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Working paper

Детерминанты стратегии иностранных собственников на уровне институтов, отраслей и фирм: финские инвесторы о стратегических отраслях российской экономики

Karhunen P., Kosonen R.
This article advances the institutional perspective of business strategy by showing how institutional, industry-level and firm-level factors affect foreign ownership strategies. This is done by empirically analyzing the ownership decisions of eight Finnish companies operating in Russia in sectors, which can be defined as strategic. Our results show that industry-level determinants are central in the ownership decision. Institutional constraints faced by enterprises vary along strategic importance and value-creation logic of the industry, which in turn affects the perceived importance of local assets as a firm-level determinant. This paper results from the project “Companies’ Social Relations as a Component of Local Business Strategies: Innovative Integration Strategies of Finnish and Russian Companies”, funded by Academy of Finland (grant No. 118538) and Russian Foundation for Humanities (grant No. 07-02-93203а/F).