Panel data analysis demonstrates that bonding trust decreases participation in foreign-owned ventures among Russian entrepreneurs, indicating that local networks act as defensive anchors.
It is observed that intra-organizational trust (bonding trust) negatively predicts the likelihood that Russian entrepreneurs participate in foreign-owned or co-owned ventures. This finding is interpreted as suggesting that entrepreneurs may rely on local networks as a defensive anchor, reflecting a potential preference for trusting fellow Russians over foreigners. Consequently, foreign investors aiming to conduct business in Russia must actively penetrate these networks to establish trustworthy relationships. Simultaneously, Russian policymakers should improve the formal institutional environment to reduce reliance on defensive networks, supporting bridging trust as an additional channel for inward internationalization.
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Edgar Demetrio Tovar‐García (2026) studied this question.
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