Dentification the Ways of Counteraction of the Threats to the Financial Security of High-Tech Enterprises

Franchuk, Vasil; Omelchuk, Oleh; Melnyk, Stepan; Kelman, Mykhailo; Mykytyuk, Oksana M

doi:10.3846/btp.2020.11215

Cited by 33 publications

(28 citation statements)

References 9 publications

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“…Both foreign and domestic scholars like Stiglitz (2010), Lopez-Claros (2014), Benigno (2013), Krugman (2008), Roubini (2015), Vasyltsiv (2011), Helberg (2011 researched the issue of the formation of an anti−crisis policy in order to provide financial security at the macro and micro levels. Franchuk et al (2020) explored the main ways to counter financial security threats, but we focused more on the legal aspect and the state level. Sylkin et al (2019) demonstrated how crisis management can significantly contribute to ensuring financial security, when our study is more about identifying the main factors influencing its level and demonstrating the level of importance of the legal aspect on financial security.…”

Section: Literature Reviewmentioning

confidence: 99%

Regulatory and Legal Component in Ensuring State’s Financial Security

Rushchyshyn

Medynska

Ніконенко

et al. 2021

Business: Theory and Practice

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The purpose of the study is to scientifically substantiate the place and role of regulatory support in the formation of financial security, study the factors influencing its level and identify ways to improve it. The study used general scientific and special research methods: analysis, synthesis, methods of systematization and logical generalization − when disclosing the theoretical provisions of the financial security of the state and its legal regulation; correlation and regression analysis, econometric methods and models − to determine and study the influence of factor values on the volume of gold and foreign exchange reserves of the NBU; method of expert assessments − when developing recommendations for the formation of an effective mechanism for ensuring the financial security of the state, a graphical method. The nature and significance of the legal support of financial security are outlined, which is aimed at creating an improved legal framework and a system for controlling financial business entities in order to detect and prevent financial crimes. The factors influencing the level of the state’s financial security are considered. Their influence on the volume of gold and exchange reserves of the National Bank of Ukraine which in the conditions of financial stability should be balanced is determined. The mechanism to ensure the state’s financial security is offered, which further contributes to the implementation of a set of legal, structural and organizational, procedural, personnel, technological and resource tasks. In the future special attention should be paid to improving the current legal framework that would protect the interests of entities of a financial system from illegal encroachment and help recover offense damages. All these measures will contribute to raising the level of the state’s financial security and will help integrate the state into the international financial and economic space.

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Section: Literature Reviewmentioning

confidence: 99%

Regulatory and Legal Component in Ensuring State’s Financial Security

Rushchyshyn

Medynska

Ніконенко

et al. 2021

Business: Theory and Practice

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“…The issue of ensuring and assessing the safety of the enterprise today is one of the important objects of research by many scientists (Franchuk et al, 2020;O. Biliomistniy, I. Bilomistna, & Galushko, 2017;Burkaltseva et al, 2017;Britchenko et al, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

Assessment of Economic Security of Enterprises: Theoretical and Methodological Aspects

Shynkar¹,

Gontar

Dubyna

et al. 2020

Business: Theory and Practice

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The main objective of the study is to formulate a new approach of assessing economic security for industrial enterprises, indicating a different approach from existing ones, to allow for the very specifics of economic activity, and to allow the use of qualitative and quantitative indicators. We justified that the effectiveness of ensuring the economic security for industrial enterprises is determined by the quality of the information basis for the actions of security entities. A methodological approach is proposed that provides for the determination of the security level at three levels: “indicator – functional component – financial indicator” and allows to obtain reliable information about the economic security of oil and gas, engineering and food industries by taking into account the specifics of their economic activities.

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“…Scientific works are devoted to the justification of modern methodological approaches to the assessment of the level and position of the financial security of an enterprise are: Azarenkova et al (2018), Britchenko et al (2018), Khudoliei (2018), Hryhoruk et al (2019), Kosaynova et al (2019), Drobyazko et al (2020), Franchuk et al (2020), Kharchuk et al (2020), Kondratenko et al (2020), Sylkin et al (2020).…”

Section: Introductionmentioning

confidence: 99%

“…The main approaches to estimating the level of financial security of the enterprise, which are currently presented in the professional literature -are the coefficient, which involves the calculation of a set of financial indicators (Delas et al, 2015;Yeletskykh, 2017;Pera, 2017;Kharchuk et al, 2020); integrated, based on the definition of an integrated indicator of financial security (Ganushchak, 2017;Khudoliei, 2018;Azarenkova et al, 2018;Kosaynova et al, 2019;Kharchuk et al, 2020); based on the diagnosis of the probability of bankruptcy (Valaskova et al, 2020;Sylkin et al, 2018Sylkin et al, , 2019Sylkin et al, , 2020Koleda & Lāce, 2008;Bilomistniy et al, 2017;Britchenko et al, 2018;Nguyen & Nguyen, 2020;Franchuk et al, 2020). There are also several author's methods for assessing financial security: Hryhoruk et al (2019) -model for assessment of the financial security level of the enterprise based on the desirability scale; Zwolak (2017) -empirical model based on the Cobb-Douglas power function.…”

Section: Introductionmentioning

confidence: 99%

Financial Security of the Enterprise: An Alternative Approach to Evaluation and Management

Dokiienko¹

2021

Business, Management and Economics Engineering

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Purpose – The main purpose of the article is to justify an alternative approach to assessing the level of financial security of the enterprises based on use the model of modified and adjusted financial statements. Research methodology – The following methods of general theoretical and empirical research were used in the writing of the article: abstract-logical (when systematizing scientific publications on the problems of financial security management of enterprises), comparisons and grouping (when developing and validating a model of modified financial statements), coefficient (when considering and using models for adjusting modified financial statements), grouping (when clustering enterprises depending on the results of the analysis), formalization (when developing a matrix for diagnosing the level of financial security of enterprises), generalization (when formulating research findings). Findings – Based on an established sample from nine of sunflower oil production enterprises of Ukraine their modified financial statements have been developed, it was adjusted to the consumer price index, key financial indicators of the model have been identified and the level of their financial security over the past 7 years have been assessed. The research identified a direct relationship between the level of financial security of enterprises and key financial indicators: financial stability, solvency and financial risk. Also, the proposed methodological approach can be not only an important tool for diagnosing the level of financial security of enterprises, but also its forecasting. Research limitations – The research limitation is associated with sampling size and geographical scope. Also, the diagnostic results may differ depending on the chosen adjustment base, determination of adjustment method and selection of inflation measurement method for the modification financial statements. Practical implications – Practical use of the proposed model proves that it is a convenient, simple, understandable and effective tool for diagnosing the financial security level of enterprises in terms of the main components: financial stability, solvency, and risk. The use of the proposed approach to the assessment of the financial security of the enterprise can serve as an indicator of the overall efficiency of its management at sunflower oil production enterprises and as an informative tool for factor analysis. Originality/Value – Consideration of a significantly different, alternative approach that allows enterprises to quickly and easily diagnose the level of their financial security; to manage it effectively during the current period, and can also become the basis for the formation of strategic directions of financial development and forecasting of the level of financial security for prospective period.

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Dentification the Ways of Counteraction of the Threats to the Financial Security of High-Tech Enterprises

Cited by 33 publications

References 9 publications

Regulatory and Legal Component in Ensuring State’s Financial Security

Regulatory and Legal Component in Ensuring State’s Financial Security

Assessment of Economic Security of Enterprises: Theoretical and Methodological Aspects

Financial Security of the Enterprise: An Alternative Approach to Evaluation and Management

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