Outward FDI from Economies in Transition in a Global Context

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Outward FDI from Economies in Transition in a Global Context
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    Journal for East European Management Studies (JEEMS) Editor-in-Chief/Herausgeber:R. Lang, TU ChemnitzEditorial Board/Herausgeberrat:E. Clark, Royal Holloway Univ. of LondonE. Dittrich, Universität MagdeburgM. Dobák, Budapest Univ. of Econ. SciencesV. Edwards, Buckinghamshire CollegeC. Morgenstern, TEQ GmbH ChemnitzI. Nový, University of Economics PragueD. Wagner, Universität PotsdamCoordinator/Koordinator:T. Steger, TU Chemnitz Corresponding members/Mitarbeiterkreis: R. Alas, Estonian Business SchoolM. Becker, Universität Halle-WittenbergJ. Belak, University of Maribor M. Buble, University of SplitD. Catana, Technical University of Cluj-NapocaS.G. Echevarria, Universidad de Alcala MadridJ. Erpenbeck, Max-Planck-Institut BerlinM. Gaitanides, UdB HamburgM. Geppert, University of Wales SwanseaB. Grancelli, Universitá di TrentoI. Gurkov, Higher School of Economics, MoscowJ. Hentze, TU BraunschweigG. Hollinshead, Bristol Business SchoolD. Holtbrgge, Universität Erlangen-NrnbergM. Ignatov, Bulgarian Academy of ScienceZ. Ilmete, University of RigaG. Ionescu, Western University Timisoara N. Kailer, Ruhr-Universität BochumJ. Liouville, Université R.S. StrasbourgS. Llaci, University of TiranaR.-E. Lungwitz, WISOC, ChemnitzF. Luthans, University of Nebraska LincolnC. Mako, Hungarian Academy of Science BudapestM. Malý, University of Economics PragueW. Maslow, Lomonossov University MoscowW. Mayrhofer, Wirtschaftsuniversität WienS. Michailova, Copenhagen Business SchoolJ.-P. Neveu, Université Montesquieu BordeauxR. Nurmi, Turku School of EconomicsP. Pawlowsky, TU ChemnitzA. Pocztowski, Cracow University of EconomicsD. Puþko, University of LjubljanaS. M. Puffer, Northeastern UniversityR. Schmidt, Universität JenaG. Schreyögg, FU BerlinG. Schwödiauer, Universität MagdeburgA. Soulsby, Nottingham University Business SchoolC. Stojanov, Universität SaarbrckenB. Suklev, University of SkopjeR. Üksvärav, University of TallinnH. Wächter, Universität Trier R. Whitley, Manchester Business SchoolI. Winkler, TU ChemnitzK. Zalai, University of Economics Bratislava Address:JEEMS, Postfach 964, 0907 Chemnitz, Tel.: +49 37 53 456, Fax: +49 37 53 3987 E-Mail: t.steger@wirtschaft.tu-chemnitz.de URL: http://www.tu-chemnitz.de/wirtschaft/bwl5/jeems  Journal for East European Management Studies (ISSN 0949-6181) The Journal for East European Management Journal (JEEMS) is published four times a year. Thesubscription rate is  45,00 including delivery and value added tax. Subscription for students isreduced and available for  22,50. For delivery outside Germany and additional  4,00 are added.Cancellation is only possible six weeks before the end of each year. Single issues of JEEMS may beobtained at  14,80.The contributions published in JEEMS are protected by copyright. No part of this publication may betranslated into other languages, reproduced, stored in a retrieval system or transmitted in any form or  by any means, electronic, magnetic tape, photocopying, recording or otherwise without permission inwriting from the publisher. That includes the use in lectures, radio, TV or other forms. Copies areonly permitted for private purposes and use and only of single contributions or parts of them.For any copy produced or used in a private corporation serving private purposes (due to §54(2) UrhG)one is obliged to pay a fee to VG Wort, Abteilung Wissenschaft, Goethestraße 49, D-80336 Mnchen,where one can ask for details.Das Journal for East European Management Studies (JEEMS) erscheint 4x im Jahr. Der jährlicheAbonnementpreis beträgt 45,00  inkl. MWSt und Versandkosten. Abonnements fr Studenten sindermäßigt und kosten 22,50  inkl. MWSt und Versandkosten. Fr den Versand ins Ausland werden jeweils zusätzlich 4,00  berechnet. Kndigungsmöglichkeit: 6 Wochen vor Jahresende. Einzelheftevon JEEMS sind zum Preis von 14,80  erhältlich.Die in der Zeitschrift JEEMS veröffentlichten Beiträge sind urheberrechtlich geschtzt. Alle Rechte,insbesondere das der Übersetzung in fremde Sprachen, vorbehalten. Kein Teil darf ohne schriftlicheGenehmigung des Verlages in irgendeiner Form - durch Fotokopie, Mikrofilm oder andere Verfahren-reproduziert oder in eine von Maschinen, insbesondere von Datenverarbeitungsanlagen, verwendeteSprache bertragen werden. Auch die Rechte der Weitergabe durch Vortrag, Funk- undFernsehsendung, im Magnettonverfahren oder ähnlichem Wege bleiben vorbehalten. Fotokopien fr den persönlichen und sonstigen eigenen Gebrauch drfen nur von einzelnen Beiträgen oder Teilendaraus als Einzelkopien hergestellt werden.Jede im Bereich eines gewerblichen Unternehmens hergestellte oder bentzte Kopie dient gewerb-lichen Zwecken gemäß § 54(2) UrhG und verpflichtet zur Gebhrenzahlung an die VG Wort,Abteilung Wissenschaft, Goethestraße 49, D-80336 Mnchen, von der die einzelnen Zahlungs-modalitäten zu erfragen sind. As of 1999 the Journal for East European Management Studies is being indexed by theInternational Bibliography of the Social Sciences (IBSS). Recherche-Pool:www.Hampp-Verlag.de   Vier Zeitschriften  eine Suche: In dem neu eingerichteten Online-Zeitschriften-Archivdurchsuchen Sie die Volltexte von vier Zeitschriften gleichzeitig:  Industrielle Beziehungen, ab Jahrgang 1998  Journal for East European Management Studies, ab Jahrgang 1998  Zeitschrift fr Personalforschung, ab Jahrgang 1998  Zeitschrift fr Wirtschafts- und Unternehmensethik, ab Jahrgang 2000. Kostenlos Recherchieren :Die Recherche ist kostenlos. Ihnen werden alle Treffer angezeigt, die zuIhrem Suchbegriffen gefunden wurden. Anhand der Trefferliste erkennen Sie, welche Artikel IhnenInformationen zum gewnschten Thema liefern können. Die Quelle wird Ihnen ebenfalls angezeigt. Kostenpflichtig Artikel ansehen: Wenn Sie sich einen Artikel ansehen möchten, dann wird Ihnenvon unserem Online-Partner  GBI the contentmachine eine Gebhr von  2,00 berechnet. Sie könnendie Anzeige der Originaldokumente als GBI Profikunde abrechnen lassen (Kreditkarte oder Rechnung) oder mit Kreditkarte direkt bezahlen. Fällt ein Rechnungsbetrag unter  4,00 an, werdenIhnen stets  4,00 berechnet.    JEEMS • Volume 8 • Number  • 2003Editorial  Kari Liuhto 5   Articles  Kálmán    Kalotay Outward foreign Direct Investment from Economies inTransition in a global context 6    Kari Liuhto, Jari Jumpponen Russian Corporations and Banks abroad 25    Andreas Heinrich Internationalisation of Russia’s Gazprom 45  Andreja Jakliþ, Marjan Svetliþiþ  The outward Direct Investment from CEECs: Can their Firmscompete in the Global Market 66    Kaarel Kilvits, Alari Purju The outward foreign Direct Investment from the Baltic States 83   Urmas Varblane, Mart Sõrg  Internationalisation of Estonian Banking 94   Book Reviews Markus Berndt (2002): Global Differences in CorporateCovernance Systems: Theory and implications for reforms,Wiesbaden, Deutscher Univ. Verlag - reviewed by Patrick Gräser    09 News / Information   Guideline for Authors7      Editorial Mission of JEEMS Objectives The Journal for East European Management Studies (JEEMS) is designed to promote a dialogue between East and West over issues emerging frommanagement practice, theory and related research in the transforming societiesof Central and Eastern Europe.It is devoted to the promotion of an exchange of ideas between the academiccommunity and management. This will contribute towards the development of management knowledge in Central and East European countries as well as amore sophisticated understanding of new and unique trends, tendencies and problems within these countries. Management issues will be defined in their  broadest sense, to include consideration of the steering of the political-economic process, as well as the management of all types of enterprise, including profit-making and non profit-making organisations.The potential readership comprises academics and practitioners in Central andEastern Europe, Western Europe and North America, who are involved or interested in the management of change in Central and Eastern Europe.  Editorial Policy JEEMS is a refereed journal which aims to promote the development,advancement and dissemination of knowledge about management issues inCentral and East European countries. Articles are invited in the areas of Strategic Management and Business Policy, the Management of Change (toinclude cultural change and restructuring), Human Resources Management,Industrial Relations and related fields. All forms of indigenous enterprise withinCentral and Eastern European will be covered, as well as Western Corporationswhich are active in this region, through, for example, joint ventures. Reports onthe results of empirical research, or theoretical contributions into recentdevelopments in these areas will be welcome.JEEMS will publish articles and papers for discussion on actual researchquestions, as well as book reviews, reports on conferences and institutionaldevelopments with respect to management questions in East Germany andEastern Europe. In order to promote a real dialogue, papers from East Europeancontributors will be especially welcome, and all contributions are subject toreview by a team of Eastern and Western academics.JEEMS will aim, independently, to enhance management knowledge. It isanticipated that the dissemination of the journal to Central and Eastern Europewill be aided through sponsoring.  Editorial JEEMS /20035 Editorial Foreign direct investment (FDI) plays an important role in transition economies(TEs) for several reasons. From the macroeconomic point of view, foreigncompanies bring additional investment capital, roughly USD 200 billion by theend of 2002, into the TEs, aiding these economies to grow faster, and thus,increasing the economic wellbeing of their citizens. From the microeconomic point of view, FDI offers a relatively fast route for technology transfer and amanagerial catching up with advanced Western practices. From a political pointof view, FDI is a more intensive form of co-operation than conventional trade,and hence, FDI brings the economic interests of home and host countries closer to each other, strengthening mutual political understanding and stability.Earlier studies have almost solely focused on FDI flows from the West to theEast, and neglected the other direction of FDI movement, i.e. the movement of investments from East to West (or sometimes from East to further East). Thisspecial issue has been dedicated to fill this gap.This special issue answers the following five questions: () how extensive is theFDI outflow from the TEs and which TEs are the most active investors abroad;(2) where has the FDI srcinating from the TEs landed; (3) which companies are behind the major FDI outflows from the TEs; (4) what are the major obstacles tointernationalisation from the East to the West; and (5) how should thegovernments in the TEs react to growing FDI outflows?The FDI outflows from the TEs will grow along with the improvement of thefinancial position of Central and East European enterprises and the increase intheir knowledge of global business. Even if the total outward FDI stock from allthe TEs is currently only some USD 25 billion, less than % of the world total, itwould not be a great surprise if the outward FDI stock would increasesignificantly within the next decade.This special issue has been prepared for all those, who are interested in this new phenomenon and its economic consequences. This collection of articles aims at providing information for scholars who are interested in developing theories andmodels, which would take into account both directions of internationalisation,i.e. the inward and outward FDI. Furthermore, these articles aim at providing policy-makers with adequate knowledge concerning this novel but definitelyexpanding phenomenon. This special issue can be regarded as a road map for Eastern companies aiming to move into the European Single Market and beyond.  Kari Liuhto
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