Modern Approaches to the Evaluation of Development Institutions Effectiveness

The article examines the role of development institutions in the modern economy and substantiates the relevance of their research. The purpose of this article is to study existing approaches to assessing the effectiveness of development institutions, identifying features and studying their practical application. The systematization and analysis of four approaches to assessing the activities of development institutions are carried out: as an economic entity (organization); as a tool for the effective use of public funds; as a degree of contribution to economic growth and an integrated approach. The study identified the most promising approaches to assessing the effectiveness of development institutions – the approaches of McKinsey and the OECD. These approaches, unlike the others, allow for a comprehensive performance assessment. However, the existing methods within the framework of these approaches are very difficult to apply in practice, since they are not sufficiently developed. It is concluded that it is necessary to apply an integrated approach to a comprehensive assessment of the activities of development institutions, which, according to the author, should provide for the calculation and analysis of the dynamics of indicators characterizing the socio-economic and commercial efficiency of activities; assessment of the contribution of development institutions to the socio-economic development of interstate associations, states and regions; assessment of the effectiveness of budget funds management; comparison of performance indicators of the analyzed development institution with performance indicators of similar ones. The research results can be used to determine the directions for further improvement of approaches to assessing the effectiveness of development institutions and the development of new methods.