CONCEPTUAL MODEL FOR SHAPING THE INVESTMENT ATTRACTIVENESS OF INDUSTRIAL ENTERPRISES IN THE CONTEXT OF UKRAINE’S ECONOMIC RECOVERY
Abstract
The study is devoted to the development of a conceptual model for shaping the investment attractiveness of industrial enterprises under the specific conditions of Ukraine’s post-war economic recovery. The urgency of such research arises from unprecedented challenges, including large-scale destruction of production and transport infrastructure, high investment risks, workforce shortages, and strong dependence on external financial and technical support. In this context, traditional approaches that focus exclusively on financial indicators are insufficient to provide a comprehensive assessment of industrial enterprises’ prospects. The purpose of the study is to construct an integrated methodological framework that combines financial, organizational-economic, technological, and institutional factors, thereby enabling a more complete evaluation of investment attractiveness in a post-war environment. To achieve this goal, the research applies a systematic literature review of leading academic databases, methods of structural-logical analysis and expert assessment, as well as tools of graphical modeling to design the conceptual framework and visualize the interrelations between key elements. The findings indicate that the investment attractiveness of an industrial enterprise should be understood as a multidimensional system where the interplay of internal capacities – such as financial resilience, innovativeness, digital maturity, and managerial efficiency – with external conditions – including state support, international guarantees, and regional characteristics – shapes investor confidence. The proposed model rests on the principles of systemicity, integrativity, adaptability, and orientation toward sustainable development, thus addressing not only economic but also social and environmental effects. The practical value of the study lies in the possibility of applying the model by enterprises to elaborate investment attraction strategies and enhance competitiveness, as well as by public authorities to design effective policies for investment stimulation and to accelerate the national economic recovery.
References
Lei, M., Zhao, X., Deng, H., & Tan, K.-C. (2013). DEA analysis of FDI attractiveness for sustainable development: Evidence from Chinese provinces. Decision Support Systems, 56, 406–418. https://doi.org/10.1016/j.dss.2012.10.053
Bretas, V., Alon, I., Paltrinieri, A., & Chawla, K. (2022). Bibliometric review on FDI attractiveness factors. European Journal of International Management, 17(2/3), 469. https://doi.org/10.1504/EJIM.2022.120721
Bertrand, J., Lemoine, J., Negrea, D., & Perrin, C. (2024). Attracting foreign direct investments. Atlantic Council. https://www.atlanticcouncil.org/in-depth-research-reports/report/attracting-foreign-direct-investments/ (accessed: 10.12.2025)
Gutkevych, S. (2019). Investment attractiveness of industries: Features and trends. Baltic Journal of Economic Studies, 5(3), 50–58. https://doi.org/10.30525/2256-0742/2019-5-3-50-58
Lewicka, D., Glińska-Neweś, A., Batko, R., Bashynska, I., & Ur Rehman, H. (2025). Organizational support for the circular economy through shaping employee green behaviour. Edward Elgar Publishing Ltd.
Dudek, M., Bashynska, I., Filyppova, S., Yermak, S., & Cichoń, D. (2023). Methodology for assessment of inclusive social responsibility of the energy industry enterprises. Journal of Cleaner Production, 394, 136317. https://doi.org/10.1016/j.jclepro.2023.136317
Vu, T. N., Lehkonen, H., Junttila, J.-P., & Lucey, B. (2025). ESG investment performance and global attention to sustainability. The North American Journal of Economics and Finance, 75, 102287. https://doi.org/10.1016/j.najef.2024.102287
Bashynska, I. (2023). Smartization of business processes of an industrial enterprise: Theoretical and methodological aspects. Tallinn: Teadmus OÜ.
Jie, H., Gooi, L. M., & Lou, Y. (2025). Digital maturity, dynamic capabilities and innovation performance in high-tech SMEs. International Review of Economics & Finance, 99, 103971. https://doi.org/10.1016/j.iref.2025.103971
Kurek, K. A., Heijman, W., van Ophem, J., Gędek, S., & Strojny, J. (2022). Measuring local competitiveness: Comparing and integrating two methods PCA and AHP. Quality & Quantity, 56, 1371–1389. https://doi.org/10.1007/s11135-021-01225-8
Saha, S., Sadekin, M. N., & Saha, S. K. (2022). Effects of institutional quality on foreign direct investment inflow in lower-middle income countries. Heliyon, 8(10), e10828. https://doi.org/10.1016/j.heliyon.2022.e10828
Chen, F., & Jiang, G. (2023). The impact of institutional quality on foreign direct investment: Empirical analysis based on mediating and moderating effects. Economic Research-Ekonomska Istraživanja, 36(2), 2134903. https://doi.org/10.1080/1331677X.2022.2134903
DFC (2023). Capital Mobilization Impacts Resulting from DFC’s Political Risk Insurance Product: Impact Assessment Report. DFC. https://www.dfc.gov/sites/default/files/media/documents/McKinsey%20PRI%20Capital%20Mobilization%20Impact%20Assessment.pdf (accessed: 10.12.2025)
European Central Bank. (2025, May 13). Financial Stability Review, May 2025. ECB. https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html (accessed: 10.12.2025)
Köppl, A., Schratzenstaller, M. (2024). Macroeconomic effects of green recovery programs. Eurasian Economic Review, 14, 61–86. https://doi.org/10.1007/s40822-023-00249-9
Brodny, J., & Tutak, M. (2022). Digitalization of small and medium-sized enterprises and economic growth: Evidence for the EU-27 countries. Journal of Open Innovation: Technology, Market, and Complexity, 8(2), 67. https://doi.org/10.3390/joitmc8020067
Marolt, M., Lenart, G., Kljajić Borštnar, M., & Pucihar, A. (2025). Exploring digital transformation journey among micro, small-, and medium-sized enterprises. Systems, 13(1), 1. https://doi.org/10.3390/systems13010001

This work is licensed under a Creative Commons Attribution 4.0 International License.

