Uman National University | today: 05/23/2026
| Author(s) |
Nepochatenko Olena O., Doctor of Economics, Professor, Rector of Uman National University of Horticulture, Head of Department, Uman National University of Horticulture Barabash L.V., , , Uman National University of Horticulture, Ukraine Vlasyuk S.A., , , Uman National University of Horticulture |
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| Category | Economics | ||
| year | 2026 | issue | Issue 108 part 2 |
| pages | 306-316 | index UDK | 005.915:631.11]:336.7:330.34](045) | DOI | 10.32782/2415-8240-2026-108-2-306-316 (Link) |
| Abstract | The article examines the role of corporate financial management in ensuring the effective functioning of agrarian companies on the stock market. The impact of the corporate governance system on enterprises’ financial policy is analyzed, particularly regarding dividend policy, capital structure formation, risk management, and investor relations. The general mechanisms of stock market functioning and their significance for agricultural enterprises are characterized. The experience of Ukrainian agrarian companies in using stock market instruments, including initial public offerings (IPO) and Eurobond issuance, is systematized. Cases of leading Ukrainian agricultural holdings (Ukrprodukt, Astarta-Kyiv, Avangard, Kernel, and MHP) are analyzed, demonstrating both the significant opportunities for capital attraction through stock market instruments and the vulnerability of agrarian businesses to financial and external risks. The authors propose a model of sequential stages for an agrarian corporation’s entry to the stock exchange, taking into account the sectoral specifics of agriculture, including production seasonality, dependence on natural and climatic factors, land relations, and state export regulation. The proposed model differs from generally accepted approaches by emphasizing the sectoral features of the agricultural sector and integrating management decisions regarding the land bank, seasonal cash flows, and specific risks of agricultural production. The effectiveness of stock market instruments application directly depends on the quality of corporate financial management, including debt management, financial reporting transparency, and communication with investors. The use of stock market instruments enables agricultural companies to attract financial resources for scaling production and implementing investment projects, thereby increasing financial flexibility and investment attractiveness. The experience of companies such as MHP, Kernel, and Astarta-Kyiv confirms the effectiveness of using IPOs and Eurobonds to diversify financing sources. | ||
| Key words | corporate financial management, stock market, agrarian companies, IPO, Eurobonds, corporate governance, investment attractiveness, capital structure | ||