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Debt or Profit Shifting? Assessment of Corporate Tax Avoidance Practices Across Lithuanian Companies 债务还是利润转移?立陶宛公司避税行为评估
IF 1.3 Q3 BUSINESS Pub Date : 2021-10-31 DOI: 10.18267/j.cebr.290
Egidijus Kundelis, Renata Legenzova, Julijonas Kartanas
Tax avoidance became a frequently observed practice in a global business environment. Multinational enterprises (MNEs) employ differences between statutory tax rates of their home countries and countries of their subsidiaries, aiming to achieve the effective tax rate being lower than the statutory one. MNEs enable tax avoidance practices via multiple channels, transfer pricing and debt shifting being among the most popular among them. The goal of this article is to evaluate if MNEs operating in Lithuania, a small open economy of Central and Eastern Europe (CEE), are engaging in tax avoidance practices, and if yes, what channel debt shifting profit shifting or both are employed. Our research is built on the data for the years 2010–2018 and analyses 3,563 MNEs and local companies operating in Lithuania. Results of the conducted regression analysis rejected the impact of differences in tax rates between MNEs and their subsidiaries in Lithuania on their leverage. Therefore debt shifting across the sample companies was not evident. On the contrary, analysis of profit shifting evidence among sample companies proved the significant influence of transfer mispricing practices on earnings of Lithuanian subsidiaries of MNEs’. Such results may imply that in Lithuania, corporate tax avoidance of MNEs occurs via the channel of profit shifting rather than debt shifting. We suggest that this is related to the specifics of small economies commonly characterised by lower tax rates, underdeveloped financial markets and lower tax avoidance costs. Implications for Central European audience: Previous tax avoidance and profit shifting research mainly analysed the United Kingdom, Germany and other large countries in Europe, leaving a gap in research on small economies, especially those in CEE. Lithuania, similar to the other CEE open economies, is competing for attracting foreign investment, which makes it relevant to understand if and how the country’s tax system is exploited in the corporate governance practices of MNEs.
避税已成为全球商业环境中常见的做法。跨国企业采用本国和子公司所在国法定税率之间的差异,旨在实现低于法定税率的有效税率。跨国公司通过多种渠道实现避税行为,其中最受欢迎的是转让定价和债务转移。本文的目的是评估在立陶宛(中欧和东欧的一个小型开放经济体)运营的跨国公司是否从事避税行为,如果是,采用何种渠道进行债务转移利润转移或两者兼有。我们的研究基于2010-2018年的数据,分析了3563家跨国公司和在立陶宛运营的当地公司。进行的回归分析结果否定了跨国公司及其在立陶宛的子公司之间税率差异对其杠杆率的影响。因此,样本公司之间的债务转移并不明显。相反,对样本公司利润转移证据的分析证明,转让错误定价做法对跨国公司立陶宛子公司的收益产生了重大影响。这些结果可能意味着,在立陶宛,跨国公司的企业避税是通过利润转移而非债务转移的渠道进行的。我们认为,这与小型经济体的具体情况有关,这些经济体通常以较低的税率、不发达的金融市场和较低的避税成本为特征。对中欧受众的影响:以前的避税和利润转移研究主要分析了英国、德国和其他欧洲大国,在对小型经济体,特别是中东欧国家的研究中留下了空白。与其他中东欧开放经济体类似,立陶宛正在竞争吸引外国投资,这使得了解跨国公司的公司治理实践中是否以及如何利用该国的税收制度变得重要。
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引用次数: 1
Can Investment Incentives Cause Unemployment? An Empirical Analysis of The Relationship Between FDI and Employment Based on The OLI Framework 投资激励会导致失业吗?基于OLI框架的FDI与就业关系实证分析
IF 1.3 Q3 BUSINESS Pub Date : 2021-09-28 DOI: 10.18267/j.cebr.291
T. Evan, I. Bolotov
Particularly in depressed regions, politicians often use unemployment as the main argument for investment incentives provided to MNCs. This paper applies Dunning’s OLI Framework to the relationship between FDI and employment, assuming that political negotiation between MNCs and the host government might have a zero or negative effect on employment. Since the last letter of OLI, internalisation, suggests that MNCs optimise all production factors available to them and “subsidies” provided to MNCs by governments decrease the relative price of capital, MNCs may use more labour-saving techniques. Two hypotheses are tested using the dynamic panel model (DPD) and Granger causality tests for 193 countries from 1985–2019, where the first is supported with no strong relationship between the variables. Implications for Central European audience: The paper results suggest the importance of a critical debate on the efficiency of investment incentives. This paper is among the first trying to disentangle the rather complex issue of FDI and employment on a theoretical and econometric level.
特别是在经济不景气的地区,政客们经常把失业作为向跨国公司提供投资激励的主要理由。本文将Dunning的OLI框架应用于FDI与就业之间的关系,假设跨国公司与东道国政府之间的政治谈判可能对就业产生零影响或负影响。由于OLI的最后一个字母“内部化”表明,跨国公司优化了所有可用的生产要素,而政府向跨国公司提供的“补贴”降低了资本的相对价格,因此跨国公司可能会使用更多节省劳动力的技术。使用动态面板模型(DPD)和格兰杰因果检验对1985-2019年193个国家的两个假设进行了检验,其中第一个假设得到了支持,变量之间没有很强的关系。对中欧听众的影响:本文的结果表明,对投资激励的效率进行关键辩论的重要性。本文是第一批试图在理论和计量经济学层面上理清相当复杂的FDI和就业问题的论文之一。
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引用次数: 0
The Reliance of the Czech Economy on its Automotive Sector 捷克经济对汽车行业的依赖
IF 1.3 Q3 BUSINESS Pub Date : 2021-09-12 DOI: 10.18267/j.cebr.285
D. Mares, M. Janíčko
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引用次数: 0
Training Perception and Work Engagement: The Mediating Role of Organisational-Based Self-Esteem and Self-Efficacy 训练感知与工作投入:组织自尊与自我效能的中介作用
IF 1.3 Q3 BUSINESS Pub Date : 2021-09-07 DOI: 10.18267/j.cebr.286
Phuong Tran Huy, Thi Ngoc Quynh Dinh
This article aims to investigate the impact of training perception on work engagement. In addition, self-efficacy and organisational based self-esteem are hypothesised as mediators of the above relationship. Data were collected from employees in Vietnam using a selfadministered questionnaire survey. Path analyses with Structural Equation Modelling (SEM) were used to verify the proposed relationships. The results show that both perceived training benefits and transfer of training significantly and positively influence work engagement. In addition, organisational based self-esteem partially mediates the impact of perceived training benefit on work engagement. Self-efficacy mediates a portion of the effects of the transfer of training on work engagement. The results add to the existing literature on the determinants of work engagement and on the consequences of the transfer of training. The findings also provide insight into the conditions for effective training in organisations. Implications for Central European audience: Developing an engaged workforce is a vital task to all organisations. However, data showed that the work engagement level in Europe is low, especially in Central Europe. The results of the study provide insight into the determinants of employee engagement at work. In addition, like Vietnam, most countries in Central Europe have been in transition from former central-command systems to market economies. The application of contemporary Western human resource practices needs special consideration to ensure its effectiveness. The current study may supply some empirical implications for both academics and practitioners.
本文旨在调查培训认知对工作投入的影响。此外,自我效能感和基于组织的自尊被假设为上述关系的中介。数据是通过自我管理问卷调查从越南的员工那里收集的。使用结构方程建模(SEM)的通径分析来验证所提出的关系。研究结果表明,感知培训效益和培训转移对工作投入都有显著的正向影响。此外,基于组织的自尊在一定程度上调节了感知到的培训收益对工作参与的影响。自我效能感在培训转移对工作投入的部分影响中起中介作用。这些结果补充了关于工作参与的决定因素和培训转移的后果的现有文献。研究结果还提供了对组织中有效培训条件的深入了解。对中欧受众的影响:培养一支敬业的员工队伍是所有组织的重要任务。然而,数据显示,欧洲的工作参与度较低,尤其是中欧。这项研究的结果为员工参与工作的决定因素提供了见解。此外,与越南一样,中欧大多数国家都在从以前的中央指挥系统向市场经济转型。当代西方人力资源实践的应用需要特别考虑,以确保其有效性。目前的研究可能为学术界和从业者提供一些经验启示。
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引用次数: 2
Employees' Digital Competency Development in the Construction and Automotive Industrial Sectors 建筑和汽车工业部门员工的数字化能力发展
IF 1.3 Q3 BUSINESS Pub Date : 2021-07-31 DOI: 10.18267/j.cebr.284
Anastasiia Mazurchenko, M. Zelenka
Nowadays, many companies make a great deal of effort to take full advantage of digital transformation and stay ahead of their competitors. The influence of digitalisation on manpower development and human capabilities as well as on the business environment, in general, is especially noticeable in the construction and automotive sectors. That is why the main purpose of this paper is to evaluate the impact of new digital technologies on employee competency development in Czech construction and automotive companies. The quantitative methodology is based on primary data collection conducted from July through October 2020 using the CAWI method. As a result, 27 responses from Czech construction companies and 39 responses from Czech automotive companies have been gathered in Survio software, processed and analysed by using descriptive statistics and Pearson’s chi-square test of independence. The qualitative data analysis applied in this paper includes three semi-structured interviews with human resource managers of selected Czech companies in the automotive industry. The advantages and disadvantages of the Covid-19 pandemic situation from the point of view of human resource management and employee training have also been analysed in the presented case study. The findings in this paper confirm that creating a digitally ready workforce and changing the employees’ mindset towards the new style of doing their jobs remain significant challenges to deal with in the Czech construction and automotive industries. Implications for Central European audience: This paper focuses primarily on the training and professional development of people employed in the construction and automotive sectors, which have been highly affected by the ongoing digitalisation of business and the current Covid-19 pandemic situation. As the results further demonstrate, the widespread use of digital technologies can definitely help to enhance employees’ digital competencies. However, the employees still have to get used to a digitalised workplace. In such conditions, the role of human resource managers is key in the implementation of continuous training as part of the corporate culture. © 2022, Central European Business Review. All Rights Reserved.
如今,许多公司都在努力充分利用数字化转型,并保持领先。数字化对人力发展和人力能力以及商业环境的影响在建筑和汽车行业尤为明显。这就是为什么本文的主要目的是评估新的数字技术对捷克建筑和汽车公司员工能力发展的影响。定量方法基于2020年7月至10月使用CAWI方法进行的初步数据收集。因此,在Survio软件中收集了捷克建筑公司的27份回复和捷克汽车公司的39份回复,并使用描述性统计和皮尔逊独立性卡方检验进行了处理和分析。本文采用的定性数据分析包括对捷克汽车行业选定公司人力资源经理的三次半结构化访谈。本案例研究还从人力资源管理和员工培训的角度分析了新冠肺炎疫情的优缺点。本文的研究结果证实,在捷克建筑和汽车行业,创造一支具备数字化能力的劳动力队伍和改变员工对新工作方式的心态仍然是需要应对的重大挑战。对中欧受众的影响:本文主要关注建筑和汽车行业从业人员的培训和专业发展,这些行业受到持续的商业数字化和当前新冠肺炎疫情的严重影响。研究结果进一步表明,数字技术的广泛使用肯定有助于提高员工的数字能力。然而,员工们仍然需要习惯数字化的工作场所。在这种情况下,人力资源管理人员的作用是实施持续培训作为企业文化一部分的关键。©2022,《中欧商业评论》。保留所有权利。
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引用次数: 8
Circular Economy and Innovation: A Systematic Literature Review 循环经济与创新:系统文献综述
IF 1.3 Q3 BUSINESS Pub Date : 2021-07-30 DOI: 10.18267/j.cebr.275
Sonia Herrero-Luna, Marta Ferrer-Serrano, María Pilar Latorre-Martínez
The circular economy is presented as the sustainable solution as opposed to the current linear model of production and resource management, whose effects impact negatively on the economic, social and environmental dimensions. Through a systematic review of the literature, this article aims to unify and to uncover the available evidence on innovation in relation to the circular economy and to determine those aspects that remain unexplored or should be studied in more depth in order to be able to continue to make progress in this field. Thus, it was found that although the circular economy is at an early stage of implementation, both its benefits and drivers as well as its challenges and barriers to implementation have already been investigated. More importantly, it was found that ecological innovations, which reduce the environmental impact of production and consumption activities, are necessary for the research of new business models and new ways of operating in supply chains that allow closing the circle and taking advantage of all the waste, such as the system of products and services, dynamic capabilities, 3D printing, the biography of the product and the software recycling. To achieve this goal, the evidence shows that it is mandatory to raise awareness of the situation, especially through marketing actions, as well as for companies, including SMEs, to be willing to act together and to align their interests. Implications for Central European audience: The United Nations 2030 Agenda includes 17 Sustainable Development Goals (SDGs), according to which countries should implement the circular economy in order to move towards greater sustainability. In this context, European Union is key for this development, as it is one of the world’s major power. This article aims to unify and uncover the available evidence on innovation in relation to the circular economy and to determine those aspects that remain unexplored or should be studied in more depth. By doing so, it will be able to continue to make progress in the framework of the circular economy, enabling the achievement of the ODS. In addition, the majority of the articles reviewed take place in Europe.
循环经济被认为是可持续的解决方案,而不是目前的线性生产和资源管理模式,后者的影响对经济、社会和环境层面产生了负面影响。通过对文献的系统回顾,本文旨在统一和揭示与循环经济相关的创新的现有证据,并确定那些尚未探索或应该更深入研究的方面,以便能够在该领域继续取得进展。因此,研究发现,尽管循环经济处于实施的早期阶段,但其好处和驱动因素以及实施的挑战和障碍都已得到调查。更重要的是,研究发现,生态创新可以减少生产和消费活动对环境的影响,对于研究新的商业模式和供应链中的新运营方式是必要的,这些模式和方式可以缩小循环并利用所有废物,如产品和服务系统、动态能力、3D打印,产品简介和软件回收。为了实现这一目标,证据表明,必须提高人们对这种情况的认识,特别是通过营销行动,以及包括中小企业在内的公司愿意共同行动并调整其利益。对中欧受众的影响:联合国2030年议程包括17个可持续发展目标,根据这些目标,各国应实施循环经济,以实现更大的可持续性。在这方面,欧洲联盟是这一发展的关键,因为它是世界大国之一。本文旨在统一和揭示与循环经济相关的创新的现有证据,并确定那些尚未探索或应该更深入研究的方面。通过这样做,它将能够在循环经济框架内继续取得进展,从而实现ODS。此外,所审查的大多数文章都发生在欧洲。
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引用次数: 9
Online Reservations and Hotel Distribution Channels in European Tourism: A Case of Croatia 欧洲旅游业中的在线预订和酒店分销渠道:以克罗地亚为例
IF 1.3 Q3 BUSINESS Pub Date : 2021-06-30 DOI: 10.18267/j.cebr.272
I. Dadic, Iva Slivar, Tamara Floričić
Technologies transform the total marketing mix of hotel products in the dynamic tourism market, where the distribution is detected as a key factor of market placement and profitability. The main goal of this paper is to explore the distribution channels in the hospitality industry and to identify the most successful elements of online distribution for the purposes of realising future excellence in post-COVID-19 tourism. The online distribution elements that could enhance competitiveness and incentives for reservation were identified and ranked. This was realised by choosing the most representative sample and by researching it using a structured questionnaire, where the mix of competitiveness and marketing elements were evaluated. The research findings present the importance of online travel agents (OTA), tour operators, social networks and conferences (MICE segment). The potential of Global Distribution Systems (GDS) systems is detected and, although not fully valorised in practice, implicate future franchising and contracting with global hotel brands and consortia. The answer to the question: “Which tools and techniques of innovative online distribution should be used and what product elements enhance sales in the hotel industry of the future?” is explored by the scientific methodology, which supports the purpose and presents the main contribution of the paper. Implications for Central European audience: The paper represents a considerable contribution in the perception of the distribution channels, affirmed for exchange in the Central European tourism market as an emissive market for the receptive offer of Croatian tourism. Considered in the context of the accessibility of Croatia as a car destination that realises both long-term and short-term “impulsive” bookings, promptness, propulsion and dynamism of online distribution channels used by the hotel offer have exceptional importance for income management and profitability. Correspondingly, a positive perception is being developed of the Central European market demand, as well as tourism awareness about closeness and market potentials, which represents a platform for the development of applicative strategies in communication and business. Recognising the effect on intensification of tourist exchange through the affirmation of innovations and technology contributes to the development of science and practice of the hospitality industry. © 2022, Central European Business Review. All Rights Reserved.
技术改变了动态旅游市场中酒店产品的整体营销组合,分销被视为市场布局和盈利能力的关键因素。本文的主要目标是探索酒店业的分销渠道,并确定在线分销最成功的要素,以实现COVID-19后旅游业的未来卓越。确定了可以增强竞争力和预订激励措施的在线分销要素,并对其进行了排名。这是通过选择最具代表性的样本,并使用结构化问卷进行研究来实现的,其中评估了竞争力和营销要素的组合。研究结果表明了在线旅行社(OTA)、旅游运营商、社交网络和会议(MICE部分)的重要性。全球分销系统(GDS)系统的潜力已经被发现,尽管在实践中没有完全评估,但它涉及到未来与全球酒店品牌和财团的特许经营和合同。通过科学的方法探讨了“应该使用哪些创新的在线分销工具和技术,以及哪些产品元素可以提高未来酒店业的销售额?”这一问题的答案,支持了这一目的,并提出了本文的主要贡献。对中欧观众的影响:该论文在分销渠道的认知方面做出了相当大的贡献,被确认为中欧旅游市场的一个发射市场,可以接受克罗地亚旅游业的报价。考虑到克罗地亚作为一个实现长期和短期“冲动”预订的汽车目的地的可及性,酒店所使用的在线分销渠道的及时性、推进力和活力对收入管理和盈利能力具有非凡的重要性。相应地,人们对中欧市场需求以及旅游业对封闭性和市场潜力的认识产生了积极的看法,这为制定传播和商业应用战略提供了一个平台。认识到通过肯定创新和技术对加强旅游交流的影响,有助于酒店业科学和实践的发展。©2022,《中欧商业评论》。保留所有权利。
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引用次数: 2
State-Business Relations from the Perspective of the Companies' Preparedness for the Changes Related to the Implementation of the Industry 4.0 Elements: A Case of the Czech Republic 从企业对实施工业4.0要素相关变化的准备角度看国家与企业的关系:以捷克共和国为例
IF 1.3 Q3 BUSINESS Pub Date : 2021-06-19 DOI: 10.18267/j.cebr.273
Květa Olšanová, Eva Křenková, Pavel Hnát, Ondřej Vilikus
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引用次数: 2
The Antidemocratic Drift in the Early 21st Century: Some Thoughts on its Roots, Dynamics and Prospects 21世纪初的反民主思潮:对其根源、动力和前景的思考
IF 1.3 Q3 BUSINESS Pub Date : 2021-06-01 DOI: 10.18267/J.CEBR.281
Marek A. Dąbrowski
In the first two decades of the 21st century, the previous democratization progress was partly reversed. It is well seen in the former Soviet Union and Central and Eastern Europe but also in other geographic regions. In search for causes of this warning trend, many authors point out economic factors such as economic stagnation, unemployment, inequality, consequences of the global financial crisis of 2007-2009 and side-effects of globalization. Not negating the role of economic factors, it is important, however, to see noneconomic determinants such as immature political institutions and their dysfunctionality, nationalism and cultural prejudices, and side-effects of the ICT revolution, which destroyed traditional media and public debate. The antidemocratic drift is dangerous not only for political and civil freedom but also has a negative impact on economic governance, making economies less open and competitive and easy victims of oligarchic predation (‘crony’ capitalism).
在21世纪的前20年,之前的民主化进程被部分逆转。它在前苏联、中欧和东欧以及其他地理区域都很常见。为了寻找这一警告趋势的原因,许多作者指出了经济因素,如经济停滞、失业、不平等、2007-2009年全球金融危机的后果以及全球化的副作用。然而,在不否定经济因素作用的情况下,重要的是要看到非经济决定因素,如不成熟的政治机构及其功能失调、民族主义和文化偏见,以及破坏传统媒体和公共辩论的信息和通信技术革命的副作用。反民主倾向不仅对政治和公民自由是危险的,而且对经济治理也有负面影响,使经济不那么开放和竞争,容易成为寡头掠夺(“资本主义”)的受害者。
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引用次数: 2
The Tragedy of Transition: Development, Deterioration, Decay. The Case of Hungary, 1990-2020 转型的悲剧:发展、恶化、衰败。匈牙利案例,1990-2020
IF 1.3 Q3 BUSINESS Pub Date : 2021-06-01 DOI: 10.18267/J.CEBR.280
Lajos Bokros
The essay is about the economic and political development of Hungary in the last 30 years. It can be neatly divided into three periods which coincide with the calendar decades almost perfectly. After the collapse of the communist system, the first period constituted a glorious decade in development: the first two governments implemented almost all indispensable structural reforms required for a successful transition. After the financial stabilization in 1995, a consistent macroeconomic policy was applied, leading to export and investment-driven, hence sustainable economic growth. The next decade brought deterioration: reforms were stalled, and a sharp turn to consumption-led and debt-fuelled growth resulted in twin deficits which, by the time of the Great Recession, almost triggered a sovereign debt default. After a short period of successful financial stabilization, a populist-nationalist government came to power in 2010. A decade of decay set in: reversal of structural reforms, nationalization, monopolization, protectionism, market-distorting taxation and subsidization, state capture by a corrupt oligarchy, together with inconsistent macroeconomic policy. In addition, the self-styled „illiberal regime” of Viktor Orban demolished the rule of law and all institutions representing checks and balances in a democracy. Corruption was elevated to the level of official government policy. With the help of the huge amount of subsidies coming from the EU, the regime maintained financial equilibrium and achieved significant growth during the time of global boom between 2014-2019. However, given the fact that private investments and productivity stay rather low in the non-tradable sector of the domestic economy, real convergence to Western efficiency and living standards remain elusive. Today Hungary constitutes a primary example of an economy pushed into a typical middle-income trap by its oligarchic and authoritarian regime. It also proves that transition reforms are all reversible; institutions are fragile. Restoration of the rule of law and democracy seems to be an indispensable prerequisite for convergence and development.
这篇文章是关于匈牙利在过去30年的经济和政治发展。它可以被整齐地分为三个时期,几乎完美地与日历上的十年相吻合。共产主义制度崩溃后,第一个时期是辉煌的十年发展:前两届政府实施了成功转型所需的几乎所有必不可少的结构性改革。1995年金融稳定后,实施了一贯的宏观经济政策,导致出口和投资驱动的可持续经济增长。接下来的十年带来了恶化:改革停滞不前,迅速转向消费主导和债务推动的增长,导致双重赤字,到大衰退(Great Recession)时,几乎引发了主权债务违约。在短暂的金融稳定成功之后,民粹主义-民族主义政府于2010年上台。十年的衰退开始了:结构性改革的逆转、国有化、垄断、保护主义、扭曲市场的税收和补贴、腐败的寡头控制国家,以及不一致的宏观经济政策。此外,维克多·欧尔班(Viktor Orban)自封的“不自由政权”摧毁了法治和所有代表民主制衡的机构。腐败上升到了政府官方政策的高度。在欧盟巨额补贴的帮助下,该政权在2014-2019年全球经济繁荣期间保持了财政平衡并实现了显着增长。然而,鉴于国内经济非贸易部门的私人投资和生产率仍然相当低,与西方效率和生活水平的真正趋同仍然难以捉摸。今天,匈牙利是一个典型的例子,它的经济被寡头和专制政权推入了典型的中等收入陷阱。它还证明,转型改革都是可逆的;制度是脆弱的。恢复法治和民主似乎是趋同与发展不可或缺的先决条件。
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引用次数: 1
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Central European Business Review
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