Challenges of Managing State Corporate Rights in Ukraine During War

The relevance of this study is determined by the radical shift in the State’s role in Ukraine’s economy amid full-scale war, which is accompanied by a significant concentration of corporate rights in State ownership and a reassessment of the instruments for managing strategic assets. Under martial law, the State simultaneously acts as owner, regulator, and crisis manager, intensifying tensions between the need for prompt managerial decisions, the principles of proper corporate governance, and international obligations regarding the protection of investors’ rights and transparency. The aim of the article is to identify systemic issues in managing State corporate rights in Ukraine during wartime and to develop approaches for their institutional regulation, taking into account security and economic constraints. The methodological foundation of the study consists of methods of institutional analysis, system approach, comparative analysis, and case study, which allowed a comprehensive assessment of the managerial, legal, and financial aspects of asset concentration in State ownership. The study found that direct State interventions can demonstrate high economic efficiency, provided that conflicts of interest are resolved, the functions of the owner and regulator are clearly delineated, and professional management is established. At the same time, institutional fragmentation of the management system, asymmetry of powers between government bodies, and legal uncertainty of procedures create significant risks of asset value loss, reduced investment attractiveness, and the occurrence of international arbitration disputes. It is substantiated that the further development of the system for managing State corporate rights requires a transition from ad hoc decisions to a sustainable institutional model focused on the centralization of strategic asset management, strengthening the role of independent corporate oversight, and alignment with European standards of economic governance. The practical value of the article lies in the ability to apply the conclusions drawn in shaping State policy in the field of public property management, developing managerial decisions regarding the reform of relevant institutions, and minimizing legal and fiscal risks during the post-war recovery and structural transformation of the economy.