INTEGRATIVE INSTITUTIONAL APPROACH TO PERFORMANCE OF OIL PRODUCING COMPANIES IN RUSSIA

Abstract

Introduction. This article focuses on the fact that emerging economies are be-coming increasingly relevant for oil producers, considering them as production bases and mar-kets. In particular, Russia stands out among developing economies as one of the largest and most resilient in the world. The country attracts a significant amount of foreign direct invest-ment, making it a dominant player in various industries and emphasizing its attractiveness to foreign investors. The analysis of these factors serves as a basis for the development of ap-proaches to assessing the efficiency of oil producing enterprises in the conditions of the Russian economy. Materials and methods. A data-driven empirical analysis shows that while firm-specific resource exploitation improves their performance, state institutions mitigate the positive impact on performance. Research results. This article examines an integrative approach that in-corporates a resource-based view and institutional theory to analyze the performance of Russian oil holding companies. Firm-specific resources have been assumed a unique source of competi-tive advantage when organizations go abroad. However, differences in the institutional envi-ronment between the host country and the home country may negatively affect the competitive-ness created by resource exploitation. Discussion and conclusion. The scientific value of the pa-per stems from the successful combination of the resource-based approach and institutional the-ory, which made it possible to develop a comprehensive analytical model. This model allows us to effectively assess the performance of oil producing holdings in the context of the specifics of the Russian institutional environment. Thus, the results of the study not only expand the theoret-ical framework in this area, but also provide practical tools to better understand and analyze the efficiency of the oil sector in Russia.