Factors Of Investment Attractiveness Research Articles

Accounting statements in the investment strategies of retail investors

Subject. The article investigates accounting (financial) statements as a source of information for retail investors, and tools to analyze and evaluate the investment attractiveness of a company as a way to reduce the risk of inefficient investment. Objectives. We focus on identification of the place and role of accounting in investment strategies of retail non-professional investors seeking to improve their financial situation by investing in the shares of Russian and foreign companies. Methods. The study draws on general scientific principles of cognition, including the analysis of statistical information, induction, synthesis, etc. Results. The paper presents the results of a survey of retail non-professional investors with experience in investment activities. The responses of respondents involved in the survey on the basis of an electronic platform are presented in a tabular form. We demonstrated the advantages and disadvantages of using various sources of information. The study revealed the key factors of investment attractiveness that retail investors take into account when choosing optimal investment objects. Conclusions. The most competent investors use the tools of accounting analysis and investment attractiveness assessment to build an effective long-term investment strategy. In addition to accounting statements, investors consider some non-financial parameters, like company reputation, brand awareness, ESG rating, etc.

Real estate as a factor of investment attractiveness of Polish voivodeships

Real estate as a factor of investment attractiveness of Polish voivodeships

ФАКТОРИ РОЗВИТКУ ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ ТУРИСТИЧНОЇ СФЕРИ КРАЇНИ

The article is devoted to the definition and systematization of factors of influence and development on the investment attractiveness of the tourism and recreation industry. The insufficient level of information support reduces the interest of investors in financing tourism in Ukraine. The available information does not fully reflect the development of the industry, which does not stimulate investors. Despite the created legislative framework, complex procedures for harmonizing documents create barriers for investors. Investments are concentrated in the western and southern regions, where tourism is a priority. Economic justification, profitability calculations, payback period and business plan are required to attract investments. The formation of a favorable investment climate requires complex measures to improve the conditions of investors' activity and expand the mechanisms of investment projects. A system of influencing factors on the investment attractiveness of the country's tourism sphere is proposed, including factors reflecting the general state of the country's economy and its social stability; indicators that determine the degree of development and organization of tourist services; factors including assessment of physical infrastructure necessary for tourism development; availability of tourist resources; indicators including the total volume and dynamics of investments in the tourism sphere; factors that determine the legislative and regulatory framework that regulates tourist activity. A set of internal and external factors of investment attractiveness of the tourism and recreation industry is substantiated. Where among the domestic staffing of the tourism and recreation industry; availability of cross-border cooperation in the field of tourism and recreation with neighboring states; the level of technological equipment and the level of expenses and socio-economic indicators of the state's development. External ones include: the political and economic situation in the state; investment attractiveness of the state; guarantees of inviolability of investments; natural resource; and the cultural and historical potential of the state. Taking into account these factors will help to develop effective strategies for attracting investments and developing tourism infrastructure, which will contribute to the overall economic growth of the country.

ФАКТОРЫ ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТИ КЛАСТЕРНОЙ СТРАТЕГИИ РЕГИОНА (НА ПРИМЕРЕ СЕВЕРО-КАВКАЗСКОГО ФЕДЕРАЛЬНОГО ОКРУГА)

The high functional role of investments in the process of regional development is confirmed not only by theoretical research, but also by the practice of functioning of specific regions, examples of which can be used to trace stable relationships between the successful development processes of individual industries and increasing the investment attractiveness of the region itself. Regions need to pay special attention to the formation of an innovative environment suitable for effective work, since in many ways the implementation of a cluster strategy will influence the investment attractiveness of the entire region. In this context, the author examined the main factors of investment attractiveness using the example of the regions of the North Caucasus Federal District, as territories that require the implementation of a cluster strategy and increased innovation activity. Procedures for introducing a cluster strategy into the regions of the North Caucasian Federal District cannot be effectively implemented without a proper assessment of the factors of investment attractiveness of the region.

Factors of investment attractiveness of the East Kazakhstan region

Factors of investment attractiveness of the East Kazakhstan region

Methodological approaches to assessing the tourism investment attractiveness of the Arctic regions of Russia

Aim. The presented study aims to develop a new methodological approach to assessing the tourism investment attractiveness of the Arctic regions of Russia.Tasks. The authors formulate criteria reflecting the most important factors of investment attractiveness for potential investors; develop a methodology for comprehensively assessing the tourism investment attractiveness of a particular region for investors and comparing different regions against each other.Methods. The materials used for the study include the legislation of the Russian Federation, acts of the Government of the Russian Federation and regulatory documents, scientific articles and monographs on the problems of investment in the tourism industry. The methodological basis of the study comprises the principles and provisions of the dialectical and systems approaches, methods of analysis and synthesis, induction and deduction, analogy, comparison and generalization, classification, economic and mathematical modeling, empirical data processing and graphical representation of results, expert and statistical methods.Results. Modern tourism investment practices in Russia under current conditions are reviewed; a typology of economic entities serving as potential investors in the tourism industry is proposed; a model for assessing the tourism investment prospects of a territory (region) using a list of evaluation indicators is developed.Conclusions. Tourism in the Arctic can be one of the drivers of the region’s economic development, which is why it is so important to attract investors to these territories and, consequently, to develop methodological approaches to assessing tourism investment attractiveness that both investors and local authorities could use. It is concluded that assessing the investment attractiveness of destinations in the Arctic region requires a special methodology due to the uniqueness of this territory.

Innovative and technological entrepreneurship in the context of sustainable development approaches

Today, the sustainable development agenda is relevant not only as a factor of investment attractiveness for business, but also for the state as a whole. In the current situation, of course, it is important to stay the course towards the goals of sustainable development, but taking into account our own economic, socio-economic and technological interests. Many components of ESG are based on solving technological problems. At the same time, technologies and tools to a certain extent have reached their limit and can no longer provide the necessary level to solve the problem. In this regard, the role and relevance of innovative projects are increasing daily. This article is devoted to an overview of current views on the innovative design approach, in particular start-ups, in the context of sustainable development approaches.

Interstate investment legal treatment as a factor of investment attractiveness

The theses are devoted to one of the key components of international investment agreements – investment legal treatment, since an even fluent analysis of international investment arbitrations with participation of states and subjects of economic activity with investments from abroad delivers understanding that standards and guarantees of investment legal treatments have fundamental character at least for the mentioned legal practices. Kind of argument for this could be found in a position of agreed provisions of investment treatments at bilateral investment treaties, which usually follows introduction norms for investment permitting and admitting, being set from the very beginning of such treaties. But, is this fundamental character of investment legal treatments being remained in other important rules of international investment implementation? Scientific questions about corresponding dualism are likely the key at these theses, because the concept of investment legal treatment is quite deeply studied in the framework of international law and general law theories, but leaves a number of insufficiently disclosed scientific and practical issues regarding the specifics of this concept in certain branches, including international investment law in the first place. The analysis defines main practical problems of international investment law, including the legal protection of international investment and the delimitation of actions of states that constitute expropriation or the measures taken by states under the right to regulate within public interest. Separate researching attention also paid to legal interaction between the concepts of the investment legal treatment as legal instrument of an international lawyer, and the state guarantees for the protection of foreign investment – as remedy and element of specialist in domestic law practices. Provided research significates investment legal treatment importance as a factor of local investment attractiveness, it also outlines importance of development of state guarantees for protection of foreign investments by delivering progressive European approaches as the examples, focusing on effective balance reaching within the corresponding regulation. Scientific and practical conclusions on the most important legal sources in the field of international investment activities are made, the direction for the next stage of researching work is preoutlined. Key words: international investment law, international investments, investment legal treatment, bilateral investment treaties, international investment arbitration, state guarantees for the protection of foreign investments.

Trends in the Evolution of the Digital Financial Assets Market in the Context of the Digital Transformation of the Global Economy

The study focuses on identifying the driving forces behind the digital transformation of the economy in the financial sector and the development of the digital financial assets (DFA) market. The subject of the research is the factors of digital transformation and the DFA market. The relevance is due to the transformation of the world economy, associated, among other things, with the active development of the DFA market, the expansion of the possibilities of using distributed ledger technologies (DLT) and blockchain against the background of high growth rates of the cryptoasset market. The aim of the paper is to summarize the main trends in the development of the global cryptoasset market, determine the main factors of investment attractiveness of cryptocurrencies and explore the conditions for the successful implementation of various models of digital currencies of central banks (CBDC). In the course of the work, the methods of systematization and classification of information, multivariate statistical analysis were used. As a result of the study, 5 clusters of cryptocurrencies were identified, depending on the dominance in the market and the dynamics of price changes. The resulting functions can be used to predict the attribution of cryptocurrencies to the corresponding clusters. Among the factors that have a significant impact on the development of CBDC projects in general and with the wholesale model in particular, one can single out “capital”. At the same time, CBDC projects with a retail model are actively and successfully implemented in countries with a high level of technical knowledge and entrepreneurial talent, ahead of the capital factor in their importance. Taking into account the review of global trends, the development of fintech technologies, it was concluded that the processes of digitalization of financial assets are inevitable, the emergence of new forms of digital assets that dictate the need for the advanced development of their legal regulation.

Interstate Investment Legal Treatment As A Factor Of Investment Attractiveness

Purpose: This paper aims to provide an analysis of the author's research in relation to legal investment treatments among participants who are not only interested in the topic of national economic development but would like to be aware of additional essential non-purely economic elements and factors of this desirable development. Methodology: For this research, the methods of scientific abstraction, logic and analytics, as well as expedients in the style of historicism of international law and philosophy of modern business, have been applied. Results/Findings: The research highlights the significance of investment legal treatment as a contributor to local investment attractiveness, outlining the importance of developing state guarantees to protect foreign investments by delivering progressive European approaches.

ANALYSIS OF INVESTMENT ATTRACTIVENESS OF UKRAINE’S TOURIST INDUSTRY

Recently, the tourism sector of Ukraine has entered a period of active reforms, discussing the need to improve the legal sphere, expand state support and stimulate the development of the tourism industry, intensify measures to promote tourism in the domestic and international space. Today the sphere of domestic tourism is faced with the tasks of efficient and rational use of resources, bringing the level of development of the tourism industry in line with the existing potential. In particular, the development of infrastructure, improving the quality of service, development of quality advertising and information on tourism services, as well as building a full-fledged, adapted to European integration processes of national tourism development policy. The article assesses the level of investment attractiveness of Ukraine in general, and in particular the tourism industry due to an integrated approach, which combines a list of methods and models. Thanks to the use of the main components model and the Kohonen neural network model, a grouping of regions of Ukraine according to the level of investment attractiveness was built. Also, the article analyzes the dynamics of the integrated indicator of investment attractiveness in Ukraine for the period 2008-2019 on the basis of the calculation of the taxonomic indicator. Factor analysis was used to build a taxonomic indicator of investment attractiveness of the tourism industry in Ukraine. This indicator allows us to give an overall assessment of the tourism industry in Ukraine. Further, the number of factors of investment attractiveness in the field of tourism for the regions of Ukraine was narrowed on the basis of factor analysis in Deductor software. The next step was to build an integrated indicator of investment attractiveness in the field of tourism for the regions of Ukraine on the basis of taxonomic analysis. Based on the obtained data, the analysis of the most attractive regions of Ukraine for the development of tourism was carried out, namely: Lviv, Odessa and Kyiv. In the conclusions based on the analysis of clustering of countries by level of investment attractiveness, the results of general clustering of regions of Ukraine and calculations of integrated indicator of investment attractiveness in tourism, recommendations were made on the overall assessment of investment attractiveness in Ukraine and by regions. At the same time, recommendations were made to adjust the strategy of socio-economic development in the context of investment attractiveness for the stable development of Ukraine.

KEY FACTORS OF INVESTMENT EVALUATION ATTRACTIVENESS OF THE ENTERPRISE

The work is devoted to the definition and classification of factors of investment attractiveness of the enterprise. Today, companies operate in conditions of fierce competition. Therefore, there is a need to respond quickly to changes in the environment and increase productivity. Continuous development is the key to the success of any organization. However, this process requires investment - the engine of the company's growth. The only way to raise capital and strengthen market positions is to increase the level of investment attractiveness. A necessary condition for ensuring sustainable and competitive development of enterprises is access to investment resources and the possibility of attracting them, taking into account the investment attractiveness of enterprises. It is determined that investment attractiveness is a complex concept, as it reflects the opinion of a certain group of investors on the financial resources of the enterprise, and is a set of certain objective features, properties, means and capabilities of the economic system that determines potential payment demand. An important condition for the existence of the enterprise is the ability to determine a number of qualitative factors influencing the internal and external environment on the overall level of financial condition of enterprises and the efficient use of enterprise resources. Groups of factors that directly or indirectly affect the investment attractiveness of the enterprise are identified. Attracting investment is a necessary process for the revival and achievement of a higher level of competitiveness. An investment-attractive company encourages investors to make decisions about long-term capital investments for the further development of the company and the corresponding expected return. Study and analysis of the population interacting factors of investment attractiveness in the future will allow to analyze the state of investment attractiveness of enterprises in Ukraine, which will maximize the socio-economic effect of the economy of Ukraine as a whole. Keywords: factors, investment attractiveness, investments, investors.

The Impact of the Information Eco-environment on the Investment Attractiveness of the City

The information eco-environment of the city, aimed at attracting investment, is designed to solve the problems of forming investment attractiveness, protection from unscrupulous investors, obtaining reliable information when justifying the implementation of investment projects, participation in them. Considering the dynamism of modern investment processes, the creation of an effective information eco-environment is an important component of the development of the investment process, especially from the point of view of ensuring effective interaction of its participants and attracting a wide range of investors to the investment activity process. Therefore, it is necessary to assess the impact of the information eco-environment on the processes of investment in the urban environment and increase the investment attractiveness of the city. However, the features of information support of the investment market specifically at the municipal level remain insufficiently studied. Based on the analysis of literary sources and an expert survey, this article examines the forms of information disclosure that are most effective from the point of view of investors; factors of investment attractiveness that should be paid attention to when forming an information eco-environment. Finally, this article suggests the identification of key areas of development of the urban information eco-environment, which can be transformed into the investment attractiveness of the city. The results showed that the systematic use of the information eco-environment of the city should create conditions for users to receive the necessary information promptly, which contributes to the activation of investment activity, increasing its efficiency.

Energy as a Factor of Investment Attractiveness of Regions for Agricultural Enterprises

The aim of the article is to identify and assess the relationship between the investment attractiveness of regions for agricultural enterprises and the energy factor. Classical theories of the location of agriculture emphasise the importance of the market factor. The energy factor has so far been ignored, despite the global trend related to the increasing importance of production scales and rising energy consumption in agriculture. There are also no methodological proposals that allow a comprehensive assessment of the investment attractiveness of regions for agricultural enterprises, taking into account the leading location factors. The article presents the author’s methodological model based on the weight-correlation method of valorisation of investment attractiveness of regions for economic entities that invest in agricultural production. It contains a sub-aggregate describing the energy factor. This proposal is a contribution to the theory of the location of agriculture in the field of location factor analysis. The developed methodological model is used to explain location decisions of agricultural enterprises at the regional level. Access to energy as well as energy management increase locational advantages and reduce the economic risk of carrying out agricultural activities in economic units, which contributes to an increase in the sustainability of agricultural production. This is especially true in areas dominated in the past by state-owned and cooperative enterprises, which are the dominant group of enterprises in this area after privatization. The proposed methodology was positively verified on the example of Polish regions, as a significant influence of the energy factor on investment attractiveness at the local level was demonstrated.

ФАКТОРНЫЙ АНАЛИЗ ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТИ И ЧЕЛОВЕЧЕСКОГО КАПИТАЛА РЕГИОНОВ С НАУЧНО-ОБРАЗОВАТЕЛЬНЫМИ ЦЕНТРАМИ МИРОВОГО УРОВНЯ

The article presents the results of a factor analysis of the investment attractiveness of five regions in which world-class scientific and educational centers function, which are one of the tasks of the national project "Science". Among the indicators of investment attractiveness, the emphasis is placed on innovative and labor factors as integral components of the region's human capital, its reserve and potential.
 A systematic analysis of the factors of investment attractiveness made it possible to determine the strengths and weaknesses of the regions where RECs were created. The used methodology for assessing the region's human capital reserve made it possible to calculate its volume, which consists of the available human capital of the region and external - migration flows to the region in which the REC is being created.
 The conclusions drawn as a result of the study include: 1) regions with a high assessment of labor and innovation factors are leaders in the rating of investment attractiveness of regions; 2) a low assessment of the raw material (natural resource) factor is leveled by human factors (innovation and labor), i.e. is not a source of development in the knowledge economy; 3) infrastructure development is one of the indicators of investment inflow into the region, including for the development of science-intensive industries and a favorable investment climate; 4) migration processes in regions with established RECs do not act as a source of inflow of external effective human capital; 5) the observed trends of a decrease in the birth rate and a decrease in the number of the economically active population can be considered as a factor in reducing the reserve of regional human capital in the future.

INVESTMENT ATTRACTIVENESS OF THE RUSSIAN ENERGY SECTOR MNCS: ASSESSMENT AND CHALLENGES

Being the most important economic sectors, the energy sector provides significant profits for the Russian economy and is largely dependent on the functioning of several multinational corporations such as Rosneft, Gazprom and Lukoil. Investments in these companies have always been important drivers for the Russian economy. New conditions of the global economy create serious challenges for the sector; therefore, the investment attractiveness of the sector is changing. The authors propose a new approach to the analysis of investment attractiveness, based on the conjugation of technical financial analysis, reflecting the internal factors that affect the companies' performance, and the SWOT analysis of the industry combined with the Doing Business Rankings that give a full picture of the external factors of investment attractiveness. This methodology makes it possible to identify the main specific characteristics of Russian MNCs and develop an investment strategy in the Russian energy sector in the current difficult times. Another result is a strategy for the development of the Russian energy sector in order to attract additional investment. The novelty of the article includes the implied methodology of investment attractiveness and evidence of the high investment attractiveness of the Russian energy sector even in unstable conditions, especially in the COVID economic shock.Keywords: Energy sector, MNC, financial analysis, economic conjuncture, investment attractiveness, RussiaJEL Classifications: P28, Q48DOI: https://doi.org/10.32479/ijeep.10823

Investment efficiency of business in Ukraine: realities and assessment methodology

The article systematized factors of investment attractiveness and investment climate in Ukraine. The expediency of supplementinganexistinglist of components of investment climate is substantiated by two additional factors. Themechanismo factionoftheproposedfactorsthatreflectthenegative effectin the developmen to freformsand innovations, aswellas the economic efficiency of construction projects on the financial result, expected from investigations, isrevealed. The trends in the developmen to finvestment activityinUkrainein 2015 - 2020, the existence of reserves for increasing the economic efficiency of investments and the need for their calculation witht hehelpof a special methodological approac hare analyzed. The methodical approach to the evaluation of investment efficiency of constructionis developed, which is based on the magnitude of the multiplier of capital investment in construction inthelong-termperiodandrefinedtheboundariesoftheretrospectivehorizon, which are necessary to determine such a multiplier. The rapid importance of aninvestment multiplier of construction isestablis hedand a methodological approach to qualitative interpretation of this indicator issubstantiated. The basis of a methodological approach is the results of a cluster analysis of aninvestment multiplier in the contex to fvarioustypesofconstructionandregions, the methodof K-medium, aswellaspostulatesofthetheoryoffuzzysets. Within the framework of the developed methodological approach, the "investment attractiveness of construction" characteristicsis presentedin the form of a fuzz yterm-shear, which combines three terms: "Lowefficiency", "averageefficiency", "highlevelofefficiency". Inaccordance with descriptiv estatistics of thereceived clusters, the parameters and type of functions of affiliation, the boundaries of clusters that directly affecttheuse of correctivea mendments to the value of the economic effectof capitalinvestment to the level of the contractor-executor of construction work are substantiated. The sizeofther is kfactorisestablishedtakingintoaccountthetypeofconstructionandmedium-layervalues ​​ofmultipliersofcapitalinvestmentinconstruction. Theuse of the proposed Metdic approach to the analysis of investment efficiency inconstruction makesitpossible to increase the accuracy of calculations on th epre-investmentst age of construction, aswellastoimprovemonitoring of capital investment development, carried out in the process of implementing national investment programs and international investment projects.

THE FORMATION AND USE OF THE CONSTRUCTION ENTERPRISE BRAND TO ENSURE INTERACTION WITH STAKEHOLDERS

The necessity of creating the organizational basis for the formation and use of the construction enterprises brand to ensure interaction with stakeholders is proved. The organizational basis for the formation and use of the brand of construction enterprises, based on the results of an integrated assessment under its components is determined. The organizational measures for the formation and use of the brand of construction enterprises are proposed. The scenarios depending on the values of the integral indicator of the formation and use of the construction enterprise brand and the systemic factor of investment attractiveness were proposed.

Methods of the Investment Attractiveness Assessment: The Regional Dimension

The theoretical and methodological approaches as to interpretation of the essence and methods of assessment of investment attractiveness of regions are examined, which allows to assert the absence of a generally accepted scientific approach and an objective valuation of the general investment situation in the regions. Based on the analysis of modern scientific approaches to the interpretation of the essence of the concept of «investment attractiveness of region», a conclusion has been drawn about its characteristics, which are: value of using the region as a domicile of company; a combination of location advantages that can be achieved in the process of doing business and are due to the specific characteristics of the region in which the activities take place; a set of regional location advantages that influence the achievement of investor’s targets (for example, operating expenses, sales revenue, profitability); the ability to rent a place in the region; the ability to convince investors to choose a region as a place to invest; the ability to stimulate investment by offering a combination of location advantages that can be achieved in the process of doing business. The method of analysis of the cost or number of investments accomplished (or jobs created) in a particular industry to assess the investment attractiveness of the region is substantiated, which will allow to objectively determine the spatial differentiation of the inflow of foreign capital to a particular region. It is specified that when determining the weight of certain factors of investment attractiveness, the obtained values should allow to carry out a preliminary analysis of investment attractiveness, which most coincides with the actual investment activity of the regions. A generalized grouping by the level of aggregation (region, subregion, territorial community, amalgamated hromada, cities) of the categories (factors) of potential investment attractiveness is proposed.

Assessment tools for investment attracting factors in rural development

In modern conditions, all phenomena, and socio-economic processes of the functioning of economic entities are interconnected, interdependent and conditioned. When analyzing economic phenomena and processes, we are faced with the multidimensionality of their description, that is, with the need to consider a large number of features. At the same time, it is not always possible to immediately single out the most significant, the main ones. This fact actualizes the need to study both the form of connection between socio-economic phenomena and processes, and the degree of its manifestation. The analysis of the investment attractiveness of rural areas can be carried out, including using the method of factor analysis. The purpose of the article is to develop a tool for assessing the factors of investment attractiveness of rural areas. For this, a factor analysis was carried out to determine the factors that have the greatest impact on the functioning of agricultural enterprises for further work on the formation of a strategic program for the development of agricultural territories. The study was carried out on empirical data from the Northern districts of the Omsk region (Russia). The results obtained will make it possible to develop complex management solutions aimed at regulating the activities of agricultural producers and provide the necessary support measures.