369 research outputs found
Integration of Slovenia into EU and global industrial networks: review of existing evidence
No full textSlovenia is a small economy, which is somehow "condemned" to be open and highly internationalised. Relatively high shares of exports and imports in GDP indicate that the economy is highly dependent on foreign markets and inputs. This orientation is additionally strengthened by the final stage of the transition process and accession to the EU, both meaning definite opening of the economy and its integration into EU and global economy. Internationalisation of operations is, therefore, increasingly becoming a critical factor for creating and stimulating a competitive corporate sector in Slovenia. To strengthen the internationalisation processes, the policy of internationalisation should be based on the following: (i) lifting barriers to internationalisation; (ii) taking the actual needs of companies as a starting point; (iii) flexibility, transparency and the long-term perspective; (iv) adaptability and a re-examination of policy; and (v) a holistic concept of internationalisation. Increasingly important aspects of internationalisation are inward and outward FDI. The paper review the existing evidence on the internationalisation of Slovenian economy in all the various modes. The paper is composed of three parts. In the first part the scale and dynamics of industry integration of Slovenia into EU/global industrial networks by the way of foreign trade, outward and inward processing trade (OPT) and subcontracting and FDI is given. The second part analyses the integration of Slovenian car components industry in international industrial networks, and the third part concentrates on the motivation and strategies of foreign investors in Slovenia and Slovenian investors abroad
The Growing Export Performance of Transition Economies: EU Market Access versus Supply Capacity Factors
No full textThe paper examines the reasons for the remarkable growth of transition economies’ export performance. We distinguish between foreign/EU market access and internal supply capacity factors. EU market access has been of great importance, while among supply capacity factors, stable institutional setup, structural reforms, and targeted FDI are in the forefront.Export performance, Transition economies of Central and Eastern Europe, (EU) market access, Supply capacity, Institutional setup, FDI.
Performance after mass privatisation : the case of Slovenia
No full textInitial ownership structures resulting from the mass privatisation programme were intended as transitional, whereas optimal would be set up gradually and would result from secondary transactions.
Therefore, mass privatisation is typically considered successful if secondary transactions lead to improved ownership, in particular, with emergence of strategic investors. If this approach is correct, positive effects of mass privatisation are thus not shown only by companies remaining in control of initial owners but mostly by the companies that have already gone through secondary privatisation. Accordingly, the success of secondary sales is to be evaluated by how successfully companies perform after the sale to new owners.
This paper attempts to verify empirically those assumptions. The econometric analysis of panel data, after correcting for a selection bias, shows that TFP (total factor productivity) growth is highest in public companies. In addition we found that the secondary privatisation has had practically no positive effect on economic efficiency in the period 1995-99. We interpret these results as supporting evidence for the theoretical approach, which argues that the impact of strategic investors on performance may be ambiguous and that the quality of the capital market institutions is more important than ownership effects. The former creates incentives for performance by increasing the cost of expropriation of minority shareholders
Slovenia : From Yugoslavia to the European Union
No full textThe main objective of the book is to
analyze Slovenia's threefold transition in the context
of a broader transition process in Central and Eastern
Europe and to contribute toward filling the obvious gap in
the literature on this subject. The book provides an
overview of the most important developments faced by
Slovenia during its transition-the achievements, the
problems, and the challenges-and discusses the lessons that
have been learned and the main challenges that Slovenia can
expect to face. Interdisciplinary in character, the book
focuses on socioeconomic and political aspects and
integrates them into the existing pool of knowledge about
the transition process
Nature and determinants of productivity growth of foreign subsidiaries in Central and East European countries
No full textThe paper examines the determinants of productivity growth in foreign manufacturing subsidiaries in five Central and East European (CEE) countries by analysing patterns of control, nature of firms' capabilities and firms' market orientation. Building on the so called 'developmental subsidiaries' perspective we show that productivity growth is determined jointly by corporate governance, production capability and market orientation variables. CEE subsidiaries have relatively strong autonomy over control of their business functions, but within a dominantly production oriented mandate. Majority foreign equity share has a significant and positive impact on subsidiaries' productivity growth. These results present very strong regional characteristic
Distance to the Efficiency Frontier and FDI Spillovers
No full textWe establish that domestically owned firms in two alternative models of emerging market economies, the Czech Republic and Russia, have not been converging to the technological frontier set by foreign owned firms. In both countries, the distance of domestic firms to the frontier grew (in all parts of the distribution) from 1992-1994 to 1995-1997 and did not change from 1995-1997 to 1998-2000. However, the distance to the frontier is orders of magnitude greater in Russia than in the Czech Republic throughout 1992-2000. We also find in both countries that domestic firms in industries with a greater share of foreign firms are falling behind more than domestic firms in industries with a smaller foreign presence. However, in the Czech Republic this “negative spillover” effect is diminished over time, whereas in Russia it continues to cause domestic firms to fall further behind. On the other hand, we find in both countries that foreign firms experience positive spillovers from other foreign firms operating in the same product market. This evidence on the dynamics of efficiency is consistent with the view that economies (firms) need to be more technologically advanced and open to competition in order to be able to gain from foreign presence.foreign direct investment, productivity, convergence, frontier, knowledge spillovers, Czech Republic, Russia.
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