Financial Strategy Formulation and Implementation under Economic Uncertainty: Ukrainian companies’ case

Keywords: financial strategy, uncertainty, capital structure, return on equity


Factors of economic uncertainty are considered. Economic uncertainty factors’ effect on financial managerial decisions is studied. Financial strategy matrix is proposed on the basis of a sample of Ukrainian companies. The proposed financial strategy matrix covers both financial and market goals – according to the BSC methodology. Thus, in the proposed tool, financial goals are reflected by the level of leverage A/E (Assets-to-Equity), market goals in turn are represented by ROA level; combination of the financial goal (A/E) and market goal (ROA) produces ROE, i.e. level of value creation for stakeholders. Within the proposed methodology financial strategy uses an analytical tool that combines financial and market goals of the enterprise, where the abscissa axis plots ROA level, the ordinate axis plots A/E level. The algorithm of making managerial decisions on financial strategy is described on an example of a company from selected sample – PJSC “Carlsberg Ukraine” – over 2014-2018. A set of managerial decisions targeted at further financial and market position is proposed.

Author Biography

Glib Aleksin, Institute for Economics and Forecasting, NAS Ukraine

Postgraduate student


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How to Cite
Aleksin, G. (2020). Financial Strategy Formulation and Implementation under Economic Uncertainty: Ukrainian companies’ case. VUZF Review, 5(2), 38-47.