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Russian capital in the Visegrád countries

Kalman Kalotay, Andrea Elteto (), Magdolna Sass and Csaba Weiner
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Andrea Elteto: Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences

No 210, IWE Working Papers from Institute for World Economics - Centre for Economic and Regional Studies- Hungarian Academy of Sciences

Abstract: This working paper analyses investment by Russian firms in the four Visegrád countries, their motivations and ownership advantages, based mostly on the eclectic paradigm. Beside statistical data, we rely on case studies to present the profile of the most important Russian investors in each host country. The Visegrád countries have attracted less Russian investment than their economic importance would warrant, due to various factors, most notably the joint effects of reticence in host countries and firm strategies that do not necessarily see the subregion as a major priority. Most of the Russian investment examined is market, and to a lesser extent, resource seeking, concentrated in the hydrocarbons, steel and nuclear energy industries, often dominated by state-owned firms. Some innovative private Russian companies, with features similar to developed-country multinationals, can also be identified with marketas well as efficiency-seeking investment. Extant investment theories with the exception of the eclectic paradigm fall short of explaining Russian investment. This paper suggests that further analysis is needed on the role of the home country in stimulating outward investment and directing it to specific locations.

Keywords: foreign direct investment; multinational enterprises; Central Europe; Russia; Czech Republic; Hungary; Poland; Slovakia (search for similar items in EconPapers)
JEL-codes: D22 F23 M16 (search for similar items in EconPapers)
Pages: 55 pages
Date: 2014-12
New Economics Papers: this item is included in nep-cis
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