A Risk-Oriented Assessment of the Investment Attractiveness of Industrial Parks
Sorokin S. A.

Sorokin, Stanislav A. (2025) “A Risk-Oriented Assessment of the Investment Attractiveness of Industrial Parks.” The Problems of Economy 4:105–118.
https://doi.org/10.32983/2222-0712-2025-4-105-118

Section: Economics and national economy management

UDC 332.8:332.1:330.131.5

Abstract:
The article is dedicated to developing and substantiating a methodological approach for risk-oriented assessment of the investment attractiveness of industrial parks, based on identifying key risk groups, quantitatively assessing them, and integrating them into a comprehensive investment attractiveness index. Factors influencing the formation of the investment attractiveness of industrial parks are examined. The functions of investment attractiveness of industrial parks are analyzed. A structural-functional model for shaping the investment attractiveness of industrial parks within the context of regional industrial policy is proposed. The classification of risks related to the operation of industrial parks is systematized, and the impact of each risk group – institutional-regulatory, financial, infrastructural, market, operational-managerial, and security-logistical – is determined. A methodological approach for risk-oriented assessment of the investment attractiveness of industrial parks is proposed, combining a basic investment potential index with an overall operational risk indicator. The methodology relies on expert evaluation of the probability and impact of six identified risk groups, with the results subsequently formalized as partial and aggregate indicators. The proposed approach was approbated using project data from industrial parks, allowing for significant differentiation of objects by the level of risk-oriented investment attractiveness and identifying the main risk groups that limit the realization of the available investment potential. The results confirm that a high level of investment potential does not guarantee corresponding investment attractiveness without considering the overall risk.

Keywords: investment attractiveness, risk-oriented measurement, industrial park, composite indicator, risk profile.

Fig.: 5. Tabl.: 5. Formulae: 5. Bibl.: 23.

Sorokin Stanislav A. – Applicant, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: stanislavsoro@gmail.com

List of references in article

Davymuka S. A. (2025). Industrialni parky yak instrument rozbudovy rehionalnoi ekonomiky: retrospektyva ta problemy rozvytku [Industrial parks as a tool for regional economy development: retrospective and development problems]. Rehionalna ekonomika, 1, 28–44. https://doi.org/10.36818/1562-0905-2025-1-3
Ding G. (2020). Environmental risk assessment approaches for industry park and their applications. Resources, conservation and recycling, 159, 104844. https://doi.org/10.1016/j.resconrec.2020.104844
Folch-Calvo M. (2020). Analysis and characterization of risk methodologies applied to industrial parks. Sustainability, 18(12), 7294. https://doi.org/10.3390/su12187294
Graves R. (2000). Qualitative risk assessment. PM Network, 10(14), 61–66. https://www.pmi.org/learning/library/qualitative-risk-assessment-cheaper-faster-3188
Harbar S. V. (2024). Sutnist ta pidkhody do vyznachennia investytsiinoi pryvablyvosti promyslovykh pidpryiemstv [Essence and approaches to determining the investment attractiveness of industrial enterprises]. Aktualni problemy ekonomiky, 9 (279), 104–111. https://eco-science.net/wp-content/uploads/2024/09/9.24._topic_Sergii-Garbar-104-111.pdf
IEC. Risk assessment standards. https://tc56.iec.ch/risk-assessment-standards/
International standard. Risk assessment techniques. International standard. https://www.isa.org.jm/wp-content/uploads/2022/12/isoiec31010.pdf
Kontseptsii industrialnykh parkiv [Concepts of industrial parks] https://drive.google.com/drive/folders/1jCVSB3VWijqZ574kvEonhSRy44nG8KBl
Kytaichuk T. (2013). Investytsiina pryvablyvist: teoretychnyi analiz ta vplyvovi faktory [Investment attractiveness: theoretical analysis and influential factors]. Ekonomika ta suspilstvo, 54. https://doi.org/10.32782/2524-0072/2023-54-65
Laiko O. & Shatnenko K. (2024). The influence of the management aspect of the industrial park functioning on the implementation of regional cohesion policy in Ukraine. Ekonomika i rehion, 1 (92), 43–50. https://doi.org/10.26906/EiR.2024.1(92).3307
Lee S. (2019). Validation of dynamic risk analysis supporting integrated operations across systems. Sustainability, 23(11), 6745. https://doi.org/10.3390/su11236745
Massoli P., Mazziotta M., Pareto A. & Rinaldelli C. (2013). La misura del BES una sperimentazione per l'aggregazione degli indicatori dell'istruzione e della formazione. Primo Convegno Nazionale dell’AIQUAV.
Massoli P., Mazziotta M., Pareto A. & Rinaldelli C. (2013). Metodologie di sintesi sperimentali per i domini del BES. XXXIV Conferenza Italiana di Scienze Regionali (AISRE).
Massoli P., Mazziotta M., Pareto A. & Rinaldelli C. (2014). Indici compositi per il BES. Giornate della ricerca in Istat, 1–7. https://www.istat.it/it/files/2014/10/Paper_Sessione-IV_Massoli_Mazziotta_Pareto_Rinaldelli.pdf
Mazziotta M. & Pareto A. (2013). Methods for constructing composite indices: one for all or all for one?. Rivista Italiana di Economia Demografia e Statistica, 2(LXVII), 67–80. https://www.istat.it/en/files/2013/12/Rivista2013_Mazziotta_Pareto.pdf
Nardo M. (2005). Handbook on Constructing Composite Indicators: Methodology and User Guide: OECD Statistics Working Papers. Paris. https://doi.org/10.1787/533411815016
Pavlova H. Ye., Atamas O. P. & Marukhnich Ye. V. (2023). Investytsiina pryvablyvist pidpryiemstv u konteksti yikh ekonomichnoi bezpeky [Investment attractiveness of enterprises in the context of their economic security]. Biznes Inform, 10, 112–117. https://doi.org/10.32983/2222-4459-2023-10-112-117
Prokhorova V. V. & Shkurenko O. V. (2020). Konsolidatsiia resursnoho i intelektualnoho potentsialu innovatsiinoho spivrobitnytstva vidpovidno do stratehichno vyznachenykh umov ryzyk investuvannia [Consolidation of resource and intellectual potential of innovative cooperation in accordance with strategically defined conditions of risk investment]. Visnyk Khmelnytskoho natsionalnoho universytetu, 4(3), 61–72. https://doi.org/10.31891/2307-5740-2020-284-4(3)-10
Prokhorova V. & Mushnykova S. (2021). Derzhavne rehuliuvannia investytsiinoi diialnosti zhytlovoho budivnytstva: ryzyk-preventyvnyi pidkhid [State regulation of investment activities in residential construction: a risk-preventive approach]. Adaptyvne upravlinnia: teoriia i praktyka. Seriia Ekonomika, 10 (20). https://doi.org/10.33296/2707-0654-10(20)-06
Seniv L. A. & Komarnytska B. O. (2022). Problemy diialnosti industrialnykh parkiv yak instrumentiv investytsiinoi polityky v Ukraini [Problems of industrial parks' activity as investment policy instruments in Ukraine]. Biznes Inform, 10, 27–32. https://doi.org/10.32983/2222-4459-2022-10-27-32
Soroka L. M. & Shchoholiev M. S. (2022). Deiaki pidkhody do vyznachennia sutnosti ekonomichnoi katehorii «investytsiina pryvablyvist» [Some approaches to defining the essence of the economic category "investment attractiveness"]. Odesa: ONMU. https://doi.org/10.31375/978-966-7716-90-5
Tokmakova I. V., Zorina O. I. & Kurylovych V. R. (2024). Ryzyky proiektiv rozvytku eko-industrialnykh parkiv v Ukraini [Risks of development projects for eco-industrial parks in Ukraine]. Visnyk ekonomiky transportu i promyslovosti, 88, 131–140. https://doi.org/10.18664/btie.88.324927
Zinchuk T. O. & Tymoshenko M. M. (2024). Smart-stratehii ta investytsiina pryvablyvist rehioniv YeS [Smart strategies and investment attractiveness of EU regions]. Ekonomichnyi prostir, 194, 120–127. https://doi.org/10.30838/EP.194.120-127