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Ksenia Yudaeva

Bio: Ksenia Yudaeva is an academic researcher from Carnegie Moscow Center. The author has contributed to research in topics: Foreign direct investment & Commercial policy. The author has an hindex of 10, co-authored 17 publications receiving 686 citations.

Papers
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TL;DR: In this paper, the authors compared the productivity of Russian firms that received foreign direct investments, and fully domestically owned firms, and analyzed spillovers from foreign-owned firms to domestic firms.
Abstract: The purpose of the paper is two-fold. The paper compares productivity of Russian firms that received foreign direct investments, and fully domestically owned firms. It also analyses spillovers from foreign-owned firms to domestic firms. Foreign firms are found to be more productive than the domestic ones, however, poor progress of reform in the region negatively affects productivity of foreign-owned firms. At the same time, there are positive spillovers between foreign-owned and domestic firms. This effect if particularly strong in the case of medium-sized firms (between 200 and 1000 employees), while spillovers on small firms are negative. The stock of human capital in the region is one of the main factors, which helps domestic firms to benefit from the entry of foreing firms.

251 citations

Journal ArticleDOI
TL;DR: In this paper, the authors compare the productivity of Russian firms that have foreign direct investments with productivity of fully domestically owned firms and analyze spillovers from foreign-owned firms to domestic firms.
Abstract: The paper both compares productivity of Russian firms that have foreign direct investments with productivity of fully domestically owned firms and analyses spillovers from foreign-owned firms to domestic firms. Foreign firms are found to be more productive than domestic ones, but productivity of the former is negatively affected by slow progress of reforms in the regions where they operate. It is also found that there are positive spillovers from foreign-owned firms to domestic firms in the same industry, but negative effects on domestic firms that are vertically related to foreign-owned firms. The stock of human capital in regions where foreign firms operate is one of the factors which help domestic firms to benefit from the entry of foreign firms.

227 citations

Journal ArticleDOI
TL;DR: In this paper, the authors compared the productivity of Russian firms that received foreign direct investments, and fully domestically owned firms, and analyzed spillovers from foreign-owned firms to domestic firms.
Abstract: The purpose of the paper is two-fold. The paper compares productivity of Russian firms that received foreign direct investments, and fully domestically owned firms. It also analyses spillovers from foreign-owned firs. At the same time, there are positive spillovers between foreign-owned and domestic firms. This effect if particularly strong in the case of medium-sized firms (between 200 and 1000 employees), while spillovers on small firms are negative. The stock of human capital in the region is one of the main factors, which helps domestic firms to benefit from the entry of foreign firms.

44 citations

Journal ArticleDOI
TL;DR: In this article, the authors demonstrate that not all FDI has positive spillover effects on domestic firms and that spillovers are positive only in the case of export-oriented FDI and are driven by the more productive foreign companies.
Abstract: Policymakers around the world introduce special policies aimed at attracting foreign direct investments (FDI). They motivate their decision by the spillover effect, which FDI have on domestic companies. Empirical literature so far has failed to find any robust evidence of this effect. In this paper, we make an attempt to explain this finding. Using data from Poland, Romania, Russia, and Ukraine, we demonstrate that not all FDI have positive spillover effects on domestic firms. Spillovers are positive only in the case of export-oriented FDI and, more generally, are driven by the more productive foreign companies. Moreover, effects of FDI on domestic firms are not limited to knowledge spillovers: exposure to foreign technologies alters the form of their production functions. Specifically, foreign entry is associated with higher capital intensity and lower labor intensity of domestic firms in relatively more developed countries, such as Poland, while the opposite is the case in the less developed countries, such as Russia. These results are subject to threshold effects: benefits are more likely to materialize once a relatively large stock of foreign capital is accumulated. Absorptive capacity of domestic firms plays a crucial role in reaping the benefits of FDI. Both, knowledge spillovers and production function changes, occur predominantly in the more educated and the less corrupt regions.

41 citations

Posted Content
TL;DR: In this paper, the effects of liberalization of imports and foreign direct investment on Russian firms were studied using the firm-level data from 1995-2001, and they found that competition with imports and with FDI exerts a positive effect on domestic firms.
Abstract: The paper studies the effects of liberalization of imports and foreign direct investment on Russian firms. Using the firm-level data from 1995-2001, this paper finds that competition with imports and with FDI exerts a positive effect on domestic firms. This effect is weaker in the case of firms located in complex industries. Increased availability of imported inputs help to improve productivity of domestic firms in the mid-1990s, although the devaluation of the ruble in 1998 temporarily made firms that relied on foreign-produced inputs less competitive. Finally, entry of foreign-owned firms in post-crisis period leads to improvement in TFP of their Russian suppliers.

34 citations


Cited by
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TL;DR: This paper found that foreign equity participation is positively correlated with plant productivity (the "own-plant" effect), but this relationship is only robust for small enterprises and that the gains from foreign investment appear to be entirely captured by joint ventures.
Abstract: Governments often promote inward foreign investment to encourage technology 'spillovers' from foreign to domestic firms. Using panel data on Venezuelan plants, the authors find that foreign equity participation is positively correlated with plant productivity (the 'own-plant' effect), but this relationship is only robust for small enterprises. They then test for spillovers from joint ventures to plants with no foreign investment. Foreign investment negatively affects the productivity of domestically owned plants. The net impact of foreign investment, taking into account these two offsetting effects, is quite small. The gains from foreign investment appear to be entirely captured by joint ventures.

2,799 citations

Journal ArticleDOI
TL;DR: In this article, the authors survey the arguments that support these factors and the empirical evidence already produced, and the results show contrary effects or, in some cases, are still insufficient to draw reliable conclusions.

663 citations

Journal ArticleDOI
TL;DR: The authors applied competitive dynamics theory to analyze these contextual moderators of spillovers, and test hypotheses derived in a meta-analysis of the empirical literature on spillovers and found that spillovers vary across countries at different levels of economic development.
Abstract: Local firms may attract productivity spillovers from foreign investors, yet these vary with local firms' awareness, capability and motivation to react to foreign entry. In consequence, spillovers vary across countries at different levels of economic development. We apply competitive dynamics theory to analyze these contextual moderators of spillovers, and test hypotheses thus derived in a meta-analysis of the empirical literature on spillovers. Our analysis suggests a curvilinear relationship between spillovers and the host country's level of development in terms of income, institutional framework and human capital.

653 citations

Journal ArticleDOI
TL;DR: In this article, the authors used a production function framework to estimate the impact of technology transfer from FDI on the growth of sales of domestic firms in Estonia during the period from 1994 to 1999.

377 citations

Journal ArticleDOI
TL;DR: In this paper, the effect of good corporate governance practices on corporate transparency and performance of Malaysian listed companies was examined using matched-sampling method and hierarchical regression was employed to test the relationship between among corporate governance mechanism, transparency, and performance.
Abstract: Purpose – The paper aims to examine the effect of good corporate governance practices on corporate transparency and performance of Malaysian listed companies.Design/methodology/approach – Samples were selected using matched‐sampling method and hierarchical regression was employed to test the relationship between among corporate governance mechanism, transparency and performance.Findings – Corporate governance factors have a strong predicting power on company performance, mainly due to debt monitoring and foreign ownership. However, there is a significant negative relation between audit quality and performance. The results find that performance is not associated with the level of disclosure and timely reporting. The results indicate that disclosure and timeliness are not significant contributing factors in the relationship between corporate governance and market performance.Research limitations/implications – The data covers a one‐year period of 2002 only. This paper deals only with “one‐way” causality run...

314 citations