РЕФОРМУВАННЯ ЗАКОНОДАВСТВА ЩОДО СУБ'ЄКТІВ ГОСПОДАРЮВАННЯ ТА ЙОГО ВПЛИВ НА ІНВЕСТИЦІЙНИЙ КЛІМАТ В УКРАЇНІ

Victoria REZNIKOVA; Valentyn SHCHERBYNA

doi:10.15407/econlaw.2025.03.021

Authors

Victoria REZNIKOVA Educational and Scientific Institute of Law Taras Shevchenko National University of Kyiv https://orcid.org/0000-0003-0149-0710
Valentyn SHCHERBYNA Educational and Scientific Institute of Law Taras Shevchenko National University of Kyiv https://orcid.org/0000-0003-4221-0965

DOI:

https://doi.org/10.15407/econlaw.2025.03.021

Keywords:

investment climate, investment environment, foreign investment, business activity, investment activity, business entities, business law reform

Abstract

This article examines the impact of legislative reform concerning business entities on the investment climate in Ukraine. It highlights the current legal policy in the field of economic activity, particularly the transformations in organizational and legal forms of business, the legal regulation of market entry and exit procedures, corporate governance, and adherence to the principles of good governance. For the purposes of the economic and legal doctrine, the author proposes a definition of the concept of investment climate that integrates legal, economic, administrative, and security-related aspects, directly linking them to the level of protection of investors’ rights and the effectiveness of state regulation.

The article identifies and systematizes a set of indicators for assessing the investment climate, which directly reflect the principles of legality, legal certainty, and good governance that underpin the doctrine of investment law. It outlines the core components of the investment climate that determine a jurisdiction’s investment attractiveness and the capacity of its economy to generate returns on investment capital.

The study substantiates the expediency of maintaining a diversity of organizational and legal forms of business activity. It is argued that such diversity directly reduces the risk premium and increases investment liquidity, thereby constituting a necessary precondition for long-term economic growth and a stable inflow of capital into Ukraine. Using the example of factors influencing the investment attractiveness of a state, the paper illustrates the positive experience of European Union member states.

Furthermore, the article reviews and generalizes the recommendations of international institutions regarding the formation of a favorable investment environment (investment climate). A comprehensive approach is proposed to ensure the simultaneous implementation of standards of legality, predictability, effective governance, and economic security. Key components of legal significance are examined in detail. Based on the conducted analysis, specific legislative actions are proposed for the Ukrainian lawmaker (including those relevant in the context of the ongoing armed aggression by the Russian Federation and the needs of post-war recovery), which may serve as practical steps toward improving legislation on business entities and enhancing Ukraine’s investment appeal and its prospects for broad foreign investment inflows.

Author Biographies

Victoria REZNIKOVA, Educational and Scientific Institute of Law Taras Shevchenko National University of Kyiv

Dr. Sc. (Law), professor, Head of the Department of Economic Law and economic justice Educational and Scientific Institute of Law Taras Shevchenko National University of Kyiv

Valentyn SHCHERBYNA, Educational and Scientific Institute of Law Taras Shevchenko National University of Kyiv

academician of the National Academy of Legal Sciences of Ukraine,

Dr. Sc. (Law), professor, Honored lawyer of Ukraine, professor of the Department of Economic Law and economic justice Educational and Scientific Institute of Law Taras Shevchenko National University of Kyiv

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