The dissertation is devoted to deepening theoretical and methodological principles and the development of practical recommendations for capitalization of agro-industial companies.
In the dissertation, an analysis and systematization of the essence of the term 'capital' have been conducted, including the classification of its types. The evolution of theoretical approaches to interpreting the economic category of 'capitalization' has been investigated, and a distinct definition is proposed. We suggest considering capitalization as «the process of advancing resources, managing them, and optimizing enterprise performance within operational activities aimed at increasing its market value, actual asset value, competitiveness, and financial stability».
The formulated theoretical advancements provide a scientific foundation for enhancing the development of managerial decisions aimed at maximizing economic outcomes and market value. Additionally, they serve as the basis for researching similar economic inquiries and constructing econometric models.
An assessment of the structure and value of capital within the investigated agro-industrial companies has been conducted. It has been concluded that their capital value is structurally formed by elements that significantly differ in value—specifically, equity capital, which typically holds a higher cost compared to borrowed capital due to the country risk premium factor, which was observed to be high. This is attributed to the country's credit rating and other risks within the economic environment for entrepreneurial activities.
It has been established that achieving an optimal structure and cost of capital can be pursued through various paths. However, when shaping changes in the capital structure to reduce the weighted average cost of capital, other indicators such as financial stability and solvency must be considered. The prospect for further research lies in analyzing similar indicators within other companies in the agro-industrial sector and other economic domains. Additionally, considering financial stability and solvency indicators when modeling an optimal capital structure with the lowest possible weighted average cost of capital.
The correlation between changes in the overall market value of the studied agro-industrial companies and macroeconomic indicators has been investigated. It has been established that the industrial production index and global prices of Brent crude oil significantly influence changes in the overall market value of the researched Ukrainian agro-industrial companies. We believe that comprehending the impact of specific macroeconomic factors on changes in the market value of agro-industrial companies, based on historical indicators, can be beneficial in decision-making processes for stakeholders regarding resource reallocation. Additionally, it can aid in planning economic indicators by governmental institutions.
An assessment of the correlation between internal performance indicators of the studied agro-industrial companies and changes in their stock prices for the subsequent quarter after reporting has been conducted. This is because the stock market reacts with a certain time lag after the information becomes available. Based on the results of this assessment, we believe that the sales profitability significantly influences, while the book value of equity to a lesser extent, impacts the fluctuations in the average stock price for the subsequent quarter after reporting for the sampled agro-industrial companies.
Understanding the impact of specific microeconomic factors on changes in the stock value of agro-industrial companies based on historical indicators can aid stakeholders in the decision-making process regarding the forecasted company value and making appropriate managerial decisions regarding resource allocation.
Considerable correlation between the stock value of the studied agro-industrial companies and specific macro- and microeconomic factors has been emphasized. It has been demonstrated that through a regression model encompassing independent variables such as GDP volume, currency exchange rates, and the profit amount per share over the last 12 months, a significant portion of the fluctuations in the stock prices of the researched agro-industrial companies can be explained.
Furthermore, it was found that the expenditures of the general fund of the state budget of Ukraine and the overall economic value added by the researched companies are statistically significant in explaining changes in their overall average market value. Considering the impact of innovative development on economic indicators can be utilized by individual companies and governmental bodies for planning metrics and enhancing their activities within their scope of competence.
