TIME DESCRIPTION OF ECONOMIC REFORMS

Problem statement. The article is devoted to deepening the theoretical and methodological foundations of forming a financial policy for sustainable development of an enterprise in conditions of uncertainty based on a value-oriented approach. The purpose of the study is to theoretically substantiate and develop methodological support for forming a financial policy for sustainable development of an enterprise based on value-oriented management in conditions of uncertainty. The object of the study is the processes of forming and implementing financial policy for sustainable development of enterprises in the context of improving the effectiveness of value-oriented management in conditions of uncertainty. Methods used in the study: generalization and comparison method — for the analysis of theoretical approaches; logical and content analysis, induction and deduction — for substantiating the components of financial policy in the value-oriented management system and developing an algorithm for its implementation. The research hypothesis is based on the assumption that the formation of a sustainable development financial policy based on a value-oriented approach with the use of flexible tools for strategic decision-making will minimize the impact of uncertainty factors, ensure balanced growth in the market value of the enterprise, and objectively assess the effectiveness of its implementation. Presentation of the main material. The essence of the object, subject, and subjects of financial policy has been clarified and synchronized with the process of value creation, which has made it possible to form a systematic description of the elements of financial management within the framework of a value-oriented approach. An algorithm has been developed that provides a comprehensive view of the sequence of stages in the formation of a sustainable development financial policy, from express diagnostics of financial capacity to the regulation of management decisions in the system of strategic and operational plans, and integrates tools for assessing the effectiveness of its implementation. The tools for forming the financial policy of sustainable development of an enterprise in the value-oriented management system have been substantiated, which involves the use of modified value indicators to assess the balanced growth of market value and analyze the proportionality between the target rates of development and the resource potential of the enterprise. The interconnection between the determinants of financial policy and the sustainable development and market value of the enterprise has been proven. The decomposition of strategic guidelines by planning horizons has been formalized, with economic value added identified as the key integral indicator of performance. The proposed methodological approach to assessing the effectiveness of sustainable development financial policy based on the integration of economic value added indicators and sustainable growth rates in real time allows assessing the systemic effect of its implementation through the level of consistency of the enterprise's value with its financial potential, which ensures a balance between the target vectors of capitalization and financial stability in conditions of uncertainty. It has been established that the integral criterion for selecting the optimal option for financial policy is the maximization of the real value of the enterprise, provided that growth rates consistent with internal self-financing capabilities are maintained. The mechanism for verifying the enterprise's ability to generate value in conditions of uncertainty through a combination of an integral indicator of real value and an indicator of sustainable growth rates has been revealed, which allows identifying and neutralizing threats to the financial stability of the business entity. Particular attention is paid to the mechanisms for implementing financial policy through a system of strategic planning and the regulation of decisions in internal regulatory documents. The methodological approach to assessing the effectiveness of an enterprise's sustainable development financial policy is original and practical,  providing an opportunity to form an information base for selecting the optimal financial policy option  based on the criterion of the real value of the enterprise,  provided that the target growth rates are consistent with internal self-financing capabilities. Conclusions. The development of theoretical methodological provisions for the formation of a sustainable development financial policy based on a value approach creates the basis for a holistic view of the formation of a mechanism for its implementation and the application of tools to justify optimal management decisions based on the criterion of the real value of the enterprise, which contribute to the coordination of target business growth rates with its internal self-financing capabilities. The implementation of the proposed tools and methodological approach to assessing the effectiveness of financial policy in conditions of uncertainty, based on the integration of value indicators and sustainable growth rates in real time, allows optimizing the choice of strategic development vectors and ensuring the manageability of the enterprise capitalization process.

financial policy, value-oriented management, enterprise, uncertainty, strategic guidelines, economic added value, sustainable growth rates, resource potential, assessment, regulations, efficiency

Botvina, N. O. (2026). Mechanism of formation and implementation of financial policy in conditions of crisis deformations of economic space. Retrieved from: https://magazine.faaf.org.ua/mehanizm-formuvannya-y-realizacii-finansovoi-politiki-v-umovah-krizovih-deformaciy-ekonomichnogo-prostoru.html (Access date: 07 January, 2026)

Borysova, S., Kruk, O. & Balashova, O. (2024). Support and financing of entrepreneurial activity under martial law. Economy and Society, 61. https://doi.org/10.32782/2524.

Vlasyuk, N. I. & Momryk, Y. I. (2025). Enterprise finance management strategy under martial law. Economy and Society, 84. https://doi.org/10.32782/2522-1205-2025-84-19.

Derhaliuk, B. V. & Parfeniuk, M. V. (2017). Economic essence of the concept of "financial policy" and the principles of its implementation at the enterprise. Efficient Economy, 5. Retrieved from: http://www.economy.nayka.com.ua/?op=1&z=5574. (Access date: 07 January, 2026)

Yereshko, Y. O. & Tovmasyan, V. R. (2020). Theory of financial policy of the enterprise. Investment: Practice and Experience, 15-16, 63–68.

Iorhachova, M. I., Kovalyova, O. M. & Kotsyurubenko, H. M. (2020). Value-oriented management in the corporate governance system of the company. Economy and State, 5, 111–115.

Kostyrko, L. A. (2012). Financial mechanism of sustainable development of enterprises: strategic guidelines, support systems, adaptation: monograph. Luhansk: Knowlidge, 474.

Kostyrko, L. A. & Yevtushenko, M. V. (2019). Financial stability of corporate enterprises in categories of economic-value gravity of indicators. Investment: Practice and Experience, 21, 28–33.

Kostenko, Y. O., Korolenko, O. B. & Huz, M. M. (2022). Analysis of financial stability of the enterprise under martial law. Economy and Society, 43. Retrieved from: https://economyandsociety.in.ua/index.php/journal/article/view/1758/1694. (Access date: 07 January, 2026)

Melnyk, V. (2011). Financial policy of the enterprise as a form of realization of financial strategy. Agrosvit, 5. Retrieved from: http://www.agrosvit.info/pdf/5_2011/12.pdf. (Access date: 07 January, 2026)

Kuchyn, A. (2023). Financial planning of business entities' activity under martial law. World of Finance, 2(75), 56–63.

Mamontova, N. A. (2013). Company value management in conditions of economic instability. University Economic Bulletin, 21(1), 123–128.

Moiseev, V. V. & Dombrovska, S. O. (2020). Advantages and disadvantages of value-oriented approach to enterprise management. Scientific Bulletin of Kherson State University. Economic Sciences Series, 40, 63–67.

Pilipenko, S. N. (2017). Management of enterprise development on the basis of value: problems and prospects. Economy and Society, 9, 582–587.

Stepanenko, O. I. & Kanelska, A. V. (2024). Financial stability of enterprises during the martial law period: risks, threats, ways to overcome them. Entrepreneurship and Innovation, 33, 123–130.

Smolinska, S. (2024). Problems and prospects of enterprise financing under martial law. Financial Space, 3-4 (54), 166–172.

Chaikovska, V. P. (2013). Financial policy: approaches to understanding and significance in the activity of the enterprise. Scientific Notes. Series "Economics", 23, 247–251.

Chumak, O. V., Melnychuk, I. I. & Levina, M. V. (2024). Conceptual foundations of financial policy formation in the system of strategic management of the enterprise. Economy and Society, 62, 162–163.

Khryniuk, O. S. & Kryzhnya, V. O. (2018). Financial strategy of the enterprise as the main tool of its sustainable development. Economy and Society, 18, 581–586.

Shvydanenko, G., Ponomarenko, O. & Shvydanenko, V. (2024). Conceptual bases of formation and improvement of financial strategy and policy of the business entity in conditions of global instability. Economy and Society, 65. https://doi.org/10.32782/2524-0072/2024-65-2.

Yurchyshena, L. V. & Synusyk, A. T. (2023). Financial aspects of forming an enterprise development strategy under martial law. Actual problems of finance development in the conditions of digitalization of the economy of Ukraine. Retrieved from: https://japfd.donnu.edu.ua/article/view/13841. (Access date: 07 January, 2026)