Instituto de Estudios Políticos y Derecho Público "Dr. Humberto J. La Roche"
de la Facultad de Ciencias Jurídicas y Políticas de la Universidad del Zulia
Maracaibo, Venezuela
Esta publicación cientíca en formato digital es continuidad de la revista impresa
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Vol. 40, Nº 73 (2022), 754-767
IEPDP-Facultad de Ciencias Jurídicas y Políticas - LUZ
Recibido el 14/05/2022 Aceptado el 11/06/2022
Investment activity in the era of digitalization:
economic-legal support and perspectives of
procedural protection
DOI: https://doi.org/10.46398/cuestpol.4073.43
Petro Matvieiev *
Boris Schuba **
Viktor Shvec ***
Volodymyr Dryshliuk ****
Serhii Demchenko *****
Abstract
Recently, digital technologies (blockchain, cyber-physical
computing, big data, etc.) have been playing a signicant role
in the development of the world economy and society. Their
rapid implementation changes traditional processes and aects
the economic situation, investment climate, and the general
development of the state and public services. Such changes aect
investment activity, transform economic relations, and, therefore, there
is a need to study the prospects for the development of economic and
legal support of investment activities in the digital age. The work aims to
study investment activities in the digital age. The subject of research is the
analysis of patterns and general theoretical aspects of their development.
The methodology consists of hermeneutic, system-structural, structural-
functional, historical-legal, comparative-legal, and formal-logical methods.
As a result of the study, the investment activity in the conditions of
digitalization was analyzed through the prism of economic-legal support,
and the nuances of the formation of the “digital” gap between developed
countries and countries with developing economies.
Keywords: investment activity; digitalization; economic and legal
support; digital economy; investment strategy.
* Doctor of Legal Sciences, Associate Professor, Professor of Public and Private Law, Faculty of Law
and International Relations. Borys Hrinchenko Kyiv University, Ukraine. ORCID ID: https://orcid.
org/0000-0001-7087-115X
** Doctor of Legal Science, Professor of the Department of Criminal and Administrative Law, Oles
Honchar Dnipro National University, Ukraine. ORCID ID: https://orcid.org/0000-0003-3547-652X
*** Doctor of Legal Science, Professor of the Department of Economic and Labor Law, Interregional
Academy of Personnel Management, Ukraine. ORCID ID: https://orcid.org/0000-0001-8505-9244
**** Ph. D, Associate Professor, Head of the Department of Labor, Land and Commercial Law, Odessa State
University of Internal Aairs. ORCID ID: https://orcid.org/0000-0002-2274-441X
***** Doctor of Legal Science, Honored Lawyer of Ukraine, Assistant to the President of the National
Academy of Sciences of Ukraine. ORCID ID: https://orcid.org/0000-0002-7095-2352
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La actividad inversora en la era de la digitalización:
sustento económico-jurídico y perspectivas de tutela
procesal
Resumen
Recientemente, las tecnologías digitales (cadena de bloques, computación
ciberfísica, big data, etc.) han jugado un papel importante en el desarrollo
de la economía y la sociedad mundial. Su rápida implementación cambia los
procesos tradicionales y afecta la situación económica, el clima de inversión
y el desarrollo general del estado y los servicios públicos. Dichos cambios
afectan la actividad de inversión, transforman las relaciones económicas
y, por lo tanto, existe la necesidad de estudiar las perspectivas para el
desarrollo del soporte económico y legal de las actividades de inversión
en la era digital. El trabajo tiene como objetivo estudiar las actividades
de inversión en la era digital. El tema de investigación es el análisis de
patrones y aspectos teóricos generales de su desarrollo. La metodología
consta de los métodos hermenéutico, sistémico-estructural, estructural-
funcional, histórico-jurídico, comparativo-jurídico y lógico-formal. Como
resultado del estudio, se analizó la actividad inversora en condiciones de
digitalización a través del prisma del soporte económico-legal, y los matices
de la formación de la brecha “digital” entre países desarrollados y países
con economías en desarrollo.
Palabras clave: actividad inversora; digitalización; apoyo económico y
jurídico; economía digital; estrategia de inversión.
Introduction
Modern digitalization processes require signicant investments,
especially digital and network and the latest technologies / tools for their
application. The state of the Ukrainian economy and the matter of having
a model of digital transformation raises the issue of attracting investment
to ensure a permanent investment process that would cover all areas of
innovation breakthrough and components of socio-economic development.
In current conditions of the development of public relations,
digitalization changes informatization. Digitalization should be understood
as a systematic approach to the use of digital technologies to increase
productivity, the competitiveness of production and accelerate socio-
economic development. That is, digitalization involves the creation of a
digital system that can operate independently, has analytical and predictive
functions, and solves problems independently.
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Petro Matvieiev, Boris Schuba, Viktor Shvec, Volodymyr Dryshliuk y Serhii Demchenko
Investment activity in the era of digitalization: economic-legal support and perspectives of
procedural protection
More and more research is being given to the “digital economy”,
which is seen as a system of social, economic, and technological relations
between the state, business community, and citizens and that operates
in the global information space through the widespread use of digital
network technologies that lead to continuous innovation change to
increase the eciency of socio-economic processes. The digital economy
can be considered as a separate segment of the economy, which is a set of
investments to increase the eciency of existing business processes through
the development and implementation of new technological solutions and
the development of current technologies; opportunity for businesses to
invest in IT to reduce the cost of their products and develop their portfolio
of proposals.
In this context, investment trends that directly or indirectly aect
digitalization play an essential role. This circumstance testies the need
to develop and implement a comprehensive framework investment policy
for the digital economy, taking into account the digital development
strategies of individual countries and companies. Therefore, this paper is
about investing in digital transformation as a key to the fruitful integration
of developing economies into the global economy and helping reduce
the digital divide and meet investment needs. But to properly ensure the
implementation of investment activities, there must be eective instruments
of economic-legal support. Given this, in this paper, much attention is paid
to the problematic issues of economic and legal support of innovation and
development prospects.
Having identied digital transformation as one of its priority areas,
Ukraine has already made great strides in the operation of ProZorro systems
and the launch of electronic services in the public and private sectors. But
to date, the government does not understand how much money should be
spent on digitization, and when it comes to the benets of the transition
to such digital services, at least the goal is to move away from domestic
corruption and make people’s lives easier (Nazarova, 2019).
Given the importance of digital transformation, it is equally important
to create and ensure the eective functioning of a clear legal mechanism
for regulating economic relations that arise and develop in the eld of
innovation, and, therefore, it is appropriate to further study the economic
activities in this area, their legal regulation and formulation proposals for
its further improvement under everyday conditions of digitalization of the
economy.
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1. Theoretical Framework or Literature Review
Even though investment activity in the era of digitalization at this stage is
not a widely studied topic, some issues of investment activities are devoted
to many scientic papers, articles, and monographs.
In particular, Androschuk (2017), Atamanova (2009), Budarna (2017),
Vinnyk (2009) Vrublevska (2016), Glibko and Strizhkova (2019), Ivanova
(2014), Korneeva (2018), Kudryavtseva (2020), Kukhar (2008), Lyubimov
(2010), Ostapenko (2021), Podtserkovny (2013), Poedynok (2013),
Fedulova (2020), and Sosnin (2020) studied certain aspects of investment
activity.
Problems and prospects of innovative economic development in the
context of Ukraine’s integration into the European Research and Innovation
Space have become the subject of research by Androschuk (2017). The
author comments that for the expansion of innovation in Ukraine it is
required, rst of all, to create an eective institutional environment that
will ensure economic growth, talent development, and increase human
evolution. The researcher is convinced that Ukraine has a high educational
and scientic potential, capable of producing various innovations in the
form of ideas, scientic results, patents, but it has a weak mechanism for
their implementation in economic activity.
In this regard, rst of all, it is necessary to develop an eective mechanism
for implementing the results of innovation and create a compelling
institutional environment that will ensure the evolution of talent and raise
the level of human development. All this should ensure a further increase
in living standards. The reorientation to a high-tech way of further growth
is an unalterable one for Ukraine. At the same time, the state must rely on
high-quality human capital, including a high level of research and patent
activity is a major but not sucient condition for the development of the
country’s innovative economy.
Problematic issues of systemic economic and legal regulation of relations
in the innovation sphere have become the subject of research Atamanova
(2009).
Legal means of forming the investment potential of Ukraine were
studied in detail by Budarna (2017). The researcher remarks that despite all
the complexity of legal regulation of investment activities and, moreover,
the investment policy of the state, the fact remains undisputed that the
prerequisite for investment relations should be the prior accumulation of
the necessary investment potential, which, under certain conditions, should
take the form - investing. Also, the author noted that the peculiarity of the
modern system of legal regulation to reproduce the investment potential
of the country is to supplement the general principles of economic-
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Investment activity in the era of digitalization: economic-legal support and perspectives of
procedural protection
legal support of investment activities in the country as a whole and the
relationship with economic interests.
Given this, the legal support for the formation of investment potential
of countries involves the denition of: sources of investment resources for
investment and technological problems; mechanism of accumulation of
investment resources from various sources; the process of distribution of
generated and attracted capital by the most ecient activities, taking into
account real buys; the mechanism for ensuring the ecient use of asset
resources, and; the mechanism for compensation of possible investment
losses. In turn, among the tax tools that should encourage businesses to
self-investment, the researcher called regressive taxation and investment
tax credit.
Problems of economic-legal support of innovative investment have
become the subject of research by Vrublevska (2016). Glibko and Strizhkova
(2019) investigated the legal provision of virtualization of the infrastructure
of the national economy of Ukraine.
Ivanova’s article (2014) summarizes theoretical approaches and develops
practical recommendations for investment support for the implementation
of an innovative model of Ukraine’s economy based on existing experience
in the world. The author notes that the state policy in establishing a model
of innovative development of the country should be based on investment
mechanisms of an innovative nature.
The state sets priorities for innovation and investment development
and nancially supports strategic areas of structural change at the macro
and regional levels. By solving the problem, the researcher sees the
improvement of the investment climate, development of the investment
market and investment infrastructure, creation of eective mechanisms of
public-private partnership in infrastructure investment, development of a
system of preparation of programs and projects for public investment.
The role of the state in promoting investment in the digital economy was
surveyed by Korneeva (2018).
Kudryavtseva work (2020) is devoted to the study of problems arising
from the lack of legislation on investment security of the state, which is
part of the national economic security of the country as a whole and is to
systematically prevent threats of a critical shortage of investment resources
through the creation and state support the relevant legal investment
procedure.
In the dissertation Kukhar (2008) drew attention to the fact that the task of
the state is to ensure ecient and stable functioning of the investment market
and involves its activities in certain areas, including: investment policy,
including its economic, legal, legislative and organizational components,
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by developing and adopting the Strategy and State programs of investment
development of the country; implementation of investment policy by
establishing and ensuring the legal investment order; implementation
of investment policy through the implementation of state regulation of
investment activities through legal means aimed at minimizing investment
risks and maximizing the transparency of property status of participants in
investment relations; implementation of investment policy through state
support of investment activities; implementation of investment policy
by the state as a participant in investment relations; implementation of
investment policy by carrying out activities as an investment entity, in
particular, joint investment activities, as well as a recipient of private and
foreign public investment in their own objects of public investment.
Lyubimov (2010) singled out the concept and criteria of investment
security in his work.
Ostapenko (2021) devoted her attention to the study of the processes
of systematization and the need for meaningful modernization of the
economic legislation of Ukraine. The researcher considered the history of
the modern economic legislation of Ukraine and studied its comparative
legal aspects. The paper establishes that the formation of national economic
legislation should be determined by the content of a coherent and socially
acceptable scientic concept of the national model of market economy in
current conditions. The lack of such a state-approved program concept
is one of the main factors in the chaotic and reactive nature of economic
legislation, which in turn, there is a loss of systemic and eective legislative
consolidation of economic relations both in the norms of the Basic Law and
in the norms of economic and related branches of legislation of Ukraine.
Foreign trends in the development of legislation and science of
economic law in his work described Podtserkovny (2013). Poedynok (2013)
considered investment activity as a type of economic activity and justied
the need to consider investment activity in a broad and narrow sense.
The task is to identify and substantiate global trends in investing in
digitalization and the formation of the digital economy, to reveal the
compliance of Ukraine’s economy with these processes and relevant
challenges; to develop proposals for deepening investment policy for the
digital transformation of socio-economic development put Fedulova (2020).
Another scholar, Sosnin (2020), studied the phenomenon of digitalization
as a new reality in Ukraine.
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Investment activity in the era of digitalization: economic-legal support and perspectives of
procedural protection
2. Methodology
During the study, general theoretical and special scientic methods
were used, namely: hermeneutic, system-structural, structural-functional,
historical-legal, comparative-legal, and formal-logical.
Thanks to the hermeneutic method, the peculiarities of the interpretation
of the law in the study of investment activity were studied. Given that the
hermeneutic method of interpreting the rule of law is the tool that can
be used to solve the problem of double meaning, through hermeneutic
analysis of the law, the problematic aspects of the legal regulation of
investment have been claried. In particular, the use of the hermeneutic
method involved the analysis of the text through the division into subtilitas
intelligendi (understanding), subtilitas explicandi (interpretation) and
subtilitas applicandi (application).
Through understanding, it has become possible to understand the rules
of law expressed through signs transmitted by the legislator and perceived
by the investor, central executive bodies, etc. through external written
expression. The concept of subtilitas in the hermeneutic method can be
translated as “subtlety, dexterity, art”, according to traditional hermeneutics,
these procedures were considered not so much as the methods we use, but
certain skills that require special spiritual sophistication.
Unfortunately, in practice, there is a paradoxical situation when the
legislator seeks unambiguous text, the highest judicial bodies of the state
are interested in ensuring uniform interpretation of the law, and the law
enforcer tries to use its ambiguities (errors, gaps, etc.) to his advantage,
often substituting the content of the law for his interpretation.
There is a conict of interpretations between the legislator and the
law enforcer. Simultaneously, the interpretation leads to an increase in
possible options for understanding the rule of law. The variety of options
provides ample opportunities not only to abstractly clarify the meaning of
the legislative rule but also to identify the interests behind the norm and
the goals of the legislator. Each of the described problems has an individual
character, and therefore, solving it, it is necessary to establish all the factors
inuencing such a decision.
The study of problematic issues of investment in the digital age has
become possible through the use of the system-structural method. With the
help of the tools of this method, investment activity was studied as a whole
set of elements in the set of relations and connections between them, i.e.,
considered as a system.
Such a method as structural-functional allowed to study investment
activities in the period of digital transformation through the structural
dismemberment of the holistic phenomenon of “investment”, where each
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element of the structure has a specic functional purpose. Through the two
main approaches of this method - structural-functional, the functions of
investment activities and the structures that perform these functions were
claried.
The chronology of the development of investment activity and its vectors,
including investments in the period of digitalization and legal regulation of
the researched activity were surveyed using the historical-legal method.
The comparative-legal method allowed to compare dierent conditions
in which investment activities are carried out, including the legal realities of
dierent countries in order to identify similar or dierent features between
investing in the context of digitalization, as well as the terms that denote
them. This method contributed to the accumulation of empirical knowledge.
Various formal-logical methods were utilized for in-depth study of
the subject. For example, the method of analysis was used to analyze
the components of digitalization and features of investment activities in
such conditions. The synthesis made it possible to combine the selected
elements into a single whole. The generalization helped to highlight the
general features of investment activity and draw conclusions on the ways of
development of investment activity in the conditions of digitalization.
3. Results and Discussion
Before considering the problematic aspects of economic and legal
support of investment activities in the digital age, we will dene the key
concepts: investment activities, public investment policy, etc.
Article 12 of the Economic Code of Ukraine (hereinafter - the EC of
Ukraine) stipulates that the state uses various means and mechanisms
to regulate economic activity to implement economic policy, implement
targeted economic and other programs and programs of economic
development. However, the EC of Ukraine does not contain denitions of
economic policy and state regulation of economic relations. Although, the
text of Art. 9 of the EC of Ukraine contains meaningful provisions on the
dierentiation of economic policy into economic strategy and economic
tactics, and the legal consolidation of economic policy conditions in
legislation in the form of programs of the Cabinet of Ministers of Ukraine,
targeted economic development programs, etc. (Law 436-IV, 2003).
The Law of Ukraine “On National Security of Ukraine” establishes the
denition of “national security of Ukraine” and among the principles of
state policy in the eld of national security and defense highlights military,
foreign policy, state, economic, information, environmental security, etc.,
and, among the main areas of state policy, National Security of Ukraine (in
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Petro Matvieiev, Boris Schuba, Viktor Shvec, Volodymyr Dryshliuk y Serhii Demchenko
Investment activity in the era of digitalization: economic-legal support and perspectives of
procedural protection
the economic sphere) highlights only the improvement of the investment
climate, increasing the eciency of investment processes (Law 2469-VIII,
2018).
Regarding the denition of investment activity, the provisions of
the Law of Ukraine “On Investment Activity” allow us to conclude that the
legislator includes in the content of investment activities various actions
of the subjects of this activity (primarily investors), which are carried out
at dierent stages of the investment process - from the decision to invest
to the termination of investment activities in general (Law 1560-XI, 1991).
However, this law does not specify that investment activity is an economic
activity.
According to scientists, state investment policy is a systematic and
purposeful activity of certain state bodies to create and implement a special
algorithm of measures for the development of the investment market or
its segments through the formation of regulatory support for investment
relations, application of the necessary means of their state regulation and
direct participation of the state as a subject of these relations, based on the
agreed model of such a market, which is enshrined in the State Investment
Development Program.
The investment market is the object of state investment policy and is
a system of socio-economic relations aimed at ensuring the process of
reproducing competitive production of goods and services through the
mechanism of meeting investment demand through investment supply
of relevant investment goods formed in the process of accumulating
investment potential.
A crucial component of the state investment policy is the legal
investment policy, which is also part of the general legal policy of the
state. Due to its implementation, the law-making process is organized to
determine the priorities of legal regulation and the system of basic legal
means, mechanisms, and regimes in order to establish the optimal legal
investment order.
The legal investment policy of the state is formed and implemented
under the condition of the existence of a number of economic and legal
imperatives, including:
• Obligatory and permanent existence of legal investment policy in
the state.
• Ensuring the functioning of legal investment policy mechanisms
of legal liability for violation of the order of its formation and
implementation.
• Investment pluralism in all segments of the investment market, the
priority of innovative investment, etc. (Kukhar, 2008).
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The next concept is “investment”. It is used at dierent levels of
management:
• At the international level – investments in the world infrastructure
and economy of international and regional unions (associations).
• At the state level – investment in the economy at the national level;
at the regional and local levels – investments in the economy of the
region, local communities, etc.
• At the enterprise - investment in machinery, equipment, real estate,
R & D, development of sta and specic employees; purchase of
shares, bonds, etc; at the household level also talk about investment,
when buying durables, expensive jewelry, works of art, education
and training, etc. (Bryukhovetskaya and Buleev, 2019).
Today, the world is actively implementing information strategies
“government-business” and “society-business”. The policy aimed at
encouraging public administrations to implement modern information
and communication technologies, per the implementation of the
digital development strategy under the “government-business” scheme
(government-to-business) extends to such areas as: creating or promoting
e-government services for individuals and companies and improving
the work of governments by increasing transparency and accessibility of
information.
An important achievement of the government’s transition to the use
of modern digital technologies is the implementation of the concept of
“government-to-society”. To increase public condence in government
action, it is necessary to increase the transparency of state institutions
through the introduction of open databases of government operations.
Improving public and business access to information will have an extremely
positive impact on investment sentiment, improve the investment climate
in the country, as transparency and clarity have always attracted the
attention of investors.
The main digital tools for promoting investment that can be used by
the state are information online portals and online windows, which will
provide investors with all the necessary information and free access to rules
and regulations on the regulatory system and legal framework, which will
increase the transparency of investment activities in the country, as well as
simplify access to administrative procedures and increase the eciency of
administrative services for investors.
The practical implementation of the digital transformation of investment
policy requires the creation of appropriate institutional conditions that
will allow enjoying the benets of digital development. Undoubtedly, the
advantages of digital development, which have a signicant impact on
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Investment activity in the era of digitalization: economic-legal support and perspectives of
procedural protection
investment activities, include the emergence of new nancial instruments
and channels of nancial services, increasing the speed of operations,
reducing transaction costs, overcoming information asymmetry, and more.
In this context, it is noteworthy to ensure the gradual transformation of the
investment regulation system to the requirements of the digital economy
(Korneeva, 2018).
Therefore, an important component of economic development is to
stimulate investment in digitalization. To do this, in the eld of investment
activities to ensure the support of investment projects requires:
- formation of general rules for the creation and evaluation of special
investment regimes:
• a list of new approaches to obtaining tax benets,
• reduction of insurance premiums for both private investors
and investment companies implementing various projects;
- development of specic measures of state support in one of the
following forms:
• providing benets for project nancing;
• providing benets for the payment of property tax and land
tax;
• compensation of the investor’s investments due to various tax
revenues from the investment project,
• stabilization of regulatory and tax conditions.
Regarding the existing situation, ocial statistics record the introduction
of the web, cloud technologies, big data with varying intensity in enterprises
of the Ukrainian economy. However, statistics show extremely disappointing
results regarding investment in Ukraine:
1. a signicant decrease in foreign direct investment (equity) in the
economy of Ukraine in 2017 (31230.3 million dollars) compared to
2016 (32122.5 million dollars);
2. in terms of economic activities, the share in “Information and
Communication” in 2017 was only 5.5%, in “Professional, scientic
and technical activities” - 5.9% (Table 1);
3. in terms of sources of nancing capital investments in the economy
of Ukraine, own funds of enterprises and organizations account for
the largest share, which is also almost stable in dynamics, which
does not allow to talk about opportunities for economic growth,
especially digital;
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4. there is a decrease in the already low share of foreign investors
(Fedulova 2020).
Conclusions
1. Investment and digital transformation in today’s conditions of social
relations are a whole, because the development of digitalization of
economic processes is impossible without investment, and the most
eective investment tools are directly related to the digital economy.
2. The state must take various measures to attract investors, placing a
key focus on private investment, which will allow for comprehensive
measures to develop the digital economy and make noticeable
positive changes in the country’s economy.
3. In the face of global challenges, the latest technologies in the
dicult times of the world economy and society can be a driver of
critical problems and encourage investors to reshape investments
in priority areas, which today are digital technologies. However, for
such re-proling, there must be an appropriate legal framework and
mechanisms that can eectively ensure the implementation of such
economic activities.
Further research will be focused on the study of investment support
mechanisms.
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Esta revista fue editada en formato digital y publicada
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Universidad del Zulia. Maracaibo-Venezuela
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