Corporation’s investing potential in Ukraine’s innovative economic development
Journal Title: Формування ринкових відносин в Україні. Збірник наукових праць - Year 2016, Vol 4, Issue 4
Abstract
The article deals with analysis of the institutional factors that hamper innovation development of the national economy; on the basis of, corporate business entity shown is deformation of such basis market institutions as property rights and equal access to scarce economic resources, which distort entrepreneurial incentives, pushing large and medium–sized business to symbiosis with corrupt state power and to rent–seeking behavior. In the context of considering innovations as a driving force of the economic development we have analyzed the issue of innovative acceptability of the corporative sector of Ukraine’s economy, which developed as a result of previous inverse transformations. The modern corporative entrepreneurship emerged as a product of evolution of market–rival relations, as a way of centralizing scattered capital for realization of big investment innovative projects. In Ukraine corporative entrepreneurship has become the main way both of privatizing big and small enterprises and ccumulating private capital. The established clan–oligarchic political system hinders the sustainable economic development and creates core inner risks for national security. The conclusions on deformation of basic market institutions such as the ownership wright and economic competition are explained. The lack of reliable state protection induces the domineering proprietors to concentrate maximum of corporative property and fence it off the public funds market. The usurpation of the politic power by the major corporative business resulted in distortion of the competitive principle of access to meager economic resources and nurturing rent–oriented behavior of domineering proprietors and business directors. The corporative formations emerging as a result of privatization are now turned into institution traps, the form of which contradicts its content. The share capital has merged with the managing corporative capital in the detriment of minor owners and needs of effective economic development. The demand for innovations is determined not by the needs of the corporation as a household agent, but by the consumeristic interests of the owner and a supervisor in his subordination. It was concluded that the activation of the innovative economic development of the country urges to eliminate the distorted basic market institutions.
Authors and Affiliations
A. V. SIRKO
Keywords
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