Upload
em-journal
View
218
Download
0
Embed Size (px)
Citation preview
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
1/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 1
1
Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry
Zdenka P. Bartscht
Eastern Michigan University
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
2/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 2
Abstract
This research focuses on Slovakia, a fast developing Eastern European country, and a
current member of the European Union. In recent years Slovakia has become a major attraction
for foreign direct investment, in particular in the car manufacturing industry. It is important to
understand the countrys background, as well as its economic progress in order to be able to see
the countrys future potential. This research is set to prove a positive correlation between
Slovakias entry in the EU (as well as adoption of the common currency Euro) on the car
manufacturing industry. The methods used to support this research include a literature review, as
well as the historical and financial analysis of the three major car manufacturers in the country:
Volkswagen Slovakia a.s., Kia Motors Slovakia, and PSA Peugeot Citron. The analysis of the
literature written on the subject, as well as the data collected during the research indicate that
there is a positive relationship between Slovakias entry to the EU and the amount of FDI;
therefore there is a positive correlation between the entry to EU and the car manufacturing
industry. The adoption of the common currency cant be positively linked to the amount of FDI
in the car industry due to financial crises in Europe during the year following the adoption of the
currency. Slovakia definitely remains on the radar of future investors due to its stable political
and legal environment, attractive geographic location, and its continuous economic growth.
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
3/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 3
Introduction
Slovakia, also known as a part of former Czechoslovakia is a very unique country. In the
last two decades the country had undergone major political and social changes that have a
significant impact on the countrys economy. In 1989, after the fall of the communist regime,
then Czechoslovakia, had gone from being a communist dictatorship to parliamentary
democracy. This change had flung the doors open for tourism, as well as an influx of new ideas,
a precursor of Foreign Direct Investment (FDI).Shortly after; in 1993 Slovakia split from Czech
Republic and became an independent country. In 2004 Slovakia continued its progression to a
free market economy by joining the EU, followed by the adoption of the common currency
(Euro) in January 2009. Besides political stability, Moodys describes Slovakia as a country with
Low wages, high educational attainment and close proximity to core Europe have made the
country an attractive focus for foreign direct investment (Slovakia, Moodys). As it can be
seen on the map below, Slovakias geographical location can be seen as attractive to the
investors interested in a fast market expansion.
Hostels.net
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
4/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 4
One of the major factors that make Slovakia attractive to FDI is the fact that Slovakia has
one of the fastest growing economies of the newly admitted EC countries. The graph below
shows real GDP growth rate in % change from previous year. Between 2008 and 2009 Slovakia
felt the aftershocks of the worldwide recession which resulted in reduced growth as well as
negative growth in 2009. In 2010 Slovakias growth rate had recovered from - 4.9 % in 2009 to
4.2% (Real GDP Growth Rate, Eurostat). Slovakias fast recovery can be seen as a sign of its
economic strength.
Real GDP Growth Rate (2003 2010)
-6
-4
-2
0
2
4
6
8
10
12
2003 2005 2007 2009
GDP%
*Eurostat
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
5/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 5
GDP 1995-2010
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
1995 1998 2001 2004 2007 2010
GDPinmillions
EU
*Statistical Office of the Slovak Republic (in million EUR)
The statistical office of the Slovak Republic published revised GDP data for 1995-2009,
and a preliminary data for 2010 at current prices. The graph shows a 9.2 % increase in GDP
between 2004 and 2005, this change could be a result of Slovakia joining the EU in 2004. Once
again the results of the 2008 recession can be seen in decline in Slovakias GDP in 2009
(Revised GDP, Statistical Office of Slovak Republic).
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
6/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 6
GDP per Capita
0
10
20
30
40
50
60
70
80
1995 1998 2001 2004 2007 2010
GDPperCapita
*Eurostat (EU-27) = 100
According to Eurostat, Slovakias GDP per capita has been continuously increasing,
reaching its highest level of 74 in 2010. Eurostat measures the GDP per capita on a 100 point
scale; numbers above 100 indicate GDP per capita higher than the GDP of the 27 countries of
EU (GDP per Capita, Eurostat).
Another significant economic factor that makes Slovakia worth doing business with is its
tax system. Slovakia has 19% flat tax for corporations and individuals (Slovakia, CIA), this
simple tax makes doing business in Slovakia easier, taking out maneuvering between different
taxes codes for different industries. Besides taxes, Slovakias pro-business policies and
governmental incentives are a major attraction to any investor.
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
7/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 7
This research concentrates on Slovakias booming car industry. According to CIA World
Fact Book, vehicles account for 21% of Slovakias total exports (Slovakia, CIA). An article
from Industry Week states that Slovakia is expected to produce 630,000 by the end of 2011. In
2012 and the beginning of 2013 production is expected to reach between 800,000 and 900,000
cars (Slovakia, worlds leading per-capita car maker, Agence France-Presse). The above
mentioned production indicators represent the production estimates of the three automakers:
Volkswagen, PSA Peugeot Citron and Kia Motors.
The focus of my research are the effects of Slovakias entry to EU (including the change
of currency), on the car industry in Slovakia. I am planning to compare Slovakias car industry
prior to Slovakias admission to EU, as well as observe any changes related to Slovakias
adoption of the new currency (Euro) and its effects on the car manufacturing. I will also review
each car makers production records, including employment levels and financial records in order
to better understand the progress in the industry as whole.
Literature Review
The boom of the car manufacturing in Central and Eastern Europe has been a topic of
numerous studies. Some of the researchers consider FDI the major driving factor of the car
industry; others draw conclusions based on the privatization and government incentives as well
as geographically strategic location of the host countries. The effects of Slovakias entry to EU
and its currency change on the car industry have not been really explored and it would be
interesting to see if a positive correlation can be supported.
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
8/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 8
According to Radosevic and Rozeik (2005) the restructuring of Central and Eastern
European car manufacturing has been entirely foreign led. Both Czech Republic and Slovakia
were able to attract large amounts of FDI among other factors by the quality of governmental
support. According to the authors; in Slovakia, the program for development automotive industry
was a result of the enforcement of governments resolution from 1998. Slovakian government
had played an important role in attracting and retaining foreign investment. It is interesting that
Radosevic and Rozeik (2005) also argue that the productivity in Slovakia and Hungary is 2 times
above the manufacturing average, in comparison to the countries with no FDI present (Bulgaria,
Latvia, and Lithuania). Radosevic and Rozenik touch in their conclusion briefly upon the fact
that the internationalization in the countries mentioned above had been led through the
expansions and extensions, which could be a positive result of their entry into the EU.
The article Financial Setting for FDI Inflows into the Czech Republic and Slovakia,
published by Jankovic and Yatrakis (2011) focuses on the relationship between the countrys risk
ratings, financial market variables, expected returns in the region and the FDI (Jankovic, et.al,
2011). Jankovics and Yatrakis research does not support the positive relationship between
Slovakias entry to EU and the countrys car industry.
The article: Automotive industry in the Slovak Republic: Recent Developments and
Impact on Growth analyses the positive environment for the entry of FDI, as well as concrete
examples of two of the largest investors in automotive industry in Slovakia: PSA Peugeot and
KIA (Jakubiak, et al., 2008). Among other important factors, the authors conclude:
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
9/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 9
Improved prospects for EU accession at the turn of the century, together with decisive progress
in aligning domestic legislation with the acquis, helped anchor investor expectations about
economic policy and future development.
The authors also state the importance of other factors (some of them share similarities with
Radosevic and Rozeik above) contributing to Slovakias attractiveness to FDI, including political
and legal reforms, the structure and level of education, Slovakias geographical proximity to
other EU markets, infrastructure, as well as large governmental incentives (Jakubiak et al.,
2008). This article is a good source of information about the current automotive industry in
Slovakia. The authors, among others, found a positive correlation between Slovakias to EU and
the inflow of FDI investment.
An article that supports this research topic was published in 2006 by the National Bank of
Slovakia. The article, Long Term Benefits of Euro Adoption in Slovakia. states that the
adoption of Euro would decrease two major factors that would make mutual trade cheaper; it will
lower the transaction cost, and it will lead to stabilization of exchange rate (Solani & Tirpak,
2006). Based on this information one can conclude that the FDI levels would raise since the cost
of doing business would be lower and the currency will be more stable. Solani & Tirpaks
theory is supported by the fact that there has been two car manufacturers (since the countrys
entry in EU) that had decided to invest in Slovakia.
Vintrov (2006) in her research states that Slovak (as well as Czech) entry to EU had
made both countries more attractive for FDI and had accelerated the economic growth in each
country (Vintrov, 2009). GDP growth in Slovakia in 2000 to 2003 rose from 3.6 to 7.5%, and in
the year 2007 up to 10%. Slovakia is a member of the Visegrad 4, which consist of Czech
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
10/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 10
Republic, Slovakia, Poland, and Hungary. According to Vintrov , Slovakias GDP growth
within the V4 was the fastest in the last 15 years (Vintrov, 2009). Once again, the research
strongly suggests that the entry to EU have had a positive impact on FDI, which can be directly
linked to the increase in the investments in automotive industry.
The article International outsourcing over the business cycle: some intuition for
Germany, the Czech Republic and Slovakia, analyses the effects of the economic crises on the
sourcing practices of multinational companies, in this case, the author studies the impact of the
crises in Germany (and EU) on businesses in Slovakia and Czech Republic (Levasseur, 2010).
Levasseur concludes that the asymmetry in the international outsourcing seems to be at work
across several different dimensionsacross the states of the economy, across the sectors and
across the countries. The results vary for both Czech Republic and Slovakia based on their car
manufacturing history, even based on the nationality of the foreign investors (different decision
making practices). This article does not directly support the research topic since it studies the
reactivity of Slovakias manufacturing to negative economic changes in Germany/EU, on the
other hand, the article can be useful for a foreign investor in choosing one country over the other
based on their crises management.
Car Manufacturing in Slovakia and Czech Republic has a long tradition, especially in
Czech Republic, where the brand koda recently celebrated its 100 years anniversary (Tiusanen,
2006). According to Tisuanen, the car manufacturing in Czech Republic (mostly because of its
car manufacturing history) was way ahead of Slovakia until 1991 when Volkswagen (as a first
major investor) acquired a major part (30%) in Bratislavas Automobile Plant BAZ, a major
supplier of Skoda during the communist period (Tiusanen, 2006). One can say that this was a
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
11/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 11
major turning point in Slovakias car manufacturing. This article also points out the fact that the
BAZ acquisition had major impact on the total amount of automotive supplies which increased
from $ .5bilion in 1997 to $2.5 billion in 2003 (Tiusanen, 2006). Tisuanens research provides
relevant information regarding the beginning of the car manufacturing in Slovakia.
Research in the journal of Applied Economic addresses the topic of the employee
management in Slovakia and Bulgaria. The author, Hideki Takei analyses surveys of Slovak and
Bulgarian employees and their responses to different managerial styles and on job
responsibilities and approaches. I found interesting that 90% Slovakian employees value the
following factors the most: fairness and clear structure and rules, frequent and 2-way
communication, disclosure, transparency, and information sharing (Takei, 2011). Even though
the on job communication and preferences slightly vary between the two cultures, this
information can be very useful to foreign investors trying to establish production in Slovakia. It
would be interesting to see if the Slovakian work approach and preferences had changed after the
establishment of foreign owned enterprises.
Another research supporting Slovakias position as a major FDI attraction is a
comparison of Slovenias versus Slovakias FDI contributions as examined by Lokar and
Bajzikova in World Transition Economy Research in 2008. Both authors compare cultural and
economic background of both countries and their levels of FDI. Slovakia appears as the front
runner with its FDI of $19.08 billion, in compare with Slovenias $7.46 billion in 2006; the
authors suggest that Slovakia in compare with Slovenia took a more aggressive approach
towards the restructuring of its own industry, while Slovenia (economically more developed after
the fall of communism) took a more careful approach in encouraging the FDI (Lokar, Bajzikova
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
12/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 12
2008). This research analyses the approaches to FDI in two similar Eastern European countries,
Slovakia and Slovenia; at the same time, this article supports multiple research papers written on
this topic including Slovakias government involvement in attracting relatively large amounts of
FDI.
Horvath and Rusnaks article (2009) focuses on the analysis of foreign shocks on a small
open economy of Slovakia. The authors use numerous statistical analyses to determine the
reaction of Slovakias economy to the outside shocks. According to Horvath and Rusnak, foreign
shocks explain the fluctuation of the Slovak price level; in fact authors conclude that external
shocks explain nearly 80% of the variation in the aggregate Slovak price level in long run
(Horvath, et al. 2009). This article does not directly support this research, but the effect of the
outside shocks can be seen by looking at Slovakias GDP following the recession of 2008-2009.
By analyzing the articles related to this research, one can conclude that there seem to be a
positive correlation between Slovakias entry to the EU and the increase in FDI, consequently
resulting in an increase in FDI in automotive industry. Almost every article analyses the
importance of FDI on Slovak economy as a whole. So far, there is not enough evidence (due to
lack of information) to show a positive impact of adoption of Euro on car manufacturing as a
whole.
Volkswagen Slovakia a.s.
According to Volkswagens website, Volkswagen Slovakia was founded in 1991 as a joint
venture between Volkswagen AG and joint-stock Car Company in Bratislava (History,
Volkswagen).
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
13/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 13
*Volkswagen Slovakia a.s.
Volkswagen is the 1st
FDI investor in the car manufacturing in Slovakia. Since 1991, the
company had produced 2, 5 million vehicles, 5 million gear boxes and over 200 million car
components for VW, Audi, koda and SEAT brands (News, Volkswagen). In compare with
Peugeot and KIA, Volkswagen is a well-established company that has been in Slovakia for 21
years. Unfortunately, the company does not have a public archive of annual statements
documenting its progress over the years; therefore observation of the effects of the Euro adoption
on the company cant be made. According to Volkswagens annual statement from 2010,
Volkswagen employs 7000 people, which equals to the employment of KIA and Peugeot
combined. Currently Peugeot is planning on investing 308 million EUR to expand its capacity to
400,000 and increase employment by 1500 people (Numbers & Facts, Volkswagen).
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
14/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 14
Analysis of Volkswagens Financial Statements 2009 & 2010
2009 2010Net Income 75 million EUR
Employment 6,500 7,000
Production 106,000 144,510 (cars)379,000 (gearboxes)
31, 500,000(components)
*Annual Statement Volkswagen 2010
PSA Peugeot Citron
January 15, 2003 commemorate the start of Peugeots 700 million euro investment in Slovakia
(Peugeot, 2005). According to Peugeots press kit, Slovakia was selected mostly because of its
geographical location, great infrastructure and proximity to EU member states, growing
economy, and not at last, Peugeots expending market share in the region (Peugeot, 2005).
Since Peugeot made its decision to invest prior to Slovakias official entry to EU, one can argue
that Slovakias upcoming entry to EU could have a positive impact on Peugeots decision.
*psa-slovakia.sk
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
15/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 15
Analysis of Peugeots Financial Statements
2006 2007 2008 2009 2010Net Income n/a 9,788, 000SKK
7, 697,000SKK
59, 716*EUR
49,475*EUR
Employment n/a 3,134 3,263 3,149 2,900
Production(cars per
year)
51,719 177,586 186,397 203,732 186,150
SKK Slovak Koruna, at the time of conversion to Euro (January 1
st
2009) 30, 1260 SKK = 1 Euro
* Annual statements, PSA Peugeot Citron
* In millions Euro
Based on Peugeots annual statements between 2006 and 2010, Peugeot has been effected by the
financial crises as well, in compare with Kia, Peugeot felt the crises aftershocks the worst in
2010. Based on Peugeots annual statement from 2009, Peugeot considered the adoption of Euro
in Slovakia to be a positive event; company believed that adoption of Euro would increase
Peugeots advantage while purchasing materials in EU countries, as well as doing business with
non-EU countries. (Peugeot, 2009). Other than companys brief note of the expected impact of
Euro, I cant conclude that the adoption of Euro had a measurable positive impact on PSA
Peugeot Citroen in Slovakia.
KIA Motors Slovakia
On March 18th, 2004, the chairman of the Hyundai-Kia Automotive Group Mong-Koo
Chung and Slovak Prime Minister Mikulas Dzurinda signed the document starting the
construction of KIAs manufacturing plant in Slovakia (KIA Annual Report, 2006). Since then,
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
16/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 16
KIA had continuously expanded their production towards their goal, a full capacity production
(300,000 cars per year). Besides car manufacturing, KIA also produces engines for its partner
company Hyundai Motor in Czech Republic.
*Kia-World.net
Kias 1 billion euro investment (Factory Slovakia, KIA) in Slovakia, rather than in
Poland was influenced by numerous factors. Many argue that the biggest factor might have been
the amount of incentives that Slovakia offered. According to Beata Balogova (Slovak Spectator),
Slovak government had offered KIA incentives worth of 218 million euro (Balogova, 2004).
The amount of incentives was significant, but Slovakias location, its membership in EU and
steady growth might also swing the vote.
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
17/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 17
Analysis of Kias Financial Statements
*SKK Slovak Koruna, at the time of conversion to Euro (January 1st 2009) 30, 1260 SKK = 1 Euro
* Annual statements, Kia Motor Slovakia
*In millions Euro
Based on the annual statements published between 2005 and 2010, KIA had continuously
expanded its car production, except 2009 when the company suffered from the aftershocks of the
financial crises. Since financial crises and the adoption of Euro were going hand in hand, it is
impossible to show a positive correlation between Slovakias adoption of EURO and Kias
financial performance.
Conclusion
Slovakias car manufacturing is slowly recovering from the aftershocks of the worlds
financial crises of 2008-2009. Each of the car manufactures (Volkswagens financial data for
2008 were not available) has been affected by the decrease in demand for cars, as well as the
financial turmoil of 2008-2009. Since Volkswagen has been in Slovakia since 1991 one can
safely say that the company did not based their investment decisions on Slovakias entry to EU.
2005 2006 2007 2008 2009 2010
Net Income(SKK, EU)*after taxes
-133,519SKK
-310,778SKK
888,308SKK
1, 504, 574SKK
27,300EUR*
25,300*EUR
42,920*EUR
Employment n/a 1,600 2,700 2,700 2,800 2,963
Production(cars per
year)
n/a 4,715(start of
production)
145,097 201,507 150,020cars
243,973engines
229,505cars
859,699engines
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
18/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 18
Kia and Peugeot had signed investment agreements with Slovak officials shortly before its entry
to EU. Slovakia had officially joined EU on May 4
th
, 2004 (Joining the EU,
SlovakRepublic.org). Based on the previous research conducted on FDI, one can say that
Slovakias admission to EU had a positive impact on Slovakias reputation of a fast growing
economy with a pro-business legislature, skilled labor and geographically advantageous location.
The analysis of the annual statements of both companies did not provided answers to the
stated research questions. This is due to the fact that the first few years after the manufacturing
facilities were constructed, both companies experienced annual losses which were due to
imbalance of revenues (small production output) and expenses (investment). The main reason
why the results of annual reports cant be used for the purpose of this research is the fact that the
positive effects of the Euro adoption (January 1st 2009) cant be measured against the negative
effects of worlds financial crises on the car manufacturing industry as a whole. Overall we can
conclude that Slovakias entry to EU had a somewhat positive effect on the car manufacturing in
Slovakia, while the adoption of Euro and its effect on the car manufacturing cant be measured
due to negative impact of the financial crises on the car manufacturing as whole.
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
19/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 19
Works Cited
Balogova, Beata (2004). KIA May Not Come Easily, Slovak Spectator. April 5, 2004.
Retrieved on November 11, 2011 from http://spectator.sme.sk/articles/view/15663/3/
GDP per capita in Purchasing Power Standards. Eurostat. 11 Dec. 2011.
http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode
=tsieb010
Horvath, Roman and Rusnak, Marek (2009) "How Important Are Foreign Shocks in a
Small Open Economy? The Case of Slovakia," Global Economy Journal: Vol. 9: Iss. 1, Article
5.http://www.bepress.com/cgi/viewcontent.cgi?context=gej&article=1420&date=&mt=MTMyM
DY0MTc4Nw==&access_ok_form=Continue
Jakubiak, M., Kolesar, P., Izvorski, I., and Kurekova, L. (2008). The AutomotiveIndustry in the Slovak Republic: Recent Developments and Impact on Growth. Working paperNO. 29. Comission on Growth and Development. Retrieved from Google Scholar website:http://growthcommission.org/storage/cgdev/documents/gcwp029web.pdf
Jankovic, E., & Yatrakis, P.. (2011). The Financial Setting for FDI Inflows into TheCzech Republic and Slovakia. International Business Research, 4(3), 45-52. RetrievedNovember 6, 2011, from ABI/INFORM Global. (Document ID: 2395902201).
Joining the EU. Slovak Republic.org. Retrieved on 27 Nov.2011. http://www.slovak-republic.org/eu/
Kia. Annual Reports. Retrieved from Kias website. Dec. 11.2011.http://eng.kia.sk/index.php?context=346
Levasseur, S. (2010). International Outsourcing over the business cycle: some intuitionfor Germany, the Czech Republic and Slovakia. Eastern Journal of European Studies, 1 (2), 165.Retrieved from Google Scholar website:http://www.ejes.uaic.ro/articles/EJES2010_0102_LEV.pdf
Lokar, A., Bajzikova B. (2008).FDI Contribution to Transition Development: Slovakiaversus Slovenia. World Transition Economy Research. 15 (2), 251. Published online atSpringer.com: http://www.springerlink.com.ezproxy.emich.edu/content/78464517822432n5/
Mood'ys affirms slovakia's a1 ratings, outlook stable. (2011). Retrieved from Mood'ys
Investor Service. N.p., 17 May 2011. Web. 27 Nov 2011
http://www.moodys.com/page/viewresearchdoc.aspx?docid=PR_219153&WT.mc_id=Email_PR
_219153_link2
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
20/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 20
News. Volkswagen. Retrieved from Volkswagens website. Dec. 11. 2011.
http://en.volkswagen.sk/en/Company/news.html
Numbers and Facts. Volkswagen. Retrieved from Volkswagens website. Dec.11.2011.
http://en.volkswagen.sk/en/Company/numbers_and_facts.html
PSA Peugeot Citron in Slovakia. (2005). Press Kit. May 12, 2005. Retrieved 27Nov.2011 http://iamstrategy.com/link/1_135_6.pdf
PSA Peugeot Citron in Slovakia. (2009). Press Kit. September 2009. Retrieved 27. Nov.2011. http://www.psa-peugeot-citroen.com/document/presse_dossier/DP_Slovaquie_EN%2008091253865944.pdf
Radosevic, S. & Rozeik, A. (2005). Foreign Direct Investment and Restructuring in theAutomotive Industry in Central and Eastern Europe. Working paper NO. 53. University CollegeLondon. Retrieved from Google Scholar website: http://cosmic.rrz.uni-hamburg.de/webcat/hwwa/edok05/f10861g/wp53.pdf
Real GDP Growth Rate-volume. Eurostat. 11 Dec. 2011.http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode=tsieb020
Revised data of GDP for the years 1995 - 2009 and preliminary data for the year 2010 atcurrent prices. Statistical Office of the Slovak Republic. 11 Dec.2011.
http://portal.statistics.sk/showdoc.do?docid=39732
Slovakia (2011). Retrieved from CIA-The World Fact Book website. 6 Nov.2011.https://www.cia.gov/library/publications/the-world-factbook/geos/lo.html
Slovakia, world's leading per-capita car maker, back in topgearIndustryWeek, Agence
France-Presse. (2011, June 15). Retrieved from
http://www.industryweek.com/articles/slovakia_worlds_leading_per-
capita_car_maker_back_in_top_gear_24870.aspx?ShowAll=1
Solani, V. & Tirpk M. (2006). Long-Term Benefits of Euro Adoption in Slovakia.Biatec. 14 (7). Retrieved from Google Scholar website:http://www.nbs.sk/_img/Documents/BIATEC/BIA07_06/6_11.pdf
Takei, Hideki. "Measuring success factors of local employee management in Slovakiaand Bulgaria."Research in Applied Economics 3.1 (2011).Academic OneFile. Web. 6 Nov.2011
8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht
21/21
EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 21
http://go.galegroup.com.ezproxy.emich.edu/ps/i.do?&id=GALE%7CA266139974&v=2.1&u=lo
m_emichu&it=r&p=GPS&sw=w
Tiusanen, T. (2006). Foreign Investors in Transitional Economies: Cases inManufacturing and Services. Lappeenrata University of Technology. 27. Retrieved from GoogleScholar Website:http://www.lut.fi/en/NORDI/publications/publicationslist/2006/Documents/27_Foreign_investors_cases.pdf
Vintrov, R. (2009). Lessons from the Czech and Slovak Economies Split. Prague
Economi Papers. 1. Retrieved from Google Scholar.
http://ideas.repec.org/a/prg/jnlpep/v2009y2009i1id338p3-25.html