ЗНАЧЕННЯ ІНФРАСТРУКТУРНОГО ЗАБЕЗПЕЧЕННЯ ІННОВАЦІЙНО-ІНВЕСТИЦІЙНИХ ПРОЦЕСІВ У РОЗВИТКУ СІЛЬСЬКИХ ТЕРИТОРІЙ В УМОВАХ КОНКУРЕНТНОЇ ЕКОНОМІКИ

The article provides insights into implications of modern competitive economy for the national economic development and argues that in the new business realia it is critical to search for internal reserves for socioeconomic growth at all levels of administrative and territorial entities including socioeconomic development of rural areas based on natural, technological, human and other factors aimed at attaining competitive advantages. The study demonstrates that in the context of innovation and investment processes, building appropriate infrastructure is the priority objective to boost rural areas development. Such approach will contribute to creating an attractive investment environment, shaping an innovative structure of rural areas able to provide a full chain of creating and disseminating innovations and new technologies in production, enhance investment and innovation capacity of rural areas, modernization and change of territorial industries. The study identifies the terms and determinants in building effective infrastructure support for facilitating innovation and investment process of rural development and its properties that arise within the competitive economy paradigm. Apart from that, the study presents a framework of endogenous and exogenous factors affecting the infrastructure support for innovation and investment processes to foster rural development in Ukraine. The following factors are discussed as the most critical ones: legal, financial, investment-based, organizational, managerial, psychological, motivational, economic, consulting, informational, professional, scientific, industrial, technological, marketing, socioeconomic, etc. The summary outlines the key vectors of institutional, organizational and economic transformation that will promote building effective infrastructure support for further innovative development of rural areas.

The impact of innovation on the development of hotel and restaurant enterprises

The article analyzes the dynamics and development of innovations in service industry. It was found that innovations are a huge incentive for the further development of the hotel business; which contributes to meet world standards of hotel services. The article substantiates the need to introduce innovations in domestic hotel enterprises in order to reach a larger number of potential consumers of hotel and restaurant product. Based on the study, the author draws conclusions about the feasibility of using innovation as an important tool for the hotel enterprises development. It is generalized that the use of new technologies of investment process management in the hotel and restaurant business at the present stage of economic development is an important task, which is of great interest to managers of enterprises in this field.

AHP–TOPSIS Methodology for Stock Portfolio Investments

This paper presents a methodology for making decisions in the stock market using the AHP-TOPSIS multi-criteria technique. The problem is related to the stock market’s investment process considering the criteria of liquidity, risk, and profitability. The proposed methodology includes integrating economic and financial theories of investment in equity portfolios with the AHP-TOPSIS multi-criteria technique, which allows for evaluating a finite number of alternatives hierarchically under qualitative and quantitative criteria. The methodology has been tested in a real case of selecting a portfolio of high and medium marketability stocks for the Colombian market from April 2012 to April 2017. The computational results show the importance and efficiency of successfully integrating traditional equity portfolio investment criteria and multi-criteria methodologies to find an appropriate balance between profitability and risk in the investment decision-making process in shares in the Colombian stock market. The proposed methodology could be applied to other emerging markets, similar to Colombia.

Risks of investing in the agricultural sector of Ukraine's economy in the context of modernization of the industry

Investment is an important element in modernizing agriculture. However, the studied industry is characterized by features that lead to risky activities. The purpose of the article is to study the problem of investing in the agricultural sector of Ukraine's economy and determine the degree of risks of this process in the context of modernization. Studies show that investment is a necessary part of modernizing the agricultural sector of the economy. The specifics of investment in the agricultural sector of the economy, primarily due to the characteristics of the industry, ie depends on a variety of climatic, social, economic, financial and other factors. A key component of the investment process is to identify effective sources of funding. The analysis shows that 90% of the total investment in agriculture in Ukraine is the own funds of enterprises and organizations. In second place - loans in the form of loans and other loans (8.6%). Investment resources of the state and local budgets are extremely low – 0, 3 and 0.1%, respectively. All risk factors of the industry can be divided into internal and external. Agriculture is an important sector of the economy, on the development of which depends the food security of the population. Economic analysis of the industry has shown the need for its modernization. One of the directions of modernization of agricultural production is the intensification of investment activity, which is at a low level of development due to the riskiness of the industry.

Application of budget allocation models in the management of investment processes in the context of the digital economy development

Within the study, the use of the public-private partnership mechanism in the management of investment processes in the context of digitalization was argued. The methodological basis of the study was a process approach, which allows to study multidirectional investment actions and the interdependent impact of the investment process, which determines the causal links of the development of investment entities at different levels in the collection of resources, in the conditions of the development of the digital economy. Endogenous sources include financial resources of internal and external origin. Exogenous investment resources include financial resources on loan, as well as budgetary allocations. Varieties of budget allocations include government procurement, concession, life cycle contract. Comparativecreativecharacterization of investment resource attraction models was carried out at the expense of budgetary allocations. In conclusion, they highlight the advantages of attracting investment resources at the expense of budgetary allocations, namely the public-private partnership model as a concession. Finally, it carriesout the comparative characteristic of the conditions of the implementation of investment projects in various models of attraction of investment resources at the expense of budgetary allocations.

Linking the Robo-advisors Phenomenon and Behavioural Biases in Investment Management: An Interdisciplinary Literature Review and Research Agenda

Technological advancements bring continuous changes into the investment industry. The paper aims to provide insights on future research agenda based on a review of the current stance of research on the links between the Robo-advisors phenomenon and behavioural biases of individual investors. A qualitative investigation method has been applied for literature review on Robo-advisors and their impact on behavioural biases. The key findings indicate that Robo-advisors can help users to make better informed and less biased decisions. However, Robo-advisors activate the investors’ automatic system processes. The resulting passive investment approach could lead to alienation of the investors from the stock market, decreasing their understanding of the investment process that could widen a gap between different clusters of investors. The paper makes several contributions to the literature. First, it provides arguments on why a dual process theoretical framework in the relationship between financial advisory and investment behavioural biases is applicable. Second, it studies the Robo-advisor phenomenon and proposes a comprehensive definition of Robo-advisors. Third, the literature review suggests drivers of the Robo-advisors effect on the changes of behavioural biases as a future research direction.

Assessment of the risks of losing investments aimed at the development of Smart city systems

The article proposes a model for the computational core of the decision support system (DSS) in assessing the risks of investment loss during the dynamic planning (DP) of Smart City development. In contrast to the existing solutions, the proposed model provides specific recommendations when assessing the risks of loss. In case of an unsatisfactory risk forecast, it is possible to flexibly adjust the parameters of the investment process in order for the parties to achieve an acceptable financial result. The scientific novelty of the results is that for the first time it is proposed to apply a new class of bilinear multistep games. This class allowed us to adequately describe the process of assessing the risks of investment loss, using the example of dynamic planning for the placement of financial resources of players in Smart City projects. A distinctive feature of the considered approach is the use of tools based on the solution of a bilinear multistep game of both quality with several terminal surfaces, and a game of degree solved in the class of mixed strategies. Computational experiments were carried out in the Maple mathematical modeling package, and a DSS was developed in which a risk assessment model was implemented. The developed DSS allows to reduce the discrepancies between the data for predicting the risks of investment loss during the Smart City DP and the real return on investment.

Decision on land development conditions for a photovoltaic system – a genuine investment problem?

The possibility of basing an investment on a decision on land development conditions has many legal and economic advantages. The decision confirms a specific condition related to the possibility of land development, enables the implementation of subsequent stages of the investment process, and finally, the implementation of the investment. Currently, only special regulations, e.g. in water law, protection of monuments, and protection of agricultural and forest land, constitute a legal barrier to the location of photovoltaic investments. Other restrictions are technical limitations, for example, the possibility of connecting to the power grid. The photovoltaic investments market in Poland is constantly growing.

QUANTITATIVE METHODS OF INVESTMENT PROCESS MANAGEMENT

Currently, the method of quantitative investment is being intensively developed as a stage in the development of investment strategies on the stock exchange. This method is based on the development of specialized mathematical tools and investment algorithms.