Институциональные и макроэкономические факторы  географического направления российских международных сделок  слияния и поглощения

Andrei Yu. Panibratov; Anna S. Veselova; Liubov A. Ermolaeva

Authors

Andrei Yu. Panibratov Graduate School of Management, St. Petersburg State University, St. Petersburg, Russia https://orcid.org/0000-0002-3996-3790
Anna S. Veselova Graduate School of Management, St. Petersburg State University, St. Petersburg, Russia https://orcid.org/0000-0002-8538-4757
Liubov A. Ermolaeva Graduate School of Management, St. Petersburg State University, St. Petersburg, Russia https://orcid.org/0000-0003-1742-2886

Abstract

In this paper we study the influence of macroeconomic indicators of home and host countries and institutional distance between them on location choice for Russian foreign direct investment in the form of mergers and acquisitions (M&As). Having used the data on Russian M&As completed in 2007–2013 in 46 countries and applied negative binomial regression we identified that the most significant drivers for Russian M&As are resource-seeking, strategic assets-seeking and efficiency-seeking motives. Institutional distance between home and host countries has significant direct influence on the number of M&As, and also moderation effect on the relationships between key macroeconomic indicators and the number of M&As.

Keywords:

internationalization, foreign direct investment, mergers and acquisitions, macroeconomic factors, institutional distance, Russia

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References

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