Russian Firms in the Visegrád Countries

ULUSLARARASI İLİŞKİLER, VOLUME 13, NUMBER 49, 2016

Kálmán KALOTAY*, Andrea ÉLTETŐ**, Magdolna SASS*** and Csaba WEINER****

ABSTRACT

This article analyses direct investment patterns by Russian firms in the four Visegrád countries, their motivations and ownership advantages, based mostly on the eclectic paradigm. Beside statistical data, it relies on case studies to present the profile of the most important Russian investors in each host country. In the Visegrád countries, market-, and to a lesser extent, resource-seeking investment by state-owned firms in the hydrocarbons, steel and nuclear energy industries dominate. Some innovative private Russian companies, with features similar to developed-country multinationals can also be identified. Extant investment theories, with the exception of the eclectic paradigm, fall short of explaining Russian investment.

Keywords: Foreign Direct Investment, Multinational Enterprises, Central Europe, Russia

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*Economic Affairs Officer, United Nations Conference on Trade and Development, (UNCTAD)

**Senior Research Fellow, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Hungary.

***Senior Research Fellow, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Hungary.

****Senior Research Fellow, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Hungary.


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