Subject The article addresses investment and innovative tools of strategic management, represented by cross-border umbrella structures. Objectives The purpose of the study is to develop methodological and practical recommendations for establishment and effective functioning of cross-border umbrella structures as innovative instruments for sustainable development of business and cross-border territories. Methods We employ the systems approach and principles of sustainable development paradigm to consider problems related to umbrella structures' functioning, proved the need to identify their specifics, which is determined by the type and properties of cross-border territories. The paper formulates a strategic cluster approach to the creation of the latter, and fleshes out details to the models of cross-border umbrella structures. Results We show specific features of cross-border territory as a spatial basis for a cross-border umbrella structure and socio-economic system described by social, ecological and economic indicators; present a strategic cluster approach relying on the principles and adaptive strategies of sustainable development and individual strategies of such a structure; formulate fundamental premises for the model of cross-border umbrella structure, which include principles of creation, basic functions and models, composition, methods to evaluate efficiency of management decisions. Conclusions and Relevance Creation and efficient operation of cross-border umbrella structures should be based on system methodology and strategic cluster approach while respecting the principles of sustainable development and social, ecological and economic evaluation of management decisions' efficiency.
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