Enhancement of internal control is a relevant and ongoing process in organizational performance. This process involves the systematic design, application and monitoring of an organization’s internal control measures to achieve its objectives, minimize errors and financial losses as well as to comply with legal requirements. Enhanced integration of internal control into the efficiency of organizational performance not only helps to identify and control risks, but also ensures the efficient use of resources, improves the quality of performance processes and promotes the responsibility and integrity of employees. The aim of this study is to analyze how the internal control integration contributes to the improvement of organizational performance and to identify success factors and areas for improvement. The study results reveal that most employees are actively involved in the processes of internal control, but some of them lack information or a clear understanding of these processes. This points to the need for enhanced communication and training to improve staff understanding of their roles and responsibilities. Although the organization has a clear structure, there is a lack of information on its meaning and principles of ethics. In addition, there are weaknesses in communication and a lack of focus on strategic aspects. The study shows that clearer dissemination of communication on internal procedures, control procedures and the use of technology needs to be ensured to achieve greater efficiency and transparency. The study provides valuable insights into the impact of internal control system integration on the efficiency, transparency and competitiveness of organizational performance. It contributes to the optimization of control processes and to the development of scientific knowledge on internal control.

This study investigates the impact of venture capital investments on the labour productivity of the European Union countries. Considering the fact that there is a lack of research on evaluating the effects of venture capital investments on labor productivity at the country level, the methodology designed in this article is used to assess heterogeneous impact of venture capital investments, which is determined by the innovative environment or financial development factors, on labour productivity in 25 EU countries. Panel data of 25 European Union countries were used for the regression analysis. The findings of the empirical study show that the volume of venture capital investments does not determine the growth of labour productivity in the analysed countries. Such results can be explained by the economic findings presented by other researchers. Some of the studies found that it is not venture capital investments that determine economic growth, innovation or technological development, but these economic phenomena increase venture capital investment. Based on statistical data, the greatest need for venture capital investments in Europe is in sectors that develop new technologies and in the information and communication technology sector. Therefore, the volume of venture capital investments in the analysed countries is too small at the macroeconomic level and their effect on labour productivity is manifested at the level of companies or specific sectors.

The study expands and complements the theoretical and practical aspect of relevant scientific research on the impact of venture capital investments on the countries labour productivity. Researchers have found that innovation leads to the growth of countries labour productivity because innovation creates new products and technologies. It has been established that innovation is closely related to venture capital investments. With the help of innovations that require venture capital investments, a larger production volume is produced, which is associated with an increase in labour productivity. Ensuring financing of innovative companies has a positive external impact on the economy and, at the same time, on labour productivity, so it makes sense for governments to take measures to increase the volume of venture capital investments. Considering to the gap of research on the assessment of the impact of venture capital investments on labour productivity at the macroeconomic level, this article assesses the impact of venture capital investments on labour productivity in the EU-25 countries.

The article examines the theoretical aspects of assessing the competitiveness of countries and, based on the data of the global competitiveness index compiled by the Swiss International Institute of Management, analyzes in detail the ten most competitive countries in the world. The analysis of the index was carried out taking into account different aspects of the countries' competitiveness in 2018-2022, showing the highest and lowest national positions in the fields of knowledge, technology and readiness for the future. Analysis of competitiveness assessments and comparison with other countries helps to identify problem areas due to which the national level of competitiveness is insufficient. Keywords: country competitiveness, determinants of competitiveness, ranking, World competitiveness index.

Assessment of venture capital investment impact on the labour productivity of European Union countries

The objective of this study is to evaluate the effectiveness of a company's internal control system. Evaluating the effectiveness of internal controls is essential for ensuring organizational transparency, reliability, and competitiveness. Continuous review and improvement of internal control systems are critical for enabling organizations to remain competitive and adapt to evolving business environments. An effective internal control system is founded on well-defined procedures, rules, and policies that support financial accountability, effective risk management, and regulatory compliance. The findings of the survey indicate that, while a majority of employees are familiar with the concept of internal control, only a minority actively engage in its implementation. Although the company has established clear roles and responsibilities, there is a notable gap in employees' understanding of risk management and accountability. Furthermore, while technological advancements have enhanced operational efficiency, some employees experience difficulties in accessing critical information. Regular assessments of the internal control system are conducted; however, employees are often not adequately informed about the outcomes of these assessments or the corrective measures implemented to address identified deficiencies. To improve the effectiveness of the internal control system, greater attention should be given to risk management practices and the communication of assessment results to employees.