Financial component of economic security for agricultural enterprises within anti-crisis management

Tetiana Balanovska, Viktoriia Sotnyk, Olga Gogulya, Krystyna Dramaretska and Oksana Havrysh

Agricultural and Resource Economics: International Scientific E-Journal, 2026, vol. 12, issue 2

Abstract: Purpose. The purpose of the study is to theoretically substantiate and evaluate the financial component of economic security of agricultural enterprises, as well as to develop recommendations for its improvement based on the implementation of anti-crisis management tools intended to enhance financial resilience, adaptability to external threats and ensure stable functioning of enterprises during the war and post-war reconstruction of Ukraine’s economy. Methodology. The study employs an approach combining financial analysis at the micro level using the example of large agricultural enterprises mainly during COVID-19 and the war (2020–2024) and macroeconomic analysis at the level of the agricultural sector of Ukraine for the period 2000–2024. The integral index of the financial component of economic security (IFCES) of agricultural enterprises was determined based on indicators of profitability, liquidity and financial autonomy. Correlation and regression analysis were used to determine the relationships between the financial indicators of agricultural enterprises and macroeconomic variables. Structural analysis was used to substantiate the anti-crisis management mechanism for economic security. Results. The assessment of the financial component of economic security in large agricultural enterprises revealed significant differentiation in their financial resilience levels, alongside multidirectional trends in their dynamics. Classification according to the IFCES facilitated the identification of those enterprises requiring reinforced anti-crisis management measures. The IFCES value exhibits a strong positive correlation with enterprises’ net profit, a moderate correlation with the average monthly salary of employees, and a strong negative correlation with liabilities. At the state level, the profitability of agricultural enterprises has a moderate correlation with the exchange rate. A statistically significant positive impact of the chain index of the average monthly wage in agriculture and the exchange rate on the size of the enterprises’ profits was established. At the same time, the chain indices of the size of state support for the agricultural sector and lending did not demonstrate a statistically significant impact within the studied period. The constructed regression model accounts for 63.8% of the variance in the profits of agricultural enterprises. The study substantiates the anti-crisis management mechanism and measures designed to strengthen financial resilience, enhance solvency, and increase the adaptability of agricultural enterprises to conditions of military instability. Originality. This study contributes to a better understanding of the state and dynamics of the formation of the financial component of economic security of agricultural enterprises under martial law, as well as their adaptability to crisis challenges. The provisions on anti-crisis management have been further developed through the substantiation of the relationship between the financial resilience of agricultural enterprises, micro- and macroeconomic factors. Practical implications. The findings can be used by business managers to make anti-crisis decisions, including optimising capital structure, managing liabilities, and increasing the financial resilience of enterprises. Government agencies and analytical centres can use the findings to monitor the economic security of agricultural enterprises and to plan programmes to support the financial and operational resilience of the industry.

Keywords: Agribusiness; Agricultural and Food Policy; Financial Economics (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:ags:areint:404303

DOI: 10.22004/ag.econ.404303

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