Analysis of institutional environment factors from the perspective of their impact on anti-crisis financial management of agricultural enterprises in the Odessa region

Abstract

The purpose of the article is to determine the hierarchy of the influence of institutional environment factors on the anti-crisis financial management of agricultural enterprises in the Odessa region, as well as to quantitatively assess their combined impact. Research methods: critical analysis (when considering scientific sources on the research issues); generalization method (when establishing a hierarchical structure of the influence of institutional environment factors on the anti-crisis financial management of agricultural enterprises in the region); PESTL analysis (when assessing the influence of institutional environment factors); expert assessment method and integral analysis method (when assessing the quantitative impact of factors); trend analysis (when assessing the dynamics of inflation rates in Ukraine). Results. A three-level scheme of the institutional environment (macro-, meso- and micro-level) has been developed. Based on the PESTL analysis, a system of political, economic, social, technological and legal factors has been formed that most significantly affect liquidity, profitability, debt load and the ability to attract financial resources by agricultural enterprises in the region. It is shown that political and security risks (attacks on port and transport infrastructure, changes in export conditions), economic factors (volatility of world grain prices, high freight rates, inflation and currency fluctuations) and legal deformations (judicial instability, risk of raiding, frequent changes in agrarian and tax legislation) form the dominant share of negative institutional pressure. The obtained integral indicator of the institutional environment for agricultural enterprises of the Odessa region has a negative value, which indicates the predominance of destabilizing influences over stimulating ones, as well as the narrowing of the possibilities of anti-crisis solutions. Conclusions. It is substantiated that taking into account the results of PESTL analysis in the practice of anti-crisis financial management is a necessary prerequisite for developing liquidity management measures, optimizing the structure of assets and liabilities, hedging price and logistics risks, increasing the stability of cash flows and early diagnosis of bankruptcy threats.