Neo-institutional Approach for Regional Economic Development: The Impact of Sociocultural Determinants
Purpose: The aim of this article is to analyze neo-institutional approach for regional development by identifying the impact of sociocultural determinants at regional level. Design/Methodology/Approach: For regional economic development, it is required to identify sociocultural factors that contribute to (or impede) the innovative economic development of the regions by highlighting regions in which sociocultural factors will rather contribute (or rather impede) innovative development. Findings: To take account of the influence of sociocultural factors on the effectiveness of institutional transformations, a system of indicators has been developed, evaluating sociocultural characteristics and behavioral attitudes of economic agents in a certain region. Practical Implications: The author developed recommendations before starting the process of institutional changes in a specific regional innovation system. Practical Implications: The article formulates recommendations on the implementation of institutional changes in the region taking into account the sociocultural characteristics of the region’s population. Originality/Value: Sociocultural background is very important in terms of fine-tuning the process of institutional in regional level. As such it can be used for changes and to determine the specifics of their conduct in the regions of the Russian Federation.