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Association: Name: American Sociological Association URL: http://www.asanet.org
Citation: URL: http://www.allacademic.com/meta/p109805_index.html Direct Link: HTML Code:

Kaldor, Eric. "Banking on Knowledge in Postcommunist Economies: Profitability among Hungary’s Commercial Banks" Paper presented at the annual meeting of the American Sociological Association, Hilton San Francisco & Renaissance Parc 55 Hotel, San Francisco, CA,, Aug 14, 2004 <Not Available>. 2009-05-26 <http://www.allacademic.com/meta/p109805_index.html>

Kaldor, E. C. , 2004-08-14 "Banking on Knowledge in Postcommunist Economies: Profitability among Hungary’s Commercial Banks" Paper presented at the annual meeting of the American Sociological Association, Hilton San Francisco & Renaissance Parc 55 Hotel, San Francisco, CA, Online <.PDF>. 2009-05-26 from http://www.allacademic.com/meta/p109805_index.html

Publication Type: Conference Paper/Unpublished Manuscript Review Method: Peer Reviewed Abstract: In Hungary, like other postcommunist economies, restructuring the banking industry was a central step in economic transformation. Neoliberal economists expected foreign-owned banks to have a competitive advantage in these emerging markets. In this paper, I examine this expectation and the underlying assumptions through an econometric analysis of bank profits in Hungary between 1995 and 1999. My findings show that rather than competitive advantage, foreign ownership was a source of disadvantage despite advantages in capital, experience, and technology. Banks needed to be able to respond to market conditions that were locally specific. Foreign-owned banks were particularly disadvantaged with poorer returns on organizational size. When expatriate CEOs represented foreign owner’s interests, banks had better returns on their assets. However, expatriate CEOs did not lead their banks to higher returns on their organizational size. Banks did achieve better returns on their organizational size as representation of Hungarians among the banks top management increased. Significantly, this effect was magnified at banks with an expatriate CEO. Instead of simply transferring their banking techniques and knowledge from developed economies, foreign banks and expatriate CEOs had to adapt local knowledge to their existing corporate resources in order to operate profitably in the Hungarian market.

Institutions and International Economic Networks: Firm-level Analysis of Stabilization Mechanisms in Emerging Economies

The Costs of Foreignness in an Emerging Market: Profitability among Hungary’s Commercial Banks

The Political Economy of Globalized Capital: International Banks, Emerging Markets, and The IMF