.{ hat types of inta ngible resou rces a re im portant for emerging ma rket i rms?
What types of intangible resources are important_foremerging market firms when going international?.Carlos Jardon, Mariia Molodchik-"
The paper explores the use of different types of intangible resources on each phase of the pro-
..r, of itrt.routionalization in the context of emerging economies. Assuming that companies
fo11ow a gradual process, an internationalization index considering export, imporl and invest-
ment activities isbuilt. The index allows identification of six stages of intemational expan-
sion, using a database ofmore than 2,000 Russian companies. The findings reveal thatrela-
tional capital has a signihcant positive impact on each stage of intemationalization, and that
organizational capital improves intemationalization except in the last, multinational stage. Ahigher endowment of human capital is positively associated with first three stages of intema-
tionalization.
Kelryords: intemationalization, Uppsala mode1, intangible resources, emerging markets,
Russian companies, logistic regression anaiysis
JEL: O30. O19.D22.
lntroduction
Intemationalizatiol plays a pivotal role in the economic growth of emerging
markets (Vaatanen et al. 2009). Companies in these markets use internationahza-
tion as a response to increased domestic competitive intensity. It occurs due to
pro-market reforms and subsequent reductions in the tariff and investment bari-ers that allow multinational colporations to enter emerging markets. Conse-
quently, companies in these markets confront the challenge of competing in the
domestic arena and providing proactive international expansion, while very of-
ten suffering the disadvantages attending their latecomer status. This is the case
notwithstanding empirical studies such as that by (Prange and Verdier 2011),
who discovered that international activity has a significant positive effect on the
performance of emerging market firms. In recent years, the phenomenon of in-
terrrational expansion of emerging market fims has attracted more and more at-
tention on the parts of scholars and policymakers, who have explored the
essence ofthis process and discovered its drivers.
* Received: 6.5.2016, accepted: 6.10.2016,0 revrsron.** carlos M. Jardon, Prof., University of vigo, Spain, and National Research Universif
Higher School of Economics. Email: [email protected]. Main research interests: intellectu-
al -apital
management, intemationalization, SME competitive behavior, econometric mod-
elling.Mariia Molodcftlt (corresponding author), Assoc. Prof., National Research UniversityHigher School of Economics, Perm campus, Russian Federation. Email: mmolod-
[email protected]. Main research interests: intangibles, intemationalization of firms from
emerging markets, leaming organization and sustainable innovation.
JEEMS, 22 (4) 2011, 579 - s95 Dol : 10.577 1 / 09 49 - 6181 -2017 - 4- 57 9
Jrganizations?
580
The intemati onalizationprocess has bronments. It has led to multiple modand idiosyncrasies of national cultures
ur 9:..-r: to more qualified personnel,
te ,,back,,knowledge flows from sub_
ntrates on the first issue, consider_going global.
of internationaTization has notgap in such knowledge in inter_the context of emerging coun_
Carlos Jardon, Mariia Molodchik What types of intangibr:
tnes. Therefore, the :intellectual capitai is r
Internati onal ization r :presents the interesr-:curring since the l99rinstitutional conditio..global opporruniriescalculate an interlar,_sian companies frorr :
ample of the emergin3-
This study extends ou:the intematio nalizari crplications for inter.na: -
The paper is organizc;temalization process. :
are presented. Secono-index based on rhe L lidescribed. Thirdly. th:o f intematio nalizattoncapital are estimated ri:cludes with theorerica,research avenues.
Theoretical backgrorDuring the last 1uo Gefrom emerging markets2014 nine of the 20 larseconomies and the shar,growing and reached -ilsearchers got the oppolTrng market firms that archaracteristics of the inL;
When investigating thestages of internationaliz.measurement approaclie:(Sullivan I994). In this .a company oriented to,,reign investments. Al 1Lipofts, such as sporadic :appears to be an indica.rthermore. business rela:.
What types of intangible resources are important for emerging market irms?
tries. Therefore, the research question is formulated as follows: "what type ofintellectual capital is required at each stage ofthe internationalizattonprocess?".
Internationalization process of the Russian companies is a promising topic as itpresents the interesting case of an intemationalization process that has been oc-curring since the 1990s when the boarders were opened,privatization changedinstitutional conditions and when Russian companies faced the challenges ofglobal opporfunities (Mccarthy et al. 2014; Thurner et al. 2015). The authorscalculate an intemationalizalion index using a sample of more than 2,000 Rus-sian companies from the manufacturing industry The Russian economy is an ex-ample of the emerging economy (Gay 2008).
This study extends our empirical knowledge of how intellectual capital improvesthe internationalization of Russian companies and identifier ro-" practical im-plications for international cooperation with Russian companies.
The paper is organized as follows. Firstly, the theoretical background of the in-temalization process, the intellectual capital concept and their interconnectionare ptesented. Secondly, a methodology for calculating the internationalizationindex based on the Uppsala model and the components of intellectual capital isdescribed. Thirdly, the Russian companies are classified according 1o their levelof interrrationalizatton and the impacts of different components of intellectualcapital are estimated with the help of regression analysis. Finally, the study con-cludes with theoretical and practical implications and the identification of futureresearch avenues.
Theoretical background and hypotheses, developmentDuring the last two decades, the growth of internationaljzatjon in companiesfrom emerging markets could be observed. According to uNCTAD (zois), in2014 nine of the 20 largest investor countries were from developing or transitioneconomies and the share of the outward FDI from these countries is constantlygrowing and reached 42.5 % of the total outward FDI in 2014. consequently, re-searchers got the opporfunity to test empirically the benefits and costs of emerg-ing market firms that are expanding internationally, and to reveal the particularcharacteristics of the internationalizationprocess undergone by such firms.
When investigating the process of internationaTization, its incremental steps orstages of internationalization should be identified. There is a broad variety ofmeasurement approaches and different indicators that arc applied by scholars(Sullivan.1994).In this study, the authors propose considering three activities ofa company oriented towards intemational expansion: exports, imports and for-eign investments. At the initial stages of international activities, a level of ex-p.erts, such as sporadic exporls or exports integrated into a company's strategy,appears to be an indicator of the preliminary phases of intemationalization. Fur-thermore, business relationships with foreign suppliers (in other words, import
561
activities) determine the next stages of international jzation. Another importantcharacteristic of the degree of inLrnationarization, u."oraing to Duran (1990).can be measured through indicators such as the 'politics of "ownership,,,
whichincludes all types of investments and agreements involvin g capitittransfer. Thiscapital transfer can occur in both dire-ctions: if a compaiy utt u.t, foreign in_vestors and if a company makesinternational izatjon process fromto this field, developing an internationinternational expansion. The measuremmore detail in the section..Methodolo
Another. promising research topic in the international management area concerlsthe motives or drivers of the interrrati<nalization process. what factors, either
and stage theory (Johanson and Vahlne
generating and harboring tacit and ex_technologt and industriql know_howrevealed that intangible resources aus_, providing positive significant effecis
geographical expansion and performance in allHowever, a range of studies discovered the posi_
wereconductedindevel"o.oT;1?',Ji,ll:r;Jt51#,::1T;'ff 'ill.:ff Iemerging markets. Taking into accouni the importance of intemationalizationprocesses for the companies from emerging markets, study of the relationshipbetween intangible resources and internaii oiarization'upp"irrto be retevant andpromtses to reveal practical implications.
the companies from emerging markets sh<tangible resources at each stage of intemational izatjon. Therefore, the authorssuppose that intangible resources have a significant and positive i--pu", on theinternational ization of companies from
"-..!irrg markets.
Carios Jardon, Mariia Molodchik What types of intangible rescu:
Moreover, this study dificapitaT, structural capitalincludes the knowled_ee- s
CaS 2009). Structural calcompany, such as technr2009). Relational capitalwide variery of economicmedia and other partners r
can be expected from each
A higher quality of humarcapital suggests that peop;On analysing the literatureinternational expansion cartionalization (Dhanaraj arand Fisher 7997), the entr2005) and other general hror intemational business I
2002; Onkelinx et al. 201markets suffer from log-er-foreign competitors fromup" position. This applies ipanies' activities in foreiglenge of improving the lerauthors of this study suppohave more chances to comIS:
Hl: A higher endowntenitionalizcttion o/ a cot
Due to the stronger dynaremerging markets possess r
and to transfer it. Yang et i
tion in these companies iskets. One of the prongs ofissues that are facilitated gja multinational companl. { T
Shtctural capital supports iment for the creation of nelitating the organizational lewith better organizational shighly developed structural
What types of intangible resou rces are important for emerging market irms? 583
IPlr
$
can be expected from each component ofintellectual capital?
1S:
H\; A higher endowment of human capital increases the level of the interna-
tionalization of a company in an emerging market'
a multinational company (Teece 2014).
Carlos Jardon, Mariia Molodchik
if a company goes global. According to on theory (Hymer 79'76)'
a company can increase value by interrr for certain of its intangi-
ble resources. Such internalizing means located in different mar-
kets are distributed not througli their purchase/sale in the external market but
within the company. The ease of coordination, transfer and learning oppoftunl-
ties connected to structural capital tends to increase with the degree of interna-
elkaoui 2003). On the other hand, on aver-
of emerging markets firms is lower and
level when entering the international arena'
The second hypothesis is as follows:
H2: The higher endowment of structural capital increases the level of interna-
tionalizqtion of a company in an emerging market'
The relations with stakeholders are complex in Russian companies. The Russian
tradition is associated with the "blatlsviizr"' a common practice among the Rus-
sianpeople.Thisissuefacilitatestherelationshipsamongenffepreneursandcanhave an imporlant role in establishing new ventures in Russia (Rogers 2006)'
The entrepreneurs whose relatives or friends are participating in the internation-
tumties for becoming internationalized
lova and Nechayeva, (2014) revealed
in Russian multinationals'
Relational ation activ
of internat noted that
nectionsb nordertoproves international activities. The literature points to the role social networks
can play in helping entrepreneurs overcome
costs-, contract enforcement, and regulation (Mc
an extensive social network is a valuable asset
obtain an access, to information (e.g., profitable business opportunities) as well
as resources 1e.g., credit) (McCarlhy and Puffer 2013)'
The reputation for having strong intangible lesources can precede the entry into
a foreiln market and canlreate a supportive environment for successful interna-
tional Jooperation (Lu and Beamis6-2004). To some extent, developing interna-
tional activities is a part of relational capital. It appears that the particular en-
dowment of relational capital is significant for the internationalizalron process
arld, althe same time duiing this process, the company acquires new relation-
ships and experience that in turn increases relational capital. This study focuses
onlh" first link, and the last hypothesis is:
H3: The higher endowment of relational capital increases the level of interna-
tionalization of a company within an emerging market'
What tYPes of intangible res
Methodology and databa
The research design ofthis stt
w identification of the internz
endowment of intangible
capital and relational caPiu
w estimation of the imPact oi
alizaiion.
The approach for the measul
surement of intellectual caPit
sections.
Measu re m ent oJ i nte rnatiot
The first hint of intemationt
ployers, is its level ofexPort
is the percentage of foreign
able quantifres one ofthe filnationalization Process (I{rir
mestic contracts or a consec
exports are scarce and sPora'
the practice is diffrcult to d<
assume that a firm exports s
of total sales, regular exPor
exports globallY if exPors a
Another element to conside
ness is imPorts (Altomonte
through the Percentage oftthe comPanY. In order to sir
lows for the identification o
The third comPonent of ircompany makes abroad @made abroad within the tot
of internationalization thz
among introductory in'estments, if theY are betu-eer
ments, when the investnen
It should be noted that the
es in the area is generaf i
pany's international izalion.
investments within the tot
Whattypes of intangible resources are importantfor emerging market firms? 585
Methodolo gy and data base
The research design of this study consists of two stages:
ss identification of the interrrationalizalonphase of a particular company and its
endowment of intangible resources: in parlicular, human capital, sttuctural
capital and relational capital, and
w estimation of the impaci of intangible resources on each phase of intemation-
alization.
The approach for the measurement of intemationalization phases and the mea-
,rr."-".rt of intellectual capital components is represented in the following sub-
sectlons.
Measu re m e nt of i nter n ati o na I i zati o n i n d ex
exports globally if exporls account for more than 50Yo'
ments, when the investments are greater than 30%'
Carlos Jardon, Mariia Molodchik
tionalization. When this percentage is higher than 50o/o, the firm really becomes
a foreign company.
In order to calculate the internationahzation index, the authors differentiate threelevels ofinternational activities: introduction activities, basic activities and prin-cipal activities. Introduction activities represent the ordinary operations of thefirms in imports and exports, which are usually consequences of domestic con-tracts. Basic activities are based on an internationalization strategy, but one thatis only incipient, including exports. investments and abroad investments. Theprincipal activities are specific to multinational firms and include internationallyoriented investments, global exports and foreign firms. Table 1 represents ap-
proaches for the codification of different levels of intemational activities.
Table 1. Approaches for the codification of levels of internationalization
As a consequence of previous classification, the following assumption cair be es-
tablished:
A1:A firm that realizes an introduction activity is less than or equally interna-tionalized to a firm that realizes abasic activity, and this latter firm is less thanor equally intemationalizedto a firm that realizes a principal activity.
Usually the import is a consequence of the necessity, as the resources is not inthe country but this activity can open the internationalization process. However,the exports is view as an intemationalization activity. Usually, when the compa-ny have especial interest to entry in a determined market, it invests on this coun-try. Therefore, we can establish the following assumption:
A2: A firm that imporls is less than or equally internationalized to a firm thatexports, and this latter firm is less than or equally internationalizedto a firm thatinvests or receives investment.
What types of intangible resourcl
These assumptions allos-monotonic, representatir e
sures the level ofinternatiobinations among the differt
Table 2. Approach for the estirn
Meas u re m ent of i nte I I ect
There are different apProa
tal. The most common a
which allows the catching
ular company. This studl-
tional capitals, which rr-er
(2004) and Molodchik et z
In considering Russian co
(Michailova et al. 20131
sources should be noted-
avoidance of uncefiahn,particular behavioural tntrepreneurship in Russial
2074) and until now has h
The endowment of struct
R&D expenditures accot
scores only 3.2 points out
ties. At the same time, tht
out of 10. In spite of theportion of businesses usir
Russian companies demo
the particular traits of rel(Bengoa g 113f11ann, 2
lnternationa lizationvariables
Condition ActivitiesTyPe
Expo rts
0 No exports No activity
0<x<10% Sporadic exports I ntrod uctory
10%<x<50% Exports Basic
x>50% Clobal exports Princi pal
lmports0 No imports No activity
>0 lmports Bas ic
lnvestments
0 No investment No activity
o<x<5% lntrod uctory investment I ntrod uctory
5%<X<30% I nvestment Basic
x>30%Internationally oriented in-
vesrmenrPrincipa I
I ntegrated i nternationalized
What types of intangible resources are important for emerging market irms?
us to build an intemationalization index that is a
and additive metric (Koniis 1939). The index mea-
nalizatton, and it is a consequence of the logical com-
binations among the different activities (see Table 2)'
Table 2. Approach for the estimation of the internationalization index
lnternationalization level Activities
Domestic No international activities
Passive exports Sporadic exports, imports or introductory investments
Exports Exports, or investments and sporadic exports
I ntegrated exports e xports and introductory investments, or exports and import s
I nte rn atio n a I izedClobrl .*pottt and introductory investments, or investments
and exports
Integrated internationalizedtnternationatty oriented investments and exports, or invest-
ments and global exPorts
Mu ltinationa I 1nternationally oriented investments and global exports
Me a s u re m e nt of i nte I I e ct u a I ca pit a I co m p o n e nts
There are different approaches to measuring the components of intellectual capi-
tal. The most common approach is based on principai components analysis,
which allows the catching & the level of a corresponding component of a partic-
ular company. This study uses different metrics for human, structural and rela-
tional capitais, which were applied in previous studies such as those by Sveiby
Q004\ and Molodchik et al. (2012).
In considering Russian companies as examples of firms from emerging markets
(Michailova .t ut. zot:), several particular characteristics of intangible re-
sources should be noted. The study of (Mccarlhy et al. 2008) has revealed that
avoidance of uncefiainty, resistance to change and a short-term orientation are
particular behavioural iraits of managers and employees. The dearth of en-
irep."ne.,.rhip in Russian people is determined historically (Mccarthy et al.
zoi+) anduntil now has been one the reasons for the lack of innovation activity'
The endowment of structural capital is heterogeneous. Taking the position of
R&D expenditures according to the Global Competitiveness Index, Russia
scores only 3.2points out of i0, and only 3.8 points for its innovation capabili-
ties. At the same trme, the indicator of patent usage is relatively high: 7.1 points
out of 10. In spite of the fact that almost all companies use computers (the pro-
porlion of businesses using computers was92.6o/o in 2013)' only 40 per cent of^Russian
companies demonitrate a web presence (IJNCTAD 2015). Considering
the particulai traits of relational capital, (Michailova and Nechayeva 2014) and
(Beneoa & Kaufmann, 2015) have found that the relationships between group
members in Russian companies are much closer than those found in Westernrs in Russian companiesthis finding, the study ofpersonal networking is a
Database
The data for more than 2,000 Russian manufacturing companies were colrectedin2013-2014 within the framework of the research proieci of NRU HSE: .,Rus_sian firms in global environment" (RuFIGE). the questionnaire was elaboratedby the Institute of Industrial and Market Studies. ihe sample is representativeaccording to the sector (Table 3) and size (Table 4) divisions.
Table 3 Distribution of companies according to industry
Method of estimation
Carlos Jardon, Mariia Molodchik What types of intangible resour
sured by the number of etype (Moscow, capital of i
Results
The srudy estimated an irAccording to the calcularipanies are classified accorhave shown that most ofThe other 30% of the corbut most of them are at aIFigure 1. The distribution olindex
I
l
I vrultiilationa:
lnte grated inte rnationalizec
1*te rnationalizei
tillegrated expoft
l
Expoi-t
Passive export
By fuither use of factor anitural and relational capitalthe correspondent loading .
Percentage in the sample (%)
Non-metallic products
Table 4 Distribution of companies according to industry
Number of employees
Number of companies in thesa m ple
Whattypes of intangible resources are importantfor emerging marketirms?
sured by the number of employees and the company location measured by city
type (Moscow, capital of the region or another city)'
Results
Figure 1. The distribution of Russian companies according to the internationalization
index
lul ultir''alional
Integrated internetio*a lized
ltltel nationatrized
N
N
lnteBrated exPoft
Expod
Passl,r€ exporl
1€
By fuither use of factor anaiysis, the authors created constructs for human, struc-
turai and relational capitals. Table 5 reflects the metrics used in this study and
the corespondent loading values according to principal component analysis.
4 h B 1{r 1) 1j
Perceiltage of the cotlP;ntes
18
l
'
ffli
ANii
:r'
Components of intel-lectual capital
lndicator Loadings
Human capital
7o of variance = 70782
Percentage of employees with higher education 709
Percentage of managers with higher education 689
Percentage of white-collar workers with higher educa-
tion725
Structural capital
/, of variance = 52.901
The enterprise has an internal information system ofplanning and resource management (ERP, SAP, etc.)
577
The enterprise has international quality certificates is-
sued by an accredited international organization560
The enterprise has the management of sales .450
Relationalcapital
%o of variance = 51.693
Cooperation with foreign strategic partners 669
R&D cooperation 416
Product cooperation 594
Service cooperation
Components cooperation .377
590 Carlos Jardon, Mariia Molodchik
Table 5. Indicators of intellectual caPital comPonents and their loadings
In the next step of the study, the impact of intellectual capital components on the
international ization index was analysed.
In order to reveal what types of intangible lesources are important for each stage
of intemationalization, the authors used a stepwise logistic regression. It allows
the selection ofpredictive variables by an automatic procedure: aftel each step at
which avariable was added, all included variables were checked for their signif-
icance level (more than 95%); if some of them became insignificant, then they
were excluded from the model. The estimations wele run in the software pro-
gram Stata 12. Table 6 contains the results of the econometric estimations. The
different stages of intemalionalization are dependent variables and thfee compo-
nents of intellectual aapllal are the main independent variables. The independent
variables that were treated as control variables are not presented in the table. For
the main independent variables, the coefficients, standard elrors, Wald statistic,
degrees offreedom and significance are presented. Variables that were excluded
by the automatic procedue of stepwise logistic regression analysis are indicated
by the word "out". The value of the R-square of Nagelkerke for each model is
presented as well.
What types of intangible resourcss :
Table 5 Results of the stePwise log
Independevariable
Passive export
Con sia r::
Normal export
Con sta n:
Integrated exPort
Consiar:
I nte rn ati o na I ized
I ntegrated i nternationalized
Consta it-
Mu ltlnational
Cons'Laa
The results paftly conllrm iman resor}Ices when gotng
izali.on, the higher endo\\T
achieving a higher level c
stages, the variable "huma:
K-1p=U.ZfZ
R2rrrr=0.224
D2 -n 2n(r\ NK-v.Jvr
What types of intangible resources are important for emerging market irms?
The results par1ly confirm the first hypothesis, regarding the significance of hu-
man resources when going inteffrational. For three early stages of international-
izalton, the higher endowment of human capital increases the probability ofachieving a higher level of internationalization. However, for the last three
stages, the variable "human capitaT" was excluded due to its low significance
591
Table 6 Results of the stepwise logistic regression analysis
Dependentvariable E nter
Independentvariables coef (B)
st.Ettol Wad DF p-value exp(b)
Passive export
D2 -a ))1 tn
RC 528 118 20107,l 000 1.696
5C 541 058 87 905 1 000 1718
HC 241 0073 11.528,l
001 1.281
Co n sta nt 1 632 248 43 240 1 000 .196
Normal export
o2 -n lll n
KL 316 o66 22.685 000 371
5C 676 068 r00.000 000 1.966
HC 344 093 I 3.s80 000 1 411
Constant -2.581 345 56.31 8 000 ot5
Integrated expo t
D2 -n1aA n
RC .374 068 30 447 000 I /q2
5C 095 095 46776 .000 1.913
HC 328 133 6.062 014 1 389
Con sta nt 3 983 638 38.958 000 019
lnternationalized
K-Nf,=U.JU)ln
RC 340 096 r2 506 000 1 405
SC 1.O41 202 26.809 007 2 848
Co n sta nt -5 520 I 158 72714 000 .004
out HC 2.216 'l 137
I ntegrated internationalized
K-Nk=U Zdvn
RC / (a ilo 1s 556 'I 000 1.580
SC 746 .263 8 037'l .005 2 108
Co n sta nt -5 433 1.231 19 304 1 000 004
out HC 385'I 332
M u ltlnationa I
R2rur=O 413n
RC .604 251 5 806 016 1 829
Constant -5 478 1 505 13 254 000 oo4
out5C 511 475
HC 3 470 063
level. Meanwhile, the possession of hlnvestments, quality certification andsociated with Russian companies, lelast stage structural capital rhorv, unties. The.study partry confirms the second hypothesis regarding the role of struc_tural capital on international expansion. The findings .J,uear tt'at retation ar capi_tal measured by cooperation -it i", is significant-for all ,tug;, or the interna_tionalization of Russian companies. The thlrd nypott esi, is n r?f .onnr-"a.Conclusion and discussionThis paper examined the.relationshipthe degree of intematioialization iiwithin the framework of theport for its main claim that ter for it going intemational. revealed the significance of the higherendowment of intangible resources for hieving a higher lever of international_ization.
The study discovered alarpealization and attempted to io
dicator of incremental steps in interna_del. Using the elaborated index, the
panies was obtained ation development in Russian com-
Addressing the issue of what type of intangible- resources is important for stay_ing in particular phase of internationalizatiZn,the authors estauiisteo empiricalevidence for a pivotal significance of relational capitarfo, ulr;;;.;s. Strucfuraland human capitals do lot increase the probabilify of being at the highest revelof internationalization. Meanwhile, huma ces impact only the three earlystages ofin has already
"r["".a suffrcienthuman capi e the company is already intemational_ized. Thesepabilitvtodeveloprelationshipsu'apu.i'"'rorltff ;'ffi ::"lt:ffi:tJiiiJiilfrallow an emerging market firm to orr"..o." a dearth of technological knowl-edgeand a lack of high qualified personner. This is consistent with the resource_based view on emerging market-firms exploring 1ocal competitive advantagesand facilitating knowledge flow from its subsidiaries to its headquarters (Teece,2014).
Finally, relational capitalis necessary at all ahzation. Thisevidence has an implication for internationrole or relational f"iirr when going sil;i i?#ililffi
Carlos Jardon, Mariia Molodchik What types of intangible resr
expansion are positir.el-rital - in other words.bridge Eastern and Sesand formal standards of
The findings suggest aternational involvementsons. According to intetors. Russian companie.they have a large domeview and using the resrreasons of such lou' irsources possessed by Rrcan be derived from su,
tional supporl of intemzops special progralTrmetallowing for better mana
All empirical findings ning companies, and thistending the results to athis limitation, the researfrom emerging marketsthe role of intangible res,
Acknowledgments
This study comprises resed by the Russian Scienc
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What types of intangible resources are important for emerging market firms? 593
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r, by following the resource-based
authors claim that one of Possible
rn might be a dearth of intangible re-
SourcespossessedbyRussiancompanles'Theimplicationforpolicymakersthatcan be derived tio- ,rft, findings might entail a shift from traditional institu-
tional supporl of to a seiective policy that devel-
ops special progr ies or group of companies' thus
uilo*ing for bette esources'
m the database of Russian manufactur-
from emerging markets and can be use
the role oflntangible resources when companies go global'
Acknowledgments
This study comprises research findings from the project Ns15-18-20039 suppofi-
ed by the Russian Science Foundation'
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