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EN
This paper accounts for the main determinants of Foreign Direct Investment stocks to 5-South East European Countries and the 10-New Member States of the European Union countries by using an augmented Gravity Model, for the purpose of calculating the potential levels of FDI stock in Macedonia. The study takes into account country specific institutional factors that determine foreign investors’ decisions from 20 core OECD countries to invest in SEE-5 and EU-NMS-10 countries. From the results of the study we find that gravity factors (market size and distance), institutional related factors (control of corruption, corruption perception index, regulatory quality, transition progress and WTO membership) and other traditional determinants of FDI (schooling, bilateral exports) appear to significantly determine inward FDI stock to the SEE region and new EU member states. The GMM estimates suggest that bilateral FDI stock is subject to persistence effects. The study additionally confirms the relatively strong gravitational character of Macedonia’s inward FDI stock.
EN
The purpose of this article was to outline the area of research on de-internationalization in the context of Polish enterprises. In order to achieve it, an overview of previous studies was made and an attempt at interpreting the de-internationalization on the basis of the Uppsala model and network approach was presented. The article attempts to identify the most important factors for de-internationalization in the case of Polish companies. The study included the financial statements of companies listed on the main market of the Warsaw Stock Exchange belonging to electric machinery, chemical, pharmaceutical and plastics industries. In the present study, a Classification and Regression Tree (CART) algorithm has been applied. The results show that the key factors influencing the de-internationalization of Polish companies were return on sales in the previous year, growth rate of sales, size of the company and change of the operating costs indicator. The results seem to confirm the thesis that the main factor in export competitiveness of Polish enterprises is low production costs.
EN
The purpose of this article is to test the hypothesis stating that the gravity model of the international trade explains FDI flows from Poland to 27 EU member states.It has been decided to verify how using augumeted gravity model of international trade is allowed to identify push and pull FDI factors as well as internationalization motives in FDI mode. The result verified the main hypothesis positively. Investment decisions concerning the selection of the target country are determined by the size of the market measured by GDP per capita what means market seeking motive is presence. It has been empirically proven that taxation differences and labor costs (efficiency seeking motives) have a significant influence upon decisions on investment FDI in particular host countries.
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