Multinationals from Post-socialist Countries: How Large Their Foreign Investments Can Be?

Sass, Magdolna

doi:10.1007/978-3-030-48295-4_12

Comparative Economic Studies in Europe

2020

DOI: 10.1007/978-3-030-48295-4_12

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Multinationals from Post-socialist Countries: How Large Their Foreign Investments Can Be?

Magdolna Sass

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2024

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Cited by 3 publications

References 18 publications

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The impact of state activism on domestic multinationals: The case of Czechia and Hungary

Sass,

Vlčková

2024

Competition & Change

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This study examines how changing state activism has influenced the internationalization of Czech and Hungarian MNEs after the global financial crisis. Identifying four key channels – state ownership, business and regulatory environment, industrial policies, and 'quiet politics' – we note distinctions in state-business relationships and characteristics of multinationals between the two countries. Hungary experiences a surge in state activism, while Czechia faces relative stagnation with occasional setbacks. Over time, the industrial policy and quiet politics channels have become increasingly important. This is reflected in changes among the top Hungarian multinationals, with new entrants and new owners of existing ones, while no significant changes are observed among Czech MNEs. The study introduces the concept of 'defensive internationalization' as a response to an unstable business and political environment, showcasing long-lasting impact on the location of headquarters. The increasing role of industrial policies and new EU programs may enhance the state’s influence on MNEs, yet they also raise concerns about corruption and public fund diversion.

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The impact of state activism on domestic multinationals: The case of Czechia and Hungary

Sass,

Vlčková

2024

Competition & Change

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Foreign direct investment in the storm of the COVID-19 pandemic and the example of Visegrad countries

Kalotay¹,

Sass²

2021

AOecon

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The immediate effects of COVID-19 on the global flows of foreign direct investment (FDI) were devastating, resulting in a large drop. Flows to the Visegrad countries were also affected but less than the world average. The fall in FDI was the result of underlying trends that started before the pandemic but accentuated by the latter, creating a “perfect storm”. These secular trends include the digitalisation of production and the birth of Industry 4.0, resulting in more asset-light international production and reorganisations of company networks, the sustainability imperative, making the impact of FDI more relevant than its quantity, and a slowdown in the liberalisation of the policy framework for FDI both in individual countries and at the multilateral level. The recovery of FDI from the shock of 2020 is expected to be long and it will be impossible to return to the pre-pandemic structural and geographical patterns. Building resilience and diversification of production at the expense of the search for the lowest-cost locations will be the top priorities of investors, forcing the host countries to revise their investment promotion strategies focused on cost reduction. In the Visegrad countries, the model based on low labour costs will sooner or later reach its limits.

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Indirect FDI: Some Lessons Learned

Kalotay

2023

SSRN Journal

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Multinationals from Post-socialist Countries: How Large Their Foreign Investments Can Be?

Cited by 3 publications

References 18 publications

The impact of state activism on domestic multinationals: The case of Czechia and Hungary

The impact of state activism on domestic multinationals: The case of Czechia and Hungary

Foreign direct investment in the storm of the COVID-19 pandemic and the example of Visegrad countries

Indirect FDI: Some Lessons Learned

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