Determinants of the capital structure and economic security of PJSC Gazprom: from financial conservatism to financial engineering

This paper aims to identify the determinants of PJSC Gazprom’s capital structure for the period 2012–2024, driven by the transformation of financial management concepts. Using J. Aubert-Krier’s structural analysis method, a comparative analysis of the company’s liabilities was conducted, revealing a transition from a conservative «financial autonomy» model (2012–2019) to an active financial engineering strategy (2019 – present).

The article substantiates the transition from an empirical asset preservation model to shareholder value maximization models and assesses the associated risks in the face of global economic challenges.

The authors mathematically substantiate the range of acceptable risk and identify the corporation's financial stability zone (equity ratio from 70% to 91%), which serves as an objective criterion for assessing management effectiveness. It is concluded that the excess of short-term liabilities beyond the established limits in the current period is a consequence of the implementation of the chosen financial paradigm, which requires the adaptation of the company's economic security system to the conditions of increased debt burden.

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