This master thesis investigates the possible factors that can influence green entrepreneurship in a transition economy. For this purpose, the case of SMEs in Romania was analyzed. This study uses qualitative methods for data collection. These data were collected through questionnaires and interviews in order to discover society's view on the current entrepreneurial environment for green business and to understand the motives, challenges, and obstacles of green entrepreneurs. A policy analysis was also undertaken using the latest data published from Small Business Act for Europe to present Romania's performance between 2008-2016. The main results reveal that in Romania green entrepreneurship is not policy driven and the society needs more information about the concept of green entrepreneurship. In order to identify similarities or differences in green orientated businesses in a transition economy, a comparison between the case of Bosnia and Herzegovina and Romania was conducted. It can be concluded that there are resemblances between the countries which have a transition economy but in the same time entrepreneurial culture, the economic and political frame are different in each country and can lead to different performances.

Yes / Despite a growing literature, the relationship between financing constraints (FC), intellectual property rights (IPR) protection and firm innovation remains unclear within the transitional country context. Drawing on endogenous growth theory and extending the Gorodnichenko and Schnitzer (2013) framework, we hypothesize that in addition to firm-specific factors, country-level variables manifested within FC hamper incremental innovation, albeit in varying degrees due to industry heterogeneity. Secondly, as opposed to previous studies that solely focus on FC affecting firm innovation, we propose that due to resource constraints, firms in transition economies tend to follow an imitational innovation strategy, and therefore, from this perspective, IPR protection can be crucial for firm-level innovation within those economies. Using data from the World Bank Enterprise Survey (WBES) consisting of information for about 21,960 firms from 27 Eastern European and Central Asian transition countries and employing a two-step probit model with endogenous regressors, we find that adverse effects of FC and IPR on firms' innovation activities are driven from within as well as between industries. Focusing on the differential impacts of FC and IPR protection across industries, we direct potential causal pathways from easing FC and optimal IPR protection to encourage firms' innovation. Based on the findings, while very strict IPR protection is detrimental to firms' product and process innovation in industries with limited resource and skill capabilities, it is nevertheless helpful for research and development (R&D) activities in industries characterised by strong R&D and IP capacities. Our results offer useful insights for policymakers to support incremental innovation as well as boost invention. IPR protection policies require to be customised to the industries and firms, since invariably tight or lax IPR enforcement can be discouraging to both incremental and radical innovation, causing all industries suffering from the same treatment.

As a post-Soviet economy, Ukraine has inherited substantial production assets and qualified personnel. However, the economy was dominated by large-scale enterprises designed for much bigger markets. After the collapse of the Soviet Union Ukrainian firms faced lack of planning, breaks in contacts with their former suppliers and customers, and distortion of prices. There was a clear need in restructuring of the entire economy. Restructuring included splitting firms into smaller parts and privatization. The first phase of transition was completed by 2000 when the output grew for the first time after a long recession in nineties, and most firms became private property. In this work I explore trends in geographic and industrial concentration of Ukrainian manufacturing firms over the period of 2001 to 2005. I found that this period was characterized by relocation of firms between sectors and between regions, as well as by an increase in economic concentration of industries. The speed of adjustment was different for various sectors and even for different industries within manufacturing. Even though the economy is still dominated by large firms, the average firm size decreases due to a rapid growth in the number of new firms. Geographically, manufacturing tends to increasingly concentrate mostly around a few big cities, apparently at the expense of other regions. I also estimate the external scale effects and compare them with Western studies. In particular I focus on machinery and high tech. I found strong localization and urbanization effects in both industry groups. An important contribution of this work is the analysis of the effect of ownership structure on agglomeration economies. I found that private firms tend to enjoy external scale effects to a greater extent than state owned, and foreign owned firms appear to be the most efficient in extracting benefits form agglomeration. Aggregation of the data may distort the estimates of agglomeration effects. I show that most effects take place at the nearest neighborhoods. When the physical distance between firms increases agglomeration effects attenuate quickly. However, localization effects reveal themselves at different level of industrial aggregation for various industries. This may reflect more complicated relationships within sectors and requires further analysis.

Entrepreneurship is considered as a critical factor for the development of transition economies and currently attracts a growing body of research. Following a qualitative case-study research strategy, this paper is occupied with the emergence of Sofia, the capital of Bulgaria, as a location of high-tech entrepreneurship in the country. While the legacy of the socialist past is part of Sofia reality, the entrepreneurs in the capital appear to make considerable efforts to overcome these barriers. Applying a social capital perspective I articulate the link between entrepreneurship growth and entrepreneurs’ social context. Internationalization from early stage of start-up development is perceived as the main growth path, which requires the entrepreneurs to accumulate new social relations. Adopting a process oriented analysis, I observe the shift in the social capital content and how start-ups can benefit from their pre-existing and emerging social relations. I contend that the acquisition of social capital by studied entrepreneurs has a specific added value for the studied companies as in this process they are required to adopt new norms and practices that are distinctive from those generally observed domestically. This process, however, poses certain concerns for start-ups’ survival prospects due to its high costs.

The purpose of this thesis is to gain deeper knowledge on what factors impacted the internationalization process of Swedish banks. By distinguishing the factors the goal is to increase the understanding and awareness of the effect of these factors can have on foreign banks or financial institutions when internationalizing to a transition economy. To be able to create a wider perspective the study has been conducted through a qualitative method and an abductive research approach. We have been able to collect primary data by conducting interviews with the banks that have been a part of this multiple case study. In order to develop an understanding and to be able to fulfil our purpose with the thesis the main research question is formulated as follows: What factors have impacted the internationalization of Swedish banks to the Baltic market?   The theoretical review includes previous research and theories related to internationalization, business environment and factors that can impact the internationalization process. The methodology chapter explains the approach, method and design we have used. The empirical data and the theoretical framework are discussed in order to find out what drove the banks to the internationalization.   The analysis will describe how the banks have internationalized, why the banks chose one specific market in the beginning and the reason to why the internationalization occurred in the first place.   The conclusion shows that the most important factor of the internationalization to the Baltic countries was because of the change in the governmental and economical structure. The factors that affect the choice of country is also significant, with the reason to see which country was most developed during the time the Swedish banks entered the market.

The present paper provides first empirical evidence on the relationship between market size and the number of firms in the healthcare industry for a transition economy. We estimate market-size thresholds required to support different numbers of suppliers (firms) for three occupations in the healthcare industry in a large number of distinct geographic markets in Slovakia, taking into account the spatial interaction between local markets. The empirical analysis is carried out for three time periods (1995, 2001 and 2010) which characterise different stages of the transition process. Our results suggest that the relationship between market size and the number of firms differs both across industries and across periods. In particular, we find that pharmacies, as the only completely liberalised market in our dataset, experience the largest change in competitive behaviour during the transition process. Furthermore, we find evidence for correlation in entry decisions across administrative borders, suggesting that future market analysis should aim to capture these regional effects.

This study develops a panel data analysis over 27 transition and post transition economies for the period 2003-2010. Its intent is to investigate empirically the true effect of seven variables into foreign flows and takes later on the advantage of observed findings to conduct a comparative analysis between Kosovo and regional countries such: Albania, Bosnia and Herzegovina, Macedonia, Montenegro and Serbia. As the breakdown period (2008-2010) was included in the data set used to modelling the behaviour of FDI, both Chow test and the time dummies technique suggest the presence of structural break. Ultimately, empirical results show that FDI is positively related with one year lagged effect of real GDP growth, trade openness, labour force, low level of wages proxied by remittances, real interest rate and the low level of corruption. Besides, the corporate income tax is found to be significant and inversely related with foreign flows. The comparative analysis referring the growth rate of real GDP shows that Kosovo has the most stable macroeconomic environment in the region, but still it is continuously confronted by the high deficit of trade balance and high rate of unemployment. Appart, the key obstacle that has abolished efforts for foreign investment attraction is found to be the trade blockade of...

ABSTRACT THE ASPECTS OF CENTRAL ASIAN ECONOMIC INTEGRATION AFTER 1991: THE REASONS OF INEFFICIENCY Manasov, Zamirbek M. Sc., Department of Eurasian Studies Supervisor: Assoc. Prof. Dr. Mustafa Sen September 2008, 105 pages This study seeks to analyze the dimensions of economic integration in the Central Asia after the independence. The collapse of the Soviet Union opened new perspectives for Central Asian states and gave chance to follow national policies independently. However, used to be parts of the big economic complex of the former Soviet Union and being lack of government experience in public and private economy made them to cooperate with old and new markets. The study argues that although there were established numbers of economic integration or cooperation institutions none of them could meet the region&rsquo / s economic expectations and needs. They were just results of unstable economic, political and social transition policies. Therefore well-functioning economy oriented cooperation institutions have not been established during the transition period due to different reasons. Analyzing of these reasons is the main goal of thesis. This study also argues that transition period put Central Asian states into the complexity of choices / economic interdependence or socio-political independence. Pushing forward previous choice offers lowering barriers to regional trade and transit, and to mobility of capital and knowledge and, to access to world market. Whereas, political and social development in national level does not suits previous one.

Applying a growth accounting framework and a wide range of static and dynamic panel data estimators on a panel covering 22 market economies and 11 transition countries over 1990-2001, we find a weak and fragile finance-growth link in market economies, but strong financial sectorinduced short-run growth effects in transition countries. The main growth effect hereby runs via the productivity channel. Parametric heterogeneity and financial structure seem to play a more important role than hitherto assumed: The financial sector and its different segments trigger different growth effects in different countries. (author's abstract) / Series: EI Working Papers / Europainstitut

Due to the fact that the European transition economies practically started from scratch in financial market development the size of financial markets in the CE-10 is significantly smaller with respect to GDP than in developed market economies. We can show by residual analysis that financial markets in the Czech Republic and Slovakia still need some restructuring. We also find that stock markets hardly contribute to economic prosperity, neither in the CE-10 nor in the EU. (authors' abstract) / Series: EI Working Papers / Europainstitut