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This is an Open Access article, distributed under the terms 
of the Creative Commons Attribution CC BY 4.0

1 Classic Private University, Ukraine (corresponding author)
E-mail: pokataeva.olga1978@gmail.com
ORCID: https://orcid.org/0000-0003-3897-6845
2 Classic Private University, Ukraine
E-mail: radev.d.v@gmail.com
ORCID: https://orcid.org/0000-0001-7523-5013

DOI: https://doi.org/10.30525/2256-0742/2023-9-5-169-175

INSTITUTIONAL ENVIRONMENT  
OF THE DIGITAL ECONOMY SECTOR

Olha Mashchenko1, Dmytro Radiev2

Abstract. The purpose of this article is to improve the theoretical and methodological foundations for studying 
the essence and peculiarities of development of the institutional environment of the digital economy sector,  
to allocate the components of its architectonics as the basis for forming a platform for the conceptual  
development of the national economy based on digitalisation. Methodology. The methodological basis of the 
study is formed by modern economic and sociological institutional theories, the object of analysis of which is 
the institutional dynamics of the environment: institutional theory, new institutional theory, substantivist theory,  
the concept of institutional density, the concept of institutional matrices, the theory of societal psyche. The paper 
uses the historical-logical and dialectical methods to study the contradictions of the processes of formation and 
development of the institutional environment, as well as the methods of system analysis to study the components 
of the architectonics of the institutional environment of the digital economy. Results. From the standpoint 
of institutional theory, it is formulated and substantiated that the institutional environment of the digital  
economy sector is a synthesis of a set of formal/іnformal basic/complementary institutions of the traditional and 
digital economies of different levels and institutions that are in certain interconnections and relationships with 
each other, forming a hierarchical integrity. Institutions determine the creation and operation of relevant 
institutions, which, in turn, ensure the implementation and enforcement of established rules and regulations. At 
the same time, the resilience and flexibility of the environment is based on the natural accumulation or forced 
implementation of basic institutions capable of ensuring the emergence of new digital economy institutions 
or significant modernisation of existing ones, which protects and promotes the development of the digital  
economy. The task of managing the institutional environment is to balance the ratio of institutions. The  
architectonics of the institutional environment of the digital economy sector is a system that combines a  
functional set of institutions of the traditional economy (management, labour, property, market, non-market), 
specific institutions of the digital economy (information, participation, digital space), global institutions, and 
regional institutions. Institutions as systemic elements, through implementation/legitimation mechanisms, form 
a set of institutions of the digital economy that mediate the interaction of economic actors, provide contracting, 
and mechanisms of institutional change. The most important institutions include innovation labs, research 
centres, technology companies, start-ups, cryptocurrency exchanges, digital agencies, consultancies, educational  
institutions, learning platforms, government agencies, legislative bodies, banks, digital banks, financial  
institutions, digital platforms, and digital networks. Interaction and mutual influence of institutions and  
institutions of the digital economy form the guidelines for selecting effective elements of the institutional  
structure from alternative institutional forms. The digitalisation of Ukraine, which is focused on the norms of 
international, European and regional cooperation, will facilitate Ukraine's integration into the European and  
global market of e-commerce, goods and services based on information and communication technologies.  
A new global economic architecture is being designed, into which new economic agents are integrating.  
At the same time, regionalisation processes are taking place, new regional clusters are emerging, and the 
country is being integrated into the European cluster. Practical implications. The elements of the architectonics 
of the institutional environment of the digital economy sector are identified and summarised by criteria, which 
makes it possible to identify the most problematic areas of institutional transformations and to formulate and 
select instrumental solutions to overcome them. The development of the relevant elements of the institutional 



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environment of the digital economy sector contributes to a rapid and profound digital transition, when the 
results of digital transformation will become the basis of Ukrainian society and a key factor on the path to 
Ukraine's prosperity and welfare. Value/оriginality. It is established that the use of institutional analysis tools will 
allow determining the optimal directions of institutional building/transformation of digital economy institutions 
and minimising the social costs of Ukraine's evolutionary development. A two-level approach to designing the 
institutional environment of the digital economy sector in the national space is proposed: at the institutional  
level – as designing the socio-political and economic conditions for the development of digital economy  
institutions based on the development of digital products and technologies; at the individual level – as designing 
the functional place of a digital product in the human life space. 

Key words: institution, institutional matrix, institutional environment, digital economy, digitalisation. 

JEL Classification: B52, D80, L86, O43

Introduction
The patterns of development of the digital economy 

are determined by the environment of functioning of 
the economic agent – and the nature and structure of 
the institutional environment. Addressing the issue of 
the efficiency of the digital economy sector requires  
the creation of specific national institutions that 
will ensure the effectiveness of the institutional 
environment. The institutional content of the digital 
economy is undergoing transformation due to  
negative factors influenced by the military and 
political situation in Ukraine. These factors include 
human losses among military personnel and civilians, 
societal stratification, economic losses due to reduced 
production caused by damage to infrastructure and 
economic facilities, corruption, internal political 
disagreements, restrictions on citizens' freedoms, 
migration, demographic crisis, low funding for 
education and healthcare, reduced life expectancy,  
falling education and living standards, and 
a humanitarian crisis with problems of access to  
basic life needs such as food, water, and medical care.

For a long time, the Ukrainian economy has shown 
an inability to effectively modify institutions, which 
requires finding an incentive mechanism to create 
an effective institutional environment, including 
for the digital economy sector. The historically  
determined orientation of institutional dynamics  
and unsuccessful institutional transformations of 
Ukrainian society do not preclude the possibility 
of successful modernisation of the institutional 
environment. The formation of new and  
improvement of existing institutions of the 
digital economy is directly related to the issue of  
their effectiveness. 

The theoretical and practical aspects of the 
functioning of the digital economy sector and the  
problems of its development on the basis of insti-
tutional methodology are studied in the works of 
such domestic and foreign scholars as O. Humeniuk, 
V. Kolomiiets, D. North, K. Polanyi, A. Pustovarov, 
P. Putsenteilo, M. Castells, A. Tkach, O. Trokhymets, 
M. Fesenko, K. Shaposhnykov. Despite their 

importance, the solutions developed have not been 
properly implemented to enhance the development 
and expansion of Ukraine's digital economy. Paying 
tribute to the effectiveness of the work of scholars 
on institutional change and the institutional  
environment, it should be noted that in the current 
environment there is a lack of research aimed at 
identifying effective ways to build an institutional 
environment for the comfortable functioning of the 
digital economy sector. Thus, the need to substantiate 
new instruments and means of institutional  
development of the digital economy sector of  
Ukraine, more adapted to modern realities, is relevant 
to the study.

Theoretical basis. The institutional environment 
of the digital economy sector is studied on the 
basis of an interdisciplinary approach through the 
prism of economics, politics, sociology, and law to 
gain a comprehensive understanding of its impact 
on the development of the digital society. The  
methodological basis of the study is modern  
economic and sociological institutional theories,  
the object of analysis of which is the institutional 
dynamics of the environment: institutional theory 
(Davis, North, 1971), new institutional theory (Tkach, 
Kolomiiets, Radieva, 2019), substantivist theory 
(Polanyi, 2001), the concept of institutional density 
(Blishchuk, Domsha, 2020), theory of the societal 
psyche (Donchenko, 2011).

The methodological basis for developing approaches 
to formulating the institutional content of the 
digital economy is the new institutional paradigm, 
which includes the institutional paradigm, the neo-
institutional paradigm, and the paradigm of the new 
institutional economic theory. Significant changes in 
the structure and content of institutions as a result of 
changing conditions of economic and social activity 
of people require the transformation of standard ideas 
about processes – that is, they require the development 
of a new paradigm for the development of the digital 
economy sector (Tkach, Kolomiiets, Radieva, 2019).

The methods of the new institutional theory are 
complemented by the provisions of the substantive 



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theory, which studies economic relations in relation 
to other social, cultural, and political phenomena in 
society. The concept of substantivist theory recognises 
that the economy cannot exist in isolation from 
other social institutions. Social interactions influence 
economic structures. This approach is important for 
understanding a wide range of economic, social and 
political phenomena in modern society (Polanyi, 2001).

The transformation of the socio-economic system 
and transformation processes in various sectors of 
the economy are associated with transformations of 
the institutional environment, which is one of the 
key categories of institutional economic theory and 
an important component of the basic conditions 
for economic reform. The essence, features, and  
components of the "institutional environment of 
the economy" and its individual spheres, such as 
agriculture, industry, and human capital, have been  
thoroughly studied in the scientific space. At the same 
time, economic theory lacks a scientific interpretation 
of these categories in relation to the digital economy. 

Scholars consider the institutional environment as 
a set of fundamental political, social, and legal rules 
that form the basis for production, exchange, and 
distribution, outlining the framework for human 
behaviour (Davis, North, 1971); as a set of the 
most important fundamental social, legal, political, 
economic, moral, ethical, cultural rules and norms 
that determine behaviour and relationships in society 
and are aimed at improving the efficiency of the  
economy and the quality of life of the population 
(Chubar, 2013); as a set of fundamental social,  
political and economic rules that constrain human 
behaviour (Tkach, 2007); as a combination of multi-
level institutions that form an institutional matrix of 
formal rules and informal restrictions (Mantsurov, 
2011); as norms, principles, values and mechanisms 
of their observance that contribute to the generation 
of new ideas, opportunities in regional development, 
growth of creativity in the region, realisation of the 
interests of the regional community, adaptation of 
economic development to the needs of the region, 
development of social capital, and use of the creative 
potential of residents in solving economic, social and 
cultural problems (Shaposhnykov, 2013).

Results. Understanding the components of the 
institutional environment of the digital economy 
sector is important for identifying and forecasting 
changes in society and the economy. The digital 
economy is intertwined with the traditional economy, 
combining institutions of the traditional and digital 
economies in its institutional environment. The 
fundamental approach to the formation of the digital 
economy is the system-functional approach, according 
to which the main components of the institutional  
environment are identified – institutions that 
interact and influence each other. The institutional  

environment, in addition to the fundamental rules, 
includes a set of organisational mechanisms and 
structures that mediate the interaction of economic 
agents and ensure contracting, as well as mechanisms 
for institutional change. 

The institutional environment of the digital economy 
sector consists of systemic elements – institutions that 
are formed and dynamically develop in interaction 
with other elements. The institutional development 
of each element is aimed at preserving the structure  
of the environment through the ability of each 
institution to self-regulate and internalise, which  
allows them to adapt to changes in the external 
environment. Institutions are repetitive in nature and 
provide for the design of stable patterns and methods 
of action of economic agents. The aggregate impact 
of institutions forms the institutional environment, 
which manifests the collective behaviour of the  
socio-economic system (Radieva, 2019).

According to the systemic-functional approach, the 
architectonics of the institutional environment of the 
digital economy sector can be presented as a system 
that combines 1) institutions – rules (ethical, moral, 
social, public) and norms (legal, legally enshrined);  
2) mechanisms for implementing/legitimising norms/
rules in the form of procedures and instrumental 
decisions; 3) institutions that mediate the interaction  
of economic actors and ensure contracting;  
4) guidelines for selecting effective elements of the 
institutional structure from alternative institutional 
arrangements. 

Consider the architectonics of the institutional 
environment of the digital economy sector as 
a set of interdependent elements, each of which forms 
a field of its own influence and is influenced by other  
elements (Figure 1). Within the framework of 
institutional theory, scientists have identified a list  
of basic institutional rules for the formation 
and development of institutional platforms for 
a transformational economy: specification of all  
property rights; legal support for the regulation and 
management of economic processes; creation of 
conditions for competition; contractual relations; 
transaction costs; market; synergistic effect of 
reforms; information security; technology; free 
flow of resources and capital. The formation of the 
economic environment sector is directly related 
to such complementary institutions as traditions 
and religion, customs and upbringing, family and  
ideology, politics, law, government, mentality and 
culture, formal laws and punishment systems, 
professional activities, and motivation (Pokataeva, 
2013; Tkach, Radieva, Kolomiiets, 2019; Tkachenko, 
Shtets, 2021). 

Consider the components of the architectonics  
of the institutional environment of the digital economy 
sector of Ukraine that most actively influence the 



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processes of digitalisation of Ukrainian society: 
management institution, which produces incentive/
control/restriction mechanisms; labour institution; 
property institution; non-market institutions, the 
main ones of which are the state and civil society 
as special types of social institutions; market  
institution responsible for the competitive  
environment of the economic agent; information 
institution, participatory institutions; digital 
space institutions; global and regional institutions 
that combine the above institutions of the  
respective levels.

The digitalisation of Ukraine, focused on the norms 
of international, European and regional cooperation, 
aims to integrate Ukraine into the European and  
global market of e-commerce, goods and services,  
and to integrate Ukraine with European and global 
systems using information and communication 
technologies (Kraus, Goloborodko, Kraus, 2018).

Economic globalisation makes it impossible to  
quickly and painlessly sever global economic relations 
between countries, even in the event of war. At the 
same time, the breakdown of pre-war technological 
chains is becoming inevitable. A new global economic 

Figure

Institutional metaparadigm
• General worldview principles
• Value statements
• Human

Regional 
institutionsGlobal 

institutions

Digital 
economy 

sector

National 
economy

N
at

io
na

l 
in

st
itu

tio
ns

Institutions
state institutions;
public organisations;
enterprises
financial institutions;
educational institutions; 
non-governmental 
institutions;
religious institutions;
cultural and leisure 
institutions;
law enforcement 
agencies; 
political parties

Institutions
innovation 
laboratories;
research centres;
technology companies
start-ups
cryptocurrency 
exchanges;
digital agencies;
digital platforms;
digital networks

Guidelines for selecting 
effective elements of the 
institutional structure

Mechanisms
of public

Mechanisms
of public

Fo
rm

al
/

Market

Property

Management

Labour 

Non-market

Education  

Digital space

Information

Joint participation

competition, infrastructure, 
financial system, supply/demand

incentives, control, restrictions

values, state authority, tax system, 
judicial system, political system, 
ideology, civil society, public opinion

digital interaction, Internet of 
Things, robotics, cybersecurity, 
artificial intelligence

online cooperation, social commerce, 
collective participation, ideology of 
balanced consumption

C
onservation

G
radual 

developm
ent

G
overnm

enta
l reform

s

legitimation 

legitimation 

B
as

ic
 / 

co
m

pl
em

en
ta

ry
in

fo
rm

al

Figure 1. Architectonics of the institutional environment of the digital economy sector 

Source: developed by the authors



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architecture is being designed, into which new 
economic agents are being integrated. Simultaneously, 
there is a process of regionalisation, the emergence  
of new regional clusters, and Ukraine's integration 
into the Western cluster, primarily in terms 
of updating the military-industrial complexes  
of countries. 

These processes, which are associated with the 
polarisation of the world into "two camps" and 
cooperation within each camp, are changing the  
model of globalisation that emerged at the beginning 
of the twenty-first century. The new world order is 
determined by the global confrontation between 
democracies and dictatorships. Confrontation, similar 
to the situation between the First and Second World 
Wars, is replacing the agreed divided coexistence  
that emerged after the World War II. The duration  
of such a confrontation is estimated at 30-40 years.  
The war may result in the replacement of global and 
national elites. 

New elites are formed on the basis of access to and 
control over information technologies and resources. 
In the information space, "information elites" have 
personal micro-networks, play a key role in shaping  
and controlling information technologies, economy, 
politics, and benefit from this control. At the same 
time, elite representatives, as in previous times, 
are symbolically closed entities with their own  
interpersonal subculture and have a privileged  
position in society (Castells, 1996).

The war will be the catalyst for the transition to  
a new sixth technological order. Historical experience 
shows that every war of this scale stimulates 
the transition to a new technological level. The 
civilisational task of transitioning to a new  
technological level by peaceful means, which was first 
set by humanity in the noughties, has not been fulfilled. 

Among the most important technological shifts  
are robotics and the emergence of artificial  
intelligence. The speed of their implementation and 
the success of their use will determine the country's 
competitiveness in the global economy. Under the 
pressure of new technologies, new solutions are 
emerging, even those produced by turnout. Ukraine's 
goal is to evolve and develop the basis for a different  
way of thinking – a breakthrough into a new 
technological, social and economic future, and the 
creation of new practices to scale to the global world.

The public administration and policy community 
becomes a flagship in the development, promotion, 
and implementation of comprehensive national 
digital strategies and ensures the reduction of barriers 
to the country's digitalisation, correction of market 
failures, support for fair competition, investment 
attraction, development of digital infrastructure and  
digitalisation based on national priorities (Digital 
Agenda of Ukraine, 2016; Pustovarov, 2020). The 

effective functioning of the digital economy in 
the context of constant digitalisation involves the 
transformation of certain structural components,  
such as information and telecommunication 
technologies, human capital, a favourable business 
climate and effective governance (The World Bank 
Group, 2016). 

Increased civic responsibility, unification of 
Ukrainian society, and volunteering as manifestations 
of civil society have become a response to the deep 
socio-economic and political crisis in society caused  
by the military and political situation in Ukraine  
and the overall macroeconomic instability.

Institutions of the sharing economy (or sharing 
economy) are forming a new model of market  
relations embedded in the digital economy  
system through the use of modern digital  
technologies, the rapid spread of online platforms, 
Ukraine's deeper integration into the European  
and global information space, the existing potential 
in the ICT sector, and numerous outsourcing  
IT companies. The scientific literature identifies  
the following main institutional aspects of  
the sharing economy: online collaboration, social 
commerce, collective participation, and anti- 
consumer ideology (Bodrova 2019).

The digital area is a technological and communi-
cation framework that unites two systems: service 
for consumers and service for producers. The digital 
needs of consumers are met by the consumer-service 
system, which includes communication (Facebook, 
Twitter), news (Google), leisure (YouTube), and 
shopping (AliExpress, Amazon, Avito). The possibilities 
of doing business in the digital space are realised 
in the "service producer" system with the help of: 
accounting (jSolutions), logistics (4Logist), marketing 
(AliExpress), analytics (Qlik Sense) (Putsenteilo, 
Humeniuk, 2018). 

The institutional components of the digital space  
set new rules and actively influence the national 
economy, ensure faster organisation and efficiency 
of business, and reduce transaction costs. These 
components include digital interaction, the Internet 
of Things, blockchain, cybersecurity, 3D printers,  
big data, cloud computing, quantum technologies, 
NBIC convergence, additive manufacturing, and 
robotics. 

The institute of digital interaction is implemented 
through the use of digital platforms as a set of 
technologies that ensure the creation of a specific 
and specialised system for storing and exchanging 
information between market participants through 
virtual space.

A platform is described as a product, service or  
firm or service that mediates transactions between 
two or more groups. Platforms are differentiated 
by type of activity, economic sector, and business  



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model: Internet search engines (Google, Yahoo, 
Bing), online marketplaces (eBay, Booking. com, 
Asos, Allegro, AMAZON), video-sharing platforms 
(e.g., Dailymotion, Vimeo, YouTube), music and 
video platforms (e.g., Deezer, Spotify, Netflix, Canal 
Play), social media (e.g., Facebook, Twitter), money-
saving platforms (AirBnB, Uber, BlaBlaCar, Ulule, 
Crowdcube), online games (Steam), etc.

The digital economy comprises various  
institutions that play a key role in facilitating the 
development and functioning of the digital society 
and business, providing infrastructure, regulatory 
frameworks, technological solutions and other 
necessary elements for sustainable growth in  
a digital society. The institutions of the digital  
economy include: 
– Innovation laboratories and research centres that 
facilitate the development of new technologies, 
innovations and the implementation of advanced 
solutions in the digital sphere;
– active technology companies and start-ups that 
implement innovative ideas and technologies in real 
business; 
– cryptocurrency exchanges that create an infrastruc-
ture for trading and exchanging cryptocurrencies; 
– digital agencies and consultancies that provide  
digital marketing, data analytics, cybersecurity and 
other digital services to support businesses in the  
digital environment; 
– educational institutions and learning platforms  
that train specialists in the field of information 
technology and the digital economy, providing 
education and skills to work in this sector; 
– state bodies, government agencies and regulators  
that set rules and regulations for the functioning of 
the digital society, providing the legal and regulatory 
framework for the digital economy;
– banks, digital banks and financial institutions  
working in the field of financial technologies,  
developing and implementing digital financial 
technologies, such as mobile payments, smart 
finance applications, blockchain, cryptocurrency  
development, payment technologies, and other 
innovations in the field of finance;
– digital networks;
– digital platforms as online platforms for storing 
and exchanging various values, provide mutually  
beneficial interactions between market participants, 
openness of infrastructure for participants,  
convenience, flexibility and manageability.

Conclusions
The architectonics of the institutional environment 

of the digital economy sector is a system that  
combines a functional set of institutions of the 
traditional economy (management, labour, property, 

market, non-market), specific institutions of the 
digital economy (information, participation, digital 
space), global institutions, and regional institutions. 
Institutions interact and influence each other 
as systemic elements and, through procedural 
mechanisms of implementation/legitimation, form 
a set of digital economy institutions (innovation 
laboratories, research centres, technology enterprises, 
start-ups, cryptocurrency exchanges, digital agencies 
advisory services, educational institutions, learning 
platforms, government agencies, legislative bodies, 
digital banks, financial institutions, digital platforms,  
digital networks), mediate the interaction of  
economic actors, provide contracting, and  
mechanisms for institutional change. Interaction 
and mutual influence of institutions and institutions 
of the digital economy form the guidelines for  
selecting effective elements of the institutional  
structure from alternative institutional forms. 

The identification and generalisation of the  
elements of the architectonics of the institutional 
environment of the digital economy sector makes 
it possible to identify the most problematic areas 
of institutional transformations and to formulate 
approaches and choose instrumental solutions to 
overcome them. The institutional environment of the 
digital economy sector accumulates rules (norms), 
mechanisms for implementing norms and guidelines  
for selecting effective elements of the institutional 
structure from alternative institutional forms.  
The abrupt breakdown of existing rules and norms  
in order to create new formal institutions leads to 
"market failures" that reflect the mismatch between 
existing traditions and new formal institutions. The 
problem of overcoming the existing contradiction 
can be solved by creating an effective institutional  
platform for a transformational society. 

Designing the institutional environment of the  
digital economy sector in the national space 
should take place at two levels. At the institutional  
level, as the design of socio-political and economic 
conditions for the development of digital economy 
institutions based on the development of digital 
products and technologies; at the individual level, as 
the design of the functional place of a digital product  
in a person's life space. 

Further research is aimed at determining the 
significance of the impact of each element of the 
institutional environment on the basis of empirical 
analysis to identify the most sensitive areas of 
environmental transformation. The development of 
the elements of the institutional environment of the 
digital economy sector should be aimed at a rapid  
and deep transition to digital, when the results of  
digital transformation will become the basis of  
Ukrainian society and a key factor on the path to 
prosperity and well-being of Ukraine.



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Received on: 09th of October, 2023
Accepted on: 24th of November, 2023
Published on: 28th of December, 2023