FINANCIAL RESILIENCE OF UKRAINIAN ENTERPRISES UNDER EXTERNAL SHOCKS

Abstract

This article investigates the impact of three major external shocks–the 2014 conflict, the 2020 COVID-19 pandemic, and the 2022 full-scale war–on the financial resilience of Ukrainian enterprises from 2013 to 2023. Using data from the State Statistics Service of Ukraine, the study employs comparative, cluster, and sectoral analysis to assess financial resilience, which is measured by the leverage ratio.
The findings confirm that all three shocks negatively affected financial stability, with significant sectoral and size-specific differences. Agriculture and mining showed relative adaptability, whereas manufacturing, trade, and construction were highly vulnerable. Large enterprises demonstrated greater stability due to better access to financial resources, while small enterprises were the most exposed to risks. The study also identifies a time lag of at least one year in enterprises’ responses to shocks.
It is recommended that enterprises develop financial strategies that integrate national and international support mechanisms. Key recommendations include leveraging state guarantees, international financing, tax incentives, and grant programs to reduce capital costs and diversify financial sources. A sector-specific adaptation of these support instruments is advised to promote modernization, digitalization, and sustainable development.