SYSTEMATIZATION OF FACTORS IN THE FORMATION OF ENTERPRISES’ FINANCIAL POTENTIAL IN THE CONTEXT OF THE CIRCULAR ECONOMY

Abstract

The purpose. The purpose of the study is to provide a scientific justification and systematization of the factors influencing the formation and realization of the financial potential of enterprises in the context of circular economy priorities, as well as to determine their role in ensuring financial sustainability, adaptability, and competitiveness of enterprises under conditions of sustainable development. Methodology. The research methodology is based on the application of systemic and integrated approaches to the analysis of the interaction between financial processes and circular transformations, as well as methods of logical generalization, structural and functional analysis, classification, and comparison. Within the framework of the study, a multicriteria grouping of factors was applied according to their origin, nature of influence, economic substance, degree of controllability, time horizon, and level of implementation. Results. It is established that the formation and realization of the financial potential of enterprises in a circular economy are determined by a complex set of interrelated exogenous and endogenous factors that may have either stimulating or constraining effects. The expediency of a classification approach is substantiated, as it allows for structuring the factors and reflecting their multidimensional nature within investment and production determinants of financial development. It is proven that the key drivers of circular transformation include investment activity, innovation, and resource efficiency, reinforced by the digitalization of business processes and institutional support from the state. At the same time, the effectiveness of financial potential realization depends on the coordination of short- and long-term influences and the synchronization of macro- and micro-level factors. Practical significance. The practical value of the research results lies in the possibility of using the proposed systematization of factors by enterprises to diagnose the conditions of financial development, identify key barriers and drivers of circular modernization, set investment policy priorities, enhance the soundness of managerial decision-making, and develop adaptive mechanisms for strengthening financial capacity in the context of sustainable development.