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Wyzwanie konsolidacji fiskalnej Abenomiki

Author(s): Sebastian Bobowski / Language(s): Polish Issue: 2/2016

The article attempts to identify the key changes in the system of organization and management of transnational corporations (TNCs) that result from the implementation of the network internationalization strategy. The article is divided into three parts. The first part highlights the differences between the network internationaliastion strategy (NIS) and Strategic Corporate Entrepreneurship (SCE). The second part presents a global business network as a structure resulting from the implementation of the NIS. The last part makes reference to the author’s own research results concerning models of internationalisation of TNCs (for a group of 252 corporations classified as Top 100 non-financial TNCs in the years 1991–2014). The subject of the study were development paths of TNCs according to the adopted business integration models as well as the structure of the established relationships and accumulated capital. The result of the interpretation of the results is the identification of a set of key elements of the enterprise architecture of the surveyed TNCs. The summary shows the relevant parameters for the effective implementation of the NIS visible in business models of the most powerful TNCs as fundamental factors of development.

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Ceny w handlu międzynarodowym w drugiej dekadzie XXI wieku. Kierunki zmian i ich czynniki

Author(s): Jerzy Dudziński / Language(s): Polish Issue: 2/2016

In the 2010s, we have been witnessing new price tendencies in international trade involving, among others, an absolute fall in the nominal prices of many primary commodities, including oil. The study aims to present the main directions of the change observed for the two basic commodity groups (primary commodities and manufactured goods) in international trade in the current decade, as well as their drivers. The results indicate that the major factors influencing those price tendencies include: a growing supply of primary commodities as a result of the 2000s commodity boom, a fall in the global demand for those commodities (especially in China and other developing countries), lower engagement of financial investors in commodity markets, and appreciation of the US dollar. The study used descriptive statistics; the linear correlation coefficient and regression analysis were used to identify the impact of changes in the USD exchange rate.

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The importance of strategic management in international business: Expansion of the PESTEL method

Author(s): Gabriela Menet / Language(s): English Issue: 2/2016

Not only global but also regional links have strengthen considerably in the recent years. Globalization can be both a threat and an opportunity for international companies. To take advantage of the globalisation changes, companies must rethink their strategies and seek new tools that would help them stimulate innovation and growth in international markets. Managers should avoid strategic myopia, which arises as they merely follow the established tools, step by step, without a wider understanding of a concept. The purpose of this paper is to demonstrate the importance of strategic management in international business and to present an expansion of the PESTEL method. The conceptual paper introduces a new tool in strategic management theory: REGLO analysis, an improved version of PESTEL analysis which marks out globalisation and regionalisation forces that are a great part of today’s external environment. Moreover, the article emphasizes the need for improvement of some popular strategic management tools that are used by the majority of companies in the current decade.

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Strategia internacjonalizacji sieciowej. Model ekspansji korporacji transnarodowych

Author(s): Magdalena Rosińska-Bukowska / Language(s): Polish Issue: 2/2016

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Multinational corporations from emerging economies: Growth or decline?

Author(s): Artur Klimek / Language(s): English Issue: 2/2016

This paper has been devoted to the presentation of the current situation of multinational corporations from emerging economies (EMNCs). The research methods applied include the statistical analysis of data describing the operations of EMNCs and multiple case study of selected enterprises. The main conclusion drawn from the study concerns the worsening performance of the analysed firms. The main reason of the faltering financial results are the characteristics of industries in which EMNCs operate. Many large firms from emerging countries are strongly dependent on natural resources. Recent decline of demand from China caused strong global overcapacity of commodities. Moreover, the EMNCs are still influenced by the economic situation in their home economies. It is associated with the fact that their operations are not truly global yet. An additional reason is the lack of sustainable growth strategies which hinders the growth of the firms.

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Cultural intelligence as an important attribute of global managers

Author(s): Dorota Simpson / Language(s): English Issue: 2/2016

Dynamic and most often unexpected changes in the world economy, constant development of technology, unstable political situation in many regions, and growing migration of people resulting in increased cultural diversity at workplaces are among the challenges that contemporary enterprises have to face. All these circumstances influence companies seeking opportunities to achieve competitive advantages, both internationally and domestically. Turbulent environment requires managers who are equipped with both traditional managerial hard skills, and soft skills, including cultural intelligence. In the literature, cultural intelligence as an important attribute of global managers has been primarily considered and analysed regarding managers delegated to work abroad. However, increasing cultural diversity of the population of certain countries results in the growing importance of culturally diverse staff working also in companies operating in a domestic environment. It means that managers have to face many complex problems related to effectively leading culturally diversified teams. The main purpose of the paper is to highlight the importance of cultural intelligence as an attribute of global managers working abroad. Effective managers can manage an intercultural workforce and gain competitive advantage from cultural diversity regardless of the country they work in.

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Decision-making subsidiary autonomy in Polish multinational enterprises: Results of an empirical study

Author(s): Małgorzata Szałucka / Language(s): English Issue: 2/2016

The aim of this paper is to empirically investigate the level of subsidiary autonomy in various decision areas relating to after-sales service, distribution, sales and marketing, procurement, production, research and development, and finance. The paper presents the results of a field survey carried out in 2012 through the direct interview and questionnaires sent by mail to Polish MNE subsidiaries operating abroad. The research results revealed that the subsidiaries of Polish MNEs are given a significant degree of decision-making freedom. In the majority of the listed areas the subsidiaries possessed a high degree of autonomy, claiming to take full or partial responsibility for their decisions. Only financial decisions remained predominantly under the control of the parent company. The empirical findings also showed that the age of the subsidiary influenced the extent of autonomy delegated to the subsidiary – foreign units with a longer period in the host country markets had a greater degree of autonomy.

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Innowacje a działalność eksportowa polskich przedsiębiorstw

Author(s): Andrzej Cieślik,Jan Jakub Michałek / Language(s): Polish Issue: 2/2016

The aim of this article is to verify empirically the hypothesis concerning the importance of innovations for firm involvement in export activities using firm-level data for Poland and the probit model. In this article, we examine whether it is possible to confirm the predictions of the Melitz [2003] model with respect to the occurrence of a positive relationship between firm productivity and the likelihood of exporting, taking into account the research and development activity of firms and other firm characteristics that may be important for their export activity. The selection of explanatory variables such as firm size, the use of human capital, spending onR&Dand firm internationalization measured by the share of foreign capital and the use of foreign licenses is consistent with other empirical studies based on firm-level data. We also try to analyse the importance of different forms of innovation for the export activity. Our empirical results clearly confirm the role of R&D spending, while the results obtained for various forms of innovations are less clear-cut.

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Współpraca z partnerami instytucjonalnymi a innowacyjność polskich przedsiębiorstw przemysłowych

Author(s): Małgorzata Stefania Lewandowska,Tomasz Gołębiowski / Language(s): Polish Issue: 2/2016

The purpose of the paper is to analyse the relationship between innovation cooperation with domestic and foreign science-based partners (research and scientific institutions), and the innovation efficiency of Polish firms, as well as the role that firms’ size and absorptive capacity play in this relationship. The analysis covered 7,783 large and medium-sized manufacturing firms (CIS survey PNT-02). 2,795 of them declared the introduction of process and/or product innovation in the years 2008–2010, and among them 745 showed cooperation with institutional partners. The results of the structural model (SEM) indicate that both the absorptive capacity and size are important determinants of cooperation with those partners. The study revealed a statistically significant relationship between innovation cooperation and innovation efficiency, measured as the percentage of sales of innovative products in total sales.

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Innovation activity of Lithuanian enterprises in the age of globalisation

Author(s): Alina Grynia / Language(s): English Issue: 2/2016

In the modern world economy business development is influenced by globalization and regional integration. As a result, companies operate in the environment characterized by a tightening competition and rapid technological progress. Several studies conducted at both company and national level reveal a significant impact of innovation activities on the condition of individual enterprises as well as the whole economy. In relation to the above, the purpose of the article is to examine the level of innovation activity undertaken by Lithuanian companies and to show its similarities and differences in relation to EU companies. The first part of the article brings up the theoretical foundations of innovation, while the next parts use secondary data obtained from the Lithuanian Department of Statistics and Eurostat in order to provide the level of innovation activity. The article uses statistical and comparative analysis.

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Kierunki i tendencje procesu koncentracji działalności badawczo-rozwojowej korporacji transnarodowych

Author(s): Anna Odrobina / Language(s): Polish Issue: 2/2016

The aim of the article is to determine the degree and the trends of the transnational corporations’ R&D concentration process on the geographic and industrial level. The analysis was conducted based on the concentration ratios and Herfindahl-Hirschman Index in the group of a thousand TNCs with the highest R&Dexpenditures in the years 2003–2014. It demonstrates a high degree of geographic and industrial concentration. In addition, the studies have shown that among TNCs, a stronger concentration is associated with the country of origin than with the industrial sector in which the company operates. Despite an overall slight decrease in the intensity of concentration in the analysed period, there was a reversal of this trend in recent years, namely the increase of the industrial concentration since 2010 and of the geographic concentration since 2013.

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Ekspansja inwestycyjna polskich przedsiębiorstw w Czechach

Author(s): Agnieszka Stanowska-Hirsch / Language(s): Polish Issue: 2/2016

The objective of this paper is to identify the trend in the investment activity of Polish companies in the Czech market and to evaluate this phenomenon. The research was carried out mainly on the basis of the analysis of statistical data, including data gathered by the National Bank of Poland, the Czech National Bank, and the Polish Central Statistical Office. Research shows that companies under the Polish capital control demonstrate greater interest in the Czech market than the ones under a foreign one. Horizontal, market-seeking oriented projects dominate among Polish investments in the Czech Republic. Polish investment projects developed in the Czech market can be classified as classic FDI

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Comprehensive market microstructure model: considering the inventory holding costs

Author(s): Doojin Ryu / Language(s): English Issue: 2/2017

The purpose of this study is to propose a structural market microstructure model and examine the intraday price and spread dynamics in a highly liquid market. We extend the model of Madhavan, Richardson, and Roomans to devise a comprehensive order indicator model that considers the order duration, order size, market liquidity, and most importantly, inventory holding costs. Our empirical analyses on the KOSPI200 futures market indicate that the inventory holding costs of liquidity suppliers explain a significant portion of model-implied spreads. Meanwhile, the duration and size of traded orders convey significant information content on the inventory holding component. Market liquidity is also an important consideration for futures traders who have to manage their inventory holding costs.

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A system for the management of old building retrofit projects in historical centres: the case of Portugal

Author(s): Rui A. F. Oliveira,Jorge Lopes,Hipólito Sousa,Maria Isabel Abreu / Language(s): English Issue: 2/2017

The retrofitting works in old buildings require appropriate knowledge of the vernacular techniques. Previous researches have identified retrofitting works as more intrusive and using more unnecessary demolition materials than real needs. This study constitutes a new framework that focuses on the project management success of old building retrofitting in historical centres by developing a methodological system for this purpose. It uses a construction sector system approach, reviews legal requirements, framework specifications, recommendation practices and sustainable measures adapted to old building projects. It presents 50 parameters adapted to these works’ specificities that could be used by construction market stakeholders. The research uses a case study methodology divided in two parts. The first one involves the review of building retrofitting projects in historical centres, complemented by a questionnaire in the second part. The results of the projects review have shown little concern with the underlying sustainability aspects of retrofitting works in all project designs analysed. However, the questionnaire results have revealed a high interest and applicability of all parameters omitted in the project designs data. The study describes a useful management system in a toolkit format which might contribute to reduce uncertainty in the management of retrofitting projects in historical centres.

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Managing the financial risks affecting construction contractors: implementing hedging in Sri Lanka

Author(s): Charith Kaushalya Fernando,Mohammad Reza Hosseini,Edmundas Kazimieras Zavadskas,B. A. K. S. Perera,Raufdeen Rameezdeen / Language(s): English Issue: 2/2017

The aim of this study is to ascertain the major financial risks affecting construction contractors in Sri Lanka and to investigate the suitability of available hedging techniques as remedial solutions in managing such financial risks. To this end, the study identifies the most serious financial risks and the most commonplace hedging techniques to deal with the identified risks for Sri Lankan contractors through three unstructured interviews and a questionnaire survey administered among financial experts resulting in 33 duly completed responses. Analysis of the results is performed mainly using Analytic Hierarchy Process (AHP) methodology. As per the findings, the most serious financial risk affecting contractors was found to be associated with variations in material prices. The most commonplace hedging technique used by contractors to deal with the identified financial risks was ‘forward contracts’. The study prioritises the hedging techniques with respect to their suitability for dealing with financial risks in form of an integrated model. This study provides an illuminating insight into financial risks and measures to mitigate them through implementing hedging techniques with a focus on construction contracting in Sri Lanka. The findings can be held up as examples for other developing countries suffering from similar issues.

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Transitions Online_Around the Bloc-More Discontent in Russia as Truckers Strike

Author(s): TOL TOL / Language(s): English Issue: 04/04/2017

Protest organizers say 10,000 trucks will block roads and disrupt traffic across the country.

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Local Support Mechanisms for Entrepreneurship: The Approach of Local Development and Innovation Institutions

Author(s): Fotios Katimertzopoulos,Charis Vlados / Language(s): English Issue: 1/2017

Purpose: The growth potential of SMEs entrepreneurship is examined at regional and local level, initially on a Global scale and then for the case of Greece. Additionally, the possibility of an economic development policy beyond the macroeconomic approach is examined, focusing on business growth and competitiveness in the light of meso and micro-economic policy approach. Design/methodology/approach: This research leads to the proposal of building knowledge mechanisms and direct and efficient systematic development and innovation at the local level, particularity during a time of economic crisis. The establishment of Institutes of Local Development and Innovation (ITAK) is primarily geared towards promoting innovative entrepreneurship and extroversion of locally installed businesses. As part of the proposal for the establishment of ITAK, a questionnaire was developed - a tool to initially measure companies' opinions on the need for outside help in the macro, meso and micro environment, in order to demonstrate that ITAK local-level structures could be developed. Findings: The survey results were accrued via the analysis of questionnaires distributed to companies. The results of the questionnaires in the micro-environment in relation to those in the macro-environment shows a lower tendency to change business, which may be because managers perceive economics several times more in macroeconomic terms ratherthan in meso and micro economic (terms). Research limitations/implications: The restrictions of this particular research are the small sample of study of businesses in one country (Greece); this is because the approach of study, which is quantitative-qualitative, limits analysis to small data sets in the current phase. Originality/value: The results in the micro-environment, in relation to those at macro-environmental, shows a lower tendency to change business, something which may be because managers perceive economics several times more in macroeconomic terms, rather than in meso and micro economic (terms).

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Management Control Systems and Strategy: A Resource based Perspective. Evidence from Greece

Author(s): Nikolaos Theriou,Dimitrios Maditinos,Georgios Theriou / Language(s): English Issue: 2/2017

Purpose: The purpose of this paper is to empirically examine from the resource-based perspective, the relationship between the use of management control systems (MCS) and organisational capabilities in the Greek context.Design/Methodology/Approach: The study follows Henri's (2006) methodology and explores the relationships between the diagnostic and interactive uses of performance measurement systems (PMS) and the five capabilities (e.g. market orientation, organisational learning, entrepreneurship, innovativeness and market responsiveness) leading to strategic choice. Structural equation modelling represents the relationships between the variables and data collected from the survey, which was analysed as a statistical tool with AMOS. Findings: Results revealed that diagnostic use of PMS negatively influence only the organisational learning, while the interactive use positively interacts with most of the capabilities. Research limitations/implications: This study can be further extended by incorporating more factors in the proposed model, such as environmental uncertainty, size and organisational culture, and examine their possible effect on the relationship between PMS uses, organisational capabilities and performance. Originality/Value: There is no similar empirical research in the context of Greece.

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Transitions Online_Around the Bloc-We Stopped Second Cyber-Attack, Ukraine Says

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Transitions Online_Around the Bloc-We Stopped Second Cyber-Attack, Ukraine Says

Author(s): TOL TOL / Language(s): English Issue: 07/11/2017

Businesses, government agencies still in recovery after last week’s malware blitzkrieg.

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Accounting and Controlling Business Management System

Author(s): David Mareš / Language(s): English Issue: 2/2016

The author examines an efficient accounting and management system that gives a true picture of an economic reality with a direct link to the consumer to achieve maximum effectiveness of financial planning and the business as a whole. By this, the accounting information system and its role across the entire business is defined and linked to other subsystems of the business information system at the same time. On the basis of inputs and outputs from information accounting system, the author makes conclusions with regard to linking the accounting information system to preferences and social status of the customer, both using Customer Relationship Management or through his consumption expenditures in relation to his consumption needs pyramid and preferences. The paper expands the scientific knowledge in broader context, as it does not examine the given factors of business success separately, but rather in its entirety forming a direct link consumer – accounting information system – controlling – financial plan – performance of individual departments – business performance.

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