This theoretical framework emphasizes the strategic role of the professional level of teachers and the principle of lifelong learning in the quality of Education. The practical application of theoretical principles in teaching based on competence-based training, innovative technologies (digital platforms, problem learning) and assessment of the quality of Education (measurable indicators, multilevel monitoring) is investigated. State educational standards, reflective self-assessment (professional portfolios, introspection) and out-of-production training (mentoring, collegiate cooperation) contribute to the sustainable development of teachers. Analysis of international experience professional development models of Finland, Canada, New Zealand and Turkey are compared with the results of PISA 2022. Finland, Canada and New Zealand have a school and university-based model that differs from region to region, while Turkey is distinguished by its high performance. The indicators of Azerbaijan at PISA 2018 (read: 389, science: 398, mathematics: 420) show the potential of adapting these practices to Azerbaijan. Azerbaijan's" state strategy for the development of Education " (2013) supports systemic reforms with a special focus on competency-based education. Improving the qualifications of teachers is a key factor in improving the quality of the education system. Education in Azerbaijan can accelerate this process by adapting international experience to local realities and using innovative strategies.
professional development, pedagogical competence, self-esteem, quality of education, innovative training, international experience, statistical comparison
THE STRATEGIC ROLE OF ENTREPRENEURSHIP EDUCATION IN DIGITAL BUSINESS TRANSFORMATION
This article explores the strategic role of entrepreneurship education in facilitating digital business transformation, with a focus on the period between 2019 and 2023. As digital technologies reshape the global economy, businesses increasingly rely on entrepreneurial competencies to adapt and innovate. The study uses a mixed-methods approach, combining a literature review with selected case studies and industry reports. Findings reveal that entrepreneurship education directly contributes to digital skill development (75%), enhances innovation-driven projects (up to 32% growth), and improves operational efficiency (20%) in digitally adaptive organizations. The study highlights that these outcomes are most significant when education programs align entrepreneurial and digital competencies within an institutional framework. The article concludes that entrepreneurship education is a key driver of organizational resilience and innovation, and should be embedded in both academic curricula and corporate learning strategies to ensure long-term competitiveness in the digital economy.
entrepreneurship education, digital transformation, innovation, business adaptation, digital literacy
COMPETITIVE ENVIRONMENT IN THE AGRICULTURAL INPUT SUPPLY MARKET
This article analyzes the competitive environment of the agricultural input supply market in Azerbaijan, including the markets for machinery, fertilizers, pesticides, seeds, and agro-technical services. The main objective of the research is to assess the existing level of competition in these markets and to provide practical recom-mendations for future development. The study examines the competitive conditions in specific resource segments (seeds, fertilizers, machinery, pesticides) from both structural and functional perspectives, taking into account the role of the public sector, the activity of private players, and regional disparities. The analysis is based on official data from FAO, the State Statistical Committee, Agroservis OJSC, the Agricultural Research Center, and AKIA, as well as the results of farmer surveys. The level of competition is evaluated using indicators such as market share (CR1), satisfaction with prices, and barriers to market entry. The findings show that, following market liberalization after 2018, the overall competitive environment has significantly improved, with increased accessibility and satisfaction among farmers. However, in some regions, state dominance in areas such as machinery leasing and risks of local monopolies still persist. The study recommends supporting private initiatives in the machinery market, strengthening quality standards, and improving regional accessibility.
agriculture, input supply, market structure, competitive environment, agrarian services
ISSUES OF THE IMPACT OF THE EXPORT PROCESS IN AZERBAIJAN ON THE AGRICULTURAL SUBSIDIZATION POLICY AND THE CURRENT REGULATION OF BUSINESS ENTITIES
The development of the oil sector in Azerbaijan leads to the dependence of the economy on a certain segment and fluctuations. For this reason, ensuring the development of entrepreneurial entities in our country is considered a relevant topic. The implementation of state programs and projects in this direction is considered a priority direction. This article analyzes the indicators of micro, small and medium-sized entrepreneurial entities in Azerbaijan with statistical data. Also, the total volume and market share of entrepreneurial entities not only in our country but also in other countries in general are noted. In addition, their benefits to the country's economy are emphasized. The main directions in the regulation of the export process are identified, research is conducted in this direction and the results are noted.
Export potential, regional development, modern economy, Republic of Azerbaijan, export regulation, agriculture
MODERN METHODS OF TRAINING ENTREPRENEURS: FOREIGN PRACTICES AND INSTRUMENTS FOR IMPLEMENTATION IN THE EDUCATIONAL PROCESS (ON THE EXAMPLE OF UNEC)
In the context of rapid digital transformation, economic globalization, and intensifying labor market competition, the role of entrepreneurship as a critical driver of sustainable economic growth is steadily increasing. Ensuring the effective preparation of future entrepreneurs necessitates a transition from traditional educational paradigms toward flexible, innovative, and practice-oriented models. This study examines contemporary approaches to entrepreneurial education, with particular emphasis on international practices and potential tools for their adaptation to the national higher education system, including the Azerbaijan State University of Economics (UNEC).The research encompasses a broad spectrum of relevant issues, ranging from the historical evolution of entrepreneurship education in the United States, Europe, and Asia to case analyses of startup incubators, acceleration programs, and project-based learning models. Drawing on an analytical review of global entrepreneurship training initiatives, the article proposes modern frameworks for fostering entrepreneurial competencies and highlights the principal challenges impeding the advancement of this field within university ecosystems. A comparative analysis of successful university-based entre-preneurial ecosystems is presented, supplemented by evidence-based recommend-dations for transforming entrepreneur-ship education in Azerbaijan. The article integrates analytical tables and up-to-date references from 2023–2024, thereby contributing both to the theoretical discourse on entrepreneurial education and to its practical application for researchers, educators, and policymakers.
educational models, innovation, UNEC, practice-oriented learning
PROBLEMS IN ACCOUNTING FOR THE EXCHANGE OF PROPERTY, PLANT AND EQUIPMENT IN SMALL AND MEDIUM-SIZED ENTERPRISES
The main purpose of the study is to investigate the relevance of asset exchange in small and medium-sized enterprises in terms of tax accounting and financial reporting and the problems associated with asset exchange in the application of accounting rules. Section 17 of the International Financial Reporting Standard for Small and Medium-sized Enterprises and, accordingly, the articles related to asset exchange in the accounting rules, as well as the articles covering this topic in the Tax Code, were compared to highlight inconsistencies in practical application. The research methods are based on generalization, analysis, comparisons based on examples. The provisions on determining the correct value in the exchange of assets and the differences and areas of application of valuation methods, in particular fair and market value, were analyzed on examples. The practical significance of the study is in simplifying the relevant provisions, especially considering the cost of valuing assets at fair value, especially in market conditions and under conditions of limited resources, by applying various methods for valuing assets in the International Financial Reporting Standards and the Tax Code, minimizing the impact on financial statements of the practice of valuing assets at market value in tax audits, and determining the importance of determining the correct value in asset exchanges and reporting in accordance with standards.
FORMATION OF ADDED VALUE CHAINS: ESSENS AND STRUCTUAL ASPECT
The purpose of the research is to explore the essence of production value chains under modern conditions explore the essence of production value chains under modern conditions and to identify potential avenues for their structural enhancement through the examination of value chains as a systematic set of interdependent economic activities across multiple dimensions. The research is based on the application of methods such as observation, comparative analysis, scientific abstraction, synthesis, and logical generalization. The results obtained may serve as a basis for improving the structural organization of value chains in economic practice. The essence of the value creation chain is substantiated, possibilities for its structural optimization are revealed, directions for their practical implementation are determined, and specific proposals are advanced. Scientific originality and novelty. The research contributes to the identification of directions for enhancing the efficiency of interaction among value chain components by conceptualizing the value creation chain as an analytical tool.
product, cost, value chain, structure, analysis method, digital, components, approaches
TRENDS AND PROBLEMS OF DEVELOPMENT OF ENTREPRENEURSHIP EDUCATION IN THE CONTEXT OF ECONOMIC INSTABILITY
This article offers a multidisciplinary analysis of contemporary approaches to entrepreneurship and entrepreneurial education within the broader context of sustainable development, identity formation, and institutional transformation. Drawing on recent international research, it examines the integration of inclusive, value-driven, and transdisciplinary competencies into entrepreneurial learning environments. Particular emphasis is placed on the role of Inner Development Goals (IDGs), entrepreneurial role models, family business teams, and academic entrepreneurship as key drivers of socio-economic transformation.The study underscores the limitations of traditional entrepreneurship education, which often overlooks personal and ethical dimensions, and advocates for a more holistic framework that combines practical training with emotional intelligence and social responsibility. The findings suggest that entrepreneurship should not be understood solely as an economic activity but rather as a socially embedded phenomenon shaped by cultural, institutional, and educational contexts. The article provides recommendations for educators, policymakers, and practitioners to strengthen entrepreneurial ecosystems through innovative pedagogical strategies, risk management models, and institutional reforms. By doing so, the research contributes to the theoretical conceptualization of entrepreneurship as a multidimensional construct and offers practical insights into fostering adaptive, ethical, and resilient entrepreneurial identities capable of addressing global challenges and promoting inclusive development.
entrepreneurship education, sustainable development, entrepreneurial role models, academic entrepreneurship, risk management.
ECONOMIC ASSESSMENT OF THE EFFICIENCY OF COMPULSORY INSURANCE
The most important part of the evaluation of the activity of the healthcare system and its constituent structures is the economic analysis of the activity of the medical organization. The main goal of financing state medical organizations is to provide services, not product production, in conditions where resources are limited. The relevance of the topic is related to the increasing role of insurance systems to ensure social and economic stability in the conditions of the modern economy. Compulsory insurance is implemented in order to increase the financial security of citizens and businesses and to ensure their protection against potential risks that will arise in the future. In Azerbaijan, as in other countries, the implementation of reforms in the field of insurance and the development of the insurance market is one of the important directions of state policy. Therefore, evaluating the economic effectiveness of compulsory insurance and making improvements in this area is of great importance. The purpose of this article is to assess the economic effectiveness of compulsory insurance, to examine its impact on various economic indicators and aspects.
healthcare, compulsory insurance, efficiency, economic assessment, effectivenes
Copyright (c) 2025 Scientific Reviews of the Azerbaijan State University of Economics
PROSPECTS AND CHALLENGES IN AZERBAIJAN’S GREEN ENERGY TRANSITION POLICY
In recent years, the Republic of Azerbaijan has prioritized the development of renewable energy sources as a key direction in its energy policy. Amid global climate challenges, the goal of reducing carbon emissions, and ensuring energy security, the country is accelerating its transition to green energy. In this context, the potential use of solar, wind, hydro, and bioenergy resources is expanding. However, technical infrastructure limitations, investment risks, insufficient legal regulation, and low levels of public awareness remain major obstacles to progress. The purpose of this article is to analyze the current state of green energy transition policy in Azerbaijan, identify existing prospects, and determine the challenges ahead. The article examines Azerbaijan’s green energy potential, current state policy, opportunities for using international experience, and major challenges based on comparative and systematic analysis methods. The practical significance of the article lies in the fact that the findings provide a foundation for more targeted actions in the green energy sector by state institutions, investors, and other decision-makers involved in energy policy.This article provides a scientific analysis of Azerbaijan’s green energy potential, current state policy, opportunities to benefit from international experience, and the main challenges ahead. It concludes that a successful transition to green energy requires comprehensive and consistent reforms.
green energy, Azerbaijan, renewable energy, perspectives, difficulties
FACTORS OF FORMATION OF THE MIDDLE CLASS AND ITS SIGNIFICANCE
The article substantiates the need to study the conditions for the formation of the middle class. Various approaches to assessing the middle class, the factors of formation and its significance are considered. Representatives of this class are the driving force in addressing important issues such as increasing employment, creating new business areas, improving infrastructure, creating an attractive environment for mobilizing new resources, and ensuring sustainable and proportionate economic development over the long term. The article reveals and analyzes the content of the factors influencing the formation of the middle class and determines the levels of their impact. The article is based on research methods such as scientific systematic analysis and logical generalization. As a result of the work, the factors of the formation of the middle class and its significance were analyzed, the most modern approaches and the main innovative directions were identified. Limitations: limited access to information in some cases and the need to obtain more detailed and reliable information. Practical significance: the article can be considered important for domestic and foreign scientific researchers, as well as contributing to the policy of the Government of Azerbaijan on the formation of the middle class and its relationship to sustainable development. Scientific novelty and originality of the article: a different approach to the factors influencing the formation of the middle class and its importance in sustainable development. The originality lies in the fact that new ideas and thoughts were also presented in the study.
middle class, employment, sustainable development
This paper explores the economic and ecological assessment of waste in the context of green economy development. Green economy aims to efficiently use natural resources, maintain ecological balance, and ensure social sustainability. Waste management, recycling, and circular economy are essential elements of this concept. The paper discusses methods of economic and ecological evaluation of waste, technologies for waste recycling, and the socio-political impacts. Additionally, the paper examines the experiences and challenges faced by Azerbaijan and other developing countries in the field of green economy and waste management.
green economy, waste management, recycling, circular economy, ecological balance
THE VOLATILITY OF AZERBAIJAN’S BUSINESS CYCLES AND THE ROLE OF MONETARY POLICY SHOCKS
This article analyzes the volatility of Azerbaijan's total GDP, oil-gas GDP, and non-oil-gas GDP over decades and evaluates the role of monetary policy shocks in the volatility of non-oil-gas GDP. During the oil boom period in the mid-2000s, volatility was high in both total and oil-gas GDP, but the stabilization of production in the 2010s led to a decrease in this volatility. Conversely, the volatility of non-oil-gas GDP increased during that period. In the early 2020s, renewed increases in volatility in oil-gas production led to a rise in the volatility of total and oil-gas GDP. Nevertheless, a decreasing trend in volatility is observed against the backdrop of efforts to diversify the economy. The volatility of monetary policy shocks peaked in the 2010s, especially around the 2015 devaluation, but stabilized following reforms in the subsequent period and fell to a historic minimum level in the 2020s. However, variance decomposition shows that the impact of monetary policy shocks on the volatility of non-oil-gas GDP is limited. This result indicates that fiscal policy, labor productivity, structural changes in the economy, improvements in the management of working capital, financial innovations, or external factors play a more important role in the volatility of the non-oil-gas sector.
business cycle, volatility, monetary policy, SVAR, Azerbaijan
ORGANIZATION OF COMPETENCE-BASED EDUCATIONAL PROCESSES AND ANALYSIS OF OUTCOMES
The main goal of the research is to demonstrate that self-efficacy predicts academic performance more accurately than prior achievements and to highlight the importance of aligning these beliefs with actual outcomes. It also emphasizes that students' misjudgment of their abilities negatively impacts their behavior and motivation. Overall, it concludes that the balanced development of self-efficacy plays a significant role in academic success. The research methods involved collecting and analyzing statistical data to measure the relationship between self-efficacy and actual outcomes across various fields. Additionally, tests and surveys were employed to evaluate how students assess their abilities and how these assessments align with actual results. Based on the findings, factors influencing students' motivation and behavior were identified. The practical significance of the research lies in demonstrating the effectiveness of organizing education through a competence-based approach. The study promotes the adoption of new teaching methods aimed at integrating students' knowledge, skills, and attitudes holistically. The findings emphasize the importance of focusing curricula on developing practical knowledge and professional competencies. This approach ensures a more objective evaluation of educational outcomes and better addresses students' developmental needs.
self-efficacy, competence, practical knowledge, labor market, motivation, competence-based education system (CBE)
IMPACTS OF EXPORT INCREASE ON ECONOMIC RECOVERYED EDUCATIONAL PROCESSES AND ANALYSIS OF OUTCOMES
This article systematically examines the effects of increased exports on the economic recovery process. Applying both a theoretical and empirical approach to the topic, the impact of export activity on various sectors of the economy has been assessed, especially in the context of developing countries, including the case of Azerbaijan. The aim of this article is to assess the effects of increased exports on the economic recovery process, and to systematically study the impact of export-oriented policies on macroeconomic indicators, GDP growth, employment and foreign exchange earnings, especially in the post-pandemic period. At the same time, it is aimed to demonstrate the real results of increased exports in the case of Azerbaijan with empirical data. The study applied a synthesis of qualitative and quantitative methods. The recovery challenges faced by economies in the post-pandemic period have shown that exports play an important role not only in terms of improving the trade balance, but also in terms of stimulating production, increasing employment, strengthening foreign exchange reserves and expanding innovation potential. Exports are among the main factors that play an important role in the development and recovery of national economies. Especially after economic downturns or crises, increased exports lead to the revival of manufacturing sectors, a decrease in unemployment, and a strengthening of foreign exchange reserves. The positive effects of increased exports on various sectors and regions are analyzed using the example of Azerbaijan. The statistical analyses presented in the article and the dynamics of non-oil exports in Azerbaijan in recent years clearly demonstrate this process. Supported by graphs and tables, these analyses prove how export growth has become an important tool for macroeconomic stability and long-term development. At the same time, the challenges in the implementation of export-oriented policies, including market diversification, competitiveness, infrastructure issues and uncertainties in the global trade environment, are also analyzed. The research results show that strengthening export strategies and deepening public-private sector cooperation are essential for ensuring economic recovery and sustainable development. In this regard, the article provides useful conclusions and recommendations for both academic researchers and economic policy makers.
exports, economic recovery, trade balance, industrial production, economic growth, foreign exchange earnings
NATIONAL WEALTH OF THE REPUBLIC OF AZERBAIJAN AND THE RESULTS OF ITS ASSESSMENT
The main goal of the article is to assess the national wealth of Azerbaijan. For this purpose, the complex and long-term historical sequence of assessing national wealth is briefly presented. The article also explains the essence of the World Bank's expanded concept of assessing the national wealth of countries. The essence of the World Bank's expanded concept has been explained. The expanded concept of national wealth assessment proposed by the World Bank is based on the processes of managing national asset portfolios. In order to assess the national wealth of a country, its structural components have been identified. The national wealth of the Republic of Azerbaijan was assessed based on the United Nations System of National Accounts - 2008 and the World Bank concept, and it was determined that the specific weight of natural resources in wealth is very high. The article also emphasizes that in modern times, the main criterion for the development of countries is determined by the share of human capital in national wealth. As a result, the need to develop human capital, which has a significantly low share in national wealth, was noted in Azerbaijan for the purpose of competitive and sustainable economic development of the country.
national wealth, assessment, system of national accounts, extended concept, human capital
ECONOMETRIC ASSESSMENT OF THE IMPACT OF INTELLECTUAL PROPERTY ON THE SCIENTIFIC PRODUCTIVITY OF THE COUNTRY: THE CASE OF AZERBAIJAN
This study investigates the econometric impact of intellectual property (IP) imports on scientific productivity in Azerbaijan. It analyzes the dynamics of IP imports from 2002 to 2023, their share in total imports, and their correlation with national R&D expenditures. An approximate structure of IP import values is proposed. Using data from the World Bank, WIPO, the State Agency on Intellectual Property of Azerbaijan, and the State Statistical Committee, an econometric assessment is conducted for the country. In the model, the volume of IP imports serves as the explanatory variable, with R&D expenditure included as a control variable. Scientific productivity is measured by the number of articles indexed in the Web of Science in the fields of basic science and engineering, serving as the dependent variable. The results reveal a statistically significant and positive relationship between both IP imports and R&D expenditure and scientific productivity. The estimated regression equation for Azerbaijan follows a U-shaped curve, showing that scientific productivity—on a logarithmic scale—behaves as a parabolic function of IP imports. To assess the economic impact, both average and point elasticity coefficients are calculated across the analyzed period. The study identifies a critical (minimum) threshold for IP imports, below which additional imports do not lead to increased scientific output, suggesting inefficiencies in such investments. Furthermore, it finds that the effect of R&D expenditures on article output is approximately three times stronger than that of IP imports. It was found that the impact of R&D spending on the number of articles occurs with a one-year lag. The model is estimated using the ordinary least squares method via EViews econometric software. Future research could extend this analysis to include countries in the CIS region and those in the Caspian region.
intellectual property, import, export, elasticity, R&D expenditures, scientific productivity
PUBLIC-PRIVATE PARTNERSHIP IN TRANSPORT: SIMILARITIES AND DIFFERENCES OF DIFFERENT MODELS
Public-private partnerships (PPPs) play a pivotal role in the development and modernization of transportation infrastructure worldwide, offering governments an alternative to traditional public-sector financing. This research explores the similarities and differences among various PPP models used in the transport sector, including Build-Operate-Transfer (BOT), Design-Build-Finance-Operate (DBFO), and Concession agreements. It examines how each model balances responsibilities, risks, and benefits between the public and private sectors, with a focus on operational efficiency, financial structure, and risk-sharing. Through a comparative analysis, the article highlights the adaptability of PPP models to diverse economic environments and project types, providing insights into how different approaches can maximize infrastructure efficiency, cost-effectiveness, and service quality in transportation. This examination aims to guide policymakers, investors, and stakeholders in choosing the most suitable model to address their transportation needs while achieving long-term public and private sector goals.
Public-Private Partnership (PPP), transport system, business model, concession, investment