Russian transnationals and international investment paradigms
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.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Wright, Mike & Filatotchev, Igor & Buck, Trevor & Bishop, Kate, 2002. "Foreign partners in the Former Soviet Union," Journal of World Business, Elsevier, vol. 37(3), pages 165-179, October.
- Alexander Bulatov, 2001. "Russian Direct Investment Abroad: History, Motives, Finance, Control and Planning," Economic Change and Restructuring, Springer, vol. 34(3), pages 179-194, October.
- Oded Shenkar, 2001. "Cultural Distance Revisited: Towards a More Rigorous Conceptualization and Measurement of Cultural Differences," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 32(3), pages 519-535, September.
- Krugman, Paul, 1983. "New Theories of Trade among Industrial Countries," American Economic Review, American Economic Association, vol. 73(2), pages 343-347, May.
- John Dunning, 1981. "Explaining the international direct investment position of countries: Towards a dynamic or developmental approach," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 117(1), pages 30-64, March.
- Igor Filatotchev & Natalya Dyomina & Mike Wright & Trevor Buck, 2001. "Effects of Post-Privatization Governance and Strategies on Export Intensity in the Former Soviet Union," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 32(4), pages 853-871, December.
- Locatelli, Catherine, 2006. "The Russian oil industry between public and private governance: obstacles to international oil companies' investment strategies," Energy Policy, Elsevier, vol. 34(9), pages 1075-1085, June.
- Andreff, Wladimir, 2002. "The new multinational corporations from transition countries," Economic Systems, Elsevier, vol. 26(4), pages 371-379, December.
- Kornai, Janos, 1992. "The Socialist System: The Political Economy of Communism," OUP Catalogue, Oxford University Press, number 9780198287766.
- Kojima, Kiyoshi, 1973. "A Macroeconomic Approach to Foreign Direct Investment," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 14(1), pages 1-21, June.
- Buck, Trevor & Filatotchev, Igor & Nolan, Peter & Wright, Mike, 2000. "Different paths to economic reform in Russia and China: causes and consequences," Journal of World Business, Elsevier, vol. 35(4), pages 379-400, January.
- Kojima, Kiyoshi, 2000. "The "flying geese" model of Asian economic development: origin, theoretical extensions, and regional policy implications," Journal of Asian Economics, Elsevier, vol. 11(4), pages 375-401.
- Geert Hofstede, 1983. "The Cultural Relativity of Organizational Practices and Theories," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 14(2), pages 75-89, June.
- Rudiger Ahrend, 2005. "Sustaining Growth in a Resource-Based Economy: The Main Issues and the Specific Case of Russia," ECE Discussion Papers Series 2005_3, UNECE.
- Catherine Locatelli, 2006. "The russian oil industry between public and private governance : obstacles to international oil companies' investment strategies," Post-Print halshs-00002159, HAL.
- Kets de Vries, Manfred & Shekshnia, Stanislav & Korotov, Konstantin & Florent-Treacy, Elizabeth, 2004. "The New Global Russian Business Leaders:: Lessons from a Decade of Transition," European Management Journal, Elsevier, vol. 22(6), pages 637-648, December.
- Nathan Sheets, 1996. "Capital flight from the countries in transition: Some empirical evidence," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 1(3), pages 259-277.
- Bulatov, Alexander S, 2001. "Russian Direct Investment Abroad: History, Motives, Finance, Control and Planning," Economic Change and Restructuring, Springer, vol. 34(3), pages 179-194.
When requesting a correction, please mention this item's handle: RePEc:eee:riibaf:v:22:y:2008:i:2:p:85-107. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.