dEjournals Nyitóoldal
Competitio
Online megjelent Aktuális Legtöbbet olvasott Archívum Keresés
Regisztráció Bejelentkezés

Competitio

Évf. 9 szám 1 (2010)
Tanulmányok

Az orosz tőkeexport és az eklektikus paradigma jövője: Mi változik a 2008–2009. évi válság után?

Megjelent:
June 14, 2010
DOI Linkhttps://doi.org/10.21845/comp/2010/1/2
Szerző
Kalotay Kálmán
Megtekintés
en
Kulcsszavak
Oroszország tőkeexport eklektikus paradigma anyaország válság átmeneti ország
How To Cite
Kiválasztott formátum: APA
Kalotay, K. (2010). Az orosz tőkeexport és az eklektikus paradigma jövője: Mi változik a 2008–2009. évi válság után?. Competitio, 9(1), 31-54. https://doi.org/10.21845/comp/2010/1/2
Absztrakt

This article explores the future of Russian outward foreign direct investment in the aftermath of the crisis of 2008–2009. As it is too early to analyse the full impact of the crisis, it develops hypotheses about the degree of slowdown in the foreign expansion of Russian transnational corporations. It uses an extension of the eclectic paradigm to home country advantages (competitive environment, business environment, development strategy, State involvement) applied to a comparison of the Russian Federation with other economies in transition as an analytical tool. Systematic differences between transnationals from the Russian Federation (global firms, based on natural resources, aiming for vertical integration of assets) and from new European Union member countries (regional firms, based on downstream activities or services, aiming for horizontal integration) allow us to formulate more solid conclusions about the future of the Russian firms facing lower export prices, lower market capitalizations and higher debts. In turn, this article argue that a comparison with the large emerging economies of Brazil, China and India, under the acronym of BRIC can be less useful in the current context, as these economies are significantly less affected by the crisis of 2008–2009 than the Russian Federation; hence they can not expect a slowdown in their outward foreign direct investment similar to that of Russian transnationals.

JEL: F23; F21; O52; P29

Hivatkozások
  1. Altzinger Wilfried, Christian Bellak, Andeja Jaklic, Matija Rojec (2003): Direct versus Indirect Foreign Investment from Transition Economies: Is there a difference in parent company/home country impact? In: Marjan Svetlicic, Matija Rojec (Eds.), Facilitating Transition by Internationalization: Outward Direct Investment from Central European Economies in Transition. Ashgate, Aldershot, pp. 91–110.
  2. Andreff, Vladimir (2003): The newly emerging TNCs from economies in transition: a comparison with Third World outward FDI. Transnational Corporations 12(2), 73–118.
  3. Antalóczy, Katalin, Magdolna Sass (2008): Emerging multinationals: the case of Hungary. Paper for the conference on ‘Emerging Multinationals: Outward Foreign Direct Investment from Emerging and Developing Economies’, organized by, and held at, the Department of International Economics and Management of the Copenhagen Business School, 9–10 October.
  4. Bulatov, Alexander (1998): Russian direct investment abroad: main motivations in the post-Soviet period. Transnational Corporations 7(1), 69–82.
  5. Carkovic, Maria V., Ross Levine (2002): Does Foreign Direct Investment Accelerate Economic Growth? University of Minnesota Department of Finance Working Paper.
  6. Coase, Ronald H. (1937): The nature of the firm. Economica (New Series) 4(16), 386–405.
  7. Dittrick, Paula (2005): Gazprom to sell additional stake to Russian government. Oil & Gas Journal 103(24), 27–29.
  8. Dunning, John H. (1977): Trade, location of economic activity and the multinational enterprise: a search for an eclectic approach. In: Ohlin, Bertil – Hesselborn, Per-Ove – Wijkman, Per Magnus (Eds.), The International Allocation of Economic Activity: Proceedings of a Nobel symposium held at Stockholm. Macmillan, London, pp. 395–418.
  9. Dunning, John H. (1988): The eclectic paradigm of international production: a restatement and some possible extensions. Journal of International Business Studies 19(1), 1–31.
  10. Dunning, John H., Sarianna Lundan (2008): Multinational Enterprises and the Global Economy. 2nd Edition, Edward Elgar, Cheltenham.
  11. Gammeltoft, Peter (2008): Emerging Multinationals: Outward FDI from the BRICS countries. International Journal of Technology and Globalisation 4(1), 5–22.
  12. Jaklic, Andreja, Marjan Svetlicic (2003): Enhanced Transition through Outward Internationalisation: Outward FDI by Slovenian Firms. Ashgate, Aldershot.
  13. Kalotay, Kálmán (2002): Outward Foreign Direct Investment and Governments in Central and Eastern Europe: The Cases of the Russian Federation, Hungary and Slovenia. The Journal of World Investment
  14. : 267–287.
  15. Kalotay, Kálmán (2004a): Outward FDI from Central and Eastern European Countries. Economics of Planning 37(2), 141–172.
  16. Kalotay, Kálmán (2004b): The European Flying Geese: New FDI patterns for the old continent? Research in International Business and Finance 18(1), 27–49.
  17. Kalotay, Kálmán (2006): Outward FDI from transition economies. Presentation at the panel session on ‘The Emerging Multinationals: Outward FDI by transition and emerging economies’, held at the 32nd
  18. Annual Conference of the European International Business Association (EIBA), University of Fribourg, Switzerland, 9 December.
  19. Kalotay, Kálmán (2008): Russian transnationals and international investment paradigms. Research in International Business and Finance 22(2), 85–107.
  20. Kalotay, Kálmán (forthcoming): Take off and turbulence in the foreign expansion of Russian multinationals. In: Karl P. Sauvant, Wolfgang A. Maschek, Geraldine McAllister (Eds.), Foreign Direct Investment from
  21. Emerging Markets: The Challenges Ahead, Palgrave Macmillan, New York.
  22. Kalotay, Kálmán, Gábor Hunya (2000): Privatization and foreign direct investment in Central and Eastern Europe. Transnational Corporations 9(1), 39–66.
  23. Kuznetsov, Alexei V. (2008): Pryamye inostrannye investitsii: “effekt sosedstva” [Foreign direct investment: the “neighbourhood effect”]. Mirovaya ekonomika i mezhdunarodnye otnosheniya 2008(9), 40–47.
  24. Liuhto, Kari (Ed.) (2005): Expansion or Exodus: Why Do Russian Corporations Invest Abroad? Haworth Press , Binghamton, NY.
  25. Liuhto, Kari (2008): Genesis of Economic Nationalism in Russia. Electronic Publications of Pan-European Institute 3/2008, Turku: Turku School of Economics, www.tse.fi/FI/yksikot/erillislaitokset/pei/Documents/Julkaisut/Liuhto_32008.pdf (accessed on 5 March 2009).
  26. Livshits, Alexander (2001): Vernis’, ya vse proshchu: Zametki ob utyochke kapitala iz Rossii [Return, I beg you. Remarks on the capital flight from Russia]. Izvestia 21(7), 25859.
  27. Locatelli, Catherine (2006): The Russian oil industry between public and private governance: obstacles to international oil companies’ investment strategies. Energy Policy 34(9), 1075–1085.
  28. Radygin, Alexander (2002): Sliyaniya i pogloshcheniya v korporativnom sektore (osnovnye podkhody i zadachi regulirovaniya) [Mergers and takeovers in the corporate sector (basic approaches and tasks of regulation)]. Voprosy economiki No. 12/2002, http://vopreco.ru/rus/archive.files/n12 2002.html (accessed on January 10, 2006).
  29. Rosati, Dariusz, Witold Wilinski (2003): Outward Foreign Direct Investments from Poland. In: Marjan Svetlicic, Matija Rojec (Eds.), Facilitating Transition by Internationalization: Outward Direct Investment from Central European Economies in Transition. Ashgate, Aldershot, pp. 175–204.
  30. Sauvant, Karl P. (2005): New sources of FDI: the BRICs. Outward FDI from Brazil, Russia, India and China. The Journal of World Investment & Trade 6(10), 639–709.
  31. Shekshnia, Stanislav V. (2001): Troika Dialog founder Ruben Vardanian on building Russia’s first investment bank. The Academy of Management Executive 15(4), 16–23.
  32. Moscow School of Management Skolkovo (Skolkovo), Vale Columbia Center on Sustainable International Investment (VCC) (2008): Russian multinationals’ foreign assets up 4 times in 3 years. Press release on the Skolkovo–VCC 2008 ranking of Russian multinational enterprises, Moscow/New York, 11 November.
  33. Svetlicic, Marjan (2004): Transition Economies’ Multinationals - Are They Different From Third World Multinationals? In: Chakraborty, Chandana (ed.), Proceedings of the 8th International conference on Global Business and Economic Development, 7–10 January, Guadalajara, Mexico, Montclair State University, Monclair, 2004.
  34. Svetlicic, Marjan, Matija Rojec (Eds.) (2003): Facilitating Transition by Internationalization: Outward Direct Investment from Central European Economies in Transition. Ashgate, Aldershot.
  35. Tolentino, Paz Estrella (2008): The determinants of the outward foreign direct investment of China and India: Whither the home country? Working Paper Series #2008-049, United Nations University – Maastricht
  36. Economic and Social Research and Training Centre on Innovation and Technology (UNU-MERIT).
  37. United Nations Conference on Trade and Development (UNCTAD) (1999): World Investment Report 1999: FDI and the Challenge of Development. United Nations, New York/Geneva.
  38. United Nations Conference on Trade and Development (UNCTAD) (2006): World Investment Report 2006:FDI from Developing Countries and Transition Economies. Implications for Development. United Nations, New York/Geneva.
  39. United Nations Conference on Trade and Development (UNCTAD) (2008): World Investment Report 2008: Transnational Corporations and the Infrastructure Challenge. United Nations, New York/Geneva.
  40. United Nations Conference on Trade and Development (UNCTAD) (2009): Assessing the impact of the current financial and economic crisis on global FDI flows. United Nations, New York/Geneva, www.unctad.org/en/docs/webdiaeia20091_en.pdf (accessed on 5 March 2009).
  41. Varblane, Urmas, Tõnu Roolaht, Ele Reiljan, Rein Jüriado (2001): Estonian Outward Foreign Direct Investments. Working Paper Series No. 9, Tartu University.
  42. Zemplinerová, Alena, Marie Bohatá (2004): Investice českých firem v zahraničí [Investment of Czech Firms Abroad], Politická ekonomie 1/2004, 35–47.