Factors influencing the investment activity of Ukrainian enterprises under martial law

In the article, the dynamics of capital investments of Ukrainian enterprises are analyzed. An assessment of changes in foreign direct investment in Ukraine is made. Based on the analysis, the factors influencing the indicators of investment activity of Ukrainian enterprises in terms of external and internal factors are allocated. The influence of martial law conditions on the investment activity of Ukrainian enterprises is determined. Taking into account the new business environment, global changes, and security guidelines is a prerequisite for the ‘survival’ and development of enterprises in the current economic environment. Enterprises are operating in conditions that are not typical for them, which has a significant impact on all financial and economic processes, including the investment activity of enterprises. An analysis of the investment activity of Ukrainian enterprises showed a decrease in the total amount of capital investments in 2022, which was caused by the following factors: military operations and destruction of infrastructure; relocation of enterprises; uncertainty and high risks; reduction in external and internal investments; decrease in revenues and business liquidity; problems with logistics and imports; changes in the priorities of business and the state. The dynamics of capital investment by Ukrainian enterprises in 2023 were radically different, namely, growth, which can be explained by several key factors: business recovery and adaptation; investment in critical infrastructure and energy; improved business sentiment and consumer activity; and support from the government and international partners. The factors influencing the investment activity of enterprises are taking on new forms of manifestation under martial law, but they are traditionally considered in terms of external and internal factors. The key external factors affecting the investment activity of Ukrainian enterprises are the economic crisis, political instability, loss of property and infrastructure, changes in demand for products, military spending and resource mobilization, changes in the legal system, security and stability in specific regions, and the availability of external international support. The military situation also affected internal factors, including financial stability, organizational structure and management resources, human resources, production capabilities and technological resources, corporate culture and crisis resilience, risk management, relationships with partners and suppliers, and investment strategy.