1. St. Petersburg State University
GSOM 2015 Emerging Markets Conference
Lilac Nachum
City University New York

3. 0.89 0.9 0.9 0.91 0.92
0.85
0.82
0.79
0.82
0.78
0.72 0.7
0.75
0.63
0.6
0.12 0.1 0.1 0.09 0.08
0.15
0.18
0.21
0.18
0.22
0.28 0.3
0.25
0.37
0.4
1999 2001 2003 2005 2007 2009 2011 2014
Developed country MNEs Emerging market MNEs
UNCTAD FDI database
.
~70% in other
emerging
markets
[South/South]

4. Late Comers
United Nations, World Investment Report 2009; company reports

5. Home country Image and
Legitimacy Challenges
 Chinese firms:
 Low cost/quality
 Credibility challenge Xinhua news agency? (China’s
largest)
 India outsourcing industry:
 Legitimacy of software companies from ‘a country where
cows still run in the street.’
 Sticky, resistant to change
 ‘Emerging markets are developing faster than the
stereotypes are eroding.’

7. Russia Outward FDI, Mil. US$
0
30000
60000
90000
1990 1995 2000 2005 2010
Total
Tax Heaven excluded
UNCTAD FDI database

8. Research
Russia MNEs
Data Russia
MNEs
Cases
Russian
MNEs
Assistance
Russia firms