TRENDS AND STRUCTURE OF INVESTMENT DEVELOPMENT OF UKRAINIAN ENTERPRISES IN 2014–2024 IN THE CONTEXT OF DIGITAL TRANSFORMATION

Abstract

The article investigates the investment development of Ukrainian enterprises during 2014 – 2024 in the context of rapid digital transformation, emphasizing the importance of understanding how technological change reshapes capital formation and regional competitiveness. The relevance of the study stems from the need to ensure sustainable economic growth under conditions of war-related disruptions, market uncertainty, and the accelerating spread of digital technologies that redefine investment priorities and business models. The purpose of the research is to identify and generalize key trends in the dynamics and structure of capital investments, to reveal sectoral and regional shifts in investment activity, and to interpret these processes through the lens of digital maturity and the ability of territories to integrate advanced technologies. The methodology is based on a descriptive and comparative approach using official national statistics on capital investment, foreign direct investment, and regional digital transformation indicators. Time-series analysis of capital investment dynamics captures long-term growth patterns and periods of decline, while structural analysis by types of economic activity highlights the reorientation of resources toward high-technology and knowledge-intensive sectors such as information and telecommunications, professional scientific services, and financial intermediation. Regional assessment compares the concentration of capital investments with the index of digital transformation, allowing the identification of correlations between digital readiness and the inflow of domestic and foreign capital without claiming strict causality. The results confirm that, despite severe macroeconomic shocks and wartime challenges, total capital investment in Ukraine has demonstrated a steady upward trajectory over the decade, with temporary declines offset by subsequent recoveries. The share of investment directed to knowledge-intensive and technology-driven sectors has grown markedly, indicating a structural shift in favor of digital infrastructure and innovative industries. Regions with higher digital transformation index values consistently attract greater volumes of foreign direct investment, reflecting the role of advanced ICT services, human capital, and modern infrastructure as decisive factors of competitiveness and investment appeal. The practical value of the study lies in providing evidence-based insights that support the development of national and regional investment strategies. The findings show that policies fostering digitalization – such as expanding broadband access, supporting IT clusters, and promoting data-driven governance–can simultaneously stimulate domestic capital formation and increase the attractiveness of territories to international investors. For business leaders, the results highlight the strategic importance of integrating digital tools and innovation capacity into investment planning as a means to strengthen resilience, secure external funding, and achieve sustainable growth in a turbulent economic environment.