Аuthors: Z. Varnalii, Dr. Sci. (Econ.), Prof., ORCID ІD: 0000-0002-6654-8760,
А. Mehed, PhD Student, ORCID ІD: 0000-0001-8620-9080
Taras Shevchenko National University of Kyiv, Kyiv, Ukraine
Annotation: Enterprises are forced to conduct business in the turbulent exogenous and endogenous environment. This poses threats to financial security at the microlevel, both of cyclical and non-cyclical origin. The paper aims to identify threats to Ukrainian enterprises’ financial security and propose directions for minimizing financial security threats on the micro-level. The paper considers a set of actors of exogenous and endogenous environments that affect the state of financial security at the micro-level. Analysis of groups of stakeholders in the context of financial security is carried out. It is emphasized that changes in the enterprises’ financial security have consequences at both micro- and macro-level. The key drivers of financial and market nature that affect financial security are considered. The exogenous and endogenous environment influences were considered as set of factors of economic, demographic, socio-cultural, legal, and organizational nature. The paper studies a set of micro-level quantitative and qualitative indicators that affect financial security. The importance of accounting for industry and enterprise-specific characteristics in financial security analysis is emphasized. Analysis of financial security through the prism of Ukraine’s real sector finance is carried out. It is highlighted that there are issues of the declining weight of stable financing sources, as well as an issue of a lesser focus on non-current assets in the context of deteriorating financial security. The importance of combining short- and long-term measures of both financial and market nature under the framework of financial security is emphasized. An algorithm for analyzing the state of an enterprise’s financial security is proposed. A set of short- and mediumterm time horizon measures has been formed to maintain adequate financial security at the micro-level. It is suggested to include a key indicator of financial security into them as of strategic goals, i.e., Balanced Scorecard, for economic turbulence period usage.
Keywords: financial security, stakeholder, financing sources, economic turbulence, Balanced Scorecard.
Received: 19/10/2022
1st Revision: 10/11/2022
Accepted: 25/11/2022
DOI: https://doi.org/10.17721/1728-2667.2022/221-4/2
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