The influencing factors in the business environment of the Visegrad Group in the last ten years and their comparison to Russia''s experience

Objective: examination of development of the business environment in the Central and Eastern European Visegrad Group /Czech Republic, Slovak Republic, Poland and Hungary/ in the last ten years, 2004-2014, by determining its influencing factors, and comparison of the results with the experience of the Russian Federation. Methods: approximation of the business environment with the help of five business-entity oriented indicators and analysis of relationship between them and their influencing factors, i.e. areas of competitiveness in the definition of the Heritage Foundation, based on correlation analysis, time series co-integration model and a specific panel co-integration model. Research results: the characteristic feature of the business environment in the Visegrad Group was adapting to integration into regional and global value chains. The main influencing factors of these changes were fiscal, trade and investment freedoms, to a lesser extent - freedom from corruption, as well as membership in the European Union. The development in the Russian Federation was focused on concentration of business activities improving all indicators of the business environment and being caused by third factors. Scientific novelty: first major complex study on the business environment in the Visegrad Group and in Russia, published in the Russian Federation. Practical value: better insight in the development of the business environment in the Central and Eastern European economies and in Russia, which can be used in macroeconomic policies of the Russian Federation