Financial Strategy of Economic Entities in the Conditions of Transforming Economic Systems

• Published in: Economic affairs (Calcutta) 2023-03, Vol.68 (1s), p.107-114
• Main Author: Kibik, Olha
• Format: Article
• Language: English
• Subjects: Developmental stages; Economic analysis; Economic development; Economic policy; Macroeconomics; R&D; Research & development; Society; Statistical analysis; Strategic management; Sustainability; Sustainable development
• ISSN: 0424-2513; 0976-4666
• DOI: 10.46852/0424-2513.1s.2023.13

Ensuring the country's sustainable social-economic development is one of the priority areas of the state's policy. It requires the formation and implementation of effective mechanisms for financial support and regulation of social-economic processes. In the conditions of strengthening the latest challenges and dangers, the issue of transformational conversions, the urgent necessity of which is the formation of a financial strategy for the social-economic development of economic entities, is being actualized. The purpose of the academic paper is theoretical and applied research on the features of forming and implementing the financial strategy of economic entities in the context of transforming economic systems. The methodological basis of the research is based on general scientific and special methods of economic analysis and scientific knowledge. In particular, the method of system analysis, synthesis and scientific abstraction, analogies, comparison, statistical analysis, functional analysis, graphic method, generalization and systematization were used in the research. The results of the conducted research make it possible to establish that the formation and implementation of economic entities' financial strategy in the conditions of transforming the economic systems at the current stage is under the influence of significant destabilizing external and internal factors of developing the state and society. It is aimed at ensuring the sustainable social-economic development of the country. The main stages of development and formation of economic entities' financial strategy have been identified. They provide for the formulation of the goals, objectives and tasks of the financial strategy, monitoring the external and internal environment, comprehensive assessment of the financial sphere, selection of tools for its implementation and ensuring control over the process of formation and implementation of the financial strategy. The need to strengthen the financial potential of implementing the financial strategy was proven using the example of Ukraine. Directions for counteracting the destabilizing factors of forming and implementing the financial strategy to ensure the country's sustainable social-economic development were proposed.