Year: 2024
Type: article
Abstract: The current state of the business environment is marked by several constant and unexpected changes (Russian armed aggression, fluctuations in market conditions, changes in legislation, political instability, technological innovations, economic shifts, and other factors). Such changes create new financial and market risks that need to be taken into account when managing enterprises. Therefore, among the priorities of economic entities, the importance of ensuring financial security at the micro and macro levels for different groups of stakeholders (owners, managers, investors, consumers, etc.) is given to ensuring financial security at the micro and macro levels. In this regard, managers of business entities need to carefully analyze and assess financial risks, develop strategies to reduce and manage these risks and make informed management decisions to ensure financial stability and security in an unstable and uncertain business environment and constantly adapt the financial security system to ensure the sustainability and success of the enterprise. The article summarizes approaches to identifying the concept of "financial security of enterprises" and outlines the reasons for the importance of the financial component in ensuring the economic security of enterprises. The essence of economic security of enterprises is considered in general. Based on conducted research, an interpretation of the "financial security of enterprises" is proposed, and theoretical principles of forming this economic phenomenon are schematically presented. The components of the theoretical foundations of forming financial security of enterprises are described in the scientific work: setting goals, tasks, and principles; development and implementation of a financial security system, monitoring, control, and verification of the financial security system. A schematic representation of the relationship between the financial security of enterprises and the state is proposed. The impact of the state on ensuring the financial security of enterprises is described in general and vice versa through various tools and mechanisms.
Source: Black Sea Economic Studies
DOI: 10.32782/bses.85-3
Authors: Khrystyna Drymalovska, Oleh Brunets
Institution: Lviv Polytechnic National University
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4393313693