УДК 330.322:334.72(477)
DOI: https://doi.org/10.36887/2415-8453-2026-3-44
JEL classification: G11, G32, L26, H56, E22
This article presents a comprehensive analysis of the investment attractiveness of entrepreneurial activity in Ukraine during the prewar period and during the active phase of hostilities. It evaluates and compares key performance indicators of large, medium, small, and micro-enterprises in Ukraine during the pre-war period and during the active phase of hostilities, and identifies major trends in the transformation of the business environment and their impact on investment attractiveness. It was found that during the pre-war period, the development of entrepreneurship was largely determined by economic, financial, tax, and regulatory factors. With the onset of full-scale war, the priority factors became physical security, access to energy resources, preservation of the labor force, logistical support, the possibility of relocation, and enterprises’ ability to adapt their business models to crisis conditions. A decline in employee numbers was observed across most enterprise categories, indicating the negative impact of war-related risks on the labor market. At the same time, enterprises’ sales volumes and financial results showed a trend toward recovery and growth. The case has been made for strengthening the role of small and microenterprises as the most flexible segment of the economy. Small enterprises have demonstrated their ability to adapt quickly to changing economic conditions, adopt digital technologies, relocate operations, and respond to new consumer needs. At the same time, this segment remains the most vulnerable to insufficient financial resources, rising costs, and external risks. Significant sectoral and regional differentiation in entrepreneurial activity has also been identified. The study found that the investment attractiveness of entrepreneurial activity in Ukraine during wartime has not diminished but is transforming in line with new economic and security realities. For a potential investor, not only the profitability and financial stability of a business are important, but also the level of military risks, geographical location, energy independence, logistical stability, human resources, and the ability to adapt quickly.
Keywords: entrepreneurial activity, investment attractiveness, investments, the prewar period, the active phase of hostilities.
Rеferences
- Burdonos, L. I., & Vynohradnia, V. M. (2021). Upravlinnia investytsiinoiu pryvablyvistiu pidpryiemstva [Management of investment attractiveness of the enterprise]. Modern Economics, (30), 47–51. https://doi.org/10.31521/modecon.V30(2021)-07
- Venhurenko, T. H., & Plakhotniuk, V. V. (2020). Analiz investytsiinoi pryvablyvosti Ukrainy [Analysis of investment attractiveness of Ukraine]. Biznes Inform [Business Inform], (4), 103–111. https://doi.org/10.32983/2222-4459-2020-4-103-111
- Hrytsenko, L. L., Zakharkin, O. O., Dekhtiar, N. A., & Shamkalo, K. Yu. (2021). Otsinka investytsiinoi pryvablyvosti Ukrainy [Assessment of investment attractiveness of Ukraine]. Finansovo-kredytna diialnist: problemy teorii i praktyky [Financial and Credit Activity: Problems of Theory and Practice], 3(38), 379–389. https://doi.org/10.18371/fchaptep.v3i38.237474
- Danylyshyn, B. (2022, January 21). Shchodo stanu investytsiinykh protsesiv v ekonomitsi Ukrainy ta shliakhiv yikh aktyvizatsii [On the state of investment processes in the economy of Ukraine and ways to activate them]. LB.ua. https://lb.ua/blog/bogdan_danylysyn/503439_shchodo_stanu_investitsiynih_protsesiv.html
- State Statistics Service of Ukraine. (n.d.). Official website. http://www.ukrstat.gov.ua
- Dobrianska, N. A., Dyskina, A. A., & Tetiu, A. P. (2025). Otsinka potentsialu investytsiinoi pryvablyvosti pidpryiemstv rehioniv Ukrainy yak chynnyka formuvannia stratehii zabezpechennia konkurentospromozhnosti ta vidnovlennia ekonomiky [Assessment of the potential of investment attractiveness of enterprises in the regions of Ukraine as a factor in the formation of a strategy for ensuring competitiveness and economic recovery]. Ukrainskyi zhurnal prykladnoi ekonomiky ta tekhniky [Ukrainian Journal of Applied Economics and Technology], 10(4), 41–45. https://doi.org/10.36887/2415-8453-2025-4-7
- Krykhivska, N. O., & Chernyshova, H. M. (2017). Investytsiina pryvablyvist Ukrainy: osnovni problemy ta shliakhy yikh vyrishennia [Investment attractiveness of Ukraine: Main problems and ways to solve them]. Ekonomika i suspilstvo [Economy and Society], (9), 260–264.
- Chapliak, N. I. (2022). Investytsiina pryvablyvist Ukrainy: problemy ta shliakhy vyrishennia v suchasnykh realiiakh [Investment attractiveness of Ukraine: Problems and solutions in modern realities]. Ekonomika ta suspilstvo [Economy and Society], (40). https://doi.org/10.32782/2524-0072/2022-40-80
The article was received 04.09.2026
Quote article, APA style
Kuchinka T. , Melnyk D. 04.09.2026. Analysis of the investment attractiveness of entrepreneurial activity in the pre-war period and during the active phase of hostilities. Ukrainian Journal of Applied Economics and Technology. 2026. №3. 248-251 pp. https://doi.org/10.36887/2415-8453-2026-3-44
Quote article, MLA style
Kuchinka T. , Melnyk D. Analysis of the investment attractiveness of entrepreneurial activity in the pre-war period and during the active phase of hostilities. Ukrainian Journal of Applied Economics and Technology. 04.09.2026. https://doi.org/10.36887/2415-8453-2026-3-44