The paper also presented the fact that theories and studies hold true for all the business environments. Gratchev, M., Rogovsky, N., & Rakitski, B. (2007). Leadership and culture in Russia: The case of transitional economy. Culture and Leadership across the World: The GLOBE Book of In-Depth Studies, 25, 803-831.

This paper gives a detailed analysis on the Russian economy and how it has progressed from the decline by the break of Soviet block and failure of the super power. The paper identifies Russia as a changing economy which is moving towards development at a fast pace. The paper also give brief details about the statistical data of the country. The paper explains that although economic crisis and decline has greatly affected the country but there is full potential in the country to grow and develop as an economy.The paper also explains the fact that due to FDI and foreign companies operating the Russian culture is moving towards openness and adaptability. The paper has helped in laying down the foundations of culture in Russia, business environment and role of FDI / foreign companies in forming and improving the business culture there. Moreover, the paper also hints that business cultures can easily be changed but for that big organizations need to be the flag bearers.

Guzak, J. (2014). Hofstede's Dimensions of Culture. Lecture, Meinders School of Business.

This is a lecture and notes paper used by the professor of Meinders School of Business to develop an understanding of the culture and its dimensions. The lecture notes give in details the dimensions of culture as highlighted by Hofstede. All of the five dimensions of culture are discussed in detailed. The paper also includes the score of the dimensions for more than 50 (fifty) countries including Russia. This article gives a detailed account of the Hofstede's cultural dimensions. The determinants of the dimensions are also discussed in the paper. These help in reasoning out the scores obtained by the countries. This paper also contains an in-depth analysis of the features and qualities of all types of cultures. All the dimensions and the resultant cultures have a set of aspects that are discussed and explained in the paper. This paper is an excellent source to help in identifying and determining the culture of any nation on the basis of Hofstede's cultural dimensions.

Hanouz, M., & Prazdnichnykh, A. (2011). The Russia Competitiveness Report 2011. World Economic Forum.

This is another excellent and detailed report on the economic aspects, economic development and determinants of Russian economy. The report published by World Economic forum analyses the Russian economy, business, industries and markets. It explains major business areas of the Russian businesses and their growth over the period of time. The pros and cons of all the business sectors and their development with the passage of time is also identified in the report. The employment trends and environment in the country are also discussed and compared in this report.

Hooker, J. (2008). Cultural Differences in Business Communication. Tepper School of Business. Carnegie Mellon University.

This paper is based on all the aspects of business communication. The paper pours light over the culture and its impact on business culture and ultimately on business communication. The essentials of business communication and its impact on businesses is discussed in this paper. Moreover, the requirement of effective communication in a cross cultural and multi-cultural business setup is highlighted and explained. The paper plays an important role in determining the dos and donts that U.S. companies and managers should consider before establishing a business enterprise in Russia.

Kuznetsov, A., & Kuznetsova, O. (2005). Business Culture in Modern Russia: Deterrents and Influences. Problems and Perspectives in Management, 2(2005), 25-31.

This paper as published in the problems and perspectives of management explains the modern business culture of Russia and its components. The researchers have identified three major factors that influence / effect the culture in modern Russia and other countries. The paper also presents an argument on the fact that the transition into new patterns of business culture and environment is required generally by the overall market and economy. It also highlights that this change / transition is going to be very slow. Thus the national and international culture and variance between the two is going to be a big challenge for the Russian business and industry.

Kuznetsov, A. (2012). Inward FDI in Russia and its policy context, 2012. Vale Columbia Center on Sustainable International Investment.

This paper explains and corroborates the attractiveness of Russian economy for foreign direct investment...

The paper points out that Russia has a large market and is a country rich in natural resources, thus it is very attractive for the foreign investors. The paper highlights the fact that Russian Government is not able to make the drastic changes in the country's business environment that are required to welcome FDI as per the country's potential. The paper explains that oil and gas, power generation, wholesale, retail and motor vehicles industries of Russia have attracted a great deal of FDI. The paper also elaborates the level of FDI that Russia got in years 2008, 2009, 2010 and 2011. The trends of FDI in those years and the reason for movement is also discussed in detail in the paper. This paper also points out the areas for improvement in culture and other aspects that would yield sufficient FDI to the Russian economy and help them grow.
Lee, S., & Peterson, S. (2001). Culture, entrepreneurial orientation, and global competitiveness. Journal of World Business, 35(4), 401-416.

This paper as published in the Journal of World Business presents a detailed model of entrepreneurship and leadership based on the culture. The paper has been formulated using the Lumpkin and Dess's conceptualization of entrepreneurial orientation (EO). This paper explains in detail the need for producing dynamic entrepreneurs who are creative and bold enough to form and lead enterprises that change the direction of economy. The paper presents the idea that each nation / society has capability to produce such entrepreneurs. But the tendency of nation to do so depends greatly upon the culture of that society. Moreover, the political, legal, social, technological and other factors also determine whether the societies tend to produce such businessmen or not. The paper concludes that such entrepreneurs and leaders are only produced by countries having specific cultural requirement and supportive environment. This paper helps in creating the link between a country's culture and its ability to produce aggressive and risk taking businessmen who set thriving businesses and help in the economic development of the country.

May, R., Puffer, S., & McCarthy, D. (2005). Transferring management knowledge to Russia: A culturally based approach. The Academy Of Management Executive, 19(2), 24-35.

This paper considers and explains the situation Russian businesses in 1990s when the business managers were not prepared to manage the companies in the time of economic crisis and decline. The paper presents the issues faced by business managers and chaos they went through. The paper also discusses the transition period of Russian economy and how businesses failed and survived in that time. The article focuses on the Western business concepts and values and how these were and can be used to further add value to the Russian business environment. Russian managers need to identify where western business culture and theories can be adapted and how this can be done in Russian business environment. This paper helps in adapting the Western theories as well as remaining within the bounds of Russian national culture. The paper also explains that in order to achieve this feat capabilities and competencies of both the trainers and trainees is required.

Mccarthy, D., & Puffer, S. (2008). Interpreting the ethicality of corporate governance decisions in Russia: Utilizing integrative social contracts theory to evaluate the relevance of agency theory norms. Academy Of Management Review, 33(1), 11-31.

This paper based on the research carried out by a group of researchers presents the case of Russian business ethics. The researchers have presented their argument in the paper that the ethics and corporate governance practices prevalent in Russian businesses cannot be determined by using the agency theory. In doing so and presenting their case the researchers have discussed the Russian culture (specially the culture relating to business ethics) in detail. The researchers also presented the fact that there are two major sets of values prevalent in the Russian business environment; the traditional Russian values and the market-oriented values. Paper also contains examples of conflicts arising between those values in a professional environment and the implications of these values on Western managers working for / with Russian companies. The paper puts down a lot of aspects of Russian culture and also identifies the implication of certain aspects of the U.S.-Russian work relationships. This is an explanatory article that helps identify a lot of things regarding culture and its impact on businesses.

Michailova, S. (n.d.). Planning Change in Russian Companies with Foreign Participation: Problems and Challenges Faced by Western Expatriates (1st ed.). Denmark: Center for East European Studies, Copenhagen Business School. Retrieved from…