ISSN 2308-8559 e-ISSN 2415-8224
en

https://doi.org/10.62763/ef/1.2026.38

Volume 16, No. 1, 2026

38-51

  • Read article

    • Adoption and optimisation of investment decisions in enterprise management

    Vladyslav Krylovskyi

    Received 03.12.2025, Revised 02.03.2026, Accepted 26.03.2026 Published 01.04.2026

    Abstract

    This article aimed to substantiate approaches to the adoption and optimisation of investment decisions as a part of an enterprise management system. The methodology employed the methods of theoretical generalisation, as well as financial-statistical and comparative analyses using official financial reports and open data of companies for 2022-2025. The results of the study revealed that the investment activity of Metinvest in 2022-2025 developed in the context of decreased production potential and wartime risks. This caused a decrease in capital expenditures from USD 354 million in 2022 to USD 235 million in 2024, as well as a phased implementation of investment projects from a strategic perspective. The net debt-to-earnings before interest, taxes, depreciation and amortisation ratio increased from 0.9 in 2022 to 1.9 in the first half of 2025, which limited the investment activity. By contrast, the investment strategy of EPAM in 2022-2025 prioritised the development of intangible assets, technological platforms and human capital. This approach was accompanied by the stabilisation of revenue at USD 4.73 billion in 2024, an increase in headcount to 62.35 thousand employees in 2025, and an improvement in earnings per share under generally accepted accounting principles from USD 7.06 in 2023 to USD 7.84 in 2024. The results obtained indicated that the effectiveness of investment decisions was determined by industry-specific characteristics, asset structure, and the nature of financial and external risks, while the optimisation of investment required the alignment of financial constraints with the strategic development objectives of enterprises. The practical significance of the study lies in the possibility of applying its findings by enterprise executives and financial managers to substantiate investment decisions and to align them with strategic development goals under conditions of financial constraints

    Keywords:

    strategic planning; risk; capital; efficiency; resources

    Suggested citation
    Krylovskyi, V. (2026). Adoption and optimisation of investment decisions in enterprise management. Economic Forum, 16(1), 38-51. https://doi.org/10.62763/ef/1.2026.38
    207 Views

    References

    1. Baffo, I., Leonardi, M., D’Alberti, V., & Petrillo, A. (2024). Optimizing public investments: A sustainable economic, environmental, and social investment multi-criteria decision model (SEESIM). Regional Science Policy & Practice, 16(11), article number 100140. doi: 10.1016/j.rspp.2024.100140.
    2. Banda, M., & Mwange, A. (2023). Corporate governance: A conceptual analysis. Research Journal of Finance and Accounting, 14(17), 41-61. doi: 10.7176/RJFA/14-17-05.
    3. Besarab, T. (2026). EPAM and Cursor announce partnership to transform AI development. Delo.ua. Retrieved from https://delo.ua/news/epam-ta-cursor-ogolosili-pro-partnerstvo-dlya-transformaciyi-ai-rozrobki-458167/#google_vignette.
    4. Brovinska, M. (2026). In 2026, EPAM plans to hire 750-800 juniors and expects a change in the model of cooperation with clients. The head of EPAM Ukraine predicted the development of the IT industry in 2026. Dev.ua. Retrieved from https://dev.ua/en/news/in-2026-epam-plans-to-hire-750-800-juniors-and-expects-a-change-in-the-model-of-cooperation-with-clients-the-head-of-epam-ukraine-predicted-the-development-of-the-it-industry-in-2026.
    5. Dejuan-Bitria, D., & Ghirelli, C. (2021). Economic policy uncertainty and investment in Spain. SERIEs, 12, 351-388. doi: 10.1007/s13209-021-00237-5.
    6. Donets, D. (2024). Investment strategies in enterprise: Unlocking opportunities for development. Economic Analysis, 34(3), 286-300. doi: 10.35774/econa2024.03.286.
    7. DTSU ISO 31000:2018. (2019). Risk management. Principles and guidelines. Retrieved from https://online.budstandart.com/ua/catalog/doc-page.html?id_doc=80322.
    8. EPAM Systems, Inc. (2023). EPAM reports results for fourth quarter and full year 2022 and announces $500 million share repurchase program. Retrieved from https://investors.epam.com/news/news-details/2023/EPAM-Reports-Results-for-Fourth-Quarter-and-Full-Year-2022-and-Announces-500-million-Share-Repurchase-Program-02-16-2023/default.aspx.
    9. EPAM Systems, Inc. (2024). EPAM reports results for fourth quarter and full year 2023. Retrieved from https://investors.epam.com/news/news-details/2024/EPAM-Reports-Results-for-Fourth-Quarter-and-Full-Year-2023/default.aspx.
    10. EPAM Systems, Inc. (2025a). EPAM reports results for fourth quarter and full year 2024. Retrieved from https://investors.epam.com/news/news-details/2025/EPAM-Reports-Results-for-Fourth-Quarter-and-Full-Year-2024/default.aspx.
    11. EPAM Systems, Inc. (2025b). EPAM reports results for third quarter 2025 and raises full year revenue and EPS outlook. Retrieved from https://investors.epam.com/news/news-details/2025/EPAM-Reports-Results-for-Third-Quarter-2025-and-Raises-Full-Year-Revenue-and-EPS-Outlook/default.aspx.
    12. European Bank for Reconstruction and Development. (n.d.). Where we invest. Retrieved from https://www.ebrd.com/home/what-we-do/where-we-invest.html.
    13. Feshchenko, Yu. (2024). EPAM buys technology consulting company NEORIS – what will it give to the IT giant. Money and Career. Retrieved from https://mc.today/uk/epam-kupuye-tehnologichnu-konsaltingovu-kompaniyu-neoris-shho-tse-dast-it-gigantu/.
    14. Fortune. (n.d.). Fortune Global 500. Retrieved from https://fortune.com/ranking/global500/.
    15. Halko, L. (2021). Investment activities of the enterprise: Management strategy and tactics. Economy and Society, 31. doi: 10.32782/2524-0072/2021-31-63.
    16. Huang, Y., & Wu, Q. (2026). Smart decision engine for performance optimization in enterprise management. Scientific Reports, 16, article number 3034. doi: 10.1038/s41598-025-32966-z.
    17. Hwang, J. (2024). The impact of environmental, social and governance (ESG) factors on corporate decision-making. International Journal of Science and Research Archive, 12(2), 2945-2955. doi: 10.30574/ijsra.2024.12.2.1151.
    18. Ibrahimov, O., Vancsura, L., & Parádi-Dolgos, A. (2025). The impact of macroeconomic factors on the firm’s performance – empirical analysis from Türkiye. Economies, 13(4), article number 111. doi: 10.3390/economies13040111.
    19. Ivanova, K. (2024). From cogeneration to green metallurgy: What has changed for Metinvest in 2024. The page. Retrieved from https://thepage.ua/ua/news/yak-metinvest-zavershuye-2024-intervyu-coo-oleksandra-mironenka.
    20. Khoma, D., Turghanskyi, V., & Danylyuk, V. (2025). Integral assessment of the investment attractiveness of the enterprise as a method of making managerial decisions. Sustainable Development of Economy, 2, 189-196. doi: 10.32782/2308-1988/2025-53-26.
    21. Kosovych, B., Dmytruk, V., Maksymets, Yu., Stanko, T., Synytsia, S., & Fursa, T. (2025). Management of innovative investment security of an enterprise in conditions of a dynamic external environment through the evaluation of existing projects. Financial and Credit Activity: Problems of Theory and Practice, 5(64), 205-216. doi: 10.55643/fcaptp.5.64.2025.4974.
    22. Kuzmin, O., & Yurynets, O. (2021). Optimisation of the process of application of investment urgent instruments of anti-crisis management at an enterprise. Collection of Scientific Papers “ΛΌΓOΣ”, 1, 23-25. doi: 10.36074/logos-28.05.2021.v1.04.
    23. Mensah, L., Bein, M.A., & Arhinful, R. (2025). The impact of capital structure on business growth under IFRS adoption: Evidence from firms listed in the Frankfurt Stock Exchange. Sage Open, 15(2). doi: 10.1177/21582440251336533.
    24. Metinvest. (2022). Annual report 2022. Retrieved from https://metinvestholding.com/Content/Entities/Report/34/en/Metinvest_AR2022.pdf.
    25. Metinvest. (2023). Annual report 2023. Retrieved from https://metinvestholding.com/Content/Entities/Report/36/en/ar2023.pdf.
    26. Metinvest. (2024). Annual report 2024. Retrieved from https://metinvestholding.com/Content/Entities/Report/37/en/metinvest-annual-report-2024.pdf.
    27. Metinvest. (2025). Metinvest announces financial results for the first six months of 2025. Retrieved from https://metinvestholding.com/Content/CmsFile/en/finreleases__Metinvest_Financial_release_1H2025.pdf.
    28. Metinvest. (n.d.). Strategic goals. Retrieved from https://metinvestholding.com/ua/about/strategy.
    29. Morales, K.E., Valencia-Nuñez, E.R., Paredes-León, J., & Armijos-Arcos, F. (2026). Optimization of working capital for financial sustainability in manufacturing companies: A statistical model. Journal of Risk and Financial Management, 19(1), article number 85. doi: 10.3390/jrfm19010085.
    30. Nechyporenko, A. (2023). Features of financial risk management of the enterprise in the conditions of transformational changes. University Economic Bulletin, 18(1), 200-206. doi: 10.31470/2306-546X-2023-56-200-206.
    31. Pestel Analysis Example. (2025). What is growth strategy and future prospects of EPAM systems company? Retrieved from https://pestel-analysis.com/blogs/growth-strategy/epam.
    32. Private Joint-Stock Company Kamet-Steel. (2024). Information for shareholders and stakeholders. Metinvest. Retrieved from https://ks.metinvestholding.com/index.php/home/informatsiya-dlya-aktsioneriv-ta-stejkkholderiv.
    33. Prokopenko, O., Sitenko, D., Zhanybayeva, Z., Lomachynska, I., & Rakhmetova, A. (2025). Financial systems and their influence on entrepreneurial development: Insights for building sustainable and inclusive ecosystems. Journal of Risk and Financial Management, 18(3), article number 131. doi: 10.3390/jrfm18030131.
    34. Prysyazhna, L. (2025). Metinvest Group plans to invest UAH 1.4 billion in the construction of gas and solar power plants in Kryvyi Rih. Liga.Zakon. Retrieved from https://biz.ligazakon.net/news/234888_grupa-metnvest-planu-nvestuvati-14-mlrd-grn-u-budvnitstvo-gazovikh--sonyachno-elektrostantsy-u-krivomu-roz.
    35. Qian, B.S., Da, L.X., & Yang, Z.Y. (2025). Optimizing the decision-making of enterprises in the production process based on decision tree models. World Journal of Management Science, 3(2), 7-16. doi: 10.61784/wms3063.
    36. Ren, S. (2022). Optimization of enterprise financial management and decision-making systems based on big data. Journal of Mathematics, article number 1708506. doi: 10.1155/2022/1708506.
    37. Rija, M., & Rubino, F.E. (2018). The internal control systems integrated into the various profiles of governance, audit, risk and compliance. International Journal of Business and Management, 13(5), 21-36. doi: 10.5539/ijbm.v13n5p21.
    38. Rossi, I. (2023). The role of AI in accelerating venture capital decision-making. Digital Transformation and Administration Innovation, 1(1), 46-54.
    39. Ryaboshtan, L. (2024). Organizational and economic mechanism of investment control at motor transport enterprises. Herald of Khmelnytskyi National University. Economic Sciences, 330(3), 505-511. doi: 10.31891/2307-5740-2024-330-80.
    40. Setyawati, A., Djoewita, Sugangga, A., & Restuningdiah, N. (2024). Optimizing financial management in small and family-owned enterprises: A literature review on signaling and agency theories. Jurnal Riset Manajemen Sains Indonesia, 15(2), 86-90. doi: 10.21009/JRMSI.015.2.09.
    41. Shi, Y., & Lu, C. (2024). Exploring innovative paths for financial management optimization in the Big Data era. In Proceedings of the 5th international conference on computer information and Big Data applications (pp. 392-396). New York: Association for Computing Machinery. doi: 10.1145/3671151.3671222.
    42. Skopenko, N., & Reznyk, V. (2024). Theoretical approaches to defining investment risks and modern methods of managing them. Investments: Practice and Experience, 16, 108-116. doi: 10.32702/2306-6814.2024.16.108.
    43. Society of Corporate Compliance and Ethics, & Health Care Compliance Association. (2020). Compliance risk management: Applying the COSO ERM framework. Committee of Sponsoring Organizations of the Treadway Commission. Retrieved from https://www.coso.org/_files/ugd/3059fc_5f9c50e005034badb07f94e9712d9a56.pdf.
    44. TSN.ua. (2025). Akhmetov’s Metinvest has allocated over USD 170 million to environmental projects in a year. Retrieved from https://tsn.ua/groshi/metinvest-akhmetova-za-rik-napravyv-ponad-170-mln-na-ekolohichni-proyekty-2880500.html.
    45. U.S. Agency for International Development (USAID). (n.d.). Retrieved from https://oig.usaid.gov/.
    46. Wang, S., & Mansoor, M. (2025). Optimization model for enterprise financial management utilizing genetic algorithms and fuzzy logic. PeerJ Computer Science, 11, article number e2812. doi: 10.7717/peerj-cs.2812.
    47. World Bank Group. (n.d.). Documents & Reports. Retrieved from https://documents.worldbank.org/en/publication/documents-reports.
    48. Wu, B., & Zhou, L. (2025). Optimization in China: Comparing factor, sector, and synthesized investment strategies. Applied Economics, 1-12. doi: 10.1080/00036846.2025.2590772.
    49. Yang, T., & Zhang, C. (2025). Taxation business environment optimization and enterprise innovation efficiency: Empirical evidence from China’s policy tests. Sustainability, 17(4), article number 1563. doi: 10.3390/su17041563.
    50. Zaporizhstal. (n.d.). Information for shareholders and stakeholders. Metinvest Group. Retrieved from https://zaporizhstal.com/uk-ua/about/shareholders-info/.
    51. Zelenyak, V., Shalenyi, V., & Deparma, O. (2024). Manufacturing enterprise investment activity management. Development Service Industry Management, 3, 121-127. doi: 10.31891/dsim-2024-7(18).
    52. Zhakhalov, Ya. (2025). EPAM’s revenue grew by 19%, and profit was lower than a year ago. Highlights from the report for the third quarter of 2025. DOU.ua. Retrieved from https://dou.ua/lenta/news/epam-financial-report-q3-2025/.
    53. Zhang, Q., & Li, J. (2021). Research on the optimization of management model in large-scale enterprises. E3S Web of Conferences, 253, article number 03044. doi: 10.1051/e3sconf/202125303044.
    54. Zheng, Y., & Luo, M. (2023). Enhancing operating efficiency in China’s high-end equipment manufacturing industry: Insights from listed enterprises. Sustainability, 15(11), article number 8694. doi: 10.3390/su15118694.