Regional Economics: Theory and Practice

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Evaluating the efficiency of foreign direct investment: A regional dimension

Vol. 17, Iss. 11, NOVEMBER 2019

Received: 21 May 2019

Received in revised form: 21 August 2019

Accepted: 24 September 2019

Available online: 15 November 2019


JEL Classification: F21, P33

Pages: 2133–2147

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Nikolaev A.E. National Research University – Higher School of Economics (NRU – HSE), Moscow, Russian Federation

ORCID id: not available

Khomyakov V.A. Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject This article analyzes the effectiveness of foreign investments and their impact on the economic clusters of the Russian Federation.
Objectives The article aims to identify top regions within the economic clusters concerning the foreign investments attracted and their most effective consumption.
Methods For the study, we used the methods of data envelopment analysis and panel data regression analysis.
Results The article presents the clustering of regions by areas of activity and ratings of the most effective clusters and regions that make them.
Conclusions The involvement of foreign direct investment (FDI) in the supplier-buyer technology chain does not affect the inflow of new technologies. Foreign investment has a positive impact on the industry clusters of the Russian economy and the regions that make them. The effectiveness and level of FDI involvement depend on the region's industry specifics.

Keywords: foreign direct investment, economic clusters, spillover effect, DEA, panel regression analysis, economic efficiency


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