The last three decades have witnessed a spectacular integration of the world economy. On the one hand, the impact of the globalization on the economies is related to the activity of firms operating on a "multi-national" scale. These firms acquire subsidiaries abroad, move part of their...

This paper investigates the factors driving informal investment in Croatia, Hungary and Slovenia. Using Global Entrepreneurship Monitor (GEM) data, we find that the low rates of informal investment activity and the small amounts of investments in these countries are driven by entrepreneurial...

Guanxi, a type of particularistic trust observed in Confucian societies has mostly been viewed as a static phenomenon. It is not clear how the role of guanxi changes over time during institutional transitions. This field study of twenty one small and medium enterprises (SMEs) located in two...

Investment has been found to be a significant determinant of growth. This paperanalyses the effects of institutions and transition progress on investment rates oftransition economies since the collapse of the Socialist Bloc. Political institution ismeasured by the Freedom House’s Political...

Innovation plays a crucial role in determining today's economic growth patterns. But whatenables some countries to innovate more than others? This study attempts to answer this questionby analyzing in premiere a panel of sixteen Eastern European transition countries. It provides adetailed...

Small start-up firms are the engine of job creation in early transition and yet little is known about the characteristics of this new sector. We seek to identify patterns of job growth in this sector in terms of niches left from central planning and ask about differences in job creation across...

This paper examines the link between organizational culture and effectiveness for foreign-owned firms operating in Russia. Beginning with a model of organizational culture developed in the USA, the paper presents a multi-method analysis of culture and effectiveness in a transition economy. We...

My dissertation contributes to a rich literature on foreign entry into banking with three papers that shed a new light on foreign acquisitions of banks in emerging markets. The papers focus in particular on the timing of foreign acquisition following periods of structural economic change – as...

This paper makes some selective comparisons of the empirical evidence relating to financial discipline and soft budget constraints in the enterprise sector in China and the transition countries of Central and Eastern Europe and the former Soviet Union (CEEFSU). The paper finds that: (1) in both...

Advocates of financial regulation, Arestis and Demetriades, argue that financial liberalisation does not impact on financial market efficiency and the allocation of investment. Results in this study find that Czech, Hungarian and Polish firms are subject to scrutiny when applying for credit. The...