The Impact of the Extraordinary Economic Environment on the Operations of Small and Medium-Sized Enterprises – Accounting Aspects in the Border Regions of Hungary and Ukraine

Abstract

Small and medium-sized enterprises (SMEs) are key actors in maintaining economic stability and employment; at the same time, their operations are particularly sensitive to external economic shocks. In recent years, the aftereffects of the pandemic, persistently high inflation, the energy crisis, and the consequences of the Russian–Ukrainian armed conflict have created a complex and prolonged uncertainty that has fundamentally transformed the operational and financing environment of businesses. The aim of this study is to explore how the wartime economic situation affects the functioning of Hungarian and Ukrainian SMEs, with special regard to accounting adaptation, financial stability, the development of resource-efficiency investments, and the specific challenges and opportunities of cross-border peripheral regions.

The research is based on the analysis of up-to-date statistical data and international surveys (Statista, PwC), as well as Hungarian, Ukrainian, and international academic literature. The findings indicate that the most significant challenges for SMEs include labour shortages, the continuous rise in costs, difficulties in accessing financial resources, and the unpredictability of the economic environment. As a consequence, energy- and resource-efficiency developments have slowed down in several areas, which may negatively affect competitiveness in the long term. The analysis confirms that in cross-border and peripheral regions—especially in Szabolcs-Szatmár-Bereg County and Transcarpathia—weaker infrastructure, limited capital availability, and labour outmigration further intensify the negative impacts of the crises. At the same time, in these regions the adaptability of enterprises, increased financial awareness, digitalisation, and openness to innovation play a crucial role in strengthening resilience. The study concludes that the long-term stability of SMEs is determined not only by external support or sectoral characteristics but also by internal managerial capabilities and a strategic approach.

The results of the research may contribute to more well-founded strategic decision-making by SMEs and provide guidance for the development of targeted regional economic development and business support programmes in cross-border areas.