Internationalization of Emerging Market Firms and Russian Multinational Enterprises



Andrei Yu. Panibratov, Doctor in Economics, Professor,

Graduate School of Management, St.Petersburg University



6 ECTS, 45 contact hours






Contemporary Strategic Analysis



Aim of the Course:   


The aim of the course is to provide master students with understanding of the phenomenon of emerging multinational enterprises (EMNEs), with the insights of integrative influence of institutional, industry- and firm-specific determinants of Russian MNEs’ internationalization strategies. More specifically, students will concentrate on the following issues: how the EMNE is interpreted theoretically in contrast with their western counterparts; how EMNEs organize their resources and capabilities to achieve competitive success in competition with firms from advanced economies; what managerial approaches managers of EMNEs use when entering and organizing activities in other emerging economies (the Russian Federation as a core example); why and how companies from less developed countries compete internationally, including in advanced markets such as Western Europe and the USA; how Russian MNEs deal with institutional challenges and overcome other non-economic barriers in the process of their global expansion.


Course Content:       


Theme 1. Internationalization and emerging market perspective

Global competition and new players from emerging markets

Emerging and advanced economies as an EMNEs environment

Inward and outward internationalization perspectives for emerging market


Theme 2. Internationalization of emerging market firms (EMFs)

The path and stages of internationalization of EMFs

Firm-specific determinants of EMFs expansion

Sectoral specifics of internationalization for EMFs


Theme 3. Foreign direct investment (FDI) from emerging markets

Outward FDI from emerging markets

OLI model for emerging market OFDI

Emerging multinational enterprise (MNE)


Theme 4. Shaping strategic capabilities for emerging market

Institutional pressures on EMNEs

Liability of foreignness of EMNEs

Country-specific solutions for EMNEs


Theme 5. Phenomenon of Russian MNEs

Evolution of Russian MNEs

Country of origin effects on Russian MNEs

Political connection as a source of competitive advantages for Russian MNEs


Theme 6. International strategy of Russian MNEs

Resource-based and technology-driven factors of RMNEs’ expansion

Mergers and acquisitions as a vehicle for Russian MNEs expansion

The results and lessons of Russian MNEs’ international operations


Case-competition «Internationalization challenges for Russian firms»



Teaching methods:   


Lectures, seminars, case studies, group work, exercises, home and class discussion and assignments.





1. Williamson, P.J., Ramamurti, R., Fleury, A. and Fleury, M.T.L. (eds.) The Competitive Advantage of Emerging Market Multinationals, Cambridge University Press: New York, 2013.

2. Panibratov, A. Russian Multinationals: From Regional Supremacy to Global Lead, London, New York: Routledge, 2012.



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