Economics and management of national economy

State policy of the investment processes development on the market of IT services: analytical and strategic aspects of implementation in Ukraine

Economic Annals-XXI

Economic Annals-ХХI: Volume 182, Issue 3-4, Pages: 64-76

Citation information:
Kutsyk, P., Lupak, R., Kutsyk, V., & Protsykevych, A. (2020). State policy of the investment processes development on the market of IT services: analytical and strategic aspects of implementation in Ukraine. Economic Annals-XXI, 182(3-4), 64-76. doi: https://doi.org/10.21003/ea.V182-08

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Petro Kutsyk
PhD (Economics),
Professor,
Honored Worker of Science and Technology of Ukraine,
Rector,
Lviv University of Trade and Economics
10 Tuhan-Baranovskyi Str., Lviv, 79005, Ukraine
kutsykpetro@gmail.com
ORCID ID: https://orcid.org/0000-0001-5795-9704

Ruslan Lupak
D.Sc. (Economics),
Associate Professor,
Professor of the Department of Economics,
Lviv University of Trade and Economics
10 Tuhan-Baranovskyi Str., Lviv, 79005, Ukraine
economist_555@ukr.net
ORCID ID: https://orcid.org/0000-0002-1830-1800

Valentyna Kutsyk
PhD (Economics),
Associate Professor,
Professor of the Department of Economics,
Lviv University of Trade and Economics
10 Tuhan-Baranovskyi Str., Lviv, 79005, Ukraine
valentynakutsyk@gmail.com
ORCID ID: https://orcid.org/0000-0002-8230-9436

Arsen Protsykevych
PhD Student (Economics),
Department of Theoretical and Applied Economics,
Lviv University of Trade and Economics
10 Tuhan-Baranovskyi Str., Lviv, 79005, Ukraine
arsen@uar.net
ORCID ID: https://orcid.org/0000-0002-9933-9164

State policy of the investment processes development on the market of IT services: analytical and strategic aspects of implementation in Ukraine

Abstract. Introduction. The globalization of the world economy, the rapid development of information and digitization objectively determine the dynamism of the priority areas for the investment projects implementation in the field of IT. Therefore, the governmental structures should regularly update the list of priority projects for state support, particularly in Ukraine, which is in crisis economic situation increasing its own dependence on external capital, technologies, products (services).

The purpose of the study is to substantiate the analytical and strategic aspects of implementation of the state policy of investment processes development in the Ukrainian market of IT services.

Methods. As the methodological basis of the study the expert and statistical methods (for instance, Delphi, M. Kendall and B. Smith methods; Gallup Institute methodology; Pearson’s rule; Harrington’s scale etc.), systematic and structural analysis, the theories of economic growth, the modern concepts of transitional economic systems are used.

Results. The theoretical and methodological fundamentals and features of state regulation of the investment processes in the market of IT services are generalized. Using the Delphi method, an analytical study of the investment security of the IT services market subjects and the effectiveness of the state policy in this field are conducted. Accordingly, a number of IT companies which are the leaders of the Ukrainian market in the development, implementation and sales of information and communication products have been selected for our research in 2018-2020 (Ciklum, DataArt, Sigma Software, GlobalLogic, EPAM, N-iX, 2Event.com, Skelia, Intellias, Lohika). The M. Kendall and B. Smith method is used to determine the validity and objectivity of evaluation according to Pearson’s rules. The Gallup Institute methodology is used to justify the sampling size of IT enterprises.

With reference to the investment development of the Ukrainian market of IT services, the impact of macroeconomic factors, the needs, the accessibility and the impediments of attracting investments, the development of investment infrastructure, the level of financial security and investment management, the prospects for state policy implementation are characterized. Quality and capability of business infrastructure elements in IT services market and high level of tax burden have been named by the experts as the factors of the macroeconomic environment with the very high level of influence on the security of investment.

The scheme of strategic approaches and the consistent implementation of state policy of the investment processes development in the market of IT services are developed. The levels of implementation of the state policy of investment processes development in the IT services market are interpreted by using the Harrington’s scale. The main tasks, tools, means and priorities of the state policy of investment processes development in the IT services market are determined.

Conclusion. It is proved that one of the most influential directions of state regulation of the IT services market development is the sphere of investment processes. The peculiarities of the investment process and the functioning of the IT services market affect the specifics of their state regulation updating the task of economic, financial and resource investments support. The effective state regulation of the investment process in the market of IT services should be economic in nature and directed primarily at achieving the strategic goal of creating a quality investment environment in the information technology sector.

Keywords: IT Services Market; Investment Process; State Policy; IT Sector; Digitalization; IT Company

JEL Classification: F17; F42; H11; O20

Acknowledgements and Funding: The authors received no direct funding for this research.

Contribution: The authors contributed equally to this work.

DOI: https://doi.org/10.21003/ea.V182-08

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Received 1.03.2020
Received in revised form 20.03.2020
Accepted 24.03.2020
Available online 15.04.2020
Updated version of the paper as of 30.07.2020

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