“…While the transitional periphery economies of Central and East Europe were nimble in attracting MNEs, the more remote Caucasus and Central Asia regions demonstrated a systemic resistance to change that has impeded their economic development thus relegating them to a transitional periphery status (Edwards, 2006). These divergent paths are reflected in the literature, whereby the former show a limited yet growing body of empirical studies (Dalton & Druker, 2012) while, for the latter, knowledge is sparse and business and managerial understanding virtually non-existent (Harry, 2006;Lackó, 2000;Yalcin & Kapu, 2008). While these emerging countries have featured a non-homogeneous and fragmented economic development path since gaining independence (Szamosi, Wilkinson, Wood, & Psychogios, 2010), their critical geopolitical strategic positioning (Tsygankov, 2006) coupled with vast natural resources (Bilgin, 2007;Dorian, 2006) and rich cultural heritage (Kantarci, 2007) offer attractive investment opportunities (Zeybek, Eden, Miller, Thomas, & Fields, 2003) in general but more specifically in the growing tourism industry (Marat, 2009;Papatheodorou, Rosselló, & Xiao, 2010).…”