Viktoriya Kulyk

In the context of growing economic uncertainty, capital structure optimization is becoming a critical tool for minimizing financial risks, providing companies with the necessary stability and adaptability in modern conditions. This paper aims to develop theoretical foundations for the existing capital structure optimization methods and elaborate an optimal capital structure formation strategy to ensure companies’ financial stability and flexibility in conditions of high financial uncertainty. The article offers a stabilization-flexible approach to optimizing companies’ capital structure in financial instability and crises, making it possible to ensure the companies’ financial stability while preserving their ability to adapt to a volatile environment quickly. The main idea of the approach is the balanced use of equity capital and long-term and short-term liabilities to finance various components of assets, which helps to minimize risks and increase the efficiency of financial management. A roadmap for the implementation of the stabilization-flexible approach to optimizing the capital structure has been formed, the basis of which is the construction of a logical chain of actions, including the definition of companies’ goals, the assessment of available financial resources and risks, and the development of financing strategies, their implementation, further control and monitoring of results. The study results can be helpful for financial managers, analysts, and investors seeking to improve the efficiency of capital management and reduce the impact of external and internal risks on the financial condition of companies.

Type of the article: Research Article

Abstract
This study underscores the growing significance of e-business as a key driver of economic development and competitiveness in Ukraine. The primary objective is to identify and analyze the factors that influence the organizational efficiency of Ukrainian e-business enterprises, with particular attention given to those factors that are directly subject to managerial influence. The research methodology is grounded in empirical data obtained through a structured survey of 80 e-businesses operating across various sectors, including e-commerce, e-learning, software development, and digital media. Analytical methods comprised descriptive statistics, non-parametric correlation analysis, and visual data representation to explore the distribution patterns and independencies among key performance indicators. The findings reveal a substantial range in annual turnover, spanning from €70,280 to €21,876,800, with an average value of €995,761. Net profit values vary from €12,650 to €3,719,056, averaging €216,153. The profitability of the surveyed enterprises ranges between 5% and 53% with a mean rate of 24.74%. A statistically significant, strong positive correlation (r = 0.7, p < 0.001) was identified between the number of employees and net turnover, indicating the critical role of human resources in driving enterprise performance. The analysis further identifies organizational and legal structure, as well as the size and qualification of the workforce, as key determinants of operational efficiency within e-business environments. The study concludes that effective managerial oversight of human resources is essential for enhancing organizational performance and enabling strategic decision-making, thereby supporting long-term competitiveness and sustainable development in Ukraine’s digital economy.

Acknowledgments
This study was conducted at the Faculty of Economics, University of South Bohemia. The research was supported by the Neuron Foundation and by the institutional means of the University of South Bohemia, Faculty of Economics.