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Baltic Journal of Economic Studies
38
Vol. 3, No. 5, 2017
Corresponding author:
1 Department of Finance and Banking, Uzhhorod National University.
E-mail: vira.vartsaba@gmail.com
2 Department of Economics and Entrepreneurship, Hrushevsky Carpathian Institute Interregional Academy of Personnel Management.
E-mail: galynaleshuk@gmail.com
DOI: hp://dx.doi.org/10.30525/2256-0742/2017-3-5-38-44
EVALUATION OF INVESTMENT ATTRACTIVENESS INDICATORS
OF REGIONS IN UKRAINE
Vira Vartsaba1
Uzhhorod National University, Ukraine
Halyna Leshuk2
Hrushevsky Carpathian Institute Interregional Academy of Personnel Management, Ukraine
Abstract. The theoretical and methodological principles for assessing the investment attractiveness of the regions
are the subject of the research. The aims of the research consist in improving the existing approach for measuring
the level of investment attractiveness of territorial systems in the direction of taking into account the possible
multicollinearity and determining the share of investment attractiveness factors in the aggregate indicator on
the basis of calculated values of determination coecients, which respectively provide to distinguish the priority
directions in the formation of regional investment policy aimed at raising the level of investment attractiveness of
regions of Ukraine. Methodology. The article deals with the research of theoretical and methodological approaches
to the denition of investment attractiveness of Ukrainian regions by means of general scientic methods of analysis:
systematization and generalization, induction, deduction. Results. To assess the investment climate in the regions of
Ukraine, an improved existing approach for measuring the level of investment attractiveness of territorial systems
is proposed in the direction of taking into account possible multicollinearity and determining the share of factors
of investment attractiveness, which is based, in particular, on the selected indicators, in particular: the volume
of direct foreign investments per capita (FORINV); per capita net exports (NETEXP); the number of economically
active enterprises per 10 000 population (ENTRP); volumes of industrial production (PROM); population income
(REV); volume of retail trade turnover per capita (TOV); volume of completed construction work (BUD). It is proved
that the priority and intensity of inuence on the indicator of investment into xed capital per capita of factors of
investment attractiveness varies for dierent regions of Ukraine, therefore, according to the conducted analysis, the
investment attractiveness of the researched regions are determined by such factors as the volume of direct foreign
investments per capita, the volume of net exports per capita, the number of economically active enterprises per 10
000 population, volumes of industrial production, population income, and volume of completed construction work.
The dynamics of values of general indicators of investment attractiveness for ve regions of Western Ukraine are
determined, which allowed substantiating the absence of a stable positive tendency in any of the regions to change
the values of the general indicator of investment attractiveness, as well as establishing the existence of negative
trends accumulation in the formation of investment attractiveness factors, which leads to a decrease of indicators
of volumes of foreign investments per capita and volumes of investments in xed capital per capita during the
researched period. Practical signicance. The use of the proposed approach made it possible to obtain competitive,
scientically substantiated results, which could become a methodological basis in the process of planning and
practical implementation of the measures to create the investment attractiveness of regions and their territorial
systems. The possibility of identifying the priority areas of inuence on factors of investment attractiveness in order
to increase the volume of investments attraction into the regional economic system is the determining positive side
of the proposed approach.
Key words: investment attractiveness, region, evaluation, indicators.
JEL Classication: R10, R58, Е22
Baltic Journal of Economic Studies
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Vol. 3, No. 5, 2017
1. Introduction
In general, investment climate of regional system
is characterized by two main components: the
investment aractiveness of a region with the following
characteristics such as investment potential and regional
investment risks, as well as the activity of investment
processes in the region. Investment activity in a region
is the intensity of investments aracting into the real
and nancial capital of the subjects of the regional
economy. Investment aractiveness of a region is a
set of objective conditions, means, opportunities, and
restrictions that determine the intensity of investments
aracting into the capital of subjects of the regional
system. Accordingly, identication of eective levers of
management and regulation of processes in social and
economic systems that can provide the improvement of
the level of investment aractiveness of the respective
systems is a priority task in the process of forming a
favourable investment climate within a region, as well as
the whole country.
2. Analysis of recent research and publications
e main problems and prospects of development for
increasing the investment aractiveness of the regional
economy were investigated (Bagautdinova N.G. and
others, 2014), while they interpreted investments as not
only as a source of economic growth but also as a factor
of competitiveness of a regional economy. e authors
examined the impact of investment aractiveness on
the formation of competitive advantages of a territory
and have identied the following factors: resource base,
climatic conditions, consumer market, legislation (tax,
customs, budget etc.), state of the economy, willingness
of state authorities for cooperation, availability of
necessary infrastructure, protection of investors’ rights,
administration of guarantees and so on and so force.
In order to aract investments in any state, region or
municipality, the authors note one of the most impor tant
conditions, that is, eective regulation of investment
activity and protection of the investors.
e realization of an objective assessment of the
investment aractiveness of the territories for the
potential investors (Shaykheeva D. and others, 2016)
disclosed through the use of special geographic
information systems (GIS). e authors pay aention
to the lack of tools for the real araction of investments,
which facilitate the improvement of the economic
competitiveness of Russian regions. us they propose
a methodology for integrated assessment of investment
aractiveness of rural and urban areas of the Republic
of Tatarstan using geographic and information
technologies.
In the classication of national and regional resources
that determine social and economic opportunities
of territories, (Mustafakulov, 2017) explores the
priority directions of ensuring the social and economic
development and assesses the value of investment
aractiveness of regions with a long-term historical
specialization in agricultural production.
Whereas investments are a major factor of regional
and municipal development (Damborský M. and
others, 2009) point out that the arrival or departure
of a signicant foreign investor can have a signicant
impact on the entire city, regional, possibly even
national economy. Due to the investment aractiveness,
problems of investors’ arrival and decision-making
processes that are related to them are important, as
well as the problems of so-called “rooting”, for example,
of inow of direct foreign investment into the Czech
Republic.
Simultaneously (Kharlamova, 2014) analyses
investment opportunities and potential of regions of
Ukraine. At the same time, the regions are estimated
by the level of investment potential and the degree
of investment risks, as well as by the experience of
previous investment activity in a region. e author
proposed the so-called territorial investment marketing,
based on results of complex monitoring of the regional
investment climate in Ukraine.
(Nikolova L. and others, 2013) considered the
eectiveness of the investment process, which, together
with the investment risk and investment potential,
determines the investment aractiveness of a region
and, therefore, the investment climate, characterize the
growth of the gross product of a region by investing
in physical and human capital. e authors determine
the investment aractiveness of a region by comparing
two parameters that reect the conditions of investors’
activity: investment potential and investment risk.
us, in researching the investment opportunities and
assessing the investment aractiveness of the territories
for potential investors, rst of all, the authors focused on
the eciency of the investment process in terms of the
correlation between the investment risks and investment
potential, while scientic research is rather fragmentary
in determining the level of inuence of investment
aractiveness factors of the regions in Ukraine on the
indicator the amount of investments in xed capital per
head with the determination of the weight coecients
of each factor; determination of dependency model, as
well as appropriate values of determination coecients
for factors of investment aractiveness of the regions
in Ukraine; the determination of the weight of each of
the factors of investment aractiveness in the aggregate
indicator on the basis of the calculated values of the
determination coecients; the determination of
the priority directions in the formation of regional
investment policy directed to raising the level of
investment aractiveness of the regions.
e purpose of the research is to determine the
weightings values of each of the factors of investment
aractiveness in the aggregate indicator based on the
calculated values of the determination coecients,
Baltic Journal of Economic Studies
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Vol. 3, No. 5, 2017
which, accordingly, will allow distinguishing the priority
directions in the formation of a regional investment
policy directed to raising the level of investment
aractiveness of the regions.
3. Methodological approaches for assessing
the investment aractiveness of regions
Aimed at obtaining quantify assessment of the level
of investment aractiveness of the Western Ukraine’s
regions, we have calculated the general indicators of
investment aractiveness. Similarly, as in the research
(Pil'ko, 2015), index of investment aractiveness
of a region was determined using the formula of a
multidimensional average as the following:
∑
∑
=
=
=
n
j
j
n
j
н
ijj
і
k
pk
ІnvAttr
1
1
j
jij
н
іj
pp
p
σ
−
=
mi ,1=
(1)
where
∑
∑
=
=
=
n
j
j
n
j
н
ijj
і
k
pk
ІnvAttr
1
1
j
jij
н
іj
pp
p
σ
−
=
– index of investment aractiveness
і– the name of a region;
m
– number of regions researched (m = 5);
kj– weight factor j– the indicator taken to assess the
investment aractiveness of a region;
∑
∑
=
=
=
n
j
j
n
j
н
ijj
і
k
pk
ІnvAttr
1
1
j
jij
н
іj
pp
p
σ
−
=
– normalized value, j– an indicator of
investment aractiveness, і– name of a region;
xj– average arithmetic value, j– features;
σ
j– average square deviation value, j– features.
At the rst stage of the research, for the purpose of
assessing the investment aractiveness of the Western
Ukraine’s regions, we have selected the following
indicators: the volume of direct foreign investment
per head (FORINV); the volume of net exports per
head (NETEXP); the number of economically active
enterprises per 10 000 of population (ENTRP); the
volumes of industrial production (PROM); population
income (REV); volume of retail commodity circulation
per head (TOV); the volume of completed construction
work (BUD).
To ensure the comparability of valuable indicators
in space and time, they were taken into account in the
analysis conducted at comparable prices. Corresponding
values of the pair correlation coecients calculated on
the basis of statistical information (Website of the State
Statistics Service of Ukraine) in ve regions between
the factors of investment aractiveness and the volume
of investments in xed capital per head in the respective
regions are given in Table 1.
As the results of calculations, the priority and
intensity of inuence on the indicator of the investment
amount in xed capital per head factors of investment
aractiveness vary for dierent regions. In particular,
the indicator of the volume of direct foreign investments
is decisive in the formation of investment aractiveness
for Ivano-Frankivsk and Ternopil regions. At the same
time, this indicator has the smallest impact on the
indicator of the volume of investments in xed capital
per head in the Chernivtsi region. e indicator of
net exports is decisive in determining the investment
aractiveness of Ivano-Frankivsk region, and it is
signicant for Transcarpathian region and practically
does not determine the volume of investment inows in
Ternopil region. e impact of a number of economically
active business entities on the indicators of volumes of
investment in xed assets is signicant only for Ivano-
Frankivsk region, and it is moderate for Transcarpathian,
Chernivtsi, and Ternopil regions, and it is very weak
for Lviv region. An indicator of volumes of industrial
production is crucial for the formation of investment
aractiveness for all the researched regions. A similar
conclusion can be made regarding the indicators of the
volume of construction work, commodity circulation
per head, and income level of the population.
Previously conducted correlation analysis of the
selected indicators calculated on the basis of relevant
statistical information for the period of 2010–2016 in
Lviv, Ivano-Frankivsk, Transcarpathian, Ternopil, and
Chernivtsi regions showed a close linear relationship
between the indicator of retail commodity circulation
and the rest of the selected indicators. In order to obtain
objective information about the level of investment
aractiveness of the researched regions, paying a
special aention to the unconditional signicance of
this indicator in the process of research and analysis of
investment aractiveness of a region, but taking into
account the presence of obvious multicollinearity in the
Table 1
Level of inuence of investment aractiveness factors on the indicator of investments volume
in xed capital per head for the period of 2010–2016
Region
Indicator Ivano-Frankivsk Lviv Transcarpathian Ternopil Chernivtsi
FORINV 0,953578 0,637224 0,712734 0,856981 0,314745
NETEXP 0,878385 0,451838 0,702651 0,171373 0,528961
ENTRP 0,716765 0,236998 0,512683 0,617231 0,655
PROM 0,837307 0,758836 0,9015 0,881197 0,840663
BUD 0,648143 0,938307 0,983799 0,924228 0,777479
TOV 0,894129 0,763858 0,903224 0,873514 0,727303
REV 0,82418 0,788102 0,906775 0,940229 0,811318
Baltic Journal of Economic Studies
41
Vol. 3, No. 5, 2017
array of factors, caused by this indicator, we decided to
exclude this indicator from the further analysis.
In other words, according to the analysis conducted,
the investment aractiveness of the researched regions
is determined by such factors as the volume of direct
foreign investments per head, the volume of net exports
per head, the number of economically active enterprises
per 10 000 population, volumes of industrial production,
the size of incomes, and the volume of construction
works.
As the weights values of each of the selected
indicators, the values of the determination coecients
between the volume of investment in xed capital per
head and these indicators were taken. In this case, the
determination coecient was calculated on the basis of
a model that best approximates the actual distribution
to the corresponding form of analytical dependence.
Accordingly, in order to determine the investment
aractiveness indicator of each of the researched
regions, the individual weightings coecients of
each of the factors of investment aractiveness in the
aggregate indicator have been calculated. As the results
of the analysis showed, the weighting coecients of
each of the factors of investment aractiveness have
dierent meanings depending on a region. is is our
conclusion aer approximating the actual distributions
of the values of the investment aractiveness factors and
the values of indicators of investment in xed assets to
dierent forms of analytical dependencies. To choose
the form of such dependences, an approximation to the
linear, exponential, degree, quadratic, logarithmic, and
polynomial curves of 3 and 4 orders was made. A model
that is best to describe the interdependence researched
was selected based on logical and statistical compliance
requirements. Taking into account the nature of the
models’ behaviour, which is given by polynomial
dependencies of higher orders, they were not used in
the analysis.
e dependency models, as well as the corresponding
values of the determination coecients for investment
aractiveness factors, are as follows:
Ivano-Frankivsk region:
yx
xR
=−
+=
0041 0230008 0979
1
2
1
2
,,,, ,
yx
xR
=− ++ =0051 0014 00
50
806
2
2
2
2
,,,, ,
yx
xR
=−
+=
−
10 0 001 01
10
694
7
3
2
3
2
,,
,,
yx
xR
=−
+=
−
51000001 0 003 0744
6
4
2
4
2
*, ,, ,
yxR= =0 004 0405
5
0713 2
,,,
,
yxR
==
−
71
00
721
5
6
1152 2
*,,
,
Lviv region:
yx
xR
=−
+=
0158 0174 0052 0427
1
2
1
2
,,,, ,
yx
xR=++=
0011 0 009 0 006 0587
2
2
2
2
,,,, ,
yxxx R=− +− +=
−−
310100002 0604 0152
10
3
36
3
22
*,,, ,
yx
xR
=−
+=
−
31000001 0 007 0 623
6
4
2
4
2
*, ,, ,
yx
xR
=−
+=
0 001 0001 0 004 0891
5
2
5
2
,,,, ,
yx
xR
=−
+=
−
2100001 0012 0823
6
6
2
6
2
*,,, ,
Transcarpathian region:
yx
xR
=−
+=
0373 0237 0039 0859
1
2
1
2
,,,, ,
yx
xR
=+
+=
0 008 0 004 0002 0748
2
2
2
2
,,,, ,
yxR
==
−
10 0289
10
3
2404 2,
,,
ye R
x
= =0 001 0825
0018 42
,,,
,
yxR=+=0 002 0 001 0978
5
2
,ln( ),
,,
yx
xR
=−
+=
−−
510510 0 001 0 889
7
6
25
6
2
**,, ,
Ternopil region:
yx
xR
=−
+=
8582 1092 0037 0825
1
2
1
2
,,,, ,
yxxx R=− −++=0252 0 007 0 007 0 003 0 225
2
3
2
2
2
2
,,,,,,
yxR
==
−
21
00
445
10
3
2304 2
*,,
,
yxR= =0 0001 0 788
4
0835 2
,,,
,
yx R=+ =0 001 0 001 0854
5
2
,,
,,
yx
xR
=−
+=
−−
31010000
20
9
7
6
25
6
2
*,,,
Chernivtsi region:
yxxx R=− +−+=1963 9443 64 33 18 0820824
1
3
1
2
1
2
,,,,,,
yx
xR
=−
+=
0628 0 007 0 002 064
2
3
2
2
,,,, ,
yxxx R=−+− =
−−
4101000124237 0528
9
3
35
3
2
3
2
*,,, ,
yx R=+ =
−
3100001 0 707
5
4
2
*,
,,
yxxR=−
+=
00002 0 002 0 691
5
22
,,
,,
yx R=+ =
−
2100001 0 658
5
6
2
*,
,,
where
y
– the volume of investments in xed capital
per head;
x
1– the volume of direct foreign investments
per head;
x
2 – the volume of net exports per head;
x
3 – the number of economically active enterpises
per 10 000 population;
x
4 – volumes of industrial
production;
x
5 – the amount of income of the
population;
x
6– the volume of completed construction
work.
Based on the calculated values of the determination
coecients, we determined the real proportions
(weights) of each of the factors of investment
aractiveness in the aggregate indicator (Table 2).
Table 2
Weights values of investment aractiveness factors
in the aggregate index
Region
Weights values of investment
aractiveness factors
x
1
x
2
x
3
x
4
x
5
x
6
Ivano-Frankivsk 0,225 0,185 0,159 0,171 0,093 0,167
Lviv 0,122 0,167 0,043 0,178 0,254 0,236
Transcarpathian 0,187 0,163 0,063 0,18 0,213 0,194
Ternopil 0,205 0,056 0,11 0,195 0,212 0,222
Chernivtsi 0.204 0,158 0,13 0,175 0,171 0,162
As we can see from Table 1, the indicators of values of
foreign investment per head, net exports per head and
industrial production are crucial in the process of forming
the investment aractiveness of Ivano-Frankivsk region.
In other words, the investors in the process of passing
decisions about the choice of investment object in
Ivano-Frankivsk region are oriented to export-oriented
Baltic Journal of Economic Studies
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Vol. 3, No. 5, 2017
types of economic activity, as well as activities, in which
foreign investors are already working. At the same time,
activities focused on the domestic regional and national
market are not investment aractive in Ivano-Frankivsk
region. Compared to other investigated regions, the
level of investment aractiveness of Ivano-Frankivsk
region is very sensitive to investing in export-oriented
activities (18.5%) and amount of foreign investment
per head (22.5%). e stimulation of export-oriented
industries should become the priority of the formation
and practical implementation of regional investment
policy.
e indicators of the population’s income, the
volume of construction works performed, as well as the
volume of industrial production will be determinative
for the formation of the investment aractiveness of
Lviv region. Accordingly, stimulation of development
and investments aractiveness in activities directed to
domestic (regional and national market), in particular,
construction and industry will be the priority in forming
the regional investment policy, aimed at raising the level
of investment aractiveness of Lviv regional systems.
In the process of forming the investment aractiveness
of Transcarpathian region, measures aimed at raising
the level of populations incomes, increasing the volume
of executed construction works, as well as the volume of
direct foreign investments per head are a priority. In other
words, the export potential of Transcarpathian region
is used only partially, and accordingly, investments in
export-oriented activities determine changes in the
investment aractiveness of the region by only 16.3%
aer Ivano-Frankivsk and Lviv regions.
Almost the same situation takes place in Ternopil
region. In the formation of investment aractiveness,
the most important are the indicators of performance
of construction works, the growth of population
incomes and the volume of foreign investment per head.
Accordingly, the actions that are directed to aracting
foreign investment in construction and industry, which
are oriented on the regional and national markets
will have the most positive impact on the investment
aractiveness of Ternopil region. Paradoxically, paying
aention to the predominantly agrarian specialization
of the region, the impact of investment araction
by the measures on export-oriented activities is
very insignicant for the indicator of investment
aractiveness (the lowest indicator from all 5 regions
is 5.6%).
To form the investment aractiveness of Chernivtsi
region, increase the volume of foreign investment per
head, industrial production and population incomes
should be the priority areas of regional policy. at
is, again, the investment aractiveness of the region is
currently determined by the types of economic activity
that involve aracting of foreign capital and are oriented
towards the domestic (regional and national markets).
In other words, eorts of central bodies of state power,
as well as local self-government in the direction of the
formation of a strategy and practical measures for the
implementation of investment policy, should be aimed
at the activation and development of these factors and
inuence levers.
4. Evaluation results of investment
aractiveness of regions of Western Ukraine
Calculated by the formula (1) the values of general
indicators of investment aractiveness for ve regions of
Western Ukraine for 2010–2016 are shown in Table 3.
As it can be seen from the dynamics of the values
of general indicators of investment aractiveness for
ve regions of Western Ukraine (Fig. 1-5), there is no
established positive trend of changing the values of the
general indicator of investment aractiveness in any
region. Additional values of investment aractiveness
indicator reveal a presence of a positive inuence of
the analysed factors of investment aractiveness on
investment processes in the respective region. Negative
values of the respective indicators reveal the negative
inuence of factors of investment aractiveness on
processes of aracting investment resources to the
region.
Fig. 1. Dynamics of values of investment aractiveness
indicator of Ivano-Frankivsk region
Table 3
General indicators of investment aractiveness of Western Ukraine regions
Region 2010 2011 2012 2013 2014 2015 2016
Ivano-Frankivsk -1,126 -0,462 0,219 0,445 0,463 0,285 0,176
Lviv -0,958 -0,037 0,021 0,492 -0,249 0,207 0,523
Transcarpathian 1,580 -0,424 -0,452 -0,269 -0,203 -0,436 0,204
Ternopil -0,446 0,199 0,579 1,014 -0,038 -1,065 -0,354
Chernivtsi -0,774 -0,039 0,546 0,739 0,242 -0,454 -0,258
Baltic Journal of Economic Studies
43
Vol. 3, No. 5, 2017
Fig. 2. Dynamics of values of investment aractiveness
indicator of Lviv region
Fig. 3. Dynamics of values of investment aractiveness
indicator of Transcarpathian region
Fig. 4. Dynamics of values of investment aractiveness
indicator of Ternopil region
Fig. 5. Dynamics of values of investment aractiveness
indicator of Chernivtsi region
e harsh deterioration of the value of generalizing
investment aractiveness in 2014 and the presence
of positive trends in improving the investment
aractiveness, started in 2015 are the mutual feature
for values dynamics of all regions without exception.
e worst situation with investment aractiveness
was in Transcarpathian region during the period of
2011–2015. Accumulation of negative tendencies in
the formation of investment aractiveness factors has
led to a decrease in the indicators of foreign investments
volumes per head and volumes of investments in xed
capital per head during the investigated period.
5. Conclusion
1. As a result of researches, particular results of which
are presented in this publication, the existing approach
to measuring the level of investment aractiveness
of the region has been improved and developed in
order to take into account possible multi-colourarity
and determination of the proportion of investment
aractiveness factors. e use of the proposed approach
has allowed obtaining the competitive scientic results
that can become the basis for planning and practical
implementation of measures for the creation of
investment aractiveness of regions and their territorial
systems. e possibility of identifying the priority areas
of inuence on investment aractiveness factors in order
to increase the volume of the araction of investments
into the regional economic system is a determining
positive side of the proposed approach.
2. It should be noted that the practical realization
of measures to create the investment aractiveness
of regions of Western Ukraine should be based on
the following directions: increase in the investment’s
volume in xed capital per capita; formation and
dissemination of measures to aract foreign investment
in construction and industry that are oriented to
regional and national markets; increase in direct foreign
investments per capita; stimulation of export-oriented
production in the regions; increase in the investments
in agrarian specialization of the regions.
3. Prospects for further development of the investment
climate assessment of the regions of Ukraine will be
based on ways formation to increase the investment
aractiveness of the regions and to justify the concept
of investment support for the development of regional
economic systems.
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