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Determinants of investment potential in the context of ensuring the economic sustainability of enterprises

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Parent Category: 2026

Category: Content №2 2026

Created on 25 April 2026

Last Updated on 25 April 2026

Published on 30 November -0001

Written by N. Klymash, K. Bagatska, O. Melnychuk, O. Zhuk, O. Kondratiuk, F. O. Edeh

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Authors:

N. Klymash*, orcid.org/0000-0002-0604-5344, State University of Trade and Economics, Kyiv, Ukraine, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

K. Bagatska, orcid.org/0000-0003-2184-2971, State University of Trade and Economics, Kyiv, Ukraine

O. Melnychuk, orcid.org/0000-0003-4508-4511, Kharkiv National University of Internal Affairs, Vinnytsia, Ukraine

O. Zhuk, orcid.org/0000-0002-9016-1232, State University of Trade and Economics, Kyiv, Ukraine

O. Kondratiuk, orcid.org/0000-0002-2750-6867, State University of Trade and Economics, Kyiv, Ukraine

F. O. Edeh, orcid.org/0000-0001-8041-1317, Kampala International University (Main Campus), Kampala, Uganda; INTI International University, Nilai, Malaysia

* Corresponding author e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

повний текст / full article

Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu. 2026, (2): 167 - 175

https://doi.org/10.33271/nvngu/2026-2/167

Abstract:

Purpose. To substantiate the expansion of the interpretation of the category of “investment potential” (IP) and identify the determinants of the investment capacity of enterprises (ICE) under dynamic changes in external factors.

Methodology. The content analysis method was used to assess the state of the investment market (IM). The comparative analysis method was used to assess the rate of change in macroeconomic risk indicators, the reduction in the volume of external capital investment inflows, and the adaptation of enterprises to challenges. The analytical generalization method was used to determine and substantiate the determinants of enterprises’ investment capacity and to assess the impact of adaptive capacity on the investment capacity of enterprises. The application of the critical analysis method contributed to determining the directions of forming the investment policy of enterprises (IPE).

Findings. A trend of changing IPE using the securities instrument with preference given to investment certificates was established. It was indicated that this leads to a change in the structure of securities trading and requires a change in the stock market infrastructure. It was found that the adaptation of the investment market to challenges has a significant time lag of more than a year. It is indicated that the scientific category of “economic stability” in the conditions of significant dynamic external threats involves not only ensuring systemic equilibrium, but also, first of all, the presence of adaptability. It is confirmed that even with significant dynamics of external threats, the rate of their change allows enterprises to adapt their investment potential (IP) to negative external risks. It has been recorded that in the current crisis conditions, the concept of “risk management” needs to be adjusted, since it is becoming urgent to neutralize the consequences of risks and manage losses from risks. The directions of forming IPE are determined: implementation of ESG strategies, allocation of production capacity and capital as a means of reducing investment risk, and expansion of portfolio investment.

Originality. For the first time, the need for an expanded interpretation of “investment potential” as a prerequisite for ensuring ESEE is substantiated. Some of the determinants of IP have been established for the first time, in particular, the expansion of portfolio investment and the presence of a gap between IP and ICE and some have been improved.

Practical value. The identified determinants of ICE provide an opportunity to substantiate the investment policy of enterprises and instructive measures for the restoration of the country’s economy.

Keywords: investment potential, investment market, economic sustainability, dynamism of threats

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