ОПУБЛІКОВАНО: Zhuk V. (2015) Institutional basis for development of investment processes in agrarian economy of Ukraine. Zarządzanie Finansami i Rachunkowość, Issue 3/2015, No 1, 5-17. Warsaw: Szkoła Główna Gospodarstwa Wiejskiego w Warszawie.
Institutional basis for development of investment processes in agrarian economy of Ukraine
The state of investment processes in agriculture was studied; the structural shifts and priority trends of investments were analyzed. The influence of the institutions was substantiated on the development of the investment policy, formation of investment processes. The influence of formal institutions (legal regulations for the ‘rules of play’) was assessed on the investment efficiency. The role of the formal institutions was identified in the investment success of the big agricultural business of Ukraine. The main causes of the low investment attractiveness of small and medium-sized business in the agrarian sector of the Ukrainian economy were defined – a limited and inefficient use of budget funds, weak market and investment maturity of non-formal institutions. The state of the non-formal institutions (sociocultural, psychological type of the Ukrainian peasantry) was identified as the main reason of the small and medium-sized business lag compared to the investment achievements of the agricultural holdings. The ways of development for the non-formal institutions were substantiated from the experience and examples of Poland and other developed countries. It was accentuated that asset capitalization of the small and medium-sized companies would be important for development of the investment processes in Ukraine.
Keywords: investment processes; investment policy; investment attractiveness; state investment support; investment trends; institutional theory