УДК 330: 338.2

DOI: https://doi.org/10.36887/2415-8453-2025-2-21

Martiyanova Marуna,
Сandidate of Sciences in Economics, Associate Professor, the Enterprise Economics and Business Organization Department,
Simon Kuznets Kharkiv National University of Economics
https://orcid.org/0000-0002-2624-0964
Kozin Danyil,
Fourth-Year Student of the First Level of Higher Education
Simon Kuznets Kharkiv National University of Economics
Аndriienko Anna,
Higher Education Student of the First (bachelor's) Level of Higher Education,
Simon Kuznets Kharkiv National University of Economics
https://orcid.org/0009-0008-2099-0327

JEL classification: Q12

Working capital is a crucial indicator of financial health, essential to business operation and expansion. This article examines how to handle working capital in the face of harsh circumstances, including war, inflation, currency instability, and shifting tax policies. These circumstances lead to complicated problems: conflict puts tangible assets in danger, messes up supply networks, and necessitates the reallocation of financial resources, which affects output and liquidity. Businesses must modify pricing, inventory levels, and supply contracts to maintain profitability because of inflation’s increased costs for labor, transportation, and necessary materials. Currency swings also pose significant risks, particularly for businesses that depend on imported goods or engage in international commerce. Agile financial solutions are necessary to limit exchange rate losses since rapid exchange rate swings can result in unforeseen expenses, especially for businesses without hedging systems. Many businesses must decide between flexible but riskier arrangements that expose them to unfavourable currency moves and fixed-rate contracts that offer stability. Furthermore, changes in tax laws may put pressure on working capital allocation and financial planning, necessitating a review of financial strategies and company models. This research emphasizes how crucial it is to manage working capital in uncertain situations with a flexible and resilient strategy. Businesses may need to use instruments like forward contracts for currency stabilization, “just-in-time” inventory management to reduce inflation-driven expenses, and flexible credit lines to preserve liquidity to survive such volatility. Businesses may better manage their economic uncertainty and safeguard their financial base and competitive position by being aware of these adaptive measures. The research provides executives with valuable insights on developing financial resilience to ensure market presence and operational continuity despite significant economic upheavals.

Keywords: working capital, management of working capital, uncertainty, inflation, currency fluctuations, competitiveness, financial stability.

Rеferences

1. Azarenkov, H. M., Blank, I. O., Bilyk, M. D., Kiriietsev, H. H., Podderohin, A. M., Slaviuk, R. A., & Filimonenkov, O. S. (2017). Problemy formuvannia ta efektyvnoho vykorystannia oborotnykh aktyviv pidpryiemstva [Problems of formation and effective use of current assets of the enterprise]. Ekonomichnyi visnyk universytetu, vol. 35, no. 1, pp. 46–53.
2. Rud, I. Yu., & Pozniak, O. V. (2018). Upravlinnia oborotnymy aktyvamy pidpryiemstva [Management of current assets of the enterprise]. Elektronnyi naukovo-praktychnyi zhurnal “Infrastruktura rynku”, no. 25, pp. 759–763. Available at: http://www.market-infr.od.ua/journals/2018/25_2018_ukr/126.pdf.
3. Chmykhun, D. I. (2016). Polityka upravlinnia oborotnymy aktyvamy [Policy of current asset management]. Ekonomichni studii, vol. 1, no. 9, pp. 115–120.
4. Kuchmenko, V. O. (2017). Upravlinnia strukturoiu oborotnykh aktyviv na osnovi funktsionalnoi modeli optymizatsii struktury kapitalu [Management of the structure of current assets based on a functional model of capital structure optimization]. Ekonomichnyi visnyk universytetu, vol. 35, no. 1, pp. 46–53. Available at: http://irbis-nbuv.gov.ua/cgi-bin/irbis_nbuv/cgiirbis_64.exe?C21COM=2&I21DBN=UJRN&P21DBN=UJRN&IMAGE_FILE_DOWNLOAD=1&Image_file_name=PDF/ecvu_2017_35%281%29__9.pdf
5. Kurylo, Yu. V. (2019). Vplyv valiutnykh kolyvan na rentabelnist silskohospodarskykh pidpryiemstv [The impact of currency fluctuations on the profitability of agricultural enterprises]. Chornomorskyi natsionalnyi universytet imeni Petra Mohyly. Available at: http://surl.li/cwrhdq.
6. Suleimanzade, E. (2020). Upravlinnia aktyvamy pidpryiemstva v umovakh infliatsii [Enterprise asset management under inflation]. Kyiv: NTUU “KPI”. Available at: https://stud.knutd.edu.ua/bitstream/123456789/24342/1/Dyplom073_Suleimanzade_Kasych.pdf.
7. Natsionalnyi bank Ukrainy. (2024). Zvit pro infliatsiiu za kviten 2024 roku [Inflation report for April 2024]. Available at: https://bank.gov.ua/admin_uploads/article/2024_04%20Inflation%20Report%20-%20ENG.pdf?v=7.
8. Natsionalnyi bank Ukrainy neshchodavno perehliadiv svoi prohnozy shchodo infliatsii [The National Bank of Ukraine recently revised its inflation forecasts]. INTERFAX-Ukraina. Available at: https://interfax.com/newsroom/top-stories/104559/.
9. Prohrama rozvytku OON v Ukraini. (2024). Otsinka vplyvu viiny na mikro-, mali ta seredni pidpryiemstva Ukrainy [Assessment of the impact of war on micro, small and medium enterprises in Ukraine]. 86 p. Available at: https://www.undp.org/uk/ukraine/publications/otsinka-vplyvu-viyny-na-mikro-mali-ta-seredni-biznesy-v-ukrayini.
10. Rakic, D. (2024). Two years of war: The state of the Ukrainian economy in 10 charts (February 2024). Economic Governance and EMU Scrutiny Unit (EGOV). Available at: https://www.europarl.europa.eu/RegData/etudes/BRIE/2024/747858/IPOL_BRI(2024)747858_EN.pdf.

The article was received 10.03.2025