Indicators Of Investment Attractiveness Research Articles

Application of the theory of stakeholders in assessing the investment attractiveness of corporate structures

Purpose of the article is to describe the authors' proposal on the use of the concept of stakeholders in assessing the investment attractiveness of corporate structures, an alternative to traditional fundamental investment analysis.Methods: the basis of the research is the expansion of ideas about the factors affecting the investment attractiveness of the corporate structure on the basis of multi-subject assessments, in accordance with the theory of stakeholders.Results: currently, the investment attractiveness of a large corporate structure is formed under the influence of a variety of financial and nonfinancial factors that depend on actions or judgments broadcast (via the media, the Internet or other modern means of communication), not only by investors, but also by other interested parties. The approach proposed by the authors to assessing investment attractiveness differs in that it is based on the need to meet the information needs of various groups of stakeholders, not just investors. To achieve this goal, two interrelated tasks have been solved in the work. Firstly, the impact of factors influenced by stakeholders on the indicators of investment attractiveness is considered. Secondly, the assessment of investment attractiveness is carried out on the basis of information about the company's solution of environmental, social and other modern tasks.Conclusions And Relevance: the approach considered in the article, which involves the use of the theory of stakeholders to study the factors that influence investment attractiveness, has practical importance for corporate structures. The authors' calculations made on the basis of open information from one of the largest Russian oil and gas companies, PJSC Lukoil, confirm the hypothesis about the correctness of using the theory of stakeholders as another approach to assessing the investment attractiveness of the company. The calculations illustrate the significant closeness of the relationship between indicators traditionally used in assessing investment attractiveness and non-financial indicators that reflect the information needs of not only investors, but also other stakeholders (employees, customers, suppliers, financial institutions, the media, environmentalists, trade unions, etc.).

Enhancing Investment Attractiveness through ESG Ratings: A Sustainable Development Perspective in the Banking, Electric Utilities and IPP Industries

Objective: Main goal of the research is toto assess the level of influence of the ESG rating on the investment attractiveness of companies. The object of the study is the companies for which the ESG rating is calculated (the oil and gas, metallurgical, electric power and banking industries are observed). The hypothesis is that the management dealing with issues related to ESG should take into account the significance of the impact of the ESG rating on the investment attractiveness of companies, if the significance is proven. Method: The methodological part of this research is formed by an econometric estimation of regressions based on panel data models. Results: There were performed econometric assessment of the impact of the ESG rating on the investment attractiveness of companies. The results of econometric modeling are presented in the list of recommendations for ESG managers. In addition, results of the research proves the significance of COVID-19 pandemic impact on the investment attractiveness of the oil and gas companies. Conclusion: The novelty of the results is in the individual econometric estimation of companies’ ESG-rating impact on the investment attractiveness based on the unique set of companies, which present four different industries. Based on the sample of companies from eleven countries, for which ESG scores for the period from 2016 to 2020 were calculated, the statistical significance of ESG-factors, concerning the analysis of its impact on the indicators of investment attractiveness (ROI, EPS), was identified.

Devising a procedure of state financial protectionism in the agricultural industry in the context of regionalization

This paper considers the issue of state financial protectionism of the agricultural industry in the context of regionalization. A comprehensive methodology of state financial protectionism of the agricultural industry in the context of regionalization has been proposed, taking into consideration IPR and the value of the agricultural industry in a region. Based on statistical data on the indicators of investment attractiveness of the region (IAR) and the value of the agricultural industry in a region, regions for financing were determined. The problem of determining the fate of state financial protectionism for the agricultural industry in the context of regionalization has been stated and solved. The proposed methodology was tested by an experimental method. It is proposed that the state financial protectionism in the context of regionalization should include budget (investment) financial injections based on the investment attractiveness of a region and the value of the agricultural industry in the region, which are directed to the agricultural sector, in order to support it. The calculation results show that the distribution of financial resources with the available amount of public finances S=1 allocated for support is carried out proportionally. The comprehensive approach has made it possible to identify four regions for financing, and those are the regions that have the greatest value in the agricultural industry. Practical value is for management bodies (local, territorial, etc.) in the distribution of funds according to the vector of protectionism of the agricultural industry. The theoretical value is for researchers dealing with financial support, state protectionism, and public administration

TRENDS IN UKRAINE'S INVESTMENT ATTRACTIVENESS IN THE CONTEXT OF THE COVID-19 PANDEMIC

The country's investment attractiveness is one of the determining factors in attracting investment into the economy. The study emphasizes the relevance of research in this area. The article considers the dynamics of foreign direct investment in Ukraine's economy as one of the determining indicators of investment attractiveness. The place of Ukraine in the "pandemic" period in the rankings of various world institutions whose activities are related to research in the field of investment is analyzed. Low ratings of Ukraine are established, the factors which have caused such results are defined. Despite the generally negative impact of the Covid-19 pandemic on the socio-economic system of the country, it was concluded that in such conditions, certain industries, including agriculture, construction, IT industry, transport, and logistics, have received prospects for their development. The article identifies positive trends in the institutional sphere, in particular, the adoption of a number of important bills that will facilitate business in Ukraine, resume cooperation with the International Monetary Fund, adoption of economic development programs, including the National Economic Strategy until 2030. This will stimulate investment in Ukraine's economy.

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.

РОЛЬ ИНДУСТРИАЛЬНЫХ ПАРКОВ И ТЕХНОПАРКОВ В СОЦИАЛЬНО-ЭКОНОМИЧЕСКОМ РАЗВИТИИ РОССИЙСКИХ РЕГИОНОВ

The study examines the effects of industrial parks and technoparks at the regional level. Based on the financial and economic indicators of residents of industrial parks and technoparks, the geography of their activities at the level of the Russian Federation constituent entities is considered. To perform this study the author’s database on residents is used, created on the basis of information from the commercial database Orbis for the period 2010 – 2018, as well as the open data from the Federal Tax Service and statistics from the Rosstat. There is a strong concentration of the market for industrial parks and technology parks in several regions of Russia, including city of Moscow, Moscow and Kaluga regions and the Republic of Tatarstan. This fact can be explained with objective reasons, including the agglomeration effect, capacious sales and labor markets, as well as other indicators of investment attractiveness. Most industrial parks and technoparks currently do not have a significant influence on development of the regions in which they are created, which may be caused by such factors as the insufficiently competent investment-resident policy of management structures. According to the results of the study, a conclusion is made that the role of industrial parks and technoparks in social and economic development is significant only in a few regions with high competitive advantages, and in regions without such advantages parks do not impact on the development significantly.

ИНВЕСТИЦИОННАЯ ПРИВЛЕКАТЕЛЬНОСТЬ РЕСПУБЛИКИ СЕВЕРНАЯ ОСЕТИЯ – АЛАНИЯ

The article considers the investment attractiveness of the Republic of North Ossetia – Alania. The key indicators of investment attractiveness, as well as its features, are analyzed. On the basis of statistical data, ways to increase the investment attractiveness of the region are proposed.

Evaluation of enterprise investment attractiveness under circumstances of economic development

Abstract This article introduces a step-by-step methodology for evaluating an enterprise’s investment attractiveness in the context of economic development, using appropriate valuation parameters at macro, meso and micro levels. A system of indicators of macro-level investment attractiveness has been formed based on the criteria of socio-economic and legal attractiveness and investment risks. The indicators for assessing investment attractiveness of the industry have been grouped by the criteria of: prospects of the industry, positioning of the enterprise in the industry market, and sectoral investment risks. The indicators of investment attractiveness have been systematised with the use of three-dimensional current and operational analysis, as well as the method of risk assessment, which helped to determine the area of reaction to risk zones of the enterprise’s investment potential. The research allowed us to assess the position of a company in the market and to predict the risks of investing in the chemical industry.

Динамика инвестиционной привлекательности Кемеровской области, 2008–2017 гг.

Investment attractiveness of a region is a complex category, which describes various angles of the state of the socio-economic sphere. Investment attractiveness has two-level structure: organization level and state / region level. At the moment there is no consensus on the essence of this category, and there is also no unified system of indicators characterizing the investment attractiveness of an organization or region. Increasing the investment attractiveness of a region may affect various aspects of life of its population, e.g. by attracting investors to various local projects. The author analyzed scientific literature describing the essence of investment attractiveness and its structure. The paper introduces a system of indicators of investment attractiveness, which includes five groups of indicators that characterize the investment potential of the area. The system is based on scientific publications and system of indicators of investment attractiveness developed by the Expert-RA rating agency. The paper also includes an analysis of the dynamics of the indicators in 2008–2017 and recommendations on how to increase the investment attractiveness of the Kemerovo Region.

ІНВЕСТИЦІЙНА ПРИВАБЛИВІСТЬ УКРАЇНИ: ОСНОВНІ ПРОБЛЕМИ І ШЛЯХИ ЇХ РОЗВ’ЯЗАННЯ

Досліджено такі поняття, як «інвестиційний клімат», «інвестиційна привабливість», а також суть цих дефініцій та їх відмінність. Також представлено показники інвестиційної привабливості, звернено увагу на основні проблеми і шляхи їх розв’язання. Вивчено та проаналізовано суть факторів, які безпосередньо впливають на розвиток інвестиційного середовища держави. Окреслено перспективи зростання інвестицій до країни.

Development of basic approaches to improve industrial enterprise investment support

It is justified in the paper that the full range of measures for effective formation, development and use of industrial enterprise investment support can be ensured using not the only management approach, but a complex of approaches that are combined in the proposed logical framework of the enterprise investment support management concept.An integrated approach to the industrial enterprise investment support level evaluation using multidimensional scaling allows to determine the industrial enterprise investment support level and attract investments for object-orientated investment activities taking into account environment effects.Matrix for a comprehensive evaluation of investment support of the studied engineering enterprises should be built based on certain indicators of investment attractiveness and financial support. The proposed matrix provides an objective description of the financial situation and potential of the enterprise, which is expected to invest in, and allows to develop policy recommendations.