Multinational enterprises (MNEs) have recently increased their presence in Kazakhstan, but research on their choice of foreign direct investment (FDI), a major form of entry, has not been sufficiently conducted despite its significance for firm strategy and the local economy. This study addresses the determinants of the choice of FDI modes by foreign firms in Kazakhstan, focusing on two major FDI modes, i.e., setting up a joint venture (JV) or a wholly owned subsidiary (WOS). Six hypotheses on how country-level factors affect MNEs’ choice between the two modes were established. Using secondary data on 187 firms from 41 countries operating in Kazakhstan as of 2019, a binomial logistic regression was conducted to test the hypotheses. The results show that a longer cultural distance, a higher corruption level, and a weaker economic relationship between home and host
I. Introduction
II. Literature Review
III. Hypotheses
IV. Research methodology
V. Conclusion