This article aimed to substantiate approaches to the adoption and optimisation of investment decisions as a part of an enterprise management system. The methodology employed the methods of theoretical generalisation, as well as financial-statistical and comparative analyses using official financial reports and open data of companies for 2022-2025. The results of the study revealed that the investment activity of Metinvest in 2022-2025 developed in the context of decreased production potential and wartime risks. This caused a decrease in capital expenditures from USD 354 million in 2022 to USD 235 million in 2024, as well as a phased implementation of investment projects from a strategic perspective. The net debt-to-earnings before interest, taxes, depreciation and amortisation ratio increased from 0.9 in 2022 to 1.9 in the first half of 2025, which limited the investment activity. By contrast, the investment strategy of EPAM in 2022-2025 prioritised the development of intangible assets, technological platforms and human capital. This approach was accompanied by the stabilisation of revenue at USD 4.73 billion in 2024, an increase in headcount to 62.35 thousand employees in 2025, and an improvement in earnings per share under generally accepted accounting principles from USD 7.06 in 2023 to USD 7.84 in 2024. The results obtained indicated that the effectiveness of investment decisions was determined by industry-specific characteristics, asset structure, and the nature of financial and external risks, while the optimisation of investment required the alignment of financial constraints with the strategic development objectives of enterprises. The practical significance of the study lies in the possibility of applying its findings by enterprise executives and financial managers to substantiate investment decisions and to align them with strategic development goals under conditions of financial constraints
Vladyslav Krylovskyi (Wed,) studied this question.