Vladimir MYAKSHIN
Professor,Northern (Arctic) Federal University,Russia,Arkhangelsk,Naberezhnaya Severnnoy Dviny17
mcshin@yandex.ru
Vladimir PETROV
Professor, St. Petersburg State Forestry University, Russia, St. Petersburg, Institutsky pereulok 5
wladimirpetrov@mail.ru
Abstract
Prerequisite to sound investment decision-making is the availability of reliable, objective information on earlier investments and which economic sectors they have benefitted, as well as methods allowing for multi-faceted analysis of investment performance. This study aims to elaborate a balanced scorecard to reflect the performance of and the trends in the investment activity ongoing in the regions that comprise the Arctic Zone of the Russian Federation. Methodologically, the study relies on a systemic, balanced approach; balanced scorecard concept; and foreign and domestic practices of estimating regional investment attractiveness. The study is novel in that it has achieved a customized balanced scorecard that allows for analyzing the RF Arctic regions’ investment attractiveness from various perspectives, while also allowing to identify these regions’ major investment-related challenges and promising investment opportunities. Further, the study contributes to the scientific soundness of strategies that seek better investment image. Among key outcomes of this study is the economic model that uses the said balanced scorecard to measure the RF Arctic regions’ investment attractiveness with regard to investment stakeholders (public authorities, investors, population). The outcomes of this study are expected to be used as guidance by the public authorities in the RF Arctic regions when shaping local investment policies. The prospects of this study lie in further improvement of the contents and the structure of the balanced scorecard as the Russian economy progresses in its development and, hence, improved models will be required for measuring its regions’ investment appeal.
Keywords: The Arctic Zone of the Russian Federation, investment activity, investment risks, investment climate, investment policy, investment attractiveness, important investment aspects, estimation of investment attractiveness, balanced scorecard, regional economic system.
JEL classification: D29, L50, L52, L90