MACROECONOMIC DETERMINANTS OF REPUTATIONAL CAPITAL: COMPARATIVE ANALYSIS OF DEVELOPED COUNTRIES AND BRICS COUNTRIES

In the context of global digitalization, reputational capital is becoming a key factor in the competitiveness of national economies. The purpose of the study is to identify the macroeconomic patterns of formation of reputational capital in countries with different levels of economic development. The methodological basis was based on correlation and regression analysis and econometric modeling of panel data for nine countries (USA, Germany, Great Britain, Singapore, Brazil, Russia, India, China, South Africa) for the period 2014–2023. The global competitiveness index was used as a proxy indicator of reputational capital, and the system of explanatory variables included indicators of digitalization, institutional development, human capital, and the business environment. The study revealed the existence of two fundamentally different trajectories of reputation capital formation. Developed countries are characterized by models with high explanatory power (average R2 = 0,906), where institutional factors play a dominant role — the fight against corruption, the protection of property rights and the effectiveness of market mechanisms. The BRICS countries demonstrate an alternative trajectory with less stable models (average R2 = 0,690) and a priority for investments in human capital. It has been revealed that technological progress can negatively affect reputational capital in the absence of an adequate institutional environment. Russia demonstrates a unique model of fragmented development with high achievements in digitalization with critical institutional constraints. The protection of property rights is a universal factor, significant for 75% of models in both groups of countries, which confirms the fundamental role of institutional guarantees. Anti-corruption policy demonstrates great importance for developed countries compared to the BRICS countries, reflecting differences in the priorities of reputational development. Human capital dominates the BRICS countries, emphasizing the importance of educational investments for emerging economies. Digitalization shows a steady positive impact in developed countries, but a mixed impact in developing economies. The patterns obtained indicate the need for a consistent approach to the development of reputational capital, taking into account the stage of the country’s institutional development.