Monitoring of Financial Performance of Cultural Mega-Projects: Experience from European Capitals of Culture

Cultural development is becoming increasingly popular around the world, which has led to an increase in the number of various cultural events worldwide. Cultural development of cities helps to improve the quality of life and contributes to the development of the business environment. However, unlike most European countries, in Norway, culture has a much more significant impact on the local population.
The purpose of this study is to analyze the European capitals of cultural projects using the most illustrative cases to determine the most effective system of financing cultural projects. In particular, the thesis answers the question of what is the role of private and public investment in such projects and how a city can most effectively attract funds depending on the needs of the city. The theory of hybrid organizations proposed by Gray and Jenkins (1995) is used to explain the empirical results. The theory of hybrid organizations is used to describe the peculiarities of the financial activity of projects.
The findings of this study confirm the theoretical aspects of the financing systems in the Nordic countries. The analysis of 4 different cases makes it possible to evaluate the effectiveness of the models on real-life examples, taking into account the specifics of each of the analyzed countries. The study also includes in-depth interviews with Bodø 2024 representatives directly involved in the project financing and implementation process. Their experience allows us to analyze in more detail how the project is financed and allocated.

Kovalov K. Monitoring of Financial Performance of Cultural Mega-Projects: Experience from European Capitals of Culture : Master Thesis : 072 Finance, Banking and Insurance / Kostiantyn Kovalov. – Kyiv, 2023. – 74 p.