Antkiv V. Financial Provision of Non-Financial Corporations under Countercyclical Regulation

The dissertation addresses a pressing scientific problem by substantiating the theoretical and methodological foundations and developing practical instruments for the financial provision of non-financial corporations within a countercyclical regulatory framework. The proposed solutions are aimed at enhancing the resilience of the corporate sector and strengthening Ukraine’s economic security amid wartime and post-war transformations. The research logic is built on a multi-level understanding of financial provision as a dynamic category in which the internal financial architecture of corporations (capital structure, liquidity, debt burden, and operational performance indicators such as EBITDA) interacts with external framework conditions (phases of the business and financial cycles, availability and cost of capital, institutional and regulatory settings, and the development of capital markets). It is demonstrated that cycle asymmetries and transmission lags turn financial constraints into a “long tail” of crises: even when the real sector shows signs of recovery, the financial environment may remain tight, preserving elevated risk premia, shortened maturities, and a pronounced “flight-to-quality” behavior among financial intermediaries.