Abstract
The work presents the concepts of innovations and institutional transformations happening in the forest industry of Russia, which plays a special role in the national economy. Theoretical aspects of innovations development and institutional transformations in the forest industry, with particular stress on institutional and ecological innovations, as well as institutional background and framework for innovative development of the forest industry, are discussed. The components of the Russian forest complex, resulting from abundant Russian forest resources and their great role and importance for the economy, are presented. The socio-economic, ecological, recreational and another importance of the Russian forests is revealed too. There are defining institutions and main institutional problems in the forest industry, which play a crucial role in the forest industry development. To evaluate innovations and institutional transformations in the forest industry, the effectiveness of innovations is suggested for evaluation using the cross-sectional regression model presented, as well as the model for evaluation of the role of institutional innovations in the forest industry. The ongoing solutions for sustainable development of the forest industry and for effective multi-purpose forest management are suggested in accordance with the measures planned by the President and Russian government.
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