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Liburkina L. M.

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Assessing the Impact of Key Determinants of Digital Transformation on the Investment Activities of TNCs
Kyriienko S. O.

Kyriienko, Serhii O. (2025) “Assessing the Impact of Key Determinants of Digital Transformation on the Investment Activities of TNCs.” Business Inform 11:61–77.
https://doi.org/10.32983/2222-4459-2025-11-61-77

Section: International Economic Relations

Article is written in Ukrainian
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UDC 330.322:004:339.9

Abstract:
The aim of this article is to assess the impact of the key determinants of digital transformation of the global investment space on the performance of TNCs’ investment activities, to determine the parameters of its adaptation, as well as the main influencing factors for different groups of TNCs; and to formulate recommendations for optimizing their investment strategies in the context of the digital transformation of the global investment space. The novelty of this work lies in the development of cluster-specific models for adapting TNCs’ investment policies under the conditions of the digital transformation of the global investment space, which quantitatively assess the elasticity of the Integral Performance Index (IPI) with respect to five latent factors (X1–X5), enabling the identification of significant differentiation among leading corporations in terms of financial-investment capacity, innovation intensity, digital integration, global market diversification, and ESG orientation, it also made it possible to identify cluster-specific growth drivers and negative effects (in particular, the risks of excessive spatial expansion and the ambivalence of the ESG component). Practical significance: the obtained results demonstrated a clear stratification of transnational corporations according to the dominant characteristics of investment behavior. Conclusions: based on a combination of multifactor analysis and regression modeling, cluster-specific dependencies were identified, reflecting alternative trajectories of TNCs’ responses to financial, innovation, digital, spatial, and ESG determinants. It was demonstrated that for «digital core» corporations, investment performance is primarily determined by the depth of digital integration and innovation-research intensity; for the group of companies known as «digital engineers», the synergy of financial capacity, R&D expenditures, and digital transformation is crucial; for «regionally traditional» TNCs, financial resources and digital integration remain dominant, while the innovation component plays a secondary role, and the ESG factor is supportive. At the same time, in all cluster groups, the factor of global diversification negatively affects the IPI, reflecting the risks of excessive spatial expansion without proper alignment with the corporation’s core business model. This distribution of effects provides a reliable analytical foundation for the further development of models for adapting the investment policies of transnational corporations, taking into account the industry and organizational specifics of each cluster.

Keywords: digital transformation, investment activity of TNCs, cluster-specific models, financial and investment capacity, innovation intensity, digital integration, global market diversification, ESG orientation.

Fig.: 6. Tabl.: 3. Formulae: 7. Bibl.: 37.

Kyriienko Serhii O. – Postgraduate Student, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]

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