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The research question is how home country corruption and nationalism may affect operations of BRIC multinational enterprises. BRIC composition permits a comparison of two authoritarian regimes and two constitutional democracies. Each BRIC features a different combination of corruption and nationalism. The chapter adds South Africa information for two limited reasons. First, from 2010 South Africa is a member of the BRIC summit process. South Africa is an important entry point to Africa, for BRIC multinationals and particularly for China. Second, concerning corruption and nationalism South Africa is analytically useful as a control context that helps illustrate but does not appear to change highly exploratory BRIC findings.

The chapter draws on limited literature and information concerning corruption and nationalism in BRICs to suggest tentative possibilities. Transparency International provides bribe payers index estimates for 28 large economies, with important multinational enterprises, and corruption perceptions index estimates including those 28 countries. These estimates include the four BRICs and South Africa. The available sources suggest some suggested findings about varying impacts of home country corruption and nationalism on operations of BRIC multinationals.

China and Russia are authoritarian regimes in transition from central planning-oriented communist regimes. They are global military powers, expanding influence in their respective regions. Brazil, India, and South Africa are constitutional democracies. India, a nuclear-armed military power, seeks a regional leadership role in South Asia. Brazil and South Africa are key countries economically in their regions. BRIC multinationals are positioned between home country and host country conditions. Chinese and Russian multinationals may reflect a stronger nationalistic tendency due to home country regimes and ownership structure.

The chapter is an original but highly exploratory inquiry into impacts of corruption and nationalism on BRIC multinationals. Extant BRIC literature tends to understudy effects of home country corruption and nationalism on managerial mindset and incentives in either commercial or state-owned enterprises.

The main purpose of this chapter is to explore the role BRICS countries have played in the formation of regional (free) trade agreements. The present chapter tries to understand and document recent developments and directions taken by the BRICS countries either individually or in aligning with each other at the regional and mega-regional levels.

The chapter is largely empirical and descriptive to analyse the recent RTAs policies of the BRICS countries.

This chapter provides in particular as assessment of the impact on BRICS countries of the three recent Mega-RTAs; that is TPP, TPIP and RCEP. For this purpose, an attempt had been made to find out the commonalties and divergences in the RTAs policies of the BRICS countries.

The chapter is divided into six sections. After a brief introduction, the second section deals with the reasons for countries entering into RTAs. The third section documents the directions of the current negotiations on Mega-RTAs and its (potential) geographical implications for the BRICS countries. The fourth and the fifth sections deal with the current status of these RTAs and their noticeable impact on the response of the BRICS countries. The final section concludes the research with suggestions and recommendations.

RTAs and Mega-RTAs frameworks have been useful for BRICS countries. This recent development in trade negotiations can be regarded as promising for them.

At the onset of the Global Financial Crisis in 2007–2008, majority of the analysts and policymakers have anticipated contagion from the markets volatility in the advanced economies (AEs) to the emerging markets (EMs). This chapter examines the volatility spillovers from the AEs’ equity markets (Japan, the United States and Europe) to the four key EMs, the BRIC (Brazil, Russia, India and China).

The period under study, from 2000 through mid-2014, reflects a time of varying regimes in markets volatility, including the periods of dot.com bubble, the Global Financial Crisis and the European Sovereign Debt Crisis, the Great Recession and the start of the Russian-Ukrainian geopolitical crisis. To estimate volatility cross-linkages between the AEs and BRIC markets, we use multivariate GARCH-BEKK model across a number of specifications.

We find that, the developed economies weighted return volatility did have a significant impact on volatility across all four of the BRIC economies returns. However, contrary to the consensus view, there was no evidence of volatility spillover from the individual AEs onto BRIC economies with the exception of a spillover from Europe to Brazil. The implied forward-looking expectations for markets volatility had a strong and significant spillover effect onto Brazil, Russia and China, and a weaker effect on India.

The evidence on volatility spillovers from the AEs markets to EMs puts into question the traditional view of financial and economic systems sustainability in the presence of higher orders of integration of the global monetary and financial systems. Overall, data suggest that we are witnessing less than perfect integration between BRIC economies and AEs markets to-date can offer some volatility hedging opportunities for investors.

Our chapter contributes to the growing literature on volatility spillovers from the AEs to the EMs in a number of ways. Firstly, we provide a formal analysis of the spillovers to the BRIC economies over the periods of recent crises. Secondly, we make new conclusions concerning longer-term spillovers as opposed to higher frequency volatility contagion covered by the previous literature. Thirdly, we consider a new channel for volatility contagion – the trade-weighted AEs volatility measure.

The study evaluated the interlinkages and diversification opportunities in the context of emerging bond markets from 2007:1 to 2020:5, using the vector autoregressive (VAR) model and sub‐period analyses to compare BRIC (2007:1–2010:11) and BRICS (2010:12–2020:5) regimes. As indicated by the breaking unit‐root test, dummies for the global financial crisis and COVID‐19 were incorporated in the analyses. VAR results showed that the Indian bond market responds positively to the previous change in the Chinese bond market during the BRIC era while BRICS bond markets are mostly uninfluenced by prior behavior patterns of one another. These suggested that the diversification opportunity has been increased following the admission of South Africa to the league. In addition, variance decomposition and impulse response provide proofs to suggest that BRICS bond markets are more exogenous and independent compared to what is obtained during the BRIC period. Consequently, the authors concluded that the BRICS bloc has provided greater diversification opportunities for emerging markets’ bondholders in the recent past.

The chapter examines the current state and prospects of cooperation between the Eurasian Economic Union and the BRICS members. Firstly, the chapter describes comparative analysis between the economic strategies, which represents the two associations facing similar challenges; set themselves similar goals and objectives to achieve sustainable economic growth. Also, the authors provide an empirical analysis of trade and economic cooperation between the EAEU and the BRICS countries, which shows different levels and dynamics of relations with each member of the BRICS. Furthermore, it is proposed to use new ‘soft’ formats, which, in the authors' opinion, will provide synergistic use of the fundamental platforms for dialogue created in the EAEU and BRICS to intensify cooperation and deepen practical interaction. Finally, the chapter concludes that the potential interaction between the two associations of developing countries would create positive prospects and new opportunities, subsequently accelerating their economic growth. Such consolidation of capabilities of these institutions would transfer such cooperation into a practical direction by implementing the goals defined in the strategic planning of the EAEU and BRICS countries.

This study analyses the impact of the Covid-19 on stock market performance of BRICS nations together. BRICS countries comprise almost 30% of the global GDP and around 50% of the world’s economic growth. As BRICS nations have gained the attraction as financial investment destinations, their financial markets have apparently been as potential opportunities for foreign portfolio investors. While there is extensive research on the impact of the Covid-19 pandemic on individual economies and global financial markets, this paper is among the first to systematically investigate the dynamic connectedness of these emerging economies during the pandemic using the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach.

We categorise our data into two distinct periods: the pre-Covid period spanning from January 1, 2018, to March 10, 2020, and the Covid crisis period extending from March 11, 2020, to June 4, 2021. To achieve our research objectives, we employ the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach to assess dynamic connectedness.

Our findings reveal that among the BRICS nations, Brazil and South Africa serve as net transmitters of shocks, while China and India act as net receivers of shocks during the Covid crisis. However, the total connectedness index (TCI) has exhibited a notable increase throughout this crisis period. This paper makes several notable contributions to the academic literature by offering a unique focus on BRICS economies during the Covid-19 pandemic, providing practical insights for stakeholders, emphasising the importance of risk management and investment strategy, exploring diversification implications and introducing advanced methodology for analysing interconnected financial markets.

The results have important implications for the investors, the hedge funds, portfolio managers and the policymakers in BRICS stock markets. The investors, investment houses, portfolio managers and policymakers can develop investment strategies and policies in the light of the findings of this study to cope up the future pandemic crisis.

This study is one of its kind that examines the dynamic connectedness of BRICS with recently developed TVP-VAR approach across pandemic crisis.

Sustainable energy like renewable energy plays a critical role in achieving sustainable development goals including energy security in emerging economics. BRICS (Brazil, Russia, India, China and South Africa) constitutes about 23% of the world’s GDP, 40% of the world’s population and 36% share of the supply of primary energy in the world. Obviously the Bloc has tremendous potential in influencing the global sustainable clean energy transition with the advantages like lowering the costs of renewable, boosting employment in the sector of green energy, enhancement of energy security and improvement of local air quality. Despite the existence of varieties of renewable energy resources in the BRICS economies, renewable energy resources are found underdeveloped. The major objectives of this chapter are to assess progress of different forms of energy especially renewable energy, impact of development of renewable energy on carbon emission and policy issues in renewable energy development in the context of sustainable energy development of BRICS countries.

The goal of this chapter is to discuss the managerial implications of regulatory reforms in BRICS countries and how those reforms affect the strategy and performance of BRICS multinationals. In particular, we consider (1) how firms may learn from the institutional and competitive changes at home that accompany pro-market reforms and use this knowledge to venture out successfully across borders, (2) how firms may learn through their international operations as a means to enhance their competitiveness and responsiveness to reforms in their home market, and (3) how BRICS multinationals differ from other emerging market multinationals.

The chapter is primarily conceptual and relies heavily on case studies, interviews, and public financial data.

Ultimately, reforms are implemented by the state, but the strategic responses of managers to these reforms are largely what determine whether their firms will survive and thrive under the new and evolving regulatory conditions. BRICS firms are particularly well positioned to take advantage of reforms within their own countries and in other emerging markets, including other BRICS nations.

The chapter underscores the importance of aligning strategy with home and host market policies and environments.

The observations presented are conceptual and have not been verified quantitatively. We rely heavily on historical observation and, therefore, much of the analysis is selective to those firms and may not apply to other firms.

The investment development path of emerging markets’ MNEs is significantly different from the developed (TRIAD) world’s MNEs; BRIC MNEs seem to have taken a different trajectory on account of various political and economic reasons, ranging from the ‘forms of entry’ to ‘country-specific advantages’ (Tulder, R. V. (2010). Toward a renewed stages theory for BRIC multinational enterprises? A home country bargaining approach. In K. P. Sauvant, G. McAllister, & W. A. Maschek (Eds.), Foreign direct investments from emerging markets: The challenges ahead (pp. 61–74). New York, NY: Palgrave Macmillan). Yet, some believe that in the long run the internationalization strategy of the developed world MNEs and BRIC MNEs will converge. Internationalization strategies as measured by OFDI depend on various macroeconomic determinants such as income, interest rate, openness of the economy, etc. The chapter intend to highlight, the significant difference between these two groups of countries on account of diverse political reforms towards internalization of firms, yet see if these different countries might converge.

Regression analysis examines the significance of the role of home government by testing the effect of governance indicators; that is voice and accountability, on OFDI. It further, tests for convergence of internationalization strategies of the two historically divergent groups, also, it tests convergence amongst the BRIC nations. Along with forecasting, time series analysis is also employed to examine convergence using univariate sigma convergence techniques.

Impact of voice and accountability is significant but it hinders OFDI for BRIC nations, while it promotes OFDI for TRIAD & ALL. Moreover, the analysis found the existence of convergence, that is BRIC will catch up with TRIAD, but though convergence exists amongst BRIC if we take a long span of time (45 years), it is absent in short span of time (19 years), as lately BRIC have shown divergent tendency.

Small sample size in multivariate regression analysis. Also, the governance indicator, that is voice and accountability, is perception based, and missing gaps in data for governance indicator is filled using interpolation.

Empirically testing the convergence of BRIC nations with the developed world. A univariate time series analysis is undertaken to understand each country’s heterogeneous FDI outflows and to address the research gap in existing forecasting literature. In addition, the comparison specifically between the Emerging Market Economies, that is the BRIC nations and the developed world gives some useful insights. This chapter ascertains the impact of governance indicator on OFDI; empirical literature shows such analysis for IFDI & FDI, but OFDI is rarely been dealt with.

The aim of this study is to ponder over the issue of the combined political and economic importance of the BRIC(S) countries. The study highlights the performance of BRICS countries on the basis of various economic and social indicators, as well as patterns of trade and investment. The chapter examines the origin and the status of the BRICS Development Bank as a sign of the creation of a new political and economic block.

The present study adopts a descriptive method. It uses secondary data from several multilateral organisations.

The BRICS countries not only differ in their contribution to the global economy but also along major social indicators. BRICS Bank (New Development Bank) is an important step taken by BRICS countries, but its sustenance depends on the future policies and coordination of BRICS countries.

No econometric techniques are applied due to insufficiently available secondary data.