Search results

1 – 10 of over 63000
To view the access options for this content please click here
Article

Martin Haran, Michael McCord, Peadar Davis, John McCord, Colm Lauder and Graeme Newell

The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global…

Abstract

Purpose

The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global financial crisis (GFC). The paper examines the extent and nature of inter-relationships between three emerging real estate markets namely, the Czech Republic, Hungary and Poland as well as determining the rationale for including emerging real estate markets within a Pan-European investment portfolio. The paper affords a timely update following the reinstatement of lending provision for European emerging real estate investment markets in 2014.

Design/methodology/approach

The paper employs lead-lag correlations and Grainger causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland over the period 2006-2014. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio.

Findings

The findings demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of “uniformity” across the European emerging markets in terms of their investment potential, with Grainger causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance.

Practical implications

This paper makes a considered contribution to the analytical interpretation of European emerging property market performance across the real estate cycle. The research demonstrates that the real estate markets in the Czech Republic, Hungary and Poland exhibit specific investment characteristics which differentiate them from the more developed real estate markets across Europe. Indeed emerging markets have the propensity to serve as both a risk diversifier as well as performance enhancer within the confines of a pan-European real estate investment portfolio. However, as the research clearly articulates, intricate understanding of the attributes afforded by the different emerging markets as well as the divergence in sectoral dynamics/performance is integral to portfolio allocation strategies.

Originality/value

Robust academic research on Europe’s emerging real estate markets has been hampered by deficiencies in data provision. This study makes an innovative and timely contribution to redressing the research vacuum through delineated examination of the performance dynamics of three markets namely, the Czech Republic, Hungary and Poland, across the real estate cycle. The role and function of emerging markets is depicted within the confines of a Pan-European direct real estate investment portfolio at the all property level and in terms of sectoral specific allocations comprising retail, office and industrial. The explicit added value of the paper is the propensity to bench-mark the performance of emerging markets real estate markets on a like-for-like basis with developed real estate markets across Europe facilitating the exploration of the role and function of emerging real estate markets within a Pan-European investment context.

Details

Journal of Property Investment & Finance, vol. 34 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Book part

Aneta Hryckiewicz and Oskar Kowalewski

In recent years, foreign banks have significantly expanded their presence in many emerging countries. In our study, we use panel data to examine the economic determinants…

Abstract

In recent years, foreign banks have significantly expanded their presence in many emerging countries. In our study, we use panel data to examine the economic determinants of foreign banks’ entry modes into emerging European countries during the period from 1994 to 2008. Our results suggest that a parent bank's choice of an organizational structure is a function of its strategic plans in the region and the countries’ characteristics. After further consideration of the financial crisis of 2007–2010, we find that as a result, parent banks tend to behave differently toward their foreign affiliates depending on its organizational structure. Our findings suggest that these differences are especially observable during periods of economic expansion and home financial distress.

Details

International Banking in the New Era: Post-Crisis Challenges and Opportunities
Type: Book
ISBN: 978-1-84950-913-8

To view the access options for this content please click here
Book part

Steven Globerman, Daniel Shapiro and Yao Tang

Many of the emerging and transition economies in Central and Eastern Europe (CEE) have been building their economies largely on the infrastructure inherited from Communist…

Abstract

Many of the emerging and transition economies in Central and Eastern Europe (CEE) have been building their economies largely on the infrastructure inherited from Communist times. It is widely recognized that much of the infrastructure in both the private and public sectors must be replaced if those economies are to achieve acceptable rates of economic growth and participate successfully within the broader European Union (EU) economic zone (The Economist, 2003). Upgrading infrastructure includes the likely importation of technology and management expertise, as well as substantial financial commitments. In this regard, inward foreign direct investment (FDI) is a particularly important potential source of capital for the emerging and transition European economies (ETEEs). FDI usually entails the importation of financial and human capital by the host economy with measurable and positive spillover impacts on host countries’ productivity levels (Holland & Pain, 1998a). The ability of ETEEs to attract and benefit from inward FDI should therefore be seen as an important issue within the broader policy context of how these countries can improve and expand their capital infrastructure, given relatively undeveloped domestic capital markets and scarce human capital.

Details

Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

To view the access options for this content please click here
Book part

Hakim Ben Othman and Daniel Zeghal

Purpose – This study examines country-level attributes that impact on Corporate Governance Disclosure (CGD) depending on the emerging market country's legal system.…

Abstract

Purpose – This study examines country-level attributes that impact on Corporate Governance Disclosure (CGD) depending on the emerging market country's legal system.

Methodology/approach – We evaluate CGD level using 749 annual reports (year ended 2006) in 57 emerging market countries. We develop a CGD determinants model that compares differences in country level attributes between common law and civil law emerging market countries. Our model builds on a multiple regression and assumes interaction between the origin of the legal system and country-specific attributes.

Findings – Common law emerging markets have substantially higher levels of CGD than civil law ones. CGD is positively associated with the size of the capital market for the entire sample of emerging markets and for the sub-samples of common law and civil law countries. Law enforcement also has a strong positive influence on CGD in common law emerging countries, whereas it has no influence on CGD in civil law emerging countries.

Practical implications – Providing CGD levels for emerging markets helps to a better understanding of the corporate governance characteristics that prevail in each country. Decision makers (international investors, market authorities, standard setters, etc.) should be aware of how country level attributes may interact with the legal system (common law or civil law) to influence CGD.

Originality of the paper – This is one of the few papers to present evidence of the impact of country level attributes on CGD. This study contributes to identifying the attributes that influence CGD with reference to common law and civil law emerging markets.

Details

Corporate Governance in Less Developed and Emerging Economies
Type: Book
ISBN: 978-1-84855-252-4

To view the access options for this content please click here
Article

Olli-Pekka Hilmola, Esa Hämäläinen and Maija Hujala

European paper industry has been struggling with margins and profitability for more than decade time period. At typical in markets of west, paper product demand is at…

Abstract

Purpose

European paper industry has been struggling with margins and profitability for more than decade time period. At typical in markets of west, paper product demand is at long-term decline, mostly driven by continuously increasing internet use. However, in emerging markets demand still exists, and in Europe numerous small markets in east have even some growth available. The paper aims to discuss these issues.

Design/methodology/approach

The authors analyse in this research work with longitudinal data (period of 2002-2009) from one large Finnish paper mill and data envelopment analysis (DEA) approach, how distribution efficiency to selected eight East European markets has evolved.

Findings

In general distribution efficiency has improved, but this has taken place in step-wise manner rather than being linear year-to-year development (year 2006 found to be the threshold). Reason is mostly in better management of transportation costs, and in particular lower monthly deviation of these costs. It is surprising that case paper mill has been able to manage transportation costs in rapidly increasing energy cost environment so efficiently. Maybe European Union enlargement of 2004 and 2007 has had its effects on distribution efficiency.

Research limitations/implications

The research is limited to the deliveries of one paper mill located in Finland. Also East European markets in the early periods of this study were emerging papers markets, and distribution practices were clearly evolving.

Practical implications

Based on the study East European paper market distribution should give more attention on transportation cost control, and trying to find solutions to minimize it with low monthly fluctuation.

Originality/value

Very few studies exist from East European distribution issues, and particularly that of paper industry. Also used quantitative method of DEA is relatively new in this context and gives valuable insights for the distribution efficiency development.

Details

Industrial Management & Data Systems, vol. 114 no. 8
Type: Research Article
ISSN: 0263-5577

Keywords

To view the access options for this content please click here
Article

Vijay Pereira and Yama Temouri

Based on the multi-faceted nature of high-growth firms (HGFs) and the significant investments by governments to make the business environment more conducive to firm…

Abstract

Purpose

Based on the multi-faceted nature of high-growth firms (HGFs) and the significant investments by governments to make the business environment more conducive to firm growth, the effects of changing institutions impacting on HGFs has not been explored in any great detail. While the authors have a very clear understanding of the spatial variations of HGFs and their firm characteristics in various advanced countries, the authors are lacking such insights for emerging countries. The paper aims to discuss these issues.

Design/methodology/approach

Given the growth prospects and economic reforms, the authors chose emerging Central and Eastern European (CEE) countries as the research context. Utilising a cross-country panel data set spanning 11 countries, the authors investigate the share of HGFs across these countries and further examine how changes in institutions impact firms to become HGFs. The authors frame the arguments around three institutional dimensions, namely corruption, investment climate and bureaucratic quality.

Findings

The findings suggest that the rates of HGFs are significantly higher in emerging CEE countries as compared with those in developed countries. Second, the results show that an improvement in a country’s institutional environment impacts positively on the likelihood of firms becoming HGFs. Among the three measures of institutions, bureaucratic quality seems to have the largest positive impact as compared with corruption and investment climate.

Originality/value

The authors contribute to the literature by presenting the share of HGF across 11 emerging CEE countries and estimating how changes in institutions impact on firms becoming HGFs for the period 2000-2013.

Details

Management Decision, vol. 56 no. 1
Type: Research Article
ISSN: 0025-1747

Keywords

To view the access options for this content please click here
Article

Lukasz Prorokowski

The current paper contributes to the vigorous debate about policies and regulations that would shield financial markets' participants from future events of the financial…

Abstract

Purpose

The current paper contributes to the vigorous debate about policies and regulations that would shield financial markets' participants from future events of the financial turmoil. In doing so, the paper aims to broaden the picture of the financial crisis contagion and set it against the background of contemporary European markets. The main purpose of this paper is to present novel aspects of the financial crisis contagion, hence clarifying the contagion theory that still remains confusing and ambiguous for both the academics and financial markets' practitioners.

Design/methodology/approach

The paper builds on a simulation model for the financial crisis contagion that is rooted in the qualitative query and backed by semi‐structured interviews with financial markets' participants who possess extensive knowledge about the functioning of European markets and their interconnectedness. With this in mind, the current paper adopts an international investor's perspective on implications that stem from the linkages between European financial markets, flawed regulations and the absence of cross‐border monitoring of the financial crisis contagion.

Findings

The findings constitute practical insights into the issues of the financial crisis contagion, hence providing useful advice on policies and regulations that could manage the cross‐market transmission of the financial turmoil and shield financial markets' participants from the episodes of financial crises in the future. The findings reported in this paper also present novel aspects of the contagion processes across the contemporary and systemically important financial markets in Europe.

Practical implications

The practical implications of the current paper gain in significance as the nascent financial crisis sparked off vigorous debate about the need for implementing regulations that would prevent financial markets' participants from the future episodes of global financial crises. At this point, the findings reported in the current paper might be of interest for policy makers and markets' authorities. In addition, the paper attempts to deliver findings that practitioners associated with the contemporary European financial markets would benefit from by understanding the linkages between these markets and ways the financial contagion spreads. Previously, little knowledge of ways financial crises spread across markets caused substantial losses that were incurred by investors.

Originality/value

The current paper addresses the issues of the financial crisis contagion that belong to the group of the most commonly referenced yet least understood notions in finance. Furthermore, the paper focuses on addressing the recently exposed fragility of financial markets' surveillance and regulations. In doing so, the paper employs a pioneering approach to a simulation of the financial crisis contagion by embarking on a qualitative query rather than empirical data. Henceforth, the limitations of the empirical simulations – experienced in the past studies devoted to investigation of the financial crisis contagion – were ameliorated and the findings presented in the paper became of practical use for the markets' practitioners and policymakers.

To view the access options for this content please click here
Article

Christian Milelli, Françoise Hay and Yunnan Shi

Among emerging countries' foreign direct investment (FDI) in Europe, the Chinese and the Indian ones are the more relevant. Therefore, the paper focuses on Chinese and…

Abstract

Purpose

Among emerging countries' foreign direct investment (FDI) in Europe, the Chinese and the Indian ones are the more relevant. Therefore, the paper focuses on Chinese and Indian affiliates in Europe, with a twofold purpose: to shed light on their characteristics and behaviour and to analyse some policy issues in the EU stemming from their arrival to Europe.

Design/methodology/approach

First, the paper presents a review of the literature; second, it performs a qualitative analysis on the basis of a proprietary dataset. It then pinpoints the salient features of the Chinese and the Indian firms across Europe. Lastly, it focuses on the impacts of their operations on the European economies, and it concludes by a discussion on policy matters.

Findings

Four main results stand out. First, the arrival of Chinese and Indian firms in Europe is linked to home country constraints. Second, large European countries are the most favoured destinations. Third, market access is the main attraction factor for Chinese and Indian firms coming to Europe. Fourth, the sectoral distribution of investments by Chinese and Indian companies reflects for a large part the comparative advantage of their home country.

Originality/value

By taking into consideration data at a micro level, the paper gives a deeper view on FDI beyond the current ideas on the subject. It provides valuable insights on the behaviour of Chinese and Indian investors in Europe at a micro‐level. Furthermore, it explores a sensitive issue which is connected to the impacts on the European economies.

Details

International Journal of Emerging Markets, vol. 5 no. 3/4
Type: Research Article
ISSN: 1746-8809

Keywords

To view the access options for this content please click here
Article

Federico Carril-Caccia

The present article analyses the effects of cross-border mergers and acquisitions (CBM&As) on targets' total factor productivity (TFP), employment, wages and…

Abstract

Purpose

The present article analyses the effects of cross-border mergers and acquisitions (CBM&As) on targets' total factor productivity (TFP), employment, wages and intangible-asset investment. The author investigates whether the impact of CBM&As differs depending on the origin of the investing multinational (MNE). The author distinguishes between CBM&As from European countries, other developed countries and emerging countries.

Design/methodology/approach

The author makes use of a unique firm-level data set of foreign direct investment in the French manufacturing sector. The authors applies propensity score matching and difference in differences to estimate the effect of CBM&As.

Findings

The results show that the consequences of CBM&As differ strongly depending on the origin. CBM&As from European MNEs have a positive impact on TFP, wages and intangible-asset investment, and those from emerging countries seem to increase wages and intangible-asset investments. In contrast, CBM&As that originate from MNEs from other developed countries do not have a significant effect.

Originality/value

This article contributes to the growing literature on the effects of foreign direct investment that highlights the relevance of accounting for the MNEs' origin. In particular, it is the first to address the impact of emerging-country MNEs' CBM&As in Europe.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

To view the access options for this content please click here
Article

Gerald Reiner, Krisztina Demeter, Martin Poiger and István Jenei

Despite geographical proximity, major economic differences exist between Western European countries and the formerly socialist Eastern European countries. The main…

Abstract

Purpose

Despite geographical proximity, major economic differences exist between Western European countries and the formerly socialist Eastern European countries. The main objective of this study is to develop a better understanding of internationalization decision processes in this specific context.

Design/methodology/approach

By means of multiple case study research, six Austrian and five Hungarian companies in order to extend and refine existing theory on internationalization decisions given the current situation in Central Europe are analyzed. In particular, the paper uses extant literature to build a conceptual framework from which we derive propositions as a basis and a guide for data collection and analysis.

Findings

In addition to cost considerations, process and product innovations are becoming increasingly important dimensions in explaining the reasons for internationalization projects. The reasons for internalization and solutions (relocated products and processes, entry mode and location) are closely interrelated.

Originality/value

Although this framework for the internationalization decision process is applied in a very specific context, the authors believe that the framework can also be very helpful in understanding these decision processes in a more general setting. In particular, companies in other regions where developed and emerging countries are relatively close to one another might be able to utilize our framework and results (in Asia or America).

Details

International Journal of Operations & Production Management, vol. 28 no. 10
Type: Research Article
ISSN: 0144-3577

Keywords

1 – 10 of over 63000