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Russian transnationals and international investment paradigms

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  • Kalotay, Kalman

Abstract

This paper explores the main features of outward foreign direct investment by Russian transnational corporations - referred to as [`]eagle multinationals' in the literature - and some of the implications of their recent rise to global prominence (since the 1990s) for the paradigms of international investment. Surprisingly, lower middle-income Russia is already a net capital exporter, and some of its firms, to mention Gazprom, Lukoil, Mechel, Norilsk Nickel and Severstal, for example, have already leapfrogged to a global status. The paper aims also at identifying issues for further analysis, such as the growing role of the state in controlling natural resource-based firms and its implications for the future of the Russian transnationals. This paper suggests that different investment paradigms fare divergently in trying to explain outward FDI from the Russian Federation. For example, the eclectic paradigm could be applied to Russian transnationals with some extension on home-country factors. Other theories, however, would require more radical re-thinking in future research.

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  • Kalotay, Kalman, 2008. "Russian transnationals and international investment paradigms," Research in International Business and Finance, Elsevier, vol. 22(2), pages 85-107, June.
  • Handle: RePEc:eee:riibaf:v:22:y:2008:i:2:p:85-107
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    Cited by:

    1. Amar Iqbal Anwar & Mazhar Y Mughal, 2015. "Determinants of Russian Firms' Merger and Acquisition Activities," Economics Bulletin, AccessEcon, vol. 35(4), pages 2382-2394.
    2. Wladimir Andreff, 2016. "Outward Foreign Direct Investment from BRIC countries: Comparing strategies of Brazilian, Russian, Indian and Chinese multinational companies," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01342391, HAL.
    3. Stoian, Carmen, 2013. "Extending Dunning's Investment Development Path: The role of home country institutional determinants in explaining outward foreign direct investment," International Business Review, Elsevier, vol. 22(3), pages 615-637.
    4. Kalman Kalotay & Andrea Elteto & Magdolna Sass & Csaba Weiner, 2014. "Russian capital in the Visegrád countries," IWE Working Papers 210, Institute for World Economics - Centre for Economic and Regional Studies- Hungarian Academy of Sciences.
    5. repec:spr:manint:v:52:y:2012:i:2:d:10.1007_s11575-012-0134-3 is not listed on IDEAS
    6. Filippov, Sergey, 2008. "Russia's emerging multinationals: trends and issues," MERIT Working Papers 062, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    7. Buckley, Peter J. & Elia, Stefano & Kafouros, Mario, 2014. "Acquisitions by emerging market multinationals: Implications for firm performance," Journal of World Business, Elsevier, vol. 49(4), pages 611-632.
    8. Codruta DURA & Imola DRIGÃ, 2013. "The Rise of Emerging Multinationals from Russia – Models, Drivers and Internationalization Strategies," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(3), pages 387-399, July.
    9. Padilla, Ramón & Gomes Nogueira, Caroline, 2015. "Determinants and home-country effects of FDI outflows: Evidence from Latin American countries," Estudios y Perspectivas – Sede Subregional de la CEPAL en México 166, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    10. Wladimir Andreff, 2015. "Outward Foreign Direct Investment from BRIC countries: Comparing strategies of Brazilian, Russian, Indian and Chinese multinational companies," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 12(2), pages 79-131, December.
    11. Codruța Dura & Imola Drigă, 2012. "Russian Multinationals in Romania and their Impact upon the Romanian Economy," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 12(1), pages 109-120.
    12. Francesca Spigarelli, 2011. "Outward Foreign Direct Investments of the Russian Federation," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 1, March.
    13. Swati Virmani & Edmund Amann, 2015. "Is the evolution of India’s Outward FDI consistent with Dunning’s Investment Development Path sequence?," Working Papers 92160912, Lancaster University Management School, Economics Department.
    14. Anna Zubkovskaya & Snejina Michailova, 2014. "THE DEVELOPMENT OF RUSSIAN MULTINATIONAL ENTERPRISES FROM THE 1990s TO THE PRESENT," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 5(2).
    15. Codruța Dura & Imola Drigă, 2013. "The Amazing Universe of Russian Multinationals: New Insights," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 13(2), pages 51-60.
    16. Kuznetsov, Alexey, 2010. "Urgent tasks for research on Russian TNCs," MPRA Paper 42702, University Library of Munich, Germany.
    17. Cédric Durand & Marc Lautier, 2013. "Too big, too quick?. An institutional and systemic overview of the rise of Russian metallurgical transnationals," Revue d'économie industrielle, De Boeck Université, vol. 0(2), pages 41-76.
    18. Kalotay, Kalman & Sulstarova, Astrit, 2010. "Modelling Russian outward FDI," Journal of International Management, Elsevier, vol. 16(2), pages 131-142, June.

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