Financial Aspects of Implementing Circular Economy Principles in Agricultural Enterprises of Ukraine in the Context of Modern Transformations

The relevance of this study is driven by the growing importance of the circular economy as a tool for enhancing the financial resilience of agricultural enterprises under conditions of resource constraints, environmental challenges, and ongoing economic transformations in Ukraine. This issue is particularly significant for agricultural enterprises, which possess substantial potential for resource recirculation and cost reduction. The purpose of the study is to assess the financial effects of implementing circular practices in Ukrainian agricultural enterprises using an integrated circularity index and to identify the relationship between the level of circularity and financial efficiency. The research design is based on a combination of theoretical analysis and empirical assessment. A comparative analysis of enterprises with different levels of circularity was conducted, and enterprises were grouped according to the value of the integrated circularity index. The study was carried out considering the limited availability of primary financial data. The main hypothesis assumes that a higher level of circular practice implementation has a positive impact on the financial efficiency and financial resilience of agricultural enterprises. Empirical insights were obtained through the synthesis of academic literature, analytical reports, and calculation-based estimates. The methodological framework includes the index method, comparative analysis, systematization, and generalization. Cost reduction, energy efficiency gains, cash flow stability, and the potential for additional revenue were assessed. Graphical methods were applied to visualize the financial effects. As a result of the study, circular practices in agricultural enterprises were analyzed, financial effects of their implementation were identified, the relationship between the circularity index and cost reduction was established, additional revenue potential was assessed, and practical recommendations were developed. The economic feasibility of circular solutions as a tool for strengthening financial resilience rather than short-term profitability was substantiated. The theoretical contribution of the study lies in the development of approaches to assessing the financial effects of circular economy implementation at the enterprise level. The practical value consists in the applicability of the proposed integrated circularity index and recommendations in financial management of agricultural enterprises. The originality of the research lies in combining an index-based approach with financial evaluation of circular practices in the agricultural sector of Ukraine. Future research directions include expanding the empirical base and applying panel data methods.