Business performance management and FDI: key differences between foreign and domestic-owned firms – a case of Slovakia
Abstract
The empirical study defines typical investment behaviour of foreign-owned firms against local firms and highlights benefits and any discrepancies of foreign capital. The paper focuses on industrial enterprises in Slovakia mainly from the automotive, engineering and wood-processing industry (N = 164). Results show the significant dependence of foreign ownership and better business performance compared with domestic firms. The performance was expressed through ROE indicator. Enterprises with the foreign participation of property achieve better performance, most typically with ROE above 10% (p-value < 0.05). The better performance, as well as distinctive feature of intangibles and research & development investments, are typically in foreign-owned firms. Intangibles and R&D as crucial investments do not directly cause better business performance in foreign-owned firms, and we discuss the reasons. The research results offer relevant and interesting implications for managers behaviour, also public authorities as well as motives for further investigation of the business performance management and foreign direct investment issues.
Keyword : business economics, business performance management, foreign direct investment, intangibles, foreign-owned firms, R&D investments
How to Cite
Rajnoha, R., Merková, M., Dobrovič, J., & Rózsa, Z. (2018). Business performance management and FDI: key differences between foreign and domestic-owned firms – a case of Slovakia. Journal of Business Economics and Management, 19(1), 42-62. https://doi.org/10.3846/jbem.2018.1538
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Ferenčíková, S.; Dudáš, T. 2005. The impact of foreign direct investment inflows on the economic growth in the New EU member states from Central and Eastern Europe, Ekonomický časopis/Journal of Economics 53(3): 261–272.
Fifeková, M. 2008. Foreign direct investment and spillover effects [online]. Available from Internet: http://alternativa.sk/uploads/tx_clanok/Fifekova_RP.pdf
Finkelstein, M. O.; Levin, B. 2001. Statistics for lawyers. New York: Springer.
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Horta, I. M.; Kapelko, M.; Lansink, A. O.; Camanho, A. S. 2016. The impact of internationalization and diversification on construction industry performance, International Journal of Strategic Property Management 20(2): 172–183. https://doi.org/10.3846/1648715X.2015.1123201
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Jin, Z.; Xia, B.; Li, V.; Li, H.; Skitmore, M. 2015. Measuring the effects of mergers and acquisitions on the economic performance of real estate developers, International Journal of Strategic Property Management 19(4): 358–367. https://doi.org/10.3846/1648715X.2015.1072858
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Kalotay, K.; Sulstarová, A. 2010. Modelling Russian outward FDI, Journal of International Management 16(2 Special Issue): 131–142. https://doi.org/10.1016/j.intman.2010.03.004
Karkinsky, T.; Riedel, N. 2012. Corporate taxation and the choice of patent location within multinational firms, Journal of International Economics 88(1): 176–185. https://doi.org/10.1016/j.jinteco.2012.04.002
Kendall, M.; Stuart, A. 1979. The advanced theory of statistics. Vol. 2. New York: Hafner.
Ključnikov, A.; Belás, J.; Kozubíková, L.; Paseková, P. 2016. The entrepreneurial perception of SME business environment quality in the Czech Republic, Journal of Competitiveness 8(1): 66–78. https://doi.org/10.7441/joc.2016.01.05
Knápková, A.; Homolka, L.; Pavelková, D. 2014. Utilization of balanced scorecard and the effect of its use on the financial performance of companies in the Czech Republic, E + M Ekonomie a Management 17(2): 146–160. https://doi.org/10.15240/tul/001/2014-2-011
Korauš, A.; Štefko, R.; Dobrovič, J. 2015. Acqusition activity in financial sector, in 12th International Scientific Conference on European Financial Systems 2015. Brno: Masarykova univerzita v Brne, 277–286.
Liu, X.; Anbumozhi, V. 2009. Determinant factors of corporate environmental information disclosure: an empirical study of Chinese listed companies, Journal of Cleaner Production 17(6): 593–600. https://doi.org/10.1016/j.jclepro.2008.10.001
Merková, M.; Rajnoha, R.; Novák, P. 2012. Quantitative and qualitative diagnostic methods for measuring the effects of foreign direct investment of the wood processing industry in the Slovak Republic, Drewno-Wood 55(187): 65–87.
Morgan, R. E.; Strong, C. A. 2003. Business performance and dimensions of strategic orientation, Journal of Business Research 56(3): 163–176. https://doi.org/10.1016/S0148-2963(01)00218-1
Novotný, F. 2008. Daňová optimalizace nadnárodních společností prostřednictvím vnitřních cen: přehled hlavních teoretických východisek a možných makroekonomických dopadů, Politická ekonomie 56(1): 40–53. https://doi.org/10.18267/j.polek.629
Pangarkar, N.; Lim, H. 2003. Performance of foreign direct investment from Singapore, International Business Review 12(5): 601–624. https://doi.org/10.1016/S0969-5931(03)00078-7
Panik, M. J. 2005. Advanced statistics from elementary point of view. London: Elsevier Academic Press.
Pavlínek, P. 2002. The role of foreign direct investment in the privatisation and restructuring of the Czech Motor Industry, Post-Communist Economies 14(3): 359–379. https://doi.org/10.1080/1463137022000013421
Pavlínek, P.; Smith, A. 1998. Internationalization and embeddedness in East‐Central European transition: The contrasting geographies of inward investment in the Czech and Slovak Republics, Regional Studies 32(7): 619–638. https://doi.org/10.1080/00343409850119517
Pearson, K. 1904. On the theory of contingency and its relation to association and normal correlation. London: Dulau, Company.
Perkmann, M. 2006. Extraregional linkages and the territorial embeddedness of multinational branch plants: Evidence from the South Tyrol Region in Northeast Italy, Economic Geography 82(4): 421–441. https://doi.org/10.1111/j.1944-8287.2006.tb00324.x
Pim, F.; Llinares, E.; Gonnet, S. 2008. PEs and transfer pricing: The playing field in international taxation redefined, Tax Planning International Transfer Pricing 12(12): 1–6.
Rajnoha, R.; Drábek, J.; Sujová, A.; Merková, M.; Simanová, L.; Volčko, I. 2013. Measurement and management of business performance. Zvolen: Technical University in Zvolen.
Rajnoha, R.; Lesníková, P. 2016. Strategic performance management system and corporate sustainability concept – specific parametres in Slovak Enterprises, Journal of Competitiveness 8(3): 107–124. https://doi.org/10.7441/joc.2016.03.07
Rajnoha, R.; Slivková, D.; Dobrovič, J. 2014. Globalization and transfer pricing in multinational corporations in Slovakia and OECD countries – Analytical study and decision-making model on the choice of optimal transfer-pricing method, Ekonomický časopis/Journal of Economics 62(6): 609–630.
Rajnoha, R.; Štefko, R.; Merková, M.; Dobrovič, J. 2016. Business intelligence as a key information and knowledge tool for strategic business performance. E + M Ekonomie a Management 19(1): 183–203. https://doi.org/10.15240/tul/001/2016-1-013
Rothaermel, F. T. 2001. Complementary assets, strategic alliances, and the incumbent’s advantage: an empirical study of industry and firm effects in the biopharmaceutical industry, Research policy 30(8): 1235–1251. https://doi.org/10.1016/S0048-7333(00)00142-6
Rugraff, E. 2008. Are the FDI policies of the Central European countries efficient? Post-Communist Economies 20(3): 303–316. https://doi.org/10.1080/14631370802281415
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