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• The Impact of the Economic Crisis on the Development Lifecycles, the Short-term Plans and the Strategy of the Actors in the Hungarian SME Sector

  29-43

  Anna Salamonne Huszty

  Views:

  208

  This study was prepared in the third phase of a multi-year research project. The goal of the program was to analyse the growth trajectories and strategies of Hungarian SMEs. Research in the first phase was focused on the specific periods of typical company lifecycles, the second phase dealt with strategic thinking, methods of strategy formulation and the content elements of strategies. The findings and conclusions were published in the journal Competitio. The present study is a report on the findings of the third phase of the research program. It describes the consequences of the recent economic and financial crisis on SMEs. It describes how unexpected and radical changes in the business environment influenced the development of firms, how managers reacted, and how they considered short and long
  term factors in their decisions.

  JEL classification: L21, L26, M1

• Regulatory Coherence and Economic Growth

  33-54

  Pal Czegledi

  Views:

  165

  The paper is aimed at examining differences in market regulation across countries. Its starting point is the puzzle that poor countries apply more regulatory measures than rich ones do, although it has been empirically shown that those countries that regulate less grow faster. To explain this contradiction, the paper introduces the concept of regulatory coherence, and tries to explain the differences in this concept, together with the differences in the general level of regulation. The main argument is that regulatory coherence as well as the general level of regulation is dependent on the external, broad institutional system, because this affects the incentives of the regulators. The paper tries to support this theiretical argument empirically by a cluster analysis.

  Journal of Economic Literature (JEL) classification: B53, M13, L51

• Outward direct investment versus technology licensing: an SME perspective

  55-70

  Andrea Szalavetz

  Views:

  165

  Based on the example of the evolution and internationalization of a Hungarian wastewater treatment company, this paper investigates various theoretical and strategic management issues. As for the
  theoretical part, Hungary’s outward direct investment performance is analyzed departing from the thesis that Hungary’s present seemingly favorable OFDI performance is just a statistical artifact. It is
  only organic development, based on local entrepreneurs’ capital export that can substantiate Hungary’s present OFDI position. The strategic management issues analyzed in the paper include the sequencing of internationalization; the pitfalls related to growth; modes of foreign market entry; and the choice between FDI-based internal exploitation of technological knowledge and external technology exploitation in the form of technology licensing.

  JEL codes: F23, L24, L26, O16, O33, Q57