Myakshin V.N., Grishina I.V. Creating a Strategy to Increase the Region’s Investment Attractiveness Based on Balanced Scorecard (Case of Arkhangelsk Region)

Vladimir N. Myakshin
Northern (Arctic) Federal University named after M.V. Lomonosov, Arkhangelsk, Russian Federation

Irina V. Grishina
Russian Foreign Trade Academy of the Ministry of Economic Development of the Russian Federation, Moscow, Russian Federation;
Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation

Abstract. The purpose of the article is to justify the necessity and possibility of applying a balanced scorecard to identify investment problems in the region. As an object of research, the investment attractiveness of the regional economic system as exemplified by the Arkhangelsk region is considered. The need to develop a balanced approach to assessing the investment attractiveness of the region based on the use of a specially developed system of indicators was substantiated by the authors of the article as a result of an analysis of widely used methodological approaches to the study of regional investment processes. A clear omission of the majority of modern methodological approaches to assessing investment attractiveness is the lack of a mechanism for recording the specific interests of various participants in the regional investment process such as private investors, the population of the region, and state authorities. In the article, the importance of developing a mechanism for coordinating the interests of various actors of the investment process is demonstrated based on the theoretical positions of the institutional and regional economics, as well as investment regionalistics exploring in detail the issues of investment attractiveness of regional economic systems in correlation with investment activity in them. The possibility of forming a mechanism for coordinating interests based on a balanced scorecard for assessing the investment attractiveness of the region, considering the information needs of each of the identified user groups, is shown. In accordance with the proposed methodological approach, the objectives of the regional investment policy can be decomposed and represented by a set of qualitative and quantitative indicators – the target values of a balanced scorecard – components of the region’s investment attractiveness for various actors of the investment process. In turn, the actual values achieved in the region throughout the system of indicators inform the results of the implementation of the regional investment policy – the degree of achievement of the set goals. The balanced scorecard can be used as the basis for the formation of an effective strategy for increasing the investment attractiveness of the region.

Key words: region, balanced scorecard, investment attractiveness, investment-relevant factors, investment strategy, investment activity, assessment of investment attractiveness.

Citation. Myakshin V.N., Grishina I.V., 2021.Creating a Strategy to Increase the Region’s Investment Attractiveness Based on Balanced Scorecard (Case of Arkhangelsk Region). Regionalnaya ekonomika. Yug Rossii [Regional Economy. South of Russia], vol. 9, no. 1, pp. 54-68. DOI: https://doi.org/10.15688/re.volsu.2021.1.5