Browsing Working Papers (CEES) by Year Published
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A simple model for analysis of the business environmentMygind, Niels (København, 2007)[More information][Less information]
Abstract: Societies all over the world are complex systems of human beings interacting with each other for making a living. Understanding these societies is essential for international business whatever the company interacts through foreign trade, outsourcing production or foreign direct investments - FDI. Choice of location makes it necessary to do an analysis of relevant foreign societies. The existing models for these analyses are often too simplified, static and without enough emphasis on key determinants for these societies – their institutions. The quality of institutions is an import part of the explanation for the level of development in different countries (WB 2002, IMF 2005, WEF 2006); but there is no simple link between institutions and economic performance (Rodrik 2004). URI: http://hdl.handle.net/10398/7062 Files in this item: 1
wp67 2007.pdf (189.0Kb) -
Mygind, Niels (København, 2007)[More information][Less information]
Abstract: In countries like Italy, France, Spain and US enterprises where a broad group of the employees have controlling ownership have been quite widespread, while the Scandinavian countries have had few employee owned enterprises. In many countries in Eastern Europe the recent privatization process resulted in a strong wave of employee ownership, however, a wave that soon lost its momentum. The transition from plan to market has been a sort of experiment for analyzing the impact of institutional development. The spread of employee ownership is closely related to the change in both formal and informal institutions. The purpose of this article is to answer the following research questions: Why did employee ownership get so widespread in some countries Eastern Europe? Why did this ownership change relatively fast to other types of ownership? Was the development of employee ownership premature in relation to the development of the East European societies? URI: http://hdl.handle.net/10398/7086 Files in this item: 1
wp68 2007.pdf (211.4Kb) -
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Abstract: This paper gives an overview over how far transition has proceeded and what is still lacking in the process. The barriers for transition are identified. This includes an analysis of the different factors behind the steep fall in production in the first years of transition. It is shown that countries implementing a tough stabilization and a comprehensive and consequent liberalization have been most successful in the process. A fast and comprehensive privatization, on the other hand, has not been sufficient for the necessary restructuring of enterprises. Decisive for success in transition has been transformation of the state as a crucial part of the development of new market institutions implementing well functioning, clear and stable rules of the game for private enterprises. The institutional development has been important for the attractiveness of foreign investments and these FDI have been important for restructuring enterprises as part of a positive circle for the transition process. URI: http://hdl.handle.net/10398/7067 Files in this item: 1
wp63 2007.pdf (301.1Kb) -
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) -
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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) -
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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) -
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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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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Abstract: Carlsberg is a leading word company, whose primary activity is the production, sale and distribution of beer and soft drinks, as well as related activities. It is a part of Carlsberg Group, which include also among others: Royal Scandinavia A/S, Combio A/S, Ejendomsaktieselskabet Tuborg and others. Total revenues of the group reach the level of 48,603 millions of DKK. The group employs 28 466 people. URI: http://hdl.handle.net/10398/7053 Files in this item: 1
wp56 carlsberg pl 040402.pdf (400.5Kb) -
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) -
Insights from a New SurveyMeyer, Klaus E.; Ionascu, Delia; Kulawczuk, Przemyslaw; Szczesniak, Anna; Antal-Mokos, Zoltán; Tóth, Krisztina; Darskuvenie, Valdone (København, 2005)[More information][Less information]
Abstract: Foreign direct investment (FDI) in Central and Eastern Europe (CEE) has been maturing as the region prepared to join the European Union (EU). Since the beginning of transition the pattern of FDI has evolved, reflecting new business strategies pursued in anticipation of EU membership. Based on first results from a questionnaire survey conducted in 2003 in Hungary, Lithuania and Poland, we portray the recent patterns and developments in foreign investment, the motives for investment, and managers’ assessment of the local business environment. Some questions have been replicated from a study conducted in the emerging economies of Egypt, India, South Africa, and Vietnam, which allows us to benchmark FDI patterns in CEE against other emerging economies in different parts of the world. We find that find fewer changes over the period of the 1990s then we expected, but some interesting differences across the three countries in our study, and between CEE and other emerging economies. URI: http://hdl.handle.net/10398/7055 Files in this item: 1
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Ionascu, Delia; Meyer, Klaus E.; Estrin, Saul (København, 2004)[More information][Less information]
Abstract: The concept of ‘distance’ has been used by international business scholars to explain variations in international business strategies and operations across countries. The more distant a host country is from the organizational centre of a multinational enterprise (MNE), the more it has to manage cultural, regulatory and cognitive differences, and to develop appropriate entry strategies, organizational forms, and internal procedures to accommodate these differences. Scholarly research has focused on the concept of psychic distance, which has been narrowed down in empirical work to indices based on Hofstede’s work on culture. However, these measures capture only very partially the dimensions of distance of concern to international business. In this paper, we show how the broader theoretical concept of institutional distance, which incorporates normative, regulatory and cognitive aspects, affects entry strategies. Specifically, our theoretical arguments suggest that the impact of distance varies with different aspects of the concept of institutional distance, and that this impact interacts with both the investor’s experience and with the relative importance of the pertinent operation for the investing MNE. Using a unique dataset of foreign direct investment in emerging economies that incorporates multi-host as well as multi-home countries, we find empirical support for our propositions, and provide an explanation for apparently inconsistent results in the previous literature. URI: http://hdl.handle.net/10398/7116 Files in this item: 1
cees wp51 ionascu meyer estrin.pdf (548.5Kb) -
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) -
A comparison of Russia and SloveniaMygind, Niels; Demina, Natalia; Gregoric, Aleksandra; Kapelyushnikov, Rostislav (København, 2004)[More information][Less information]
Abstract: Ownership is determined by firm specific factors and the environment. Firms change over their life-cycle. The governance cycle – here defined as changes in identity of the dominant owner and own-ership concentration - is marked by key phases including start-up, growth, and possibly a restructur-ing or exit stage. During transition the cycle reflects: privatization often with a high proportion of employee ownership like in Russia and in Slovenia; strong pressures for restructuring and owner-ship changes; limited possibility for external finance because of embryonic development of the fi-nancial system. To provide simple hypothesis tests, we use Russian enterprise data for 1995-2003 and Slovenian data covering 1998-2003. In spite of differences in institutional development, con-cerning privatization and development of corporate governance institutions, we find that govern-ance cycles are broadly similar in the two countries. Employee ownership is rapidly fading, but while change to manager and non-financial domestic outsider ownership is typical for Russia, man-ager ownership is not widespread in Slovenia. Instead change to financial outsiders in the form of Privatization Investment Funds is frequent. Foreign ownership, which is rare especially in Russia, is quite stable. The ownership diversification to employees and diversified external owners during privatization did not fit well to the low development of institutions. As expected we observe in both countries a subsequent concentration of ownership on managers, external domestic and foreign owners. JEL-codes: G3, J5, P2, P3 - Keywords: corporate governance, life-cycle, privatization, ownership change, transition economies, Russia and Slovenia. URI: http://hdl.handle.net/10398/7087 Files in this item: 1
slovenia-russia-gov-cycle wp54 2004.pdf (444.0Kb) -
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) -
Jensen, Camilla (København, 2003)[More information][Less information]
Abstract: Purpose of the study This working paper aims to explain the main results of a survey as send out in the summer of 2003 by the Royal Danish Embassy in Warsaw (the Danish Embassy) and Copenhagen Business School (CBS) in cooperation. The Confederation of Danish Industries and the Dept. for International Economics and Management kindly allowed us to adopt and adapt their questionnaire that has been tested among Danish companies many times before (DI, 2003a). The immediate target group for our paper is the group of firms that responded to the survey. We extend our gratitude to the firms that so kindly and generously have shared with us valuable information making us capable to better understand the internationalisation of Danish companies in Eastern Europe. We hope you will find the report of interest and relevance to your company. URI: http://hdl.handle.net/10398/7098 Files in this item: 1
udkast2.pdf (785.5Kb) -
The Emergence of Stakeholder CapitalismMeyer, Klaus E. (København, 2003)[More information][Less information]
Abstract: An unintended outcome of transition is the emergence of new forms of governance. Stakeholders other than shareholders influence corporate management to a higher degree than in mature market economies. Employees gained influence through ownership stakes or work councils, while elsewhere investment funds or governmental authorities retain influence via equity stakes or otherwise. This paper reviews privatisation and the newly created forms of private ownership to document the evolution of stakeholder capitalism and to discuss the opportunities and dangers that it may create for businesses in the region. URI: http://hdl.handle.net/10398/7088 Files in this item: 1
int wp 2003.pdf (192.8Kb) -
Kalmi, Panu (, 2003)[More information][Less information]
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preliminary results from a manager surveyMygind, Niels (København, 2002)[More information][Less information]
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