The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 4/2026. Economics and Management.
JATS XML
Olga I. Timofeeva
Cand. Sci. (Econ.), Senior Research Fellow, Center for Monitoring Budget Openness, Financial Research Institute of the Ministry of Finance of the Russian Federation, Moscow, Russia;
Associate Professor of the Department of Public Finance, Financial University under the Government of the Russian Federation, Moscow, Russia
ORCID: 0000-0001-9255-4753
DIAGNOSIS OF INVESTMENT CYCLE DEVIATIONS IN UNFINISHED CONSTRUCTION PROJECTS IN THE PUBLIC SECTOR
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The effectiveness of budget investments is largely determined by the structure of capital expenditures and the allocation of resources across investment projects at different stages of their implementation. In this context, particular importance is attached to the analysis of unfinished construction as a collection of unfinished projects, making it possible to diagnose deviations in the investment cycle and assess their prevalence from the perspective of budget efficiency. The study aims to develop and test an approach to assessing the structure of unfinished construction based on the classification of its projects. The methodology is based on budget reporting data and formalized criteria characterizing project status and investment cycle parameters. An empirical analysis of data from eight constituent entities of the Russian Federation shows that only 27,6% of investment projects are implemented without significant deviations, while these projects account for 36,7% of total expenditures incurred. The majority of the analyzed unfinished construction projects either exhibit various forms of investment cycle deviations or lack sufficient information for assessment. The proposed approach transforms budget reporting data from an accounting tool for capital construction projects into a tool for managing unfinished construction from the perspective of budget efficiency.
Keywords: unfinished construction, capital construction projects, investment cycle, investment cycle deviations, budget investment, budget reporting, management decision-making.
JEL: H54, H61, H83
EDN: FQHHAM
DOI: https://doi.org/10.52180/2073-6487_2026_4_48_69
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Manuscript submission date: 08.06.2026
Manuscript acceptance date: 13.08.2026
For citation:
Timofeeva O.I. Diagnosis of investment cycle deviations in unfinished construction projects in the public sector // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. №. 4. Pp. 48-69. (In Russ.). https://doi.org/10.52180/2073-6487_2026_4_48_69 EDN: FQHHAM



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