Investment Activity Research Articles

METHODOLOGICAL APPROACHES TO ASSESSING THE DEVELOPMENT OF CROSS-BORDER CO-OPERATION OF UKRAINIAN REGIONS

The research highlights the objective need and the problems of assessing the development of cross-border co-operation in Ukraine, especially in the conditions of critical economic and social instability caused by a full-scale invasion and its consequences. The purpose of the article is to scientifically substantiate methodological approaches to the assessment of cross-border territorial co-operation and the construction of a balanced and multi-level information and analysis system. In order to achieve this goal, the methods of analysis and synthesis, grouping of indicators, theoretical generalisation and content analysis were used. It has been established that there is no generally accepted methodology for evaluating these processes. Furthermore, the methodologies that do exist cover a range of spheres and mechanisms of interaction with European countries, with a particular focus on specific programmes and initiatives. Additionally, it was determined that Ukraine lacks a systematic approach to monitoring the aforementioned processes, despite the Ministry of Community and Territorial Development of Ukraine's obligation to regularly furnish data on the advancement of the goals set forth in the State Program for the Development of Cross-Border Co-operation of Ukraine for the 2021-2027 period. It is proposed to expand the system of indicators for relevant monitoring by adding a number of basic indicators (GRP, investment activity, international image of the territory). The findings of the study substantiate the issue of inadequate substantiation of the theoretical and methodological foundations of cross-border co-operation of Ukrainian territories in the context of war and the challenges posed by European integration. This proves the need to develop a multi-level system for monitoring cross-border co-operation at the level of the state, macro-raions, oblasts and hromadas (raions) with a list of clear criteria and evaluation indicators that would take into account the basic principles, main tasks and risks of such co-operation. It is of the utmost importance to acknowledge the invaluable experience of European countries in the assessment of cross-border relations, particularly in the construction of domestic methodology and the search for additional data sources. The foundation for future research in this area can be an evaluation of the extent to which the objectives set out by the Ukrainian state for the development of cross-border co-operation have been met, and an assessment of the potential for further progress.

Mediating effect of self-control on financial literacy and savings behaviour of rural women entrepreneurs

Background: Savings behaviour is crucial for any economic and investment activity. The ability of rural enterprises to save is difficult because of their ignorance of the benefits of savings, low-income levels and inability to commit personal savings, which falls to certain factors that include financial literacy (financial knowledge, financial attitude) and self-control.Aim: The article aims to examine the mediating effect of self-control on financial literacy (financial knowledge, financial attitude) and savings behaviour of rural women entrepreneurs in Mokwa Local Government, Niger State, Nigeria.Setting: The population comprised 340 rural women trained by the Department of Commerce on financial literacy applications in the 11 wards of Mokwa Local Government. A total of 175 respondents were identified using the Krejcie and Morgan sample size table.Methods: Primary quantitative data were collected using structured questionnaires and analysed using partial least square (PLS) path modelling.Results: The empirical results revealed that financial knowledge and financial attitude exerted a positive effect on the savings behaviour of rural women entrepreneurs.Conclusion: The conclusion drawn from the study is that the financial literacy of rural women entrepreneurs is empirically related to how they save.Contribution: Based on the research findings, the study recommends that government agencies supervising and coordinating the activities of entrepreneurs like SMEDAN and also financial institutions like Microfinance Banks should facilitate flexible, understandable and acceptable programmes that will enlighten rural entrepreneurs on the importance of savings for investment and the nation at large.

Kontribusi Green Sukuk pada Implementasi Tujuan Pembangunan Keberlanjutan di Indonesia

The main goal of the Islamic financial industry is falah, which is always involved in matters beneficial to the community. The Islamic finance beginning to emphasize broader social responsibility issues, such as environmental concerns. To maintain economic sustainability and protect the environment, the world faces two challenges in an increasingly complex global era. Sukuk generally refers to a certificate that has the same value as a portion or the entirety of assets to obtain returns and services within the ownership of specific assets and projects or special investment activities. SDGs aim to reduce the impact of damage through the emphasis on achieving it through collaboration between countries and sectors. library research Sustainable development not only prioritizes economic growth but also how economic activities can ensure the healthy and non-excessive use of natural resources to achieve optimal results. However, there are several issues that hinder its implementation. In a situation like various factors that hinder sustainable economic growth in Indonesia.

THEORETICAL BASES OF INVESTMENT ACTIVITY OF TRANSPORT AND LOGISTICS ENTERPRISES

The article discusses the theoretical foundations of investment activity of transport and logistics enterprises, which are key participants in the world economy and play an important role in ensuring the efficiency of supply chains. Investments in this area make it possible to modernize infrastructure, introduce the latest technologies and increase productivity, which in turn affects the growth of markets and economic systems. The article focuses on different definitions of the term "investment" presented by such economists as I. Fisher and J. S. Fisher. M. Keynes, emphasizing the importance of strategic development of enterprises in the context of investment activity. The role of investment in ensuring the smooth functioning of supply chains, including infrastructure development, procurement of new transport, automation and digitalization of management processes, is also considered. The key directions of investment in transport and logistics enterprises are described, including the modernization of the transport fleet, the introduction of information technologies, infrastructure improvement and staff training. It is emphasized that the efficient operation of transport is an important factor for the formation of the country's gross domestic product, the development of international relations and the creation of a favorable economic climate. The article also discusses the problems associated with investment activity in Ukraine in the context of hostilities, as well as the need to develop an effective investment policy that will help attract investment and introduce innovations. Statistical data on the structure of capital investments in the transport sector are provided, which indicates the priority directions of investment activity. Finally, the article emphasizes the importance of introducing innovations and modern information technologies to optimize costs, increase efficiency and competitiveness of transport and logistics enterprises. The authors emphasize the need to create new mechanisms for investment and innovative development that will allow the transport sector to adapt to the challenges of our time and achieve strategic goals in the face of competitive competition.

ANALYSIS OF CASH FLOWS IN THE ENTERPRISE MANAGEMENT SYSTEM

The article is devoted to the analysis of cash flows in the enterprise management system. The concept of "cash flow" is considered, which is an important subject of management, which is presented in non-cash and cash forms, the direction of which is related to the functioning of money and the monetary system, the stage of managing the company's monetary calculations. In the analysis of monetary calculations, the main goal is to determine the reasons for the deficit or surplus of monetary resources, the order of their receipt and the direction of spending in order to control the current solvency of the enterprise. The following methods are used to determine cash flows: indirect and direct. They differ in a different sequence of actions by which the size of the flow of cash is estimated. The movement of cash means the breakdown of incoming and outgoing cash flows in the development of operational, investment and financial activities of a business entity. The flow of cash from operational and financial activities was analyzed. It was determined that an important area of ​​activity of the company's management, especially in periods of financial crises, is the management of cash flows. The dynamics of cash flow according to the sources of their formation are analyzed. It has been proven that the flow of funds from the main activity correlates with current operations, which include revenue from sales, payment of supplier invoices, receipt of short-term credits and loans, payment of wages, settlements with the budget. The flow of cash from operational and financial activities was analyzed. We consider the management of cash flows, which are detailed in monetary calculations, to be the most important activity of the company's management, especially in periods of financial crises, therefore, the reasons for the importance of such an asset, such as cash, have been determined. Disadvantages revealed after monitoring cash flows. In order to improve the cash management system, we suggest implementing a control formation that will ensure the consolidation of control actions, its concentration on the determined course of the company's financial activity, timely disclosure of deviations of the actual results from the expected ones, and the formulation of operational management decisions that will ensure its normalization.

SUPPORT FOR ATTRACTING INVESTMENTSTO THE DEVELOPMENT OF THE TOURISM SECTOR

The article examines the institutional support for attracting investments to the development of the tourism sector in Ukraine, which serves as a key factor for creating a favorable investment climate and stimulating industry growth. The aim of the research is to analyze, systematize, and summarize the existing institutional foundations for attracting investments, as well as to develop recommendations for overcoming institutional problems in the tourism sector's development. The study presents a system of legal, organizational, economic, and social instruments that create conditions for activating investment activities in the tourism sector. The importance of state support, improving legislation, and developing effective financial mechanisms for attracting investors is substantiated. The research findings indicate that Ukraine has significant potential in the tourism sector due to its natural, cultural, and historical resources. It is revealed that the lack of systematic legislation, inadequate training of personnel, weaknesses in financial mechanisms, and the mismatch of the tax system with industry needs hinder the development of the tourism sector. The study also identified the urgent need for a unified legislative act regulating activities in the tourism sector. Special attention is paid to the role of government organizations that provide informational support and cooperation between the state and business, as well as their participation in developing tourism development strategies. The article presents examples of international cooperation and Ukraine's participation in international organizations' programs that promote foreign investment attraction. The necessity of creating effective financial instruments, including state subsidies and grants, to support new tourism projects is justified. The research emphasizes the importance of implementing tax incentives for enterprises in the tourism sector and developing informational platforms for convenient access to investment opportunities. It is argued that institutional support for attracting investments to the development of the tourism sector in Ukraine is a comprehensive process that requires the systematization of legislation, support for innovative enterprises, modernization of personnel training, and the development of financial mechanisms that will contribute to the sustainable development of tourism infrastructure and the attraction of new investments.

SMART-STRATEGIES AND INVESTMENT ATTRACTIVENESS OF THE EU REGIONS

The purpose of the article is to generalize the foundations of formation of smart-strategy of country / region development as a factor of impact on the level of investment attractiveness. The development of globalization processes has led to positive consequences, resulting in the growth of the world’s economy. At the same time, the competition in the sphere of attracting investment resources has aggravated. Based on the analysis of indicators of investment activity of European countries and the investment attractiveness of the EU countries, it was found that the specified area is characterized by the presence of negative trends, which actualizes the need to develop tools for increasing the level of investment attractiveness. The system of factors of impact on the level of investment attractiveness of the country / region was studied. It was found that in current conditions, in addition to the traditional factors of influence on investment attractiveness, intellectual potential, flexibility, education and innovation, networking, etc. are added, which serves as the basis for the implementation of smart approaches in the formation of regional development strategies. The article defines the features of the formation of a smart approach to development strategies, which is based on the combination of technological and industrial components. It was found that the basis of smart-strategies is the specialization of the country / region, which is formed considering the resource provision and development potential of the region, the ability to diversify, the ability to achieve a high level of concentration of business entities in the region, the place of the region in the economic system. Building a regional policy based on smart-strategies will stimulate economic development, increase competitiveness and investment attractiveness of countries / regions. On the basis of the conducted research, a number of challenges related to the implementation of the smart approach were identified, namely, a high level of subjectivism and the need to ensure a high level of qualification of the participants in the discussions when implementing the mechanism of inclusive management; the growth of internal competition in the case of the formation of homogeneous specialization of several EU countries / regions; taking into account external risks, one of which is a full-scale Russian-Ukrainian war; implementation of adaptive approaches in the process of formation and implementation of smart-strategies. Addressing these challenges will contribute to increasing the efficiency of smart-strategy formation for a high level of investment attractiveness of the EU regions.

Russian Enterprises in the Spring of 2024: Significant Increase in Investment Activity under Sanctions

Russian Enterprises in the Spring of 2024: Significant Increase in Investment Activity under Sanctions

Investing: The Concept and Classification of Schemes with Legal Significance

Introduction: the theme of investment and investing invisibly but tangibly accompanies a person in modern life. The desire to increase their funds is becoming an urgent need of the population. It is carried out through doing business as well as increasing the personal income of citizens. Investment opportunities in the economy as a whole, in relevant markets, and in people’s behavior are expanding. There is an interest in training in this field, and in this regard, the importance of knowledge of the theoretical foundations of investment activity at the level of the main groups of investors and the mechanism of investment in various forms of its implementation increases. The purpose of the paper is to study issues related to the concept of “investment,” the relationship between the concepts of “investment” and “investing,” the legal structures of investment, features of legal forms of investment and their differences from other similar forms of capital investment, investment as a transaction and a type of entrepreneurship, as well as investment schemes and their classification. Methods: the paper uses both the general scientific and specific scientific methods of scientific cognition, among which there are: systematic, dialectical, structural and functional, etc. The methods of formal legal, comparative law and legal forecasting allow taking into account the specifics of the legal nature of the concepts under study, comparing homogeneous legal phenomena, and identifying prospects for the development of legal relations in dynamics. Results: the author considers the main economic and legislative concepts related to investment and investment activity. The features of investing in various market assets are identified and analyzed. The approaches to the analysis and management of the investment portfolio of stocks and bonds are being investigated. Two legal forms of investment have been studied: contractual investment and corporate investment. The author explores new and alternative forms of investment, the main economic and financial categories, factors determining the investment climate, ways to form a portfolio of stocks, bonds, and their management, derivative financial instruments, and explores classifications and investment schemes. Conclusions: it is concluded that an investment represents a certain amount of capital, and the process of their implementation is defined as investment activity (investing). It is proved that the legal structure of investment includes a wide range of rights, duties, and responsibilities of business entities, which includes, in addition to the norms of the civil legislation, the norms of various branches of law. It is revealed that the legal status of an investor is intermediate between a “business entity” and an ordinary “individual.” It is argued that in both legal forms of investment (contractual and corporate), the investor transfers the investment to the other party. In the case of a contractual investment, the investor transfers them to another party (the organizer), who uses them for the purpose specified in the contract (intended purpose). As for the corporate form, the investment is carried out, for example, in the authorized capital of a company, and the investor acquires the rights of a participant in this company. If contractual investment is based on the “classical norms” governing civil law contracts, then corporate investment has a number of features related to the regulation of corporate relations. Investment is classified into main groups, as well as long-term real investment, taking into account planning and accounting practices. From a practical standpoint and based on the current legislation, investment schemes are outlined.

Contractual Forms of Investment in the Legislation and Practice of the Russian Federation

Introduction: the paper deals with the analysis of contractual forms of investment activity. The research attention is paid to various theories related to the legal nature of an investment agreement, the issues of divergence of existing definitions of an investment agreement as a legal category. Special attention is paid to the structure of the investment agreement, as well as its place in the system of civil contracts. It is argued that the correct qualification of the investment agreement plays a key role in ensuring high quality and rational legal regulation of the relevant relations. In the process of researching the investment agreement, the author differentiates by types and parties. The details of contractual obligations are given, taking into account investment schemes and depending on the types of investment projects. The purpose of the paper is to study the agreement regulating the relations of subjects of investment activity, the legal nature of the investment agreement, its qualifying features, types and parties. Methods: to achieve this goal, a systematic approach was used, as well as the general scientific (analysis, synthesis, formal logical, comparative, and temporal) and specific scientific (formal legal, comparative law) research methods. Results: the international practice of concluding and applying investment contracts (agreements) widely used to attract investments is studied. The interpretations of the investment agreement presented in the domestic and foreign specialized literature are compared. The place of the investment agreement in the system of civil contracts is determined. The approaches to the legal qualification of the investment agreement are studied. It is established that differentiation by types and parties of the investment agreement plays an important role in the development of the economy and business. Understanding the specifics of each type of agreement and the role of parties allows you to effectively organize the investment process and achieve your goals. The author analyzes various forms of investment, including the purchase of a business, participation in investment partnerships, investments in securities, as well as collective investments through joint-stock and mutual funds, concession agreements, and production sharing agreements. Conclusions: the conclusion is substantiated that it is advisable to establish the legal nature of each investment agreement in the process of its execution. The legal relations created by such an agreement are subject to the general principles of civil law and specialized standards of investment law. It is established that for the correct qualification of a specific contractual structure used in the investment sphere, it is advisable to rely on the positions formed in law enforcement practice on such an issue. It is proved that the investment agreement implies any agreements in which the investor participates. These agreements may include various types of civil contracts regulated by the Civil Code of the Russian Federation. Highlighting the main features that distinguish investing from other economic and business processes, the author argues that the best position would be the transfer of personal capital and the transfer of values (investments) to another party in order to make a profit in a certain period without a guarantee of success.

Strategic management of investment and innovation activities in the conditions of international integration

The article examines the problems of strategic management of investment and innovation activities in the conditions of international integration, which consist in creating mechanisms for the economic development of communities through increasing investment attractiveness, improving infrastructure, attracting investments for innovation and increasing the efficiency of resource use. The analysis of scientific publications on strategic management and innovation-investment activity was carried out, the need to increase the investment attractiveness of the enterprise, community, region of the country, etc. for investors, especially international level, infrastructure development and investment attraction for modern innovative implementations was confirmed. The analysis of studies showed the importance of investment and innovation activities for the economic development of the attractiveness of the enterprise, community, region of the country, etc. It is recognized that strategic planning is key to improving efficiency, competitiveness and attracting investment, especially from abroad. A combined approach was used to investigate the investment activity of the Merefa Territorial Community. The analysis showed that the community faces the problems of insufficient integration of investment and innovation processes and a low level of financial support for innovative projects. A SWOT analysis was used, which revealed the strengths of the community, such as the presence of industrial zones and transport links with the regional center, but also weaknesses, including the low level of export of products and the insufficient material and technical base of communal services. The plans and tasks of the Merefa Community for 2024 have been defined, among which the main priorities are to increase the level of investment attractiveness and financial support of innovative projects, as well as the expansion of international cooperation to ensure long-term sustainable development of the community.

Virtual Value Engineering in Investment and Construction Activities

Statement of the problem. The Russian investment and construction industries continue to grow, and there is a growing demand for services related to designing and implementing new projects. The introduction of innovative technologies and improvements to construction processes are essential parts of investment and construction efforts in today's world. Engineering plays a significant role in investment and construction projects, as it is involved both in the planning phase and during the implementation stages. Cost engineering is a concept that refers to a set of techniques and tools used to manage the expenses of a project throughout its lifecycle. The integration of investment and construction engineering services with the latest technological advancements is a new but already popular trend in the construction market. Results. This study emphasizes the importance of an integrated approach to facility design, considering the unique characteristics of modern technology and the requirements of participants in investment and construction projects that require operational involvement in project management. Conclusions. The paper supports the introduction of «virtual engineering», which can create a more comfortable environment for all stakeholders in an investment or construction project.

The impact of western sanctions on the role and place of Russia in relations with Kazakhstan (political and economic aspect)

The paper is dedicated to the impact of anti-Russian sanctions on the investment activity of Russian companies in the post-Soviet space, in particular in Kazakhstan. After 2014, Russian capital was forced out of the Ukrainian economy and partially relocated to Kazakhstan, which today is a key place for foreign direct investment among the CIS countries. China, the USA, Turkey and EU countries also show high activity in the capital market of Kazakhstan. The conflict of commercial interests of these countries on the territory of Kazakhstan may become a significant factor of political tension in the post-Soviet space.

Foreign Market Investment as a Locus of Response to Adverse Performance

AbstractPerformance gap recognition derives from social comparison with rivals. We propose that the attribution of these gaps to foreign direct investment (FDI) inadequacy – and thus the likelihood of responding with FDI – is also guided by such social comparisons. Specifically, the performance gap becomes a stronger trigger for foreign market investment when underperforming peers are less engaged in FDI than outperforming counterparts, as this highlights the role of FDI scarcity in explaining the gap. Similarly, a firm's lower FDI involvement increases the performance gap's capacity to trigger FDI by making FDI inadequacy a more plausible explanation, whereas extensive existing FDIs shift the blame away from FDI insufficiency. By examining the locus of investment activity under the performance gap, we show that the associated FDI‐triggering capacity is limited to institutionally proximate environments where the upside potential for addressing the performance gap can be recognized upfront through current models, methods, and resources. Institutionally distant investments, whose potential evolves through experimentation with the local context, become increasingly unlikely as a firm falls behind its rivals. These findings suggest that a firm's response to the performance gap is shaped by inferences about the causes of underperformance and the clarity of an alternative's capacity to address the gap.

Talk green, act brown: Transition risks and drilling investments of U.S. upstream oil and gas firms

AbstractThis paper explores the relationship between upstream oil and gas firms' proactiveness in addressing climate change transition risks and their drilling investments. We propose that due to limited capabilities to transition to renewable energy, these firms may strategically display proactiveness to greenwash their intentions to increase drilling activities. Leveraging a unique dataset comprising manually collected information on upstream firms' drilling investments, we find empirical evidence supporting our hypotheses. Specifically, firms showing greater proactiveness toward transition risk during earnings calls paradoxically increase their drilling investments. Additionally, high oil prices negatively moderate this relationship by creating a lucrative environment that benefits stakeholders, such as shareholders and investors, and simultaneously alleviates internal resource constraints, thereby reducing the need for greenwashing. This study contributes to the literature by illustrating how firms, under significant societal pressure but lacking transition capabilities, employ greenwashing tactics to obscure their investment activities.

Pengaruh Overconfidence Dimoderasi Gender terhadap Keputusan Investasi pada Generasi Milenial di Karawang

This research aims to examine the influence of overconfidence on investment decisions of the millennial generation in Karawang and evaluate whether gender variables can moderate this relationship. This research uses a survey research design. There is an independent variable, namely overconfidence and a dependent variable (dependent) investment decisions. This research focuses on the millennial generation population in Karawang, which numbers around 1,029,290 people. Meanwhile, the sample used was the millennial generation in Karawang who were active in investment activities, totaling 268 respondents. In this research, verification analysis uses Simple Linear Regression Analysis to test whether or not there is an influence of overconfidence on investment decisions. The next test to see whether the influence of the moderating variable (gender) can strengthen or weaken the overconfidence variable on investment decisions, the Moderated Regression Analysis (MRA) test is used. The research the results show that overconfidence has an influence on the investment decisions of the millennial generation. This generation tends to make investment decisions with a high level of self-confidence, which can lead to investment risks. However, gender is not able to moderate the relationship between overconfidence and investment decisions, meaning that both men and women show the same pattern regarding the influence of overconfidence on their investment decisions. Based on these findings, it is recommended to improve financial education to help the millennial generation make more rational and wise investment decisions.

Sosialisasi dan Pendampingan dalam Pembuatan NIB Melalui OSS di Kelurahan Panjunan Kabupaten Kudus

Micro, Small and Medium Enterprises (MSMEs) are one of the trade or investment activities that are well known in Indonesia. Many people, especially business owners or managers, are involved in this type of business. Because many people are identified as MSMEs, new problems also arise. These problems include the large number of business actors who do not yet have a Population Identification Number (NIB). Seeing this problem, KKN students carried out outreach and assistance to business people so they could obtain NIB. This community service activity was carried out in Panjunan Village, Kudus Regency. The methods used in this community service activity are observation and interviews. This activity involves MSME staff so that business actors can better understand NIB. The Online Single Submission website, which is an integrated electronic system from the government, is used to complete the NIB process. The result of this training is that business actors in Panjunan Village are able to obtain NIB without any problems, and everything goes according to plan.

Proof Of Criminal Origin Related To Money Laundering In Mutual Fund Investment Activities In Supreme Court Decision Number 2937 K/Pid.Sus/2021

The crime of money laundering in the form of mutual fund investments is a serious crime that can threaten the stability of the financial system and economy. Perpetrators use mutual funds as a means to disguise the origin of illegal funds resulting from criminal acts, such as corruption, which are then invested as if they were legitimate funds. This not only harms the country financially, but can also reduce investor confidence in the mutual fund industry. Therefore, it is important to examine the criminal liability of perpetrators of money laundering in mutual fund investments in order to maintain the integrity of the financial system and provide a deterrent effect for perpetrators of similar crimes. This research is aimed at analyzing the legal regulation of criminal acts of money laundering in mutual fund investment activities in Indonesia, proof of predicate crimes related to criminal acts of money laundering in mutual fund investment activities in Supreme Court Decision Number 2937 K/Pid.Sus/2021, as well as criminal responsibility for perpetrators of these crimes. money laundering crime in mutual fund investment activities in Supreme Court Decision Number 2937 K/Pid.Sus/2021.The research method used is normative juridical research, which is supported by primary and secondary data sources. All legal materials were collected using library research techniques using document study data collection tools. Apart from that, field studies were also carried out using interview methods and analyzed qualitatively.The results of the research and discussion concluded that the legal regulations related to the crime of money laundering in mutual fund investment activities in Indonesia are as regulated in Law Number 8 of 2010. Based on Supreme Court Decision Number 2937 K/Pid.Sus/2021, it can be concluded that the defendant Benny Tjokrosaputro proven to have committed a criminal act of corruption together with other parties in managing investments at PT Asuransi Jiwasraya (Persero) which caused state losses amounting to IDR 16.807 trillion, as well as a money laundering crime of IDR 6.078 trillion, so he was sentenced to life imprisonment and payment of compensation to the state, based on valid evidence at trial and the fulfillment of the elements of the criminal act in accordance with the articles charged.

A methodology to assess indicators of technological development of the industry: The electronics industry case

Subject. The article deals with assessing the technological development of the industry. Objectives. The focus is on development and testing of a methodology for evaluating indicators of technological development of the industry. Methods. The study rests on general scientific principles and research methods, like abstraction, generalization of approaches to industry’s technological development assessment, analysis, synthesis, systematization, and generalization of obtained results. Results. The developed methodology includes five stages: (1) assessment of preconditions for technological level change; (2) analysis of intensity of modernization; (3) analysis of staff development, growth of labor productivity and remuneration level; (4) assessment of innovation activity; (5) analysis of consequences of changes in the technological level as an increase in value added, return on capital, and sustainable growth. Conclusions. I tested the methodology on data from a sample of electronic industry enterprises (OKVED 26 Manufacture of Computer, Electronic and Optical Products). Calculations show that there are evolutionary, but not large–scale changes. However, there are no signs of noticeable innovative development. At the same time, there are significant changes in individual companies, like PAO Element, controlled by State Corporation Rostec Group. The analysis of the company's consolidated financial statements showed a significant inflow of resources, an increase in investment and innovation activity, staff development, an increase in value added, return on capital, and accelerated growth.

Outward direct investment as a shelter from external trade policy shocks: Firm‐level investigation of the US–China trade war

AbstractThis study examines the effects of external trade policy shock from the US–China trade war on firm value. Using a merged data set of Chinese‐listed companies, our empirical results reveal that Chinese firms conducting outward direct investment in the US have significantly higher stock returns around the date of the outbreak of the trade war as compared with the lower returns of exporting firms. This indicates a sheltering effect of pre‐existing outward direct investment activities. Moreover, we find that the sheltering effect is more pronounced for production‐oriented projects, high tech industries and tariff‐targeted sectors, while it is weaker for state‐owned companies.