 ANTI-CRISIS MANAGEMENT AS THE BASIS OF ENSURING THE ECONOMIC STABILITY OF ENTERPRISESTetiana Stroiko () and
Hanna Kharus ()
Three Seas Economic Journal, 2022, vol. 3, issue 4 Abstract: Crisis management in today's economic environment is the basis for competitive and efficient operations of any company. Liquidation of unviable companies is a prerequisite for the effective functioning of the market mechanism. Indeed, launching bankruptcy proceedings is much easier than trying to restore the life cycle of an enterprise. However, the practical experience of global companies in overcoming crisis phenomena indicates the formation of a different approach to the development of the crisis process. In order to study the need to apply anti-crisis management mechanisms, the article analyzes the financial and economic condition of Sandora LLC using the methods of Fox, Tafler, Altman and Springate. The calculated data confirm the fact that the specifics of domestic business, inflation rates, tax legislation, general economic and political instability make it impossible to adequately apply foreign bankruptcy forecasting models with reliable results. The peculiarity of anti-crisis management at domestic enterprises is the need to use modern risk management methods, taking into account the timeframe and the impact of external and internal factors. Currently in Ukraine, only large corporations or branches of international companies create special structural units, hire risk managers or high-level managers whose experience and qualifications allow them to manage the company in a crisis situation. Therefore, the use of crisis prevention measures helps to increase the company's competitiveness, and ongoing diagnostics of activities, environmental analysis and identification of possible risks minimize future costs. The most important features of crisis management include the individuality of strategic programs for forecasting and overcoming crisis phenomena at an enterprise, which is primarily related to the individuality of the stages of formation and development of each company, indicators of economic efficiency and mission, the specifics of the management system, as well as the personal qualities, knowledge and experience of managers. In other words, each company should develop an individual crisis management program taking into account the global experience of risk management and the specifics of strategic planning in the short and long term. To evaluate the effectiveness of the crisis management strategy, it is necessary to determine the performance indicators and goals of such management. At the same time, the criteria for determining the effectiveness of the implemented program are purely individual and depend on many factors: the scope of activity, profitability, level of profitability, form of ownership, sales markets, company size, number of employees, etc. Keywords: anti-crisis management; bankruptcy; financial results; organization management; management; anti-crisis measures; anti-crisis policy (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bal:3seasj:2661-5150:2022:3:4:7 DOI: 10.30525/2661-5150/2022-4-7 Access Statistics for this article Three Seas Economic Journal is currently edited by Anita Jankovska, Managing Editor More articles in Three Seas Economic Journal from Publishing house "Baltija Publishing" |
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