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Vol. 40, Nº 72 (2022), 297-312
IEPDP-Facultad de Ciencias Jurídicas y Políticas - LUZ
Comparative analysis of xed capital
investments in the regions of Russia
DOI: https://doi.org/10.46398/cuestpol.4072.16
Iuliia S. Pinkovetskaia *
Natalia G. Komissarova **
Anton V. Lebedev ***
Larisa V. Tsybina ****
Abstract
The aim of the research was to assess the specic levels of
xed capital investment per capita in all regions of Russia. The
research was based on ocial 2019 statistics on the volume
of xed capital investments in 82 regions of Russia, as well
as data on the population. In the research, the analysis of
clusters associated with the unication of the objects studied in
relatively homogeneous groups based on the study of the values
of the compared indicators was applied. The normal distribution
function was used in modelling to estimate the distribution of specic values
for most regions. The following results and conclusions were obtained: it
has been shown that the formation of ve groups is optimal. In addition,
it was shown that in 2019 nine regions were characterized by an extremely
high level of investment due to the tasks of their strategic development to
meet federal challenges. They also identied regions with relatively low
values of specic investments in xed assets. Everything indicates that
specic investment values have a signicant dierentiation in several
regions of Russia.
Keywords: investments; xed capital; regions of Russia; cluster analysis;
normal distribution functions.
* PhD, Associate Professor, Department of Economic analysis and state management, Ulyanovsk State
University, Ulyanovsk, Russia. ORCID ID: https://orcid.org/0000-0002-8224-9031
** PhD, Associate Professor, Department of the English Language for Professional Communication,
Foreign Languages Faculty, N. P. Ogarev Mordovia State University, Saransk, Russia. ORCID ID:
https://orcid.org/0000-0001-7236-4530
*** PhD, Associate Professor, Department of the English Language for Professional Communication,
Foreign Languages Faculty, N. P. Ogarev Mordovia State University, Saransk, Russia. ORCID ID:
http://orcid.org/0000-0002-1927-5595
**** PhD, Associate Professor, Head of the Department of the English Language for Professional
Communication, Foreign Languages Faculty, N. P. Ogarev Mordovia State University, Saransk, Russia.
ORCID ID: http://orcid.org/0000-0001-6730-5077
298
Iuliia S. Pinkovetskaia, Natalia G. Komissarova, Anton V. Lebedev y Larisa V. Tsybina
Comparative analysis of xed capital investments in the regions of Russia
Análisis comparativo de las inversiones de capital jo
en las regiones de Rusia
Resumen
El objetivo de la investigación fue evaluar los niveles especícos
de inversión de capital jo per cápita en todas las regiones de Rusia.
La investigación se basó en las estadísticas ociales de 2019 sobre el
volumen de inversiones en capital jo en 82 regiones de Rusia, así como
los datos sobre la población. En la investigación se aplicó el análisis de
conglomerados asociado a la unicación de los objetos estudiados en
grupos relativamente homogéneos basados en el estudio de los valores de
los indicadores comparados. La función de distribución normal se utilizó
en la modelización para estimar la distribución de valores especícos
para la mayoría de las regiones. Se obtuvieron los siguientes resultados
y conclusiones: se ha demostrado que la formación de cinco grupos es
óptima. Además, se demostró que en 2019 nueve regiones se caracterizaron
por un nivel de inversión extremadamente alto debido a las tareas de su
desarrollo estratégico para hacer frente a los desafíos federales. También
se identicaron las regiones con valores relativamente bajos de inversiones
especícas en activos jos. Todo indica que los valores de inversión
especícos tienen una diferenciación signicativa en varias regiones de
Rusia.
Palabras clave: inversiones; capital jo; regiones de Rusia; análisis de
conglomerados; funciones normales de distribución.
Introduction
Investments in xed assets are aimed at the development of modern
national economies (Laopodis, 2021; Karadzhova and Dichevskaya, 2014).
At the same time, based on the analysis of the state of production resources
and alternative options for their development, the implementation of the
most eective investment decisions is ensured.
The development of investments in xed assets is important both for
states and for enterprises and organizations (Homan and Valderrama,
2021). Therefore, the study of their volumes seems to be an urgent area
of research for both developed and developing countries. Of the greatest
interest is the assessment of regional aspects of investments (Alama-Sabater
and Cantavella, 2019). In recent years, Russia has formed high expectations
of xed capital investment increase. According to Russian Federal State
Statistics Service (Rosstat) data, these expectations are largely becoming
real, since the absolute values of such investments for the period from
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CUESTIONES POLÍTICAS
Vol. 40 Nº 72 (2022): 297-312
2015 to 2019 increased by almost 50%, which is signicantly higher than
the total ination amounted to 19% these years (Federal service of state
statistic, 2021a).
The aim of our research was to assess specic xed capital investment
levels per capita in all regions of Russia. The main problem to which this
study is trying to give theoretical and empirical answers is to assess the
volume of investments in xed assets in each of the regions. This study
provided new information about regional dierences in investment.
The information obtained will allow the government, nancial and
credit institutions, the public, as well as researchers to make scientically
sound decisions to support investment activity. This study contributes to
the expansion of knowledge about the distribution of investment ows
between regions.
1. Literature review
Scientic publications on the problems of investments in xed assets
have received signicant development in the twenty-rst century. It is
possible to note such research reports as (Eklund, 2013; Jehiel, 2018;
European Investment Bank, 2018; Rioja et al., 2014). Publications in
Latin American journals (Alvarado et al., 2017; Eustaquio Casagrande and
Valvano Cerezetti, 2014; Lopez and Cardim de Carvalho, 2008; Acevedo
Rueda and Lorca Susino, 2021) have made a signicant contribution to the
study of xed capital investments.
The problem of regional investment activity in Russia was the focus of
research in a few scientic publications. Let us consider the most relevant
ones, published in 2018-2020. A brief description of these publications is
given in Table 1.
Authors Problems dealt Period,
years
Investment
objects
Type of
indicators
1 2 3 4 5
Starkova
(2020)
Comparative anal-
ysis of investments
by region, as well
as investment vol-
ume indices
2014-
2018
The regions
of the Volga
Federal Dis-
trict
absolute
300
Iuliia S. Pinkovetskaia, Natalia G. Komissarova, Anton V. Lebedev y Larisa V. Tsybina
Comparative analysis of xed capital investments in the regions of Russia
Vorgunova
and Vikharev
(2018)
The volume and
structure of invest-
ment ows in xed
capital, including
industries and
fund sources
2007-
2017 Russia absolute
Giraev (2020)
The dynamics of
investment vol-
ume and structure
in xed capital
considering the
types of economic
activity
2014-
2018
Russia, the
North Cau-
casus Fed-
eral District,
Dagestan
absolute,
specic
Kumaneeva
(2020)
The dynamics of
changes in the
structure of invest-
ment activity in
the sectors of the
economy
2008-
2019
The Kemero-
vo Region
growth
indices
Temirbolatova
(2020)
The assessment
of xed capital
investments as one
of the main indica-
tors describing the
development of
the region
2016 -
2018
The
Karachayevo-
Circassion
Republic
absolute
Chernenko et
al. (2020)
Problems of proj-
ect funding, the
impact of invest-
ments on econom-
ic growth, the as-
sessment of their
volume required
for the growth of
the gross product
2014-
2018 Russia absolute
Golub and Ko-
chubey (2020)
Distribution of
investments in
xed capital with-
in organizations of
various forms of
ownership
2016-
2018 Russia absolute
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CUESTIONES POLÍTICAS
Vol. 40 Nº 72 (2022): 297-312
Zubova and
Kruglov
(2020)
The ranking of the
country’s subjects
based on practical
investments in the
xed capital devel-
opment on their
territories
2017 All regions of
Russia absolute
Kirichenko
and Smirnov
(2020)
The analysis of
the intercon-
nection between
investments and
the indicators of
production, cargo
turnover, as well
as the prot ac-
cumulated by the
organizations of
the city
2009-
2019
The city of
Moscow
absolute
Grishina
(2020)
The analysis of
trends in the
concentration
of xed capital
investments in a
small number of
regions. Predicting
proposals for spa-
tial changes in the
investment policy
2017-
2018
Regions of
Russia specic
Glazyrina et
al. (2018)
Consistent pat-
terns of territorial
features of invest-
ment processes
2011-
2013
All regions of
Russia specic
Bashina et al.
(2018)
The assessment of
foreign direct in-
vestment
2000-
2016
Russia, Fed-
eral Districts absolute
Edronova and
Maslakova
(2019)
Own nancing of
xed capital in-
vestments
2005-
2016
Russia, Fed-
eral Districts absolute
302
Iuliia S. Pinkovetskaia, Natalia G. Komissarova, Anton V. Lebedev y Larisa V. Tsybina
Comparative analysis of xed capital investments in the regions of Russia
Subkhon-
berdiev et al.
(2018)
Attracting invest-
ments to the re-
gions of advanced
development
2015-
2018
The Far East-
ern Federal
District
absolute
Fatyanov
(2019)
The impact of in-
vestment on the
economic situation
and development
of the regions, as
well as the im-
provement of the
life quality of pop-
ulation
2012-
2016
The Central
Federal Dis-
trict
specic
Izotov (2019)
The impact of the
investment po-
tential of Russian
regions on the
level of foreign
investment
2011–
2017
All regions of
Russia absolute
Zabolotni
(2019)
Investment en-
hancement due to
the development
of tax regulation
2018
Particular
regions of
Russia
absolute
Ulanova
and Sologub
(2019)
The assessment of
investments in the
agricultural sector
and its main activ-
ities
2017-
2018
Agro-indus-
trial complex
of Russia
absolute
Grenaderova
(2019)
The assessment
of the impact of
investments on the
sustainability of
regional develop-
ment
2018
Particular
regions of
Russia
absolute
Table 1. Scientic publications on investment activity in Russia.
According to the information in Table 1, it can be stated that the
problem of studying regional investment activity is relevant in our country.
However, until recently, theoretical and applied studies have paid little
attention to the comparative analysis of the investments in xed capital in
303
CUESTIONES POLÍTICAS
Vol. 40 Nº 72 (2022): 297-312
dierent regions of the country. In the research works where such analysis
was undertaken, absolute investment values were a focus of comparison as
a rule. This does not always seem logical, as the regions vary signicantly
in population, size, and geographical position. In this regard, it seems
appropriate to conduct the analysis of regional investment activity based on
the number of residents in the regions, considering the inuence of other
factors.
2. Methodology and design
The comparison of absolute xed capital investment values in various
regions is not regarded rational due to the regions’ signicant dierence in
their economic potential and population in particular. Therefore, we suggest
using specic indicators to compare investments across the country’s
regions. These indicators measured regional xed capital investment values
per capita of the corresponding region.
The study included four stages. Initially, it made the original
observations of the investment volume in each region of Russia as well as
the region’s population. Then specic investment values for every region
were calculated. The second stage involved the cluster analysis of the
values of specic investments by region. The third step was to assess the
distribution of the specic investment values by the regions of the country.
The fourth stage suggested a comparative analysis specifying the regions
with maximum and minimum specic investment values.
The research was based on 2019 ocial statistics on the volume of
investments in xed capital in 82 regions of Russia, as well as the data on
the population in them (Federal service of state statistic, 2021a; Federal
service of state statistic, 2021b).
In research, the cluster analysis is associated (Feser and Sweeney, 2000;
Smorodinskaya and Katukov, 2019) with the unication of the studied
objects into relatively homogeneous groups based on the study of the values
of the compared indicators. The k-means method used in this work in the
process of successive iterations forms clusters based on minimizing the
total quadratic deviation of the values of indicators for the analyzed objects
from the center of each cluster.
The normal distribution function was used in the economic-
mathematical modelling applied to estimate the distribution of specic
values for most regions of Russia. The article represents the methodical
approach (Pinkovetskaia et al., 2021) for the development and use of such
function to determine the average value, as well as the range of its variation
across the regions.
304
Iuliia S. Pinkovetskaia, Natalia G. Komissarova, Anton V. Lebedev y Larisa V. Tsybina
Comparative analysis of xed capital investments in the regions of Russia
3. The research ndings and their discussion
The rst stage of the research was aimed at collecting basic empirical
data about the investment volumes in every region of Russia, as well as the
number of inhabitants in each corresponding region. Such data fragment
for eight regions is shown in the rst three columns of Table 2. Column 4
contains the results of calculations of specic investment per capita values
for each of the regions.
Regions Investments,
billions of
rubles
Population,
thousands
of people
Investments,
thousands of
rubles per person
1 2 3 4
Perm territory 283.78 2.61 108.69
Kirov region 72.23 1.27 56.78
Nizhny Novgorod region 295.25 3.21 91.85
Orenburg region 212.04 1.96 108.02
Penza region 89.37 1.32 67.80
Samara region 293.73 3.18 92.28
Saratov region 162.12 2.44 66.42
Ulyanovsk region 79.73 1.24 64.38
… … … …
Table 2. The extract from the basic data and specic
investment by region.
The clyster analysis of specic investment values by region with the help
of the Statistica program was undertaken at the second stage of the research.
Using the k-means method with eleven iterations it seems optimal to build
ve clusters. The results of this cluster analysis are shown in Table 3.
Cluster The average investment value,
thousands of rubles per person Number of regions
1 2 3
First 251.81 four
Second 499.92 ve
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Vol. 40 Nº 72 (2022): 297-312
Third 147.15 thirteen
Fourth 97.29 twenty-six
Fifth 60.46 thirty-four
Table 3. The results of the cluster analysis.
The verication proved the high quality of the cluster analysis, since
testing showed that the value p = 0.000, which is less than not only 0.05,
but also 0.001. This indicates the highly signicant dierences of all clusters
in all their parameters.
Let us consider the main results of cluster analysis. The data in column
3 of Table 3 show that the rst cluster includes four regions, the second
cluster – ve regions, the third cluster - thirteen regions, the fourth cluster
- twenty-six regions and the fth cluster - thirty-four regions.
The mean values of the indicators for the ve clusters are given in the
second column of Table 3. The mean dierences of the nearest clusters
are as follows: between the fth and fourth clusters it is 36.83 thousand
rubles/person, between the fourth and third - 49.86 thousand rubles/
person, between the third and rst clusters it is signicantly more - 104.66
thousand rubles/person, between the rst and second clusters it equals
248.11 thousand rubles/person.
Thus, the centers of the third, fourth and fth clusters are located
relatively compactly, and the centers of the rst and second clusters are
at a considerable distance from them. Taking this into account, one can
conclude about the extremely high specic investment values in these
nine regions and their signicant dierences from other regions in terms
of specic investments. The remarkable thing is that the rst and second
clusters comprise only nine regions, which corresponds to 11% of the total
number of subjects of the country.
The rst cluster is made up of Leningrad region, Murmansk region,
Magadan region and Moscow city. Amur region, Sakhalin region, Tyumen
region, republic of Sakha and Chukotka autonomous area are parts of the
second cluster.
In the eight regions composing the rst and the second clusters, xed
capital investments relate to the implementation of the federal strategic
programs.
• In Tyumen and Magadan regions, the programs are related to the
development of mining and processing complexes/industries.
306
Iuliia S. Pinkovetskaia, Natalia G. Komissarova, Anton V. Lebedev y Larisa V. Tsybina
Comparative analysis of xed capital investments in the regions of Russia
• In Amur region – the development of transport and energy
infrastructure, construction of gas processing enterprises.
• In Leningrad region – the development of port and industrial
infrastructure.
• In Murmansk region - the development of the mining complex,
shipbuilding, as well as a transport hub.
• In republic of Sakha and Chukotka autonomous area - development
of mining enterprises.
• In Sakhalin region – the development of the oil and gas complex,
transport and energy infrastructure.
Large specic investments in the ninth region (Moscow) are conditioned
by its status as the only metropolis in the country. The main areas of
xed asset investment in Moscow were the development of transport
infrastructure, the creation of a comfortable urban environment and
renovation.
The results of the cluster analysis indicate that in the nine regions
there are extremely high values of specic investments, compared with
the other (73) regions. Therefore, the third stage of the analysis involved
the assessment of specic investment values in these 73 regions belonging
to the third, fourth and fth clusters. In the course of the computational
experiment, economic and mathematical modeling based on empirical data
was carried out. The model that describes the distribution (y) of the of xed
capital investment values per capita (x, thousands of rubles) is given below:
The high eciency of this normal distribution function was conrmed
during Shapiro-Wilk, Pearson and Kolmogorov-Smirnov criteria testing.
The parameters of the normal distribution function support the
conclusion that the average xed capital investment value in 73 regions of
Russia is 89.02 thousand rubles per capita, and the value of the standard
deviation is 33.91 thousand rubles per person.
Thus, it can be concluded that there is a signicant dierentiation of
indicators in 73 regions.
The next stage involved identication of the regions with the minimum
values of specic investments. At the same time, the minimum values
are regarded to be less than the dierence between the average value for
73 regions and the corresponding standard deviation. The results of this
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CUESTIONES POLÍTICAS
Vol. 40 Nº 72 (2022): 297-312
analysis showed that the minimum values (from 37.26 to 55.11 thousand
rubles/person) were marked in such regions as the Ivanovo, Kostroma,
Kurgan, Bryansk, Pskov regions, Mari El, North Ossetia-Alania, Ingushetia,
Kabardino-Balkaria, Karachayevo-Circassian, Chuvash and Chechen
republics, as well as Altai territory. These regions need special attention to
the increase of investment in the near future.
Conclusion
The analysis fullls the purpose of the study to assess the levels of xed
capital investment in the regions of Russia in 2019. The conclusions are of
academic novelty and originality. They are as follows:
1. The methodology for assessing specic investments indicators per
employee in each region with help of the cluster analysis and the
normal distribution function is presented.
2. The cluster analysis of the of specic investment values in 82 regions
of Russia was carried out.
3. The formation of ve clusters is proved to be optimal.
4. It was shown that in 2019 nine regions were marked with extremely
high level of investment due to the tasks of their strategic development
to tackle the federal challenges.
5. The regions with relatively low values of specic investments in xed
assets have been identied.
6. The specic investment values are proved to have a signicant
dierentiation in various regions of Russia.
The results of the work have a certain theoretical and practical signicance
for the government, regional and local authorities. The methodological
approach to assessing an investment level presented in the article can be
used in further research. The knowledge gained is of interest and can be
used in educational process at universities.
There were no restrictions on empirical data in the research process,
since information from all regions of Russia was considered.
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