Investment as an Object of Protection: How Definition Shapes Jurisdiction and the Scope of Guarantees

The article examines how the definition of an investment in domestic legislation, bilateral and multilateral international treaties, and doctrinal approaches affects the establishment of jurisdiction in investment disputes and determines the boundaries of applicable investment protection guarantees. It argues that the lack of uniform definitions and the variability of qualification criteria generate legal uncertainty when distinguishing investment relationships from ordinary commercial transactions, thereby undermining predictability of decision-making and the balance of interests between the host State and the investor. The study demonstrates that overly broad treaty formulations may expand the protective regime by encompassing contractual claims, whereas overly narrow approaches may exclude certain contributions from international protection at the jurisdictional stage. The article concludes that conceptual coherence and stable qualification criteria are necessary prerequisites for legal certainty and the proper functioning of dispute settlement mechanisms.