The article examines the features of the structural-institutional transformation of the small and medium-sized enterprise (SME) sector in Ukraine under modern economic shifts and identifies directions for improving management accounting and internal control of business processes as key instruments for enhancing the resilience of entrepreneurial activity. It is substantiated that existing structural imbalances, the dominance of micro-enterprises, instability of the regulatory environment, and limited efficiency of individual government business support tools necessitate a comprehensive modernization of both the institutional environment and the internal management mechanisms of SMEs. Scientific approaches to assessing the role of management accounting and internal control in ensuring financial and economic security, increasing operational transparency, and minimizing risks are systematized. It has been proved that the implementation of financial responsibility centers, budgeting and resource planning systems, methodologies for evaluating the efficiency of operations and projects, and the automation of internal audit procedures form an integrated management and analytical model capable of adapting SME entities to a dynamic market environment. It is proposed to consider the structural and institutional transformations of the SME sector as a multi-level process that combines the modernization of State entrepreneurship support policies with the development of internal management systems. The feasibility of systematizing the interconnections between the areas of structural rationalization of the sector and the tools for improving management accounting and internal control has been substantiated. It was concluded that the integration of modern accounting-analytical and control mechanisms into the management system of SMEs is an important prerequisite for ensuring their long-term sustainability, increasing competitiveness, and forming a new architecture of the entrepreneurial sector in Ukraine.

The entrepreneur is the main actor in the capitalist economic system. The current stage of the evolution of entrepreneurship has significant specificities caused by paradigmatic shifts in the economy, the expansion of the field of entrepreneurial activity, and an even greater focus on innovation. Therefore, the aim of the article is to outline the new spheres of modern entrepreneurship and the contours of updating the conception of the entrepreneur. In the course of the study, a general analysis of the evolution of entrepreneurship is performed. The main entrepreneurial revolutions and gradual changes in understanding the role of the entrepreneur are highlighted. Special attention is paid to the origins and main ideas of J. Schumpeter's conception of the innovator-entrepreneur. The transformation of entrepreneurship and the change in its understanding in the second half of the 20th century up to the beginning of the 21st century are traced. Given this, the features of the entrepreneurial approach to solving societal problems, as well as the context of modern entrepreneurship (the increasing complexity of institutional and economic conditions, growing uncertainty, etc.), are determined. Emphasis is placed on the growing government support for entrepreneurship, which indicates a desire to strengthen and utilize its potential. The main changes in the economic paradigm (transition to sustainable development; transformation of production systems, supply chains, and consumption models; general greening and resource conservation; strengthening of the human-centric economic model, etc.), accompanied by the expansion of corporate responsibility, are identified. Attention is drawn to the emergence of new spheres of entrepreneurship (sustainable development, biotechnology, nanotechnology, artificial intelligence, human augmentation, changes in socioeconomic organization, and space exploration), which made it possible to determine the features of modern fields of activity. The qualitative changes in the modern entrepreneur under the influence of globalization, which generates a global entrepreneurial process, are taken into account. A number of transformations of the entrepreneur figure associated with innovative creativity, the presence of a value dominant, a focus on transformation, a striving for progress, a focus on transforming nature, and the strengthening of social responsibility and the pro-sociality of business are outlined. Based on this, a conclusion is drawn regarding the emergence of a new conception of the creator-entrepreneur, which is expected to be developed further.

The aim of the article is to substantiate the necessity of implementing anticipatory management tools in the financial management practice of agricultural enterprises and to develop an applied methodology for liquidity stress testing under conditions of high uncertainty. The article demonstrates that under the prolonged war and critical market volatility, traditional financial analysis methods, which are focused solely on retrospective data, lose their relevance. They cannot adequately account for specific risks such as the sudden physical destruction of assets, the emergence of severe logistical restrictions, and the blocking of export corridors. Based on a critical analysis of existing approaches, an original model for liquidity stress testing has been developed, which conceptually relies on the regulatory logic of the National Bank of Ukraine Resolution No. 351. The fundamental element of the proposed methodology is the integration of the LGE (Loss Given Event) indicator – a coefficient of expected losses, which allows discounting the book value of different groups of assets depending on current security threats and their geographical location. The practical testing of the methodology was carried out based on the consolidated financial statements of one of the largest Ukrainian agroholdings – Kernel Holding S. A. for the years 2022–2024. The results of the study confirm that classical liquidity ratios are capable of generating false positive signals about business stability, concealing assets whose quick monetization is objectively impossible. The conducted stress testing revealed a decrease in the company’s actual solvency reserve under shock scenarios by more than 27%. A practical toolkit has been developed for financial managers, which allows for a realistic assessment of asset quality under conditions of uncertainty and for the use of anticipatory analysis results to objectively evaluate the degree of investment attractiveness of an enterprise or the threat of its bankruptcy. The scientific novelty of the study lies in the adaptation of banking regulatory requirements to the needs of the corporate sector.

Digital transformation is increasingly understood as enterprise-wide change in value creation, operating arrangements, and organisational capabilities, not simply technology adoption. The aim of the article is to provide a comparative analysis of widely used digital transformation frameworks (Gartner, McKinsey 7S, BCG, Deloitte, MIT, Cognizant) and to develop an instrument that supports an evidence-based choice of a framework depending on the conditions and needs of a particular organisation. The study is conducted as a qualitative comparative synthesis: the material is drawn from recent academic publications and authoritative practitioner descriptions, and the comparison is performed using shared criteria that ensure a consistent basis for analysing models of different types. The main result is the conclusion that the examined frameworks differ primarily in managerial logic and focus: some emphasise coherence among organisational elements, whereas others emphasise phased change and maturity assessment, coordination of change across domains, the development of digital capabilities and leadership, or the modernisation of the technological foundation as a condition for scaling. On this basis, a selection matrix is proposed that links typical organisational manifestations and constraints to an appropriate framework and specifies which additional components should be incorporated for more comprehensive transformation management. The study is limited by the predominance of secondary sources; further work should test the proposed instrument on empirical material and refine suitability criteria for different industries and maturity levels. The practical significance lies in improving the quality of managerial decisions regarding the selection and combination of frameworks, supporting more coherent planning, better controllability of change, and higher effectiveness of digital initiatives. The scientific novelty of the study lies in the systematic comparison of frameworks of different origins on a shared set of criteria and in formalising the results in the form of an applied selection instrument.

The aim of the article is to determine how international financing affects the development of small and medium enterprises in Ukraine, to analyze the organizations that finance Ukraine, how funding trends have changed and to identify the reasons for these changes, and to study the sectors and industries where small and medium enterprises receive the most support. The article examines the features of financing small and medium enterprises in Ukraine by international financial organizations and their role in ensuring the economic stability of the country. It has been found that small and medium enterprises constitute over 99% of the total number of enterprises in the country, provide a significant share of employment, and create a substantial portion of added value and sold products. At the same time, their development is constrained by a number of factors, among which are: limited access to financial resources, high cost of lending, inflationary processes, and economic instability. These problems were especially exacerbated during the COVID-19 pandemic and after the start of the full-scale war, which led to the destruction of infrastructure, disruption of logistics connections, and relocation of a significant portion of enterprises. The activities of leading international financial institutions, in particular the European Bank for Reconstruction and Development, the International Bank for Reconstruction and Development, and the European Investment Bank, which provide financial support to Ukraine’s economy, were analyzed. The dynamics of financing in 2020–2025 were examined, and the main directions of fund utilization were identified. It was found that international financing is directed towards supporting entrepreneurship, modernizing production, developing the agricultural sector, energy, infrastructure, and export-oriented business. Special attention was paid to the regional distribution of financial resources, which depends on economic needs and the security situation. A significant portion of funding is directed to agricultural regions of central and southern Ukraine, the restoration of enterprises in areas affected by hostilities, as well as the development of business in western regions that have become centers for enterprise relocation. It was concluded that international financing is an important tool for supporting small and medium-sized businesses and contributes to the recovery of Ukraine’s economy.

The article examines the mechanisms of transformational changes in Ukraine’s tax system under risk-oriented management of business structure development. The relevance of the study is determined by the need to adapt the tax system to modern challenges associated with martial law, globalization processes, and European integration transformations, which significantly affect the functioning of enterprises and the formation of a risk environment for their activities. The aim of the article is to substantiate the theoretical and methodological foundations of the transformation of Ukraine’s tax system based on the identification of its stages, types of changes, and mechanisms of implementation, as well as to determine their impact on the development of business structures. The methodological basis of the study consists of systemic, structural-functional, and risk-oriented approaches, as well as methods of comparative analysis, generalization, and modeling. During the research, a periodization of the development of Ukraine’s tax system was carried out, and transformational and incremental changes were distinguished according to the criteria of depth and scale of impact. It was found that Ukraine’s tax system is characterized by a hybrid type of transformation, within which deep systemic transformations are combined with gradual adaptive changes. It was substantiated that tax transformations act as an important factor in shaping the risk environment for the operation of business structures, generating both systemic and local risks. In particular, transformational changes form strategic and institutional risks, while incremental ones are mainly operational and financial. Key mechanisms of tax system transformation were identified, among which are legislative and regulatory, institutional, digital, fiscal-structural, incentive-regulatory, European integration, anti-shadow, and strategic mechanisms. The scientific novelty lies in the formation of an integrated approach to the analysis of tax transformations, which combines the periodization of system development, the classification of changes and risks, as well as the mechanisms for their implementation. A conceptual model is proposed that reflects the interrelationship between tax changes, risks, and the development of business structures. The practical significance of the obtained results lies in the possibility of their use in the formation of tax policy and the development of enterprise risk management strategies.

The aim of the article is to identify the external environmental factors that most significantly affect the operations of hospitality enterprises and to conduct a comprehensive assessment of the intensity of their impact on the development of these enterprises. The results of the comprehensive assessment of the intensity of external environmental factors’ impact have shown that the hospitality sector in Ukraine, like any business, develops under the direct influence of a wide range of external factors, some of which are unpredictable. To evaluate the impact of a large number of weakly structured and heterogeneous external environmental factors, a list of factors crucial for maintaining the economic activity of enterprises during a crisis period has been compiled, grouped according to the components of the GETS (government, economy, technology, society) model. To ensure a comprehensive approach to assessing the intensity of external factors’ impact on the development of hotel and restaurant enterprises, a causal network of GETS factors was developed, identifying the characteristics of the industry’s enterprise operations. Based on the own graphical model, the level of influence of each group of external environment factors on the development of hotel and restaurant enterprises in Ukraine in 2024 was evaluated. Considering the need for an integrated analysis of external environment influences, the GETS factor impact intensity index was calculated, the value of which allowed determining the continuous nature of the dynamic development processes inherent in hotel and restaurant enterprises. It is substantiated that some of these processes create new opportunities for business entities, providing favorable conditions for operation and development, while others, conversely, generate additional constraints, risks, and complications for enterprise activities.

This article is devoted to the theoretical understanding of the financial sustainability of the banking system within a holistic framework, which involves moving from a narrow interpretation of sustainability as stress resistance to comprehending it as multidimensional resilience. Based on the systematization of contemporary international research in corporate risk management (ERM), macroprudential policy, cyber resilience, ESG/CSR-oriented sustainability, and ecological financial theory (EFT), as well as an analysis of the evolution of approaches to the financial sustainability of Ukraine’s banking system under the influence of successive waves of crises (2008–2009, 2014–2015, the COVID-19 pandemic, and the full-scale war since 2022), the article substantiates the need to abandon a fragmented, predominantly indicative view of sustainability. An interpretation of financial sustainability is proposed as an integral resilient property of the banking system, formed at the intersection of microprudential (CAMELS), macroprudential, network, operational-cyber, institutional, behavioral, and ESG dimensions. The scientific novelty lies in conceptualizing a holistic approach to the financial sustainability of the banking system as an integrated model that combines indicative metrics, regulatory instruments, the network structure of interconnections, operational and cyber resilience, and sustainable development into a single system of integral resilience. The practical significance of the results obtained lies in the possibility of using the proposed theoretical provisions as a methodological basis for the further operationalization of the holistic approach in the toolkit of the National Bank of Ukraine and commercial banks – in particular, when improving financial sustainability assessment models, stress testing systems, operational and cyber resilience frameworks, and the integration of ESG factors into the national financial supervision system.

The aim of this article is to theoretically substantiate and develop the organizational and economic foundations of strategic management for pharmaceutical companies in Ukraine. This is achieved by integrating strategic human resource management and HR analysis into the overall strategic management system, taking into account the specifics of the highly regulated pharmaceutical industry, regulatory requirements (including GMP), and operating conditions during wartime – to enhance their resilience and competitiveness. The article explores the organizational and economic foundations of strategic management of pharmaceutical companies under conditions of high regulatory dependence, technological complexity, and increasing crisis risks. It is substantiated that traditional approaches to strategic management, which are mainly focused on long-term planning, selection of development strategies, and the use of strategic tools, are insufficient for highly regulated sectors, as they do not provide an efficient mechanism for implementing strategic changes through human resources and project management tools. A systematization of current trends in the development of strategic management has been conducted, in particular the shift from classical to adaptive models, the strengthening of the role of strategic tools, as well as the integration of project, program, and portfolio approaches into the strategy implementation process. A classification of strategic management of enterprises’ project activities by the level of project integration is proposed, reflecting the degree of use of projects, programs, and portfolios as the basis for strategic development. A generalized model of strategic management for enterprise project activities has been developed, demonstrating the need for its adaptation to the pharmaceutical industry, considering GMP requirements, long product development life cycles, the high cost of innovative projects, stringent quality and safety standards, as well as the dependence of performance outcomes on human capital. A conceptual model of HR analysis for pharmaceutical enterprises has been created as a tool to integrate personnel analytics into the strategic human resource management system, enhancing the rationale for management decisions, organizational resilience, and competitiveness in an unstable environment.

The article examines institutional constraints on the development of the knowledge economy at the regional level in the context of Ukraine’s wartime economy. Based on the institutional theory of D. North and O. Williamson, as well as the theory of regional innovation systems by B. Cooke, the types of institutional constraints are systematised by level (national, regional, micro) and type (formal, informal, organisational). A matrix of institutional constraints has been developed, which reflects the systemic, mutually reinforcing nature of the identified dysfunctions and allows identifying the «key» constraints with the greatest structural impact: weak protection of intellectual property rights, fragmentation of the national innovation system, and mistrust between actors in the innovation process. The specifics of institutional deformations caused by full-scale armed aggression have been revealed: destruction of scientific and educational infrastructure, outflow of human capital, breakdown of network links between actors of regional innovation systems, redistribution of public funding in favour of defence spending. The asymmetric nature of the regional consequences of military aggression is substantiated: frontline regions are characterised by the destruction of innovation infrastructure, while regions receiving displaced persons have received additional resources for knowledge development. The conception of «institutional resilience» of regional knowledge systems is proposed, covering three dimensions: absorptive, adaptive and transformative capacity. The need for a «recovery with trajectory change» approach instead of a simple return to the pre-war status quo is argued. Five priorities for institutional reform to restore and develop the regional knowledge economy are substantiated: reforming the protection and commercialisation of intellectual property; decentralising the management of the science and innovation system; programmes to attract the diaspora and return scientific personnel; new formats for interregional and cross-border scientific and educational cooperation; and the formation of a culture of innovation and entrepreneurship.