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This paper, examines the determinants of entrepreneurial interest and risk tolerance among Russian university students using the ordered logit model. The data for the paper was retrieved from a survey conducted in spring of 2008 involving 200 students from three St Petersburg-based universities. The paper produced three main findings. Firstly, the students were highly interested in pursuing entrepreneurial careers and had moderate risk tolerance. Secondly, the respondents with high entrepreneurial interest included males, students of business/economic specialties, students with family business backgrounds, students with experience of being self-employed, and those students who had favourable attitudes toward entrepreneurial behaviour, perceived social norms about entrepreneurship and higher entrepreneurial self-efficacy. Thirdly, the respondents who tended to have the lowest level of risk tolerance were females, students of technical specialties, students without entrepreneurial experience and students with lower entrepreneurial self-efficacy.

PurposeThe purpose of this paper is to show how the institutional context in an emerging economy, Russia, moderates the "do or buy" decision of international firms operating in the country. This is examined through the influence of institutional voids on transaction costs and definition of core competencies.Design/methodology/approachThe paper adopts a qualitative research approach, where the empirical data are based on interviews with executives of eight Finnish companies, which have invested in Russia's second largest city, St Petersburg.FindingsThe key findings include first, that the formal and informal constraints in the Russian business environment influence outsourcing decisions in terms of increased transaction costs, and in terms of resources needed to be competitive. Second, the authors show that, due to these constraints, a firm in Russia may need to insource functions that it would otherwise outsource as non‐core activities and invest in building of competencies specific to the Russian business environment.Research limitations/implicationsThe limitation of the study is its focus on two countries. However, the analytical framework proposed for examining influence of institutions on outsourcing strategies is applicable to other country contexts.Practical implicationsThis paper shows how the institutional constraints of the host country, reflecting in this case as underdeveloped market for business services and complex state regulation, can result in a significant need for adaptation of a foreign firm's business processes. This must be taken into account in business planning and allocation of resources to the Russian operations.Originality/valueThe paper provides researchers and practitioners with new information about a little‐studied topic by showing concrete ways of how institutions influence outsourcing strategies in Russia.

This study provides a state of the art analysis of the cultural and creative industries in Russia. It includes relevant statistics, the concepts of creative industries and the legislation in the field of cultural and creative industry in Russia, such as the law on culture and the federal program on culture. The study looks at the basic laws and practices of public organizations such as the changes of cultural institutions towards business orientation, and vice versa the opportunities for creative industry enterprises to take advantage of public funding. In this perspective, the divisions between governmental, non-governmental and commercial organizations as well as the new law on small and medium sized enterprises are presented. Some basic points of cultural networks and practices dating from the Soviet times are introduced in order to understand the possibilities to build creative clusters and creative enterprises in Russia. In addition, the study describes the volumes of some sectors, as audiovisual and film industry, traditional culture, games industry and cultural tourism.