Transformation of the financial management paradigm in conditions of global turbulence

Abstract

Methods. The article conducts a comprehensive study of the evolution of theoretical and methodological approaches to assessing and managing the financial condition of business entities in conditions of growing uncertainty. Authors substantiate that the traditional paradigm of financial stability, which is based on the analysis of static balance sheet indicators and the desire to maintain financial equilibrium, is losing its adequacy in the modern business environment. Results. Based on the analysis of scientific works, in particular the concepts of Nassym Taleb and domestic researchers T. Unkovskaya, L. Dokienko and others, the need to transition to a dynamic concept of financial resilience is proven. Special attention is paid to the «fragility effect», when excessive optimization of resources and minimization of reserves for the sake of current efficiency make the enterprise vulnerable to the slightest failures in logistical and financial chains. The paper details the differences between classical stability and resilience based on the criteria of the nature of risks, focus of attention, and goals of activity. Novelty. The «seven pillars» of resilience are identified, which include not only financial but also organizational and psychological aspects of management, such as solution orientation and network interaction. Practical value. The practical significance of the study lies in the development of a system of dynamic indicators based on the cash flow statement (operating cash flow ratio, cash conversion cycle), which have higher predictive power compared to liquidity ratios. The specifics of the Ukrainian resilience model, which was formed under the influence of a full-scale war and includes digital transformation, energy autonomy, and humanitarian capital as key survival factors, are defined. It is concluded that financial resilience is a new management philosophy, where the crisis is viewed not as a destructive factor, but as a tool for modernization and increasing the competitiveness of business in the long term perspective.