| Abstract: |
Since 2002 Russian metallurgical firms have been investing abroad. Taking
advantage of the very positive economic climate in the sector, they settle in
peripheral as well as in core countries of the world economy. Russia has
upgraded from the 50th to the 24th rank between 1995 and 2004 as far as FDI
outward flow is concerned [CNUCED, 2005]. Although the Russian FDI stock is
still quite limited if compared to other countries, it is five times greater
in 2004 than it was in 2000 [BCR, 2005]. The emergence of Russian
transnational corporations is a new step in the post-soviet transformation:
after the break-up of the old system and a chaotic moment of reorganization,
some firms are now building global strategies of growth. This paper addresses
this unexpected outcome of the transition process while giving evidence of the
trajectory of the metallurgical branch. However, it also focuses on another
point. Why do firms internationalize? The scope of the Russian metallurgical
shift, its simultaneity and its quickness represent a great opportunity to
discuss different hypotheses suggested by the literature and to try to learn
from the transition process on that point. This article puts forward an
institutional and systemic perspective on multinational corporations. We focus
on three kinds of determinants of the internationalization: dynamics of growth
based on the resources of the firm, an advantage seeking behavior in order to
improve the firm's position in front of its international competitors and a
complex interaction vis-a-vis the Russian political power. |