Regional Economics: Theory and Practice

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An analysis of main factors influencing the regional competitiveness

Vol. 15, Iss. 4, APRIL 2017

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Received: 25 October 2016

Received in revised form: 1 December 2016

Accepted: 12 December 2016

Available online: 16 April 2017


JEL Classification: P48, R19

Pages: 618-631

Dus' Y.P. Omsk State University, Omsk, Russian Federation

Mishchenko V.V. Altai State University, Barnaul, Altai Krai, Russian Federation

Shcherbakov V.S. Altai State University, Barnaul, Altai Krai, Russian Federation

Importance The article discusses the issues of regional competitiveness and determination of competitive advantages of regions.
Objectives The article aims to select and analyze key factors influencing the regional investment attractiveness, which in turn affects the competitiveness of the region, and particularly those ones that might be affected and controlled at the regional level.
Methods For the study, we applied the analytic hierarchy process (AHP), first proposed by Thomas L. Saaty in the 1970s, which helped to analyze the factors of subjective nature, that usually cannot be effectively quantified.
Results The analysis shows that the most significant factors affecting the investment attractiveness of the region are an institutional environment, region's financial markets, and the development of regional infrastructure.
Conclusions and Relevance The investment attractiveness of the region is one of the most important elements of regional competitiveness, and it itself is affected by a number of factors. Among the most important factors, there are those ones that can be impacted on at the regional level. The results of the article can be used to justify and build a regional economic policy, develop measures to improve the competitiveness of regions.

Keywords: competitiveness, investment attractiveness, regional economy, institutional environment, competitive advantage


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