THE IMPACT OF MACROFINANCIAL FACTORS OF THE FINANCIAL MARKET ON THE FINANCIAL RESULTS OF HOTEL AND RESTAURANT ENTERPRISES IN UKRAINE

Abstract

Introduction. The hotel and restaurant sector in Ukraine operates under conditions of prolonged macrofinancial instability, which has significantly increased the sensitivity of business performance to changes in the financial market environment. Exchange rate fluctuations, inflationary pressure, and transformations in the labor market affect operating costs, pricing decisions, consumer demand, and ultimately the financial results of hospitality enterprises. The shocks caused by the COVID-19 pandemic and the full-scale war have intensified these effects, making the analysis of macrofinancial determinants particularly relevant for understanding both crisis dynamics and recovery processes in the hospitality industry. Purpose. The purpose of the article is to assess the impact of key macrofinancial factors of the financial market on the financial results of hotel and restaurant enterprises in Ukraine. Methods. The study is based on official national statistical data on the financial results of the hospitality industry, the average annual USD to UAH exchange rate, the average monthly nominal wage, and the consumer price index. Descriptive statistical analysis is used to identify general trends and variability of indicators. Pearson correlation analysis is applied to evaluate the direction and strength of relationships between macrofinancial variables and financial results. Multiple regression analysis is employed to assess the combined influence of macrofinancial factors. Results. The analysis reveals a high volatility of financial results in the hospitality industry during the study period, reflecting deep crisis effects in 2020–2022 and partial recovery in 2023-2024. Correlation analysis indicates a positive relationship between financial results and both the exchange rate and nominal wages, as well as a negative relationship with inflation. The regression model demonstrates a high explanatory capacity, indicating the potential importance of macrofinancial factors in shaping financial outcomes. At the same time, the statistical significance of individual coefficients remains limited due to the small number of observations and the presence of extraordinary economic shocks. Conclusion. The findings confirm that the financial market plays a significant role in the stabilization and recovery of the hospitality industry through channels of cost formation, consumer demand, and financial adaptability. In addition to macrofinancial variables, the study highlights the influence of external factors that form the general operating environment of hotel and restaurant enterprises. The results support the need for exchange rate stability, income support for households, and targeted financial instruments for the hospitality sector to strengthen financial resilience and accelerate post-crisis recovery.