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RESEARCH CENTER FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS of Ukraine (KHARKIV, UKRAINE)

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Liburkina L. M.

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Financial Stability of Enterprises: Current Trends in Scientific Research and the Ukrainian Dimension
Pihul N. G., Kobychev V. V.

Pihul, Nataliya G., and Kobychev, Volodymyr V. (2026) “Financial Stability of Enterprises: Current Trends in Scientific Research and the Ukrainian Dimension.” Business Inform 8:341–350.
https://doi.org/10.32983/2222-4459-2026-8-341-350

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 658.1

Abstract:
The relevance of the study is determined by the need to ensure the financial stability of enterprises under conditions of economic instability, increasing financial risks, and resource constraints, which are further aggravated for Ukrainian enterprises by the consequences of the full-scale war. Despite the substantial body of research on the financial stability of enterprises, current research directions, approaches to interpreting its economic essence, and their integration with the assessment of the financial stability of Ukrainian enterprises require further systematization. The aim of the article is to deepen the theoretical foundations of research on the financial stability of enterprises, identify current trends in scientific research in this area, and assess its key indicators for Ukrainian enterprises. The study employs methods of theoretical generalization, analysis and systematization of scientific sources, bibliometric analysis, as well as statistical, ratio, and comparative methods. Using VOSviewer software, network and temporal analyses of key terms were conducted, which made it possible to identify the main thematic areas of research and trace changes in their thematic focus over the analyzed period. An overall upward trend in scientific interest in the financial stability of enterprises during 2015–2025 was identified. Approaches to interpreting the financial stability of an enterprise were systematized and characterized. Financial stability is proposed to be considered as a comprehensive economic characteristic of an enterprise’s financial condition that reflects its ability to form and use financial resources efficiently, ensure continuity of operations, maintain solvency and financial independence, and create prerequisites for further development. The analysis of financial stability indicators of Ukrainian enterprises for 2015–2024 revealed a gradual increase in the role of equity and a decrease in dependence on external sources of financing. At the same time, the negative values of the relevant indicators indicated a persistent shortage of own working capital among Ukrainian enterprises and limited flexibility in the use of their own financial resources. The scientific novelty lies in systematizing current approaches to interpreting the financial stability of enterprises and clarifying its economic content. The practical significance of the results lies in their potential application to assessing the structure of enterprises’ financing sources and identifying directions for strengthening their financial stability.

Keywords: financial stability of enterprises; financial resources; analysis; capital structure; equity; debt capital; financial stability indicators.

Fig.: 5. Tabl.: 1. Bibl.: 17.

Pihul Nataliya G. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Financial Technologies and Entrepreneurship, Sumy State University (116 Kharkivska Str., Sumy, 40007, Ukraine)
Email: [email protected]
Kobychev Volodymyr V. – Postgraduate Student, Department of Financial Technologies and Entrepreneurship, Sumy State University (116 Kharkivska Str., Sumy, 40007, Ukraine)
Email: [email protected]

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