Formation of strategies for adapting the investment policy of TNCs in the context of global digitalization

Abstract

Purpose: The article is devoted to the study of the formation of strategies for adapting the investment policy of TNCs in the context of global digitalization. Methods: A multifactor assessment of the international investment activity of TNCs in the context of digitalization was carried out by comprehensively taking into account financial, technological, institutional and ESG-oriented indicators, which allowed for the typology of TNCs based on factor analysis and made it possible to identify strategic profiles of investment and digital transformation of company development priorities in the global digital environment. Results: The novelty is the proof that the formation of cluster-specific trajectories for adapting the investment policy of TNCs to the conditions of global digitalization involves: (A) for platform core TNCs - an emphasis on digital integration and R&D while restraining geographical expansion and ESG costs in the short term; (B) for engineering and manufacturing TNCs - a combination of digital integration with financing and R&D, while controlling costs for diversification and "green" projects; (B) for traditional/peripheral TNCs – the priority of financial capacity and digitalization with moderate diversification and gradual increase of ESG as a supplement, not the main driver. Conclusions: The practical significance of the results obtained is that mechanisms for implementing the specified strategies for digitalization of investment activities of TNCs are proposed, namely: (1) Budgeting and portfolio optimization tools, including: factor-oriented budgeting; two-level structure of the investment portfolio (core – projects with high predictability of cash flows and a direct connection with the dominant factors of the cluster, and options – experimental projects with a potentially high multiplier); budgeting taking into account time lags, threshold restrictions on global diversification and ESG; (2) Corporate governance of strategy implementation, including a dual transition investment committee based on digital synergy and payback criteria; institutionalization of data management as part of investment policy; responsibility architecture for the transformation portfolio; (3) Implementation risk management, which includes: identification of key risk groups, risk minimization contours; (4) Phased implementation for 2026 - 2030, which includes such stages as: standardization and institutionalization of the mechanism; scaling of cluster drivers, consolidation and transition to the "second-order effect" (continuous portfolio management models).