FINANCIAL MECHANISMS IN SHAPING THE INTERNATIONAL COMPETITIVENESS OF ENTERPRISES UNDER GLOBAL ECONOMIC TRANSFORMATIONS
Abstract
The article investigates the theoretical foundations and practical significance of financial mechanisms in shaping the international competitiveness of enterprises under conditions of ongoing global economic transformations. International competitiveness is conceptualized as a dynamic capability of enterprises to adapt effectively to changes in the global market environment, including fluctuations in demand, volatility of capital and commodity markets, and evolving regulatory and institutional frameworks. The study systematically identifies and categorizes key financial mechanisms, such as strategic financial planning, management of capital structure, financing of innovative projects, cost optimization, and financial risk management. Particular attention is paid to the impact of digitalization on financial processes, including the implementation of digital financial platforms, automated payment systems, and fintech solutions, which enhance transparency, liquidity management, and operational efficiency of enterprises operating internationally. The transformation of global value chains and the increasing significance of regionalization in production and logistics are highlighted as factors influencing the adaptation of financial strategies and diversification of funding sources. The study further identifies critical directions for improving financial mechanisms, including the integration of scenario-based financial modeling, strengthening risk management systems to address currency, interest rate, geopolitical, and logistical risks, promotion of innovation financing through venture capital and alternative instruments, and optimization of financial performance indicators It is substantiated that optimizing the capital structure and reducing the hurdle rate directly increases the Net Present Value of international projects, thereby enhancing the strategic competitive potential of the firm. The results of the research have practical implications for enterprises in formulating effective international financial strategies and for public authorities in designing policies to support export-oriented businesses.
References
Instant payments Ukraine: rails, fees, and the lightning network. Lightspark. URL: https://www.lightspark.com/knowledge/instant-payments-ukraine
Maliukina A., Olkhovska M. International competitiveness of enterprise: structure, factors, and approaches to evaluation. Ukrainian journal of applied economics and technology. 2024. Vol. 9. №. 2. P. 166–170. DOI: https://doi.org/10.36887/2415-8453-2024-2-28
Rahman F.A., Masmarulan M., Rostini R., Muhammad A.F., Bakri R.M.S. Financial strengthening strategies in increasing company competitiveness multinational. Journal of business management and economic development. 2024. Vol. 2. № 03. P. 1276–1282. DOI: https://doi.org/10.59653/jbmed.v2i03.938
Romano A. Global financial management and its strategic role in international business performance. Journal of research in international business and management. 2025. Vol. 12. № 4. P. 1–2. DOI: http:/dx.doi.org/10.14303//jribm.2025.032
The new payment standard ISO 20022 for operations in the national currency – from 01.04.2023. AgroProsperis bank: вебсайт URL: https://ap-bank.com/en/news/post/transfer-to-new-payment-standard-iso20022
Tussupova T. Financial mechanisms in international production cooperation. European scientific journal. 2022. Vol. 18. № 9. P. 1–19. DOI: https://doi.org/10.19044/esj.2022.v18n9p1
Zolkover A., Heidor A., Hreshchuk H., Verbytska V., Muraviov K.. Peculiarities of supporting enterprises with the help of financial instruments in the conditions of economic changes in Ukraine. Economic affairs. 2023. Vol. 68. № 01s. P. 335–343. DOI: https://doi.org/10.46852/0424-2513.1s.2023.36
Коляжний В.В. Розвиток стратегічного потенціалу підприємства в умовах трансформації глобального бізнес-середовища. European scientific journal of economic and financial innovation. 2025. №3(17). С. 44–59. DOI: http://doi.org/10.32750/2025-0304
Кондрат О.Б., Крикуненко К.В. Аналіз інноваційних фінансових інструментів у сучасній українській науковій літературі. Український журнал прикладної економіки та техніки. 2024. Том 9. № 2. С. 65–70. DOI: https://doi.org/10.36887/2415-8453-2024-2-11
Кулакова В., Ткаченко А., Разно А. Сучасні аспекти управління витратами українських підприємств. Фінансово-кредитні системи: перспективи розвитку. 2023. №1(8). С. 40–48. DOI: https://doi.org/10.26565/2786-4995-2023-1-05
Некрасова Л., Науменко Ю. Державна політика формування конкурентного середовища підприємств та стратегії забезпечення їх конкурентоспроможності в умовах відновлення економіки України. Modeling the development of the economic systems. 2025. Вип. 4. С. 234–242. DOI: https://doi.org/10.31891/mdes/2025-18-29
Управління структурою капіталу підприємства: фінансово-управлінський аспект: колективна монографія / Шуст О.А. та ін. Біла Церква, 2021. 318 с.
Фурса В. А., Гнатенко Є. П., Гнатьєва Т. М. Економічна сутність та роль фінансового планування в системі управління підприємством. Український журнал прикладної економіки та техніки. 2023. Том 8. №2. С. 69–75. DOI: https://doi.org/10.36887/2415-8453-2023-2-9
Яновський Д.Л. Оптимізація витрат як елемент механізму забезпечення фінансової стійкості підприємства. Економічний журнал Одеського політехнічного університету. 2021. № 3 (17). С. 87–95. DOI: https://doi.org/10.15276/EJ.03.2021.13
Instant payments Ukraine: rails, fees, and the lightning network. Lightspark. Available at: https://www.lightspark.com/knowledge/instant-payments-ukraine
Maliukina A., Olkhovska M. (2024) International competitiveness of enterprise: structure, factors, and approaches to evaluation. Ukrainian journal of applied economics and technology, vol. 9 (2), рр. 166–170. DOI: https://doi.org/10.36887/2415-8453-2024-2-28
Rahman F.A., Masmarulan M., Rostini R., Muhammad A.F., Bakri R.M.S. (2024) Financial strengthening strategies in increasing company competitiveness multinational. Journal of business management and economic development, vol. 2 (03), рр. 1276–1282. DOI: https://doi.org/10.59653/jbmed.v2i03.938
Romano A. (2025) Global financial management and its strategic role in international business performance. Journal of research in international business and management, vol. 12 (4), рр. 1–2. DOI: http:/dx.doi.org/10.14303//jribm.2025.032
The new payment standard ISO 20022 for operations in the national currency - from 01.04.2023. AgroProsperis bank. Available at: https://ap-bank.com/en/news/post/transfer-to-new-payment-standard-iso20022
Tussupova T. (2022) Financial mechanisms in international production cooperation. European scientific journal, vol. 18 (9), рр. 1–19. DOI: https://doi.org/10.19044/esj.2022.v18n9p1
Zolkover A., Heidor A., Hreshchuk H., Verbytska V., Muraviov K. (2023) Peculiarities of supporting enterprises with the help of financial instruments in the conditions of economic changes in Ukraine. Economic affairs, vol. 68 (01s), рр. 335–343. DOI: https://doi.org/10.46852/0424-2513.1s.2023.36
Koliazhnyi V.V. (2025) Rozvytok stratehichnoho potentsialu pidpryiemstva v umovakh transformatsii hlobalnoho biznes-seredovyshcha [Development of the strategic potential of the enterprise in the context of the transformation of the global business environment]. European scientific journal of economic and financial innovation, vol. 3(17), pp. 44–59. DOI: http://doi.org/10.32750/2025-0304
Kondrat O.B., Krykunenko K.V. (2024) Analiz innovatsiinykh finansovykh instrumentiv u suchasnii ukrainskii naukovii literaturi. [Analysis of innovative financial instruments in modern Ukrainian scientific literature]. Ukrainskyi zhurnal prykladnoi ekonomiky ta tekhniky – Ukrainian journal of applied economics and technology, vol. 9 (2), pp. 65–70. DOI: https://doi.org/10.36887/2415-8453-2024-2-11
Kulakova V., Tkachenko A., Razno A. (2023) Suchasni aspekty upravlinnia vytratamy ukrainskykh pidpryiemstv [Modern aspects of cost management of Ukrainian enterprises]. Finansovo-kredytni systemy: perspektyvy rozvytku – Financial and credit systems: development prospects, vol. 1(8), pp. 40–48. DOI: https://doi.org/10.26565/2786-4995-2023-1-05
Nekrasova L., Naumenko Yu. (2025) Derzhavna polityka formuvannia konkurentnoho seredovyshcha pidpryiemstv ta stratehii zabezpechennia yikh konkurentospromozhnosti v umovakh vidnovlennia ekonomiky Ukrainy [State policy for the formation of a competitive environment for enterprises and strategies for ensuring their competitiveness in the conditions of economic recovery in Ukraine]. Modeling the development of the economic systems, vol. 4, pp. 234–242. DOI: https://doi.org/10.31891/mdes/2025-18-29
Shust O.A. (Eds) (2021) Upravlinnia strukturoiu kapitalu pidpryiemstva: finansovo-upravlinskyi aspect: monohrafiia [Managing the capital structure of an enterprise: financial and managerial aspect: monograph]. Bila Tserkva (in Ukrainian).
Fursa V. A., Hnatenko Ye. P., Hnatieva T. M. (2023) Ekonomichna sutnist ta rol finansovoho planuvannia v systemi upravlinnia pidpryiemstvom [The economic essence and role of financial planning in the enterprise management system]. Ukrainskyi zhurnal prykladnoi ekonomiky ta tekhniky – Ukrainian Journal of Applied Economics and Technology, vol. 8 (2), pp. 69–75. DOI: https://doi.org/10.36887/2415-8453-2023-2-9
Ianovskyi D.L. (2021) Optymizatsiia vytrat yak element mekhanizmu zabezpechennia finansovoi stiikosti pidpryiemstva [Cost optimization as an element of the mechanism for ensuring the financial stability of an enterprise]. Ekonomichnyi zhurnal Odeskoho politekhnichnoho universytetu – Economic Journal of Odessa polytechnic university, vol. 3 (17), pp. 87–95. DOI: https://doi.org/10.15276/EJ.03.2021.13
Copyright (c) 2026 Н.В. Сментина, А.А. Фіалковська
This work is licensed under a Creative Commons Attribution 4.0 International License.
