Institutional features of the regulation of investment activities of an environmental orientation

. The article presents a methodology for the formation of a system for early recognition of signals that characterize the occurrence of environmental and economic problems and the need to develop and implement environmental investment projects at industrial enterprises in the region, including a set of methods for obtaining, processing and analyzing information in the form of a sequence of five stages. The first stage is the search and primary processing of information. The second stage involves recognizing the position of the industrial enterprise and identifying problems. At the third stage, it is necessary to identify the strengths and weaknesses of the competitive position, the opportunities and threats of investment in environmental protection. The fourth stage makes it possible to determine the most likely scenario for the investment activity strategy. The essence of the fifth stage is the formation of a program to improve the mechanisms of institutional regulation of investment activity at all levels of management. An analysis of the strategic potential can be carried out in the form of an analysis of strengths and weaknesses, opportunities and threats only using the factors influencing environmentally oriented investment activities. In the process of strategic analysis, the degree of readiness of an industrial enterprise, all industrial enterprises in the region to implement the new requirements of ISO 9001:2000 quality management, ISO 14001 environmental management and the developed international standard ISO 19011, which combines the requirements of the two previous management standards, was clarified. The article shows that strategic analysis and environmental audit are interrelated and require simultaneous strategic control.


Introduction
According to the theory of transaction costs, the cost of developing plans for current measures to respond to these two types of factors as perturbing impacts of the external environment at the macro-and microlevels is the greater, the more unexpected these impacts are.Therefore, the refusal to implement investment projects for the purpose of environmental protection, the production of environmentally friendly products, the use of secondary waste in extreme situations can lead to the bankruptcy of an industrial enterprise.
The purpose of the study is to create mechanisms for state regulation at the federal and regional levels of government, to form a system for managing environmental activities, which are proactive in nature and are called proactive.
However, the problems of creating such mechanisms and systems include the lack of clearly expressed quantitative indicators characterizing the existence of environmental factors in a given particular period.The information received from the outside has the form of weak signals, for the recognition and identification of which we recommend using an early signal recognition system.It includes several techniques and methods, which we presented in this study in the form of an algorithm, at the first stage of which, using the methods of interviewing, flow analysis and environmental audit, it is necessary to search and primary process information -weak signals.At the second stage, we recommend recognizing the position of an industrial enterprise (all enterprises in the region) and problems using methods for analyzing the mutual influence of external factors and internal environment factors on activities, including investment.The third stage should, using the methods of strategic analysis, based on the results of the first and second stages of the methodology under consideration, as well as on the results of strategic control, identify the strengths and weaknesses of the competitive position, the opportunities for investment in environmental activities and the threats to the competitive position that may arise in in the absence of investment projects.At the fourth stage, it is necessary to determine the possible, most probable scenario of the investment activity strategy, and at the fifth, using the ideas of consensus management to harmonize various goals and interests and the theoretical principles of comparability, continuity, complexity, profitability, adaptability, differentiation and competitiveness, to form programs and plans improving the mechanisms of state regulation of investment activities at all levels of government.

Materials and methods
The methodological basis of the study was the methods of system analysis, scientific generalization, mathematical statistics, economic analysis, expert assessments and scenario building.

Results and discussion
As a tool for analysis, we use a system of early recognition of signals, which includes various methods for recognizing changes in the environment, the degree of adequacy of the mechanisms of state regulation of investment activities of an environmental orientation to these changes.
In our opinion, signals should be understood as information that allows you to identify signs and / or factors that may not have a clearly defined trend, but over time their development will intensify and quite definite trends of change will be revealed.Methods for early recognition of the need to improve the mechanisms of state regulation of investment activities of an environmental orientation can be used not only to identify threats and risks, but also to establish opportunities -the potential of mechanisms, the impact of these mechanisms on the further development of investment activities, increasing its efficiency.
Weak signals can occur at any time and in any industry, therefore, the following methodological provisions proposed by the author of this study allow us to identify these signals, which can manifest themselves in the form of: the dissemination of new scientific knowledge and discoveries, including medical, biological, chemical and others that determine either new opportunities for improving and preserving the quality of the components of the natural environment, reducing the degree of its irrational use, or new threats and risks of pollution by previously unknown substances, newly emerged compounds of chemical elements; unexpected, sharp accumulation of similar phenomena and processes in various countries, on a global, continental scale; opinions and statements of prominent scientists, politicians, public figures and other prominent personalities of society, including the world community; trends in the development of legal support for investment activities; changes in social, economic, scientific and technical, political, cultural, natural indicators; failures in the operation of production equipment, accidents, even if they are indirect and accidental; new research and discoveries in fundamental and applied science; new deposits, development of minerals, energy sources, natural resources; new diseases of the population, viruses, epidemics, investments of various nature, poisonings.
Hence, the main methodological provisions can be represented as follows: the creation of a process for monitoring the external environment at the macro level in relation to the regional level of management, including monitoring of international, continental, interstate environments; development of criteria for selection, selection and grouping (sorting) of information from the whole variety of possible input information in order to identify the one that is of a signal nature; create information databases on industries, consumer markets, regions, throughout Russia as a whole; the use of experts in the external and internal environment as sources of information -bodies of state control and regulation of investment activities at the federal and regional levels of government, as well as in public self-government bodies.
Interviewing involves conducting a survey of experts' opinions either with the help of an interviewer, or a questionnaire is used.The cost of obtaining information depends on what criteria are set.As a rule, these include the speed (urgency) of obtaining information and the probability of receiving it.Based on the need to obtain urgent information with the highest degree of probability, the most time-consuming and costly method is the interviewing method.
The scenario method allows, based on the identified weak signals, to build options for the development of processes for monitoring and regulating investment activities.This method can be widely used only if a comparative analysis of the possibilities and disadvantages is made.
So, in our opinion, the possibilities of the scenario method include the following: a method of obtaining several, unlimited options for the development of events in the future, up to obtaining alternative ones that exclude existing trends and dynamics of changes in processes both in the natural environment and in the processes of investing in environmental protection activities; identifying the degree of influence of various push and pull factors on options for the further development of the studied processes and conditions of the natural environment: identifying new problems and solving old problems in a complex; forecasting future states of the processes under study with a given degree of probability of their occurrence; presentation of future consequences from the functioning of more advanced mechanisms of state regulation; development of creative abilities of experts.
The disadvantages of this method include the absence of: scenarios with the maximum probability of the occurrence of predictable situations, events, states; all possible options for the occurrence of events; optimal algorithms and rules, methods of behavior of regulatory bodies for each development scenario.In addition, scenarios cannot be a tool for quantitative and qualitative assessment of the concept of state investment policy in the regions, since the number of possible scenarios increases sharply with an increase in the lead period for the medium and long term.
An important condition for using the scenario method is the availability of criteria and experience in selecting scenarios that can be considered as basic ones.As a rule, there are three such: optimistic, normal and pessimistic.The first, optimistic, is based on the assumptions of a sharp increase in investment flows from all sources directed to environmental protection, replacement of materials with environmentally friendly ones.At the same time, the basis for selecting criteria for improving the organizational and administrative mechanism of state regulation within the boundaries of the optimistic scenario will be the theory of consensus management, the use of which makes it possible to distribute priorities between the economic and environmental effects of environmentally oriented investment projects according to specified criteria.Features of the practical application of the theory of consensus -management are to expand the boundaries of the distribution of responsibility and priorities beyond the boundaries of the economic entityindustrial enterprise -which implements the project.Some interactive dependence and mutual influence is created between the industrial enterprise, interested groups of society and state control and regulation bodies.
Thus, a coalition is being formed, the main members of which are industrial enterprises, interest groups and government bodies [9].As a rule, in the scientific literature, only economic entities and interested groups (stakeholders) are referred to as members of the coalition, in our opinion, the inclusion of bodies exercising state control and regulation of investment activities and environmental protection is mandatory, since market mechanisms of self-organization do not allow balancing and grant equal rights to the interests of the owner, society and the state.
In the context of the transitivity of the development of the national economy of Russia and its regions, the interests of the owner in obtaining income from the capital invested in the form of investments still dominate.Other members of the coalition in this case become subordinate groups and do not have the opportunity to influence decision-making processes if they do not have sufficient power.In fact, other participants are excluded from equal participation in the decision-making process on the distribution of investments in certain industries, in the production of products of varying degrees of environmental cleanliness.The goals and needs of the coalition members are taken into account to the extent that they do not contradict the goal of obtaining profit by the owners, or the goals of the main group that has power, otherwise it affects the mechanisms of state regulation of processes [10].However, under the influence of the international community, interstate obligations, as negative external effects in the natural environment intensify, the deterioration in the quality of life of the population, which are becoming more visible to the public, interested groups, non-economic problems and needs are attracting more and more attention.
Currently, not only producers and consumers are participants in environmental and economic relations, the wide spread of external effects leads to the fact that the interests of other parties are affected.In our opinion, the purpose of using consensus management is to more comprehensively, systematically explore the complex relationships that arise between the economic and ecological systems in the territory, use the identified characteristics to build mechanisms for state regulation of investment projects of an environmental orientation based on the principles of sustainable development, fair distribution of natural resources, other resources, including investment ones.Consensus management requires the use of comprehensive, adaptive, integral, multi-scale and pluralistic approaches to the choice of criteria for selecting environmental investment projects in the process of functioning of the mechanisms of state regulation of investment activities.
In our opinion, the main principles of consensus management that are of practical importance for the optimistic scenario should be recognized as: limiting the negative impact on the environment, caution and preventiveness (prudence), and fairness.Since the quality of the environment is a public good, it can be argued that its conservation, improving the quality of its components is a public goal.For an industrial enterprise, the need to protect the environment actually puts limits on the goal of making a profit, but at the same time, if the principles of consensus management are applied, it contributes to the income of the enterprise.However, the assertion that industrial enterprises should consider the interests of consumers in preserving the environment as the main strategic goal of their activity is nothing more than a disguise of their own economic interests in making a profit.Therefore, the goal of preserving the environment in the process of implementing investment projects, proclaimed as the main strategic one, can be considered, in our opinion, only as a marketing advertisement aimed at creating a favorable image of an industrial enterprise in society, among consumers, among state control and regulation bodies, the impact on the ecological consciousness of society.Be that as it may, industrial enterprises are not created for the purpose of protecting the natural environment, but in order to receive a sustainable economic income.
The ideas and principles of consensus management presented above confirm that an economic goal can be achieved only when the interests of stakeholders, along with other conditions, are introduced [10] as initial factors in the process of selecting criteria and restrictions for quantitative assessments of achievement criteria that invariably have an economic orientation, the main strategic goal of any industrial enterprise.An environmentally oriented investment strategy can serve as a tool for coordinating interests at the regional level [11].
Hence, the tasks of consensus management are to establish the type and magnitude of performance criteria that will form the basis for evaluating the work of state regulation mechanisms.And the degree of economic efficiency should depend on the degree to which the interests of all coalition members are taken into account.
The rational construction of state regulatory mechanisms and further functioning as effective can be determined, according to the ideas of the author of this study, by the extent to which such requirements (sanctions) that can threaten the sustainable state of industrial enterprises and the economy of the region as a whole can be avoided.Consequently, the quantitative characteristics are the values of the prevented economic damage, expressed in cost form.
Hence, an analysis of the activities of investors, taking into account the interests of the participating groups in the coalition, must necessarily evaluate the effectiveness, which can be called interactive.The establishment of criteria for interactive effectiveness in accordance with the principles of consensus management cannot be carried out by only one member of the coalition, that is, such a process must take place in the form of a dialogue and be the result of interactive interaction between government agencies, industries of the industrial complex and public interest groups.
Currently, not only producers and consumers are participants in environmental and economic relations, the wide spread of external effects leads to the fact that the interests of other parties are affected.In our opinion, the purpose of using consensus management is to more comprehensively, systematically explore the complex relationships that arise between the economic and ecological systems in the territory, use the identified characteristics to build mechanisms for state regulation of investment projects of an environmental orientation based on the principles of sustainable development, fair distribution of natural resources, other resources, including investment ones.Consensus management requires the use of comprehensive, adaptive, integral, multi-scale and pluralistic approaches to the choice of criteria for selecting environmental investment projects in the process of functioning of the mechanisms of state regulation of investment activities.
In our opinion, the main principles of consensus management that are of practical importance for the optimistic scenario should be recognized as: limiting the negative impact on the environment, caution and preventiveness (prudence), and fairness.Since the quality of the environment is a public good, it can be argued that its conservation, improving the quality of its components is a public goal.For an industrial enterprise, the need to protect the environment actually puts limits on the goal of making a profit, but at the same time, if the principles of consensus management are applied, it contributes to the income of the enterprise.However, the assertion that industrial enterprises should consider the interests of consumers in preserving the environment as the main strategic goal of their activity is nothing more than a disguise of their own economic interests in making a profit.Therefore, the goal of preserving the environment in the process of implementing investment projects, proclaimed as the main strategic one, can be considered, in our opinion, only as a marketing advertisement aimed at creating a favorable image of an industrial enterprise in society, among consumers, among state control and regulation bodies, the impact on the ecological consciousness of society.Be that as it may, industrial enterprises are not created for the purpose of protecting the natural environment, but in order to receive a sustainable economic income.
The ideas and principles of consensus management presented above confirm that an economic goal can be achieved only when the interests of stakeholders, along with other conditions, are introduced [10] as initial factors in the process of selecting criteria and restrictions for quantitative assessments of achievement criteria that invariably have an economic orientation, the main strategic goal of any industrial enterprise.An environmentally oriented investment strategy can serve as a tool for coordinating interests at the regional level [11].
Hence, the tasks of consensus management are to establish the type and magnitude of performance criteria that will form the basis for evaluating the work of state regulation mechanisms.And the degree of economic efficiency should depend on the degree to which the interests of all coalition members are taken into account.
The rational construction of state regulatory mechanisms and further functioning as effective can be determined, according to the ideas of the author of this study, by the extent to which such requirements (sanctions) that can threaten the sustainable state of industrial enterprises and the economy of the region as a whole can be avoided.Consequently, the quantitative characteristics are the values of the prevented economic damage, expressed in cost form.
Hence, an analysis of the activities of investors, taking into account the interests of the participating groups in the coalition, must necessarily evaluate the effectiveness, which can be called interactive.The establishment of criteria for interactive effectiveness in accordance with the principles of consensus management cannot be carried out by only one member of the coalition, that is, such a process must take place in the form of a dialogue and be the result of interactive interaction between government agencies, industries of the industrial complex and public interest groups.
Hence, an analysis of the activities of investors, taking into account the interests of the participating groups in the coalition, must necessarily evaluate the effectiveness, which can be called interactive.The establishment of criteria for interactive effectiveness in accordance with the principles of consensus management cannot be carried out by only one member of the coalition, that is, such a process must take place in the form of a dialogue and be the result of interactive interaction between government agencies, industries of the industrial complex and public interest groups.Hence, consensus management is the theoretical basis for conducting a dialogue, the conditions for which are: sustainability of economic development; environmental orientation of investment projects; the complexity of economic, environmental and social goals for the development of industrial enterprises, industries in a certain territory -in the region; the output of the results of the implementation of investment projects beyond the boundaries of a particular industrial enterprise to the territory of the region; active behavior of coalition members in the decision-making process; distribution of environmental investment management functions to all levels of government -federal, regional, municipal and local.
Thus, the optimistic scenario involves the application of the principles and approaches of consensus management in the process of improving the mechanisms of state regulation of environmental investment activities The normal scenario, which is based on the most probable assumption, is based on the version of the gradual introduction of the theory of consensus management into the practical activities of government bodies, industrial enterprises and interest groups as members of the coalition.This scenario can be used as a baseline for the short term, until the state mechanisms, both legal and economic, regulating environmentally oriented investment activities on the principles and approaches of consensus management are used.
The pessimistic scenario is based on the assumption that the balance, equality of interests of the coalition members in the short and medium term will not be achieved, consumer public associations and environmentally minded stakeholder groups will put such pressure on the activities of industrial enterprises in the region that enterprises in a fairly short a period of time will suffer significant losses, violating the economic stability of the entire economy of the region [13].
The next tool, cross impact analysis, makes it possible to use a simplified method for identifying weak signals, which consists in the fact that information is obtained as a result of an initial review of possible directions for an enterprise's investment activities within the framework of environmental policy.The analysis of mutual influence is based on methodological provisions, including the choice of factors of the enterprise's activity and potential directions for the development of society and government regulatory mechanisms (Table 1).Legend: + positive impact; -bad influence; ?influence with unknown impact; ?? unknown influence with unknown impact; 0 neutral impact and neutral consequences; +/-contradiction of influence and impact.
The presented table 1 is a matrix in which the symbols ?, ?!, +/-refer to conflicting and unclear estimates and require further analysis, since they indicate the presence of weak signals and possible serious risks.In addition, in the matrix, potential investment directions for the economic development of an industrial enterprise are opposed to various environmental aspects.A kind of mutual penetration of influences arises and an unforeseen direction of interaction is established.However, along with this, groups of interactions are defined, which at this point in time, due to insufficient information, are not clearly manifested, or appear to be contradictory [10].
Weak signals must be taken into account already at an early stage of planning investment activities.In assessing the degree of mutual influence of factors and opportunities for further development, we recommend using expert assessments.Competent specialists of industrial enterprises, as well as employees of state bodies of control and regulation, representatives of public organizations, and public self-government bodies should be involved as experts [14].
So, for example, to assess public opinion, you can use the diffusion curve, otherwise called the distribution curve of public opinion.This curve provides an opportunity to identify and group from the totality of messages about various phenomena that, as a result of changes in public opinion, can have a positive impact or a negative impact on environmentally oriented investment activities.In addition, the diffusion curve makes it possible to make a judgment about whether investment projects of an environmental orientation will take a priority direction of development, supported not only by public opinion, but also by state control and regulation bodies.The dynamics of public opinion from the emergence of an idea and the perception of a problem to the formation of a legal mechanism and decision-making has the form of an S-shaped curve.Typical for environmental and economic problems, if they do not affect the period of unexpected crises, catastrophes, is the following pattern: a long period of gradual increase in interest turns into a sharp rise in attention, then a peak is reached and interest decreases if the solution to the problem is perceived by public opinion [10].
Determination of the beginning of diffusion, observation of the further course of social processes requires a significant amount of analytical work, however, it allows you to determine those moments that are most favorable for obtaining the necessary investments in environmentally significant projects.Since any investment projects can affect not only one industrial enterprise, but also spread to a sub-sector, the industry as a whole, the diffusion curve is a tool that can be used by industry unions, associations in the country, region in the interests of their members -individual industrial enterprises, respectively enterprises, studying on their own or inquiring about the state of the diffusion curve, can make decisions in which phase of the development of this curve they should respond by developing and implementing investment projects of an environmental orientation.
The next tool is a strategic analysis, the purpose of which is to determine the achieved level, for example, the investment attractiveness of the region and the possible potential for attracting investments from various sources in environmental projects.Under the analysis of the potential we mean the analysis of investment resources available to industrial enterprises in the region, the use of which is possible for the implementation of the strategic policy of the state.The results of the analysis contain an assessment of the potential in the field of production of environmentally friendly products, its marketing, in the field of scientific research and design, in the financial sector, in staffing and assortment policy.These assessments are taken into account when setting the strategic goals of the environmentally oriented investment policy.
Strategic analysis allows you to set the boundaries of environmental development in the planning period, determine the magnitude of the effect between the achieved and desired future level of economic and environmental development, called the strategic gap (Fig. 1).We recommend obtaining information for the analysis of further strategic development from the data banks available at the industrial enterprises of the region, or by means of a survey of experts' opinions.The necessary information can be created on the basis of observations of employees of state bodies of control and regulation of the federal and regional levels of government.The process of collecting information about the strategic potentials of industrial enterprises is facilitated by such factors as: openness and readiness of employees and management of industrial enterprises to solve investment problems of an environmental orientation; promising opportunities for financial investments from profits and other sources in environmental protection activities, the introduction of environmentally friendly products, technologies based on production and consumption waste, the creation of resusling and waste processing centers, and the promotion of public relations; compatibility with the economic, marketing, marketing, production, commodity and other development strategies available at industrial enterprises for various perspectives; availability of methods for assessing economic damage and environmental risk of production processes and products; the possibility of obtaining, inventing and implementing technical innovations; the ability to create and process accounting and estimated indicators, for example, physical ones instead of cost ones; transparency (transparency) of the enterprise's activities for stakeholder groups [10].
The main methodological feature should be considered that the analysis of the strategic potential can be carried out in the form of a SWOT analysis, or, in other words, an analysis of strengths and weaknesses, opportunities and threats only using the impact factors on environmentally oriented investment activities.In the process of strategic analysis, it is necessary to find out the degree of readiness of an industrial enterprise, all industrial enterprises in the region to implement the new requirements of ISO 9001:2000 quality management, ISO 14001 environmental management and the developed international standard ISO 19011, which will combine the requirements of the two previous management standards [15,16].
In our opinion, the degree of readiness of industrial enterprises to acquire and implement investment eco-efficient projects depends on the development of the studied issues in general in industries, applied research, and society.In fact, state intervention in standards and price dynamics, reflected in the growth of environmental taxes, manifests itself in such a way that strength and weakness can in one case relate to technical and technological innovations, and in the other case, to financial reserves or the productivity potential of an enterprise.Therefore, conducting a strategic analysis is a necessary tool for identifying opportunities for further development and threats that will arise with varying degrees of probability in the event of the elimination of the requirements of international standards.
Environmental audit as a tool for assessing (revising) the current situation in the field of environmental relations is systematic, documented and is distinguished by an objective assessment of how efficiently and effectively an industrial enterprise, its management system and technical means ensure the protection of the natural environment.Environmental audit contributes to the process of monitoring the effectiveness of environmental measures as a result of the implementation of relevant investment projects, ascertains the degree of achievement of the environmental policy goals of an industrial enterprise, including compliance with obligations towards coalition members.
The proposed methodological recommendations include the need to use this analysis tool in the process of studying the strengths and weaknesses of the enterprise, opportunities and threats to its activities, which are carried out in strategic analysis.
In the course of conducting a strategic analysis, an environmental audit makes it possible to assess the degree of implementation, firstly, of the requirements of Russian legislation and international requirements, and secondly, the presence of environmental goals in strategic directions for further development and diversification of activities; thirdly, continuous specific measures to improve the components of the natural environment, reduce their pollution.
Additional financial and labor costs for conducting an environmental audit can be paid off by the following opportunities identified as a result of such an audit: an extensive information base is created for strategic planning of investment activities not only for the enterprise, but for all industrial enterprises in the region; experience is gained for future environmental audits; the costs of conducting an environmental audit within the framework of the environmental management system are reduced; an additional communicative effect is obtained from communication with employees of state control and regulation bodies; there is an identification of shortcomings that impede the implementation of newer international environmental requirements and liability for environmental violations.

Conclusions
Strategic analysis and environmental audit are mutually related and require simultaneous strategic control.Integration of strategic analysis, control and environmental audit into a single system is the next methodological provision, which is aimed at identifying shortcomings and opportunities for strategic investment development while solving environmental problems, as well as establishing discrepancies as a result of strategic control -a strategic gap.Hence, the process of investment planning must be preceded by the considered analysis tools.
Analysis of investment and material flows -the final tool of the proposed analytical studies should be carried out in order to increase the reliability of the initial information used for strategic planning of the activities of state bodies for the control and regulation of investment activities.To obtain reliable, high-quality information, it is necessary to use numerous information tools that provide timely and reliable data on the quality and quantity of material resources used in industrial enterprises, the principles for assessing the degree of their environmental friendliness, as well as on the magnitude, sources and directions of use of investment flows.It should be noted that the bodies of state control and regulation do not require full transparency of the flows of material resources and investments in industrial enterprises, only aggregated data are required.
For example, the methods of collecting and formalizing information that can be used in the study of investment flows are the following list: ABC / XYZ -analysis; system analysis; analysis of mutual influence; interaction matrix; regression analysis; correlationregression analysis; risk analysis; analysis of the effectiveness of activities, analysis of the value chain; balance method; questioning, Delphi method; tree of problems and decisions; methods of intuitive search for ideas; methods for evaluating results; accounting, control, portfolio analysis, SWOT -analysis; index analysis of indicators; economic calculations.
In our opinion, for various research purposes, several methods listed above can be used simultaneously.An analysis of investment and material flows will provide state control and regulatory authorities with the necessary high-quality and complete information on the process of implementing environmentally oriented investment projects and the results throughout the life cycle of manufactured products.Such information should give an idea of the impact on the environment that the industrial enterprise will have in the process of obtaining raw materials, manufacturing products, distribution, use and disposal of waste, what impact on the environment will the finished product have in the process of its use, consumption, storage, disposal.Answers to these questions and allows you to get an analysis of investment and material flows from the point of view of the environmental orientation of the industrial enterprise.

Fig. 1 .
Fig. 1.The influence of the strategic potential on the activities of an industrial enterprise in the field of investment activities of an environmental orientation.

Table 1 .
Analysis of the mutual influence of external and internal factors.