The role of economic security as a tool for ensuring business stability

Alla Tkachenko and Danylo Mezherytskyi

Management and Business Articles, 2023, vol. 1, issue 2, 128-140

Abstract: The economic security of a business entity is a state of corporate resources (capital, personnel, technology, information, machinery and equipment, rights) and entrepreneurial opportunities which guarantees the most efficient use thereof for stable functioning and dynamic scientific, technical and social development, and also for prevention of internal and external negative influences (threats). The need for constant observance of economic security is determined by the objective task of ensuring stable functioning and achievement of the main goals of its activities for each business entity. The level of economic security of a business entity depends on how efficiently its management and specialists are able to evade potential threats. Economic security of a business entity is characterized by a set of qualitative and quantitative indicators, the most important of which is its level. This level is determined by the state of use of corporate resources according to the criteria of the level of economic security of the enterprise. This indicator depends on the ability of the entity's management and specialists to effectively avoid possible dangers and eliminate the harmful effects of certain negative components of the internal and external environment. The economic security system of a business entity cannot be a template. It must be unique for each business entity. It depends on the specifics of each organization (level of development, structure, size, production potential and efficiency of its use, line of business, personnel qualifications, production discipline, competitive environment, location, riskiness of production, availability of classified materials and the degree of their secrecy, etc.). Many tasks facing the security system of a business entity cannot be performed independently, without the necessary decisions made at a higher level, primarily at the state level. The security system of a business entity should be comprehensive. It should ensure economic, scientific and technical, personnel, intellectual, environmental, informational, physical, man-made, fire, communication, etc. security

Keywords: еconomic security; threat; crisis; security; level of economic security; economic safety; efficiency (search for similar items in EconPapers)
Date: 2023
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