MANAGEMENT OF FINANCIAL STABILITY AND FINANCIAL RISKS OF INNOVATION-ACTIVE ENTERPRISES IN THE CONTEXT OF THE CIRCULAR ECONOMY
循環経済における革新的企業の財務安定性と財務リスクの管理 (AI 翻訳)
Marta Kopytko
🤖 gxceed AI 要約
日本語
本論文は、循環経済への移行期における革新的企業の財務安定性と財務リスク管理の理論的・方法論的基盤を提示する。ESG要因、革新性、デジタル成熟度、グリーンファイナンスへのアクセスを統合した多変量モデルを開発し、ウクライナの3社の実証データに適用。財務リスク適応性指標（FRA）を導入し、循環型実践と革新性の高い企業が高いFRAを示すことを確認した。
English
This paper presents theoretical and methodological foundations for managing financial stability and financial risks of innovation-active enterprises during the transition to a circular economy. It develops a multiparametric model integrating ESG factors, innovation, digital maturity, and green finance, applied to three Ukrainian enterprises. The Financial Risk Adaptability (FRA) indicator is introduced, showing that firms with high circularity and innovation achieve higher FRA.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、サーキュラーエコノミーとESG統合の議論が進むが、本論文は中小企業向けの実践的モデルを提供する点で参考になる。ただし、ウクライナ企業を対象としており、日本の制度や市場環境との違いに留意が必要。
In the global GX context
This paper contributes to the global discourse on integrating circular economy principles with financial risk management, offering a quantitative model that incorporates ESG and green finance. It provides a framework that could be adapted for SMEs in other regions, though the empirical context is limited to Ukraine.
👥 読者別の含意
🔬研究者:Provides a quantitative model linking circularity, innovation, and ESG to financial risk adaptability, useful for further empirical testing.
🏢実務担当者:Offers a practical FRA indicator and model for assessing financial risk in circular economy transitions, applicable for corporate strategy.
🏛政策担当者:Highlights the importance of integrating ESG and circular economy factors into financial stability frameworks, relevant for green finance policy design.
📄 Abstract（原文）
The article substantiates the theoretical and methodological foundations of managing financial stability and financial risks of innovation-active enterprises during the transition to a circular economy. It is argued that innovation activity significantly shapes a specific risk profile, which differs markedly from that of traditional enterprises, and a detailed list of such risks is provided. The principles of managing financial stability and financial risks under circular economy conditions are outlined. The analysis shows that in the current economic environment, the role of integrating environmental, social, and governance (ESG) factors, innovation potential, digital maturity, and access to green finance is increasing as essential components of the mechanism for ensuring enterprise financial stability.Based on empirical data from three Ukrainian innovation-active enterprises – PromEkoInvest, TechnoResurs, and Biointech Group – a multiparametric model of financial risk management was developed. The model incorporates key variables: circularity level (CE), innovativeness (IN), ESG integration, digital maturity (DS), and the share of sustainable finance (RS). A general indicator, FRA (Financial Risk Adaptability), was introduced to quantitatively assess an enterprise's capacity to adapt to risks in the context of circular transformation.The modeling results show that Biointech Group has the highest FRA value, which reflects the effective combination of a high level of innovation, ESG integration, and circular practices. In contrast, TechnoResurs demonstrates lower FRA values due to limited internal resources and less flexible management strategies. This confirms the importance of not only introducing circular economy elements but also undertaking comprehensive management modernization.Thus, to achieve financial stability, innovation-active enterprises should implement a holistic financial risk management model that integrates circular principles, innovation, digitalization, and sustainable finance practices. The proposed model can serve as a strategic management tool and a basis for informed decision-making in the financial policy of enterprises aiming for sustainable development amid post-industrial economic transformation.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.55643/ser.3.57.2025.619first seen 2026-05-05 19:07:33
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