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| Issues | Sections | Authors | Keywords |
Article
| Issue: | 2026 №3 (95) |
| Section: | Management |
| UDK: | 658.155:005.334:005.52:658.5 |
| DOI: | https://doi.org/10.33271/ebdut/95.199 |
| Article language: | Ukrainian |
| Pages: | 199-210 |
| Title: | Financial results management of industrial enterprises: an integrated approach to risk management and performance assessment |
| Authors: | Trunina I. M., Kremenchuk Mykhailo Ostrohradskyi National University, Khomenko M. M., Kremenchuk Mykhailo Ostrohradskyi National University, Onyshchenko O. V., Kremenchuk Mykhailo Ostrohradskyi National University |
| Annotation: | Methods. Scientific results and applied developments were obtained through the application of a set of general scientific and specialized methods of cognition: system-structural and functional analysis – to substantiate the architecture of an integrated system for managing the financial results of industrial enterprises and structure its components; matrix modeling (RACI model) – for the functional allocation of authority, responsibility zones, and optimization of cross-departmental interaction; strategic time decomposition – to formulate a roadmap and prioritize stabilization measures across time horizons; the indicator method and target-oriented approach – to construct a balanced system of key performance indicators (KPIs) to verify liquidity, profitability, and return on investment; risk management and matrix identification methods – to systematize exogenous and endogenous threats and substantiate mechanisms for their mitigation and hedging; tabular and graphical generalization – to formalize relationships and visualize analytical data. Results. The conceptual foundations for forming an integrated system of financial results management for industrial enterprises have been substantiated, drawing upon the synergy of financial management, multifaceted diversification, operational risk management, and innovative development. A multi-level matrix of authority and responsibility allocation based on the RACI framework was developed, formalizing the interaction of key departments across responsibility centers and eliminating duplication of functions. An adaptive roadmap for implementing anti-crisis and stabilization measures was established, decomposing them into short-term (cost management, derivatives), medium-term (product-market diversification, asset optimization), and long-term (digitalization, ERP systems) initiatives. A set of aligned key performance indicators (KPIs) focused on monitoring operating margin, absolute liquidity, and return on invested capital was proposed, alongside a risk identification matrix specifying preventive mitigation tools and financial hedging instruments (forwards, futures, swaps). Novelty. The scientific novelty of the obtained results lies in the improvement of the organizational and economic mechanism for managing the financial results of industrial enterprises, which, unlike existing fragmented approaches, integrates functional role allocation using the RACI model, temporal structuring of stabilization measures, targeted operational performance evaluation via a balanced KPI system, and risk-oriented hedging of price and currency fluctuations into a unified adaptive management loop under conditions of dynamic market uncertainty. Practical value. The practical significance of the obtained results is that the developed provisions, matrices, and analytical tables provide an applied methodological foundation for designing internal corporate financial recovery programs, enhancing profitability, and increasing the operational efficiency of industrial entities. The application of the RACI matrix removes institutional barriers within corporate organizational structures, the KPI framework equips management with an effective instrument for monitoring and timely adjusting financial and sales policies, and the proposed roadmap enables the rational allocation of limited resources between immediate operational needs and strategic vectors of technological modernization. |
| Keywords: | Financial results, Industrial enterprises, Financial management, Integrated risk management, Performance assessment, RACI matrix, Key performance indicators (KPIs), Hedging, Diversification, Cost management, Financial sustainability |
| File of the article: | EV20263_199-210.pdf |
| Literature: |
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Editor-in-Chief
Makurin A. A., Doctor of Economic Sciences, Professor, Department of International Relations and Audit, Dnipro University of Technology
Deputy Editors-in-Chief:
Buleev I. P., Doctor of Economic Sciences, Professor, Chief Researcher, Department of Enterprise Economics, Institute of Industrial Economics of the National Academy of Sciences of Ukraine, Ukraine
Vahonova O. H., Doctor of Economic Sciences, Professor, Head of the Department of Applied Economics, Entrepreneurship and Public Administration, Dnipro University of Technology
Chair of the Editorial Board
Bezuhla L. S., Doctor of Economic Sciences, Professor, Head of the Department of Tourism and Enterprise Economics, Dnipro University of Technology
Members of the Editorial Board:
- Andrii Andriiovych Makurin, Doctor of Economic Sciences, Professor, Professor at the Department of International Relations and Audit, Dnipro University of Technology, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0001-8093-736X - Oleksandra Hryhorivna Vahonova, Doctor of Economic Sciences, Professor, Head of the Department of Applied Economics, Entrepreneurship and Public Administration, Dnipro University of Technology, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0001-6553-7771 - Liudmyla Serhiivna Bezuhla, Doctor of Economic Sciences, Professor, Head of the Department of Tourism and Enterprise Economics, Dnipro University of Technology, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0002-6520-4325 - Maryna Illivna Ivanova, Doctor of Economic Sciences, Professor, Professor at the Department of Management, Dnipro University of Technology, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0002-1130-0186 - Oksana Vitaliivna Bashtannyk, Doctor of Sciences in Public Administration, Professor, Professor at the Department of History, Political Theory and Law, Dnipro University of Technology, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0003-4067-3261 - Olena Olehivna Akhmedova, Doctor of Sciences in Public Administration, Associate Professor, Professor at the Department of Tourism and Hotel and Restaurant Business, Kyiv National University of Technologies and Design, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0003-1573-7710 - Mykola Petrovych Horodyskyi, Candidate of Economic Sciences, Associate Professor, Zhytomyr Polytechnic State University, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0002-2093-5263 - Eleonora Yuriivna Tereshchenko, Candidate of Economic Sciences, Associate Professor, Associate Professor at the Department of Enterprise Economics and Finance, Kyiv National University of Trade and Economics, Ministry of Education and Science of Ukraine, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0003-2272-5224 - Valentyna Andriivna Pavlova, Doctor of Economic Sciences, Professor, Professor at the Department of Entrepreneurship, Alfred Nobel University, Dnipro, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0002-6762-8041 - Ivan Petrovych Buleev, Doctor of Economic Sciences, Professor, Chief Researcher, Department of Enterprise Economics, Institute of Industrial Economics of the National Academy of Sciences of Ukraine, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0002-7912-3649 - Olha Volodymyrivna Zakharova, Candidate of Economic Sciences, Associate Professor at the Department of International Economic Relations, Vasyl Stefanyk Carpathian National University, Ukraine, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0002-8718-0205 - Joanna Rosak-Szyrocka, PhD, Assistant Professor at Częstochowa University of Technology, Poland
https://wis.pcz.pl/wykladowcy---sprawozdawczosc/dr-joanna-rosak-szyrocka
https://orcid.org/0000-0002-5548-6787 - Jolanta Miko Nalivaike, Doctor of Social Sciences, specializing in Management, Vice-Dean of the Faculty of Business Management, Associate Professor at the Department of Management, Vilnius Gediminas Technical University (VILNIUS TECH), Lithuania, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0003-1009-4111 - Marat Kuralbekovich Kamysbayev, Doctor of Economic Sciences, Professor, Department of Management and Mathematical Economics, Kazakh National Research Technical University, Almaty, 050000, Kazakhstan, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0002-6952-6030 - Jan Skonieczny, PhD in Economics, Assistant Professor at the Department of Organization and Management, Wrocław University of Science and Technology, Poland, This email address is being protected from spambots. You need JavaScript enabled to view it.
https://orcid.org/0000-0002-1027-991X
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