Financial resilience of agri–food companies under macroeconomic shocks in Europe and Ukraine
Abstract
Relevance of the study. In today’s context, there is a need to better understand how to strengthen the resilience of agri–food systems to multiple shocks and stresses of different nature. The COVID–19 pandemic crisis and the outbreak of a full–scale war in Ukraine have created challenges to global food security. Purpose of the study. This study investigates the financial resilience of food production and processing companies in Europe and Ukraine in response to two major systemic shocks: the COVID–19 pandemic and the Russia–Ukraine war. This study aims to analyse the resilience and vulnerability of European and Ukrainian companies along the food chain (production and processing) before and after these shocks. Methodology. Drawing on daily stock price data for 43 publicly traded companies, the analysis integrates descriptive statistics, Value at Risk (VaR), Conditional Value at Risk (CVaR), and k–means clustering to assess company–level vulnerability, risk exposure, and recovery patterns. Research results. The findings reveal that the impact of the pandemic on average company profitability was relatively limited across both regions, with many companies demonstrating a swift recovery. In contrast, the shock induced by the war led to stark regional divergence: while European companies experienced moderate losses and showed signs of resilience, Ukrainian companies suffered severe market performance declines, elevated tail risks and slower recovery trajectories. Cluster analysis highlights the heterogeneity of responses, indicating that company–specific factors and national context play a critical role in shaping resilience outcomes.Conclusions. These results emphasise the increasing importance of thorough risk assessment and adaptive capacity within agri–food value chains, especially in times of geopolitical instability and macroeconomic uncertainty. To strengthen the resilience of agricultural enterprises, coordinated policy responses, targeted investments and institutional support are required to ensure the continuity of food production, processing and trade in the face of compounding shocks. These findings highlight the important role of companies in the food chain and provide valuable insights into its resilience to macroeconomic instability.
Full text
Äåðæàâíèé íàóêîâî–äîñë³äíèé ³íñòèòóò ³íôîðìàòèçàö³¿ òà ìîäåëþâàííÿ åêîíîì³êè Çá³ð íèê íàó êî âèõ ïðàöü ¹9 (292) Êè ¿â 2025 ÔÎÐÌÓÂÀÍÍß ÐÈÍÊÎÂÈÕ ÔÎÐÌÓÂÀÍÍß ÐÈÍÊÎÂÈÕ Â²ÄÍÎÑÈÍ Â ÓÊÐÀ¯Í² ²ÄÍÎÑÈÍ Â ÓÊÐÀ¯Í²
Ôîð ìó âàí íÿ ðèí êî âèõ â³ä íî ñèí â Óê ðà ¿ í³: Çá³ð íèê íàó êî âèõ ïðàöü Âèï. 9 (292). – Ê., 2025. – 122 ñ. Ðå êî ìåí äî âà íî Â÷å íîþ ðà äîþ ÄÍIJ²ÌÅ Ïðîòîêîë ¹9 â³ä 26.08.2025 ð. Çá³ð íèê ñòà òåé ïðèñ âÿ ÷å íî íàó êî âèì çäî áóò êàì ìî ëî äèõ íàó êîâ ö³â – àñ ï³ ðàí ò³â òà çäîá óâà ÷³â íàó êî âèõ ñòó ïå í³â êàí äè äà òà òà äîêòî ðà åêî íî ì³÷ íèõ íàóê. ³í îõî ïëþº øè ðî êèé ñïåêòð ïðî áëåì ³ç òà êèõ íà ïðÿ ì³â: – ìàê ðîåêî íî ì³÷ í³ àñ ïåê òè ñó ÷à ñíî¿ åêî íî ì³ êè; – ³ííîâàö³éíî–³íâåñòèö³éíà ïîë³òèêà; – åêî íî ì³÷ í³ ïðî áëå ìè ðî çâèò êó ãà ëó çåé òà âè ä³â åêî íî ì³÷ íî¿ ä³ÿëü íî ñò³; – ðîçâèòîê ðåã³îíàëüíî¿ åêîíîì³êè; – ñîö³àëüíî–òðóäîâ³ ïðîáëåìè. Ðîç ðà õî âà íî íà íàó êîâ ö³â ³ ñïå ö³à ë³ ñò³â, ÿê³ çàé ìà þòü ñÿ ïè òàí íÿ ìè óïðà âë³í íÿ åêî íî ì³ êîþ òà âèâ ÷à þòü òåî ð³þ òà ïðàê òè êó ôîðìó âàí íÿ ðèí êî âèõ â³ä íî ñèí â Óê ðà ¿ í³. ³äïîâ³äíî äî Íàêàçó ̳í³ñòåðñòâà îñâ³òè ³ íàóêè Óêðà¿íè â³ä 28 ãðóäíÿ 2019 ð. ¹ 1643 äàíèé çá³ðíèê â³äíåñåíî äî Ïåðåë³êó íàóêîâèõ ôàõîâèõ âèäàíü Óêðà¿íè, â ÿêèõ ìîæóòü ïóáë³êóâàòèñÿ ðåçóëüòàòè äèñåðòàö³éíèõ ðîá³ò íà çäîáóòòÿ íàóêîâèõ ñòóïåí³â äîêòîðà ³ êàíäèäàòà íàóê, êàòåãîð³ÿ «Á». ÐÅ ÄÀÊ Ö²É ÍÀ ÊÎ ËÅ Ã²ß ÑÒÓIJÍÑÜÊÀ Ã.ß., äîêòîð åêîíîì³÷íèõ íàóê (ãîëîâíèé íàóêîâèé ðåäàêòîð) ÕÎÄÆÀßÍ À.Î äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð (çàñòóïíèê íàóêîâîãî ðåäàêòîðà) ÏÀѲ×ÍÈÊ Þ.Â. äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð (çàñòóïíèê íàóêîâîãî ðåäàêòîðà) ÇÀÕÀÐ²Í Ñ.Â., äîêòîð åêîíîì³÷íèõ íàóê, ñ.í.ñ. (çàñòóïíèê íàóêîâîãî ðåäàêòîðà) À˪ÊѪªÂ ².Â., äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåññîð ÍÅÁÎÒΠÏ.Ã., êàíäèäàò åêîíîì³÷íèõ íàóê, äèðåêòîð ÂÀÐÍÀË²É Ç.Ñ., äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð ÃÓÆÂÀ ².Þ., äîêòîð åêîíîì³÷íèõ íàóê ÊÈÇÈÌ Ì.Î., äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð, ÷ëåí–êîð ÍÀÍÓ ÊÓËÜϲÍÑÜÊÈÉ Ñ.Â., äîêòîð åêîíîì³÷íèõ íàóê ÊÎÐͪªÂ Â.Â., äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð ÂÀÑÈËÜ×ÀÊ Ñ.Â., äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð ËÎÏÓØÍßÊ Ã.Ñ., äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð ÊÈ×ÊÎ ².²., äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð ØÎÑÒÀÊ Ë.Á., äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð ÃÀÐÁÀÐ Æ.Â., äîêòîð åêîíîì³÷íèõ íàóê, äîöåíò, ïðîôåñîð ×ÅÐÊÀØÈÍÀ Ê.Ô., êàíäèäàò åêîíîì³÷íèõ íàóê, äîöåíò ²ÂÀÍΠª.²., êàíäèäàò åêîíîì³÷íèõ íàóê (â³äïîâ³äàëüíèé ñåêðåòàð) ̲ÆÍÀÐÎÄÍÀ ÐÅÄÀÊÖ²ÉÍÀ ÐÀÄÀ ÀÃÍÅØÊÀ ÄÇÞÁÈÍÑÜÊÀ, äîêòîð ô³ëîñ, Åêîíîì³÷íèé óí³âåðñèòåò ì. Êàòîâ³öå, Ïîëüùà, ïðîôåñîð êàôåäðè ìåíåäæìåíòó ï³äïðèºìñòâà ÀÄÀÌ ÑÀÌÁÎÐÑÜʲ, äîêòîð ô³ëîñîô³¿, Åêîíîì³÷íèé óí³âåðñèòåò ì. Êàòîâ³öå Ïîëüùà, êàôåäðà ìåíåäæìåíòó ï³äïðèºìñòâà ²ÐÃ²Í²ß ÞÐEͲªÍÅ, ïðîôåñîð, äîêòîð íàóê, çàâ³äóâà÷ êàôåäðè ô³ëîñîô³¿ òà êóëüòóðîëî㳿, Êàóíàñüêèé ôàêóëüòåò, ³ëüíþñüêèé óí³âåðñèòåò, Ëèòâà ÃÎÐÁÎÂÈÉ ÀÐÒÓÐ Þ˲ÀÍÎÂÈ×, ïðîôåñîð, äîêòîð òåõí³÷íèõ íàóê, Ñëîâàöüêà Àêàäåì³ÿ àãðàðíèõ íàóê, ÷ëåí â³ää³ëåííÿ åêîíîì³êè òà ìåíåäæìåíòó, (Ñëîâàöüêà ðåñïóáë³êà) IJÀÍÀ ÑÏÓËÁÅÐ, äîêòîð ô³ëîñîô³¿, Óí³âåðñèòåò Ãåíó¿, àñèñòåíò ïðîôåñîðà êàôåäðè ô³ëîñîô³¿ ñóñï³ëüñòâ, ì. Ãåíóÿ (²òàë³ÿ) ²ÂÀÍ ÒªÍªÂ ÄÌÈÒÐÎÂ, ïðîôåñîð, äîêòîð åêîíîì³÷íèõ íàóê, Óí³âåðñèòåò «ïðîô. ä–ð Àñåí Çëàòàðîâ», çàâ³äóâà÷ êàôåäðè åêîíîì³êè ³ óïðàâë³ííÿ, ì. Áóðãàñ (Áîëãàð³ÿ) ̲ÒÀÐ ËÓÒÎÂÀÖ, ïðîôåñîð, äîêòîð òåõí³÷íèõ íàóê, Óí³âåðñèòåò Óí³îí ³ì. Ìèêîëè Òåñëà, ôàêóëüòåò ³íäóñòð³àëüíîãî óïðàâë³ííÿ, çàâ³äóâà÷ êàôåäðè òåõíîëîã³é, ì. Áåëãðàä (Ñåðá³ÿ) ÞÐÀÉ Ñ²ÏÊÎ, ïðîôåñîð, äîêòîð åêîíîì³÷íèõ íàóê, Ñëîâàöüêà Àêàäåì³ÿ íàóê, äèðåêòîð ³íñòèòóòó åêîíîì³÷íèõ äîñë³äæåíü, ì. Áðàòèñëàâà (Ñëîâàöüêà ðåñïóáë³êà) ÑÎÔ²ß ÂÈØÊÎÂÑÜÊÀ, ïðîôåñîð, äîêòîð íàóê, çàâ. êàôåäðè îðãàí³çàö³¿ ³ óïðàâë³ííÿ (ôàêóëüòåò óïðàâë³ííÿ) Òåõíîëîã³÷íî–ïðèðîäíè÷èé óí³âåðñèòåò ³ì. ßíà ³ ªíäæåÿ Ñíÿäåöüêèõ ó Áèäãîù³, Áèäãîù, Ïîëüùà ÑÒÅÔÀÍ ÄÈÐÊÀ, äîêòîð åêîíîì³÷íèõ íàóê, ïðîôåñîð, Âèùà åêîíîì³÷íà øêîëà, ì. Êàòîâ³öå, Ïîëüùà, ïðîôåñîð êàôåäðè ìåíåäæìåíòó ³ ìàðêåòèíãó. ̳æíàðîäíèé àêðåäèòîð ̳í³ñòåðñòâà íàóêè ³ îñâ³òè Ðåñïóáë³êè Êàçàõñòàí ÒÎÌÀØ ÁÅÐÍÀÒ, ïðîôåñîð, äîêòîð íàóê, çàâ³äóâà÷ êàôåäðè ì³êðîåêîíîì³êè, ôàêóëüòåò åêîíîì³êè ³ ìåíåäæìåíòó, Ùåöèíñüêèé óí³âåðñèòåò, Ïîëüùà Ⱦɪɭɤɨɜɚɧɟɩɟɪɿɨɞɢɱɧɟɜɢɞɚɧɧɹ©Ɏɨɪɦɭɜɚɧɧɹɪɢɧɤɨɜɢɯɜɿɞɧɨɫɢɧɜɍɤɪɚʀɧɿª ɜɧɟɫɟɧɟɜɦLɠɧɚɪɨɞɧɭɛɚɡɭɞɚɧɢɯɩɟɪLɨɞɢɱɧɢɯɜɢɞɚɧɶ ,661± .H\WLWOH)RUPXYDQQkULQNRYLKYuGQRVLQY8NUDwQu $EEUHYLDWHGNH\WLWOH)RUPULQNRYLKYuGQRVLQ8NU ²íäåêñóâàííÿ ³ ðåôåðóâàííÿ: Óêðà¿í³êà Íàóêîâà, Äæåðåëî ̳æíàðîäí³ ³íôîðìàö³éí³ òà íàóêîìåòðè÷í³ áàçè äàíèõ: Google Scholar, Index Copernicus International (ICI), Íàö³îíàëüíà á³áë³îòåêà Óêðà¿íè ³ìåí³ Â.². Âåðíàäñüêîãî. Ôîð ìó âàí íÿ ðèí êî âèõ â³ä íî ñèí â Óê ðà ¿ í³, 2025. Ñâ³äîöòâî ïðî äåðæàâíó ðåºñòðàö³þ äðóêîâàíîãî çàñîáó ìàñîâî¿ ³íôîðìàö³¿ Ñåð³ÿ Ê 22545–12445ÏÐ â³ä 20.02.2017 ðîêó © Äåðæàâíèé íàóêîâî–äîñë³äíèé ³íñòèòóò ³íôîðìàòèçàö³¿ òà ìîäåëþâàííÿ åêîíîì³êè, 2025
State Scientific Research Institute of Informatization and Economic Modeling Collection of scientific works ¹9 (292) Kyiv 2025 MARKET RELATIONS MARKET RELATIONS DEVELOPMENT IN UKRAINE DEVELOPMENT IN UKRAINE
Market Relations Development in Ukraine: Collection of scientific works Volume 9 (292). Ê., 2025. – 122 p. Recommended by the Academic Council SSRIIEÌ Protocol No. 9 dated August 26, 2025 The collection of articles is devoted to scientific achievements of young scientists – graduate students and candidates for scientific degrees of Ph.D and doctor of economic sciences. It covers a wide range of issues in these areas: – Macro–economic aspects of modern economy; – Innovation and investment policy; – Economic issues of industries and types of economic activity development; – Development of a regional economy; – Social–labor problems. Collection of works is focused on scientists and specialists dealing with economic management and those, who learn the theory and practice of market economy in Ukraine. According to the Decree of the Ministry of Education and Science of Ukraine No. 1643 of December 28, 2019, this collection is included in the List of scientific professional editions of Ukraine in which the results of the dissertation works for obtaining the scientific degrees of doctor and candidate of sciences, category «B» can be published. EDITORIAL BOARD G. STUDINSKA, Doctor of Economics, (Chief Scientific Editor) A. KHODZHAIAN, Doctor of Economics, Professor (Deputy Editor in Chief) Y. PASICHNYK, Doctor of Economics, Professor (Deputy Editor in Chief) S. ZAKHARIN, Doctor of Economics, Professor, Senior Researcher (Deputy Editor in Chief) I. ALEKSEEV, Doctor of Economics, Professor P. NEBOTOV, Candidate of Science, Director Z. VARNALIY, Doctor of Economics, Professor I. GUZHVA, Doctor of Economics M. KYZYM, Doctor of Economics, Professor, member of the NASU S. KULPINSKY, Doctor of Economics V. KORNEEV, Doctor of Economics, Professor S. VASYLCHAK, Doctor of Economics, Professor H. LOPUSHNIAK, Doctor of Economics, Professor I. KYCHKO, Doctor of Economics, Professor L. SHOSTAK, Doctor of Economics, Professor Z. HARBAR, Doctor of Economic Sciences, Associate Professor K. CHERKASHYNA, Ph.D, Economic Sciences, Assistant Professor Ye. IVANOV, Candidate of Science (Economics) (executive secretary) INTERNATIONAL EDITORIAL BOARD AGNESHKA DZYUBINSKAYA, Doctor of Philosophy, Economic University of Katowice, Poland, Professor of the Department of Management of the Enterprise ADAM SAMBORSKI, Ph.D., Economic University of Katowice, Poland, Professor of the Department of Enterprise Management VIRGINIA YURENIENE, Professor, Doctor of Science, Head of the Department of Philosophy and Culturology, Kaunas Faculty, Vilnius University, Lithuania GORBOVY ARTHUR YULIANOVICH, Professor, Doctor of Technical Sciences, Slovak Academy of Agrarian Sciences, member of the Department of Economics and Management, (Slovakia) DIANA SPULBER, Ph.D., University of Genoa, Assistant Professor, Department of Philosophy of Societies, Genoa (Italy) IVAN TYNEV DMITROV, Professor, Doctor of Economics, University «Prof. Dr. Asen Zlatarov, Head of the Department of Economics and Management, Burgas (Bulgaria) MITAR LUTOVATS, Professor, Doctor of Technical sciences, UNION UNIV. Mykola Tesla, Faculty of Industrial Management, Head of Technology Department, Belgrade (Serbia) YURAY SIPKO, Professor, Doctor of Economics, Slovak Academy of Sciences, Director of the Institute for Economic Research, Bratislava, Slovakia) SOFIA VISHKOVSKA, Professor, Doctor of Sciences, Head of Department of Organization and Management, UTP University of Science and Technology, Bydgoszcz, Poland STEFAN DIRKA, Doctor of Economics, Professor, Higher Economics School in Katowice Poland, Professor of Management and Marketing Department. International accredited by the Ministry of Science and Education of the Republic of Kazakhstan TOMASH BERNAT, Professor, Doctor of Science, Head of the Department of Microeconomics, Faculty of Economics and Management, Szczecin University, Poland 3ULQWHGSHULRGLFDO©0DUNHW5HODWLRQV'HYHORSPHQWLQ8NUDLQHª ,QFOXGHGLQWKHLQWHUQDWLRQDOGDWDEDVHRISHULRGLFDOV ,661± .H\WLWOH)RUPXYDQQkULQNRYLKYuGQRVLQY8NUDwQu $EEUHYLDWHGNH\WLWOH)RUPULQNRYLKYuGQRVLQ8NU Indexing and reviewing: Ukrainika Naukova, Dzherelo International information and scientometric data base: Google Scholar, Index Copernicus International (ICI), National Library of Ukraine after V.². Vernadskiy Market Relations Development in Ukraine, 2025. Certificate of state registration of printed mass media Series ÊÂ 22545–12445 PR from 02.20.2017 © State Research Institute of Informatization and Economic Modeling, 2025
5 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ © ÊËÈÌÅÍÊÎ Í. À., ÍÅÃÐÅÉ Ì. Â., ÊÐÀÂ×ÅÍÊÎ Â. Ì., ÊÎÂÀËÜ Ï. Â., 2025 ÓÄÊ 338.43:330.101.541(4+477) ÊËÈÌÅÍÊÎ Í. À., ÍÅÃÐÅÉ Ì. Â., ÊÐÀÂ×ÅÍÊÎ Â. Ì., ÊÎÂÀËÜ Ï. Â. Ô³íàíñîâà ñò³éê³ñòü àãðîïðîìèñëîâèõ êîìïàí³é â óìîâàõ ìàêðîåêîíîì³÷íèõ ïîòðÿñ³íü â ªâðîï³ òà Óêðà¿í³ Àêòóàëüí³ñòü òåìè äîñë³äæåííÿ. Ó ñó÷àñíèõ óìîâàõ íåîáõ³äíî êðàùå çðîçóì³òè, ÿê ïîñèëèòè ñò³éê³ñòü àãðîïðîìèñëîâèõ ñèñòåì äî ÷èñëåííèõ ïîòðÿñ³íü òà ñòðåñ³â ð³çíîãî õàðàêòåðó. Êðèçà, ñïðè÷èíåíà ïàíäå쳺þ COVID–19, òà ñïàëàõ ïîâíîìàñøòàáíî¿ â³éíè â Óêðà¿í³ ñòâîðèëè âèêëèêè äëÿ ãëîáàëüíî¿ ïðîäîâîëü÷î¿ áåçïåêè. Ïîñòàíîâêà ìåòè äîñë³äæåííÿ. Öå äîñë³äæåííÿ ïðèñâÿ÷åíå àíàë³çó ô³íàíñîâî¿ ñò³éêîñò³ ï³äïðèºìñòâ õàð÷îâîãî ëàíöþãà â ªâðîï³ òà Óêðà¿í³ ó â³äïîâ³äü íà äâà ñåðéîçí³ ñèñòåìí³ ïîòðÿñ³ííÿ: ïàíäåì³þ COVID–19 òà â³éíó ì³æ ðîñ³ºþ òà Óêðà¿íîþ. Öå äîñë³äæåííÿ ìຠíà ìåò³ ïðîàíàë³çóâàòè ñò³éê³ñòü òà âðàçëèâ³ñòü ºâðîïåéñüêèõ òà óêðà¿íñüêèõ êîìïàí³é ó ëàíöþãó ïîñòà÷àííÿ ïðîäîâîëüñòâà (âèðîáíèöòâî òà ïåðåðîáêà) äî òà ï³ñëÿ öèõ ïîòðÿñ³íü. Ìåòîäîëîã³ÿ äîñë³äæåííÿ. Íà îñíîâ³ ùîäåííèõ äàíèõ ïðî ö³íè àêö³é 43 ïóáë³÷íèõ êîìïàí³é àíàë³ç îá’ºäíóº îïèñîâó ñòàòèñòèêó, VaR, CVaR òà êëàñòåðèçàö³þ äëÿ îö³íêè âðàçëèâîñò³ êîìïàí³é, ðèçèê³â òà ìîäåëåé â³äíîâëåííÿ. Ðåçóëüòàòè äîñë³äæåííÿ. ïîêàçóþòü, ùî âïëèâ ïàíäå쳿 íà ñåðåäíþ ïðèáóòêîâ³ñòü êîìïàí³é áóâ â³äíîñíî îáìåæåíèì â îáîõ ðåã³îíàõ, ³ áàãàòî êîìïàí³é ïðîäåìîíñòðóâàëè øâèäêå â³äíîâëåííÿ. Íàòîì³ñòü øîê, ñïðè÷èíåíèé â³éíîþ, ïðèçâ³â äî ð³çêî¿ ðåã³îíàëüíî¿ äèâåðãåíö³¿: ºâðîïåéñüê³ êîìïàí³¿ çàçíàëè ïîì³ðíèõ âòðàò ³ ïðîäåìîíñòðóâàëè îçíàêè ñò³éêîñò³, òîä³ ÿê óêðà¿íñüê³ êîìïàí³¿ çàçíàëè ñåðéîçíîãî ïàä³ííÿ ðèíêîâèõ ïîêàçíèê³â, ï³äâèùåíèõ ðèçèê³â òà ïîâ³ëüí³øîãî â³äíîâëåííÿ. Êëàñòåðíèé àíàë³ç ï³äêðåñëþº íåîäíîð³äí³ñòü ðåàêö³é, âêàçóþ÷è íà òå, ùî ôàêòîðè, ñïåöèô³÷í³ äëÿ êîìïàí³é, òà íàö³îíàëüíèé êîíòåêñò â³ä³ãðàþòü âèð³øàëüíó ðîëü ó ôîðìóâàíí³ ðåçóëüòàò³â ñò³éêîñò³. Âèñíîâêè. Ðåçóëüòàòè ï³äêðåñëþþòü çðîñòàþ÷ó âàæëèâ³ñòü ðåòåëüíî¿ îö³íêè ðèçèê³â òà àäàïòàö³éíî¿ ñïðîìîæíîñò³ â àãðîïðîäîâîëü÷èõ ëàíöþãàõ ñòâîðåííÿ âàðòîñò³, îñîáëèâî â ïåð³îäè ãåîïîë³òè÷íî¿ íåñòàá³ëüíîñò³ òà ìàêðîåêîíîì³÷íî¿ íåâèçíà÷åíîñò³. Äëÿ çì³öíåííÿ ñò³éêîñò³ ñ³ëüñüêîãîñïîäàðñüêèõ ï³äïðèºìñòâ íåîáõ³äí³ ñêîîðäèíîâàí³ ïîë³òè÷í³ çàõîäè, ö³ëüîâ³ ³íâåñòèö³¿ òà ³íñòèòóö³éíà ï³äòðèìêà, ùîá çàáåçïå÷èòè áåçïåðåðâí³ñòü âèðîáíèöòâà, ïåðåðîáêè òà òîðã³âë³ ïðîäîâîëüñòâîì â óìîâàõ óñêëàäíåííÿ øîê³â. Ö³ âèñíîâêè ï³äêðåñëþþòü âàæëèâó ðîëü êîìïàí³é ó ïðîäîâîëü÷îìó ëàíöþãó òà íàäàþòü ö³ííó ³íôîðìàö³þ ïðî éîãî ñò³éê³ñòü äî ìàêðîåêîíîì³÷íî¿ íåñòàá³ëüíîñò³. ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ ÅÊÎÍÎ̲ÊÈ
6´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ Êëþ÷îâ³ ñëîâà: ëàíöþã ïîñòà÷àííÿ ïðîäîâîëüñòâà, ô³íàíñîâà ñò³éê³ñòü, ìàêðîåêîíîì³÷í³ øîêè, ïàíäåì³ÿ COVID–19, ðîñ³éñüêî–óêðà¿íñüêà â³éíà, àãðîïðîäîâîëü÷³ êîìïàí³¿, îö³íêà ðèçèê³â, â³äíîâëåííÿ. NATALIIA KLYMENKO, MARYNA NEHREY, VOLODYMYR KRAVCHENKO, PAVLO KOVAL Financial resilience of agri–food companies under macroeconomic shocks in Europe and Ukraine Relevance of the study. ²n today’s context, there is a need to better understand how to strengthen the resilience of agri–food systems to multiple shocks and stresses of different nature. The COVID–19 pandemic crisis and the outbreak of a full–scale war in Ukraine have created challenges to global food security. Purpose of the study. This study investigates the financial resilience of food production and processing companies in Europe and Ukraine in response to two major systemic shocks: the COVID–19 pandemic and the Russia–Ukraine war. This study aims to analyse the resilience and vulnerability of European and Ukrainian companies along the food chain (production and processing) before and after these shocks. Methodology. Drawing on daily stock price data for 43 publicly traded companies, the analysis integrates descriptive statistics, Value at Risk (VaR), Conditional Value at Risk (CVaR), and k–means clustering to assess company–level vulnerability, risk exposure, and recovery patterns. Research results. The findings reveal that the impact of the pandemic on average company profitability was relatively limited across both regions, with many companies demonstrating a swift recovery. In contrast, the shock induced by the war led to stark regional divergence: while European companies experienced moderate losses and showed signs of resilience, Ukrainian companies suffered severe market performance declines, elevated tail risks and slower recovery trajectories. Cluster analysis highlights the heterogeneity of responses, indicating that company–specific factors and national context play a critical role in shaping resilience outcomes. Conclusions. These results emphasise the increasing importance of thorough risk assessment and adaptive capacity within agri–food value chains, especially in times of geopolitical instability and macroeconomic uncertainty. To strengthen the resilience of agricultural enterprises, coordinated policy responses, targeted investments and institutional support are required to ensure the continuity of food production, processing and trade in the face of compounding shocks. These findings highlight the important role of companies in the food chain and provide valuable insights into its resilience to macroeconomic instability. Keywords: food supply chain, financial resilience, macroeconomic shocks, COVID–19 pandemic, Russia–Ukraine war, agri–food companies, risk assessment, shock recovery. Ïîñòàíîâêà ïðîáëåìè ó çàãàëüíîìó âèãëÿä³. dz çðîñòàííÿì âïëèâó çì³íè êë³ìàòó òà ïîã³ðøåííÿì ñòàíó äîâê³ëëÿ íà âèðîáíèöòâî ïðîäóêò³â õàð÷óâàííÿ, à òàêîæ ðèçèê³â, ïîâ’ÿçàíèõ ç ìàêðîåêíîì³÷íîþ íåñòàá³ëüí³ñòþ, ê³áåðçàãðîçàìè òà ãåîïîë³òè÷íèìè çðóøåííÿìè, ùî çàãðîæóþòü ôóíêö³îíóâàííþ ãëîáàëüíîãî ëàíöþãà ïîñòà- ÷àííÿ ïðîäîâîëüñòâà, íàóêîâ³ äîñë³äæåííÿ ôóíêö³îíóâàííÿ âñ³õ ñêëàäîâèõ õàð÷îâîãî ëàíöþãà òà ïðîáëåì ùîäî çàáåçïå÷åííÿ ïðîäîâîëü÷î¿ áåçïåêè â ªÑ íàáóâàþòü âñå á³ëüøî¿ àêòóàëüíîñò³. Ñòðàòåã³÷íà âàæëèâ³ñòü ïðîäîâîëü÷î¿ áåçïåêè òà ñò³éêîñò³ ïðîäîâîëü÷èõ ñèñòåì ªÑ âèçíàºòüñÿ ó çâ³òàõ ªâðîïåéñüêî¿ Êîì³ñ³¿. Âñå á³ëüøå óâàãè ïðèä³ëÿºòüñÿ ðîçóì³ííþ ðèçèê³â, ùî âïëèâàþòü íà ïðîäîâîëü÷³ ñèñòåìè, òà ñòâîðåííþ åôåêòèâíèõ ³íñòðóìåíò³â óïðàâë³ííÿ ðèçèêàìè [1–2]. Íåùîäàâí³ äîñë³äæåííÿ àêöåíòóþòü óâàãó íà àêòóàëüíèõ ðèçèêàõ â øîêîâèõ ïåð³îäàõ òà ïðîáëåìàõ äëÿ ïðîäîâîëü÷îãî ïîñòà÷àííÿ òà áåçïåêè, òàêèõ ÿê ïàíäåì³ÿ COVID–19, âòîðãíåííÿ ðîñ³¿ â Óêðà- ¿íó, ïîðóøåííÿ ëàíöþã³â ïîñòà÷àííÿ òà åêñòðåìàëüí³ ïîãîäí³ ÿâèùà. Òîìó äîñë³äæåííÿ âðàçëèâîñò³ òà ñò³éêîñò³ êîìïàí³é õàð÷îâîãî ëàíöþãà â øîêîâ³ ïåð³îäè íàáóâàþòü àêòóàëüíîñò³ òà çàö³êàâëåíîñò³ ð³çíèõ íàóêîâö³â. Ó ö³é ñòàòò³ äîñë³äæóºòüñÿ âïëèâ ìàêðîåêîíîì³÷íî¿ íåñòàá³ëüíîñò³, çîêðåìà ïàíäå쳿 COVID–19 òà â³éíè â Óêðà¿í³, íà ºâðîïåéñüê³ òà óêðà¿íñüê³ êîìïàí³¿, ùî íàëåæàòü äî ñêëàäîâèõ ïðîäîâîëü÷èõ ëàíöþã³â. ²ñíóº íàãàëüíà ïîòðåáà ïîêðàùèòè ðîçóì³ííÿ øëÿõ³â ïîñèëåííÿ ñò³éêîñò³ àãðîïðîäîâîëü÷èõ ñèñòåì äî
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 7 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ ÷èñëåííèõ ïîòðÿñ³íü ³ ñòðåñ³â, ÿê³ âèíèêàþòü îäíî÷àñíî àáî íàñòóïàþòü îäíå çà îäíèì. Àíàë³ç îñòàíí³õ äîñë³äæåíü ³ ïóáë³êàö³é. Ó ñó÷àñí³é åêîíîì³÷í³é òåî𳿠ð³çí³ àâòîðè ïî–ð³çíîìó îïèñóþòü ïîíÿòòÿ ô³íàíñîâèõ øîê³â. Åêîíîì³÷íèìè ïîòðÿñ³ííÿìè, çáóðåííÿìè àáî øîêàìè º ïåðåì³ùåííÿ êðèâèõ ïîïèòó òà ïðîïîçèö³¿ â íàñë³äîê âïëèâ³â çîâí³øí³õ ÷èííèê³â ÷è òðàêòóþòü øîê ÿê áóäü–ÿêó ñóòòºâó çì³íè åêîíîì³÷íîãî ïàðàìåòðà [3]. Ôàõ³âö³ Ñâ³òîâîãî áàíêó âèçíà÷àþòü øîê ÿê íåêîíòðîëüîâàíó ïîä³þ, ÿêà ïðèçâîäèòü äî çíèæåííÿ äîáðîáóòó îêðåìîãî ³íäèâ³äà, ñï³ëüíîòè, ðåã³îíó, íàâ³òü íàö³¿ (ïðèðîäíà êàòàñòðîôà, ìàêðîåêîíîì³÷íà êðèçà, â³éíà). ²íø³ íàóêîâö³ âèçíà÷àþòü øîê ñòîõàñòè÷íèì ïîêàçíèêîì, ðåçóëüòàòîì ÿêîãî º ñêîðî÷åííÿ äîáðîáóòó [4] ÷è ñóòòºâ³ íåãàòèâí³ åôåêòè íà äîáðîáóò (íàïðèêëàä, ñóòòºâà âòðàòà äîõîäó, òîùî)» [5], ³íø³, çàçíà÷àþòü, ùî âàæëèâèìè øîêàìè º çíèæåííÿ òåìï³â ãëîáàëüíîãî ðîñòó, ïðîáëåìè ô³íàíñîâîãî ñåêòîðà, à òàêîæ çì³íè âàðòîñò³ ñèðîâèííèõ òîâàð³â, ÿê³ ìàþòü «çíà÷í³ íåñïðèÿòëèâ³ åêîíîì³÷í³ òà ñîö³àëüí³ íàñë³äêè» [6]. Cardarelli òà ³íø³ ³íòåðïðåòóþòü øîêè ÿê ìàêðîåêîíîì³÷í³ ñþðïðèçè àáî (íåïåðåäáà÷åí³) ñóòòºâ³ â³äõèëåííÿ [7]. Çîêðåìà, ðîçãëÿäàºòüñÿ ê³ëüê³ñíå áà÷åííÿ øîêó ÿê âåëè÷èíè, ùî ïåðåâèùóº ñòàíäàðòíå â³äõèëåííÿ â³äïîâ³äíèõ ïîêàçíèê³â â³ä òðåíäó. Borio âèçíà÷ຠøîê, ÿê «ñóòòºâå ð³çêå çíèæåííÿ âàðòîñò³ àêòèâ³â àáî åêîíîì³÷íèé ñïàä, ÿêèé ìîæå ïðèçâåñòè äî ô³íàíñîâèõ ïðîáëåì» [8]. Óçàãàëüíþþ÷è êëàñè÷íó ïîíÿòòÿ øîê³â ìîæíà çðîáèòè âèñíîâîê, ùî õàðàêòåðèñòèêîþ ô³íàíñîâèõ øîê³â º: ñòîõàñòè÷í³ñòü; ð³çêà ñóòòºâà çì³íà ñèòóàö³¿, ùî ìîæå áóòè âèì³ðÿíà ÷åðåç íèçêó ïîêàçíèê³â, ÿê³ âïëèâàþòü íà ³íäèâ³ä³â òà åêîíîì³êó â ö³ëîìó; íåêîíòðîëüîâàí³ñòü; ðåàë³çîâàíèé ðèçèê; çíèæåííÿ äîáðîáóòó, òà íàÿâí³ñòü çáèòê³â; íåâèçíà÷åí³ñòü ÿê ðåçóëüòàò øîêó; êðèçà ÿê ðåçóëüòàò 䳿 øîêó. Íàâåäåí³ ïðèêëàäè âèçíà÷åííÿ çàçíà÷àþòü, ùî ñàìå øîêîâ³ ïåð³îäè, ÿê ïðàâèëî, ñòàþòü ïðè÷èíàìè ô³íàíñîâèõ êðèç, òîìó äîñë³äæåííÿ ïèòàííÿ âèíèêíåííÿ òà íàë³çó íàñë³äê³â øîê³â º àêòóàëüíèì íà ñüîãîäí³. Òàê ó ëèñòîïàä³ 2021 ðîêó ªâðîïåéñüêà Êîì³ñ³ÿ óõâàëèëà «Ïëàí ä³é ó íàäçâè÷àéíèõ ñèòóàö³ÿõ äëÿ çàáåçïå÷åííÿ ïðîäîâîëü÷îãî ïîñòà÷àííÿ òà ïðîäîâîëü÷î¿ áåçïåêè ï³ä ÷àñ êðèçè» â³äïîâ³äíî äî ñòðàòå㳿 «Â³ä ëàíó äî âèäåëêè» òà íà îñíîâ³ âèñíîâê³â, îòðèìàíèõ ï³ä ÷àñ ïàíäå쳿 COVID–19, ç ìåòîþ íàëàãîäæåííÿ êîîðäèíàö³¿ çàãàëüíîºâðîïåéñüêîãî ðåàãóâàííÿ íà êðèçè, ùî âïëèâàþòü íà ïðîäîâîëü÷å ïîñòà÷àííÿ òà ïðîäîâîëü÷ó áåçïåêó. Öåé ïëàí ä³é ïåðåäáà÷ຠñï³âïðàöþ ì³æ óñ³ìà äåðæàâíèìè òà ïðèâàòíèìè ñòîðîíàìè, ÿê³ º ÷àñòèíîþ ëàíöþãà ïîñòà÷àííÿ ïðîäîâîëüñòâà íà âèïàäîê íàäçâè÷àéíèõ ñèòóàö³é. À âæå â 2025 ðîö³ â ñâî¿é ïðîãðàì³ [9] ªâðîïåéñüêà Êîì³ñ³ÿ íàãîëîøóº íà ãåîïîë³òè÷íèõ òà êë³ìàòè÷íèõ âèêëèêàõ, òàêèõ ÿê: • íåñòàá³ëüí³ñòü áåçïåêè: â³éíà ðîñ³¿ ïðîòè Óêðà¿íè ñóòòºâî çì³íèëà áåçïåêîâó ñèòóàö³þ â ªâðîï³, ï³äêðåñëþþ÷è íåîáõ³äí³ñòü àäàïòàö³¿ äî íîâèõ çàãðîç. • íåçàêîííà ì³ãðàö³ÿ: ïðîáëåìà íåëåãàëüíî¿ ì³ãðàö³¿ âèêëèêຠçàíåïîêîºííÿ, îñê³ëüêè ãðîìàäÿíè ïîâèíí³ äîâ³ðÿòè ñâî¿ì óðÿäàì ó åôåêòèâíîìó óïðàâë³íí³ öèì ïèòàííÿì. • êë³ìàòè÷í³ âèêëèêè: çì³íà êë³ìàòó ìຠñåðéîçíèé âïëèâ íà ïîâñÿêäåííå æèòòÿ ãðîìàäÿí òà á³çíåñó, ùî ïðîÿâëÿºòüñÿ ó âèãëÿä³ åêñòðåìàëüíèõ ïîãîäíèõ ÿâèù. • ÿê³ñòü æèòòÿ: ñóñï³ëüñòâà ïîòðåáóþòü ï³äòðèìêè ÿêîñò³ æèòòÿ, âêëþ÷àþ÷è ïðîäîâîëü÷ó òà åíåðãåòè÷íó áåçïåêó, à òàêîæ çàõèñò ïðèðîäíîãî ñåðåäîâèùà. Çì³ñò çàâäàííÿ «Sustaining our quality of life: farming, food security, water and nature» ï³äêðåñëþº âàæëèâ³ñòü ñòðàòåã³÷íîãî ïëàíóâàííÿ äëÿ ñ³ëüñüêîãî ãîñïîäàðñòâà â ªâðîï³. Ðîçðîáêà ³糿 òà äîðîæíüî¿ êàðòè äîïîìîæå çàáåçïå÷èòè ñòàá³ëüí³ñòü òà êîíêóðåíòîñïðîìîæí³ñòü ó ñ³ëüñüêîìó ãîñïîäàðñòâ³, ï³äòðèìóþ÷è ð³çí³ ëàíêè ïðîäîâîëü÷îãî ëàíöþãà. Âïëèâ ïàíäå쳿 COVID–19 òà â³éíè â Óêðà¿í³ íà ïðîäîâîëüñòâî òà ñ³ëüñüêå ãîñïîäàðñòâî â³ä÷óëè â óñüîìó ñâ³ò³, îñê³ëüêè íàñë³äêè öèõ øîê³â çàâäàëè øêîäè åêîíîì³÷í³é àêòèâíîñò³, âïëèíóëè íà ïðîäîâîëü÷³ ñèñòåìè, ïîðóøèëè ëàíöþãè ïîñòà÷àííÿ ñ³ëüñüêîãîñïîäàðñüêî¿ ïðîäóêö³¿ òà ïîñèëèëè ïðîäîâîëü÷ó íåáåçïåêó, ï³ä³ðâàâøè çàñîáè äî ³ñíóâàííÿ òà ìîæëèâîñò³ äîñòóïó äî ïðîäîâîëüñòâà äëÿ ì³ëüéîí³â ëþäåé [10–12]. Çîêðåìà, ñåðéîçíî ïîñòðàæäàëè êðà¿íè ç íèçüêèì ³ ñåðåäí³ì ð³âíåì äîõîäó, îñê³ëüêè çíà÷íà ÷àñòèíà ¿õíüîãî íàñåëåííÿ çàëåæèòü â³ä ñ³ëüñüêîãî ãîñïîäàðñòâà ÿê äæåðåëà çàñîá³â äî ³ñíóâàííÿ. Òàê, ç ðîçãîðòàííÿì ïàíäå쳿 COVID–19 çíà÷íà óâàãà ïî÷àëà ïðèä³ëÿòèñÿ ñò³éêîñò³ ëàíöþã³â ïîñòà÷àííÿ ñ³ëüñüêîãîñïîäàðñüêî¿ ïðîäóêö³¿ â óìîâàõ êðèç. COVID–19
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 8´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ íå ëèøå ñïðè÷èíèâ ïðîáëåìè â ëàíöþãàõ ïîñòà÷àííÿ ñ³ëüñüêîãîñïîäàðñüêî¿ ïðîäóêö³¿ ï³ä ÷àñ ïàíäå쳿, àëå é ïðèçâ³â äî çíà÷íîãî çðîñòàííÿ ðèçèê³â ï³ñëÿ çàâåðøåííÿ ïàíäå쳿 [13–15]. Ðèçèêè â ñôåð³ âèðîáíè÷èõ ïðîöåñ³â õàð÷îâèõ ñèñòåì, ëîã³ñòèêè òà ³íôðàñòðóêòóðè, óïðàâë³íñüê³ òà îïåðàö³éí³ ðèçèêè, ïîë³òè÷í³ òà ðåãóëÿòîðí³ ðèçèêè, à òàêîæ á³îëîã³÷í³ òà åêîëîã³÷í³ ðèçèêè ìàþòü çíà- ÷íèé âïëèâ íà àãðîá³çíåñ, çàëåæíî â³ä ìàñøòàáó òà ðîçì³ðó êîìïàí³é. Òàêîæ äîñë³äæóºòüñÿ ì³íëèâèé ó ÷àñ³ âïëèâ äâîõ ïîñë³äîâíèõ êðèç: ïàíäå쳿 Covid–19 òà ðîñ³éñüêî–óêðà¿íñüêî¿ â³éíè íà ôîíäîâ³ ðèíêè òà ³íâåñòèö³éíó ïðèâàáëèâ³ñòü àãðîêîìïàí³é [16–17]. Êîíöåïö³ÿ ñò³éêîñò³ õàð÷îâèõ ñèñòåì àæ í³ÿê íå íîâà. Àíàë³ç äîñë³äæåííÿ îïåðàö³é ³ óïðàâë³ííÿ ëàíöþãàìè ïîñòàâîê ïðîòÿãîì òðèâàëîãî ÷àñó çîñåðåäæåí³ íà ñòðóêòóðóâàíí³ á³çíåñó â ïðèâàòí³ îïòèìàëüí³ ñïîñîáè øëÿõîì áàëàíñóâàííÿ çâè- ÷àéíèõ óìîâ ç ³íâåñòèö³ÿìè äëÿ ìàéáóòíüî¿ íåâèçíà÷åíîñò³. Îäíàê äëÿ åêîíîì³ñò³â ñò³éê³ñòü õàð- ÷îâîãî ëàíöþãà âèêëèêàëà ³íòåðåñ íàñàìïåðåä ï³ñëÿ ïàíäå쳿 COVID–19, ìîæëèâî, ÷åðåç äèñêóñ³¿ ïðî äåðæàâíó ïîë³òèêó. ßê ï³äêðåñëþº åêîíîì³ñòè–àãðàðíèêè ìàþòü ñóòòºâ³ ïðè÷èíè äîñë³äæóâàòè âðàçëèâ³ ì³ñöÿ àãðàðíîãî ñåêòîðó òà ïîòåíö³éí³ íàñë³äêè ðóéí³âíèõ ïîä³é [18–20] Ïîñòàíîâêà çàâäàííÿ. Íàø çàãàëüíèé ï³äõ³ä äî îö³íêè ðèçèê³â ñêëàäàºòüñÿ ç äâîõ åòàï³â: ³äåíòèô³êàö³ÿ ðèçèê³â òà àíàë³ç ðèçèê³â. Ñë³ä çàçíà÷èòè, ùî íàø ï³äõ³ä íå âêëþ÷ຠóïðàâë³ííÿ ðèçèêàìè, îñê³ëüêè öå íå âõîäèòü ó ñôåðó öüîãî äîñë³äæåííÿ. ²äåíòèô³êàö³ÿ ðèçèê³â – öå ïðîöåñ âèçíà÷åííÿ ðèçèê³â, ÿê³ ïîòåíö³éíî ìîæóòü çàâàäèòè ñèñòåì³ äîñÿãòè ñâî¿õ ö³ëåé. Ìåòà ³äåíòèô³êàö³¿ ðèçèê³â – çíàéòè, îïèñàòè òà êëàñèô³êóâàòè ðèçèêè, ÿê³ ñèñòåìà õîò³ëà á çìåíøèòè, âèêîðèñòîâóþ÷è íàÿâíó ³íôîðìàö³þ ïðî ðèçèêè. Äëÿ îö³íêè ðèçèê³â ôóíêö³îíóâàííÿ êîìïàí³é, ÿê³ º ñêëàäîâèìè õàð÷îâîãî ëàíöþãà çà óìîâè ìàêðîåêîíîì³÷íî¿ íåñòàá³ëüíîñò³ ç âèä³ëåííÿì øîêîâèõ ïåð³îä³â áóëî îáðàíî 35 ºâðîïåéñüêèõ òà 8 óêðà¿íñüêèõ êîìïàí³é, ùî çàéìàþòüñÿ âèðîáíèöòâîì òà ïåðåðîáêîþ ïðîäîâîëüñòâà, àêö³¿ ÿêèõ êîòèðóþòüñÿ íà ñâ³òîâèõ á³ðæàõ. ²íôîðìàö³éíå çàáåçïå÷åííÿ äîñë³äæåííÿ âêëþ÷àëî ùîäåíí³ ö³íè àêö³é îáðàíèõ êîìïàí³é. Äîñë³äæåííÿ àêöåíòóº óâàãó íà äâîõ øîêîâèõ ïåð³îäàõ – ïåð³îä âïëèâó ïàíäå쳿 covid–19 òà ïåð³îä â³éíè.  ðîçð³ç³ öèõ øîê³â âèá³ðêà áóëà ïîä³ëåíà íà òðè ïåð³îäè: ïåð³îä äî øîêó, ÿêèé õàðàêòåðèçóºòüñÿ ïåâíèì ð³âíåì ñòàá³ëüíîñò³; ïåð³îä øîêó, âèêëèêàíèé ïàíäå쳺þ ÷è â³éíîþ òà ïåð³îä â³äíîâëåííÿ ï³ñëÿ øîêó. ³äïîâ³äí³ äîñë³äæåííÿ ïðîâîäèëîñü íà îñíîâ³ àíàë³çó ³íäèêàòîð³â ãëèáèíè øîêó òà ð³âíÿ â³äíîâëåííÿ ï³ñëÿ øîêó. Ìåòîä êëàñòåðèçàö³¿ öèõ êîìïàí³é äàâ ìîæëèâ³ñòü äîâåñòè â³äì³íí³ñòü ó âïëèâ³ ð³çíèõ øîê³â íà ºâðîïåéñüê³ òà óêðà¿íñüê³ êîìïàí³¿ ïðîäóêòîâî¿ ãðóïè. Âèêëàä îñíîâíîãî ìàòåð³àëó äîñë³äæåííÿ ç ïîâíèì îá´ðóíòóâàííÿì îòðèìàíèõ íàóêîâèõ ðåçóëüòàò³â. Ðèçèêè, ïîâ’ÿçàí³ ç ä³ÿëüí³ñòþ õàð÷îâîãî ëàíöþãà – öå ðèçèêè, ùî âèíèêàþòü ÷åðåç ïðîáëåìè, ïîâ’ÿçàí³ ç âèðîáíèöòâîì õàð÷îâèõ ïðîäóêò³â, ëîã³ñòè÷íèìè îïåðàö³ÿìè òà çàáåçïå÷åííÿì ðåñóðñàìè â ëàíöþãó ïîñòà÷àííÿ õàð÷îâèõ ïðîäóêò³â. Á³îëîã³÷íà îñíîâà ñ³ëüñüêîãîñïîäàðñüêîãî âèðîáíèöòâà òà éîãî çàëåæí³ñòü â³ä ´ðóíòó, çåìë³, âîäè, á³îð³çíîìàí³òòÿ òà êë³ìàòó ðîáëÿòü ïåðâèííå âèðîáíèöòâî îñîáëèâî âðàçëèâèì äî ïîòðÿñ³íü ³ ñòðåñ³â, ñïðè÷èíåíèõ ïðèðîäíèìè íåáåçïåêàìè. Íåãàòèâí³ íàñë³äêè ïîòðÿñ³íü íå îáìåæóþòüñÿ ïåðâèííèì âèðîáíèöòâîì òà ïåðåðîáêîþ, à ìîæóòü âïëèâàòè íà âåñü ëàíöþã ïîñòà÷àííÿ. Ìåòîäîëîã³ÿ îö³íêè ðèçèêó º äîñòàòíüî âèâ÷åíîþ òåìîþ ó ô³íàíñîâèõ ³íâåñòèö³ÿõ. Íå â îñòàííþ ÷åðãó òîìó, ùî âåëèê³ ñòàòèñòè÷í³ äàí³ äàþòü ìîæëèâ³ñòü ïðîâåñòè ´ðóíòîâí³ äîñë³äæåííÿ ñòóïåíÿ ðèçèêó. ²ñíóº áàãàòî ï³äõîä³â äî âèì³ðþâàííÿ ðèçèêó. Îñíîâó ñó÷àñíîãî âèì³ðþâàííÿ ðèçèêó ñòàíîâëÿòü ÷îòèðè áàçîâ³ êîíöåïö³¿ îö³íêè ô³íàíñîâîãî ðèçèêó [21–22]. Óñ³ êîíöåïö³¿ áàçóþòüñÿ íàñàìïåðåä íà îö³íö³ ïðèáóòêîâîñò³, ÿêà âèçíà÷àºòüñÿ â àðèôìåòè÷í³é ôîðì³ (1), àáî ëîãàðèôì³÷í³é ôîðì³ (2): (1) (2) äå Pt — ö³íà àêòèâó â ìîìåíò t. Ó äàí³é ðîáîò³ çàñòîñîâàíî îö³íêó ïðèáóòêîâîñò³ äëÿ ùîäåííèõ ïðèáóòê³â â àðèôìåòè÷í³é ôîðì³. Äîñë³äæóâàíèé ïåð³îä ïîä³ëåíî íà â³äïîâ³äí³ ïåð³îäè äëÿ àíàë³çó øîê³â, ïîâ’ÿçàíèõ ç íàñë³äêàìè covid–19 òà ó ïåð³îä Russian–Ukrainian war Äèíàì³êó ö³í àêö³é îáðàíèõ êîìïàí³é â ðîçð³ç³ âèä³ëåíèõ øîêîâèõ ïåð³îä³â íàâåäåíî íà ðèñ. 1. Ìîæíà â³äì³òèòè ñóòòºâó ð³çíèöþ â ³íòåðâàë³ ùîäåííèõ ö³í àêö³é òà â àìïë³òóä³ êîëèâàíü öèõ ö³í â ðîçð³ç³ äîñë³äæóâàíèõ ïåð³îä³â. Á³ëüø³ñòü
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 9 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ Ðèñóíîê 1. Äèíàì³êà ö³í íà àêö³¿ ºâðîïåéñüêèõ êîìïàí³¿ õàð÷îâîãî ëàíöþãà Ðèñóíîê 2. Äèíàì³êà ö³í íà àêö³¿ óêðà¿íñüêèõ êîìïàí³¿ õàð÷îâîãî ëàíöþãà
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 16 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ al risk assessment for disaster risk management in EU – Where science and policy meet, JRC science for policy report, JRC123585, Publications Office of the European Union, Luxembourg https://doi.org/10.2760/80545. 2. European Commission (2018). Study on Risk Management in EU Agriculture – Final report, Publications Office of the European Union, Luxembourg https://data.europa.eu/doi/10.2762/387583. 3. Charles L. Evans David A. Marshall (2005). Fundamental economic shocks and the macroeconomy. Central Bank of Chile Documentos de Trabajo Working Papers N 351, 23 p. 4. Hoddinott J. (2008). Methods for Microeconometric Risk and Vulnerability Assessments[Text] / J. Hoddinott, A.R. Quisumbing. International Food Policy Research Institute Working Paper 5. Heitzmann K. (2002). Guidelines for assessing the sources of risk and vulnerability [Text] / K. Heitzmann, R.S. Canagarajah, P.B. Siegel. Social Protection Discussion Paper, World Bank. 56 ð. 6. Tiongson E.R.( 2010). The Crisis Hits Home: Stress– Testing Households in Europe and Central Asia [Text] /E.R. Tiongson, N. Sugawara,V. Sulla,A.Taylor, A.I. Gueorguieva,V. Levin, K. Subbarao. Washington DC: World Bank. . 7. Cardarelli R.(2011). Financial stress and economic contractions [Text] / R. Cardarelli, S. Elekdag, S. Lall. Journal of Financial Stability. No. 7. 78–97. 8. Borio, C. (2007). Change and constancy in the financial system: implications for financial distress and policy [Text] / C. Borio.BIS Working Papers. No. 237. 21 p. 9. European Commission (2025). Commission work programme 2025 https://commission.europa.eu/ publications/2025–commission–work–programme– and–annexes_en 10. Abay, K. A., Breisinger, C., Glauber, J., Kurdi, S., Laborde, D., & Siddig, K. (2023). The Russia–Ukraine war: Implications for global and regional food security and potential policy responses. Global Food Security, 36, 100675. https://doi.org/10.1016/j.gfs.2023.100675 11. He, X., Carriquiry, M., Elobeid, A., Hayes, D., & Zhang, W. (2023). Impacts of the Russian–Ukraine Conflict on Global Agriculture Commodity Prices, Trade, and Cropland Reallocation. Choices, 38(2), 1–8. 12. Nehrey, M., & Finger, R. (2024). Assessing the initial impact of the Russian invasion on Ukrainian agriculture: challenges, policy responses, and future prospects. Heliyon, e39208. https://doi.org/10.1016/j. heliyon.2024.e39208. 13. Sharma, Janpriy & Tyagi, Mohit & Bhardwaj, Arvind. (2021). Exploration of COVID–19 impact on the dimensions of food safety and security: a perspective of societal issues with relief measures. Journal of Agribusiness in Developing and Emerging Economies. ahead–of– print. 10.1108/JADEE–09–2020–0194. 14. DuPuis, E. M., Ransom, E. and Worosz, M. R. (2022). Food supply chain shocks and the pivot toward local: lessons from the global pandemic. Frontiers in Sustainable Food Systems, Vol. 6: 836574. 15. Ebata, A., Nisbett, N. and Gillespie, S. (2021). Food systems after COVID–19. IDS Bulletin, Vol. 52, No 1, pp. 73–93 16. Mroua, M., Bouattour, H. (2023).Connectedness among various financial markets classes under Covid–19 pandemic and 2022 Russo–Ukrainian war: evidence from TVP–VAR approach. Journal of Financial Economic Policy, 15 (2), pp. 140–163. doi: 10.1108/JFEP–11–2022–0286 17. Íåãðåé, Ì., Òàðàíåíêî, À., & Êîñòåíêî, ². (2022). Àãðàðíèé ñåêòîð Óêðà¿íè â óìîâàõ â³éíè: ïðîáëåìè òà ïåðñïåêòèâè. Åêîíîì³êà òà ñóñï³ëüñòâî, (40). https:// doi.org/10.32782/2524–0072/2022–40–38 18. Klymenko, N., Voronenko, I., Nehrey, M., Rogoza, K., & Rogoza, N. (2023). Risk assessment of shock periods and investment attractiveness of agroholdings of Ukraine. Agricultural and Resource Economics: International Scientific E–Journal, 9(2). https://doi. org/10.51599/are.2023.09.02.07 19. Nehrey, M., Klymenko, N., Kaminskyi, A., Taranenko, A. (2024). Analysis of the impact of macroeconomic turmoil (COVID–19 and RUW) on Ukrainian agroholdings. Studies in Agricultural Economics, 126(2), pp. 66– 74 https://doi.org/10.7896/j.2846 20. Êëèèìåíêî Í., Íåãðåé Ì. (2024).Îö³íêà íàñë³äê³â ïîâíîìàñøòàáíî¿ â³éíè äëÿ ñ³ëüñüêîãî ãîñïîäàðñòâà Óêðà¿íè: êîìïëåêñíèé àíàë³ç, âèêëèêè òà ïåðñïåêòèâè ï³ñëÿâîºííîãî â³äíîâëåííÿ. Åôåêòèâíà åêîíîì³êà. ¹1. https://doi.org/10.32702/2307–2105.2024.1.51 21. Szegö, G. P. (Ed.). (2004). Risk measures for the 21st century. Vol. 1. New York: Wiley. 22. Kaminskyi, A., Nehrey, M., & Rizun, N. (2020). The impact of COVID–induced shock on the risk–return correspondence of agricultural ETFs. International Conference on Monitoring, Modeling and Management of Emergent Economy, M3E2–MLPEED,pp. 204–218. References: 1. Poljansek, K., Casajus Valles, A., Marin Ferrer, M., and Wood, M. (2021). Recommendations for national risk assessment for disaster risk management in EU – Where science and policy meet, JRC science for policy
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 17 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ report, JRC123585, Publications Office of the European Union, Luxembourg .https://doi.org/10.2760/80545. 2. European Commission (2018). Study on Risk Management in EU Agriculture – Final report, Publications Office of the European Union, Luxembourg https://data.europa.eu/doi/10.2762/387583. 3. Charles L. Evans David A. Marshall (2005). Fundamental economic shocks and the macroeconomy. Central Bank of Chile Documentos de Trabajo Working Papers N 351, 23 p. 4. Hoddinott J. (2008). Methods for Microeconometric Risk and Vulnerability Assessments[Text] / J. Hoddinott, A.R. Quisumbing. International Food Policy Research Institute Working Paper 5. Heitzmann K. (2002). Guidelines for assessing the sources of risk and vulnerability [Text] / K. Heitzmann, R.S. Canagarajah, P.B. Siegel. Social Protection Discussion Paper, World Bank. 56 ð. 6. Tiongson E.R.( 2010). The Crisis Hits Home: Stress–Testing Households in Europe and Central Asia [Text] /E.R. Tiongson, N. Sugawara,V. Sulla,A.Taylor, A.I. Gueorguieva,V. Levin, K. Subbarao. Washington DC: World Bank. . 7. Cardarelli R.(2011). Financial stress and economic contractions [Text] / R. Cardarelli, S. Elekdag, S. Lall. Journal of Financial Stability. No. 7. 78–97. 8. Borio, C. (2007). Change and constancy in the financial system: implications for financial distress and policy [Text] / C. Borio.BIS Working Papers. No. 237. 21 p. 9. European Commission (2025). Commission work programme 2025 https://commission.europa.eu/ publications/2025–commission–work–programme– and–annexes_en 10. Abay, K. A., Breisinger, C., Glauber, J., Kurdi, S., Laborde, D., & Siddig, K. (2023). The Russia–Ukraine war: Implications for global and regional food security and potential policy responses. Global Food Security, 36, 100675. https://doi.org/10.1016/j. gfs.2023.100675 11. He, X., Carriquiry, M., Elobeid, A., Hayes, D., & Zhang, W. (2023). Impacts of the Russian–Ukraine Conflict on Global Agriculture Commodity Prices, Trade, and Cropland Reallocation. Choices, 38(2), 1–8. 12. Nehrey, M., & Finger, R. (2024). Assessing the initial impact of the Russian invasion on Ukrainian agriculture: challenges, policy responses, and future prospects. Heliyon, e39208. https://doi.org/10.1016/j. heliyon.2024.e39208. 13. Sharma, Janpriy & Tyagi, Mohit & Bhardwaj, Arvind. (2021). Exploration of COVID–19 impact on the dimensions of food safety and security: a perspective of societal issues with relief measures. Journal of Agribusiness in Developing and Emerging Economies. ahead–of– print. 10.1108/JADEE–09–2020–0194. 14. DuPuis, E. M., Ransom, E. and Worosz, M. R. (2022). Food supply chain shocks and the pivot toward local: lessons from the global pandemic. Frontiers in Sustainable Food Systems, Vol. 6: 836574. 15. Ebata, A., Nisbett, N. and Gillespie, S. (2021). Food systems after COVID–19. IDS Bulletin, Vol. 52, No 1, pp. 73–93 16. Mroua, M., Bouattour, H. (2023).Connectedness among various financial markets classes under Covid–19 pandemic and 2022 Russo–Ukrainian war: evidence from TVP–VAR approach. Journal of Financial Economic Policy, 15 (2), pp. 140–163. doi: 10.1108/JFEP–11–2022–0286 17. Nehrey, M., Taranenko, A., & Kostenko, I. (2022). Ahrarnyy sektor Ukrayiny v umovakh viyny: problemy ta perspektyvy. Ekonomika ta suspil’stvo, (40). https://doi. org/10.32782/2524–0072/2022–40–38 18. Klymenko, N., Voronenko, I., Nehrey, M., Rogoza, K., & Rogoza, N. (2023). Risk assessment of shock periods and investment attractiveness of agroholdings of Ukraine. Agricultural and Resource Economics: International Scientific E–Journal, 9(2). https://doi. org/10.51599/are.2023.09.02.07 19. Nehrey, M., Klymenko, N., Kaminskyi, A., Taranenko, A. (2024). Analysis of the impact of macroeconomic turmoil (COVID–19 and RUW) on Ukrainian agroholdings. Studies in Agricultural Economics, 126(2), pp. 66– 74 https://doi.org/10.7896/j.2846 20. Klyymenko N., Nehrey M. (2024).Otsinka naslidkiv povnomasshtabnoyi viyny dlya sil’s’koho hospodarstva Ukrayiny: kompleksnyy analiz, vyklyky ta perspektyvy pislyavoyennoho vidnovlennya. Efektyvna ekonomika. ¹1. https://doi.org/10.32702/2307– 2105.2024.1.51 21. Szegö, G. P. (Ed.). (2004). Risk measures for the 21st century. Vol. 1. New York: Wiley. 22. Kaminskyi, A., Nehrey, M., & Rizun, N. (2020). The impact of COVID–induced shock on the risk–return correspondence of agricultural ETFs. International Conference on Monitoring, Modeling and Management of Emergent Economy, M3E2–MLPEED,pp. 204–218. Äàí³ ïðî àâòîð³â Êëèìåíêî Íàòàë³ÿ Àíàòî볿âíà, ê.å.í., äîöåíò, Íàö³îíàëüíèé óí³âåðñèòåò á³îðåñóðñ³â ³ ïðèðîäîêîðèñòóâàííÿ Óêðà¿íè
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 18 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ © ÃÀÉÄÀÉ Ñ. Î., 2025 ORCID: https://orcid.org/0000–0003–0693–865X e–mail: [email protected] Íåãðåé Ìàðèíà Âîëîäèìèð³âíà, ê.å.í, äîöåíò, Íàö³îíàëüíèé óí³âåðñèòåò á³îðåñóðñ³â ³ ïðèðîäîêîðèñòóâàííÿ Óêðà¿íè ORCID: https://orcid.org/0000–0001–9243–1534 e–mail: [email protected] Êðàâ÷åíêî Âîëîäèìèð Ìèêîëàéîâè÷, ä.å.í., ïðîôåñîð, Íàö³îíàëüíèé óí³âåðñèòåò á³îðåñóðñ³â ³ ïðèðîäîêîðèñòóâàííÿ Óêðà¿íè ORCID: https://orcid.org/0000–0002–8033–3985 e–mail: [email protected] Êîâàëü Ïàâëî Âàñèëüîâè÷, ê.å.í., äîöåíò, Íàö³îíàëüíèé óí³âåðñèòåò á³îðåñóðñ³â ³ ïðèðîäîêîðèñòóâàííÿ Óêðà¿íè ORCID: https://orcid.org/0009–0008–5257–2541 e–mail: [email protected] Data about the authors Nataliia Klymenko, PhD in Economics, Associate Professor, National University of Life and Environmental Sciences of Ukraine e–mail: [email protected] Maryna Nehrey, PhD in Economics, Associate Professor, National University of Life and Environmental Sciences of Ukraine e–mail: [email protected] Volodymyr Kravchenko, Doctor in Economics, Professor, National University of Life and Environmental Sciences of Ukraine e–mail: [email protected] Pavlo Koval, PhD in Economics, Associate Professor, National University of Life and Environmental Sciences of Ukraine e–mail: [email protected] ÓÄÊ 336.76 ÃÀÉÄÀÉ Ñ. Î. Îñîáëèâîñò³ äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè Àêòóàëüí³ñòü òåìè äîñë³äæåííÿ. Äåðæàâíå ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó º íåîáõ³äíîþ óìîâîþ ôîðìóâàííÿ ñò³éêèõ åêîíîì³÷íèõ â³äíîñèí òà çàáåçïå÷åííÿ ô³íàíñîâî¿ ñòàá³ëüíîñò³. ßê ñêëàäîâà ô³íàíñîâîãî ðèíêó, ñòðàõóâàííÿ âèêîíóº âàæëèâ³ ñîö³àëüíî–åêîíîì³÷í³ ôóíêö³¿, ïîâ’ÿçàí³ ç ïåðåðîçïîä³ëîì êàï³òàëó òà çàõèñòîì ³íòåðåñ³â ó÷àñíèê³â. Åôåêòèâí³ñòü öüîãî ðèíêó çíà÷íîþ ì³ðîþ çàëåæèòü â³ä ãíó÷êîñò³ òà 䳺âîñò³ ðåãóëÿòîðíî¿ ïîë³òèêè, ÿêà ìຠâðàõîâóâàòè íå ëèøå åòàï éîãî ðîçâèòêó, à é ìàêðîåêîíîì³÷í³ óìîâè òà ïîòðåáè ñòðàõóâàëüíèê³â. Ó çâ’ÿçêó ç öèì àêòóàëüíèì º äîñë³äæåííÿ îñîáëèâîñòåé ñó÷àñíî¿ ñèñòåìè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè òà ïîøóê øëÿõ³â ï³äâèùåííÿ ¿¿ ðåçóëüòàòèâíîñò³. Ìåòîþ ðîáîòè º îêðåñëåííÿ îñîáëèâîñòåé ñó÷àñíî¿ ïîë³òèêè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ç ôîêóñîì íà ïðîáëåìàòèêó òà øëÿõè ¿¿ âäîñêîíàëåííÿ. Çàâäàííÿ äîñë³äæåííÿ ïîëÿãàþòü â îá´ðóíòóâàíí³ àêòóàëüíîñò³ òåìè äîñë³äæåííÿ; âèâ÷åíí³ òåîðåòè÷íîãî ï³ä´ðóíòÿ îðãàí³çàö³¿ ñòðàõîâîãî ðèíêó; êðèòè÷í³é îö³íö³ íîðìàòèâíî–ïðàâîâî¿ òà ³íñòèòóö³éíî¿ áàçè ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó; àíàë³ç³ äèíàì³êè ê³ëüêîñò³ ó÷àñíèê³â ðèíêó ÿê ðåàêö³¿ íà ðåãóëÿòîðí³ çì³íè; íàäàííÿ ðåêîìåíäàö³é ó âèãëÿä³ êëþ÷îâèõ âåêòîð³â ðåôîðìóâàííÿ ñèñòåìè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó. Ìåòîäè äîñë³äæåííÿ. Àíàë³ç, ñèíòåç, ïîð³âíÿííÿ ³íäóêö³ÿ, äåäóêö³ÿ, ñèñòåìàòèçàö³ÿ. Îñíîâí³ ðåçóëüòàòè äîñë³äæåííÿ. Ó ðåçóëüòàò³ ïðîâåäåíîãî äîñë³äæåííÿ îá´ðóíòîâàíî íåîáõ³äí³ñòü óäîñêîíàëåííÿ ñèñòåìè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè â³äïîâ³äíî äî ºâðîïåéñüêèõ ñòàíäàðò³â. Âèâ÷åíî îñíîâí³ íàïðÿìè ðåôîðìóâàííÿ íîðìàòèâíî–ïðàâîâî¿ áàçè òà ¿õ âïëèâ íà ä³ÿëüí³ñòü ñòðàõîâèê³â. Îñîáëèâó óâàãó ïðèä³ëåíî àíàë³çó ðîë³ Íàö³îíàëüíîãî áàíêó Óêðà¿íè ÿê ìåãàðåãóëÿòîðà òà îö³íö³ íàñë³äê³â ïîñèëåííÿ ðåãóëÿòîðíèõ âèìîã äëÿ ñò³éêîñò³ ðèíêó. Âñòàíîâëåíî, ùî åôåêòèâíå ïîºäíàííÿ ñòèìóëþþ÷î¿ òà êîíòðîëþþ÷î¿ ôóíêö³é äåðæàâíîãî íàãëÿäó º êëþ÷îâîþ óìîâîþ çàáåçïå÷åííÿ ïðîçîðîñò³, êîíêóðåíòîñïðîìîæíîñò³ òà ñòàá³ëüíîñò³ ñòðàõîâîãî ñåêòîðó. Ãàëóçü çàñòîñóâàííÿ ðåçóëüòàò³â. Ô³íàíñîâèé ñåêòîð, ñòðàõîâèé ðèíîê, äåðæàâíå óïðàâë³ííÿ.