• Bohdana Dub Bohdan Khmelnytskyi National University of Cherkasy



agroholdings, agrocompanies, agrocorporations, economic security system, strategy, component, risk management


Agricultural holdings have a great influence on economic and food security at national and global levels. Thus, it is necessary to study their own systems of enterprise-wide risk management. The article aims to determine the characteristics of the economic security systems at agroholdings in Ukraine and to reveal the development state of these systems by functional components. The study uses the following methods: semantic-structural, comparative and statistical analysis (in research of the components of the economic security of agricultural holdings); description, diagnostics of components of the economic security system; tabular and graphical (diagrams) – for visualization of research results and statistics systematization. The analysis of existing systems of economic security in agroholdings with assets in Ukraine is carried out. For further analysis, the 5 largest agroholdings of Ukraine were selected – with different financial status, scale of production, presence on international stock exchanges, that met the criterion of geographical representation (activity covers several regions of Ukraine) and availability of consolidated (including financial) information: Avangard, Agroton, IMC, Kernel and MHP. The general description of the companies and the history of activity are given. The information on the companies’ status by the components of the economic security system is summarized: personnel, political and legal, information, production, physical, market, interface security. The main characteristics of risk management systems of the five largest agricultural holdings of Ukraine are revealed, activity indicators are presented and their strategies are summarized. It is found out that the activity of agroholdings in the aspect of the enterprise economic security is fragmented and in fact, an integrated system is not yet formed. It is recommended to consider economic security as a comprehensive concept, to introduce appropriate units, or to involve specialists for the formation and development of holistic independent self-sufficient economic security systems in each agricultural company.


Download data is not yet available.

Author Biography

Bohdana Dub, Bohdan Khmelnytskyi National University of Cherkasy

PhD Student


Agroprosperis. (2020). Management. Retrieved from

Agroton (2017). Report and Consolidated Financial Statements For the year ended 31 December 2016. Retrieved from

Agroton (2020). Notes to the Financial Statements for the year ended 31 Dec 2013. Retrieved from

Agroton. Raider attack on Group of Companies. Retrieved from [in Russian]

AvangardCo (2018). Annual Report 2017 – The Tide Is Turning. Retrieved from

Babenko, V., Sidorov, V., & Savin, R. (2018). Activities of international agroholdings in the world market of foreign investments: investigation of trends and factors of impact in current financing conditions. Technology Audit and Production Reserves, 4(42), 18-24.

Bloomberg (2019). Retrieved from

Czyżewski, B., Matuszczak, A., & Miśkiewicz, R. (2019). Public Goods Versus the Farm Price-Cost Squeeze: Shaping the Sustainability of the EU’s Common Agricultural Policy. Technological and Economic Development of Economy, 25(1), 82-102.

Dub, B.S. (2016). Economic security system of enterprise: concept and structure. Project management and development of production, 4 (60), 5-18. [in Ukrainian]

Dub, B.S. (2019). Complex assessment of Ukrainian agroholdings’ economic security. Bulletin of the Cherkasy Bohdan Khmelnytsky National University. Economic sciences, issue 1, 102-113.

Drozdz, W., Miskiewicz, R., Pokrzywniak, J., & Elzanowski, F. (2019). Urban Electromobility in the Context of Industry 4.0. Torun: Wydawnictwo Adam Marszalek.

Drozdz, W., Marszalek-Kawa, J., Miskiewicz, R., & Szczepanska-Waszczyna, K. (2020). Digital Economy in the Comporary World. Torun: Wydawnictwo Adam Marszalek.

Dzwigol, H., Dzwigol-Barosz, M., Miskiewicz, R., & Kwilinski, A. (2020). Manager Competency Assessment Model in the Conditions of Industry 4.0. Entrepreneurship and Sustainability Issues, 7(4), 2630-2644.

Dzwigol, H. (2019). The Concept of the System Approach of the Enterprise Restructuring Process. Virtual Economics, 2(4), 46-70.

Dzwigol, H. (2020). Innovation in Marketing Research: Quantitative and Qualitative Analysis. Marketing and Management of Innovations, 1, 128-135.

Dzwigol, H., & Dzwigol-Barosz, M. (2020). Sustainable Development of the Company on the Basis of Expert Assessment of the Investment Strategy. Academy of Strategic Management Journal, 19(5), 1-7.

Dzwigol, H., Dźwigoł–Barosz, M., & Kwilinski, A. (2020). Formation of Global Competitive Enterprise Environment Based on Industry 4.0 Concept. International Journal of Entrepreneurship, 24(1), 1-5.

European Trade Union Institute, Research Unit “Europeanisation of Industrial Relations”. (2020). What does SE mean? Retrieved from

Fairbairn, M. (2014). “Like gold with yield”: evolving intersections between farmland and finance. The Journal of Peasant Studies, 41(5), 777-795.

Financial Times. Markets (2020). Retrieved from

Hermans, F.L.P., Chaddad, F.R., Gagalyuk, T., Senesi, S., Balmann, A. (2017). The emergence and proliferation of agroholdings and mega farms in a global context. International Food and Agribusiness Management Review, 20(2), 175-186.

IMC S.A. (2018). Consolidated financial statements for the year ended 31 December 2017 and Report of the réviseur d’entreprises agréé. Retrieved from

IMC. (2020). Management. Retrieved from

Infographics guide “Agribusiness in Ukraine” 2014-2018. Retrieved from

Kernel Holding S.A. (2019). Corporate Governance Charter. Retrieved from

Kernel. (2020). Management. Retrieved from

Kravchuk, A., Neboha, M., & Reyes, J. De los. Offshoring prosperity: Agroholdings and tax avoidance in Ukraine. TNI Longreads. Retrieved from

Latifundist (2020). Retrieved from

Macroaxis (2020). Number of Employees. Retrieved from

Marketscreener (2020). Retrieved from

Methodology of Korn Ferry. Retrieved from [in Russian]

MHP Corporate Governance Charter (2017). Retrieved from

MHP LSE (2018). Annual report and accounts 2017. Retrieved from

MHP Semi (2018). Risk and quality management. Retrieved from

Miśkiewicz, R. (2019). Challenges Facing Management Practice in the Light of Industry 4.0: The Example of Poland. Virtual Economics, 2(2), 37-47.

Miśkiewicz, R. (2019). Industry 4.0 in Poland – Selected Aspects of Its Implementation. Scientific Papers of Silesian University of Technology. Organization and Management Series, 136, 403-413.

Miśkiewicz, R. (2019). Implementing the Industry 4.0 Concept into the Economy on the Example of the Realloys Company. Zeszyty Naukowe. Organizacja i Zarządzanie/Politechnika Śląska, 141, 249-260.

Miśkiewicz, R, & Wolniak, R. (2020). Practical Application of the Industry 4.0 Concept in a Steel Company. Sustainability, 12(14), 5776.

Ren, C., Liu, S., van Grinsven, H., Reis, S., Jin, S., Liu, H., & Gu, B. (2019). The impact of farm size on agricultural sustainability. Journal of Cleaner Production, 220, 357-367.

Reuters (2020). Retrieved from

Saługa, P.W., Szczepańska-Woszczyna, K., Miśkiewicz, R., & Chłąd, M. (2020). Cost of Equity of Coal-Fired Power Generation Projects in Poland: Its Importance for the Management of Decision-Making Process. Energies, 13(18), 4833.

Simplywall St (2020). Retrieved from

Smida (2020). Retrieved from

Stockworld (2020). Retrieved from

Sumner, D.A. (2014). American Farms Keep Growing: Size, Productivity, and Policy. Journal of Economic Perspectives, 28(1), 147-166.




How to Cite