Дискурсивний підхід до визначення фінансової стійкості в контексті трансформаційної економіки

English

A discursive framework for understanding financial stability in the context of economic transformation

Abstract. Introduction. In the current conditions of economic transformation—characterized by high uncertainty, market instability, geopolitical risks, and the evolution of financial instruments—the issue of enterprise financial stability is gaining particular relevance. Traditional approaches to its understanding and assessment are becoming increasingly obsolete. Therefore, there is a growing need to reinterpret this category through the lens of new economic realities. A discursive approach enables the identification of the shifting meaning of financial stability depending on context, the subject of interpretation, and the system of managerial coordinates. Purpose. The aim of this study is to reveal the essence of financial stability through a discursive approach in the context of a transformational economy. Materials and methods. The research employs a combination of general scientific methods (analysis, synthesis, induction, deduction), as well as discourse analysis methods (content analysis, comparative analysis). This made it possible to consider financial stability not only as an economic category but also as a social phenomenon whose meaning changes in response to political, economic, and institutional contexts. The article proposes a modified approach to understanding financial stability, which incorporates enterprise adaptability, financial flexibility, and the ability to use alternative financing sources (such as leasing, crowdfunding, and public-private partnerships), as well as the integration of risk management into financial policy. Within this framework, financial stability is interpreted as an enterprise’s ability to adapt to a changing environment while maintaining economic equilibrium, solvency, and growth potential. Results. As a result of the study, financial stability is defined as a multidimensional category that integrates financial, organizational, and managerial aspects. It is established that in a transformational economy, financial stability should be viewed not only as a financial and economic indicator but also as a socially constructed concept, the content of which is determined by specific historical, institutional, and economic contexts. Such an approach enables enterprises to function sustainably, make wellinformed decisions, and minimize risks in an unstable external environment. Discussion. Future research should focus on a comprehensive assessment and analysis of the factors influencing the formation and maintenance of financial stability, taking into account their interrelationships and dynamics within the context of changes in both the external and internal environment.

Keywords: Financial Stability; Discursive Approach; Transformational Economy; Adaptability; Financial Flexibility; Risk Management; Financial Management