BEHAVIORAL ASPECTS OF BUSINESS ENTITIES` CRISIS FINANCIAL MANAGEMENT UNDER GLOBAL RISKS

Abstract

The article examines the behavioral aspects of crisis financial management of business entities under conditions of increasing global risks and uncertainty. It is substantiated that geopolitical instability, military conflicts, as well as energy and economic challenges significantly transform the decision-making environment, intensifying the influence of cognitive and emotional factors on the financial behavior of managers and business owners. Traditional approaches to crisis financial management, which are based on the assumption of rational economic agents, increasingly demonstrate limited effectiveness. Behavioral biases, including loss aversion, overconfidence, anchoring effect, availability heuristic, and herding behavior, are identified as important determinants of the quality of crisis financial decisions and the level of financial security of business entities. The purpose of the article is to identify the key behavioral factors influencing the crisis financial management of business entities under global risks and to develop a conceptual model for their integration into the financial security assurance system. The research methodology is based on systemic and behavioral approaches, methods of structural and logical analysis, cause-and-effect analysis, content analysis of academic sources, as well as logical and structural modeling. The study explores how behavioral biases transform the financial behavior of enterprises in crisis situations and how these effects are reflected in the level of financial security. Within the framework of the research, a conceptual model of the impact of global risks and behavioral factors on enterprise financial security is developed, and a matrix “behavioral bias – managerial behavior – financial security parameters” is proposed, which can be used as an analytical tool for internal auditing of behavioral risks. The practical significance of the obtained results lies in the possibility of integrating behavioral finance into the system of crisis financial management and enhancing the effectiveness of mechanisms for ensuring the financial security of business entities under conditions of global instability.