Farida Saleem
email: farida.saleem@lbs.uol.edu.pk

Ahmad Adeel
email: ahmad.adeel@lbs.uol.edu.pk

Rizwan Ali
email: rizwan.ali@lbs.uol.edu.pk

Shabir Hyder
email: hydershabir@ciit-attock.edu.pk

INTENTIONS TO ADOPT ECOPRENEURSHIP: MODERATING ROLE OF COLLECTIVISM AND ALTRUISM

Keywords: Sustainability, Ecopreneurship, Collectivism, Altruism, Theory of Planned Behavior

There is a need to understand the importance of sustainability of economies by the students especially undergoing business education and look for avenues that provide support to sustainability, in which ecopreneurship is one. The current study examines the intentions to adopt ecopreneurship while extending the theory of planned behavior model by including the dual moderating role of collectivism and altruism while taking developing country context as a field of analysis. Data were collected from students of two universities located in a rural district and student participants of entrepreneurship training workshop. Results show that ecopreneurship is mainly driven by subjective norms and self-efficacy while attitude towards ecopreneurship become significant in presence of collectivism and altruism not otherwise. Similarly, the dual moderating role of collectivism and altruism has been identified by the significance of threeway interactions for attitude, subjective norms and self-efficacy with collectivism and altruism respectively.

Introduction

Since 1980's the word "Sustainable development" has been referred as buzz word [START_REF] Tilley | Sustainability Entrepreneurs[END_REF] 518 Development (WECD) (1987: 8) according to which sustainable development is "development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs". This definition makes us answerable to the future generations about environment depredation. Business units are one of the major entities that have direct impact on the sustainable development. Due to the rise in awareness level, the general public is not only demanding eco-friendly products but also sustainable practices by their producers. The lack of participation of entrepreneurial new ventures in sustainable management can not only cause the specific country left behind on sustainable development but can further worsen the natural environmental conditions. The sustainable entrepreneurship, also called ecological entrepreneurship or ecopreneurship, can be taken as a possible way to address the problem of environmental degradation [START_REF] Muñoz | Sustainable entrepreneurship research: taking stock and looking ahead[END_REF][START_REF] Law | Engaging Employees in Sustainable Development-a Case Study of Environmental Education and Awareness Training in Hong Kong[END_REF][START_REF] Keijzers | The transition to the sustainable enterprise[END_REF]. This type of entrepreneurial activity links business to the sustainability management. Taiwan, by putting focus on sustainable management has successfully generated both economic as well as social benefits for the whole community (Valdez-Juárez, García-Pérez-de-Lema, and Maldonado-Guzmán, 2018; [START_REF] Pfajfar | Global dynamic capabilities revitalized-a novel approach and future research directions[END_REF][START_REF] Chen | Building global dynamic capabilities through innovation: A case study of Taiwan's cultural organizations[END_REF]). The recycling system in Taiwan is the best example of how communities can get benefits from practicing sustainable management practices [START_REF] Outsios | The mindset of UK environmental entrepreneurs: A habitus perspective[END_REF][START_REF] Sardianou | Understanding the entrepreneurs' behavioural intentions towards sustainable tourism: a case study from Greece[END_REF][START_REF] Koe | A Model for predicting intention towards sustainable entrepreneurship[END_REF].

Considerable evidence exists among developed and developing countries about saving the environment and initiating the entrepreneurial activities targeted at saving the depleting environment [START_REF] Canever | How does the public and private university environment affect students' entrepreneurial intention?[END_REF][START_REF] Ozaralli | Entrepreneurial intention: antecedents to entrepreneurial behavior in the USA and Turkey[END_REF][START_REF] Gubik | Student entrepreneurship in Hungary: Selected results based on GUESSS Survey[END_REF]. Entrepreneurship is a source of promoting employment and bringing prosperity to the economy (Iglesias-Sánchez, Jambrino-Maldonado, Velasco, and Kokash, 2016; [START_REF] Testa | Learning by failing: What we can learn from un-successful entrepreneurship education[END_REF][START_REF] Holmgren | Taylorism of the mind: entrepreneurship education from a perspective of educational research[END_REF]. Especially in the developing countries context the entrepreneurship is seen as a way to trigger economic development and to handle serious economic and social challenges, in this regard besides enhancing economic activity the protection of environment is a serious concern. The question like how to promote the eco-businesses is an evergreen challenge. This calls for highlighting the factors that influence the adoption of eco-entrepreneurship for sustainable future decisions. The economic growth with ecological friendly entrepreneurship has received attention in recent times [START_REF] Mbebeb | Building Ecological Entrepreneurship: Creating Environmental Solutions Based on the Cultural Realities and Needs of Local People[END_REF] and a positive attitude towards adoption of such entrepreneurship is found. Further, the significance of the concept, within the context of green economy, can be understood by the concept of ecological entrepreneurship that has emerged as means to decrease market failures and enhance social welfare through the exploration of environmentally responsible opportunities [START_REF] Muñoz | The call of the whole in understanding the development of sustainable ventures[END_REF][START_REF] Miller | A downside to the entrepreneurial personality?[END_REF][START_REF] Meek | The impact of social norms on entrepreneurial action: Evidence from the environmental entrepreneurship context[END_REF]. According to [START_REF] Marsden | Ecological entrepreneurship: sustainable development in local communities through quality food production and local branding[END_REF]p.440), "through a process which we call ecological entrepreneurship, key actors facilitate sustainable development in the countryside by a combination of fragmentation, specialisation and quality building strategies".

The researchers have recognized that there are chances that the intentions to initiate ecological entrepreneurial activities may be moderated by social, cultural, and ecological norms; it is at times influenced by economic interests that are characterized by patterns of aggressive and unsustainable consumption [START_REF] Koe | A Model for predicting intention towards sustainable entrepreneurship[END_REF]. The United Nations Organization (2011) has recognized eco-friendly entrepreneurship as an intervention strategy, a catalyst for fostering the process of economic development, and at the core of this action is the eco-entrepreneur. Thus, given the necessary drive, the entrepreneurs who have the intentions to start their businesses must consider investment in the ecological entrepreneurial opportunities at the first instance. Ecological entrepreneurship is one of the major drivers of green economy [START_REF] Mbebeb | Building Ecological Entrepreneurship: Creating Environmental Solutions Based on the Cultural Realities and Needs of Local People[END_REF]. [START_REF] Schaltegger | A Framework for Ecopreneurship[END_REF] while coining the term ecopreneur identifies their unique role by stating that "whereas all entrepreneurs deal with bridging activities between suppliers and customers to create and change markets, ecopreneurs differ from conventional entrepreneurs in that they also build bridges between environmental progress and market success." (2002, p. 46). The environmental risks are translated into green business opportunities by ecological entrepreneurs. Similarly, they also respond to the negative consequences of businesses on the natural environment by introducing environmentally friendly

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products and processes [START_REF] Gast | Doing business in a green way: A systematic review of the ecological sustainability entrepreneurship literature and future research directions[END_REF][START_REF] Schaper | Understanding the green entrepreneur[END_REF][START_REF] Pastakia | Assessing Ecopreneurship in the context of a developing country[END_REF]. In the same run, Hill et al. (2010: p. 37) acknowledged the growing business viewpoint that "as pressure increases on the world's natural resources, concerns over environmental degradation have shifted from the fringes of altruistic concern to tangible global economic losses."While highlighting the importance of sustainable wealth creation Marsden and Smith (2004: p. 441) strongly recommended that in order to respond appropriately to emerging needs, "sustainable wealth creation and local economic development within the wider context of sustainable development require new entrepreneurial initiatives that focus on investing in the local environment. . . . employing people and their resources" (2004: p. 441).

Green growth, therefore, requires a transformation that is influenced by one's strong motivation to create new products. By doing this the socially responsible investment can be ensured as a strategy. Adopting this strategy generates competitive advantages for both investors and beneficiaries (Tandoh-Offin 2010; [START_REF] Young | Turning Green into Green: Social Past, Financial Future[END_REF]. The people having potential for engaging in ecological entrepreneurial practices would be recognized for their expertise in practicing sustainable approaches to survival, which are derived from their perceptions, attitudes, and ecological identity. Further it is noted that the ecological entrepreneurship is directly related to the climate changes occurring, as these are inducing alterations to the global atmosphere. These alterations are directly or indirectly results of human activities [START_REF] Momodu | Achieving food security and climate change mitigation through entrepreneurship development in rural Nigeria: Gender perspective[END_REF].

In this relation, enhancing awareness among masses and developing skills are necessary to persuade initiators to get on board the green economy platform. The primary task is to influence perceptions and attitudes and to motivate good investment behaviors. This idea comes from the recognition that social constructs (collectivism and altruism) that play a vital role in facilitating start-up intentions with regard to pro-environmental ventures.

Cultural factors are determinants in developing intentions regarding adoption of ecological entrepreneurship [START_REF] Koe | A Model for predicting intention towards sustainable entrepreneurship[END_REF]. This is the reason, the current study considered collectivism and altruism as the moderators in defining adoption of eco-preneurship as means of sustainability. By presenting a model of cultures' association with entrepreneurship, Hayton George, Zahra (2002) provided a broad overview of the potential pattern of relationships between national culture, contextual factors, and entrepreneurial outcomes. Culture is depicted as a moderator in the relationship between contextual factors (institutional and economic) and entrepreneurial outcomes. This suggests that culture acts as a catalyst rather than a causal agent of entrepreneurial outcomes, thus this calls for examining the role of cultural characteristics like such as collectivism and altruism. Ecology and sustainability entrepreneurship research has emerged from the huge body of business, environment and corporate responsibility literature while trying to find the answers to the questions like how the change in the business practices effect the business, social and environmental practices. The sustainable entrepreneurship research area has overlapped the organizational studies and the sustainable development literature, giving rise to another insight, sustainability enterprise as another field of study. Collectivism as derived from the theory of social learning and altruism based on social/national identity seems to be important factors that can have impact on the intentions of individuals to adopt ecofriendly/ sustainable practices. [START_REF] Krueger | Competing models of entrepreneurial intentions[END_REF], starting a new business cannot be accidental rather it requires long term planning and positive intentions toward the new business so it is more of a planned behavior. Theory of planned behavior (TPB), extension of theory of reasoned action (TRA) [START_REF] Ajzen | The theory of planned behavior[END_REF]Ajzen and Fishbein, 1970) has been widely used by many researchers not only in social psychology [START_REF] Armitage | Efficacy of the theory of planned behaviour: A meta-analytic review[END_REF][START_REF] Collins | The theory of planned behavior as a model of heavy episodic drinking among college students[END_REF][START_REF] Fielding | Theory of planned behaviour, identity and intentions to engage in environmental activism[END_REF] but also in for predicting behavioral intentions generally and environmental conscious behavioral intentions particularly. For the study of pro environmental behavior, many researchers have used TPB theoretical foundations (e.g., [START_REF] Bamberg | Theory-Driven Subgroup-Specific Evaluation of an Intervention to Reduce Private Car Use[END_REF][START_REF] Bamberg | Choice of travel mode in the theory of planned behavior: The roles of past behavior, habit, and reasoned action[END_REF][START_REF] Chen | The moderating effect of perceived lack of facilities on consumers 'recycling intentions[END_REF]Kim andHan, 2010 andHan andKim, 2010). Some of these studies combined or extended the TPB proposed model.

Ecopreneurship Intentions and Theory of Planned Behavior

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Despite the general usefulness of the TPB, several studies made efforts to improve the explanatory power of this theory by adding additional constructs within the TPB model [START_REF] Botetzagias | Extending the theory of planned behavior in the context of recycling: The role of moral norms and of demographic predictors[END_REF][START_REF] Kaiser | Two challenges to a moral extension of the theory of planned behavior: moral norms and just world beliefs in conservationism[END_REF].

Intentions are considered to be an important factor in explaining actual behaviors. Strong intention to perform a certain behavior is most likely to result in its performance [START_REF] Ajzen | The theory of planned behavior[END_REF]. TPB, successfully explains that how the positive behavioral intentions result in the actual behavior. The model of theory of planned behavior has been repeatedly used by many researchers in explaining the green behavioral intentions [START_REF] Kalafatis | Green marketing and Ajzen's theory of planned behaviour: a cross-market examination[END_REF][START_REF] Han | Application of the theory of planned behavior to green hotel choice: Testing the effect of environmental friendly activities[END_REF][START_REF] Ryu | Predicting tourists' intention to try local cuisine using a modified theory of reasoned action: The case of New Orleans[END_REF]. The definition and measurement of behavioral intentions varies across existing literature however, the researchers are broadly agreed that it is readiness or likelihood to conduct a specific behavior (e.g. [START_REF] Ajzen | The theory of planned behavior[END_REF]Ajzen, , 2009;;Han and Ryu, 2007;[START_REF] Oliver | Satisfaction a behavioural perspective on the consumer. Irwin/MacGraw Hill[END_REF]. The theoretical advantages of TPB-based work in entrepreneurship area cannot be denied. Linan, Nabi and Krueger (2013) very rightly have identified the four major focused areas of TBP by entrepreneurship researchers, the first one where the researchers have focused on studying the impact of core elements of TPB on entrepreneurial intention, the second stream has tried to study the impact of human and social capital on TPB elements and entrepreneurial intention, the third stream focused on the study of the effect of knowledge and awareness on TPB model and last but not the least, cross cultural comparisons on TPB model with reference to entrepreneurial intentions.

TPB model has been repeatedly used by many entrepreneurship researchers for identification of entrepreneurship intentions however, its power to explain the intention towards sustainable entrepreneurship has not been fully explored [START_REF] Koe | A Model for predicting intention towards sustainable entrepreneurship[END_REF]. Attitudes are considered to be an important driver of new venture intentions and many researchers (e.g. [START_REF] Moriano | A cross-cultural approach to understanding entrepreneurial intention[END_REF]do Paço et al., 2011 etc) in this area have found significant positive impact of attitudes on entrepreneurial intentions. Similarly, attitudes are also found to be predictor of pro environmental behavioral intentions in individuals [START_REF] Stern | Economic experiments: The role of entrepreneurship in economic prosperity[END_REF][START_REF] Bamberg | Twenty years after Hines, Hungerford, and Tomera: A new meta-analysis of psycho-social determinants of pro-environmental behaviour[END_REF]. Sustainable practice adoption is also affected by positive or negative attitude of individuals [START_REF] Chen | An institutional perspective on the adoption of Green IS and IT[END_REF]. Subjective norms (pressures from influential others) have also been identified as predictor of sustainable behavioral intentions [START_REF] Vermeir | Sustainable food consumption among young adults in Belgium: Theory of planned behaviour and the role of confidence and values[END_REF]. Similarly, [START_REF] Meek | The impact of social norms on entrepreneurial action: Evidence from the environmental entrepreneurship context[END_REF] and Yaacb (2010) found that environmental actions of entrepreneurs are resultant of social pressures. The behaviorists and psychologists are agreed upon the various concepts having impact on the processing capabilities for task accomplishments or solving problems and found a linkage between self-efficacy and motivation to behaviorail change (Drnovšek, Wincent and Melissa, 2010;Tzchentke, Kirk, and Lynch, 2008;Luszczynska, Gutierrez-Dona and Schwarzer, 2005;[START_REF] Pearlmutter | Self-efficacy and organizational change leadership[END_REF][START_REF] Tilley | The gap between the environmental attitudes and the environmental behaviour of small firms[END_REF]. Researchers have linked self-efficacy with various constructs like achievements, emotional disorders, mental and physical health, selecting careers etc. [START_REF] Mccormick | Extending self-efficacy theory to leadership: A review and empirical test[END_REF]. It is to highlight that the concept of self-efficacy is also relevant to the conservation of resources and adoption of proenvironmental behavior, where the research is found scarce [START_REF] Dumitru | The characteristics of the information contained in the synthesis reports[END_REF][START_REF] Janmaimool | Application of Protection Motivation Theory to Investigate Sustainable Waste Management Behaviors[END_REF]Drnovšek, Wincent and Melissa, 2010;Homburg and Stolberg, 2006). Individuals cannot contribute positively towards protecting the environment unless they have confidence for better environmental management. Hence based on above literature support following hypotheses are proposed:

H1: Attitude toward ecopreneurship has a positive effect on ecopreneurship intentions. H2: Subjective norms has a positive effect on ecopreneurship intentions. H3: Self-efficacy has a positive effect on ecopreneurship intentions.

Ecopreneurship Intentions and Collectivism

People with individualistic orientations are independent, self-reliant, exercise freedom of choice and feel high level of competition from people around them [START_REF] Triandis | Individualism and Collectivism[END_REF][START_REF] Kim | Antecedents of green purchase behavior: An examination of collectivism, environmental concern and PCE[END_REF] (Hosfstede, 1980;[START_REF] Triandis | Individualism and Collectivism[END_REF]. This value orientation has been investigated at both aggregate levels for the identification of differences across cultures and at individual levels for the identification of difference in the value orientation of individuals within a culture [START_REF] Leonidou | Ethics, Sustainability, and Culture: A Review and Directions for Research[END_REF][START_REF] Tascioglu | The impact of the motivation for status on consumers' perceptions of retailer sustainability: the moderating impact of collectivism and materialism[END_REF][START_REF] Kim | Antecedents of green purchase behavior: An examination of collectivism, environmental concern and PCE[END_REF]. This value orientation has been found to influence a range to social behaviors of individuals. Individual level of individualistic or collectivistic orientation has an impact on the motivation of individuals to perform certain behavior [START_REF] Kim | Antecedents of green purchase behavior: An examination of collectivism, environmental concern and PCE[END_REF]. Collectivistic tendencies of individuals have a positive impact on their pro environmental attitudes whereas people with individualist orientation view pro environmental behavior as less important and hence are less likely to engage in environmental friendly activities [START_REF] Mccarty | The influence of individualism, collectivism, and locus of control on environmental beliefs and behavior[END_REF]. [START_REF] Laroche | Targeting consumers who are willing to pay more for environmentally friendly products[END_REF] suggest that collectivist people tend to be friendlier toward the environment. Ling-Yee (1997) found similar results for ecological commitment and [START_REF] Kim | Antecedents of green purchase behavior: An examination of collectivism, environmental concern and PCE[END_REF] for green purchase behavior. But little is known about the potential influences of collectivism or individualism on attitudes and intentions for ecological entrepreneurship. Values have been theoretically reasoned and empirically proven to have an important role in predicting specific attitudes and behaviors (De Groot and Steg, 2008;[START_REF] Stern | The value basis of environmental concern[END_REF].

Intentions of individuals are directly affected by their value orientations. Individuals try to stick with the value congruent information and disregard the information that is incongruent with their value orientation [START_REF] Guagnano | Influences on attitude-behavior relationships: A natural experiment with curbside recycling[END_REF][START_REF] Verplanken | Motivated decision making: effects of activation and self-centrality of values on choices and behavior[END_REF]. A person with individualistic orientation would be more concern about him and pay less importance to the environment. Hence the following hypotheses are proposed H4a: Collectivism will moderate the relationship of attitude and ecopreneurship intentions. H4b: Collectivism will moderate the relationship of subjective norms and ecopreneurship intentions. H4c: Collectivism will moderate the relationship of self-efficacy and ecopreneurship intentions.

Ecopreneurship intentions and Altruism

Moral norm-activation theory by [START_REF] Schwartz | Normative influences on altruism[END_REF] suggests that behavior become more probable when one is aware of its consequences. According to this theory, altruistic behaviors occur due to personal moral norms of individuals that are triggered as a result of an awareness about the negative consequences (condition pose threats to others) of certain behavior and the believe that their actions can reduce these negative consequences. As the environmental conscious behavior involves a tradeoff between individual and collective benefit many authors (e.g. Black, 1978;[START_REF] Black | Personal and contextual influences on household energy adaptations[END_REF][START_REF] Guagnano | Influences on attitude-behavior relationships: A natural experiment with curbside recycling[END_REF][START_REF] Schultz | Values as predictors of environmental attitudes: Evidence for consistency across 14 countries[END_REF][START_REF] Guagnano | Altruism and market-like behavior: An analysis of willingness to pay for recycled paper products[END_REF] have conceptualized it within the framework of [START_REF] Schwartz | Normative influences on altruism[END_REF] model of altruism and have provided substantial support of this theory while applying it to range to environmental issues. [START_REF] Guagnano | Altruism and market-like behavior: An analysis of willingness to pay for recycled paper products[END_REF] after empirical analysis identified that in contrast to self-interest, market and market like behaviors are motivated by altruism. While studying the willingness to pay extra for recycled products, [START_REF] Guagnano | Altruism and market-like behavior: An analysis of willingness to pay for recycled paper products[END_REF] validates the applicability of [START_REF] Schwartz | Normative influences on altruism[END_REF] model of moral norm activation. A person with high altruism would pay attention to the negative consequences of environmental problems and its impacts on humans and biosphere and would have pro environmental attitudes. Hence, it is proposed that the altruism has an impact on attitudes, behavior and intentions of individuals.

H5a: Altruism will moderate the relationship of attitude and eco-preneurship intentions. H5b: Altruism will moderate the relationship of subjective norms and eco-preneurship intentions. H5c: Altruism will moderate the relationship of self-efficacy and eco-preneurship intentions.

Dual Moderating Role of Collectivism and Altruism

The values (collectivism) and norms (Altruism) play a very important role in developing pro-environmental behavior [START_REF] Guagnano | Altruism and market-like behavior: An analysis of willingness to pay for recycled paper products[END_REF][START_REF] Kim | Antecedents of green purchase behavior: An examination of collectivism, environmental concern and PCE[END_REF] in individuals. Moral norm-activation theory by [START_REF] Schwartz | Normative influences on altruism[END_REF] and [START_REF] Kim | Antecedents of green purchase behavior: An examination of collectivism, environmental concern and PCE[END_REF] 522 collectivism and altruism are two different type of values/norms. There is a possibility that an individual may possess either collectivism or altruism, or both. Hence, it is proposed that collectivism and altruism both may play additive moderating role (three-way interaction) in the relationships of TPB. Based on the above discussion following hypotheses are proposed:

H6a: Collectivism and altruism will play additive moderating role in the relationship of attitude and ecopreneurship intentions. H6b: Collectivism and altruism will play additive moderating role in the relationship of subjective norms and ecopreneurship intentions. H6c: Collectivism and altruism will play additive moderating role in the relationship of self-efficacy and ecopreneurship intentions.

Based on above discussion, extended theory of planned behavior model for identification of drivers of ecopreneursip intentions is proposed (Figure 1).

Attitude towards ecopreneurship Subjective Norm

Self-efficacy

Ecopreneurship Intentions

Collectivism Altruism

The

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Questionnaires (Saunders, Lewis, and Thornhill, 2012) were distributed either using online google docs or in hard form for the workshop participants. Serial mean was used for imputation of missing values and after imputation of missing values total usable sample size was 292 (Missing value imputations were used for confirmatory factor analysis). Majority of the respondents were males (189 males; 70 females), belonging to the age group of 24-27 years. The mean family income was $ 500-$ 1000.

Measures

Entrepreneurial Intention Questionnaire: Entrepreneurial Intention Questionnaire (EIQ) developed by [START_REF] Liñán | Entrepreneurial Intentions in Europe[END_REF] was adopted for the assessment of the ecological entrepreneurial dispositions of respondents. Attitude toward eco-preneurship was measured with the help of five items measured on 5-point likert scale where 1 was "strongly disagree" to 5 as "Strongly Agree". Sample item is "A career as an ecological entrepreneur is totally unattractive to me" a subjective norm for eco-preneurship was measured using three items and self-efficacy for eco-preneurship was measured with the help of six itemed scale. Similarly, Intentions toward eco-preneurship was measured with the help of four questions sample items are "I am ready to do anything to be an ecological entrepreneur" and "I will make every effort to start and run my own environmentally friendly business".

Collectivism: Collectivism was measured on a seven-point, three-item scale measured on ( 1) "not at all important" to (7) "extremely important" adopted from Yamaguchi (1990). The sample items are 1) "I maintain harmony in my group. 2) I respect the majority's wish and 3) I sacrifice self-interest for my group. None of the item was reverse coded." Altruism: For the measurement of altruism, we used a 7-item scale developed by [START_REF] Guagnano | Altruism and market-like behavior: An analysis of willingness to pay for recycled paper products[END_REF]. Items were measured on 7-point Likert scale (1 = strongly disagree; 7 = strongly agree). The sample items are 1) "Over the next several decades, thousands of species on earth will be driven to extinction 2) The effects of environmental problems on public health are worse than we realize 3) Current claims that environmental problems are changing the earth's climate are exaggerated, and 4) Protecting the environment will threaten jobs for people like me". Item 3, 4 and 5 were reverse coded.

Data Analysis

Data were analyzed using SPSS, AMOS and PROCESS Procedure for SPSS Release 2.16.3 written by Andrew F. Hayes, Ph.D. the process was downloaded from www.afhayes.com.

Common Method Variance

Self-reported data raise issue of potential effect of common method variance (CMV) (Podsakoff et al., 2003).

Prior to hypothesis testing, CMV was tested using Harman's one factor test. When all items were loaded in principal component factor analysis 5 factors with "eigen value" greater than 1 were formed and the first factor accounted for less than 30% variance. The result revealed that data is free from CMV.

Reliability

Reliability of the collected data set was checked with the help of Corbatch's Alpha and composite reliabilities coefficient [START_REF] Nunnally | Psychometric theory[END_REF]. The value of Cronbatch alpha coefficient for all variable understudy ranged between 0.697 and 0.936 and composite reliability coefficient values lie between 0.688 to 0.886 showing the acceptable reliability of the data [START_REF] Hair | Partial least squares structural equation modeling (PLS-SEM) An emerging tool in business research[END_REF]. Results are present in Table 1.

The

Normality

Normality of data was ensured with the help of skewness and kurtosis values (Winer, Brown and Michels, 1991). For all constructs, the values of skewness and kurtosis values lie between +1 and -1 Hence, indicating that data were normally distributed. Results are presented in Table 1.

Validity

Convergent and discriminant validity indices were used to ensure the validity of data set. For convergent validity, the regression coefficients for each observed variable (Item) should be greater than 0.6 (Joreskog and Sorbom, 2006), all items were loaded in to their respective latent construct with regression coefficient greater than 0.6, results are presented in Table 1. Similarly, discriminant validity was confirmed using Fornell and Larker (1981) criteria where the AVE for each variable should be greater than the shared variance for all constructs present in the proposed model (Fan et al., 2006). For all constructs, the AVE were greater than shared variance except for self-efficacy where shared variance was greater than AVE of two constructs. Results are present in

Confirmatory Factor Analysis

Three different CFA models [START_REF] Kaplan | Structural Equation Modeling. Foundations and Extensions[END_REF] were constructed including two factor model having attitude, subjective norms, self-efficacy, collectivism and altruism as single construct and intentions as a separate construct, three factor model having attitude, subjective norms and self-efficacy as one construct and collectivism and altruism as second construct and intentions as the third construct and finally the six-factor model where all constructs were loaded as separate constructs. Results identify that the proposed six-factor model is the best fitted model compare to two or three factor models. Results are presented in Table 3. Finally, CFA was performed by taking all constructs (latent and observed) including dependent, moderators and independent at a time. The results of the measurement model identified that all observed variables had t-values greater than 2.50, their factor loadings were greater than 0.5 and R2 was also greater than 0.5. However, three items were deleted from analysis due to cross loading (one item from altruism and two items from intentions) (Joreskog and Sorbom, 2006).

Regression Analysis

Multiple linear regression analysis was used to test the impact of attitude, subjective norms and self-efficacy on ecological entrepreneurship intentions. The results are presented in Figure 2. Subjective norms and self-efficacy have significant positive impact on ecological entrepreneurship intentions while attitude toward ecological entrepreneurship remain insignificant.

Moderation Analysis

For testing of the moderating impact of collectivism and altruism on the proposed relationships PROCESS macro developed by [START_REF] Hayes | Introduction to mediation, moderation, and conditional process analysis: A regression-based approach[END_REF] for SPSS was used. We use PROCESS macro particularly due to the fact that PROCESS allows integrating multiple moderating variables in a single model. The study intended to estimate whether attitude, subjective norms, self-efficacy (X1, X2, X3) and ecopreneuship intentions (Y) is moderated by collectivism (MV1) and altruism (MV2) simultaneously. We used Model 2, which allows testing of the two moderators with bootstrap confidence intervals. The results of moderation analysis are presented in the following tables. [START_REF] Hayes | Introduction to mediation, moderation, and conditional process analysis: A regression-based approach[END_REF]. To do so, the study run the process model by mean centering attitude, subjective norms, self-efficacy, collectivism (MV1) and altruism (MV2) using process model inbuilt option. The process output illustrated in first part the overall model fitness by estimating the direct impact of the variables of the study namely attitude, subjective norms, self-efficacy (X1, X2, X3) and the interactions terms i.e. int_1 of MV1 and int_2 of MV2 on the dependent variable, ecopreneuship intentions (Y). The output then illustrated the effect of interaction terms separately and collectively through the magnitude of R2-change. Results of PROCESS macro for SPSS are presented in Table 4 and Table 5. The both interactions of collectivism and altruism with attitude are significant, identifying the moderating impact of collectivism and altruism on the relationship of attitude and ecopreneurship intentions. Similarly, the three-way interaction (Attitude X Collectivism X Altruism) is also significant with ∆ R 2 = 3%, identifying the combined role of collectivism and altruism on the relationship of attitude and ecopreneurship intentions. Hence, hypotheses H4a, H5a and H6a are supported. This is also evident from three-way interaction plot. In case of subjective norms, the moderating role of collectivism is significant and altruism is insignificant. However, the three-way interaction (Subjective Norms X Collectivism X Altruism) is significant with ∆ R 2 = 2%. This identifies the importance of the existence of combined effect of collectivism and altruism on the relationship of subjective norms and ecopreneurship intentions. Hence, hypotheses H4b and H6b are supported. This is also evident from three-way interaction plot. For self-efficacy, altruism interaction and three-way interaction (Self Efficacy X Collectivism X Altruism) are significant. Hence, hypotheses H5c and H6c are supported. See figure 5 for three-way interaction plot. In this study, we have presented and tested an extended theory of planned behavior [START_REF] Ajzen | The theory of planned behavior[END_REF] model specifically for explaining the ecopreneurship intentions by incorporating the moderating role of altruism and collectivism. The most important finding of the current study is the insignificant relationship of attitudes with ecopreneurship intentions which become significant in presence of collectivism and altruism. This not only identifies the importance of both the moderators but also provides insight about the fact that the attitude toward ecopreneurship can become significant only if altruistic and collectivist behavior exists not otherwise. This finding substantiates [START_REF] Schwartz | Normative influences on altruism[END_REF] model of moral norm activation according to which people with high altruistic values would be able to show pro environmental behavior.

The second important finding revolves around subjective norms. Ecopreneurship intentions are significantly affected by subjective norms. It would be relevant for us at this stage to reflect on the context of the study. Societal culture does play a role in shaping behavior. The social and cultural environment of Pakistan is relationship oriented, with strong collectivist values (Hofstede, 1980). Since our sample was drawn from Pakistan the results might be explained with reference to the orientation of respondents. Collectivism is significant moderator while altruism remain insignificant moderators for subjective norms. However, the three-way interaction (Subjective Norms X Collectivism X Altruism) significantly produce 2% change. This identifies that presence of both moderators is required to enhance the relationship between subjective norms and ecopreneurship The third important finding is related to self-efficacy, having control over behavior. The relationship of selfefficacy and ecopreneurship intentions are also enhanced by altruism and its three-way interaction (Self Efficacy X Collectivism X Altruism). Self-efficacy is an important factor for encouraging the people to adopt ecopreneurship for the reason that there are chances of negative outcomes in the start of any business and the people with low self-efficacy may give up at earlier stages, thus hampering sustainable development of any business. The self-efficacy among students can be developed by providing relevant education and training, thus leading to positive outcomes [START_REF] Wilson | Gender, entrepreneurial self-efficacy, and entrepreneurial career intentions: implications for entrepreneurship education[END_REF]. While training the activity, practice and feedback prove to be important for developing performance standards, a sense of efficacy and expectations form performance [START_REF] Bullough | Danger zone entrepreneurs: The importance of resilience and self-efficacy for entrepreneurial intentions[END_REF]. Further self-efficacy helps control negative thoughts by providing the confidence and fostering positive thoughts during achievement of the goals (Drnovsˇek, Wincent and Cardon, 2010).

Self-efficacy is an important component in minimizing the risk to the environment. Janmaimool (2017) viewed that when people have higher perceived severity, susceptibility as well as high perceived self-efficacy, they are likely to be involved in pro-environmental behaviors in order to minimize the risks. People learn/acquire skills for doing any activity (business) based on the self-efficacy (Bandura, 1997). Self-efficacy as a self-referent and cognitive mechanism can significantly influence the willingness of people to get involved in a certain activity and this further helps them to remove the barriers coming across the steps followed for achieving goals. People believing in the possession of skills and capability to handle environmental problems is important especially when the people feel pressures of increased demands towards them, when they are about to get involved with a new task area (adoption of ecoprenurship).

Last but not the least, [START_REF] Schwartz | Normative influences on altruism[END_REF] model of moral norm activation is also validated in new social, cultural, developing country context. The results support the idea that a person with high altruism would pay attention to the negative consequences of environmental problems and its impacts on humans and biosphere and would have pro environmental attitudes and positive ecopreneurship intentions. Similarly, when individuals think they are part of a larger group and have collectivistic tendencies their attitudes and intentions toward ecopreneurship become positive. This result is consistent with the findings of [START_REF] Mccarty | The influence of individualism, collectivism, and locus of control on environmental beliefs and behavior[END_REF] and [START_REF] Laroche | Targeting consumers who are willing to pay more for environmentally friendly products[END_REF] who suggest that collectivist people tend to be friendlier toward the environment.

The study has few limitations related to the investigation regarding eco-entrepreneurial behavior. The students are considered for the study that may be a limiting factor in terms of their exposure to the ecoenterprenurial behavior and its impact on sustainability of the economies. The sample size considered for the study is another limiting factor, the bigger sample size with diversification in the sample selection may contribute to generating interesting results. Addition of the variables to the tested model on either side of the model that is independent variables, dependent variables or the variables having indirect effects that are mediators or moderators may add to the strength of the model. The different contextual contributions for testing model may add to the value of the findings derived in this study. The contextual contributions may be achieved by adding the responses from the teaching faculty imparting ecological entrepreneurship education, collection of the responses from the marketers marketing the ecological products, the producers who are producing eco-friendly products may influence the intentions of the entrepreneurs to get into this business etc. Further the methodology used for the study is quantitative with closed ended structured questionnaires, the change in methodology such as use of triangulation may add to the worth of the study. 531

Conclusion

There is need to understand the importance of sustainability of economies by the students especially undergoing business education and look for avenues that provide support to sustainability, in which ecoprenureship is one.

The results of the study show that the intentions to adopt ecoprenurship are not only affected by attitudes, subjective norms and self-efficacy, as identified by theory of planned behavior [START_REF] Ajzen | Belief, attitude, intention and behavior: An introduction to theory and research[END_REF] but are also affected by the presence of some specific values and norms in individuals like collectivism and altruism.

Further the social capital in terms of people having positive attitudes towards adoption add to the positive outcomes. To conclude, this study makes an important contribution to the literature on drivers of ecopreneurship by extending the theory of planned behavior model [START_REF] Ajzen | Belief, attitude, intention and behavior: An introduction to theory and research[END_REF] by incorporating moderating role of collectivism and altruism and testing it in a developing country context. The ecopreneurship is mainly driven by subjective norms and self-efficacy while attitude towards ecopreneurship become significant in presence of collectivism and altruism not otherwise. Similarly, the dual moderating role of collectivism and altruism has been identified by the significance of three-way interactions for attitude, subjective norms and self-efficacy with collectivism and altruism.

Figure 1 .

 1 Figure 1. Drivers of ecopreneursip intentions

Figure 2 .

 2 Figure 2. OLS Regression Results

Figure 3 .

 3 Figure 3. Three Way Interaction Plot for Attitude, Collectivism and Altruism

Figure 4 .

 4 Figure 4. Three Way Interaction Plot for Subjective Norms, Collectivism and Altruism

Figure 5 .

 5 Figure 5. Three Way Interaction Plot for Self-efficacy, Collectivism and Altruism

  . The most popular definition of sustainable development was given by World Commission on Environment and

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  , whereas with collectivist orientation people are more interdependent, try to maintain in-group harmony, give importance to social

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	hierarchies, have cooperative behavior and feel less competition
	521

  identification of value orientation impact on pro environmental behaviors in individuals provide indication for the additive moderating role of collectivism and altruism. Although,

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Table 1 .

 1 Confirmatory Factor Analysis of Items Present in Model

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Note: β: standardized coefficient; Alpha: Cronbath's Alpha; CR: Composite Reliability; AVE: Average Variance Extracted; SK: Skewness; KU: Kurtosis.

Table 2 .

 2

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Table 2 .

 2 Descriptive Statistics, Correlations and Shared Variance for Constructs

	Items Variable	No of items Mean S. D	1	2	3	4	5	6
	1	Attitude	5	1.69	0.721	.45
	2	Subjective Norms	3	1.68	0.719	(.44) .67*	.43
	3	Self-Efficacy	6	1.60	0.377	(.43) .66*	(.60) .78*	.56
	4	Intentions	4	3.99	1.094	(.04) .20*	(.90) .30*	(.10) .32*	.76
	5	Collectivism	3	4.83	1.455	(0.002) -.05	(.04) .20*	(0.02) .15*	(0.12) .33*	.60
	6	Altruism	6	3.95	1.522	(0.002) .04	(0.006) .08	(0.006) .08	(0.005) -.07	(0.017) .13**	.65
	Note: Shared variance in parenthesis; AVE in diagonal; *P <0.01;

Table 3 .

 3 Summary of CFA Results

	Model	χ 2 (df), df/ χ 2	CFI RMR GFI RMSEA Comparison with
				6 factor models
				(∆χ 2 , df)
	Model 1 (2 factors) 1526, (316),4.8 0.798 0.359 0.776	0.115	877, (14)
	Model 2 (3 factors) 1085, (314),3.4 0.872 0.157 0.856	0.092	436, (12)
	Model 3 (6 factors) 649, (302), 2.1 0.942 0.069 0.933	0.063

Table 4 .

 4 Moderation

	Attitude towards
	ecopreneurship
		-.019
	Subjective Norm	0.216*			Ecopreneurship Intentions
	Self-efficacy	0.224*
			Analysis (PROCESS Model 2)
		Bootstrap (5000 re-sample) Results
	Predictors		Beta	Std. Error t-value LLCI ULCI
	Attitude		0.468*	0.10	4.80	.6591	.2760
	Collectivism		0.279*	0.05	5.84	.1850	.3730
	Altruism		0.040	0.04	1.06	-.0377 .1257
	Attitude X Collectivism	0.167*** 0.09	1.82	.0140	.3489
	Attitude X Altruism	0.150**	0.08	1.98	.0006	.2985
	R2		.20
	F-value		13.7*

  Attitudes and social norms were shown to have significant effects on the ecological entrepreneurship intentions in presence of moderators.

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	intentions.
	530

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Volume 6 Number 2 (December) http://doi.org/10.9770/jesi.2018.6.2(4)


Valerii O Omelchuk
email: ptah.ukr@gmail.com

PECULIARITIES OF HOUSING MARKET: DYNAMICS OF HOUSING AVAILABILITY IN UKRAINE

Keywords: availability of housing, social housing, housing problem, mortgage loan, state housing policy, political sciences

The article analyzes the dynamics of availability of housing for Ukrainian citizens in 1990-2017 years. The social and commercial availability of housing is investigated. The refined author's methodology for determining the commercial availability of housing was applied in the article. The actual values of social accessibility of housing in 1990-2017 years, and the commercial affordability of housing in 2011-2017, as well as trends in their dynamics are defined also. It is shown that the coefficient of social availability of housing has promptly fell from 1990 to 2010 years, and in 2011-2017 it has reached a critical low level. This proves that the government of Ukraine was actually discharged from the problem of social availability of housing and it has not developed modern effective tools for solving the housing problem of the poorest layer of citizens, who really need social housing. It is revealed that the mechanism of bank mortgage lending evolves in the direction opposite to the increase of affordability of housing. This indicates the need for radical changes in the state regulation of the mentioned mechanism. It is proposed to introduce new mortgage institutes in Ukraine, particularly, such as savings and credit, and to adapt the best examples of foreign experience for the sphere of state housing policy with the purpose of real increase of the level of availability of housing for Ukrainian citizens.

Introduction

The aim of the article is to make a comprehensive assessment of the dynamics of housing availability for Ukrainian citizens in the period from 1990 to 2017 years, in order to identify the causes of negative tendencies and also development of practical recommendations for raising the level of either social or commercial availability of housing.

The problem of housing availability for Ukrainian citizens has remained as an inheritance from the Soviet Union and during the years of independence, it has only deepened. Citizens of Ukraine are provided with housing in 2-3 times worse than citizens of developed countries [START_REF] Kovtun | State's role in the formation of the prerequisites of the market for affordable housing[END_REF][START_REF] Filipishyna | Integral assessment of developmental stability: cases of Lithuania and Ukraine[END_REF], and, besides, the absolute majority of houses were built in Ukraine during the Soviet Union time and nowadays they are often in a transient condition. As for other countries, let us mention that after the war Germany built housing for public funds in large volumes and solid prices and did not transfer housing for free, but gave its citizens a lease. Almost 50% of Germany's population still lives in rented apartments [START_REF] Serdyuk | The role of preferential policy in providing affordable housing[END_REF].

From year to year, the number of Ukrainian families and single citizens who receive housing, from those who are in the housing register list decreases, and that means the social availability of housing decreases. So, in 2014, about 3000 families and single citizens, who were in the housing register list, have received housing, and this is twice lower than in 2013.

As of the beginning of 2015 year, 657 thousand families and single people were in the household register in Ukraine. At the same time, starting from 2015, the State statistical observation on the form №4-housing fund (annual) "Apartment queue and provision of housing accommodation" was canceled (Housing Fund of Ukraine, 2015). Taking into account that the average size of households in Ukraine in 2015 was 2,59 people (Characteristics of households, 2015), we can receive the total number of citizens, who were officially registered as those, who are in need of housing, and the total number is almost 1.7 million. However, the mentioned figures can be applied only to official statistics. In reality, a much larger number of members of Ukrainian society have unsatisfied need for housing. This applies, particularly, to young people who are officially registered in small towns and villages, but in reality they work in large cities and they form a huge shadow rental market.

A large amount of scientific researches are devoted to the housing problem in Ukraine [START_REF] Klymenko | Creation of a system of institutes and tools for solving a housing problem on a market basis. Black Sea State University named after Petro Mohyly of the "Kyiv-Mohylanska Academy" complex[END_REF][START_REF] Oliynyk | Conceptual Principles of State Housing Policy[END_REF]. Experts are unanimous: the availability of housing in our country is extremely low in comparison with developed countries. It is also related to the system of State control. The economic security indicators should create a system that allows quickly influencing socio-economic policy in the country. This in turn requires embedding control measures in the strategic and tactical plans for the economic development of the country [START_REF] Akhmetshin | Control as an instrument of management and institution of economic security[END_REF][START_REF] Tvaronavičienė | Toward efficient policy making: forecasts of vulnerability to external global threats[END_REF].

Let us take an example from EU: in 2016, more than 4 out of every 10 persons (41.8 %) in the EU lived in flats, close to one quarter (23.9 %) in semi-detached houses and just over one third (33.6 %) in detached houses. The proportion of people living in flats was highest, among the EU Member States, in Spain, Latvia (both 66.1 %) and Estonia (62.0 %), while a similar proportion of people lived in flats in Switzerland (62.7 %). The highest proportions of people living in semi-detached houses were reported in the United Kingdom (60.1 %), the Netherlands (58.4 %) and Ireland (52.4 %); these were the only Member States where more than two fifths of the population lived in semi-detached houses. The share of people living in detached houses peaked in Croatia (71.0 %), Slovenia (65.5 %), Hungary (62.8 %) and Romania (61.9 %); the former Yugoslav Republic of Macedonia (72.9 %), Serbia (64.2 %) and Norway (59.9 %) also reported that a high proportion of their populations were living in detached houses (Eurostat. Statistics…, 2017).

Besides, it should be noted that the actual estimates of the availability of housing for various categories of Ukrainian citizens are rarely carried out. Most authors identify the availability of housing with its value [START_REF] Shcherbinina | Problems of housing development in the regions of Ukraine[END_REF]. But housing is one of the most expensive goods and the purchase of housing with one-time full payment of its total value not only in Ukraine, but also in the world practice is more often an exception [START_REF] Kuzmin | Data on accessibility of corporate information and business transparency in Russia[END_REF], than a rule. In most cases, citizens use mortgage lending and various state support programs when they decide to buy home. For example, in 2016, an 11.1 % share of the EU population lived in households that spent 40 % or more of their equivalised disposable income on housing. The proportion of the population whose housing costs exceeded 40 % of their equivalised disposable income was highest for tenants with market price rents (28.0 %) and lowest for persons in owner-occupied dwellings with a loan or mortgage (5.4 %) (Eurostat. Statistics…, 2017).

When you receive a mortgage for the purchase of housing, not only the ability of a citizen (households) to serve a mortgage loan is taken into account. Much attention is paid to such important element that determines the possibility of access to housing, as the availability of the necessary sum of money, sufficient to pay the initial instalment.

The down payment (advance) of the citizen to the purchase of housing is also significant (from 30% to 50% of the cost of housing) and acts as a limiting factor for the availability of housing.

Materials and Methods

There are different methodological approaches for defining the availability of housing.

The vast majority of researchers understand a possibility of acquisition of such housing by citizens as availability of housing. It is obvious that the availability of housing is directly proportional to the incomes of citizens and inversely proportional to the cost of housing.

According to such authors as: S.R. Khachatryan, E.Yu Fayerman, R.L. Fedorova and A.N. Kyrylova (2000), the basis of the formation of commercial and social demand for housing are different basic concepts of satisfaction of housing needs. Therefore, it is necessary to mark out separately social and commercial availability of housing.

Results and Discussion

"Social housing" is defined as housing, which is intended to meet the housing needs of people who do not have a home and who are unable, by their own efforts, to provide themselves with housing due to difficult living conditions and which is provided for permanent or temporary use on a paid or non-paid basis in cases and in the manner prescribed by law [START_REF] Haliantych | Problems of ensuring human rights for housing in Ukraine[END_REF].

The generally accepted indicator of social accessibility of housing is the share of citizens who receive housing during the year in the total number of citizens, who need social housing.

Let's consider how social affordability of housing for Ukrainian citizens has changed during the 1990-2017 years.

We will determine the social accessibility of housing by the specific weight of families and single citizens who were in a residential queue and who have received housing during year in the total number of waiting lists (Table 1). More clearly, the dynamics of social housing availability for Ukrainian citizens in 1990-2017 years is shown in Figure 1.

Analyzing the data presented in Table 1 and Figure1, we should note that the social affordability of housing in Ukraine was low during all years of independence. It is impossible to consider acceptable the average term of staying in residential queue of nearly 30 years (1995), and we not even mention 154 years (2011) and 313 years (2017). It should be emphasized that the coefficient of social accessibility of housing for citizens in Ukraine has rapidly fell from the period of 1990 to 2010, and in 2011-2017, it has reached a critical low level. This situation demonstrates that in recent year's government has essentially moved away from the problem of providing social housing availability and it has not developed any modern effective tools for solving the housing problem of citizens, who really are in need of social housing. Let's make analyze of the commercial availability of housing, since the vast majority of citizens improve living conditions by using market mechanisms.

Under the commercial availability of housing we understand, as a rule, the availability of mortgage loans, for which different researchers have developed a number of indicators [START_REF] Rudy | Methodical Approaches to Defining the Indicator of Affordability of Housing and Their Application[END_REF]).

An accessibility index is defined, as a rule, as a numerous characteristics of commercial availability of housing, which is defined as the ratio of solvent demand to the offer in the housing market.

In foreign and domestic economic theory various approaches to the withdrawal of its value are offered.

For example, the National Association of Realtors of the USA uses such indicator as the affordability index, which is calculated as follows [START_REF] Rudy | Methodical Approaches to Defining the Indicator of Affordability of Housing and Their Application[END_REF] (1):

(1) where -the average household income, monetary units; -income necessary for obtaining and servicing a long-term mortgage, sufficient for the purchase of the average housing cost, monetary units.

The aim of this indicator is to determine the availability of housing through the mortgage mechanism. The value of the indicator, when it is equal to 100%, indicates the availability of housing in case of purchasing it through the borrowing of a long-term mortgage loan, because the average household income corresponds to the income necessary for obtaining such a loan. However, this indicator covers only one of the blocks of the mortgage scheme -the claims of mortgage lenders to the borrower, but leaves out the attention of another indicator-the borrower's ability to raise funds on the down payment. 543

After all, the formula (1) correctly defines the availability of housing only in the case of a zero down payment, whereas in the case of its large value, a citizen or family applying for a mortgage must first accumulate an amount equivalent to the down payment.

In the UN-HABITAT methodology, the housing availability index is determined by the number of years, which are necessary for the average family to raise money in order to purchase the average housing, in case that all household incomes will be directed to the mentioned aims [START_REF] Rudy | Methodical Approaches to Defining the Indicator of Affordability of Housing and Their Application[END_REF] (2):

(2)

where -is the housing affordability index; -average household income, monetary units/per year; -average cost of housing, monetary units (the area of the apartment is not taken into account).

The affordability index, defined by ( 2), is the simplest indicator calculated on the basis of statistical information on housing prices and household income. Some authors use the UN-HABITAT methodology to calculate housing availability, but despite it, it is assumed that the household consists of three people, and the area of the required flat is 54 m 2 (Federal Target Program "Housing").

Taking into account all the mentioned above, the affordability index is calculated as follows (3):

54 3 12 Vm Id Cd    (3)
where -the cost of 1 m 2 of housing, monetary units; -average monthly income, monetary units; -the area of the conventional apartment, m 2 ; --number of household members, persons; 12-the number of months in the year.

We should agree with A.V. [START_REF] Serdyuk | Increasing the Availability of Housing[END_REF] that the disadvantage of the formula (3) is the lack of consideration of household expenses. Such expenses should be taken into account, at least at the subsistence level. Then the refined formula (3) will have the following view (4):

(4) where -the average monthly cost per family member. In our opinion, the given methods need some improvement. We propose to evaluate the commercial affordability of housing by two parameters: the number of years required to accumulate an amount equivalent to the down payment, taking into account all costs, and the ratio of household incomes to the cost of servicing the loan (taking into account the requirements of banks).

The first indicator can be defined by the formula (5).

(5) where -the period of accumulation of the down payment in years; -an initial contribution to the purchase of housing under a mortgage scheme in monetary units. This indicator depends on such a parameter of the mortgage scheme as the share of the loan in the cost of housing (LTV).

The second indicator we can define by this formula (4).

Formulas ( 4) and ( 5) can be improved and simplified [START_REF] Omelchuk | The dynamics of housing affordability for citizens of Ukraine in 2011-2014 years[END_REF]. The first indicator we calculate by the formula ( 6):

(6)

Where -actual incomes on average per month per household (family) in Ukraine in hryvnias; 2-coefficient, which determines that the share of payments on the mortgage in the borrower's income is 50%. The second indicator is the index of housing availability under the mortgage scheme and it can be calculated by the following formula ( 7):

(7)
where -the income necessary to obtain and maintain a long-term mortgage loan.

Thus, the availability of housing under the mortgage scheme will be characterized by such point, whose coordinates will correspond to the index of affordability of the mortgage scheme ( 7) and the minimum period necessary to accumulate the amount of the initial contribution when purchasing housing under the mortgage scheme (6).

The calculation of the coordinates of commercial affordability of housing in 2011-2017 years under the mortgage scheme in Ukraine is given in Table 2. Source: it is calculated by the author according to the data (Characteristics of households, 2015).

We can construct a trajectory for the availability of housing for citizens of Ukraine under the mortgage scheme (Image 2) on the basis of the results presented in the Table . 2. Source: constructed by the author in accordance with the Table 2.

As we see in Figure 2, the commercial affordability of housing in 2011-2017 has changed over a complicated trajectory.

In 2011-2012, it has gained a positive direction, but in 2012-2013, housing availability has significantly decreased, and in 2013-2014, the housing availability trajectory has been directed towards the maximum reduction in the availability of housing.

Since 2015, and especially in 2016-2017 years, the tendency has changed to a positive one. That means that the trajectory of commercial affordability of housing for Ukrainian citizens was aimed at increasing the availability of housing. 546

Such tendencies can be explained by the fact that after the sharp collapse of the hryvnia exchange rate against the US dollar in 2014, housing prices in hryvnia have increased in many times, while the purchasing power of citizens has dropped dramatically. Respectively, housing availability has become minimal.

After that, in 2015-2017 years, housing prices fell sharply in dollar terms against the backdrop of stabilization of the hryvnia exchange rate. At the same time, a significant increase of the minimum wage by the Government of Ukraine has led to an increase in household incomes and, as a result, housing affordability index began to grow.

It should be noted that despite some positive changes that took place in 2017, the level of commercial affordability of housing for Ukrainian citizens remains extremely low, because the accumulation of the down payment for a mortgage loan requires 8 years, and the index of commercial affordability of housing is only 13.7 %.

Conclusions

This research shows that in the period from 1990 to 2017 years there were negative changes in the field of housing availability for Ukrainian citizens.

The rate of social housing availability in Ukraine has rapidly decreased from 1990 to 2010, and in 2011-2017 years, it has reached a critical low level. This fact demonstrates that the government of Ukraine was actually discharged from the problem of social availability of housing and it has not developed modern effective tools for solving the housing problem of the poorest layer of citizens, who really need social housing.

The use of a refined author's methodology for determining the commercial affordability of housing has allowed revealing that the mechanism of bank mortgage lending is inaccessible for the most Ukrainian citizens and evolves in the direction opposite to increased affordability of housing. This indicates the necessity for radical changes in the state regulation of the mentioned mechanism [START_REF] Omelchuk | The dynamics of housing affordability for citizens of Ukraine in 2011-2014 years[END_REF].

It is necessary to introduce new mortgage institutes in Ukraine, particularly, the savings and loan mechanisms, which we have proposed [START_REF] Omelchuk | Prospects for an affordable housing market in Ukraine on the basis of the national system of savings and building savings[END_REF], as well as we should implement the best examples of foreign experience in the sphere of state housing policy [START_REF] Omelchuk | Housing policy of Canada in sphere of affordable and social housing[END_REF] for the purpose of real increase of the level of affordability of housing for Ukrainian citizens.

Figure 1 .

 1 Figure 1. The coefficient of social accessibility of housing for Ukrainian citizens in 1990-2017 years.

Figure 2 .

 2 Figure 2. The trajectory of commercial affordability of housing in 2011-2017.

Table 1 .

 1 The dynamics of social accessibility of housing in Ukraine during 1990-2017 years

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	ISSN 2345-0282 (online) http://jssidoi.org/jesi/
	2018 Volume 6 Number 2 (December)
	http://doi.org/10.9770/jesi.2018.6.2(5)

Year Number of families and single people, who were in the residential queue at the end of the year, thousand Number of families and single people who received during the year, thousand Share of citizens who have received housing in the total number of those who are in the residential queue, %

					Conditional
					duration of stay on
					registration before
					receiving housing,
					years
	1990	2638	235	8,91	11,23
	1995	2411	82	3,40	29,40
	2000	1765	32	1,81	55,16
	2005	1323	20	1,51	66,15
	2010	1139	11	0,97	103,55
	2011	1084	7	0,65	154,86
	2012	1022	7	0,68	146,00
	2013	808	6	0,74	134,67
	2014	657	3	0,46	219,07
	2015*	590	2	0,33	295,00
	2016*	540	1,8	0,33	300,00
	2017*	500	1,6	0,32	313,00

Source: calculated by the author according to (Housing Fund of Ukraine, 2015); * -according to the author (official statistical information is absent (Housing Fund of Ukraine, 2015)).

Table 2 .

 2 Indicators of commercial affordability of housing in Ukraine in 2011-2017

					Years
	Indicators	2011	2012	2013	2014	2015	2016	2017
	Cost of 1 sq. m of housing in Obolonsky
	district of Kiev, $	1720	1558	1566	1497	1223	1172	860
	Actual interest rates on mortgage loans in
	national currency, %	23	24	24	25	23	22	20
	Term of the loan, years	15	15	10	10	10	10	10
	The cost of the apartment, which is 54 square.
	m, $	92880 84132 84564 80838 66042 63288 46440
	Share of mortgage in housing cost, %	70	70	60	60	60	60	60
	Amount of mortgage, $	65016 58892 50738 48500 39625 37973 27864
	Average annual rate, UAH / USD	7,97	7,99	7,99	15,77	24,00	27,19	27,27
	Amount of mortgage loan, UAH.	518178 470547 405397 764845 951000 1023486 759851
	Monthly payment, UAH	12811 12025 11486 22308 26184 27498 19022
	The share of payments on a loan in the
	borrower's income, %	50	50	50	50	50	50	50
	Required total income per month, UAH	25622 24050 22972 44616 52368 54996 38044
	Actual income per month per household
	(family) in Ukraine, UAH.	3708	4032	4331	4471	6194	8531	10438
	Initial deposit on a mortgage loan, UAH.	222076 201668 270269 509970 634008 688315 506568

Valerii O. OMELCHUK is a Doctor, works as a Professor at Social and humanitarian policy department, National academy for public administration under the President of