The objective establishment of the level of efficiency (effectiveness) of the functioning of economic entities with the complexity of the architectonics of the economy becomes more problematic, and the system of criteria of efficiency becomes more complex and more debatable. In today’s financial and accounting theories and, as a consequence, the practice of financial management, there are a number of debating questions about the system of performance indicators, methods of formalization.
The objectives of this article are to determine the essence and structure of the institutional environment, as well as to study its impact on the formation and activities of recreation and tourism in Ukraine.
The article reveals the essence of the institutional environment from different points of view. The formal and informal institutions are defined and their role is highlighted. Considerable attention is paid to the analysis of normative legal acts and state electronic resources of a number of foreign countries.
The article given quantitative and qualitative characteristics of the processes of capitalization of economy of Ukraine in the deepening systemic crisis and globalization of the investment market. It is proved about strengthening the necessity of greater influence of marketing on the process of forming costs and finding new sources of value creation in emerging European markets. Attention is focused on ensuring long-term competitive advantages through innovative marketing solutions for commodity and stock markets.
The methodical approach to assess the accumulation of social capital on the basis of its three components is proposed: 1) resource component (human capital); 2) environmental component (social, psychological and institutional environment); 3) effectiveness component (the level of welfare). This methodical approach allows to investigate not only its resource component, but also the ability to correct and effective usage of available resources, taking into account the positive effects of synergy and complementarity.