FINANCIAL CONTROLLING AS A COMPONENT PART OF A SUSTAINABLE DEVELOPMENT MANAGEMENT SYSTEM

concepts, principles and functions of the formation and development of controlling are characterized. The necessity of the organization of financial controlling in the enterprise is grounded, the main stages of the introduction of controlling in the formation of the financial strategy of the enterprise in modern conditions are proposed. It is proved that the difference in the principles of organization of enterprise finance determines the need for differentiation of controlling objects for business entities operating on the basis of commercial calculation, non-profitable activity and estimated financing. If for commercial calculation it is the profit and market value of the enterprise, for non-profitable enterprises it is cash flows that must be efficiently generated and redistributed in accordance with their intended purpose; for enterprises operating on the principles of budget or budget financing, the level of income coverage. The effectiveness of the controlling system is determined by the efficiency of enterprise management. It is proved that the financial strategy is the basis of enterprise management and its production and economic, financial activities in a modern dynamic and competitive environment. The basic principles are investigated at the stages of the implementation of the financial strategy, which allow to correct its directions, which lead enterprises to sustainable development.

FINANCIAL SUSTAINABILITY OF THE ENTERPRISE IN MODERN CONDITIONS

The article considers the concept of financial stability of the company in modern conditions, reveals the real situation on this issue, indicates ways to improve the situation. An important direction is to ensure an adequate level of financial stability, which guarantees the rational use of resource potential and stable development in the future. Based on the issues and purpose of the study, an analysis of scientific papers was conducted to determine the concept of financial stability. Differences among scientists in understanding the concept and the problem of lack of clear directions and programs to improve the financial stability of the enterprise are identified. Taking into account the opinions of numerous authors, the determining internal and external factors influencing the financial stability of the enterprise are highlighted. It is determined that today economic and financial factors have the greatest impact on financial stability. The concept of internal and external financial stability is considered. To assess financial stability, it is proposed to use a system of indicators, as one specific group is not enough to characterize the level of stability. The negative consequences of financial instability with unsatisfactory indicators of financial stability are considered. Ways to increase financial stability are proposed. The importance of choosing a financial strategy as a lever in the development of the company is determined. The analysis of the financial stability of the enterprise is considered as a consistent, step-by-step consideration of all parameters related to the conduct of economic activity. Forecasting and analyzing measures to improve financial stability, it is noted that in the modern economy an important component of the process of developing and implementing the financial strategy of the enterprise is financial controlling. The importance of planning and control to ensure financial stability is revealed. Recommendations for stabilizing the company's financial activities have been developed.

Forecasting the Financial Results of an Agricultural Organization, Taking into Account State Financial Support

Currently, the relevance of the effective use of state support for agricultural enterprises is considered both from the position of increasing the volume of agricultural production, and the impact of this support on the financial results of the company. The paper analyzes the production indicators of an agricultural organization, the dynamics of financial support for agricultural production, suggests approaches to forecasting financial indicators and developing a financial strategy for the enterprise.

Modeling the Business Environment of an Energy Holding in the Formation of a Financial Strategy

This article consists of the development of a set of methodological provisions concerning the identification of the features of the influence of the business environment on the effectiveness of the implementation of the company’s financial strategy and the development of a system for its adaptation to the conditions of a dynamic external environment. The purpose of this article is to build an economic and mathematical model to identify the main elements of the business environment that affect the company’s strategy, the formation of methods for evaluating the effectiveness of the implementation of a financial strategy taking into account such influence. The author’s contribution consists in the development of an effective financial algorithmic strategy of the energy holding, considering the influence of the environmental factors. Hypothesis: the use of mathematical models of the business environment will increase the efficiency of energy holding management in the field of finance and investments. The scientific novelty of this article lies in the development of an algorithm that allows for obtaining an integral assessment of the impact of external and internal factors of the energy holding’s business environment on its financial strategy using taxonomy methods, multidimensional statistical analysis and cluster and discriminant models. Results: the authors have developed a model of the influence of the energy holding’s business space, which allows improving the interaction of financial flows within the holding and obtaining an optimal distribution of financial resources, taking into consideration the dynamic factors of the company’s external environment.

CORPORATE STRATEGY FOR ATTRACTING FINANCIAL RESOURCES OF THE COMPANY

The article provides an overview of the essence and concept of a financial strategy for attracting financial resources of an enterprise. The article reflects the goals and objectives of developing a strategy for attracting financial resources. A financial strategy can be defined as an economic category that is subject to the laws of the market. The financial strategy is used as a lever for the economic growth of the company. Improving the efficiency of the organization's financial resources lies in modern ways of their formation and use. The formation of financial resources depends on the production activity of the entire enterprise as a whole, which is why it is important to competently develop a financial strategy that will be aimed at optimizing production and, as a result, increasing profits from sales. The financial strategy is developed taking into account inflation, the risk of non-payments and other force majeure circumstances.

Assessing the financial potential of organizations in the context of professional standard ‘Accountant’

Subject. The article addresses the financial potential of the organization, investigates economic relations stemming from financial potential formation and prospects for its growth as a result of actions and initiatives of managerial staff. Objectives. The aim is to disclose the content of the rational approach in financial and analytical studies focused on expressing the analytical value of qualitative and quantitative determination of financial potential in the process of substantiating management decisions on achieving competitiveness and long-term efficiency of economic entity. Methods. The study rests on modern theories of capital structure, methods for developing financial strategy, solving multi-criteria economic problems, including ranking techniques, the graphical and analytical models. Results. We developed methodological recommendations for financial potential assessment, which include the indicators of strategic level of investment capital management based on the systems approach to the use of financial, strategic and investment analysis tools. Their application in practice will increase the informativeness of potential assessment. The findings have an applied focus aimed at professional competencies in the development of organizational and administrative documents that regulate the analysis and assessment of financial potential based on strategic goals. Conclusions. Along with the existing methods, the methodological recommendations form a subsystem of analytical support focused on the organization’s value and finance management. Their use in financial strategy formation enables to identify and study strategic alternatives of development, create financial sections of business plans, justify adjustments to the strategy and tactics of financial management.

Analyzing the factors of financial strategy of recreational sphere enterprises

Subject. This article analyzes the role of the factors of the modified model, taking into account the specifics of the recreational sphere. Objectives. The article aims to assess the role of the factors of the modified model for recreational enterprises. Methods. For the study, I used general scientific research methods. Results. Peculiarities of the recreational sphere cause the need to modify the DuPont model. The model is obtained in a mixed form. The model is obtained in a mixed form. This helps take into account the factors of operating and other activities in the financial result and profitability separately. The obtained results help assess the role and importance of factors in the financial management strategy, as well as the reasons for their impact on the efficiency of recreational enterprises. Conclusions. The importance of resource productivity and the increase in the share of operating activities remain underestimated in the model if considering a single enterprise case. For enterprises of the recreational sphere as a whole, there is a need to further study the model by establishing correlations of factors with the performance indicators.

Socioemotional Wealth (SEW) of Family Firms and CEO Behavioral Biases in the Implementation of Sustainable Development Goals (SDGs)

Agreed upon by the UN member states, Agenda 2030 assumes joint action for long-term sustainable development. These actions are focused on the implementation of 17 Sustainable Development Goals (SDGs), where actions are assumed to lead to the suppression of negative externalities of human activity. It is stressed that the objectives of sustainable development can only be achieved through deep institutional changes in most dimensions of the economy, including the entrepreneurship dimension. Entrepreneurship plays a pivotal role in the sustainable transformation of the community, as the related activities of companies are the source of the desired structural changes. Entrepreneurial projects make the biggest contribution to the objectives of sustainable development through research and development, investment in new technologies, and innovation. The biggest threat to sustainable entrepreneurship is firms’ aggressive corporate financial strategy, which most often results from CEO overconfidence and aggressive financial behavior. The aim of the article is to indicate differences in corporate financial strategies regarding the status of the company (family or non-family) and CEO characteristics (overconfident or non-overconfident). The fulfilment of this aim by analyzing a selected EU member country (Poland) found more aggressive behavior of overconfident CEOs in non-family firms. It was also found that family firms are a fairly coherent group of companies that implement a more conservative corporate financial strategy regardless of CEO characteristics. We can state that family power can curb CEO overconfidence and its impact on aggressive financial strategy. This means that family firms are much more able to create sustainable entrepreneurship and contribute to Sustainable Development Goals (SDGs) within a market framework.