Protection Of Minority Investors Research Articles

Multinational enterprises' R&D commitments in Chinese provinces: A configurational approach

Multinational enterprises (MNEs) are increasingly off-shoring some of their R&D to emerging markets, including China. Much of the extant literature on MNEs' investments in R&D facilities abroad analyses technological and institutional factors at the national level, typically using regressions to examine how host-country institutions influence foreign MNEs' outlays. It, therefore, tends to downplay the importance of sub-national and non-technology-related institutions, and how configurations of home- and host-country institutions interact to influence R&D commitments abroad. Drawing on the global factory model and the Varieties of Capitalism approach, we identify five causal conditions that may influence MNEs' R&D commitments abroad. Conducting an abductive fuzzy-set qualitative comparative analysis, we find four combinations of causal conditions are sufficient to explain substantial R&D commitments in different Chinese provinces. The combination of local corruption and provincial R&D intensity is important, as are the MNE's home-country stock-market capitalization to GDP ratio and minority investor protection. We contribute to the literature on MNEs' investments abroad by extending the importance of sub-national institutions to include those not directly related to technology. We also reveal how combinations of institutions (rather than individual ones acting independently) from the MNE's home and host contexts explain MNEs' R&D commitments in Chinese provinces.

The Influence of Implementing Risk-Based Business Licensing (OSS RBA) on Investment Growth in the Food and Beverage Services Subsector in Medan City

This research examines the business growth of the Food and Beverage Services subsector in Medan City along with the implementation of the Risk-Based Licensing System (OSS RBA) in Indonesia. OSS RBA based on the Standard Qualifications for Indonesian Business Fields (KBLI) aims to increase the Ease of Doing Business (EoDB). However, the application of top-down OSS RBA with the Business Identification Number (NIB) carries the potential for abuse. This research analyzes the factors (Starting a Business, Electricity Connection, Tax Payments, Building Permits, Access to Credit, and Protection of Minority Investors) that influence the Growth of Food and Beverage Services Investment in Medan City. The results of the Confirmatory Factor Analysis (CFA) show three significant factors: Protection of Minority Investors, Starting a Business, and Access to Credit. Obstacles include the NIB scale not being by local spatial planning and changes in the issuance of risk permits between the Central and Regional Governments. It is hoped that this research will provide insight into the implementation of OSS RBA and investment growth in the Food and Beverage Services sector.

Financial and investment indicators for accelerating innovation development: Comparison of GII leaders and Ukraine

The purpose of the paper is to determine the causal relationship between financial and investment indicators and the level of innovation development in GII leading countries and Ukraine. For a sample of 10 leaders in GII-2022 and Ukraine for 2011–2020, a correlation analysis was conducted based on the following indicators: the value of GII, foreign direct investment (net inflows), domestic credit to the private sector, ease of getting credit, protecting minority investors, and real interest rate. A positive relationship (with moderate/high strength) between innovation development and foreign direct investment has been proven in 7 out of 11 countries with a time lag of 0-2 years; domestic credit to the private sector – in 6 countries (lag of 0-3 years); and protecting minority investors – in 9 countries (lag of 0-2 years). For other indicators, the relationship is negative. Through VAR-modelling and Granger test, it is proven that the change in the value of foreign direct investment causes the change in the value of GII in 6 countries (bidirectional causality exists only in Ukraine); domestic credit to the private sector – in 6 countries, protecting minority investors and real interest rate – in 2 countries, and ease of getting credit – only in Switzerland. The results show that foreign direct investment and domestic credit to the private sector are the reasons for increasing the level of innovation development and have potentially the highest influence. In Ukraine, compared to GII leaders, only the factor of foreign direct investment is identified as a cause of innovation development.

The Effect of Ease of Doing Business Indicators on Investment Interest

The development of a region is essentially inseparable from investment. Investment in general can help a region to encourage the economic growth needed to process the economic potential in the region. Until 2021, EoDB indicators need to be improved in supporting the investment climate. Until now, the EoDB is still considered a valuable reference for countries that want to measure the level of risk and cost of doing business. Provinsi DKI Jakarta in its current condition seeks to increase its investment amid the issue of moving the national capital. This research focuses on looking at the relationship between EoDB and investment interest in addition to other economic factors. The analysis method used in this study is to use PLS-SEM on a research sample of 150 entrepreneurs with medium and large business categories. This study proves empirically that the Ease of Doing Business Indicator in Provinsi DKI Jakarta has a significant influence on investment interest in Provinsi DKI Jakarta in addition to the Economic Factors used in the simultaneous equation model. In the Ease of Doing Business variable (X1), all indicators can significantly explain the Ease of Doing Business Indicator. A one unit increase in the ease of doing business indicator will potentially increase investment interest by 74.6% in Provinsi DKI Jakarta, ceteris paribus. The five indicators that explain the Ease of Doing Business Variable the most and their coefficients include Getting Electricity (0.806), Trading Across Border (0.761), Protecting Minority Investors (0.743), Getting Credit (0.728), and Registering Property (0.724).

THE ROLE OF GOVERNMENT IN ENTREPRENEURIAL FINANCE: VENTURE CAPITAL INVESTING AND INNOVATION

The use of venture capital has been discussed extensively in recent years as an alternative source of funding for start-ups to meet their financial needs. The contribution of venture capitalists to the overall business development of companies has been highlighted in this debate. This paper presents a research framework to identify the innovation indicators in terms of the role of government in their creation that influence venture capital investment. The relationship between innovation as measured by ease of business creation, ease of resolving insolvency, current expenditure on education, ICT (information and communication technology) use, ease of getting credit, domestic financial resources to private sector, protection of minority investors, knowledge-intensive employment, exports of creative goods, domestic patent applications and venture capital investment is examined for OECD countries over the ten-year period between 2012 and 2021. The results show that the main determinants of innovation that affect venture capital investment are ease of insolvency procedures, ease of access to credit, current expenditure on education, use of ICT, knowledge-intensive employment, exports of creative goods and GDP per capita.

Does Local Risk Still Matter in the Highly Liberalised Emerging Market of Malaysia?

Since 2009, both foreign and local investors in the Malaysian equity market have faced a single set of rules, enjoyed equal access to the same set of financial instruments, and benefited from international levels of minority investor protection, thus fulfilling the conditions for full integration with the world market. Malaysia can be identified as a highly liberalised Asian emerging equity market that aligns with the definition of an “integrated market” in existing empirical studies. Using a sample dataset from 2009 to 2016, we test whether Malaysia, as a highly liberalised emerging equity market, is still subject to local market risk pricing, along with six other Asian emerging markets, including China, India, Indonesia, the Philippines, South Korea and Thailand. The results from our study show that both world and local market risk are still priced in Malaysia and other Asian emerging markets, leading to the conclusion that none of them are fully integrated into the world market. This suggests that there may be other implicit barriers affecting equity market integration in emerging markets.

Determinants of corporate governance compliance: what matters and what does not?

PurposeThe objective of this study is to assess the level of corporate governance (CG) compliance and identify determinants of high compliance in Indonesian publicly listed corporations including family and nonfamily firms. The country uses a voluntary disclosure approach to enforce its regulations; thus, it is important to identify the factors affecting compliance.Design/methodology/approachEmploying a logistic regression model, this paper analyzes the CG index of high-compliance vs. poor-compliance companies and emphasizes factors that contribute to better governance compliance. The CG index of high-compliant firms is almost twice as high as that of low-compliant firms.FindingsThe study explores factors that contribute to high CG in an emerging market like Indonesian corporations. The study's findings indicate that family-owned businesses predominate in the low-compliance group. High-compliance firms are older and larger with higher financial performance, free float and leverage, as well as a positive influence of the founder's great leadership. The results support theoretical arguments that concentrated ownership and excessive majority shareholder control are key factors in determining the likelihood of good governance practices by firms. Hence, the market and regulators should devise effective strategies to encourage and reward high compliance.Research limitations/implicationsThe findings of the research offer several implications for the academic community and policymakers. Improving CG at the firm level is a viable goal, even though the agenda to reform minority investor protection laws and increase judicial quality is challenging and may take a long time to show significant results. Moreover, this study has some limitations that could be addressed in future research. The study focuses on a single-country setting, Indonesia. There are cultural aspects and governance settings that may be unique in the Indonesian context, which may limit the applicability of the findings to other countries with their own cultural settings and institutional legal framework.Originality/valueThe study investigates the factors that influence high governance compliance in specific CG regulations designed for the emerging Indonesian market. The study also discovers evidence that the crisis period has a favorable impact on the firm's decision to comply with governance provisions.

Test on the law protection of minority investors in China: Perspective of misrepresentation in securities market

AbstractUnder the background of effectively building the legal system of the capital market and strengthening investor protection, an evaluation of whether China's legal system's reformations have improved investor protection is of great significance. Based on the lawsuits of 663 listed companies from 1997 to 2021, this paper finds the average annual proportion of listed companies punished by the China Securities Regulatory Commission and prosecuted by the investors is 40%, and since 2017, it has stabilized at around 70%. This paper also finds the “head effect” of the number of investors and claims in the misrepresentation cases over the years and the advantages of China Securities Investor Services Center's support in investor protection. Then, the negative binomial regression method is used to empirically find that investor protection gets better and better with the reformation of China's laws. Reformations in the legal system and key provisions have all led to an increase in the number of sued investors and claims. However, the time of legal proceedings only depends on the reform of the entire legal system. Finally, to reduce litigation costs and make all investors actually receive compensation after being infringed, we should establish the class action mechanism in the future reformation of China's legal system.

Can minority investor activism promote corporate risk-taking? Evidence from a quasi-natural experiment in China

In this study, we investigate the potential of minority investor activism to alleviate risk-related agency problems. We focus on the China Securities Investor Services Centre (CSISC), a not-for-profit minority investor promoted by the China Securities Regulatory Commission to protect the interests of minority investors. Taking the popularity of the CSISC as a quasi-natural experiment, we find that CSISC shareholding significantly promotes corporate risk-taking. We also find that this positive effect is more pronounced when the controlling shareholder has a lower shareholding ratio or the counterbalancing force of other shareholders is larger. Large cash holdings and financial capacity, fierce market competition, and being in a non-high-tech industry also strengthen the role of the CSISC. Further, our analysis of the economic consequences of CSISC shareholding demonstrates that it can improve investment efficiency, constrain insiders' tunnelling activities, and improve information quality. Overall, the results shed light on the effectiveness of the CSISC in increasing investor activism and restraining insiders' risk aversion. As such, our findings have policy implications for the protection of minority investors.

Formal Institutions and Relaunching in Crowdfunding: Novice vs Serial Entrepreneurs

The proliferation of international reward-based crowdfunding platforms as a popular source of financing for new ventures has spurred considerable research in recent years. Researchers have examined the individual and transaction-related factors that affect entrepreneurs’ use of crowdfunding platforms. However, they have paid limited attention to examining the effect of the country’s institutional factors on entrepreneurs’ reliance on these international platforms. They have also failed to differentiate between novice and serial entrepreneurs, ignoring the importance of experience in this regard. Using the institutional lens, we discuss the relationship between a country’s formal institutions and entrepreneurs’ campaign launching decisions on these platforms. We probe our research questions using a dataset of 177,499 Kickstarter campaigns launched by entrepreneurs located in the top 25 countries represented on the platform. We complement Kickstarter data with macro-level data from the World Banks’s Doing Business reports and World Development Indicators to perform our multi-level analyses. Our results show that novice entrepreneurs factor policies governing local credit conditions and resolving insolvency in their decision to finance their venture when using international crowdfunding platforms. However, the effect of local credit conditions no longer persists after developing a record of accomplishment on these platforms, becoming serial. As for laws protecting minority investors and resolving insolvency, its effects on the relaunching decision is amplified for serial entrepreneurs. Our findings offer insights into entrepreneurial finance and serial entrepreneurship, which is useful for designing and guiding public policies focused on promoting entrepreneurship.

“Catch me if you can” on drivers of venture capital investment in Africa

AbstractThis paper investigates the determinants of venture capital investments across 25 African countries over the period 2014–2019. In particular, it considers the significance of innovation and digitalization in Africa's venture capital activity. The results show that digital infrastructure, high‐technology exports, internet coverage, market size, minority investor protection and government effectiveness are the main drivers of venture capital deals in Africa over the period examined. More generally, these findings highlight that digital infrastructure and connectivity, innovation and institutional frameworks all play an important role in shaping a favorable environment to attract venture capital funding.

IMPACT OF EASE OF DOING BUSINESS ON FDI INFLOWS ACROSS DIFFERENT ECONOMIES

The research study looks at the influence of Doing Business on Inward Foreign Direct Investments from 2010 to 2020 across the globe. This research assesses the ease of conducting business by examining the process of ten parameters: Starting a Business, Getting Credit, registering property, Paying taxes, Trading across borders, resolving insolvency, Enforcing contracts, Protecting Minority Investors, Getting Electricity, and Dealing with Construction Permits. The study drew a sample of 211 nations from the World Bank's list. To investigate the causal link between the Country’s Ease of doing business, Foreign Direct investment, and the growth of the economy, the least square regression model was employed in conjunction with the Eviews program. The Findings of the study discovered that the ease of doing business had a positive substantial influence on inward Foreign Direct Investment and the Foreign Direct Investment inflows have a substantial influence on the country’s Gross Domestic Product Growth which will help international managers and businesses to understand the relevance of ease of doing business while investing in other countries through FDI. According to the study's results, the ease of conducting business and sustainability facilitates inbound FDI by improving all the indicators of the Ease of Doing Business across three different economies. The index of doing business rankings of every country across the globe significantly plays a vital role for MNC companies such as the time, procedures, and the cost it takes for computation, paying tax, and registration for lands which can be controlled by the Government. The results of the regression analysis show that the effect of the Ease of Doing Business rankings on Foreign Direct Investment is a predominantly greater influence for developing economies compared to the developed as well as the transition economies. The requirement for ease of doing business is to initiate FDI, which is a crucial trigger for economic growth and also accounts for a significant non-debt financial resource for any nation's economic boost

The Impact of Entrepreneurship Financial Opportunities and Business Environment on the Country’s Innovation Development and National Wealth

The Covid-19 pandemic caused negative consequences for the economic growth and national wealth of countries worldwide. In 2020 the GDP per capita growth was -4,3% worldwide and -5% in Azerbaijan. However, in 2021, it was 4,8% and 5,1% in accordance, indicating Azerbaijan’s economic potential. At the same time, Azerbaijan takes only 80th place from 132 countries in the Global Innovation Index Rank, which is not sufficient and requires further innovation development of the country. Also, Azerbaijan is the 34th of 190 countries in the Ease of Doing Business rank. Still, according to the Enterprise Surveys made by the World Bank, 23,7% of firms in Azerbaijan choose access to finance as their biggest obstacle. At the same time, the average world indicator is 14,2%, and the average one in Europe and Central Asia is 9,4%. Therefore, this research aims to prove the hypothesis about the positive impact of entrepreneurship financial opportunities and the business environment on the country’s innovation development and national wealth. In the first stage, a bibliometric and analytical analysis was carried out using the tools of the Scopus database, the VOSviewer, and Google Trends. In the second stage, a sample of 20 countries was formed. It includes the top 10 leaders in the Global Innovation Index Rank with high-income economies (as benchmark countries for innovation development, according to which Azerbaijan should increase its position) and the top 10 leaders with upper-middle-income economies (similar to Azerbaijan). The informational base consists of data from the World Bank, the World Intellectual Property Organization, and the World Economic Forum for the last 10 available years. In the third stage, the correlation analysis was made to identify the relationship between the indicators of entrepreneurship financial opportunities and business environment (financing of SMEs, venture capital availability, domestic credit to the private sector, ease of doing business, ease of starting a business, ease of getting credit, ease of resolving insolvency, protecting minority investors, number of new limited liability companies, new business density) and the indicators of the country’s innovation development (Global Innovation Index) and national wealth (total wealth per capita). And at the fourth stage, the impact of entrepreneurship financial opportunities and business environment on the country’s innovation development and national wealth was determined based on regression modeling results. The obtained results could be useful for scientists in further research on this issue and for government officials in improving the state’s economic policy.

Minority investor protection mechanisms and agency costs: An empirical study using a World Bank–developed approach

This study aims to examine the impact of minority investor protection mechanisms on agency costs. All relevant indicators of minority investor protection adapted from the World Bank’s annual ‘Doing Business’ reports, along with concentrated government ownership, are employed with a panel data sample of 135 Vietnamese listed firms during the period 2014–2018. It is found that the following mechanisms are effective in mitigating agency costs and hence agency problems at the firm level: 1) review and approval requirements for related-party transactions; 2) minority shareholders’ ability to sue and hold directors liable for their duties; 3) minority shareholders’ access to internal corporate documents; 4) investors’ rights to approve major corporate investment and sale of asset decisions; and 5) disclosure in annual reports of salaries, bonuses and other forms of remuneration to directors and management. Interestingly, board independence and controlling government shareholders are not confirmed to play significant roles in addressing agency problems. To the best of the authors’ knowledge, this is the first attempt at testing for the impact of minority investor protection mechanisms developed by the World Bank on agency costs at the firm level, hence providing empirical evidence for the adoption of the minority investor protection mechanisms promoted by the World Bank. This study also provides policy implications for selecting effective mechanisms to mitigate agency conflicts between controlling shareholders and minority investors in order to enhance the financial performance of firms in an Asian emerging market.

Outward FDI and stock price crash risk---Evidence from China

This paper examines the impact of Chinese outward foreign direct investment (OFDI) on stock price crash risk, based on 6273 OFDI events completed by 1541 A-share listed companies in 128 host countries from 2000 to 2018. Using a propensity matching score (PSM) method and difference in differences (DID) estimation, we find that OFDI reduces the stock price crash risk of the investing company, and the effect is more pronounced in host countries that own better institutional environments. The mechanism analyses find that the impact of OFDI on stock price crash risk is more significant when the companies invest in areas where business is more convenient, the protection of minority investors is greater, and information disclosure is more complete.

Minority Investor Protection Mechanisms and Agency Costs: An Empirical Study Using the World Bank-Developed Approach

This study examines the impacts of minority investor protection mechanisms on agency costs in Vietnam. All relevant indicators of minority investor protection developed by the World Bank are employed with a panel data sample of 135 Vietnamese listed firms during the period from 2014-2018. It is found that the following mechanisms are effective in mitigating agency costs and hence agency problems at the firm level: i) extent of disclosure; ii) extent of director liability; iii) ease of shareholder suit; iv) shareholders’ rights in major corporate decisions; and v) corporate transparency. Interestingly, it is found that the board independence and controlling government shareholder do not play significant roles in addressing agency problems. To the best of the authors’ knowledge, this is one of the first attempts at testing for the impact of minority investor protection mechanisms developed by the World Bank on agency costs at the firm level. This study also provides policy implications for selecting effective mechanisms to mitigate agency conflicts between controlling shareholders and minority investors in order to promote the financial performance of the firm in an Asian emerging market.

СУТНІСТЬ ТА ЕКОНОМІЧНА ПРИРОДА КРАЇНО-РЕГІОНАЛЬНИХ МОДЕЛЕЙ БЕНЧМАРКІНГУ З ОГЛЯДУ ВИЗНАЧЕННЯ ЇХНІХ КОНКУРЕНТНИХ ФАКТОРІВ

The article is devoted to the current typification of country-regional models, which is based mainly on criteria for the scale and structure of venture financing, the degree of development of national financial markets, the level of concentration of bank capital and participation of banks in corporate sector management, the availability of venture capital financing. structures, share of bank capital in venture financing of investment projects, share of corporate sector in financing of venture funds, tupenya of mergers and acquisitions, the protection of minority investors and the concentration of ownership in the real economy. The criteria of classification of country-regional models of venture financing of innovative projects that cannot fully reflect its impact on the structural dynamics of national and global innovation development and should be supplemented by a number of additional criteria are considered. It is also the market model most widely used in the Anglo-Saxon countries. The presence of the best international business schools in the world is also a major competitive advantage of the market model of venture financing for innovation; deep cooperative links between universities, government laboratories and private companies. The role of the state in supporting the venture industry is analyzed, since in the market model it consists in direct investment of state funds into innovative companies (ie participation in capital) and high-tech programs and projects, as well as implementation of guarantee programs for the development of venture activity and creation of proper regulatory, organizational-economic, financial-investment and credit-tax conditions of its support. The strategic goal is most realized today in countries with a market model of venture financing, where it has long proven its high efficiency as a significant source of innovative development. And, the deepening of the processes of technoglobalism gives the venture business a powerful impetus for development, transforming it in accordance with the impact of global economic trends and stimulating the scale-up and diversification of the regional and sectoral-sectoral structure of venture capital investments.

ЗАРУБІЖНИЙ ДОСВІД РОЗВИТКУ ПІДПРИЄМСТВ МАЛОГО БІЗНЕСУ

The article identifies the role of small business in the development of national economies that is due to the ease of perception of innovations, the creation of a significant number of jobs, contentment of social needs in goods and services. It was established that due to a number of problems faced by domestic small business, there is a need to form new approaches to the development of this area. On the basis of the Global rating of favorable business conditions was assessed the business environment of the world. There were taken into account such indicators as business registration, obtaining building permits, connection to the power supply system, property registration, obtaining loans, protection of minority investors, taxation, and International trade, ensuring the implementation of contract and insolvency settlement. It is determined that the top three in this indicator (by 2020) included New Zealand, Singapore and Hong Kong. Emphasis was placed on the significant difference (more than four times) in the ease of doing business index between the leader – New Zealand (86.59) and the outsider – Somalia (20.0), that indicates unevenness development of this area in the countries of the world. Based on a study of foreign experience in the development of small business in developed countries were identified practices that were interesting for further adaptation in Ukraine. Namely: formation of an effective legal framework; implementation of an effective regulatory policy and the use of a program-targeted approach to state regulation; state support of small business through the implementation of investment programs, projects, assistance in obtaining government orders, the formation of effective credit and tax policies, aimed at solving problems of financial and credit support of small business; stimulating innovation and development of small innovative enterprises and relevant infrastructure facilities (technology parks, science parks, venture funds), improving the system of training and retraining of specialists for small business; development of information technologies and e-business; active promotion of small enterprises, creation of necessary support institutions; cooperation of large and small business entities.

A Comparative Study on Ease of Doing Business in BRICS Nations

Doing Business measures aspects of business regulation for domestic firms through an objective lens. Doing Business focuses on regulation that affects small and medium-size enterprises, operating in the largest business city of an economy, across 11 areas. Ten of these areas include starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. This paper study the ease of doing business in BRICS nations on various parameters mentioned above. It also explores the impact of reforms made by BRICS nations on their performance as measured by DTF score over the study period. The study is based on secondary data collected from the website of World Bank for doing business project and ‘doing business reports’ published by world bank. Among the BRICS nations the most favored destination for doing business in year 2017 is Russian Federation with overall doing business rank of 40 followed by south Africa with overall doing business rank of 74, China with doing business rank of 78, Brazil with doing business rank of 123 and India with doing business rank of 130. Starting business is most convenient in Russia followed by China, South Africa, India and Brazil. Dealing with construction permit is most expedient in South Africa followed by Russia, Brazil, China and India. In terms of getting electricity the best performance is of Russia followed by Russia, Brazil China and South Africa. Getting credit is most easy in India and Russia followed by China and South Africa and Brazil. Minority rights of investors are highly protected in India, South Africa and Brazil. Tax system is most efficient in Russia followed by South Africa and complicated in China, India and Brazil. The procedural requirements for trading across boarder are most efficient in China followed by South Africa, Russia, India and Brazil. Enforcement of contracts is most proficient in China followed by Russia, Brazil, South Africa and India. Mechanism for resolving insolvency is preeminent in South Africa followed by Russia, China, Brazil and India. Reforms made by the BRICS nations have helped them in improving their DTF scores on respective parameter of doing business.

Digital Transformation Enablers and Barriers in the Economy of Kazakhstan

This study aims to analyze the digital performance of Kazakhstan through dynamic analysis of national statistics and international indices as Global Innovation Index and ICT Development Index. The research combines three stages: analysis of digital transformation policies performance, review of ICT industry development, and comparative analysis of the positions of Kazakhstan, Turkey and South Korea as a benchmark in the international indices. This research findings show that despite great efforts of Kazakhstan in digitalization, the ICT industry contribution does not increase, it even falls. The international indices demonstrate that the reason is the weakness of the country in skills, venture capital, and innovation linkages. This leads to low knowledge, technology outputs, and creative outputs. The enablers of digital and overall innovation advancement of economy are identified. According to the international rankings the country has been doing its best in Access and Use areas. Another enablers are good business environment, ease of starting a business, protecting minority investors, and FDI inflows. The findings help to draw recommendations for strategic directions in order to improve the digital performance in Kazakhstan. The main limitation of this study is a lack of dynamic information on positions of Kazakhstan in other international indices related to digitalization.