Russian Transnationals and International Investment Paradigms

Research in International Business and Finance, Vol. 22, No. 2, pp. 85-107, June 2008

Posted: 23 May 2008

See all articles by Kalman Kalotay

Kalman Kalotay

United Nations Conference on Trade and Development (UNCTAD); UNCTAD

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.

Keywords: Russia, Eagle multinational, TNC, Outward FDI, Natural resources, Global firms

JEL Classification: F23, F21, L71, O52, Q34

Suggested Citation

Kalotay, Kalman, Russian Transnationals and International Investment Paradigms. Research in International Business and Finance, Vol. 22, No. 2, pp. 85-107, June 2008. Available at SSRN: https://ssrn.com/abstract=1127107

Kalman Kalotay (Contact Author)

United Nations Conference on Trade and Development (UNCTAD) ( email )

Division on Investment, Technology and Enterprise
Palais des Nations
Geneva, 1211
Switzerland

UNCTAD ( email )

Division on Investment, Technology and Enterprise
Palais des Nations
Geneva, 1211
Switzerland

Register to save articles to
your library

Register

Paper statistics

Abstract Views
554
PlumX Metrics
!

Under construction: SSRN citations while be offline until July when we will launch a brand new and improved citations service, check here for more details.

For more information