A hazai védekezőtől a regionális „támadóig” – az OTP nemzetköziesedésének időbeni alakulása (From the domestic defender to the regional striker – a timebased process of the OTP Bank’s internationalization)

A vállalatok nemzetköziesedése egy széles körben vizsgált szakterület, különösképpen olyan vállalatok esetében (az ún. tradicionális multik), amelyek hagyományosan nemzetközi orientációjú országokból (Triád) származnak. A nemzetközi piacokon viszonylag újnak számító közép-kelet-európai cégek terjeszkedése az üzleti kontextus változásával párhuzamosan zajlott. Következésképpen ahhoz, hogy megértsük a nemzetköziesedés időben zajló folyamatát, a vállalatok nemzetközi evolúcióját a kontextussal összefüggésben kell vizsgálni. A vállalatok nemzetköziesedésének legelterjedtebb kutatási módszerei a nagymintás keresztmetszeti vizsgálatok, amelyek nem adnak lehetőséget a nemzetközi fejlődés időbeni alakulásának megfigyelésére és a mintázat mögött rejlő valós okok feltárására. A jelen tanulmány egy longitudinális kutatási modell mentén vizsgálja egy nem tradicionális multi, a hazai OTP nemzetköziesedésének időbeni alakulását, feltárva a nemzetközivé válás folyamata során kialakuló komplex kapcsolatrendszert. _______ The purpose of the present paper is to describe the internationalisation process of a non-traditional multinational, the Hungarian OTP Bank and to understand the dynamic linkages between the spatial and temporal context and the content of firm internationalization using a phenomenon oriented longitudinal research design. The paper contributes to the time-based processual view of firm internationalization arguing that in order to understand firm internationalization along time one should observe organizations and their contextual environments as complex interacting processes. By analysing the interaction between the multi-level processes that shape internationalization, one can explore the reasons behind the dynamic profile of firm internationalization. The paper applies an interpretative approach focusing on local causality.

International environmental and development policy cooperation and the transition process of the Central and Eastern European countries

The political and economic changes in countries of the Central and Eastern European region during the recent two decades had significant implications on their participation in international environmental policy-making. These changes were motivated by the changing international political priorities and economic interests, realization of their part in the "common but differentiated responsibility" for the global environmental processes and the relatively modest capacities for international development cooperation. The situation of these countries was acknowledged by the international community by granting specific provisions to these "economies in transition" in international environmental policy mechanisms. In spite of the rapidly diverging external relations of the various groups of these countries, to some extent and in different forms the transition phase is still prevailing and has its effect on the ongoing international environmental negotiations. The paper describes the background of these changes, demonstrates the specific provisions for these countries that made possible their participation in the common efforts to tackle the emerging global and regional environmental problems by acceding to the relevant international mechanisms.

The risk of adverse selection and its management in the process of venture capital investment (The experience of Hungarian investors)

Venture capitalists can be regarded as financers of young, high-risk enterprises, seeking investments with a high growth potential and offering professional support above and beyond their capital investment. The aim of this study is to analyse the occurrence of information asymmetry between venture capital investors and entrepreneurs, with special regard to the problem of adverse selection. In the course of my empirical research, I conducted in-depth interviews with 10 venture capital investors. The aim of the research was to elicit their opinions about the situation regarding information asymmetry, how they deal with problems arising from adverse selection, and what measures they take to manage these within the investment process. In the interviews we also touched upon how investors evaluate state intervention, and how much they believe company managers are influenced by state support.