There are numerous papers in the literature that define the effects of infrastructure investments whether economic or social. A large number of countries in the world are trying to invest in their own infrastructure whether it is funded from the state budget or external borrowing. However, a large number of infrastructure investments have been carried out without predefined goals, needs and a favorable institutional environment, which gives different investment results and, accordingly, the need to evaluate efficiency or effectiveness. This paper analyzes the effectiveness of road infrastructure investment in a sample of 24 EU Member States and defines the impact of the institutional framework and the quality of the institutions as an important factor influencing the effectiveness of investment. The application of the DEA methodology leads to the conclusion that there is no difference in the effectiveness of road infrastructure investment with regard to the economic development of the country. This efficiency reflects the social benefits of infrastructure investment, with much more than secure road and ecological component. The paper also analyzes the impact of the quality of institutions on the effectiveness of investment in road infrastructure. There is evidence that there is a difference in investment effectiveness with regard to the institutional framework and the institutional environment. As such, infrastructure investment is subject to numerous interest groups and hence the questioning of results is justified. Our results suggest that increased public investment in transport infrastructure leads to more effective results. However, this is not sufficient in itself if the quality of institutions is not fulfilled. This highlights the need for countries to adopt policies to reduce public sector corruption and improve the capacity of public administration. Although it is not an easy task, it should be a priority if countries want to benefit from the effect of promoting the growth of transport infrastructure and public investment in general.