A. Chidlow, Christine Holmstrom-Lind, Ulf Holm, H. Tuselmann
The issue of location-specific factors of a multinational company???s activities has long been investigated by international business scholars. To our knowledge, however, all these studies have put attention on the pre-entry location decision of foreign subsidiaries, rather than the post-entry decision. As such, by incorporating a regional perspective into the study of a subsidiary???s development this work offers an understanding of the importance of location-specific factors for the post-entry development of a multinational company???s subsidiaries at the regional level. The empirical analysis, used in this work, utilises a discrete-choice model with primary data from an online survey of 91 foreign-owned subsidiaries in Poland. The results demonstrate that the Mazowieckie region is the most attractive location for post-entry subsidiary development if knowledge-seeking factors are important to MNCs. Further, the findings indicate that South-East and South-West regions are more favoured for post-entry subsidiary development when efficiency-seeking factors are important to multinational companies. The findings also show that none of the examined regions are significant for the post-entry subsidiary???s development if agglomerations factors and infrastructure are important to multinational companies.
{"title":"Regional Motives for Post-Entry Subsidiary Development: The Case of Poland","authors":"A. Chidlow, Christine Holmstrom-Lind, Ulf Holm, H. Tuselmann","doi":"10.2139/ssrn.2188396","DOIUrl":"https://doi.org/10.2139/ssrn.2188396","url":null,"abstract":"The issue of location-specific factors of a multinational company???s activities has long been investigated by international business scholars. To our knowledge, however, all these studies have put attention on the pre-entry location decision of foreign subsidiaries, rather than the post-entry decision. As such, by incorporating a regional perspective into the study of a subsidiary???s development this work offers an understanding of the importance of location-specific factors for the post-entry development of a multinational company???s subsidiaries at the regional level. The empirical analysis, used in this work, utilises a discrete-choice model with primary data from an online survey of 91 foreign-owned subsidiaries in Poland. The results demonstrate that the Mazowieckie region is the most attractive location for post-entry subsidiary development if knowledge-seeking factors are important to MNCs. Further, the findings indicate that South-East and South-West regions are more favoured for post-entry subsidiary development when efficiency-seeking factors are important to multinational companies. The findings also show that none of the examined regions are significant for the post-entry subsidiary???s development if agglomerations factors and infrastructure are important to multinational companies.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128374475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Celem publikacji bylo omowienie najbardziej popularnych technik zarządzania wynikiem finansowym w polskich przedsiebiorstwach oraz dyskusja na temat ich wykrywalności. W pracy omowiono techniki legalne, pollegalne i nielegalne. The purpose of this paper was to present the most common techniques of profit management in Poland and what are the chances of decting them by authorities. In the paper profit "optimization" techniques are divided into legal, semi-legal and illegal techniques.
{"title":"Zarządzanie Wynikiem Finansowym W Małych I Średnich Przedsiębiorstwach (Profit Management in Small and Medium-Sized Companies in Poland)","authors":"Joanna M. Wyrobek","doi":"10.2139/ssrn.2032266","DOIUrl":"https://doi.org/10.2139/ssrn.2032266","url":null,"abstract":"Celem publikacji bylo omowienie najbardziej popularnych technik zarządzania wynikiem finansowym w polskich przedsiebiorstwach oraz dyskusja na temat ich wykrywalności. W pracy omowiono techniki legalne, pollegalne i nielegalne. The purpose of this paper was to present the most common techniques of profit management in Poland and what are the chances of decting them by authorities. In the paper profit \"optimization\" techniques are divided into legal, semi-legal and illegal techniques.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"193 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127104713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper prepared for inclusion in the Oxford Handbook of the Russian Economy (Michael Alexeev and Shlomo Weber, eds.), we replicate, update, and extend our earlier work on manufacturing enterprise privatization and productivity in Russia. Our results suggest a more nuanced view of Russian privatization than that offered by either its critics or its defenders. We confirm earlier findings that the average impact on productivity of privatization to domestic owners is around -3 to -5 percent, though some regions show productivity gains similar to those in Central Europe (an increase of 10 to 20 percent). The regional variation is strongly positively associated with the size of the regional bureaucracy. Notwithstanding the average negative effect, our updated results through 2005 (the most recent year for which comparable data are available) show a pronounced change after 2002 as the productivity effects of Russian privatization have begun to approach those seen elsewhere much earlier. Privatization became most effective west of the Urals, in areas with greater market access. Initially an outlier, by 2005 Russia appeared to be becoming more of a “normal country,” at least in the narrow sense of the impact of private ownership on firm productivity.
{"title":"Privatization","authors":"J. D. Brown, John S. Earle, Scott Gehlbach","doi":"10.2139/ssrn.1962827","DOIUrl":"https://doi.org/10.2139/ssrn.1962827","url":null,"abstract":"In this paper prepared for inclusion in the Oxford Handbook of the Russian Economy (Michael Alexeev and Shlomo Weber, eds.), we replicate, update, and extend our earlier work on manufacturing enterprise privatization and productivity in Russia. Our results suggest a more nuanced view of Russian privatization than that offered by either its critics or its defenders. We confirm earlier findings that the average impact on productivity of privatization to domestic owners is around -3 to -5 percent, though some regions show productivity gains similar to those in Central Europe (an increase of 10 to 20 percent). The regional variation is strongly positively associated with the size of the regional bureaucracy. Notwithstanding the average negative effect, our updated results through 2005 (the most recent year for which comparable data are available) show a pronounced change after 2002 as the productivity effects of Russian privatization have begun to approach those seen elsewhere much earlier. Privatization became most effective west of the Urals, in areas with greater market access. Initially an outlier, by 2005 Russia appeared to be becoming more of a “normal country,” at least in the narrow sense of the impact of private ownership on firm productivity.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"319 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132675685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
he paper presents results of empirical research on export behaviour of Polish SMEs in the context of transforming economy. Several issues related to the internationalisation theory are presented: export barriers, speed of internationalisation, types of markets served, impact of firm's size. Data was obtained from more than 100 Polish SMEs.
{"title":"Export Behaviour of Polish Small and Medium-Sized Enterprises in the Conext of Transition","authors":"Rafał Morawczyński","doi":"10.2139/ssrn.2432449","DOIUrl":"https://doi.org/10.2139/ssrn.2432449","url":null,"abstract":"he paper presents results of empirical research on export behaviour of Polish SMEs in the context of transforming economy. Several issues related to the internationalisation theory are presented: export barriers, speed of internationalisation, types of markets served, impact of firm's size. Data was obtained from more than 100 Polish SMEs.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"115 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115124557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-07-18DOI: 10.1504/IJLSE.2007.014580
Mohamed Hassan Abdel-Azim, Ehab K. A. Mohamed, T. Eldomiaty
This study examines the extent to which the disclosed fundamental financial information is transparent to shareholders in Egypt's stock market. The methodology employs the partial adjustment model to compare between three cases: disclosed, undisclosed and integrated fundamental financial information. The speed of adjusting market-to-book ratio can fairly be used to examine the issue of transparency. The results show that the disclosed financial information is relatively more transparent to the shareholders than the other two cases (undisclosed and integrated). Therefore, the disclosed financial information can fairly be used in the course of fundamental analysis in the Egyptian stock market.
{"title":"Is Corporate Fundamental Analysis Transparent to Shareholders in Transitional Markets? Perspectives from Egypt","authors":"Mohamed Hassan Abdel-Azim, Ehab K. A. Mohamed, T. Eldomiaty","doi":"10.1504/IJLSE.2007.014580","DOIUrl":"https://doi.org/10.1504/IJLSE.2007.014580","url":null,"abstract":"This study examines the extent to which the disclosed fundamental financial information is transparent to shareholders in Egypt's stock market. The methodology employs the partial adjustment model to compare between three cases: disclosed, undisclosed and integrated fundamental financial information. The speed of adjusting market-to-book ratio can fairly be used to examine the issue of transparency. The results show that the disclosed financial information is relatively more transparent to the shareholders than the other two cases (undisclosed and integrated). Therefore, the disclosed financial information can fairly be used in the course of fundamental analysis in the Egyptian stock market.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"362 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115946740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study the influence of bank insolvency on corporate restructuring in a dynamic model of bank relationship. Using a poorly developed banking technology our model shows that bank insolvency can have a positive effect on firms' incentives to restructure. Due to the technology each firm faces strategic uncertainty on the restructuring decision of other firms. Restructuring has the positive externalities on restructuring incentives of other firms which may cause multiple equilibria where either all firms of a generation restructure or no firm restructures. Coordination problems can exist in each period. The optimal extent of coordination policy depends on the restructuring costs.
{"title":"Effects of Bank Insolvency and Strategic Uncertainty on Corporate Restructuring in Transition Economies","authors":"Christa Hainz","doi":"10.2139/ssrn.290289","DOIUrl":"https://doi.org/10.2139/ssrn.290289","url":null,"abstract":"We study the influence of bank insolvency on corporate restructuring in a dynamic model of bank relationship. Using a poorly developed banking technology our model shows that bank insolvency can have a positive effect on firms' incentives to restructure. Due to the technology each firm faces strategic uncertainty on the restructuring decision of other firms. Restructuring has the positive externalities on restructuring incentives of other firms which may cause multiple equilibria where either all firms of a generation restructure or no firm restructures. Coordination problems can exist in each period. The optimal extent of coordination policy depends on the restructuring costs.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126150651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine operating performance of 154 Polish, Hungarian and Czech companies that were fully or partially privatized between January 1990 and December 1998. Overall, our results are different from results of similar studies on operating performance of companies privatized in developed and other developing countries (Souza and Megginson, 1999; Boubakri and Cosset, 1998). For example, privatized firms in our sample did not manage to increase profitability, and significantly reduced efficiency and output in the post-privatization period. Enterprises privatized through mass privatization programs (Czech SOEs) achieved lower profitability in the post-privatization period compared to their counterparts privatized through case-by-case method. Czech companies have also maintained much higher bank borrowings after privatizations then their Polish and Hungarian counterparts. We further document that private sector IPOs underperform their privatization counterparts in terms of profitability, efficiency, capital investments and output. Finally, firms' size does not seem to influence key performance measures in selected countries.
我们考察了1990年1月至1998年12月间全部或部分私有化的154家波兰、匈牙利和捷克公司的经营业绩。总体而言，我们的研究结果不同于对发达国家和其他发展中国家私有化公司经营绩效的类似研究结果(Souza和Megginson, 1999;Boubakri and Cosset, 1998)。例如，我们样本中的私有化公司并没有设法提高盈利能力，而且在私有化后时期显著降低了效率和产出。通过大规模私有化计划私有化的企业(捷克国有企业)在私有化后的盈利能力低于通过个案方法私有化的企业。在私有化之后，捷克公司的银行借款也比波兰和匈牙利公司高得多。我们进一步证明，私营部门ipo在盈利能力、效率、资本投资和产出方面表现不如私有化同行。最后，在选定的国家，公司的规模似乎并不影响关键绩效指标。
{"title":"Operating Performance of Privatized Companies in Transition Economies - the Case of Poland, Hungary and the Czech Republic","authors":"Wolfgang Aussenegg, R. Jelic","doi":"10.2139/ssrn.391576","DOIUrl":"https://doi.org/10.2139/ssrn.391576","url":null,"abstract":"We examine operating performance of 154 Polish, Hungarian and Czech companies that were fully or partially privatized between January 1990 and December 1998. Overall, our results are different from results of similar studies on operating performance of companies privatized in developed and other developing countries (Souza and Megginson, 1999; Boubakri and Cosset, 1998). For example, privatized firms in our sample did not manage to increase profitability, and significantly reduced efficiency and output in the post-privatization period. Enterprises privatized through mass privatization programs (Czech SOEs) achieved lower profitability in the post-privatization period compared to their counterparts privatized through case-by-case method. Czech companies have also maintained much higher bank borrowings after privatizations then their Polish and Hungarian counterparts. We further document that private sector IPOs underperform their privatization counterparts in terms of profitability, efficiency, capital investments and output. Finally, firms' size does not seem to influence key performance measures in selected countries.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125971574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the extent to which market forces are now responsible of the determination of housing prices in cities of the Former Soviet Union (FSU) and explains what implications follow from the reliance on market forces. Analysis of data drawn from the emerging housing market in Moldova, a republic of the FSU, over the period 1998-99 is presented in the paper. Micro level data for flats in the cities of Chisinau and Tiraspol are used to estimate hedonic price equations in an attempt to discern the extent to which market forces are now determining prices. Despite the fact that Moldova is taking a rather slow approach to economic transition in general, with the economy in a continued decline with GDP per capita falling, these data reveal a high degree of housing market rationality based on market forces. The role of emerging mortgage markets, insurance, and development of the legal system are also discussed in the paper in order to set the full context within which privatization of the housing stock is taking place. In addition, the potential role for computerized mass appraisal of housing units in the development of a property tax system is also discussed. Finally, implications of privatization and reliance on market forces for re-shaping post-soviet cities are discussed.
{"title":"Housing Privatization in Transition Economies","authors":"John E. Anderson","doi":"10.2139/ssrn.253767","DOIUrl":"https://doi.org/10.2139/ssrn.253767","url":null,"abstract":"This paper examines the extent to which market forces are now responsible of the determination of housing prices in cities of the Former Soviet Union (FSU) and explains what implications follow from the reliance on market forces. Analysis of data drawn from the emerging housing market in Moldova, a republic of the FSU, over the period 1998-99 is presented in the paper. Micro level data for flats in the cities of Chisinau and Tiraspol are used to estimate hedonic price equations in an attempt to discern the extent to which market forces are now determining prices. Despite the fact that Moldova is taking a rather slow approach to economic transition in general, with the economy in a continued decline with GDP per capita falling, these data reveal a high degree of housing market rationality based on market forces. The role of emerging mortgage markets, insurance, and development of the legal system are also discussed in the paper in order to set the full context within which privatization of the housing stock is taking place. In addition, the potential role for computerized mass appraisal of housing units in the development of a property tax system is also discussed. Finally, implications of privatization and reliance on market forces for re-shaping post-soviet cities are discussed.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122789961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we examine net investment during the early stages of transition using micro data on the population of medium and large industrial firms in the Czech Republic during the 1992-95 period. We examine the relevance of alternative models of investment and test if investment behavior varies across categories of ownership and with the legal status of firms. Our analysis of depreciation leads us to the conclusion that replacement investment displays a similar pattern in many ownership-legal form categories of firms. Retained profit is found to be a major determinant of new investment and the estimate is statistically significant even when we use the most robust fixed effects estimates based on one-year differences. We find that enterprise profitability has a strong positive effect on investment in all types of firms except for privately owned-limited liability companies and foreign owned and mixed ownership firms. These results are consistent with the financing-hierarchy and credit-rationing hypotheses which indicate that domestic firms cannot easily borrow investment funds externally and that net investment varies with retained profits. Firms take into account various stock measures of internal finance. In particular, a stock of cash, receivables, receivables overdue, payables, and payables overdue systematically affect net investment.
{"title":"Financial Conditions and Investment During the Transition: Evidence from Czech Firms","authors":"Lubomír Lízal, Jan Svejnar","doi":"10.2139/ssrn.1535896","DOIUrl":"https://doi.org/10.2139/ssrn.1535896","url":null,"abstract":"In this paper, we examine net investment during the early stages of transition using micro data on the population of medium and large industrial firms in the Czech Republic during the 1992-95 period. We examine the relevance of alternative models of investment and test if investment behavior varies across categories of ownership and with the legal status of firms. Our analysis of depreciation leads us to the conclusion that replacement investment displays a similar pattern in many ownership-legal form categories of firms. Retained profit is found to be a major determinant of new investment and the estimate is statistically significant even when we use the most robust fixed effects estimates based on one-year differences. We find that enterprise profitability has a strong positive effect on investment in all types of firms except for privately owned-limited liability companies and foreign owned and mixed ownership firms. These results are consistent with the financing-hierarchy and credit-rationing hypotheses which indicate that domestic firms cannot easily borrow investment funds externally and that net investment varies with retained profits. Firms take into account various stock measures of internal finance. In particular, a stock of cash, receivables, receivables overdue, payables, and payables overdue systematically affect net investment.","PeriodicalId":159491,"journal":{"name":"ERN: Empirical Studies of Firms & Industries in Transitional Economies (Topic)","volume":"298 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121321046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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