Evolution of the categorical apparatus of investment attractiveness under modern economic challenges and post-war recovery

The research analyzes the transformation of scientific-theoretical approaches to the category “investment attractiveness of an enterprise” under the influence of modern economic challenges, including geopolitical instability, decarbonization trends, digital transformation, and the necessity of post-war recovery of Ukraine's economy. The evolution of the concept from classical finance-centered approaches of John Maynard Keynes and Michael Porter to integrated ESG-oriented models is analyzed. The methodological basis includes comparative analysis of scientific sources, systematization of approaches of different economic schools, analysis of statistical data from the National Bank of Ukraine and the World Bank, and study of EU regulatory documents on decarbonization and carbon reporting. Three key periods of category evolution are identified: classical (1936-1985), neoclassical (1990-2000s), and contemporary (2010s-present), each characterized by a specific set of investment attractiveness determinants. Empirical analysis demonstrates dramatic fluctuations in foreign direct investment to Ukraine: a 97% collapse in 2022 due to full-scale war followed by a 1900% recovery in 2023. It is established that 58% of corporate studies confirm a positive relationship between ESG factors and financial performance, while 88% of institutional investors consider ESG criteria more important than traditional financial metrics when assessing long-term enterprise attractiveness. The impact of EU regulatory changes, particularly the implementation of the Carbon Border Adjustment Mechanism (CBAM) and IFRS S2 standards on climate disclosures, on forming a new paradigm of metallurgical enterprise investment attractiveness is analyzed. A critical gap is identified between Ukraine's high IT sector digital maturity and the metallurgy industry's outdated material-technical base. An updated definition of investment attractiveness is proposed as a dynamic integral characteristic of an enterprise's ability to generate long-term value through synergy of five dimensions: financial-economic, adaptive-risk, technological-innovative, ESG-oriented, and institutional-reputational. The practical significance lies in forming a conceptual framework for assessing enterprise investment attractiveness under wartime economy and post-war recovery conditions with reconstruction needs of $524 billion USD.