Methods of Optimizing Financial Leverage in Conditions of Increased Macroeconomic Uncertainty

In the context of increasing macroeconomic instability and volatility of financial markets, optimization of financial leverage is of key importance for ensuring the sustainability and competitiveness of companies. The article examines the theoretical and methodological foundations of optimal management of capital structure, generalizes classical and modern approaches – from trade-off and pecking order theories to real options models and robust optimization. A conceptual model of leverage optimization based on dynamic stochastic management taking into account macroeconomic risks, costs of financial difficulties and transaction constraints is proposed. Particular attention is paid to the integration of various methods into a single system, including scenario analysis, stochastic modeling, elements of market timing and robust procedures. The presented integrative approach allows formalizing an adaptive strategy for managing the debt burden, minimizing the cost of capital and limiting losses in stressful conditions.