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Foreign Investment Motives of Russian Acquirers: An Extended OLI Perspective

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  • Panibratov, Andrei Yu.
  • Dikova, Desislava
  • Veselova, Anna S.

Abstract

We apply the OLI framework to examine investment motives and internalization preferences of Russian multinationals in 2007-2013. To examine investment motives we use panel data of 322 observations; to test internalization choice we use cross-sectional data of 318 M&A deals. Our analysis shows that classic investment motives - market, resource, asset-seeking - provide a limited explanation of what attracts Russian acquirers abroad. We extend the OLI-model to include institutional distance and find that it plays a critical role in explaining Russian M&A activity. We employ a specific ownership advantage, government ownership, and discover that partial government ownership discourages Russian firms from pursuing full ownership in M&As. Further, Russian multinationals benefit from internalization advantages in tandem with location advantages derived from natural-resource endowments.

Suggested Citation

  • Panibratov, Andrei Yu. & Dikova, Desislava & Veselova, Anna S., 2016. "Foreign Investment Motives of Russian Acquirers: An Extended OLI Perspective," Conference Papers 8686, Graduate School of Management, St. Petersburg State University.
    • Handle: RePEc:sps:cpaper:8686
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    File URL: https://dspace.spbu.ru/handle/11701/8686
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    Keywords

    internationalization; foreign direct investments; FDI; invesments; Russia; OLI; OLI-model; M&A; M&A activity;
    All these keywords.

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