THE EFFECTIVENESS OF FINANCIAL MANAGEMENT IN THE SYSTEM OF ENSURING THE SECURITY OF TRADING ENTERPRISES IN THE DOMESTIC MARKET IN WARTIME CONDITIONS

The purpose of the study was to substantiate the effectiveness of financial management in the system of ensuring the security of trading enterprises and to assess the effectiveness of such decisions in wartime. The paper examines the role of financial management in ensuring the security of enterprises in the domestic market of Ukraine during the war. To achieve this goal, a database of financial indicators of three Ukrainian trading companies for 2020–2023 was formed. The integral indicator of financial management effectiveness (IFE) was calculated by normalizing key financial ratios. To identify the causal impact of the war and the growth of the "security budget" on IFE, a panel regression model with fixed effects and the "difference-in-differences" methodology was used. It was found that, provided that a sufficient level of liquidity was maintained and the debt burden was controlled, individual enterprises were able to maintain (or even improve) their financial efficiency, despite the increase in security costs. This emphasizes the importance of balanced financial management for business sustainability in wartime. Based on the results of the analysis, practical recommendations were developed regarding the minimum liquidity reserve and the optimal level of security costs, compliance with which will help minimize the negative impact of risk factors on the financial performance of enterprises.