Abstract
ABSTRACTThis study explores how subnational institutional differences in a large emerging economy—Russia—influence the relationship between research and development (R&D), foreign direct investment (FDI) spillovers, and firm performance. We find that the relationship between R&D and firm performance is positively moderated by subnational institutional development. Furthermore, we find that FDI will more positively moderate the relationship between R&D and firm performance if subnational institutional development is also higher, thus showing that subnational institutional development may foster the positive spillover effect of FDI on local firms.
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