Internalization of the Investment Environment in the International Tourism Industry
- Valentyna M. Zaytseva
, - Sergiy M. Tsviliy,
- Valentina S. Demko,
- Ivan О. Klopov,
- Viktor L. Kovalenko
Abstract
The article presents an adaptative-institutional approach to determining the format of internalization of the investment environment in the international tourism industry. This approach reproduces the sphere of services through the prism of the investment paradigm and specifies the key conditions for combining a standardized (global) approach to the expansion of the tourist segment (in accordance with the requirements for the unification of the quality of the tourist product) and a non-standardized approach to the investment of investment capital of international corporations in individual economic systems of countries, in terms of their territorial features. The structure of the investment portfolio of an international corporation was formed for the development of the tourism industry in a country with a weakened economic system. The amount of foreign direct investment flows from international corporations to the tourism industry is analyzed. It is proved that the balance between FDI (foreign direct investment) flows of international corporations and their investments in the tourism industry is implemented on the basis of a system of countercyclical regulation, taking into account the existing requirements of the global economic system. An integral index of the investment of investment capital (assets) of international corporations in the economic system of the country according to the high and low level of development of the tourism industry is proposed and calculated.
Keywords
international corporations, international tourism industry, investment risks, investment capacity, global economic system
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