THE ROLE OF ORGANIZATIONAL AND ECONOMIC MECHANISM OF STRATEGIC COMPANY MANAGEMENT IN THE NATIONAL ECONOMY

307 ISSN 2306-4994 (print); ISSN 2310-8770 (online) UDC 65.012.32(076):330.341 Parfentieva O. Ph. D. in Economics, Associate Professor of the Department of Economics, National Transport University, Kyiv, Ukraine; e-mail: npu.institute@gmail.com; ORCID ID: 0000-0002-5946-9490 Grechan A. Doctor of Economics, Professor of the Department of Economics, National Transport University, Kyiv, Ukraine; e-mail: kharkivska.alla@gmail.com; ORCID ID: 0000-0003-3984-9952 Bezuglyi A. Ph. D. in Economics, Senior Lecturer of the Department of Finance, Accounting and Auditing, National Transport University, Kyiv, Ukraine; e-mail: aandrii755@gmail.com; ORCID ID: 0000-0003-3883-7968. Kompanets K. Ph. D. in Economics, Associate Professor of the Department of Hotel and Restaurant Business, Kyiv National University of Trade and Economics, Ukraine; e-mail: katy6echka@bigmir.net; ORCID ID: 0000-0002-7189-2355 Salimon O. Ph. D. in Economics, Associate Professor of the Department of Hotel and Restaurant Business, Kyiv National University of Trade and Economics, Ukraine; e-mail: olgafast43@gmail.com; ORCID ID: 0000-0002-1886-5868

Introduction. An effective mechanism of strategic company development is a guarantee of competitiveness in the long run. However, the trend of changing the external environment of companies in recent years leads to unprecedented challenges that company managers have not faced yet. The COVID-19 pandemic has caused an unprecedented economic downturn around the world, and company development strategies based on globalization and integration have failed. In this context, it is necessary to formulate and develop new organizational and economic mechanisms of strategic management that will compensate for losses in foreign markets. The focus should be on operation within the national economy as a major alternative to globalised markets.
It is necessary to look for new factors of successful strategic company development to develop a new mechanism of strategic management. The new operating conditions require a review of existing strategies and their modernization in line with global change. In order to adequately respond to global challenges, it is necessary to modernize strategic development models and reorient them to the vector of investment policy to support the course towards sustainable development.
Analyzing the experience of previous developments on this topic, it should be noted that a number of studies, in particular [1], are aimed at studying the integration of a balanced scorecard into innovative strategic management. The authors prove the possibility and advantages of applying such an approach to innovative strategic management, but the current conditions of the crisis environment significantly violate many aspects of the company's activities. As a result, the transformation of approaches to strategic company management in the direction of adaptation to external conditions is urgent.
The article of [2] notes that economic crises occur cyclically, but each time the depth of the crisis becomes greater and the post-crisis period longer. As a result, all companies suffering from the effects of such crises are experiencing a decline in business activity, and overcoming the crisis requires spending more and more different resources that can be directed to projects for their development. The main obstacles to the flexible economic development of the company are the high depreciation of fixed assets, low productivity, low personnel quality, imperfection of the product pricing system, inefficient investment activities of companies and so on. In the modern economy, the importance of reformatting the structure and content of the strategic management system with flexible economic development of industrial companies and adapting their directions to the conditions of transformational changes of modern competitive markets is becoming increasingly important. In this case, we agree with the author and support the position of taking into account the crisis of the economy in the formation of a mechanism for strategic company management.
The article of [3] consider the main factors of external influence on the business processes occurring in the company and related aspects of the company's investment activities. In their study, the authors focus on the mechanism of investment policy, but ignore the company development strategy as a whole. We believe that this approach is wrong, because investment policy is an element of the overall company development strategy and must be subject to it.
In some studies, the authors try to parameterize the risks of company investment activities [4]. However, these works use verbal models that do not allow to quantify the impact of environmental factors on the effectiveness of investment projects. In our opinion, such an assessment is an important aspect of company management to achieve sustainable company development during the crisis.
A number of studies involve the assessment of investment efficiency without taking into account the dynamics of input parameters and without linking the stability of the company and its investment policy. Moreover, most authors use standard approaches based on the calculation of the profitability index to analyze investment attractiveness. The study of [5] is an example of such an approach. In our opinion, the problem of this approach is its excessive simplification, because the profitability index itself is not able to describe the full complexity of the conditions of company development. Therefore, decision-making on the strategic company development should be based on a deeper analysis.   Sample. The study used research that examines the theoretical and practical aspects of development, analysis and implementation of dynamic models of company management. The study is based on the approach developed by [13], according to which the strategic company management is to maximize the company's value to the owners. On this basis, all scientific developments used in the study should be consistent with this approach. Given that the study will focus on the inclusion of the investment component in the strategic company management, the study considered such basic static theories of capital structure as the traditional approach [14] Modigliani-Miller theorem [15] a compromise approach [16].
Methods. The methodological background of the study is systems theory, a systems approach to strategic company management, theory and practice of simulation. The theoretical background of the study involved the publications of scholars in the field of economics, investment and strategic management. Based on the ambiguity and variability of the external environment of companies, we analyzed the work that studied the possibility of using dynamic models of strategic company management in the national economy. The method of formalized description of economic information was used for the formalized description of the process of determining the estimated value of the decision. The statistical method of determining the standard deviation was used to describe the deviations of the estimated value of the investment project.
Results. As the analysis of theoretical sources and business practice shows, the mechanism of sustainable company development necessarily includes fundamental blocks that reflect the management function, management system, basic decision-making parameters and elements of feedback. All this allows senior management to anticipate and adequately respond to the challenges of the external environment, respectively, to accurately identify investment opportunities and implement strategies.
Given the experience of strategic company management, we propose the following algorithm to improve strategic investment management, which may include a sequence of the following main stages.
1. Analytical stage. At this stage, the analysis of the company's external and internal environment. The most significant are the environmental factors that pose the greatest threat. In this case, the number of analyzed factors should be limited, because otherwise the analysis will be difficult to conduct due to the complexity of collecting and processing information. Taking into account environmental factors allows predicting possible changes in the market and determining the strategic direction of company development. At this stage, it is also necessary to identify targets for business development and analyze the main technological aspects of the activity. The received information will allow forming a system of criteria of successful company operation and defining the necessary indicative investment volume.
2. Evaluation and prognostic stage. At this stage, the company development indicators are formed. The company's management and top management should evaluate the efficiency of the main activity, analyze the structure of company's income and property, the structure of borrowed funds, net profit, determine the return on assets. Based on this assessment, the required volume of investment and the possibility of attracting it is determined.
3. Stage of the development of strategic decisions. At this stage, strategic decisions are being developed to identify areas of innovative transformation, modernization of industrial and technological resources, which should ensure sustainable company development. An important aspect at this stage is the focus on preventing possible crises and preventing their occurrence, taking into account the variability of the environment.
4. Stage of control and adjustment. At this stage, it is expected to compare the planned results with the actual performance of the company's strategy and making adjustments in the activity, including investment policy. At the same time, the adjusted company management strategy must be tested by simulation before it can be implemented in practice.
The proposed stages are not one-time. The point is the cyclical repetition of the proposed stages, which provides a consistent, systemic and continuous process of improving the strategic company management in the long run.  Often the company's top management faces a situation where alternative strategies have almost the same estimated value. In this case, one needs to use another criterion for choosing a strategy -the degree of risk. In this case, the degree of risk should be understood as the degree of deviation of possible returns on investment from the estimated value of the company's strategy [17; 18]. The greater the difference between the average and actual return on investment, the greater the risk of the chosen strategy.
In order to more accurately calculate the possible risks, it should be assumed that there is a normal distribution of the probability of occurrence of the event that occurs and is within the standard deviation σ, which shows the value of the return on investment from the estimated value of the strategy. The standard deviation demonstrates the rigidity of the probability distribution. The higher is σ, the higher the risk for the investment project. To calculate the standard deviation, one must first determine the estimated cost of the strategy (weighted arithmetic mean).
In order to obtain a number of deviations from the estimated cost of the project, it is necessary to subtract the estimated cost from each result obtained (2): where d i -deviation from the assessed value of the investment project.
To determine the standard deviation (σ 2 ), each deviation from the estimated value must be squared and then multiplied by the probability of the expected result (3): After calculations, take the square root of variance (σ 2 ) and obtain a standard deviation σ (4): The developed model of the mechanism of strategic management will provide optimum definition of company strategy with focus on implementing investment policy. This approach to the strategic management aims to reduce the company's dependence on the changing external environment and ensure the company's financial stability in the long run.
Limitations and implications for the research. This study has a methodological and implementation limitation. Methodological limitation is that the sectoral specifics of companies was not taken into account. It is assumed that each company, regardless of the field of activity, can use the proposed mechanism of strategic management. However, there is a probability that such a mechanism will not be the best for use by the companies with limited financial resources that do not have the opportunity to use them for investment.
The implementation limitation of the study is that the proposed mechanism for strategic company management can be implemented in companies that carry out investment activities. As, in accordance with the chosen research approach, implementation of investment policy is key in building a management strategy, implementation of the results of the study requires that the company has an investment portfolio.
Discussion. The developed organizational and economic mechanism of strategic company management is unique, as it is focused on the intensification of investment activities. The proposed approach differs from similar approaches, as it focuses on risk diversification by increasing the number of investment projects that generate income and provide financial stability for companies during the crisis of national economies.
Comparing the results of our study with other studies of the mechanisms of strategic company management, it is worth emphasizing the uniqueness of our development. [19] consider the synergetic effect of the components of the strategic management system and the process of developing an investment strategy of the company. The scholars note that progressive development is often a guarantee of successful implementation of investment projects, and they define investment activity as a predominant factor in developing a strategy for company development. In this case, the approach of scholars is similar to ours, but in our model investment activity is a means to achieve sustainable development of the company.
Other studies [20; 21] reveal the issue of direct development of investment policy and sustainable development of the company. However, this approach focuses primarily on environmental factors. It should be noted that in the context of the global economic downturn, the issues of environmental efficiency for companies are relatively less important than the issues of strategic operation. The mechanism that we proposed is focused on sustainable operation in the long run.
A number of scholars, such as [7; 22] focus on environmental and social security in the analysis of investment strategies and indicators of sustainable development. At the same time, they somewhat neglect the value of standard economic indicators. In our opinion, such an approach is not entirely justified, as the vast majority of companies are not in such a stable financial position that they can afford not to pay attention to the economic parameters of the activity. In turn, our approach and the results of our study is applicable for a wide range of companies.
The approach used in the study of [23] is interesting, as it involves an attempt to integrate economic, environmental and social indicators into a single integrated system to assess the sustainable development of industrial companies. Such integration is based on achieving close interaction between the components of planning, decision-making and evaluation of company development strategies [24]. However, we believe that in practice it is extremely difficult to adapt to the realities of the company operation. First of all, an array of information about all three components must be collected for this purpose, which is often not the case in practice. Besides, not all companies are ready to invest in building such a complex system without obvious benefits from its use. However, we can consider our proposed approach as a special case of the approach proposed by scholars.
Since the specifics of our proposed approach is the use of investment policy, it is worth comparing our results with studies that also considered investment activities in the context of strategic company management. The article of [25] did not consider in detail the conditions of interaction of strategic decision-making mechanisms in the field of investment projects and investment policy. However, they stressed the need for close cooperation between the mechanisms of strategic decision-making and management of the company's investment policy. In our study, this issue is considered more comprehensively, and investment policy is actually an element of the overall mechanism of strategic company management.
Conclusion. Unprecedented changes in the company's external environment require a revision and transformation of approaches to strategic company management. There is a need to find a balanced approach to strategic company management, which will ensure sustainable development in the long run. To this end, we proposed a mechanism for strategic company management based on investment activities. The use of this approach provides diversification of insolvency risks by obtaining a profit from the company's investment portfolio. An algorithm for improving strategic investment management is proposed, which consists of four stages. The proposed mechanism allows the company's management to identify, analyze and take into account the possible significant consequences in the implementation of investment strategies, as well as take into account the impact of these factors on the stable operation of the company. The proposed strategic management mechanism also allows linking the full range of strategic actions, strategic marketing research, investment policy, measures to control, identify and take into account the degree of risk, evaluate strategies and adjust management decisions as part of the overall strategic management system. The methodological limitation is that the industry specifics of companies were not taken into account. The implementation limitation of the study is that the proposed mechanism of strategic company management can be applied at enterprises engaged in investment activities. The results of the study open up new areas for research, in particular the inclusion of environmental and technological aspects of company development in the mechanisms of strategic management of company development.