Year of Graduation
The Effect of a Foreign Investor Presence on the Performance of Russian Fuel and Energy Enterprises
Strategic Corporate Finance
This study was conducted on the statistics of Russian companies of the oil refining complex for the period from 2008 to 2014 and the purpose of the analysis was to track the effect of the presence in the industry of foreign capital in the form of FDI. Previous studies on the influence of the presence of a foreign investor on the efficiency of firms were carried out for a variety of different sectors, which did not allow to take into account the specific specifics of Russian oil refining. Also, in previous papers, no attention was paid to the endogenous nature of FDI, which, as shown in this paper, can radically affect the results obtained. An important point in the methodology of this study is to subtract the influence of FDI from the effects of macro shocks in 2014 and its consequences on the efficiency of companies in the oil refining sector.