CHANGES IN PRIORITIES AND DECISION-MAKING STRATEGIES AT ENTERPRISES UNDER THE INFLUENCE OF WAR RISKS

Анотація

War risks in 2020–2024 changed the logic of enterprise managerial rationality, shifting the focus from profit maximization toward ensuring continuity, recoverability, and the social resilience of personnel as key prerequisites for long-term performance. Macroeconomic risks, labor market destabilization, and price environment volatility created new constraints for investment, contractual, and organizational policies. The article substantiates that the transformation of enterprise managerial decision-making during the wartime period manifested itself as a shift from a growth-oriented logic to the management of acceptable loss boundaries. This was reflected in the shortening of the planning horizon to 3–6 months in 2022 and the dominance of liquidity as the primary financial priority. Investment filters evolved from classical payback, NPV, and IRR criteria toward threshold conditions, modularity, and selective recovery, which implied prioritization of rapid effects and reduction of the risk of critical loss of controllability. In the HR block, the focus shifted toward preserving critical roles, overcoming workforce shortages, and maintaining productivity, as human capital became the key resource of continuity. The practical manifestation of this shift is evident in financial and operational resilience markers: in 2022, the average current ratio declined to 0.93, while the share of profitable enterprises fell to 58%. At the same time, in 2023–2024 liquidity partially recovered to 1.01 and 1.05, yet the pre-war 2021 level of 1.18 was not reached, indicating persistent vulnerability and the need for stricter working capital control. The operational dimension of rationality also changed, as capacity utilization dropped to 48% in 2022, while the share of enterprises experiencing downtime of more than one month increased to 39%, making redundancy and process recoverability part of the core resilience KPIs. Even in 2024, despite the recovery of capacity utilization to 57% and the reduction of prolonged downtime to 27%, the need to maintain scenario cycles and threshold criteria persisted due to continuing infrastructure and workforce constraints.

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