FINANCIAL STABILITY OF BUSINESS ENTITIES UNDER WARTIME CONDITIONS AS A KEY ELEMENT OF ANTI-CRISIS STRATEGIC MANAGEMENT

Abstract

The article examines the theoretical, methodological, and applied aspects of ensuring the financial stability of business entities under conditions of a wartime economy. The transformation of financial stability from a traditional financial characteristic into a key element of anti-crisis strategic management is substantiated. It is argued that under conditions of high uncertainty and systemic shocks, financial stability should be considered as an integrated managerial category that determines the ability of enterprises to maintain operational continuity, adapt to external changes, and ensure long-term viability. The study analyzes the impact of war-related factors on business activities, including disruption of supply chains, destruction of infrastructure, decline in consumer demand, and increased financial risks. The main groups of risks affecting financial stability are systematized, including military-political, financial, infrastructural, market, and labor-related risks. Particular attention is paid to the identification of mechanisms for business adaptation, such as diversification of revenue sources, digitalization of business processes, debt restructuring, relocation of enterprises, and the use of state support programs. The sectoral features of financial stability are investigated, revealing differences in the adaptive capacity of enterprises in hospitality, logistics, manufacturing, and trade sectors. It is determined that the level of financial stability largely depends on industry-specific factors, resource availability, and the flexibility of business models. A conceptual model of financial stability as an instrument of anti-crisis strategic management is proposed, which reflects the relationship between external environmental factors, internal financial characteristics, and strategic outcomes. The necessity of integrating financial stability into the overall system of strategic management in conditions of prolonged uncertainty and crisis challenges is substantiated. The results of the study can be used to develop effective financial strategies aimed at ensuring business resilience and post-war recovery.