Economic Environment In Russia Economics Essay

In the twelvemonth 1990 the Russian system underwent enormous emphasis as it transformed from a centrally planned economic system to a free market system ( US Commercial Service, 2010 ) . Following the dissolution of USSR, Russia ‘s GDP observed a uninterrupted period of diminution from the beginning of 1991 until 1998 ( PriceWaterhouseCoopers, 2010 ) . The grounds for the serious fiscal crisis in 1998 were troubles in put to deathing financial reforms aimed at raising authorities grosss and a trust on short term borrowing to finance budget arrears. The fiscal jobs aggravated due to lower monetary values for Russia ‘s major export earners ( oil and minerals ) and the loss of investor assurance due to the Asiatic fiscal crisis. This resulted in the rapid and steep diminution ( 60 % ) in the value of the rouble, blowout of foreign investing, delayed payments on crowned head and private debts and a dislocation of commercial minutess through the banking system ( US Commercial Service, 2010 ) .

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The Russian economic system began to resile back after the 1998 economic crisis with an one-year GDP growing of 7 % from 1999 to 2007. This led to a crisp addition in monetary values for Russia ‘s chief exports ( oil, crude oil merchandises ) and import permutation consequence led to the ruble ‘s devaluation in 1998, a revenue enhancement reform, tightening of financial policy and greater political and societal stableness. The economic system witnessed growing as a consequence of extraordinary rise in the consumer oriented sectors, peculiarly in the building and services industries. In the twelvemonth 2007, Russia ‘s GDP increased by 8.1 % , and by 2008 the GDP further increased by 5.6 % ( PriceWaterhouseCoopers, 2010 ) .

Russia was hit by the planetary economic crisis in the 2nd half of 2008, which impacted the Russian economic system vastly. The economic system began to shrivel, which led to falling gross revenues, production and layoffs. In the twelvemonth 2009 the economic system diminished by 7.9 % , through a positive resurgence tendency that occurred in the 2nd half of 2009, when the economic system recommenced sensible growing. The fabrication, industrial production and building industry witnessed a crisp diminution in growing. The rewards decreased and the labour force was merely 66 % of the entire population. The figure of unemployed measured 8.4 % of the work force ( PriceWaterhouseCoopers, 2010 ) .

The downswing faced by the planetary capital market reached Russia, which led to the closing of the planetary beginnings of support. Foreign direct investing dropped by 41 % , that A is 3.6 % of GDP. The major attractive forces for foreign direct investing were fabricating, retail, mineral resource extraction and conveyance. The figure estimated for net escape of capital is US $ 52bn. In 2009, the Russian equity market was affected adversely. Russian companies attracted US $ 1.7bn via IPOs and SPOs, whereas in 2009 merely one IPO ( Initial Public Offering ) was registered. However, the IPO is expected to witness a roar in 2010 ( PriceWaterhouseCoopers, 2010 ) .

The terminal of 2009 brought positive intelligence for Soviet union: the international recognition evaluation bureaus Standard & A ; Poor, Fitch and Moody ‘s reviewed their crowned head evaluation mentalities for Russia from “ negative ” to “ stable ” , which was a consequence of higher oil monetary values and dropping of rising prices ( PriceWaterhouseCoopers, 2010 ) .

3.1.2 Future ECONOMIC DEVELOPMENT ( 2010-2012 )

The economic development scenarios for the following three old ages has been drafted by the Ministry of Economic Development. They have been categorised into reasonably conservative, pessimistic and optimistic. In conformity with the reasonably conservative scenario, the GDP for the following three old ages has been depicted in Figure 2 below. The figures in the graph were derived from the anticipation that the oil monetary values will stay at comparatively high degrees: US $ 65 per barrel in 2010, US $ 70 in 2011, and US $ 71 in 2012 ( see Appendix C ) ( PriceWaterhouseCoopers, 2010 ) .https: //

Figure 2: Forecasted economic growing

Beginning: ain digest based on informations from PriceWaterhouseCoopers, 2010

Despite 2009 being a ambitious twelvemonth for Russia, the state managed to accomplish three of import ends, provinces President Medvedev. First, the authorities has survived to keep societal stableness and set together all planned societal payments. Second, the authorities and the Central Bank severally have managed to maintain the currency steady and brought approximately fiscal stableness. Third, the authorities extended support to its nucleus concerns. Since the authorities has taken this action, none of the big endeavors have gone belly-up ( PriceWaterhouseCoopers, 2010 ) .

Concurrently, the state ‘s economic development has been constricted due to jobs which Russia has failed to cover with this twelvemonth. The jobs faced by the state are the dependance on natural stuff exports, increasing unemployment degrees and low fight of domestic concerns. The Russian Government has been rather positive in covering with the crisis by sing economic policy steps ( PriceWaterhouseCoopers, 2010 ) . A Overall, the economic conditions in Russia seem to be favorable for Pufferfish to make concern at that place in the nearest hereafter.


An international bourgeois demands to be cognizant of three degrees of civilization that may impact a multinational ‘s operations. These degrees include national civilization, concern civilization, occupational and organisational civilization. The diagram below shows the degrees of civilization that affect transnational direction ( Cullen and Parboteeah, 2008 ) .https: //

Figure 3: Degrees of civilization

Beginning: Cullen and Parboteeah, 2008


The Russian market is a extremely competitory market, where salesmanship is a cardinal factor. Firms willing to come in the market should be prepared to show the competitory advantages and factors that differentiate them from others in the market place ( US Commercial Service, 2010 ) .

Developing personal relationships with concern spouses is a important factor in the effectual cooperation of major undertakings, authorities procurance or, for that affair, even in cultivating long-run concern dealingss. One of the most hard undertakings A can be set uping a concern meeting with possible partners.In add-on, it may take a long clip to have a answer to an electronic mail, facsimile or a even telephone petition for a meeting ( US Commercial Service, 2010 ) .

To carry on concern in Russia it is indispensable to cognize the Russian linguistic communication if non an translator should be employed if needed. A significant figure of business communities can pass on a courtesy degree of English ; nevertheless, they prefer carry oning concern treatments in Russian ( US Commercial Service, 2010 ) .

Business cards are critical and are exchanged spontaneously. Your cards should hold nil more than your regular contact inside informations, electronic mail reference and website if available. It is advantageous to transport a bilingual concern card ( one side in English, one side in Russian ) . Promotional stuffs in Russian can be an important tool for developing involvement in a company ‘s merchandise. The interlingual rendition nevertheless has to be perfect and of high value ( US Commercial Service, 2010 ) .

Sometimes during meetings Russian businesspeople tend to hold really small verbal feedback. They listen softly and with small obvious organic structure linguistic communication being exhibited A This does non intend that the hearer is unable to grok it is merely a cultural feature. They should be given the clip and infinite needed to take part to the full in a conversation (, 2011 ) .


Peter Zashev ( 2004 ) says in his article that the modern-day Russian corporate civilization could be presented as a cross-section of four sets of different factors and their subsequent impact on collective and single civilization and outlook. The aforesaid can be described in the figure below.

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Figure 4: Four sets of factors organizing the modern-day Russian concern civilization

Beginning: adapted from Zashev, 2004

Common Russian Values and Ethical motives:

One of the most influential component of Russian values and ethical motives is the entire deficiency of competition in the Russian societal and economic life. Due to this nature the province of Moscow had the undermentioned features.

A militaristic nature – A as it had to conflict enemies and spread out further geographically.

A society based on irresistible impulse and force instead than jurisprudence – with clear division of societal groups that differed in their responsibilities and non in their rights.

Supreme power of the state/tsar.

All the above features easy killed the construct of free competition. As a effect of this, a extremely centralised system was built, where the fight was directed chiefly at pulling the attending of the supreme power through gifts, payoffs and webs of outstanding personalities. This besides explains why most international Russian undertakings are financed by the province ( Zashev, 2004 ) .

Soviet Values and Ethical motives:

During the Soviet times the system did non travel through much change.The Soviet regulation enforced many constructs such as the followers.

“ Uravnilovka ” A that removed the nexus between work and wage.

Increasing the degree of bureaucratism, doing rip offing an built-in portion of the economic system.

Repression that subsequently became a province construct and removed enterprise, determination devising and freedom of pick.

The Soviet system did non win in extinguishing corruptness, and it continued to afflict the whole Russian system. It, in fact, became the manner for a normal life. A The foreign operations of the Soviet companies were province owned. It was merely the Foreign Trade Administrations that were allowed to associate Soviet mills with their abroad markets, providers or others ( Zashev, 2004 ) .

Passage Valuess and Ethical motives

A dramatic alteration has appeared in the last 14 old ages in the signifier of a monolithic retreat from the authorities. The denationalization in Russia created a new societal group of proprietors, investors, capitialists and industralists ( Zashev, 2004 ) .

Corruptness and Bribery

Corruptness of functionaries in Russia is endemic, “ a system-wide province of personal businesss with deep historical roots ” ( Zashev, 2004, p.27 ) . It is now a common process for Russian business communities to regularly wage payoffs to authorities functionaries. A The authorities functionaries take economic determinations soundly on the footing of underlying motivations.

Many argue that the pattern is a harmless means to ease authorities blessings and avoid punishments. High degrees of graft are the ground for low degrees of competition, a factor that is needed for economic growing ( Zashev, 2004 ) .

Businessmens from the UK non merely have to worry about the corruptness degrees, but besides have to watch out for the Bribery Act. The measure was published in bill of exchange on the 25th of March 2009 and received Royal Assent on the 8th of April 2010 ( UK Government, 2010 ) . A


The Bribery Act looks at reforms in the condemnable jurisprudence with the purpose of presenting a new modern and comprehensive strategy for graft offenses that will allow the bench and prosecuting officers to counter more successfully to graft, both at place and abroad ( UK Government, 2010 ) .

The Act will:

supply a more efficient model for battling graft in the public and private sectors ;

“ create two general offenses covering the offering, assuring or giving of an advantage, and requesting, holding to have or accepting of an advantage ” ;

“ make a distinct offense of graft of a foreign public functionary ” ;

“ aid undertake the menace that graft poses to economic advancement and development around the universe ” ( UK Government, 2010 ) .

During our inteview, Mr.Kell expressed his unfavorable attitude towards unjust trading patterns, but he mentioned that if payments are necessary to ease market entry, it can be done. However, The Bribery Act will do things more complicated and put UK companies, including Pufferfish, at a disadvantage, particularly in emerging markets such as Russia, where graft is a usage. It is of import that the company considers that in its market entry determinations.


Moscow, being the capital of Russia, is one of most promising markets for Pufferfish Limited. Moscow is the largest metropolis in Russia, accounting for 7.34 % of the entire population of Russia ( The World Bank, 2009 ) .

The advantages and disadvantages of A aiming Moscow are as follows.


Moscow is the major concern Centre, with a well-structured distribution channel which will supply Pufferfish with an chance to make out to its clients without much trouble ;

The presence of big shopping promenades and large box shops in Moscow will let Pufferfish to make out to a larger audience.

The big hypermarkets present in Moscow contribute to the sale of 50 per centum of consumer electronics that are advertised in Russia ( US Commercial Service, 2010 ) .

As seen in the figure below, 51.60 % of the entire foreign investings is chiefly from Moscow during the period January-September 2009.Due to the high strength of consumers buying power and the big A presence of company central office, the part continues to pull a big sum of investings ( US Commercial Service, 2010 ) .

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Table 4: Foreign investing – top parts

Beginning: US Commercial Service, 2010



Registering a company in Moscow is really expensive. Though Moscow represents the most populated metropolis in 2009, A the major job faced by companies desiring to put up their concern in Moscow is that it requires 9 processs and costs 2.7 % of the entire GNP per capita to finish all concern processs ( The World Bank, 2009 ) .

The major job of carry oning concern in Moscow is that it is has become progressively disputing to happen qualified local spouses and Russian employees. In add-on to this, the wages of local employees have risen significantly in Moscow ( UK Trade and Investment, 2009 ) .


However, the positive side to this is that the digital signage market is Moscow is dining. Harmonizing to the Association of Communication Agencies in Russia, in the first half of the twelvemonth 2008, Russia witnessed a important growing of 13 % in out-of-door advertisement, mostly due to the addition in the digital signage market ( Rushworth, 2008 ) . Statisticss from Integrated Systems Russia, an exhibition held in Moscow in 2009, shows that Moscow witnessed 66 % of the entire visitants, followed by 12 % in the Moscow part and 4 % in St. Petersburg ( Integrated Systems Russia, 2009a ) .The figure below represents the ranking of visitant activity from different parts in Russia.https: //

Figure 6: Ranking of visitant activity from different parts in Russia

Beginning: Integrated Systems Russia, 2009a

Digital Education that took topographic point in Moscow in 2009 was targeted at Moscow and Federal authorities functionaries responsible for instruction, which signifies the potency for the latest audio-video equipment ( Integrated Systems Russia, 2009b ) .This clearly indicates the market potency for the Puffersphere merchandises in the Moscow digital signage market.

6.1 Ad

In the Russian advertisement market telecasting, wireless, print and billboard media are widespread. The domestic and international advertisement bureaus are effectual in Russia. The roar in the advertisement industry in the state is a consequence of strong economic growing and increasing incomes. Companies that were affected by the economic crisis have recovered and started puting in mass media for advertisement. Although the traditional methods of advertisement still do be in Russia, advertisement bureaus have refined their communicating methods to run into the demands of the modern house and are come oning rather good ( US Commercial Service, 2010 ) .The shopping promenades, airdromes and advertisement bureaus present in Russia appear rather assuring for the Puffersphere XXL and M theoretical accounts.

Pufferspheres decidedly have a great potency in the Russian market. Moscow and St. Petersburg have plentifulness of shopping promenades and large box shops where Pufferspheres M and XXL can be used for advertisement merchandises ( US Commercial Service, 2010 ) . Afimall shopping Centre is located in the nucleus of Moscow metropolis and is by far the largest shopping promenade in Russia. Puffersphere XXL can be used for shows and indoor advertisement in this promenade A ( AFI Development, 2008 ) .

Airports are another section that Pufferfish can see. Moscow has three major airports?± viz. Sheremetyevo, Domodedovo and Vnukovo. St. Petersburg ‘s airdrome comprises of two terminuss: Pulkovo-1 ( domestic flights ) and Pulkovo-2 ( international flights ) .Puffersphere XXL can be used in these airdromes to expose flight information, advertisement and to expose telecasting channels ( US Commercial Service, 2010 ) .

Other advertisement bureaus that can be interested in purchasing Pufferspheres are Starcom, Mindshare and Mediacom. The aforesaid media bureaus can utilize the domains for advertisement ( Mind Advertising Limited, 2011 ) .

The major concern for the company can be the cost of the merchandise. Nevertheless the advertisement bureaus, airdromes and promenades operate on a big graduated table, doing the Puffersphere monetary values low-cost for them.

8.3 Corporate

In the yesteryear, Pufferfish Displays limited has taken portion in exhibition Centres and trade shows all over the universe which has enabled the company to bring forth consciousness about their merchandise and construct new contacts ( Geoff, 2011 ) .

A important portion of selling in Russia takes topographic point through trade shows. Russians prefer to shop at trade shows as it provides them with an chance to larn from the array of proficient experts and company shows. The success of European companies is chiefly due to their high engagement rates which is around 90 % of all foreign companies in the Russian shows and this is apparent through their market portion of industrial equipment which is about 70 per centum. The exhibitions held in major metropoliss are normally visited by representatives of regional authoritiess and province endeavors from distant countries to buy goods ( UK Trade and Investment, 2009 ) .

Promotional seminars are another efficient manner to increase consciousness of equipment and trade name consciousness in the Russian concern community. The seminars normally gather appropriate imperativeness coverage in the industry publications A ( UK Trade and Investment, 2009 ) .

Trade carnivals for the digital signage market have been taking topographic point in Russia for rather some clip now. The Integrated Systems Russia is the taking show with people sing from all over Russia and abroad. Since Puffer fish utilizations an timeserving attack for its gross revenues, the Expocenter, which will be held in Moscow this twelvemonth will move as a platform for Puffer fish to come in Russia ( Integrated Systems Russia, 2010 ) . ‘

Statisticss from the old twelvemonth proves that the exhibition is a major success and attracted more than 8000 visitants. The figure below represents the visitant ‘s concern activity ( Integrated systems Russia, 2009a )

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Figure 3: Integrated systems Russia 2009 Beginning: ( Integrated systems Russia, 2009 )

The 2011 Expocenter surely seems assuring for Pufferfish Limited and will open a broad spectrum of chances for the company. The show presents the latest Ab and electronic system engineerings to the commercial, professional and residential electronic systems integrating industries ( Integrated Systems Russia, 2010 ) .

This provides Pufferfish an chance to expose their Puffer sphere XXL and M theoretical accounts and in bend aid Pufferfish pull assorted mark sections on a individual dais.

9.1 Uppsala theoretical account:

Johanson J. & A ; Vahlne J-E. ( 1977 ) , The Internationalization procedure of the house – a theoretical account of cognition development and increasing foreign market committednesss, Journal of International Business Studies, 8 ( 1 ) : 23-31

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( Johanson & A ; Vahle, 1977 ) .

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hypertext transfer protocol: // — jan-erik-vahlne/

The Uppsala theoretical account is a dynamic theoretical account which explains the internationalization of a house as a procedure. The theoretical account explains two forms in the internationalization procedure of the houses ( Johanson & A ; Vahlne, 1990, in Johanson & A ; Associates, 1994 ) . The first form explains the constitution concatenation wherein the company engages in operations in a peculiar foreign market. The constitution concatenation consists of a sequence of phases that are created in little incremental stairss with extended committedness which increases with every new measure.

The four phases were identified by Johanson and Wiedersheim-Paul in the twelvemonth 1975 which are as follows:

1. A A A A A No regular export activities

2. Export via independent representatives ( agent )

A A A A A A A 3. Gross saless subordinate and

A A A A A A A 4. Production/manufacturing ( Johanson & A ; Wiedersheim-Paul, 1975, in Johanson & A ; Associates, A A A A

A A A A A A A A A A A A 1994, P. 34. )

The 2nd form describes the fact that houses have a inclination to come in new markets with consecutive greater psychic distance and besides greater geographical distance in some instances ( Johanson & A ; Vahlne, 1990, in Johanson & A ; Associates, 1994 ; Hollensen, 2001 ) .

Firms therefore have a inclination to enter markets they understand, where they perceive chances and the uncertainness degrees are comparatively low. As proposed in the theoretical account, the house can comprehend chances without uncertainness merely through experiential cognition. Therefore, the houses choose incremental stairss and prosecute in a consecutive mode in foreign markets ( Hansson, Sundell, & A ; A-hman, 2004 ) .

Joint ventures or Greenfield:

Joint ventures:

The most recognized manner of entry into a new market is through set uping a joint venture with a foreign house. A joint venture requires puting up a house that is jointly owned by two or more otherwise independent houses.

‘A joint venture involves two or more companies making a lawfully independent company to portion some of the parent company ‘s resources with the intent of developing competitory advantage. ‘ A Joint ventures can take assorted signifiers, with the most common being a 50/50 shareholding in a company.A few advantages of a joint venture are the decrease of hazard through sharing of the undertaking, facilitate entry into a market and speedy net incomes. However jobs such as inability to work with the local spouse due to the changing organizational civilizations and the national civilization, can impact the joint venture and restrict its public presentation ( Lynch, 2006 ) .

In recent old ages, the rate of International Joint venture ( IJV ) formation has continued to lift steadily among the emerging markets in Latin America, Asia A and Eastern Europe. A The aforesaid emerging markets account for near to 70 % of all IJV entries by transnational corporations. Harmonizing to a study conducted by Deloitte, 35 % of companies used joint ventures to come in into emerging markets but merely 21 % continue to utilize them. The chart from Deloittes research shows that Joint Venture is the most popular entry manner into developing markets ( Mahidhar, 2009 ) .

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Beginning: ( Mahidhar, 2009 )

This subdivision typically aims at replying some of the common inquiry that arises when foreign investors use joint venture in Russia A ( Schwarz & A ; Viktorov, 2005 ) :

A· A A A A A A Are there limitations on foreign engagement?

In general there are no limitations on foreign engagement except for certain industries such as banking and insurance field A ( Schwarz & A ; Viktorov, 2005 ) .

A· A A A A A A What are the legal jobs which a foreign investor in a joint venture faces?

The formation and operation of joint ventures are comparatively easy for foreign investors due to the liberalization of the procedure of province enrollment of joint ventures and foreign currency statute law. Nevertheless, a few jobs do be ( Schwarz & A ; Viktorov, 2005 ) :

o A A Recurring alteration of statute law.

o A A The province governments fail to conform with established footings and processs for proviso of consents, blessings, enrollment and issue of licences and so on.

A· A A A A A A What are the types of joint venture vehicles normally used by foreign investors?

The figures below represent the chief types of joint ventures: hypertext transfer protocol: //

Beginning: A ( Schwarz & A ; Viktorov, 2005 )


The above figure describes the types of commercial legal entities that are recognised by the Civil Code of Russian Federation such as general partnerships, limited partnerships, limited liability companies, extra liability companies, extra liability companies, joint stock companies ( UK Trade and Investment, 2009 ) .

There are two types of joint ventures viz. limited liability companies ( LLC ) where in engagement is based on engagement involvements and joint stock companies ( JSC ) where in engagement is based on portions ( Schwarz & A ; Viktorov, 2005 ) .

The important portion of come ining a market is to make up one’s mind whether to come in as a limited liability company or joint stock company.

LLC ‘s are preferred over JSC ‘s in puting up a entirely owned subordinate since the procedure of constitution and operation of an LLC is less taxing and clip consuming as there are no legal demands that an LLC must publish portions or execute any processs related to issue, constitution and issue of securities. This signifier of entity is more flexible and nomadic as there is no demand of publishing portions when the participants need to alter the contract capital of the company.

However, a JSC is preferred for a joint venture in Russia between parties that are non related due to the undermentioned grounds. First, in an LLC each participant is eligible to go forth the company at any clip and for no specific ground, without the consent of other participants. In comparing to a JSC, the LLC jurisprudence considers a batch of issues which requires unchallenged vote determinations of LLC participants that might non be just for a joint venture spouse who is a bulk participant in the LLC ( UK Trade and Investment, 2009 ) .

Given the current state of affairs Pufferfish Displays limited must put into Russia merely after they gain sufficient cognition about the market. This may take a good three to four old ages. Depending on the state of affairs so the company may take from the aforesaid entities. They may to boot take aid or counsel from the Russo-British Chamber of Commerce or the UK Trade and Investment for puting up the preferable entity.

Pufferfish Displays, 2010. Servicess: Contented Creation and Consultancy. Retrieved March 17, 2011, from Pufferfish Ltd: hypertext transfer protocol: //

Pufferfish Displays, 2009. Case surveies: Eurovision. Retrieved March 17, 2011, from Pufferfishlimited Website: hypertext transfer protocol: //

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Deloitte, 2010. Making Business in Russia 2010, [ on-line ] . Available at: hypertext transfer protocol: // [ Accessed 26 February 2011 ] .

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Hickson, D.J. , and Pugh, D.S. , 1995. Management Worldwide: The Impact Of Societal Culture On Organizations Around The Globe. London: Penguin.

Integrated Systems Russia, 2009a. Statisticss of the 3rd international exhibition and conference, [ online ] . Available at: hypertext transfer protocol: // [ Accessed 4 March 2011 ] .

Integrated Systems Russia, 2009b. Digital Education, [ online ] . Available at: hypertext transfer protocol: // [ Accessed 2 March 2011 ] .

Integrated Systems Russia, 2010. About the show, [ online ] . Available at: hypertext transfer protocol: // [ Accessed 4 March 2011 ] .

Johanson, J. , and Associates, 1994. Internationalization, Relationships and Networks. Stockholm: Almqvist & A ; Wiksell International.

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Johanson, J. and Vahlne, J-E. 1977. The Internationalization Process of the Firm – A Model of Knowledge Development and Increasing Foreign Market Commitment. Journal of International Business Studies, 8, pp.23-32.

Johanson, J. , and Wiedersheim-Paul, F. , 1975. The Internationalization of the Firm – Four Swedish Cases. Capital of sweden: Almquist & A ; Wiksell International.

Lynch, R. , 2006. Corporate Strategy.Pearson Education Limited.

Mahidhar, V. , Giffi, C. , Kambli, A. , Alvanos, R. , and Grunewald, J. , 2009. Rethinking Emerging Market Schemes: From offshoring to strategic enlargement. Deloitte, [ online ] . Available at: hypertext transfer protocol: // [ Accessed 9 March 2011 ] .

PricewaterhouseCoopers Russia, 2009, Making concern and investment in the Russian Federation, [ online ] . Available at: hypertext transfer protocol: // PHPSESSID=u85buagf7pdte5b77is3n96mt4 [ Accessed 12 February 2011 ] .

PriceWaterhouseCoopers, 2010. Making Business and puting in the Russian Federation, [ online ] . Available at: hypertext transfer protocol: // [ Accessed 12 February 2011 ] .

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Pufferfish Displays, 2011c. Pufferfish: Merchandises, [ online ] . Available at: hypertext transfer protocol: // [ Accessed 11 March 2011 ] .

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The World Bank, 2009. Making Business in Russia. Washington D.C: The World Bank/The International Bank for Reconstruction and Development, [ online ] . Available at: hypertext transfer protocol: // % 20business/documents/annual-reports/english/db09-fullreport.pdf [ Accessed 4 March 2011 ] .

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Zashev, P. , 2004. Russian Investments in Lithuania – Politicss, Business and Corporate Culture. Electronic Publications of Pan-European Institute, 2-36.


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