Scientific Journal SPATIAL ECONOMICS - Estimation of Effect of Foreign Direct Investment on the Russian Economy during Sanctions Based on Spillover Effects

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 This email address is being protected from spambots. You need JavaScript enabled to view it. 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 This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0000-0002-4657-9279
Author 3	Anna Sergeevna Nikolaeva Master Financial University under the Government of the Russian Federation 49 Leningradsky Prospekt, Moscow, Russia, 125468 This email address is being protected from spambots. You need JavaScript enabled to view it. ORCID: 0000-0001-9044-6302
Author 4	Marina Anatolievna Alekseeva Master Higher School of Economics 20 Myasnitskaya Street, Moscow, Russia, 101000 This email address is being protected from spambots. You need JavaScript enabled to view it. 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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DOI: 10.1016/S0377-2217(99)00096-X
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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