Enterprises’ openness to global economy: mega-regional framework

The study aims at analyzing firms’ openness to global economy in 2011-2017 with respect to the fact of their membership in mega-regional unions. From this point of view it represents one of the first attempts to analyze micro-aspects of mega-regional processes. For the research purposes 9 indicators from World Bank Enterprise Survey on 19 countries – mega-regional members/participants were analyzed, namely: percent of firms having their own Web site, proportion of total sales that are exported directly (%), proportion of total inputs that are of foreign origin (%), percent of firms with an annual financial statement reviewed by external auditors, percent of firms with an internationally-recognized quality certification, percent of firms using technology licensed from foreign companies, percent of firms using material inputs and/or supplies of foreign origin, percent of firms identifying customs and trade regulations as a major constraint, percent of firms identifying access to finance as a major constraint. It was shown that prior to 2011 mega-regionalization was at the stage of formation: high degree of discrepancy in terms of firms’ involvement into global economic liaisons was observed, low reporting rate on indicators chosen was in place. In 2017 situation changed with BRICS playing leading role in mega-regionalization. The main changes were related to use of foreign resources and foreign licenses as well as with trade and finance access restrictions. It was proved that mega-regions became more integrated into global economy.