Investment Dynamics Research Articles

РЕАЛИЗАЦИЯ ПРЕДПРИНИМАТЕЛЬСКИХ ПРОЕКТОВ В НЕФТЕГАЗОВОМ КОМПЛЕКСЕ

This article briefly describes the results of a study of the problems of implementing entrepreneurial pro-jects in the oil and gas complex. The dynamics of investment and innovation activity of business entities in the oil and gas complex is considered. Taking into account the industry specifics, possible ways of solving the problems of managing entrepreneurial projects are described.

АНАЛІЗ РОЗВИТКУ УКРАЇНСЬКОЇ ІТ-СФЕРИ ТА ІНВЕСТУВАННЯ У ІТ-ПРОЄКТИ

The Ukrainian sector of information technologies is characterized with the rapid growth and it is one of the leading sectors of the economy of our country. The development of the industry depends on the attraction of investment resources of various forms and types. The article is devoted to the topical problem of investing in Ukrainian IT. The article reveals the issues of analysis of the development of the domestic sphere of information technologies, principles and features of investing in IT projects and modeling of the formation of the investment portfolio. The paper describes the state of the Ukrainian IT industry. The main indicators that characterize the dynamics of the Ukrainian IT industry in recent years are presented, in particular the growth rate of the industry and the number of specialists, the dynamics of investments in the domestic IT sector in general and investments into startups. A graphical representation of the change in the number of IT specialists and the amount of investments in the Ukrainian IT industry was done. The main types of investments in IT projects at different stages of their development are presented. Much attention is paid to own funds, private investments, venture capital, strategic investment, equity, their features and main characteristics are described in the article. The main indicators that determine the effectiveness of investment projects are also presented: net present value, internal rate of return and payback period. These criteria are used to evaluate investments in information technology projects. The task of investing in IT projects was performed using the method of multicriteria optimization. This approach makes it possible to identify investment projects that are characterized by the best indicators of value at the same time on several evaluation criteria, while taking into account the limitations and priorities of the investor or decision maker. After completing all the stages of multi-criteria optimization, the solutions of the problem of investment portfolio formation are determined and the analysis of the obtained results is performed.

РОЛЬ ІНТЕЛЕКТУАЛЬНОЇ ВЛАСНОСТІ У ЗМІНІ ЕКОНОМІЧНОЇ СПЕЦІАЛІЗАЦІЇ УКРАЇНИ

The article is devoted to the study of the nature, features and significance of intellectual property in modern economic systems. The role of intellectual property in stimulating the development of the national economy and changing its specialization in the post-industrial era is analyzed. Authors underlined the fact that Ukraine faces the problem of changing economic specialization in the context of post-industrial transformations in order to ensure an advantageous position in the global competitive environment. The analysis shows that EU countries and the US are trying to export finished products with a high share of value added, while most of Ukraine's export basket is made up of raw materials, which gives our country a losing position in the global economic environment. The role of commercialization of intellectual property and investments in intellectual capital in the structural transformation of the economic system and the formation of the post-industrial system of production is substantiated. The impact of knowledge, information, innovations and intellectual property on the economic growth and competitiveness of the country in modern globalized consumer markets has been investigated. South Korea's experience in the commercialization of intellectual property and the formation of an effective model of specialization is considered. Results of research demonstrated that distinguishing tools as a component of intangible assets of enterprises turned into important factor of its competitiveness in the context of post-industrial transformations. China's experience in supporting the commercialization of intellectual property by creating industrial parks that accumulate foreign direct investment is studied. Analysis of statistics has proved key role of intellectual property in the modern system of public reproduction, and allows to identify a clear link between the volume and dynamics of investment in intellectual capital and profitability of innovative enterprises. The necessity to implement the state policy aimed at changing the economic specialization of Ukraine in the direction of forming a favorable institutional environment for the implementation of innovative and technological potential has been substantiated.

ЧИННИКИ ВПЛИВУ НА НАРОЩУВАННЯ ЕКОНОМІЧНОГО ПОТЕНЦІАЛУ ПІДПРИЄМСТВ МАШИНОБУДУВАННЯ

The article examines the factors influencing the growth of the economic potential of machine-building enterprises through an in-depth analysis of industry trends. The volumes of sold products of machine-building enterprises are analyzed. It was found that business leaders skillfully set up production with a long production cycle, which allows businesses in the machine-building industry to ensure the stability of production processes and continuity in the supply of finished products, as the industry is mainly large stages of the product life cycle. The necessity of managing the economic potential of machine-building enterprises by analyzing the indicators of production costs of their products is established. The influence of inflationary processes taking place in the country is taken into account and studied. In the context of macroeconomic preconditions of economic potential management the assets of enterprises of the branch were considered, which characterize its production possibilities and allow estimating the production component of economic potential of machine-building enterprises, and their structure and dynamics reflect spatially oriented nature of enterprise management. The importance of ensuring the processes of digitalization of production potential for the formation of spatial-oriented management of the economic potential of machine-building enterprises is emphasized. The dynamics of capital investment in the acquisition of software by machine-building enterprises indicates the growing role of digital technologies and digital data in the industry, and is one of the main prerequisites for the formation of information potential of enterprises as part of the economic potential. The necessity of taking into account the financial potential as a basis for resource provision of the activity of machine-building enterprises in the management of their economic potential is argued. It was found that the average wage in industry is slightly higher than in Ukraine as a whole, which is due to the knowledge-intensive industry and special working conditions that require the formation of specific human resources, and appropriate pay.

ВПЛИВ ФІНАНСОВОЇ ДЕЦЕНТРАЛІЗАЦІЇ НА ІНВЕСТИЦІЙНІ ПРОЦЕСИ В ДНІПРОПЕТРОВСЬКОМУ РЕГІОНІ

Against the background of global transformations and imperatives, it has been considered that countries need to find and form effective public administration strategies. In these circumstances, Ukraine is reforming decentralization in order to optimize the activities of the state apparatus through changes in the administrative-territorial structure and redistribution of powers between central and local authorities. The main tasks for the government are to find effective mechanisms for decentralization strategy and assess their impact on the development of individual territories within the country. The impact of financial decentralization on investment processes in the Dnipropetrovsk region has been analyzed in this article. The stages of decentralization in Ukraine have been considered and the main achievements and tasks of each of them have been highlighted. The regulatory framework, which is the foundation of decentralization reforms in Ukraine, has been described. Indicators of development of united territorial communities (UTC) in Dnipropetrovsk region and Ukraine on the basis of comparative analysis have been considered. Conclusions are made about the leadership of the Dnipropetrovsk region from the results of reforms. The dynamics of revenues and expenditures of local budgets of the Dnipropetrovsk region for the period 2014-2019, as well as the change in the amount of funds by accounts have been analyzed. It has been concluded that there is a surplus and budget deficit in the specified period. The dynamics of capital investments of the Dnipropetrovsk region for the period 2014-2019 has been given and the structure of their financing at the expense of the state and local budgets has been analyzed. Conclusions are made regarding the positive impact of financial decentralization on investment processes in the Dnipropetrovsk region. According to the analysis of financial decentralization of the Dnipropetrovsk region, the reforms led to an increase in local budgets and capital investments, an increase in the share of capital investment financing from the state and local budgets, and led the region to leadership in a number of UTC indicators. Thus, it can be argued that decentralization has had a positive impact on the Dnipropetrovsk region and contributed to the strengthening of its socio-economic processes and investment activity.

БЮДЖЕТНЕ ІНВЕСТУВАННЯ НА МІСЦЕВОМУ РІВНІ

The article investigates the structure and dynamics of capital expenditures and capital investments at the expense of local budgets during 2010-2019. It has been established that since 2015 in Ukraine there has been an increase in capital expenditures of local budgets, both in the total amount of expenditures of local budgets, and in GDP as well. This is due to the growth of the local budgets resource base in connection with the decentralization reform. Also, a positive trend of growth in the percentage of capital expenditures of local budgets is revealed. This fact reflects the budgetary investment intensification at the local level. It was found that the growth of capital expenditures from local budgets occurs in the direction of the growth of capital transfers to enterprises (up to 40% in the total amount of capital expenditures). This may be due to the replenishment of the registered capital of utilities, a significant part of which is formed because of a medical reform. Major maintenance, reconstruction and restoration traditionally remain at a high level in the structure of local budgets capital expenditures. The significance for local budgets and procedures for obtaining various types of financial support for regional development from the state budget is also studied. It has been established that the investment potential of local budgets is formed by their own revenues to the development budget, as well as by funding from the state budget in the form of subventions to local budgets for the formation of the united territorial communities infrastructure (0.3-0.4% in the revenues of local budgets); subventions for the implementation of measures for the certain territories socio-economic development (0.2-1.2%) and financing of investment projects at the expense of the State Fund for Regional Development (0.7-1.03%). It was found that the growth of capital investments from local budgets to a small extent depends on financial support from the state budget. It was also clarified that the use of funds for the regional development financial support at the expense of the state budget does not quite correspond to the goals defined by legal acts. The problems of the efficiency of financing investment projects at the expense of the SFRD funds and subventions of socio-economic development have been identified. Recommendations are given for eliminating the identified problems of the effectiveness of financing investment projects for regional development.

ІНВЕСТИЦІЙНЕ ЗАБЕЗПЕЧЕННЯ СФЕРИ ПОВОДЖЕННЯ З ВІДХОДАМИ ЯК СКЛАДНИК ЕКОНОМІЧНОГО МЕХАНІЗМУ ПРИРОДОКОРИСТУВАННЯ

The article considers the systemic characteristics of investment support for waste management as a component of the economic mechanism of nature management. It is revealed that the economic mechanism of nature management operates with a set of methods, tools and methods of influencing the processes of Environmental Protection, which are provided through the functioning of environmental infrastructure facilities in the public and corporate sectors, as well as in the household sector. It is established that an important component of the environmental infrastructure is the material and technical base of waste management, which provides placement, storage, sorting, disposal, and incineration of industrial and household waste. It is proved that modernization, reconstruction and technical re-equipment of the waste management industry require a significant amount of investment injections. It depends on the availability of an institutional environment for stimulating the investment process. Studies have shown that in 1996-2020, in Ukraine as a whole, there is an upward trend in the dynamics of capital investment in waste management, but the growth potential of investment injections into this component of environmental infrastructure is not fully used. It is established that the increase in investment injections in the modernization and reconstruction of the waste management industry depends on the inclusion in the economic mechanism of nature management of a complex of fiscal, credit and budget incentives for environmental business entities specializing in waste placement, sorting and disposal. It is proved that in the context of deepening decentralization of power, in particular, increasing the resource capabilities of United territorial communities, the institutional framework for increasing the amount of investment in the development of the waste management industry is significantly expanding, provided that local self-government bodies and business entities enter into statutory and non-statutory associations or conclude agreements between municipal and private partners. It is proved that the highest level of effectiveness of stimulating investment in the waste management sector is observed in the conditions of cluster formations, where coordination of the activities of municipal and corporate partners, as well as the household sector, is ensured to increase resource and financial flows in the modernization and reconstruction of the household waste disposal industry.

Impact of public investment on the quality of human capital

The article discusses the importance of the problem of human capital formation. Human capital is a multifaceted concept that gives the greatest return in a modern economy. It is measurable. Since 1990, the World Bank has published annual reports on its dynamics, having developed a special index called the Human Development Index. In 1990, when the index was measured for the first time, the Russian Federation was in 49th place in the ranking, but subsequently dropped to 65. Last year we were able to move up to 41st place. The authors trace the dynamics of government investment in human capital and the final result, which is reflected in places in the world ranking. In the nineties of the twentieth century, the Russian Federation was in a deep crisis, investments in human capital were negative, so the place in the HDI rating dropped. Currently, a number of government programs aimed at the development of human capital are being implemented, and they are paying off.

Роль ТНК в економічній стратегії США

The article is aimed at analyzing the impact of American transnational corporations (TNCs) on the economic strategy of the United States of America. During the research, the essence of the category of «transnational corporation» is considered and the peculiarities of functioning of the leading TNCs are defined. The key vectors of U. S. economic strategy at the present stage are specified. The activities of transnational (multinational) corporations in the United States of America is analyzed. The article carries out a comprehensive analysis of the existing ratings of American transnational corporations. The key indicators of their activity in various spheres of public production and sectors of economy are analyzed. The impact of transnational corporations on the U.S. economy is evaluated by analyzing the dynamics of exports, imports, indices of gross domestic product (GDP) and gross domestic product per capita. The activities of American TNCs in the territories of foreign countries is studied. The analysis of the dynamics of direct foreign investment of the United States of America abroad and the scale of investment in the national economy of the country from abroad is carried out. The geographical structure of foreign direct investment from the United States of America is considered. Existing threats to the U.S. economy caused by transnational corporations are identified, and their consequences are estimated. Conclusions have been drawn on the future prospects of transnationalization of the US economy and the impact of global companies on the economic strategy of the United States of America.

ІНТЕРНАЦІОНАЛІЗАЦІЯ БУДІВЕЛЬНОЇ ГАЛУЗІ УКРАЇНИ: СУЧАСНИЙ СТАН ТА ПЕРСПЕКТИВИ

The article examines the dynamics of internationalization of the construction industry of Ukraine over the past decade. The reasons for the poor representation of domestic companies in the world market are revealed, the priority directions of the European integration policy for the construction market are substantiated. The dynamics of capital investment due to foreign residents and other key indicators of internationalization of the construction industry, such as exports, imports, the amount of foreign direct investment in the construction industry and foreign trade turnover in construction are analyzed. The results of calculations of the author's index of internationalization of the construction industry are presented. It shows that despite steady growth until 2013 and falling after political events in Ukraine, the situation stabilized briefly in 2016, followed by a sharp decline that continues to this day due to a number of global events such as the semiconductor crisis and the COVID-19 pandemic. It is determined that in order to improve the situation in the industry, it is necessary to direct state policy to increase the qualitative and quantitative levels of export potential. Particular attention should be paid to the development of promising global niches in construction, starting with production technology, where you need to focus on sustainable construction, or using software, blockchain technology, the Internet of Things both on and off the construction site, as well as obvious future benefits of investing in drone and robotics technology to do more routine or hazardous work and protect workers from potential risks, and to make full use of high-tech construction technologies and attract foreign investment to re-equip and implement innovative solutions in construction companies. The key factors influencing foreign direct investment and exports in the construction industry are identified, the projection of results as key indicators on which the comprehensive indicator of internationalization of the construction industry depends, allowed to reasonably identify indicators that most affect the index.

Wspólnie czy indywidualnie? Na własność czy wynajem? Wszystkim czy wybranym? Dylematy współczesnej polskiej polityki mieszkaniowej

The article contains an overview of the housing situation in Poland in three dimensions: the availability of housing, the capacity to buy or rent a dwelling and the quality of housing standards in the context of the national and local housing policies. It begins with an assessment of the scale and dynamics of residential investment in Poland over the last 30 years. In the next part, the author estimates the economic return on housing investments, stressing that expectations as to the growth of housing prices in Poland are the key determinant of investment decisions. As the analysis shows, the promotion of housing ownership has had negative social effects and, with temporarily cheap and available money, has fuelled the growth of housing prices.

The effect of digital technology development on economic growth

The article simulates the impact of the digital technologies’ development on economic growth, which makes it possible to find ways to improve the quality of various spheres of life and identify areas of the economy, the accelerated digitalization of which will ensure an increase in gross domestic product (GDP). The research used groupings of economic activities that directly influence the development of the digital economy. Using the data of regression models, the coefficients of GDP elasticity from the development of the studied sectors were calculated and used to forecast GDP under the development influence of the studied sectors while maintaining the existing trends. The dynamics of the e-commerce market development in Ukraine, the dynamics of production volumes of products (services) of the main types of economic activities in the field of digital transformation of the economy in Ukraine, the dynamics of financial results of enterprises in the information and telecommunications sector in Ukraine, the dynamics of capital investments in the field of information and communications of Ukraine, the dynamics of foreign investment in the development of the type of economic activity “information and telecommunications” in Ukraine, the dynamics of the development of the main areas of digitalization of the Ukrainian economy in 2010-2018 and the dynamics of GDP in actual prices were revealed. A correlation and regression analysis of the impact of the main indicators of the digital technologies sectors development on Ukraine's GDP is also carried out. The forecast extrapolation trend of production growth volumes of products and services in the information sector of Ukraine was built. A forecast of GDP growth in Ukraine has been constructed, taking into account the processes of digitalization of the economy in accordance with certain trends. The forecast dynamics of changes in GDP under the influence of the IT sector development until 2023 was also illustrated. It was found that Ukraine lags significantly behind most developed countries in terms of the level of industrial production development of information and communication technologies and equipment, Ukraine is completely import-dependent in this area. It has been proved that stimulating the development of information and communication technologies has significant prospects for activating digitalization processes in all spheres of the economy and society and increasing GDP.

OVERVIEW OF TRENDS IN THE DEVELOPMENT OF SOCIALLY RESPONSIBLE BUSINESS IN THE EU

The paper analyzes the approaches of scientists and the essential characteristics of corporate social responsibility as a factor in increasing its attractiveness and public confidence. The purpose of the study is to define the definition of "Social responsibility of business", to study the historical aspects of its formation. A separate analysis of foreign experience, namely the EU countries, in the development of ethical business principles of conduct of economic entities and tools for their systematic compliance. In the course of the research, it was established that socially oriented business monitors the implementation of codes of ethics and regulations adopted in its own corporate strategy. Social principles of interaction relate to a responsible attitude to the environment, compliance with labor laws on working conditions for employees, social investment in educational, sports, environmental and scientific programs for the growth of social, innovative and cultural capital in the country. It was found that the socially oriented activity of companies forms a trusting attitude towards themselves on the part of international partners and investors, which ultimately affects the financial result. cooperation between business, the public sector and government agencies in shaping social sustainability. Based on the analysis of indicators of social activity of business in European countries, a rapidly growing dynamics of social investment, given the reduction in the number of socially oriented projects to support corporate and socially oriented business. Emphasis is placed on the increased relevance of the introduction of corporate social responsibility by Ukrainian entrepreneurs and communication with society due to the lack of dissemination of ethical practices and low interaction. It is critical for Ukraine to adopt the European experience to develop its own model of socially responsible governance, which can be the subject of further research, and to combine it with national traditions and interactions to reduce the negative consequences for all stakeholders.

МОДЕРНІЗАЦІЯ ЕТАПІВ ЕКОНОМІКО-МАТЕМАТИЧНОГО МОДЕЛЮВАННЯ РОЗВИТКУ СКЛАДОВИХ ІНВЕСТИЦІЙНОГО ПОТЕНЦІАЛУ СІЛЬСЬКОГОСПОДАРСЬКОГО ВИРОБНИЦТВА УКРАЇНИ

Abstract. The article analyzes the conceptual foundations for modeling the development of the components of the investment potential of agricultural production, which make it possible to comprehensively evaluate the relevant indicators in order to timely determine, for agricultural entities, priority investment-attractive innovative projects for the future development of the production sphere.It also reflects the development of forecasting models among the mathematical and economic apparatus, which are based on the determination of the stochastic relationship between indicators of trend and cluster analysis, methods of non-equilibrium statistical mechanics, models of synergistic and differentiated equations of the logistic type, integral methods, etc. The article develops a classification of criteria for the effectiveness of organizational and economic state regulation of agricultural production.For the analysis of factors, a list of external factors that influence the emergence of structural changes in agricultural production of Ukraine, determining the degree of importance, strength of influence and its direction, based on expert assessment, was formulated. Factors that affect the effectiveness of agricultural production are systematized according to the relevant groups: the level of support through special regimes and mechanisms of taxation, the share of capital investments provided in their total volume to agricultural production, the dynamics of foreign investments, the share of bank loans provided in their total volume.The scientific approach to assessing the effectiveness of state regulation of the development of the investment potential of agricultural production has been improved, based on a combination of deductive and inductive approaches that reflect analytical and synthetic aspects of the analysis and ensure coverage of all aspects of the investment activity of agricultural entities

The investigation of the state of Ukraine furniture industry development under current economic conditions

Furniture for a long time has been an integral component of human activity, recreation and everyday life. Its design, diversity and versatility along with the development of human civilization is increasingly becoming the object of further improvement. At present furniture production in Ukraine is the developing industry, gradually entering the European market in terms of quality and design. European furniture market is extremely attractive to operators and, therefore, has dynamics towards the competitor number increase. One of the factors of increasing the industry attractiveness is the support of amendments to the Law of Ukraine «On peculiarities of state regulation of business entities related to the sale and export of timber» by the Verkhovna Rada of Ukraine in April 2015, which imposed temporary, gradual prohibition on the export of raw timber (forest logs) for 10 years. The corresponding partial prohibition entered into force on 11.01.2015, and complete prohibition (including pine wood) - from January 1, 2017. The consequences of this moratorium during the first five years of its operation, which is important in the context of politicization of this problem are analyzed in this paper. The dynamics and structure of the amount of enterprises in industry and the number of employees employed in them are investigated. The volume of furniture industry sales in general and the areas of their implementation (internal or external markets) are analyzed. The next stage is the analysis of the dynamics of the ratio of furniture products exports and imports in Ukraine and determination of the major exporters of such products. The final stage is the investigation of the dynamics of foreign direct investments in the enterprises capital share in this industry in order to identify its investment attractiveness. As a result, it is determined that the introduced moratorium has partial positive impact on the development of furniture industry in Ukraine. However, at present, the furniture industry is not attractive enough for new foreign investment. This is the consequence of significant amount of «shadow» production, which in its turn destabilizes the situation in the furniture market. Ukrainian manufacturers will be able to strengthen their position in domestic market and even abroad, if they solve the main problems in furniture production and eliminate all disincentives.

The Persistent Effects of Financial Crises on the Composition of Real Investment

Our paper provides the first cross-country evidence on the distinct dynamics of tangible and intangible investments during and after the global financial crisis. The pre-crisis rise of intangible-to-tangible capital ratio was reversed outside the U.S. due to a greater decline of intangible investment and a much slower recovery. Tangible capital can be externally financed, and its post-crisis recovery benefits from the restoration of credit supply. In contrast, Intangible investment relies on firms’ liquidity holdings that were drawn down in the crisis and can only be rebuilt gradually through retained profits. We provide a unified account of the findings through a dynamic model of corporate investment and liquidity management. Consistent with our model predictions, the divergence between tangible and intangible investments is more prominent in countries with weaker intellectual property protection (less external financing options for intangibles) and riskier government bonds (less robust corporate liquidity holdings).

FOREIGN INVESTMENT OF UKRAINIAN BUSINESS

At the present stage of development of the world economy, an important and urgent issue is the development of investment activity, attraction and use of foreign investments. Almost all countries of the world focus their efforts on increasing the investment attractiveness of foreign investments and increasing their volume in the national economy. Ukraine's investment attractiveness is one of the most important elements on which the country's welfare, economic development, production, enterprises and business are based. The need to attract foreign investment is met by a decrease in investment activity of domestic companies, the need for technical and technological modernization of production and the entire market infrastructure, the need to introduce new management methods in management. Therefore, since the issue of foreign investment is important for the economic development of our country, the need to study and research the main types and forms of foreign investment is very relevant. The purpose of the qualification work is to study foreign investment in Ukraine, as well as trends and promising areas for improvement. In the process of research, depending on the goals and objectives, appropriate methods of research of economic processes were used, including systematization and generalization (with theoretical substantiation - the concept of investment process), comparative method (with dynamics of foreign investment), method of quantitative analysis, methods of induction and deduction. According to the results of the study, the following conclusions were drawn: At the state level, it is necessary to continue to take a set of measures to stimulate investment processes in the economy of Ukraine, and thus it will help to attract investment by Ukrainian enterprises in conditions of economic instability. Improving the legislative and organizational framework to increase the capacity of mechanisms to ensure a favorable investment climate and forming a basis for maintaining and increasing the competitiveness of the domestic economy is an urgent issue for further improvement of the investment climate in Ukraine A study of the main obstacles to foreign investment in Ukraine has shown that the country's judiciary ranks first, corruption second, and market monopolization and seizure of power by oligarchs third. In addition, investment returns in the years before and during the pandemic were compared. The obtained results can be used in the development process strategies of foreign economic development of Ukraine and evaluation of efficiency conducting policy in the field of currency regulation.

PROSPECTS FOR THE DEVELOPMENT OF INVESTMENT COOPERATION BETWEEN UKRAINE AND THE VISEGRAD GROUP COUNTRIES

The article examines the formation of a new format of cooperation between Ukraine and the Visegrad Group countries. A content analysis of scientific views of scientists on the peculiarities of the development of economic relations between the Visegrad Group and Ukraine in terms of the latter's desire for European integration has been made. The problems of analysis of direct investments from Ukraine to other countries as a consequence of ensuring compliance with the requirements of the Law of Ukraine "On State Statistics" on the confidentiality of statistical information are outlined. An analysis of the dynamics of the share of types of income from direct investment paid to non-residents in Poland and the Czech Republic for the period 2015–2020 is done. A structural analysis of direct investment in Ukraine from the Visegrad Group for the period 2015–2020 is made. The negative impact of the coronary crisis on the indicators of direct investments in Ukraine from the Visegrad Group countries is proved. The correlation analysis of the influence of factors on the dynamics of direct investments in Ukraine by the countries of the Visegrad Group is carried out. The forecast of direct investments in Ukraine by the countries of the Visegrad Group for the period 2021–2024 is made. under three scenarios (real, pessimistic, optimistic) based on exponential smoothing.

Інноватизація страхового бізнесу в умовах розвитку цифрової економіки

The article defines the current trends of innovatizing the insurance business in the digital economy. The stages of development of modern insurance technologies (InsurTech), which are innovative products in the insurance sector of financial infrastructure, are provided. The instruments of digitalization of business processes for sale of insurance products, settlement of insurance claims, bookkeeping and tax accounting, risk underwriting, document flow are presented. The dynamics of global investments in technological innovations of insurance companies on a global scale have been specified. The volume of global investments and concluded agreements in InsurTech sector by insurance sectors is analyzed and it is proved that 2020 is a period of awareness of the importance and role of digital technologies implementation in the insurance industry, recognition of the value of the digitalization vector of insurance business and global investments in InsurTech development with the highest recorded values. It is identified that the leader in attracting investments in the processes of innovatizing is the property insurance industry (P&C), which has compiled 53% of the total financing and 63% of the concluded agreements. The individual health insurance industry (L&H) ranks second in terms of indicators, maintaining overall investment attractiveness, high amounts of financing and the introduction of insurance technologies. The economic, technological, organizational management, and legal factors that stimulate or inhibit the innovative activity of insurance companies in Ukraine are systematized. Based on the generalization of problems and weaknesses that are relevant and impede the desired pace of innovatizing the insurance business in the digital economy, a SWOT analysis matrix of the feasibility of InsurTech implementation is proposed. It is determined that the introduction of innovations and the development of insurance on the basis of digitalization are currently a catalyst for the strategic development of the insurance business, improving the quality of insurance products and successful activities in an increasingly customer-oriented financial sector.

Sustainable Energy Investment through Paradiplomacy Practices in South Sulawesi, Indonesia

The use of energy in developing countries is marked by the government’s involvement in realizing the transfer of energy use from conventional to renewable. This involvement is in line with the sustainable development Goals program, which emphasizes the need for action in using environmentally friendly and sustainable energy in the implementation of development. The correct option in realizing the dominance of renewable energy is through investment and cooperation with partners from abroad who have experience and knowledge in the use of renewable energy. Independent investment and cooperation can be realized with paradiplomacy practices carried out by local governments. The research and dissemination of ideas in this article aim to discuss the dynamics of renewable energy investment in paradiplomacy practices. Research with the theme of paradiplomacy uses qualitative research through in-depth and relevant case studies. The technique of determining informants was carried out by purposive sampling through key persons, by determining which groups of participants became informants according to the selected criteria relevant to the research problem. Observation, interview, and documentation are data and information collection techniques in this study. The support of the central government and local governments is manifested in the availability of regulations, permits that are not complicated, and relevant promotions that support the realization of the use of renewable energy and transfer technology.