Analysis of Management Paradigms in the Contemporary Finance Theory

Abstract

The structure of the market economy is undergoing major changes in connection with the fundamental development of the global market in various areas. Globalisation makes modern enterprises to quickly respond to changes in the external environment and adapt to them. As a result, the existing financial relations in the areas of production, promotion, settlements and interaction with partners and consumers are being transformed. There is an increasing scientific interest in the study of management paradigms and their influence on the peculiarities of the financial system creation and business entity operation. The study reviewed the interpretation of the concept of “paradigm” and proved the ambiguity of this concept and the need to develop your own approach to this term from the perspective of financial management, aimed at achieving a balanced cash flow of an enterprise based on the development of relationships within and outside the enterprise. The study focuses to identify and highlight conceptual changes in management processes that affect the establishment of financial relations in organisations. It has been established that the creation of well-coordinated relations within one enterprise can allow building effective relationships with other actors in the market economy. The research results proved that globalisation is leading to a change in management paradigms in the contemporary finance theory. The value of this research is to show the feasibility of the creation of sectoral paradigms in the management of enterprises in various sectoral fields for structuring and identifying general trends in their functioning in markets of various sort.