Anže Burger

Javnost in Tuje Neposredne Investicije

Povzetek Povezanost tujih neposrednih investicij (TNI) in (ne)naklonjenosti državljanov je v teoriji in empiričnem preverjanju razmeroma skromno analizirana, čeprav pod-jetja v investicijskem odločanju odziv javnosti označujejo kot dejavnik tveganja, katerega mednarodna razsežnost je že dolgo prepoznana. Teorija nakazuje, da si ljudje us-tvarjajo mnenje o TNI bodisi zaradi zgodovinsko-političnih razlogov, še verjetneje pa zaradi neposrednega vpliva vhodnih TNI na trg dela in njihove plače. Osnovni empirični rezultati za evropske države v zadnjih dveh desetletjih kažejo, da državljani, naklonjeni liberalizaciji, tokove TNI privabljajo, nenaklonjenost liberalizaciji pa jih odvrača. Ob sočasnem preverjanju vpliva liberalizaciji naklonjenih in nenaklonjenih državljanov ugotovimo, da naklonjenost državljanov liberalizaciji na prilive TNI ne vpliva, medtem ko ima nenaklonjenost statistično značilen negativen vpliv. Rezultati kažejo, da se (ne)naklonjenost državljanov v prili-vih TNI pokaže šele po petih letih, kajti podjetja potrebu-jejo ustrezen čas, da se na mnenjske spremembe odzovejo. Kot izjemno pomembne se izkažejo formalne pravne, politične in ekonomske institucije, ki se odzivajo na javno mnenje. Vključitev teh pojasnjevalnih spremenljivk močno zmanjša absolutni učinek liberalizaciji nenaklonjenih državljanov na prilive TNI in pokaže, da ta deluje popolno-ma na podlagi formalnih institucij. Rezultati posredno tudi opozarjajo, da je pri oblikovanju spodbud za privabljanje TNI smiselno upoštevati javno mnenje.

Impotence of Crisis-Motivated Subsidization of Firms: The Case of Slovenia

This analysis examines the impact of crisis-motivated subsidization of Slovenian firms on their performance during the 2008 recession. Propensity-score matching combined with the difference-in-differences (the DID) approach is applied to estimate the effects of anti-crisis subsidies granted in 2009–2015 on recipient firms’ sales and employment. To control for other factors determining firms’ growth during the recession, the DID regression method was applied. An insignificant impact of anti-crisis subsidies on revenue and positive effects on employment of subsidized firms was found. Positive effects identified are generated by state aid schemes that are not primarily aimed at alleviating the crisis.

Growth and Value Creation Through Diversified Exporting

Exporting is a vital source of growth for Central and Eastern European emerging economies. Market liberalization at home and the rapidly changing global business environment have forced small and medium emerging-market firms to radically change their growth strategies by focusing on internationalization. As a consequence, the number of first-time exporters originating from European emerging markets has increased. The success of first-time internationalization however is not guaranteed for all emerging-market firms; failure rates in this process remained high and this calls for further examination of the internationalization strategies and patterns of internationalization. We study changes in internationalization patterns, by examining the strategies of new exporters from a small European emerging market. We explore how successful new exporters differ from unsuccessful ones by focusing on firms’ foreign market export destinations and exported product varieties. The analysis of firm-level data for Slovenian first-time exporters over the period 1994 -2010 revealed that successful international growth is related to an increased diversification in internationalization. By intensifying both geographical and product diversification first-time emerging-market exporters increased the probability of survival in export markets. Considering the predicaments of the Uppsala model of gradual (less risky) internationalization, we found that successful first-time exporters are more risk prone as they tend to follow more diversified internationalization strategies. Step-wise approach to internationalization by following a more focused exporting strategy diminishes emerging-market firms’ survival chances.