The international expansion of Russian enterprises. Looking at Italiantargets

Investment activity by Russian enterprises is a relatively recent phenomenon that is meeting with mounting interest among analysts and researchers, as has occurred for the other emerging economies. Brazil, Russia, India and China - the so-called "BRIC" nations - are affirming themselves at the international level for their ability to invest considerable resources in both developing countries and industrialized economies (Sauvant, 2005; 2008; Ramamurti R., Singh, 2009; Goldstein, 2009). For these nations, foreign direct investment (FDI) represents a fundamental means of achieving economic growth as well as political affirmation at the global level. FDI allows highly accelerated, and often unbalanced, growth processes to be adjusted at the national level. At the same time, individual enterprises, particularly through acquisitions, enjoy access to energy sources and commodities, advanced technologies, brands, skills, know-how and distribution channels to be used to expand and conquer new markets, including in the West (Sauvant, 2005; Spigarelli, 2009). Some aspects make the case of Russia wholly dissimilar to the experiences of the other BRIC nations (Panibratov, Kalotay, 2009). Investors are limited in number and belong to large groups that are either state-owned or the result of privatization after the fall of the Empire. Each transaction involves enormous financial resources. In addition, the main area of interest is the primary sector, and specifically oil, natural gas, metallurgy and electricity (Kalotay, 2008). This paper aims to analyze the primary characteristics of the phenomenon, with a specific focus on the Italian scenario. The goal is to investigate the intensity of Russian FDI, the main players and the underlying motivations. The work is part of a larger research project aimed at comparing the investment activity of BRIC nations in the West and identifying their distinctive traits so as to arrive at a possible key to interpreting the phenomenon in the context of international investment theory (Buckley, 2002) and to understand its consequences in the fields of economics and industrial policy (Spigarelli, 2009). As mentioned above, special attention is devoted to the Italian economy : the passive internationalization generated by emerging economies creates interesting research opportunities and raises questions, some of which relate to the possible impact on its avenues of development, the ongoing transformation of industrial districts and the processes of reconfiguring knowledge and allocating value at the local level. This study represents an initial exploratory analysis of the case of Russia that aims to answer several questions that in turn ought to provide further stimulus for research activity: what are the aspects, critical issues and prospects currently associated with the investment flows and transactions undertaken by Russian enterprises at the global level? As compared to global trends, do the initiatives in Italy show any peculiarities in terms of the sectors involved, the underlying motivations and the modes of entry? Is their impact on the Italian economy relevant, particularly in prospective terms, and in which sectors is it most critical? The methodology of analysis employed is of the descriptive type owing to the limited availability of up-to-date, reliable data series. The foreign investment phenomenon is new and statistical surveying systems have only recently been revamped by the Federation. Accordingly, sophisticated, broad analyses are not possible. The first part of the study places Russian investment activity in the context of foreign direct investment theories. The second part initially examines the main channels of Russian FDI at the global level through a review of both flow and stock figures and the most significant greenfield and non-greenfield transactions undertaken. In addition, the strategic goals pursued by Federation operators are then analyzed. Finally, the paper discusses the Italian scenario, commenting on FDI trends at the sector and regional level, followed by an examination of specific cases of investment through the acquisition or incorporation of new business assets. The analysis ends with some general considerations

The Chinese Pharmaceutical Market: Driving Forces and Emerging Trends

Dramatic changes are emerging in the Chinese pharmaceutical market, as a result of new Government policies, new consumer habits and behaviour, growing competition among local and foreign firms. From a demand side perspective, consumptions of pharmaceutical products are booming thanks to a combined effect of economic growth, aging population, urbanization and health system reforms. Key forces shaping the demand are examined in the paper, with a specific attention to health care reforms as well as to new habits and confidence of Chinese people towards the Western medicine. In this regard, import and export trends of products, consumption, and expected evolution of demand are examined. From a supply side perspective, two main trends are highlighted: the increasing and changing interest of foreign investors, and the effort of Chinese pharmaceutical firms to affirm in the national and international market. To better understand the ongoing changes, key players of the markets, as well as trends and motivation of inward foreign direct investments (fdi) to China are examined. At the same time, intellectual property data are considered: main source of patents (foreign vs local firms) and main kind of products protected (raw materials vs basic products vs drugs, as well as Western and Traditional Chinese medicine products)

Gli hedge fund: caratteristiche, impatto sui mercati e ruolo nelle crisi finanziarie

Gli hedge fund (HF) sono sempre pi`u diffusamente considerati responsabili delle crisi finanziarie che si sono susseguite nel corso degli ultimi decenni. La loro natura di segretezza e la fama di particolare propensione al rischio, unite ad un ampio ricorso alla leva finanziaria, fanno si che questi operatori siano spesso indicati come principale causa dellaumento della volatilit`a ed instabilit`a dei mercati o quantomeno in grado di accentuarne fortemente le turbolenze. Per comprenderne correttamente il ruolo nelle situazioni di stress dei mercati, il lavoro ne analizza dapprima la natura e le caratteristiche distintive: principali strategie di investimento adottate, modalit`a di misurazione delle performance, struttura organizzativa tipica. Si esaminano poi i vantaggi che tipicamente la dottrina e la prassi riconoscono alla loro operativit` a: efficienza dei prezzi, liquidit`a dei mercati, innovazione innanzitutto. Si analizzano inoltre gli aspetti critici connessi allattivit degli HF, soprattutto in relazione alle situazioni di turbolenza dei mercati finanziari. Questa analisi `e essenziale per comprenderne il ruolo nellattuale crisi globale. Lo studio si conclude con alcune riflessioni sul dibattito che divide la comunit finanziaria circa lopportunit`a di introdurre misure specifiche di regolamentazione anche per lindustria degli HF

Managing corporate sustainability and responsibility efficiently: A review of existing literature on business groups and networks

Given the global relevance of business groups (BG) and networks as efficient organizational forms for corporate sustainability and responsibility systems (CSR), and seeing that management control systems (MCS) play a pivotal role in transmitting authority to CSR and formalizing a sustainability organizational culture, this paper aims to review the available literature in order to investigate efficient adoptions of CSR by BGs or networks. Both organizational forms have positive effects on CSR development, on three levels: (a) setting industry standards (macro-external environment); (b) stimulating sustainability-oriented innovations (mezzo-member firms); (c) reputational gains, CSR expenses mitigation, and optimization of organizational capabilities (micro-individual SMEs). The studies on SMEs were useful in identifying current sustainability practices: both partial (social, environmental) and complete sustainability systems were susceptible to being integrated with management accounting, making them an almost implicit tool for proper CSR. Finally, by gathering the empirical literature on sustainability transitions of networks and groups, it was possible to trace a comprehensive introductory plan that operators could resort to for initial guidance. The six steps of this process are (1) project initiation, (2) preliminary actions, (3) change management decision, (4) firm-level activities, (5) auditing, (6) transition to territorial social responsibility (optional)

Moving from Open Door to Go Global: China goes on the world stage

The paper examines the internationalization processes of medium sized firms in the main regions of the so-called \u201cthird Italy\u201d (North-East-Center Italy). The attention to medium sized firms stems from their increasing role in the Italian manufacturing system. Typically, Italian small firms show a remarkable ability to penetrate international markets through light mode of entry (export), but have great difficulties in establishing stable form of internationalization. One of the main aims of the paper is to assess to what extent medium sized firms are able to overcome the problems of small firms in operating in the international arena. Using data from financial statements of 2001 and 2005, we analyze the percentage of sales abroad and the number, value and location of foreign subsidiaries and JVs to understand the internationalization patterns of 197 medium-sized firms. In the period of analysis, we found an increase in the level of internationalization (both in export and in direct investments), thanks especially to smaller companies (250-499 people). Anyway, most of the companies confirm the consolidated pattern of Italian manufacturing firms, based on a high level of export and a reduced level of foreign subsidiaries. As for FDI location, there is a \u201cgap of globalization\u201d as a strict majority of investments are located in EU. In general, medium companies seem unable to overcome the typical internationalization problems of small Italian companie

Recenti tendenze nei flussi di investimento estero delle economie emergenti. Sovereign wealth funds, imprese globali ed effetti per i paesi sviluppati

L\u2019articolo analizza le caratteristiche principali dei recenti flussi di investimento diretto estero realizzati dalle economie emergenti. In primo luogo, si approfondiscono le determinanti macroeconomiche alla base della disponibilit\ue0 di capitali presso tali paesi, esaminando in particolare il ruolo cruciale e controverso svolto dai sovereign wealth funds. Vengono poi discusse le determinanti istituzionali e strutturali degli investimenti esteri dalla prospettiva delle imprese degli stessi emergenti. Infine, l\u2019analisi viene completata focalizzando l\u2019attenzione sul caso particolare della politica pubblica della Cina nei riguardi degli investimenti diretti verso l\u2019estero, in particolare verso l\u2019Europa e l\u2019Italia