Methodology for Assessing the Effectiveness of Investment Policy in Russian Regions




balanced scorecard, Russian Arctic, investment attractiveness, investment activity, investment risks, investment climate, investment rating, investment policy, investment factors, regional economic system


Objective and reliable information on the investment results, as well as the methodology for their comprehensive assessment are necessary to make effective investment decisions. The conducted analysis of modern investment ratings revealed numerous methodological problems. Thus, the present study aims to develop a new and promising tool for examining the investment attractiveness of Russian regions and assessing the effectiveness of their investment policy. Kaplan and Norton’s balanced scorecard model is used as the main research method. The configuration of the balanced scorecard was determined in accordance with the key investment factors; it includes four components: development; natural resource; political, economic and social; production and financial. The study identified main assessment indicators connected with the key investment factors and information needs of investment actors (pubic authorities, private investors, population). Additionally, the article proposed assessment methods and a measuring system based on the target values of indicators, depending on the objectives of regional investment policy. To determine the achievement of these objectives, the target and actual (showing the investment results) values of indicators were compared. The significant deviation of these values allowed us to establish priorities of regional investment policy. Based on the data from the Federal State Statistics Service, the developed methodology was tested on regions of the Russian Arctic. The natural resource component positively influences the investment attractiveness of these regions, while the development component has a negative impact. The revealed differentiation and multidirectional dynamics of integral indicators indicate an imbalance in certain areas of the investment policy of these regions (excluding the Republic of Sakha (Yakutia)), limiting the realisation of their investment potential. Based on the research results, ways to increase regional investment attractiveness were described.

Author Biographies

Vladimir N. Myakshin , Higher School of Economics

Dr. Sci. (Econ.), Associate Professor, Professor of the Department of Financial Law and Jurisprudence, Higher School of Economics, Management and Law, Northern (Arctic) Federal University named after M. V. Lomonosov; Scopus Author ID: 57209616266; (17, Severnaya Dvina Emb., Arkhangelsk, 163002, Russian Federation; e-mail:

Vladimir N. Petrov , Saint Petersburg State Forest Technical University named after S. M. Kirov

Dr. Sci. (Econ.), Professor, Head of the Department of Forest Policy and Management; Scopus Author ID: 57194908541; (5/U, Institutskiy Lane, Saint Petersburg, 194021, Russian Federation; e-mail:

Tatiana N. Pesiakova , Federal Tax Service of Russia in the Arkhangelsk Region and Nenets Autonomous Area

Cand. Sci. (Econ.), Deputy Head of the Department for Work with Taxpayers, Federal Tax Service of Russia in the Arkhangelsk Region and Nenets Autonomous Area; Scopus Author ID: 57219988663; (33, Svobody St., Arkhangelsk, 163000, Russian Federation; e-mail:



How to Cite

Myakshin В. Н. ., Petrov В. Н., & Pesiakova Т. Н. . (2023). Methodology for Assessing the Effectiveness of Investment Policy in Russian Regions. Economy of Regions, 19(1), 259–273.



Regional Finance