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Influence of Ownership Structure on the Innovation Activity of South Asian Companies at Different Life Cycle Stages

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Abstract
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The lack of understanding management of corporate and financial innovation management in South Asia raises the fear of the declining effects of new technologies. Therefore, it is of practical interest to compare the estimates of the impact of ownership concentration in different innovation-intensive industries to minimize the agency problem among managers and shareholders. The paper provides an econometric analysis using panel regression of model testing on companies from technologically sophisticated industries, such as the Heavy and Light Industry, Information Technology (IT), and Consumer Staples from South Asia in different life cycles stages from 2015 to 2020. The South Asian market is volatile and receptive to innovations, but R&D capacity in some countries remains low. The paper provides a better understanding of the relationship between the concentration of different forms of ownership and the intensity of innovation, using industryspecifics and life cycle stages. It’s known that institutional investors are still interested in developing new digital marketing channels by competing with industry “disruptors” due to the lack of necessary strength in the IT industry along with barriers to cross-border investment. The paper confirms a linear and inverted U-shaped relationship between different forms of ownership structure and innovation activity. The results allow focusing on industrial and cultural differences to avoid agency and resource conflicts for majority shareholders of the company to build effective corporate governance, achieving strategic goals and minimizing the risks of improper management decisions in R&D.

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Problem setting. There is a fairly extensive network of museums in Ukraine. These cultural institutions have different forms of ownership and subordination: public, communal, private. Study, preservation and popularization of the historical and cultural heritage of Ukraine; development of cultural, educational and research museum activities related to the acquisition of museum collections, exhibition, fund, publishing, restoration, monument protection work, aesthetic, intellectual, civic, national and patriotic education; the solution of problematic issues of the museum affairs requires an effective public policy in this area. Bringing all components of such a policy in line with the challenges of the time, focusing on state-building guidelines, developing identity, satisfying the public interest is an extremely important task today. Recent research and publications analysis. The research topics of Ukrainian and foreign scholars relate to various areas of the museum sphere: the connection of economic processes and museum activities; local communities and the development of museums in a pandemic; transformation of museum institutions; balanced development, sustainability, etc. The following scientists studied the essence and content of these processes: I. Panteleychuk, R. Mankovskaya, N. Filipchuk, Y. Klyuchko, L. Pleshakova, T. Shlyapakova, B. Boniface, S. Cooper, R. Mencarelli, C. Alcaraz, I. Pop, A. Borza, T. Komarac and others. The paper objective – analysis of indicators illustrating the problems and trends of public policy in the field of museum affairs in Ukraine, the functioning of museums in crises, in particular, which are a consequence of the armed aggression of the Russian Federation and the annexation of the Autonomous Republic of Crimea. The paper main body. The Ministry of Culture and Information Policy of Ukraine is the main body in the system of central executive bodies, which ensures the formation and implementation of state policy in the field of museum affairs. There is no complete list of existing museums of various forms of ownership. The last update of the list, as stated on the website of the Ministry of Culture and Information Policy of Ukraine, took place on May 10, 2018. The most common type of museum in Ukraine is local lore. There are 567 such museums of various forms of ownership: state (regional, district, city) and non-state. The number of historical museums is 235 units. 196 museums have national status. There are 89 registered art museums in the database, including 52 art museums and 37 art galleries. Given the military actions in eastern Ukraine caused by the occupation of part of Ukraine by the Russian Federation, museums related to military affairs and memory are popular: troops - 63, military glory - 51, war - 6. Minimizing the negative impact of the political factor on the development of museums would help to improve the performance of museum institutions of their social functions, regardless of which model (elite, democratic or mixed) is a museum. Indicators of museum activity, which are summarized by the State Statistics Service of Ukraine by regions and the country as a whole are: number of museums, museum branches, distribution of museums by status, by profile, number of main and auxiliary funds, classification of funds by regions and museum profile , movement of funds, area of the museum territory, research, exposition and exhibition work, number of visitors, main characteristics of museum staff, etc. The study of trends in museum activities is carried out in comparison with the development of tourism. The relative growth rates of the number of museum visitors and the growth rates of the number of tourists served by tour operators and travel agents for the corresponding period are calculated. The analysis shows that a significant decrease in indicators occurred in 2014, when the Russian Federation annexed Crimea and the Russian-Ukrainian war began. The growth rate of the number of tourists served by tour operators and travel agents in almost all years exceeds the growth rate of the number of museum visitors for the period 2011-2019. The growth rate is calculated relative to the previous year. The biggest difference in the growth rate is 2018: 62% increase in the number of tourists served by tour operators and travel agents against 4.88% increase in the number of museum visitors. The leaders in the number of museums per 1 million population in Ukraine are Dnipropetrovsk, Zhytomyr and Odessa regions. Conclusions of the research. It is determined that the legal basis of museum affairs in Ukraine is prescribed in the legislation, in particular, in the Law of Ukraine «On Museums and Museum Affairs». The basic indicators illustrating problems and tendencies of realization of the public policy in the field of museum affairs in Ukraine are considered. Analysis of the performance of the museum affairs in the crisis, which is a consequence of the armed aggression of the Russian Federation and the annexation of the autonomous Republic of Crimea, proves a significant decrease in all indicators in 2014-2015 and a gradual increase in subsequent years. Relative indicators have been calculated that indicate the impact of armed aggression on museum activities, such as: the growth rate of the number of museum visitors and the growth rate of the number of tourists served by tour operators and travel agents for the relevant period. The analysis shows that a significant decline occurred in 2014, when Russia occupied Crimea and the Russian-Ukrainian war began. It is noted that for Ukraine the negative factor influencing the development of museums is still political, which is illustrated by the example of the Odessa Art Museum, the Ivan Honchar Museum and «Mystetskyi Arsenal» National Culture, Arts and Museum Complex. Emphasis is placed on the need for the Ministry of Culture and Information Policy of Ukraine to develop a state strategy for the development of the museum industry.

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