Fundamentalization of Behavioral Finance in the System of Dominant Impact of the State Creating Patriotism of the Nation
Karpinskyi B. A.

Karpinskyi, Borys A. (2020) “Fundamentalization of Behavioral Finance in the System of Dominant Impact of the State Creating Patriotism of the Nation.” The Problems of Economy 2:347–355.
https://doi.org/10.32983/2222-0712-2020-2-347-355

Section: Finance and banking

UDC 336.1:336.2

Abstract:
The aim of the article is the fundamentalization of the basic aspects of behavioral finance with the focus on the realization of the dominant potential of the state creating patriotism of the nation. Based on analyzing and systematizing scientific works of a number of scientists, it is proved that there is a need for the development of behavioral finance with the focus on realizing the potential of dominant elements (qualitative and quantitative ones) of the state creating patriotism of the nation. It is noted that the state creating patriotism of the nation is all that the people in general and each citizen in particular do in the interests of creating an independent, sovereign, civilized state. It is determined that both the combination of the qualitative dominant element of such patriotism with its internal architectonics (traditions, mentality, spirituality, tax culture, etc.) and the transfer of the potential of the quantitative (tax) dominant element into the real plane of state creation becomes a synthesizing link in the fundamentalizm of behavioral finance. It is proved that the manifestation and effectiveness of the tax culture in the system of realization of state creating patriotism of the nation is significantly affected by the growth of the shadow economy. It erodes the constitutional orientation of the interests of taxpayers, narrowing the possibilities for replenishing the budget through the behavioral limitation of the financial participation of citizens in creating the state, and determines the formation of dictatorial coercive and corruption-based management approaches. It is synthesized that the fundamentalization of behavioral finance with regard to the state creating patriotism of the nation is a strategic scientific direction in the theory of finance that synthesizes and harmoniously combines the legacy of financial science with methodological and psychological approaches and the individual’s patriotic spiritual values (social, moral, aesthetic), purposefully integrating effective possibilities for understanding the specifics of f making financial decisions.

Keywords: behavioral finance, financial decisions, behavior, taxes, tax culture, state creating patriotism of the nation, shadow economy, dominant element.

Fig.: 3. Tabl.: 3. Bibl.: 32.

Karpinskyi Borys A. – Doctor of Sciences (Economics), Professor, Professor, Department of Public Administration and Business Management, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79000, Ukraine)
Email: karpinsky_01@ukr.net

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