FINANCIAL STRATEGIES OF TRANSNATIONAL CORPORATIONS IN THE CONTEXT OF GLOBALIZATION INSTABILITY
Abstract
The article explores the conceptual foundations and practical aspects of forming financial strategies of transnational corporations (TNCs) under the conditions of globalization instability. It emphasizes the growing influence of TNCs on global economic dynamics and their dual role as drivers of innovation and sources of systemic risks. Based on UNCTAD methodology, the paper interprets the Transnationality Index (TNI) as a criterion for determining the degree of internationalization and integration of corporations into the global economy. A diagnostic analysis of the top 20 global TNCs from the Fortune Global 500 (2024) ranking was conducted according to absolute and relative indicators (sales, assets, profit, revenue growth, return on assets, and labor productivity). The study identifies sectoral patterns of global corporate development, highlighting the dominance of trade-distribution, energy, technological, and financial-investment sectors. The results demonstrate that U.S. corporations retain a leadership position (60%), while the growing share of Chinese state-owned TNCs reflects the shift of economic power toward Asia. The research reveals that technological companies show the highest efficiency due to innovation-driven strategies, whereas resource-based corporations ensure stability but face cyclical constraints. The constructed BCG-type matrix visualizes structural polarization within the global corporate system, where innovative and trade corporations generate growth zones, and energy and industrial companies sustain long-term stability. The findings also highlight the increasing convergence between financial and technological strategies, as corporations seek to strengthen digitalization, automation, and data-driven decision-making in their financial management models. It is argued that adaptive, flexible, and sustainable financial strategies become decisive for maintaining profitability and competitiveness in an era of global uncertainty. Furthermore, the research underscores the necessity for multinational enterprises to integrate ESG principles and innovation-based investment approaches into their financial architectures.
References
Гіл Чарльз В. Л. Міжнародний бізнес: Конкуренція на глобальному ринку / Пер. з англ. А. Олійник, Р. Ткачук. Київ : Видавництво Соломії Павличко «Основи». 2001. 856 с.
Дугієнко Н. О., Яцук Г. С. ТНК в Україні: діяльність та вплив на економіку. Інфраструктура ринку. 2020. № 48. C. 15–19. DOI: https://doi.org/10.32843/infrastruct48-3
Качур А. В., Могилко Д. М. ТНК та їх роль у сучасних міжнародних економічних відносинах. Економіка і суспільство. 2018. Випуск 19. DOI: https://doi.org/10.32782/2524-0072/2018-19-9
Когут М. В. Вплив транснаціональних корпорацій на глобалізацію ринків: можливості та виклики для місцевого розвитку. Український економічний часопис. 2024. Випуск 4. C. 20–24.
Коровіна Н. В., Бакланова А. О. Основні засади існування транснаціональних корпорацій на глобальному ринку. Управління змінами та інновації. 2024. №10. С. 77–82.
Кузьминчук Н., Куценко Т., Чорній Д. Особливості стратегічного менеджменту міжнародних корпорацій у контексті підвищення їх конкурентоспроможності. Економіка та суспільство. 2022. Випуск 39. DOI: https://doi.org/10.32782/2524-0072/2022-39-85
Мартиненко В.П. Концептуальні аспекти фінансової стратегії підприємства. Економічний вісник НТУУ «Київський політехнічний інститут». 2021. № 19. С. 78–81.
Портер М. Конкурентна перевага. Як досягти стабільно високих результатів / пер. з англ. І. Емельянової. Київ : Наш формат. 2019. 624 с.
Рогач О. Методологічні аспекти аналізу багатонаціональних підприємств. Міжнародна економічна політика. 2019. № 2 (31). С. 10–42.
Ткачук Н.Я., Заяць О.І. Диференціація конкурентних стратегій багатонаціональних підприємств. Економіка і суспільство. 2024. Випуск №67. DOI: https://doi.org/10.32782/2524-0072/2024-67-103
Buckley P.J. Internalisation Theory and Outward Direct Investment by Emerging Market Multinationals. Management International Review. 2018. N 58. P. 195–224. DOI: https://doi.org/10.1007/s11575-017-0320-4
Casson M., Jones G., da Silva Lopes T. Organizational innovation in the multinational enterprise: Internalization theory and business history. Journal of International Business Studies. 2019. 50 (8). P. 1338–1358. DOI: https://doi.org/10.1057/s41267-018-0156-6
Fortune Global 500. URL: https://fortune.com/global500/
PolSci Institute. The Role and Impact of TNCs in the Global Economy. 2024. URL: https://polsci.institute/global-politics/role-impact-tncs-global-economy/
Rugman A., Verbeke A. A perspective on regional and global strategies of multinational enterprises. Journal of International Business Studies. 2004. Vol. 35. P. 3-18.
United Nations. Draft United Nations Code of Conduct on Transnational Corporations. 1983. URL: https://investmentpolicy.unctad.org/international-investment-agreements/treaty-files/2891/download
UNCTAD – United Nations Conference on Trade and Development. 2024. URL: https://unctad.org/meeting/launch-world-investment-report-2024.
Hill C. W. L. (2001) Mizhnarodnyi biznes: Konkurentsiia na hlobalnomu rynku [International business: Competing in the global marketplace]. Kyiv: Vydavnytstvo Solomii Pavlychko «Osnovy», 856 p. (in Ukrainian)
Dugienko N., Yatsuk A. (2020). TNK v Ukraini: diialnist ta vplyv na ekonomiku [TNCs in Ukraine: activities and impact on the economy]. Infrastruktura rynku – Market Infrastructure, no 48, pp. 15–19. DOI: https://doi.org/10.32843/infrastruct48-3
Kachur A. V., Mohylko D. M. (2018). TNK ta yikh rol u suchasnykh mizhnarodnykh ekonomichnykh vidnosynakh [TNCs and their role in modern international economic relations]. Ekonomika i suspilstvo – Economy and Society, vol 19. DOI: https://doi.org/10.32782/2524-0072/2018-19-9
Kohut M. (2024). Vplyv transnatsionalnykh korporatsii na hlobalizatsiiu rynkiv: mozhlyvosti ta vyklyky dlia mistsevoho rozvytku [The influence of TNC’S on the globalization of markets: opportunities and challenges for local development]. Ukrainskyi ekonomichnyi chasopys, vol. 4, pp. 20–24.
Korovina N, Baklanova A. (2024). Osnovni zasady isnuvannia transnatsionalnykh korporatsii na hlobalnomu rynku. [Basic principles of the existence of transnational corporations on the global market]. Upravlinnia zminamy ta innovatsii – Change Management and Innovations, no 10, pp. 77–82.
Kuzmynchuk N., Kutsenko T., Chornii D. (2022). Osoblyvosti stratehichnoho menedzhmentu mizhnarodnykh korporatsii u konteksti pidvyshchennia yikh konkurentospromozhnosti [Features of strategic management of international corporations in the context of increasing their competitiveness]. Ekonomika i suspilstvo – Economy and Society, vol. 39, pp. 55–62. DOI: https://doi.org/10.32782/2524-0072/2022-39-85
Martynenko V.P. (2021) Kontseptual’ni aspekty finansovoyi stratehiyi pidpryyemstva [Conceptual aspects of financial strategy of an enterprise]. Ekonomichnyy visnyk NTUU «Kyyivs’kyy politekhnichnyy instytut”, no 19, pp. 78–81.
Porter M. (2019) Konkurentna perevaha. Yak dosiahty stabilno vysokykh rezultativ [Competitive Advantage: Creating and Sustaining Superior Performance by Michael E. Porter]. Kyiv: Nash Format, 624 p. (in Ukrainian)
Rogach O. (2019). Methodological aspects of the analysis of multinational enterprises. The Journal of International Economic Policy, no 2(31), pp. 10–42.
Tkachuk N., Zayats O. (2024). Dyferentsiatsiia konkurentnykh stratehii bahatonatsionalnykh pidpryiemstv [Differentiation of competitive strategies of multinational enterprises]. Ekonomika i suspilstvo – Economics and Society, no 67, DOI: https://doi.org/10.32782/2524-0072/2024-67-103
Buckley P. J. (2018). Internalisation Theory and Outward Direct Investment by Emerging Market Multinationals. Management International Review, no 58, pp. 195–224. DOI: https://doi.org/10.1007/s11575-017-0320-4
Casson M., Jones G., da Silva Lopes T. (2019). Organizational innovation in the multinational enterprise: Internalization theory and business history. Journal of International Business Studies, no 50 (8), pp. 1338–1358. DOI: https://doi.org/10.1057/s41267-018-0156-6
Fortune Global 500. Available at: https://fortune.com/global500/
PolSci Institute (2024). The Role and Impact of TNCs in the Global Economy. Available at: https://polsci.institute/global-politics/role-impact-tncs-global-economy/
Rugman A., Verbeke A. (2024). A perspective on regional and global strategies of multinational enterprises. Journal of International Business Studies, vol. 35, pp. 3-18.
United Nations (1983). Draft United Nations Code of Conduct on Transnational Corporations. Available at: https://investmentpolicy.unctad.org/international-investment-agreements/treaty-files/2891/download
UNCTAD (2024). United Nations Conference on Trade and Development. Available at: https://unctad.org/meeting/launch-world-investment-report-2024
