JEL Classification: G21, G23. DOI: https://doi.org/10.31521/modecon.V12(2018)-12 Zhavoronok Artur, PhD (Economics), Assistant Professor at the Department of Public, Corporate Finance and Financial Intermediation, Yuriy Fedkovych Chernivtsi National University, Ukraine e-mail: artur.zhavoronok@ukr.net ORCID ID: 0000-0001-9274-8240 Savchuk Dmytro, PhD (Economics), Assistant Professor at the Department of Accounting and Taxation, Yuriy Fedkovych Chernivtsi National University, Ukraine e-mail: dimasavchuk27@ukr.net ORCIDRead more