In the section Articles
Title of the article Estimation of Effect of Foreign Direct Investment on the Russian Economy during Sanctions Based on Spillover Effects
Pages 37–58
Author 1 Elena Anatolievna Fedorova
Doctor of Economics, Professor, Department of Corporate Finance and Corporate Governance
Financial University under the Government of the Russian Federation
49 Leningradsky Prospekt, Moscow, Russia, 125468
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ORCID: 0000-0002-3381-6116
Author 2 Alexey Eduardovich Nikolaev
Postgraduate at the School of Management
Higher School of Economics
20 Myasnitskaya Street, Moscow, Russia, 101000
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ORCID: 0000-0002-4657-9279
Author 3 Anna Sergeevna Nikolaeva
Financial University under the Government of the Russian Federation
49 Leningradsky Prospekt, Moscow, Russia, 125468
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ORCID: 0000-0001-9044-6302
Author 4 Marina Anatolievna Alekseeva
Higher School of Economics
20 Myasnitskaya Street, Moscow, Russia, 101000
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ORCID: 0000-0003-4453-0604
Abstract The study estimates the effect of foreign direct investments (FDI) on the efficiency of enterprises in Russia. The article test the following hypotheses: first – FDI coming from the countries that sanctioned Russia cause larger effect on the efficiency of local companies, unlike China and countries that didn’t impose sanctions, and the effect depends on the share of property of foreign investors in the local companies; second – increasing the volume of investments into research and development of receivers of FDI causes positive effect on the competitiveness of local enterprises; third – FDI into import substituting industries coming from countries that imposed sanctions cause lesser effect on the competitiveness and operational efficiency of Russian companies. The empirical base of the study includes 168 000 observations among 33 606 Russian enterprises during 2011–201. Based on the study, the authors partially confirm the first hypothesis and fully confirm the second and the third hypotheses
Code 338.001.36, 338.45.01
JEL C33, D57, F21, F23
DOI 10.14530/se.2018.1.037-058
Keywords foreign direct investments ♦ spillover effects ♦ efficiency ♦ sanctions ♦ DEA ♦ R&D ♦ Russia
Download SE.2018.1.037-058.Fedorova.pdf
For citation Fedorova E.A., Nikolaev A.E., Nikolaeva A.S., Alekseeva M.A. Estimation of Effect of Foreign Direct Investment on the Russian Economy during Sanctions Based on Spillover Effects Prostranstvennaya Ekonomika = Spatial Economics, 2018, no. 1, pp. 37–58. DOI: 10.14530/se.2018.1.037-058. (In Russian).
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Financing The article was prepared with the financial support of RHSF, project ‘Estimation of effect of sanctions on the economy of the Russian Federation’ (No. 15-02-00622)

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