Browsing Center for East European Studies (CEES) by Title
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Mygind, Niels (København, 2007)[More information][Less information]
Abstract: The Baltic countries have been through a period of 15 years with fast changes in ownership and corporate governance structures. The privatization processes have been quite different in the three countries, but in the dynamics after privatization we see an increasing level of similarity in the adjustment of the ownership structure. We have followed the changes quite closely over the years both in quantitative research and in case studies. We focus on the most important institutions for corporate governance in legislation and enforcement, bankruptcy, company law, minority shareholder protection as well as the development of the banking system and stock exchanges. The paper analyses the main trends in the development and show how all the three Baltic economies are heading toward a typical Continental European system of corporate governance based on quite concentrated blockholder ownership. URI: http://hdl.handle.net/10398/7090 Files in this item: 1
wp64 2007.pdf (215.3Kb) -
the case of BulgariaMichailova, Snejina; Hollinshead, Graham (København, 1998)[More information][Less information]
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Mygind, Niels (København, 1997)[More information][Less information]
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old versus new PolandMroczkowski, Tomasz; Linowes, Richard; Nowak, Alojzy (Frederiksberg, 1999)[More information][Less information]
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Meyer, Klaus E.; Tran, Yen Thi Thu; Nguyen, Hung Vo (København, 2005)[More information][Less information]
Abstract: Over the last thirty years, Vietnam evolved from "war after war" to an emerging economy with an attractive foreign investment policy and commitment to a liberalized economy. Although the GDP per capita is still considerably lower than in the Asian Tiger economies, and the institutional framework still reflects inheritances from the central plan system, Vietnam today has a vibrant economy with small businesses springing up at every street corner. Foreign investors have been flogging to Vietnam since the early 1990s, with a new peak of FDI inflow in 2004. This paper reviews the Vietnamese economy, society, culture, and policies towards foreign investment to inform those considering to invest in Vietnam, and to provide some practical advice. URI: http://hdl.handle.net/10398/7101 Files in this item: 1
wp58 doing business in vietnam.pdf (221.8Kb) -
Mygind, Niels (København, 1997)[More information][Less information]
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evidence from the BalticsJones, Derek C.; Mygind, Niels (København, 1999)[More information][Less information]
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Abstract: This paper gives an overview over some theory and empirical evidence on employee ownership and other forms of employee financial participation and answers the following questions: What is employee ownership and what is the relation to other forms of financial participation? Why is employee ownership widespread in some developed market economies like US and in Italy, France and Spain, while it has a quite rare occurrence in the Scandinavian countries? What are the conditions favouring and what are the barriers for employee ownership? What are the advantages and drawbacks for employee owned companies? The paper also gives a summary of the experience in the Baltics – with reference to the following three country articles – and gives finally some perspectives for the future. URI: http://hdl.handle.net/10398/7054 Files in this item: 1
wp66 2007.pdf (104.4Kb) -
evidence from Estonian case studiesKalmi, Panu (Helsinki, 2002)[More information][Less information]
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an application to transition economiesKalmi, Panu (København, 1999)[More information][Less information]
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the leadership challengeMeyer, Klaus (København, 2000)[More information][Less information]
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Meyer, Klaus; Tran, Yen Thi Thu (København, 2004)[More information][Less information]
Abstract: Multinational enterprises (MNEs) are expanding their global reach, carrying their products and brands to ever more remote corners of the world. They encounter business environments that vary not only from their country of origin, but also vary greatly amongst each other. Thus foreign investors have to adapt their strategies, most notably their marketing and acquisition strategies, to the local context. In this paper, we outline why globalisation drives MNEs into emerging economies, and we provide conceptual frameworks that may aid investors to adapt their strategies to emerging economy contexts. MNEs have to develop a portfolio of local and/or global brands that matches their competences with local needs. If they aim for market leadership they may pursue a multi-tier strategy, but this needs to be supported by an appropriate foundation of global and local resources. This strategy in particular requires the acquisition of complementary local resources controlled by local firms. However, acquisitions in emerging economies are inhibited by institutional obstacles and weak local firms. Thus, foreign investors may pursue staged, multiple, indirect, or Brownfield acquisitions to build their projected operation. We illustrate our proposed strategies by analysing how one multination enterprise - Carlsberg Breweries - has developed its operations in three very different emerging economies: Poland, Lithuania and Vietnam. URI: http://hdl.handle.net/10398/7071 Files in this item: 1
working paper 2004-50.pdf (334.0Kb) -
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greenfield, acquisition, and brownfieldMeyer, Klaus E.; Estrin, Saul (København, 1999)[More information][Less information]
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Abstract: The paper investigates the determinants behind the choice between a wage earner position versus employee ownership. These determinants can be found both at the individual level: desire for selfgovernance, risk aversion, human capital, wealth, mobility; company level: size, complexity, heterogeneity of labor, capital intensity, human capital; and society level: labor market dynamics, social security, role of unions and specific institutional rules for employee ownership. The choice is determined by the possibility for wage-earners to adjust working conditions by exit versus the possibilities and costs for employee to use voice as owners of their company. It is predicted that employee ownership will be found in organizations which are small, homogenous, simple in structure, and with high emphasis on specific human capital. The opportunities of globalization with complex organizations crossing borders/cultures will be more difficult to implement in employee owned companies. Specific external institutions (tax incentives, company laws, privatization opportunities) and innovative internal institutions may change the balance in favor of employee ownership. The predictions are not tested, but illustrated by examples especially from recent evidence from Eastern Europe. URI: http://hdl.handle.net/10398/7089 Files in this item: 1
wp65 2007.pdf (97.53Kb) -
Eamets, Raul; Mygind, Niels; Spitsa, Natalia (København, 2006)[More information][Less information]
Abstract: Presently, legal regulation of participation of employees – financial participation as well as participation in decision-making – is not well developed in Estonia. On the one hand, it is due to the fact that no tradition of employee participation could have been formed after Estonia became independent because different, contrary political aims, e.g. development of the free-market economy and promotion of national elites, were given priority. Although employee ownership emerged during the early stage of privatization, it was a temporary phenomenon. Earlier experience with employee participation in decision-making was considered to be a relict from the time under Soviet rule and, therefore, to be discredited and not worth following. On the other hand, the solution of current employment and social problems is not associated with a higher level of participation of employees. URI: http://hdl.handle.net/10398/7112 Files in this item: 1
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Klauberg, Theis; Muravska, Tatyana; Mygind, Niels; Rezepina, Irina (København, 2006)[More information][Less information]
Abstract: This report outlines main trends in employees' financial participation in Latvia including historical, socioeconomic and legal background. A special emphasis is placed on privatization during the transition period which shaped an environment for employees’ financial participation and influenced the current state of employee share ownership and profit-sharing. Attitudes of social partners and the government will be addressed. The report will show why the transition process lead to a low level of employees’ financial participation and the indifference and ignorance of policy makers concerning the development of financial participation. URI: http://hdl.handle.net/10398/7114 Files in this item: 1
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Darškuviené, Valdoné; Hanisch, Stefan; Mygind, Niels (København, 2006)[More information][Less information]
Abstract: Participation of employees in decision-making in Lithuanian companies has its roots in trade union movement as well as in the practice of managing companies under Soviet rule. After Lithuania regained independence, employee ownership was used to facilitate privatization. A notable success was establishment of a number of employee-owned companies that were formerly state-owned enterprises during the first stage of privatization. However, no stronger tradition of employee participation has evolved. Current legal regulation of participation of employees - financial participation, as well as participation in decision-making - is not well developed and does not provide for stronger incentives. The solution of current employment and social problems by the Government, ruling parties as well as social partners is not associated with a higher level of participation of employees. Financial participation is viewed mainly as a way of employee motivation as initiated by managers and current owners of companies. URI: http://hdl.handle.net/10398/7110 Files in this item: 1
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Meyer, Klaus E.; Jensen, Camilla (København, 2004)[More information][Less information]
Abstract: The 1990s have been a period of extraordinary politics in Central and Eastern Europe (CEE). This chapter discusses how the transition from state to market has created bureaucratic barriers to entry, but also windows of opportunity for foreign direct investment (FDI). The high costs and high investment risks associated with FDI in CEE are a reflection the institutional development. Thus, inflows of FDI have been largest in those countries that made most progress in establishing a market-oriented institutional framework. After outlining trends of institutional change and their impact on FDI, this chapter discusses how aspects of the institutional framework and FDI policy affect diverse types of investment projects. Acquisition and Greenfield investors are concerned with different aspects of government policy: privatization and regulatory policies for acquirers and investment incentives, regional policy and special economic zones for Greenfield investors. The shifting policy priorities have thus changed the types of projects undertaken by foreign investors in the region. URI: http://hdl.handle.net/10398/7106 Files in this item: 1
governmentincee_wp.pdf (84.33Kb)