Digitalization of the institutional environment of the sharing economy development

Abstract

The concept of the sharing economy, widely used in the last ten years, has become an essential phenomenon for the economy, including a complex system of socio-economic relations and affairs. This model's main feature is to provide access to underutilized goods and services through the active use of information and communication technologies. The study's purpose is to model the impact of institutionalization digitalization on the sharing economy development. In the course of the study, the existing approaches of the sharing economy were revealed, and its key characteristics were described. The hypotheses on the impact of individual components of the institutional environment digitalization on the development of relations implemented within the framework of this business model were formulated. The authors took into account factors such as the digitalization of network relations, the formal and informal institutional environment. In the testing formulated hypotheses, correlation and regression were carried out, which allowed determining the patterns of the sharing economy development. The information base for this study was the international reports of The Timbro Sharing Economy Index and The European Index of Digital Entrepreneurship Systems (EIDES). Constructed nonlinear model has shown the impact of digitalization of networking and the support of entrepreneurs through digital platforms on the sharing economy development. It is indicated that the regulation of the sharing economy presupposes preliminary institutional design, and the key feature of sharing economy institutions will be their inclusiveness, which must be taken into account about their design. The theoretical significance of the results obtained is to determine the patterns of sharing economy development. Practical significance consists of applying the results obtained to engage citizens in solving socially significant problems through the use of this business model.