Entering central and eastern Europe: Risks and cultural barriers

Scholars have argued that the slow pace of Western investment in Central and Eastern Europe may be caused by two entry barriers: cultural influences and high international risks. This study examines the influence of culture and international risks on the entry mode choices of Western European firms entering Central and Eastern European markets since the fall of the Iron Curtain in 1990. Evidence from 227 Western European companies shows that, for firms entering Central and Eastern Europe, investment risk perceptions are important determinants of mode choice while culture and contractual risk have only minimal influence. Managerial implications are also discussed. © 1998 John Wiley & Sons, Inc.     

Empowering the consumer movement in central and eastern Europe: Experiences of a United Germany

In this paper, the author, an official of the German consumer association AgV, examines recent developments in consumer protection in eastern Germany. The background, the opening of the borders and the rapid transition to a market economy, with the ensuing dramatic increase in the demand for information and counselling, is described, and the concrete steps taken to establish consumer policy and protection in the former GDR, are presented.

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Anstöe für die Verbraucherbewegung in Zentral- und Osteuropa: Erfahrungen im geeinten Deutschland

Zusammenfassung Die Autorin, Geschaftsführerin der Deutschen Arbeitsgemeinschaft der Verbraucherverbände (AgV) behandelt in diesem Beitrag neue Entwicklungen des Verbraucherschutzes in Ostdeutschland. Der Hindergrund dieser Entwicklung, die Öffnung der Grenzen, der schnelle Übergang von der Plan- zur Marktwirtschaft, wird ebenso beschrieben wie der sich daraus ergebende dramatische Anstieg des Bedarfes nach Verbraucherinformation und beratung. Vorgestellt werden die konkreten Schritte auf dem Weg zum Aufbau eines Systems der Verbraucherpolitik und des Verbraucherschutzes in den Ländern der früheren DDR.

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Anne-Lore Köhne is Director of the Arbeitsgemeinschaft der Verbraucherverbände (AgV), Heilsbachstrasse 20, D-5300 Bonn 1, Federal Republic of Germany.This paper was first presented at the 13th World Congress of the International Organization of Consumers Unions, Hong Kong, 8–12 July 1991.     

Capital flows to central and Eastern Europe

We examine the evolution of the external position in CEE countries over the past decade, with a strong emphasis on the composition of the international balance sheet. We assess the extent of their international financial integration, in comparison to the advanced economies and other emerging markets, and highlight the most salient features of their external capital structure in terms of the relative importance of FDI, portfolio equity, and external debt. In addition, we briefly describe the bilateral and currency composition of their external liabilities. Finally, we explore the implications of the accumulated stock of external liabilities for future trade and current account balances.     

Marketing's reputation and influence in the firm

This study examines whether or not marketing's influence in the firm is fundamentally a reputation issue. Based on a sample of 122 senior executives of Australian firms operating in a wide range of manufacturing industries, empirical findings show that the marketing function's reputation in a firm is an important antecedent of marketing's influence in a firm. Results also show that the reputation-influence link is contingent on a firm's particular strategic stance (cost-leadership strategy and differentiation strategy). Results further show that marketing's reputation was good and marketing's influence was strong in the Australian firms surveyed. Directions for future research are discussed.     

The transformation of the eastern German economy

The eastern German economy has experienced a great deal in the five years since German reunification: an unexpectedly profound collapse following the Monetary, Economic and Social Union of July 1990; a massive loss of jobs with resulting social and political consequences; and an increasingly stable economic recovery. In which branches is recovery most dynamic? Where does the structural transformation seem to be leading? And which branches have the best chances of self-sustained growth in the future? This short analysis attempts to answer these questions, to demonstrate the different trends among the branches of the economy and thereby to underscore the differentiation within the economic transformation process in the new Länder.     

The transition economic of central and eastern Europe: A political,economic, social and technological analysis

From 1945 to early 1989, Eastern Europe was a commercial “black hole” for Western businesses. The region's centrally-planned economies and stateowned businesses kept Western investors at bay. As the economies of Eastern Europe make the transition to capitalism, major new markets are opening with attractive long-term growth prospects for the West. But the picture is not all rosy: political, economic, social and technological factors such as inflation, high debt, low productivity and fear of change threaten the stability of the region. Healey identifies the consumer electronics and service sectors as having the highest growth potential for Western businesses and recommends joint ventures to best tap these markets.     

Management and consumer transformation in the Soviet Union and Eastern Europe

This study centers on the transformation of management and the consumer in the Soviet Union, Czechoslovakia, Hungary, and Poland. Carried out in collaboration with scholars in these countries, the study outlines the impact of the transformation to a market economy on managers and consumers, and discusses the adjustments which managers and consumers have been making in response to new economic realities. © 1992 John Wiley & Sons, Inc.     

Foreign investor strategy development in the central and eastern European context

Investment conditions in the transition economies of Central and Eastern Europe favor long-term strategic investments. Increasing competition pressures in the saturated West European beer markets coupled with shrinking demand challenged Interbrew SA, Belgium to enter the emergent prospective markets of Central and Eastern Europe by the acquisition of former state-owned enterprises. The study of Interbrew's case shows the linkages existing between investor internationalization strategy, motives, strategy implementation, and adaptation in the highly volatile markets of Hungary and Bulgaria. This case represents a good example of slow reactive strategy development in the Hungarian environment leading the investor to the loss of its first mover advantage. Using similar motives for its acquisitions in Bulgaria, Interbrew has successfully implemented a proactive adaptation of its initial Central and Eastern European strategy to the Bulgarian environment. The lessons from the case can be used by foreign investors to increase their chances for success in FDI acquisition in transitional economies. © 1999 John Wiley & Sons, Inc.     

A perspective of marketing in central and Eastern Europe

The transition of Central and Eastern Europe toward a market economy affords new opportunities but also new risks to international marketers. Based on the work of the authors in the region, this article presents a perspective of the economic shifts which have taken place in these countries. A review of the available international marketing options is offered and a framework for the evaluation of market entry and marketing mix strategies which accommodate these shifts is developed. Emphasis is placed on the need for marketers to go beyond purely commercial criteria in their decision making, by considering the long-term social and economic repercussions of their actions. 1997 John Wiley & Sons, Inc.     

外资银行进入对中东欧国家信贷规模的影响

本章对中东欧11个国家1997-2008年进行实证研究,检验外资银行进入对东道国信贷规模的影响.回归结果显示外资银行进入未对中东欧国家的信贷规模造成影响.银行业基本实现了全面开放,外资银行已经占据了绝对的份额;外资银行以并购进入中东欧国家的方式,较难起到提高竞争程度的作用;随着中东欧国家不断加入欧盟,内资银行与外资银行差异越来越小.     

Yankee traders in the New Europe: Recent experiences in the eastern bloc

US. MNCs practice “patient enthusiasm” as they establish joint ventures or othenoise enter the Eastern European markets.     

东部地区小城镇经济转型与升级研究

进入21世纪以来,随着国际社会对碳排放的更多限制要求和国内转变经济发展方式的大趋势,以及国内产业政策对产业转型升级提出的高要求,使小城镇产业发展面临越来越严峻的挑战。面对国内外发展环境的新形势,转变经济发展方式,进行经济转型升级就成为小城镇今后需要解决的重大课题。     

Marketing's Role in the Development of Competitive Advantage: Evidence from the Motor Carrier Industry

Marketing capabilities have been theorized as important factors inachieving a competitive advantage. To date, research in this area has beenmostly theoretical in nature. This study presents empirical evidence thatfirms developing superior marketing capabilities outperform their lesscapable rivals in terms of growth, market position, and profitability, anddo so without incurring efficiency penalties. In addition, evidence ispresented that superior marketers can achieve these positive performanceresults by emphasizing differentiation and cost based business strategiessimultaneously, without becoming 'stuck-in-the-middle.'     

The scope for E-Commerce in central and eastern European countries' services trade

The general attitude on the potential for e-commerce in services trade is rather enthusiastic and emphasises extraordinary opportunities for its expansion. The Internet extends the scope of services, which are tradable and transforms local services into internationally tradable ones. This article argues that countries which rely on high quality e-tradable services are in a better position to take advantage of e-commerce in services trade than those, which rely on location-bound services. It is examined to what extent the characteristics of central and eastern European countries' services export portfolio determine the potential of these countries for the expansion of services exports through e-commerce.     

社会转型期辽宁省饭店行业协会贡献的实证评述

社会转型以来,我国各行各类协会的功能、地位、作用等方面都发生了适应市场经济的变化,并有了长足的发展,由此而带来的学术研究成果也颇多,但有关饭店行业协会的研究,目前还鲜见于公开发表的文献中。这与服务于中国最早对外开放,最早引进国外先进管理理念的饭店行业的实践成果相比,存在巨大的反差。本文以辽宁省饭店行业协会为例,对其打造的影响力、生命力、创新力、凝聚力四方面的贡献进行了实证评述。     

Is lack of funds the main obstacle to growth? ebrd's experience with small- and medium-sized businesses in central and eastern europe

Small- and medium-sized enterprises (SMEs) potentially constitute the most dynamic firms in an emerging economy. They are the ones most likely to move into areas of comparative advantage and high value added, though they often face economic, institutional, and legal obstacles. Obstacles include limited access to working capital and long-term credit, legal and regulatory restrictions, inadequate infrastructure, high transaction costs, and limited managerial and technical expertise. Despite the presence of multiple and often interrelated constraints, however, the widespread belief, on which policies to support SMEs are based, is that the lack of finance constitutes the main obstacle to the growth of SMEs.Enterprise survey work is the tool generally used to deepen our understanding of constraints affecting SMEs formation and growth. The European Bank for Reconstruction and Development (EBRD) is no exception in this respect: during its early years it drew substantially on a set of enterprise surveys conducted by the World Bank between 1991 and 1993 in Hungary, the Czech and Slovak Federal Republic (CSFR), Poland, and Russia investigating the obstacles faced by SMEs. As the volume and geographical spread of its operations increased, the EBRD felt the need to design and run its own surveys, effectively addressing specific issues encountered in the context of its increasing lending and investment activity in central and eastern Europe (CEE). The findings of this analysis confirmed the belief that credit constraints constitute one of the main obstacles to growth of SMEs and encouraged the EBRD to tailor its financing instruments to the stage of transition of the country in question and the ability of the local financial system to assume key responsibilities.This paper analyzes the way in which the EBRD strives to correct this capital market failure in the region in which it operates. The fundamental principles on which EBRD policy is based are: a preference for reaching the SMEs via local financial intermediaries, a commercial approach to the provision of finance, and finally a focus on development of the local financial system as a whole. It is still too early to draw conclusions on EBRD activity in the field of SMEs financing based on other types of indicators than data on volume of signed commitments. A large part of the loans is still in the grace period, therefore investments are in an early phase and operation performance evaluation reports on this type of operations are still too few. Aggregate data on volume of EBRD financing through financial intermediaries paint an encouraging picture. A 250% increase in the volume of such operations between 1994 and 1997, a nine-fold increase in the number of subprojects between 1995 and 1997, and an ever-widening geographical spread of activities and decreasing size of subprojects indicate that the experience of the EBRD in financing through financial intermediaries is on the whole positive. Financing provided to intermediaries is not necessarily always intended, nor guaranteed to reach SMEs. It is, however, guaranteed to create the appropriate financing channels which are necessary to ease the SMEs' liquidity constraint.This paper discusses the shortcomings of the financial system in the CEE countries. It outlines the EBRD policy to support SMEs and the various instruments employed so far and presents selected case studies to throw light on how good project design can help overcome difficult environments and lower the perception of risk connected to indigenous SMEs. A summary of the findings of the survey work conducted by the EBRD in the region is also presented.     

Risk management of strategic alliances and acquisitions between western MNCs and companies in central Europe

This article intends to evaluate risks associated with strategic alliances and acquisitions between Western MNCs and central European companies and to suggest appropriate means of control to deal with two different types of risks: relational and performance. While postsocialistic governments in central Europe have increasingly welcomed foreign direct investments, a relatively high degree of uncertainty still exists for companies contemplating entry into this region due to a lack of cultural knowledge and insufficient business experiences. Based on in‐depth interviews with U.S. and European MNCs, hypotheses are developed in explaining relationship between risks, control, and trust in forming strategic alliances and exercising acquisitions, along with managerial implications. © 2005 Wiley Periodicals, Inc.     

The EBRD: Redundant,or an important actor in the transformation of Eastern Europe?

Now in its second year of operation, the European Bank for Reconstruction and Development was the first new institution set up by the West to cope with the historical challenge of helping to transform the centrally planned economies of Eastern Europe into market economies. Strongly criticized for its lack of funds and its redundant profile when compared to the World Bank and the European Investment Bank, the “European Bank” is still struggling to assume an independent role in the transformation process and remains a controversial institution.     

变局前夕的沉闷——第14届中国广告节网络高峰论坛观感

第14届中国广告节网络高峰论坛略显沉闷，缺少令人振奋的观点．少有对网络趋势的洞察，多了些企业的宣传。但是．沉闷的背后还是不乏一些新意的。[第一段]