ECONOMIC AND MATHEMATICAL MODELING OF INVESTMENT ATTRACTIVENESS OF CONSTRUCTION ENTERPRISES IN THE SYSTEM OF STAKEHOLDER RELATIONS

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

  Volodymyr Velychko

  Evgeniy Grytskov

  Dmytriy Prunenko

Abstract

The relevance of the process of implementation of economic and mathematical model of investment attractiveness of the construction enterprise in the stakeholder relation system is proved. The results of the analysis of the theoretical provisions for determining investment attractiveness and stakeholders of construction enterprises are presented. An economic and mathematical model for the formation of stakeholder groups in the system of relations with construction enterprises is proposed. A system of information and analytical support for an integrated assessment of the level of stakeholder relations and investment attractiveness of construction enterprises has been formed, which creates the basis for economic and mathematical modeling. The directions, methods, and models for assessing investment attractiveness and the level of stakeholder relations of construction enterprises are proposed. The practical aspects of their implementation are determined. The results of economic and mathematical modeling of the investment attractiveness of construction enterprises in the system of stakeholder relations are presented. The subject of the research is the directions of formation and realization of economic and mathematical modeling of investment attractiveness of enterprises in the system of stakeholder relations. The formation of the research methodology is carried out on the basis of the theoretical and methodological platform for determining the investment attractiveness of enterprises and stakeholders that interact in the relevant field. In addition, a set of methods is used to conduct the study: analytical (to determine indicators of investment attractiveness); expert assessments (to determine the index of stakeholder relations); method of analysis of hierarchies (to assess the importance of the impact of stakeholders (customers of construction products; workers of construction enterprises; top management; managers of various levels of construction enterprises; owners of construction enterprises; government bodies influencing the formation and level of interaction of stakeholders with construction enterprises; public organizations influencing activities in construction and architecture; corporate governance bodies of construction enterprises; the bodies of internal and external control interacting in the construction industry; the competitors of construction enterprises; the suppliers of inventories interacting with construction enterprises; stakeholders interacting in the formation and use of spatial, urban, environmental information and creating investment attractiveness of construction enterprises; the design organizations; other stakeholders interacting with construction enterprises) at the level of stakeholders from noses of enterprises); economic and mathematical modeling (to establish causal links between the level of stakeholder relations and the index of investment attractiveness of enterprises); generalization and systematization (to obtain and interpret research results). The aim of the study is to establish causal relationships between the factors that shape the level of stakeholder relations and investment attractiveness of construction companies based on economic and mathematical tools. The result of the study is the formation of a quantitative basis for making sound management decisions in the system of stakeholder relations of construction companies to increase their investment attractiveness.

How to Cite

Velychko, V., Grytskov, E., & Prunenko, D. (2020). ECONOMIC AND MATHEMATICAL MODELING OF INVESTMENT ATTRACTIVENESS OF CONSTRUCTION ENTERPRISES IN THE SYSTEM OF STAKEHOLDER RELATIONS. Baltic Journal of Economic Studies, 6(4), 56-65. https://doi.org/10.30525/2256-0742/2020-6-4-56-65
Article views: 45 | PDF Downloads: 39

##plugins.themes.bootstrap3.article.details##

Keywords

investment attractiveness, level of stakeholder relations, construction enterprises, economic and mathematical modeling, adequacy criteria, model

References

Ackoff, R. (1972). Planning in large economic systems. Moscow: Sovetskoe radio. (in Russian)

Ackoff, R., & Emery, F. (2005). On purposeful systems: an interdisciplinary analysis of individual and social behavior as a system of purposeful events. 2nd ed. New York: Aldine Transaction.

Bilyak, N. I. (2006). Assessment and ways to improve the investment attractiveness of the agricultural sector of the economy. PhD (econ) thesis. Lviv: State Agrarian University. (in Ukrainian)

Budnikova, Y. V. (2011). Investment attractiveness of the enterprise and factors influencing it. Innovative Economy, vol. 4(23), pp. 194–197. (in Ukrainian)

Burkovets, O. S. (2012). Increasing the investment attractiveness of enterprises. PhD (econ) thesis. Luhansk: SNU named after V. Dahl. (in Ukrainian)

Chervanev, D. M. (2003). Management of investment activities of enterprises: textbook. Kyiv: Knowledge Press. (in Ukrainian)

Cleland, D. (2004). Project stakeholder management, In: Pinto, J.K. (Eds.), Project Management, Part 1. Moscow.

D’Anselmi, P. (2011). Values and stakeholders in an era of social responsibility. New York: Free Press.

Dearden, J. (1987). Measuring profit center managers. Harvard Busin. Rev., vol. 65, pp. 84–88.

Donaldson, T., & Preston, L. (1997). The stakeholder theory of the corporation: concepts, evidence, and implications. Acad. Manag. Rev., vol. 1, pp. 65–66.

Dudka, A. I., & Lysenko, Yu. G. (1999). Comprehensive rating assessment of investment attractiveness of enterprises. Prometheus, vol. 1, pp. 149–162. (in Russian)

Duka, A. P. (2008). Theory and practice of investment activities. Investing: textbook. Kyiv: Karavela. (in Ukrainian)

Florko, V. (2003). Assessment of investment attractiveness of the enterprise: problems of risk accounting and reducing its level. Regional Economy, vol. 4, pp. 190–199. (in Ukrainian)

Kolchkova, O. V. (2011). Retail trade measures: regional development factors. PhD (econ) thesis. Kharkiv. (in Ukrainian)

Korotkova, O. V. (2013). Investment attractiveness of the enterprise and its evaluation methods. Efektyvna ekonomika. Available at: http://www.economy.nayka.com.ua/?op=1&z=2132.

Kostyuk, T. I. (2005). Investment attractiveness of Ukraine’s economy: realities and prospects. Bulletin of the Donetsk Institute of Social Education, vol. 1(1), pp. 48–58. (in Ukrainian)

Krylova, E. I., Vlasova, V. M., Egorova, M. G. et al. (2003). Analysis of the financial condition and investment attractiveness of the enterprise: textbook. Moscow: Finance and statistics. (in Russian)

Kuntsevich, V. O. (2005). Approaches to the diagnosis of the financial potential of the Enterprise. Actual problems of economics, vol. 1, pp. 68–75. (in Ukrainian)

Laiko, G. P. (2005). Formation of investment attractiveness of agro-industrial enterprises. Kyiv: National scientific center “Institute of agricultural economy”. (in Ukrainian)

Leshchenko, M. (2001). Analysis of the investment attractiveness of companies. Rynok tsennykh bumag, vol. 14(197), pp. 62–64. (in Russian)

Maidanevich, P. N. (2004). Estimation of investment attractiveness of NPAO “Massandra”. Bulletin of KhNAU, vol. 10, pp. 200–212. (in Russian)

Malova, T. L., & Silverstova, L. S. (2003). Development of methodical bases of a rating estimation of investment attractiveness of joint-stock companies. Actual problems of economics, vol. 2(20), pp. 40–43. (in Ukrainian)

Mayorova, T. V. (2004). Investment activity: textbook. Kyiv: Tsentr navchalnoi literatury. (in Ukrainian)

Orlykovsky, M. O. (2007). Assessment of investment attractiveness of agricultural production in the region. Ekonomika APK, vol. 1, pp. 94–98. (in Ukrainian)

Ovdiy, L. I., & Nekrasova, Ya. A. (2009). Evaluation of the attractiveness of enterprises using statistical models. Economic sciences, vol. 4(2), pp. 184–188. (in Ukrainian)

Parmar, B. L., Freeman, R. E., Harrison, J. S. Wicks, A. C., Purnell, L., & de Colle, S. (2010). Stakeholder theory: The state of the art. The Academy of Management Annals, vol. 4(1), pp. 403–445. doi: 10.1080/19416520.2010.495581

Pilyushenko, V. L., & Shkrobak, I. V. (2000). Methodological aspects of assessing the investment potential of enterprises. Manager, vol. 5,pp. 107–112. (in Russian)

Post, J. E., Preston, L. E., & Sachs, S. (2002). Redefining the corporation: Stakeholder management and organization wealth. Stanford: Stanford University Press.

Preston, L. (2004). Boards and company performance – research challenges the conventional wisdom. Corporate Governance: an International Review, vol. 11(3), p. 151.

Rud, L. P. (2006). Economic justification of investment activity in agriculture. PhD (econ) thesis, Kharkiv National Agrarian University. Kharkiv. (in Ukrainian)

Sabluk, P. T., Kіsіl, M. I., & Kodenska, M. Yu. (2005). Investment of agrarian and industrial production in Ukraine. In: Kisil, M.I., Kodenska, M.Yu. (Eds.). Kyiv: National scientific center “Institute of agricultural economy”, 478 p. (in Ukrainian)

Savchuk, V. P., Prilipko, S. I., & Velichko, E. G. (1999). Analysis and development of investment projects. Kyiv: Absolute – V. Elga.

Shiyan, D. V., & Strochenko, N. I. (2003). Financial analysis: textbook. Kyiv: A.S.K. (in Ukrainian)

Shportko, H. Yu., Kozenkova, N. P., & Kozenkova, V. D. (2014). Evaluation of investment appeal of production enterprise. Efektyvna ekonomika, vol. 11. Available at: http://www.economy.nayka.com.ua/?op=1&z=3550.

Stalinskaya, E. (2003). Assessment of investment attractiveness of the regions of Ukraine. Economist, vol. 9, pp. 68–69. (in Russian)

State Statistics Service of Ukraine, (2011). Retail trade of Ukraine in 2000–2010 In: Pischeyko V. (Eds.) Kyiv: State Statistics Service of Ukraine. (in Ukrainian)

Valinurova, L. S., & Kazakova, O. B. (2005). Investment management: a textbook. Moscow: Knorus. (in Russian)

Vlasova, N. O., & Bezginova, L. I. (2006). Formation of optimal capital structure in retail enterprises. Kharkiv: Kharkiv State University of Nutrition and Trade. (in Ukrainian)

Vovchak, O. D. (2006). Investing: textbook. Lviv: New World. (in Ukrainian)

Yukhimchuk, S. V., & Suprun, S. D. (2003). Matrix model for assessing the investment attractiveness of industrial enterprises. Enterprise finance, vol. 1, pp. 3–12. (in Ukrainian)

Yuriy, S., & Hubanova, L. (2005). The research of Ukrainian regions relative investment attractiveness. World of Finance, vol. 1, pp. 108–118. (in Ukrainian)

Zhuvagina, I. A. (2013). Evaluation of business climate retailers. Investytsiyi: praktyka ta dosvid, vol. 8. Available at: http://www.investplan.com.ua/pdf/8_2013/6.pdf. (in Ukrainian)

Zyatkovsky, I. V. (2003). Finance of enterprises: textbook. 2nd ed. Kyiv: Condor. (in Ukrainian)