Nature and determinants of productivity growth of foreign subsidiaries in Central and East European countries

The paper examines the determinants of productivity growth in foreign manufacturing subsidiaries in five Central and East European (CEE) countries by analysing patterns of control, nature of firms' capabilities and firms' market orientation. Building on the so called 'developmental subsidiaries' perspective we show that productivity growth is determined jointly by corporate governance, production capability and market orientation variables. CEE subsidiaries have relatively strong autonomy over control of their business functions, but within a dominantly production oriented mandate. Majority foreign equity share has a significant and positive impact on subsidiaries' productivity growth. These results present very strong regional characteristic

Performance after mass privatisation : the case of Slovenia

Initial ownership structures resulting from the mass privatisation programme were intended as transitional, whereas optimal would be set up gradually and would result from secondary transactions. Therefore, mass privatisation is typically considered successful if secondary transactions lead to improved ownership, in particular, with emergence of strategic investors. If this approach is correct, positive effects of mass privatisation are thus not shown only by companies remaining in control of initial owners but mostly by the companies that have already gone through secondary privatisation. Accordingly, the success of secondary sales is to be evaluated by how successfully companies perform after the sale to new owners. This paper attempts to verify empirically those assumptions. The econometric analysis of panel data, after correcting for a selection bias, shows that TFP (total factor productivity) growth is highest in public companies. In addition we found that the secondary privatisation has had practically no positive effect on economic efficiency in the period 1995-99. We interpret these results as supporting evidence for the theoretical approach, which argues that the impact of strategic investors on performance may be ambiguous and that the quality of the capital market institutions is more important than ownership effects. The former creates incentives for performance by increasing the cost of expropriation of minority shareholders

Productivity growth and functional upgrading in foreign subsidiaries in the Slovenian manufacturing sector

The paper discusses the determinants of productivity growth in manufacturing foreign subsidiaries in Slovenia. Special attention is given to the impact of control pattern. Using the standard growth accounting approach we show that productivity growth is significantly and positively correlated with the level of foreign parent companies' control of marketing and strategic business functions. Larger subsidiaries and subsidiaries with higher exports to sales ratio also experience higher changes in the productivity level. Subsidiaries in high technology intensity sectors exhibit significantly lower change in productivity than subsidiaries in other sectors

TrainMiC, Training in Metrology in Chemistry.

Abstract not availableJRC.D-Institute for Reference Materials and Measurements (Geel

Large-scale synchrony of gap dynamics and the distribution of understory tree species in maple-beech forests

Large-scale synchronous variations in community dynamics are well documented for a vast array of organisms, but are considerably less understood for forest trees. Because of temporal variations in canopy gap dynamics, forest communities—even old-growth ones—are never at equilibrium at the stand scale. This paucity of equilibrium may also be true at the regional scale. Our objectives were to determine (1) if nonequilibrium dynamics caused by temporal variations in the formation of canopy gaps are regionally synchronized, and (2) if spatiotemporal variations in canopy gap formation aVect the relative abundance of tree species in the understory. We examined these questions by analyzing variations in the suppression and release history of Acer saccharum Marsh. and Fagus grandifolia Ehrh. from 481 growth series of understory saplings taken from 34 mature stands. We observed that (1) the proportion of stems in release as a function of time exhibited a U-shaped pattern over the last 35 years, with the lowest levels occurring during 1975–1985, and that (2) the response to this in terms of species composition was that A. saccharum became more abundant at sites that had the highest proportion of stems in release during 1975–1985. We concluded that the understory dynamics, typically thought of as a stand-scale process, may be regionally synchronized

Treatment of coronary lesions with a novel crystalline sirolimus-coated balloon

BackgroundThere is mounting data supporting the use of drug-coated balloons (DCB) not only for treatment of in-stent restenosis (ISR), but also in native coronary artery disease. So far, paclitaxel-coated balloons represented the mainstay DCBs. The SeQuent® crystalline sirolimus-coated balloon (SCB) (B.Braun Medical Inc, Germany) represents a novel DCB, which allows a sustained release of the limus-drug. We evaluated its performance in an all-comer cohort, including complex coronary lesions.MethodsConsecutive patients treated with the SeQuent® SCB were analyzed from the prospective SIROOP registry (NCT04988685). We assessed clinical outcomes, including major adverse cardiovascular events (MACE), target lesion revascularization (TLR), target vessel myocardial infarction (TV-MI) and cardiovascular death. Angiograms and outcomes were independently adjudicated.ResultsFrom March 2021 to March 2023, we enrolled 126 patients and lesions, of which 100 (79%) treated using a “DCB-only” strategy and 26 (21%) with a hybrid approach (DES + DCB). The mean age was 68 ± 10 years, 48 (38%) patients had an acute coronary syndrome. Regarding lesion characteristics, ISR was treated in 27 (21%), 11 (9%) underwent CTO-PCI and 59 (47%) of the vessels were moderate to severe calcified. Procedural success rate was 100%. At a median follow-up time of 12.7 (IQR 12; 14.2) months, MACE occurred in 5 patients (4.3%). No acute vessel closure was observed.ConclusionsOur data indicates promising outcomes following treatment with this novel crystalline SCB in an all-comer cohort with complex coronary lesions. These results require further investigation with randomized trials

Light and tree size influence belowground development in yellow birch and sugar maple

The effects of light and tree size on the root architecture and mycorrhiza of yellow birch (Betula alleghaniensis Britton) and sugar maple (Acer saccharum Marsh) growing in the understory of deciduous forests in southern Qu

Impact of Firm Heterogeneity on Direct and Spillover Effects of FDI: Micro Evidence from Ten Transition Countries

This paper presents a comparative study of the importance of direct technology transfer and spillovers through FDI on a set of ten transition countries, using a common methodology and appropriate methods to account for selection and simultaneity correction. This paper considers by far the largest firm level dataset (more than 90,000 firms) used by any study on the spillover effects of FDI. The main novelty of the paper is the explicit control for various sources of firm heterogeneity when accounting for different effects of FDI on firm perfirmance. Controlling for these variables leads to some interesting results which contrast with the previous empirical work in the field. We find that horizontal spillovers have become increasingly important over the last decade, and they may even become more important than vertical spillovers. Furthfirmore, this work shows that the heterogeneity of firms in tfirms of absorptive capacity, size, productivity and technology levels affect the results. These findings suggest that both direct effects from foreign ownership as well as the spillovers from foreign firms substantially depend on the absorptive capacity and productivity level of individual firms. Only more productive firms and firms with higher absorptive capacities are able to both compete with foreign affiliates in the same sector and benefit from the increased upstream demand for intfirmediates generated by foreign affiliates. In addition, these results show that foreign presence may also affect smaller firms to a larger extent than larger firms, but this impact may be in either direction