THE ROLE OF ECONOMIC SECURITY IN ENSURING COMPETITIVE ECONOMIC DEVELOPMENT OF AGRICULTURAL ENTERPRISES

Serhii Volyk; Anna Orel; Ihor Senchyk

doi:10.30525/2256-0742/2023-9-5-73-80

THE ROLE OF ECONOMIC SECURITY IN ENSURING COMPETITIVE ECONOMIC DEVELOPMENT OF AGRICULTURAL ENTERPRISES

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Published: Dec 28, 2023

https://doi.org/10.30525/2256-0742/2023-9-5-73-80

Serhii Volyk

Sumy National Agrarian University, Ukraine (corresponding author)

https://orcid.org/0000-0001-7731-4882

Anna Orel

National Aviation University, Ukraine

https://orcid.org/0000-0003-0823-3346

Ihor Senchyk

Kharkiv National University of Internal Affairs, Ukraine

https://orcid.org/0000-0003-0025-8143

Abstract

The subject of the research is the study of economic security as one of the factors of competitive economic development of agricultural enterprises. Methodology. The article uses general scientific methods, in particular, theoretical generalisation, methods of analysis and synthesis, statistical analysis, and graphical methods to visualise the results of the study. The aim is to analyse the role of economic security in ensuring competitive economic development of agricultural enterprises. Conclusion. A reliable system of economic security is a crucial condition for the effective functioning of any business entity in a market environment. Ukrainian agricultural enterprises face numerous problems, such as depreciation of resource potential, insufficient financial and information support, and low level of management qualifications, which limit their ability to ensure economic security on their own. Identification, avoidance and neutralisation of various threats that can destabilise the functioning of an enterprise and threaten its economic interests are becoming the main tasks for every business entity. The development of an effective system of economic security and the introduction of mechanisms and tools for its management require a systematic study of both theoretical and applied aspects of the management of economic security of agricultural enterprises. The place of economic security in the competitive economic development of agricultural enterprises is decisive for the creation of sustainable and prosperous activities in the conditions of market competition. It becomes a fundamental element of competitiveness, which is the ability of enterprises to operate and develop effectively in an uncertain market environment. The main aspects of the role of economic security in the competitive economic development of agricultural enterprises include protection from external and internal risks, reputation management, support for innovation and technological development, financial stability, participation in market competition and sustainability of production. These aspects are generalised into a single practical system of economic security, which is the basis for the competitive economic development of agricultural enterprises.

How to Cite

Volyk, S., Orel, A., & Senchyk, I. (2023). THE ROLE OF ECONOMIC SECURITY IN ENSURING COMPETITIVE ECONOMIC DEVELOPMENT OF AGRICULTURAL ENTERPRISES. Baltic Journal of Economic Studies, 9(5), 73-80. https://doi.org/10.30525/2256-0742/2023-9-5-73-80

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