VerlagMotives and Modes of FDI in Poland: An Exploratory Qualitative Study

Rainer Hampp Verlag
Motives and modes of FDI in Poland: An exploratory qualitative study

Author(s): Marian Gorynia, Jan Nowak, Jan Howak and Radoslaw Wolniak
Source: Journal for East European Management Studies, Vol. 12, No. 2 (2007), pp. 132-151
Published by: Rainer Hampp Verlag
Stable URL: http://www.jstor.org/stable/23281121 .
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Motives and modes of FDI in Poland:

qualitative
Marian
study*
is based
paper
subsidiaries
Polish
market
setting
up these
literature
in the
and
undertaking
Dieser
and
die
(MNCs),
sich
und
Cross-Case
zur
Formulierung
Keywords:
motives
Manuscript
einer
die
research
komplexen
received:05.08.05,
Jahren
in den
und
on
to
the
guidelines
for
and
larger
Die
more
zuknftiger,
die
auf
of FDI,
accepted:24.01.06
University
and
Markt
auf einer
dienen
Within-Case
Studie
fhren
Richtlinien
und
greren
eintraten,
Gestaltung
ausfhrlichen
der
ersten
mgliche
transition
der
mithilfe
dieser
als
einer
Unternehmungen
Modellen
wurden
Forschung
Poznan
Prof.,
Gorynia,
University
International
business,
strategic management
address: m.gorynia@ae.poznan.pl
Corresponding
European
business
Resultaten
polnischen
den
Ergebnisse
Hypothesen,
modes
von
basierte
Daten
Marian
Jan Nowak, Prof., Central

areas:
International
lead
study
based
and
within-case
possible
Analyse
Umfragegestaltung
basierender,
FDI,
as
multinationaler
Motivation
analysiert.
Anregung
for
serve
of
extensive
subsidiaries.
einschlgiger
und
exploratory
may
the
modes
on an
using
analysed
and
based
of
entered
motives
been
of
die gesammelten
Anstze
von MNCs
are
the
has
that
future
neunziger
Die
Niederlassungen.
und
design
Niederlassungen
auf
on
focuses
a survey
from
which
(MNCs),
this
findings
auf
in den frhen
Literaturrecherche
Stichproben
data
of MNC
sieben
konzentriert
Ausgestaltung
collected
hypotheses
basiert
von
and
survey
stimulating
of the results
analysis
The
The
samples
Beitrag
Umfrage
dieser
the
Wolniak"
corporations
nineties,
early
of pertinent
representative
on a complex
subsidiaries.
approach.
formulation
Radoslaw
multinational
of
review
cross-case
und
Jan Nowak,
Gorynia,
The present
seven
An exploratory
fr die
reprsentativeren
knnten.
economy,
FDI
in Poland
(2 revisions)
of
and
Economics.
firms'
Business
marketing.
Main
strategies
School,
research
Budapest.
Corresponding
areas:
transition.
during
Main
research
address:
nowakj@ceubusiness.com
Radoslaw
Senior
Warsaw
Main
research
Wolniak,
areas:
Lecturer,
University.
International
business
and
international
address:
marketing.
Corresponding
wolniak@coin.
132
wne.uw.edu.pl
JEEMS

2/2007
Marian Gorynia, Jan Howak, Radoslaw
Wolniak
1. Introduction
Foreign direct investment (FDI)
of post-communist
than
has played a pivotal role in the transformation
economies
now.
decade
of Central
This
is
and
Eastern
true
especially
for
for more
(CEE)
Europe
Poland
which
experienced
phenomenal growth of inward FDI. The analysis of inflow of FDI into Poland
since
the
or
beginning
in the inflow
increase
followed
percent),
that
noting
the
until
transformation
2001
when
by the second
these
declines
decline
were
reveals
process
the first decline

in 2002
consistent
on
with
an
uninterrupted
occurred
a smaller
observed
40
almost
(by
It is worth
scale.
world-wide
trends
(UNCTAD
2003). The growth resumed in the subsequent years and FDI flows
into Poland reached a record level of 12.9 billion in 2004 (UNCTAD 2006).
Poland
remains
Poland
turns
one
occupies
the
investors
in
when
primary
the
Table
these
in
this
for more
FDI
USA,
than
stock
50
countries
and
Germany
was
paper
rank
as
FDI
foreign
In
Netherlands.
conducted,
of
(Poland
dominate
the
of the total
percent
the
although
is considered
per capita
Four
respect).
for this
in CEE,
destinations
when
France,
research
four
and
other
state-owned
failing
The
investments
and joint
based
of foreign
these
four
stock
in Poland
field
1992
2002,
countries
(see
approx.
mode
towards
the
value
led
of entire
green-field
were
127
of FDI
are
was
fragmentary
only
undertaken
hectares
stock
scarce,
in 1990
data,
of land.
allocated
3%
approx.
through
But
green
in
already
the said
through
1993). This illustrates the intensity of the drive

mode
entry
green-field
to the market
enterprises,
structure
acquisitions,
in Poland
to these
for that purpose
of the total
green-field mode (Wolniak

process
included
in Poland
projects
acquiring
the
changing
choice
According
investment
35%
in transforming
new
operations.
investment
operations,
used
instrumental
or in creating
generally
modes
venture
were
operations
and
on estimates.
direct
countries
viable
investment
documenting
often
into
modernising
industries.
Data
investor
firms
restructuring,
and
FDI
top
1). Through establishing their subsidiaries in the Polish market, firms
from
thus
7th position
-
Poland
accounted
jointly
of the
out to be different
in
the
In 2000
system.
early
of
years
FDI
green-field
the
were
transformation
dominant
with
share of 65% of the annual FDI inflow, mainly due to the diminishing pool of
available
acquisition
2001).
The
were
accounted
targets
via
Information
Polish
the Polish acronym as PAIilZ)
Many
factors
given
mode
The
JEEMS
have
of
study
investment
Foreign
owned
firms
et al.
(Durka
under
(known
Agency
indicated that over 50% of FDI inflows in 2003

investments
influenced
investment.
the
In
(PAIilZ
sets
out
and
modes
to
FDI
and
and
motives
characteristics
investigate
of
2004).
to invest
decision
turn,
for the subsidiary
implications
present
foreign
of state
Investment
for by green-field
important
privatisation
and
executing
the
motives
this
the
modes
and
2/2007
have
had
undertaking
using
133

of a
performance.
for
investment,
choice
data
collected
from
(MNCs)
operating in Poland.
determine
Polish
seven
what
what
factors
identified
determined
in
emerged
patterns
multinational
of
corporations
The principal research purpose
these
motivated
market,
what
subsidiaries
foreign
the
investors
foreign
their
choice
between
relationships
FDI
of
is to
to enter
mode,
these
the
and
motives
and
modes.
Table 1. Stock of FDI in Poland by 15 largest countries of origin as of June 30,

2002
No
Investment Plans
Capital Invested
(USD million)
Number of
11,503.0
(USD million)
1,975.5
USA
7,985.2
2,389.0
126
Germany
The Netherlands
7,444.6
1,290.9
563.7
212
3,701.1
Italy
Great Britain
International
2,803.3
913.5
18
Sweden
2,653.7
963.8
57
Belgium
Korea
1,649.1
127.0
23
10
1,621.8
20.0
11
Denmark
1,331.0
241.5
38
12
Russia
1,286.4
301.0
13
Ireland
N/A
14
Cyprus
Switzerland
1,039.7
911.7
175.0
904.7
338.5
21
57,610.3
12,323.3
920
Country
France
2
3
4
5
15
Total investment over USD
4,976.1
companies
89
76
59
1,272.7
349.5
2,899.1
40
million (all countries)

Estimated investment under USD
1 million (all countries)
3,990.1
Total (all countries)
61,600.4
Note: Although data on FDI stock are now available for more recent years, the 2002 year data
correspond to the time frame of the primary research conducted for this paper
Source: PAIilZ 2003.
The
first
of
subject
of
part
FDI
section
methodology
collection
and
cross-case
and
the
motives
present
larger
and
in Poland.
134
provides
an
This
the
the
and
the two
main
guidance
representative
samples
literature
review
describe
sections
hypotheses
are
finding
and
extensive
literature
authors
In the subsequent
between
summarise
more
modes.
is conducted
analysis
study
and
where
analysis.
the relationship
the authors
summarises
study
their
individual
of foreign
are
analyses
for
further
MNC
and
show
research
subsidiaries
JEEMS

the
data
outlined,
motives,
In the concluding
of the case
to
approach
the
on
to a research
cases
regarding
formulated.
direction
review
leads
modes
section,
how
the
based
on
operating
2/2007
Motives
- literature
of FDI
and modes
Wolniak
review
Motives for FDI

The
reasons
business
and
parcel
According
to
part
firms
prompting
international
to
scholars
of various
theories
have
decades
and
now.
paradigms
four
(1993/1998),
Dunning
FDI
undertake
for four
groups
and
inspired
These
reasons
absorbed
have
been
of international
production.'
of
FDI
motives
for
can
be
distinguished:
Resource
Market
Efficiency
The
seeking,
seeking,
Strategic
seeking.
firms
resource-seeking
resources
at a lower
resources
were
seekers:
cost
semi-skilled
labour:
or marketing
expertise
seekers
serve
market
in order
to adapt
which
can
(c)
an adjacent
and
distance
to have
foreign
may
a firm may
(d)
types
be
than
presence
in the
leading
of foreign
direct
investors,
affiliates
as
when
self-contained
size
as
part
and
rather
in
presence
market
that market
by
to
specific
a local
of its global
served
may
the firm needs
market
market-seeking
units
expected
firms
tastes
of serving
supplying
to
or customers
from
strategy,
its competitors.
firms
than
integrated chain of value adding activities (Dunning 1993).
and
suppliers
to local
markets
business
in order
or region
market
through
it necessary,
or
management
1993).
its business,
costs
and
unskilled
capacity,
main
achieved
materials
market-seeking
its product
transaction
lower
consider
a firm's
to retain
be
only
and
production
facility
a physical
other
Unlike
their
and
need
of FDI;
for which
(a)
namely:
overseas
Apart
reasons
raw
country
from
if these
of resource
types
motivated
(Dunning,
in a particular
a firm may
requirements,
the form
from
(b)
four main
investment,
expanded
them;
skills
or region.
country
as
well
specific
country,
three
technological
organisational
to acquire
home
(such
and
cheap
seeking
that invest
are
there
foreign
have
follow
firms
abroad
in their
distinguishes
seeking
those
(c)
to invest
obtained
resources
physical
and
in this
growth,
undertake
may
are
markets
market
and
be
Dunning
those
(b)
products);
motivated
could
at all.
seeking
agricultural
Market
are
than
obtainable
those
(a)
and
seeking
asset
tend
as
to treat
part
of an
M.C. Casson,
J.F. Hennart,
Developed
by such scholars as S.H. Hymer, P.J. Buckley,
A.M. Rugman, D.J. Teece, R. Vernon, L.T. Wells, R.E. Caves, T. Horst, H. Johnson, S P.
N.
T.A. Pugel, A.L. Calvet, R.F. Owen, S. Lall, N.S. Siddhathan,
Magee, B. Swedenborg,
Kumar,
F.T. Knickerbocker,
international
production
E.M.
theories
Graham,
can be
E.B.
Flowers
found,
e.g.,
and J.FI. Dunning. A summary of

and Hennart
in Dunning
(2001)
(2001).
JEEMS
2/2007
135

The
motivation
of efficiency
of and
governance
Such
in
strategic
and
asset
strategic
objectives
that
to
to
on
capitalise
two
to rationalise
is
through common
dispersed
sources:
endowments
those
usually
geographically
from
the
between
operations.
of
advantages
and
countries
the
1993).
(Dunning
are
Similarly
aim
among
factor
scope
seekers
competitiveness.
seekers
of
cost
of scale
economies
The
the
investors
marketing activities
stems
essentially
direct
foreign
synergy-building
rationalisation
differences
seeking
distribution and
their production,
firms
which
the
efficiency
the
advantages
in FDI
engage
of sustaining
or enhancing
of
the
firms,
seeking
the
to promote
their
common
their
international
asset
strategic
of
ownership
network of activities and capabilities in diverse environments (Dunning 1993).

Dunning
that
argues
the
two
former
motives
and
(resource
market
seeking)
typically characterise initial FDI, while the latter (efficiency and strategic asset
characterise
seeking)
acquiring
have
corporations
has
shifted
to those
resources,
He
become
from
with
to do
which
experiences,
FDI.
sequential
investment
those
their
that [...]
argues
the
important,
to do
access
augment
also
more
with
access
"as
needs
to markets,
specific
of
or to natural
assets
to knowledge-intensive
existing
asset
strategic
locational
and
advantages"
learning
(Dunning,
1998).
While
motives
the
for
FDI
have
been
discussed
extensively
in the
literature,
only few empirical studies can be identified which deal specifically with the
motives for FDI in Central and Eastern Europe (CEE). The study of Ali and
Mirza
(1996),
other
market.
The
in
investing
obtain
authors
given
Poland
included:
local
strategies
UK
to
firms
for
on
the
being
Poland's
in Poland.
most
pre-empt
unexpectedly,
the
lower
labour
overwhelming
of the surveyed
metals,
mechanical
mostly
motivated
bulk
was
of their
examined
(2003)
136
said
was
firms
based
local
and
The
costs.
and
a mail
patters
experiences
of their
the potential
in Hungary.
survey
and
for
location;
to
motive
said
and
that
in CEE
authors'
(Altzinger
is
(Hardy
ranking
scale.
shows
1998)
to
often
the
motives.
so-called
electrical
markets.
results
invested
on
sales
of the
in CEE
(the
and
wage
by
motives
environment
the
low
on
products
in Hungary.
economic
why
sectors
products,
by
confirmed
the
ventures
FDI
of market-driven
importance
a few
motives
in the middle
study of Austrian
Altzinger's
Only
was
costs,
Polish
important
competitors
heralded as the most important in descriptive studies of FDI

1994),
Among
the
entering
strategic
to
markets;
Somewhat
of UK
motives
as
capitalise
penetrate
image.
firms'
the respondents
by
to
profits;
entry
present
motives
higher
establish
market
analysed
these
issues,
core
and
The
of
study
British
revealed
of its market
The
study
personal
Egan
firms
and
selling
Neale
interviews
(1998),
establishing
the primary
of Marinova
and
conducted
JEEMS

as
were
market-driven
were
that the country's

were
such
equipment)
which
affiliates,
Shipley,
sectors
of
predominance
of the
Fahy,
industrial
electronic
joint
stable
reasons
Marinov
among
2/2007
investors
foreign
in Bulgaria,
Poland
Hungary,
and
Slovenia.
The
Wolniak
results
of this
study indicate that the most important motives for investing in the four countries
in question were of the market-seeking category (gaining access to and building
a long-term position in the foreign market) followed by efficiency-seeking
motives
(taking
motives
Resource-seeking
that none
the
of
types
individual
motives
of FDI.
types
FDI
skilled
proposed
no
labour
ranked
by
in these
studies
and
low
labour
so
above
reported
as
Dunning
studies
has
attempt
force
costs).
lowest.
of the empirical
included
Also,
were
It is noteworthy
four
of
advantage
did
far been
used
explicitly
framework,
the
although
seem
to represent
made
to link
most
of these
the motives
to the
modes of FDI. This finding is surprising since the relationship between motives
and
modes
deserves
certainly
more
attention
on the part of international
business
researchers.
Modes of FDI
The
literature
on
market
foreign
distinguished and analysed

and
venture
wholly-owned
the
specifically
studies
choice
and
identify
et
between
or
al.
analyse
sole
vast.
venture
forms
et
fewer
In
firms
modes
agreements, joint
(Agrawal
of FD1.
that
choices
the
Typically,
However,
2001).
various
three
is
exporting, licensing
subsidiary
Osland
1998;
Buckley/Casson
mode
entry
include:
al.
1992;
studies
this
address
category
some
FDI
have:
undertaking
green-field investment, acquisition, and joint venture (Kogut/Singh 1988;

Woodcock et al. 1994; Nitsch et al. 1996; Brning et al. 1997). Other studies
focus
on
the
dichotomous
choice
between
investment
green-field
and
Hennart/Park
1986;
1990;
1993;
(Caves/Mehra
acquisitions
Zejan
Padmanabhan/Cho 1995; Barkema/Vermeulen 1998; Grg 2000; Harzing 2002;
Dikova
et al.
Sometimes
2003).
are
acquisitions
with
combined
as
mergers
distinct entry mode (Brning et al. 1997) and joint ventures are included in the
green-field
Green-field
its
investment
funds
to
set
defined
new
entirely
as
an
economic
consists
acquisition
(Barkema/Vermeulen
category
is typically
an
up
Instead,
facility.
investment
(start-up)
of
investment
entity
the
using
1998).
of a firm that uses
by
firm's
constructing
funds
new
to purchase
an
already existing operation. This is done by acquiring the controlling equity share
in a company
combining
which
which
share
ownership
and
the operation.
owned
previously
in a common
assets
and
control
separate
over
A joint
by two
organisation
the use
and
venture
consists
or more
fruits of these
assets
(Kogut
et. al. 1998; Grg 2000).

and
Meyer
they
call
investor
plant,
way,
Estrin
initially
equipment,
the
JEEMS
(1998/2001)
brown-field
acquired
an
acquires
technology,
firm
a special
distinguish
investment.
existing
labour
undergoes
Under
brown-field
firm
and
deep
but
product
then
case
almost
assortment
restructuring
of acquisition
investment,
and
which
the
completely
foreign
replaces
of that firm.
becomes
2/2007
an
In this
almost
137

of
firms
new
totally
construct
The
authors
relevant
who
have
the
choice
of the choice
the structural
features
and
decision
as:
the
corporate
(Caves/Mehra
and
market
target
considerations
and
organisation
host
1993;
country's
firm
1990);
(Zejan
(Hennart/Park
and
to such
point
1986);
market size, market growth and level of development

strategies
investment
venture,
joint
entrant's
market
Europe.
green-field
and
investment
brown-field
astern
between
acquisition
of its product
the
found
in Central
green-field,
determinants
have
to FDI
studied
or between
acquisition
authors
These
operation.
particularly
2002);
Harzing
firm's multinational diversity (the diversity of the national markets in which the
firm operates)
and
and
post-entry
its product
diversity
competition
(Barkema/Vermeulen
2000);
(Grg
country-specific variables (Larimo 2003);

host
countries
and
firm's
and
attitudes
concern
dissemination
for
power,
and
risk,
towards
avoidance
resource
required
studies
many
addresses
three
studies
were
found
concerns
entry
mode
choice
in
analyse
the
specific
investment
Central
determinants
four
linking
related
of
firms,
held
costs
(transaction
specifically
and
Eastern
mode
costs
and
for
and
costs
on
available
of adapting
and
on
this
Mller's
investment
the
most
form
in these
of
an
is
technology
vis--vis
in
the
fact
choice
an
research
in
if
the
investing
local
The study of Dikova
covers
(CEE-8
10 CEE
Witteloostuijn
relatedness,
country
factors
138
countries
from
responses
examine
entry
mode
risk on entry
influencing
plus
EU-15
the
influence
experience,
mode
selection.
the choice
Bulgaria
firms
between
that
and
is
towards
fast-growing
that
green-field
inferior
possesses
a
typically
Romania).
It is based
in
Dikova
CEE,
technological
results
green-field
trend
market
and van Witteloostuijn (2003)
international
Their
in
green-field
enter
is
of
investment
general
argues
this
by
modes
between
competitor
investing
of
author
held
types
firms'
regarding
brown-field
green-field
a
the
to three
investment
MNEs
many
This
and
firm,
FDI
of
two
resources)
choice
spite
that
2001).
and
option
why
condition met in CEE.

survey
on
to
a model
develop
propositions
hybrid
dichotomous
CEE
(Mller
optimal
an explanation
FDI
and
countries
investment
of the
offers
worldwide
acquisitions
in future
focused
acquisition,
common
industries
included
that
the
(1998)
reference
markets)
integrating
of
number
out
pointing
be
study,
and
derive
they
choice,
- should
operations
CEE.
model,
mode
expected
Estrin
objectives,
modes of FDI (acquisition, green-field and brown-field).

Based
and
authors
strategic
only
influencing
with
The
for
leverage
of MNEs,
the factors
Meyer
the
and
liquidity
decision
in CEE.
1988);
potential
decisions
with
Europe.
(required
investor,
target
(Kogut/Singh
to
mode
choice
prevailing
resources
the
by
investment
deal
the
of
situation
types
local
the
which
and
commitment,
(Brning et al. 1997).

While
costs
entry
industry,
cultural distance between home and
uncertainty
financial
1998);
investment-,
reveal
cultural
distance
that the most
investment
and
and
important
acquisition
JEEMS

van
investment
intensity,
strategy,
on 208
and
2/2007
in
CEE
are
host
risk and
country
experience-based
organisational
Wolniak
Dikova
learning.
and van Witteloostuijn argue that the latter factor (organisational learning) plays
a unique role in the choice between acquisitions and green-field in the CEE
of
region
because
related
challenges
the
Although
the
spectrum
of possibilities,
influences
on
incentives
or
FDI,
the
these
green-eld
investment
and
However,
in
until
process,
privatise
state-owned
sufficient
domestic
firms
are
This
case
at
especially
provide
modes
of
For
policies.
industrial
country's
try to encourage
they
interested
and
rather
was
privatisation
the
to
to
than
motivated
undertakings.
acquire
for
allowing
a
by
lack
Presently,
for investing
vying
of
in power
beginning
investors
foreign
approach
the
governments
entities
managed
peculiar
much
very
and
the
expand
encouraging
for such
capital
to
either
individual
objectives
in which
and
policy
by
can
of
of consecutive
inefficiently
investments.
green-field
foreign
and
choice
a broad
of host-government
acquisitions.
recently
firms
obsolete
frequently
strive
competition,
the
infrastructure
encompass
lack
governments
to the
strategic
discourage
it was
and
choice
the
noticing
respect
typically
local
mode
yet,
governments'
governments
Poland,
help
And
with
to stimulate
transition
of FDI
cannot
decision.
disincentives
host
and
capacity
one
economic
legal,
investors.
determinants
mode
on
political,
by foreign
identified
depending
example,
cultural,
faced
their
of
many
in
equity
quite profitable and well run Polish companies (especially in the banking and
insurance
both
and
green-field
Research
The
Thus
sectors).
review
motives
and
seeking
resource
between
distinctiveness
- was
not
in Poland.
were
the types
included
to
The
study.
and
into
seeking.
In
of motives,
of risk
with
three
order
the
attractive
for
to
variables
Dunning's
preserve
-
blurred
with
of
types
market
group
and
focuses
analysis
groups:
fourth
of being
what
present
In conformity
divided
because
as
guidelines
in this
investigated
for FDI
individual
efficiency
seeking
is available
today
specific
provides
be
on the motives
the
market
investments.
acquisition
should
relationships
FDI,
Polish
methodology
literature
firstly
the
seeking,
and
clarity
asset
strategic
the efficiency
seeking type of FDI.

As
for the modes
green-field
the firms
surveyed
collected
did
sense
defined
motives
been
not
somewhat
JEEMS
and
were
permit
and
100%
an
modes
neglected
focuses
on the dichotomous
This
acquisition.
and
by Meyer
for FDI
the study
of FDI,
investment
owned
by foreign
identification
Estrin.
of FDI
is due
of any
Finally,
is
in international
parents.
business
between
all
the information
Also,
brown-field
the central
investigated
choice
to the fact that practically
in the
operation
relationship
- the
relationship
between
that
studies.
2/2007
139

the
has
and
the
research
is
Sample
The
method
of data
based
on
collection
data
from
seven
cases
of
direct
foreign
investment
made in Poland in the first half of the 1990s. During that period the Polish
economy
its most
experienced
All
system.
the
consisted of foreign MNCs

Six
of the seven
One
was
all
selection.
be
as
could
have
the
the
due
more
be
been
were
the
financial
was
On
that
the
that for
subsidiary.
main
rationale
and
sample
the
western
of the
Consequently,
as
structure
wholly-owned
of the
responses.
fact
part
considered
country
for
the resultant
for
some
hand,
has
attracting
more
targets
limitations also
other
Poland
relatively
suitable
means
by
as the data
team.
in
presented
the
of
collection
post-investment
chain
The
data
present
bias
been
always
entrepreneurial
in this
firms
acquisition
region
by
foreign
influenced the scope
of this
internationalisation
Data
analysis
Due
to small
their analysis
in
results
in a conference
paper
size
sample
for full
is employed,
is essentially
of several
results.
Polish
the
in
structured
carried
and
out
and
the
their
value-adding
companies'
level
were
study
the
parent
the
those
modes,
subsidiaries,
of
the
than
scope
motives
of
full-scope
of
subsidiary
presented
by
the
et al. 2003).
could
not
Therefore,
use
statistical
any
the research
Instead,
results
In this
in
techniques
do not provide
case
qualitative
formulation.
sense,
analysis
the present
nature.
to case-based
approaches
were
of the
market
hypothesis
of exploratory
broader
FDI
completeness
of conclusions.
at least
to
phases
(Gorynia
generalisation
justifying
the
of
using
interviews
characteristics
the authors
of the survey
were
addition
subsidiary,
process
Preliminary
collected
In
assessment,
the
by
The
in each subsidiary with a member of its
detailed
performance
managed
autonomy.
more
interviews
personal
instrument.
sets
study.
contained
questionnaire
Out
for minimisation of the influence of the
survey
developed
collected
management
research
an ownership
as
research
conducting
in the first half of the year 2002
grounds
led
and
industry
research.
questionnaire
authors
such
treated
concentration
to
firms.
investors. Finally,
empirical
Data
could
for
on
oriented
growth
but with
Geographical
excluded
perceived
and
it
differences
cannot
to a market
manufacturing
subsidiaries.
wholly-owned
homogeneity allowed
geographical
regional
the
venture
convenience
case
of transformation
from
subsidiaries located in the western part of Poland.
a joint
purposes
Geographical
stage
were
concerned
technically
practical
such
cases
dynamic
cases
analysed
empirical
research
identified
in related
literature (Eisenhart 1989; Ragin et al. 1994; Yin 1993) the choice was made to
follow
the
procedures
Eisenhart.
These
conducted
for each
140
of comparative
consist
procedures
case.
The
task
case
analysis
as
of three
steps.
First,
of this
analysis
presented
by
within-case
is to determine
and
is
a direction
of
JEEMS

Ragin
analysis
2/2007
between
dependencies
a comparative
individual
or
contrasted
with
and
hypotheses
The
second
of
some
individual
case
is to compare
step
Finally,
the results
of theoretical
be
This
This
the
may
In this
sense,
be
or
non
between
it possible
theoretical
generalised
model
later
cases
to draw
model
to
subject
the results
of
the
between
occurrence
making
so that
results
the
of comparisons
inquiry,
a
way,
constructed.
and
the results
to test its adequacy.
research
variables
variables.
conclusions.
can
dependencies
in a concrete
variables
ensue.
non-occurrence
of other
occurrence
empirical
can
in order to find cause-effect dependencies
cases
occurrence
are
the studied
analysis
Wolniak
of
further
obtained
are
of
character.
preliminary
of cases
Analysis
Within case analysis

Case 1 This subsidiary was established in 1991. It was a green-field investment.
The
investor
was
were
following
an
the
Italian
most
company
important
in
the
clothing
had
led
to the
operating
factors
that
The
industry.
selection
of the
green-field mode of FDI:
costs
green-field
because
needs
were
estimated
of the market
difficulties
to be lower
to adjust
of the possibility
than
those
of acquisition,
of operation
the scale
to the anticipated
market;
associated
with
the inherited
of an acquired
problems
firm
could be avoided, as well as the risk of paying a price premium for the
firm;
acquired
lower
anticipated
most
motives
important
position;
main
2 The
wages.
subsidiary
was
investor
reason
market.
The
justifying
main
set
costs
for FDI
market
1991
was
was
(market
markets
and
to an
seeking)
economies
Its owner
is a
The
equipment.
of quick
to expand
as well
market
transport,
lighting
opportunity
intention
in the host
improve
acquisition.
including
the
the
and
through
branches,
acquisition
motive
expand
to expand
of production
in
up
in many
operating
in the Polish
position
as compared
facility
as follows:
and
barriers;
import
lower
and
were
sustain
- lower
efficiency-seeking
Dutch
for FDI
to overcome
country;
Case
location;
in the new
costs
- to
access,
market-seeking
scale
the investment
choose
production
firm.
acquired
The
to freely
possibility
and
access
to the
the
improve
as to cut production
costs
(efficiency seeking).
Case
3 This
investor
JEEMS
subsidiary
is a German
was
firm
established
operating
in
in the
1992,
clothing
also
through
industry.
The
acquisition.
The
2/2007
main
motive
141

for takeover
was
the opportunity
for undertaking
this
which
management
cost
but
highly
for
as immaterial
next
reasons
Polish
market
firm.
The
Case
5 This
for choosing
another
market
firm
very
ratio
productivity)
Most
industry.
6 This
chocolate
of the
its location.
importance
for making
Case
last
the
case
The
firm.
by the firm's
case
Motives
Only
was
assets
in
force
was
also
in 1992
founded
The
choice
than
plant
the
of
to
Polish
skills
and
goods
the
Germany,
of
cost
investment
specific
exported
case
was
for entering
sense
and
reasons
of location
in the
investment
the
(in
the
of the acquired
nature.
of free
reason
quality
The
to enter
industry.
this
principal
to
sector.
an intention
new
in 1992.
set up
home
in the
The
of a German
investment,
mode
new
was
and
plant
and
chosen
firm,
because
because
of
of the
motives
market-seeking
making
anticipated
to
opportunity
were
of similar
the investment.
main
a Danish
by
mode
and
motive
labour
was
take
for
who
costs
a subsidiary
company
choice
to
executives
of lower
was
consideration
firm
determined
of
possession
FDI
was
also
specified
than
of
in 1991
established
making
plastic
pipes
as
and
by the opportunity
valuable
assets
the
character,
market-seeking
a secondary,
to
of
less
important
in Denmark.
analysis
for FDI
one
of
market
seeker
seekers.
Four
efficiency
142
was
subsidiary,
in the
labour
Efficiency
quickly
indicated
Cross
the
output
acquisition
motive
motive
seeking
efficiency-seeking
a possibility
a green-field
under
acquired
for them
low
destined
goods
instruments
were
undertaking
cost
green-field
of a local
market
for
Polish
also
The
of production
fittings.
firm's
company.
was
costs
pipe
and
were
that
firm's
select
enter
market
for the glass-making
mode
the
lower
acquisition
the
by
of
of valuable
of production
indicated
products.
7 The
motive
principal
of the relatively
of acquisition,
investment
motive
freely
an
The
possession
equipment
costs
of
case
The
stressed
manufacture
in the medical
of market
favourable
of the parent
Case
was
advantage
green-field)
green-field
main
The
was
the
case
operating
(versus
green-field
The
the third
were
and
lower
anticipated
in
market.
to take
for FDI
the
acquisition.
market
and
quickly
machinery
efficiency.
and
investor
for acquisition
was
to take
force
German
company,
motives
producing
the desire
faster.
this
efficiency:
in this case.
is a German
quoted
and
the
to
export
4 The
cost
labour
qualified
deemed
Its owner
to start the venture
was
underlined
mainly
Case
FDI
the
in
subsidiaries
making
firms
factors.
No
assigned
studied
the
can
investment.
equally
firm indicated
high
be
classified
unambiguously
Two
firms
importance
resource-seeking
were
to
factors
clear
both

efficiency
market
as the main
JEEMS
as
and
motive
2/2007
for undertaking
given
the investment
while
importance,
high
attributed
the
to the fact that
predominantly
resource
contention
(1993)
in follow-up
and
In all three
was
that
chocolate
and
i.e.
being
low
are
more
other
in
the
to Dunning's
to be
likely
were
study
labour
positioned
is that, contrary
under
partly
with
together
of
motives
subsidiaries
were
be
may
in Poland,
instead
of low
present
established
by
in Poland.
investment
determinants
where
the chosen
mode
entry
of unanimity
degree
of FDI
observation
as being
seekers
questionnaire
seeking
the
as first time
their
cases
a high
as
to the
manufacturers
clothing
was
investment
green-field
reasons
for such
assigned
high
there
a choice.
Both
the
importance
to
the
of lowering initial investment outlays through the green-field
possibility
as
approach
all
factors
efficiency-seeking)
resource
factors
efficiency
companies
modes
Entry
survey
these
and
"pure"
interesting
investments,
their parent
of
oriented
Another
rated
(market-
determinant
the
efficiency
category.
lack
a major
in
bundled
two
only
motives
The
importance.
was
costs,
and
other
Wolniak
with
compared
and
operations
operations
acquisition,
a better
by
of the
adjustment
to the requirements
strategy
of the target
scale
of
market.
The
third firm, producing equipment for the glass industry, assigned only some
to this
importance
factor.
associated
problems
takeover
The
choosing
reasons
investment
compared
to
considered
by all three
The
host
also
firms
which
Polish
The
could
the
as being
The
be
for
targeted
that
green-field
of
all
by
of
three
freely
costs
manufacturing
a
paying
possibility
factors,
green-field
ranked
reason
that
the
Both
and
were
b,
weak
there
still
acquisition,
investment
three
the
the
best
lack
importance
there
were
investment.
were
all
was
of little
because
green-field
although
and
operations
as being
was
favouring
indicates
to avoid:
risk
importance.
were
former
the
lower
expected
favouring
measures
factor
were
of high
the desire
in importance
high
mode.
acquisition
on
and
The
suitable
domestic
were
companies
to
way
no
low
enter
the
market.
most
important
common
was
factor
mode
entry
of the
exception
as brand
such
fittings
managerial
motive
lighting
names,
company
problems
was
JEEMS
the
considered
in
determinant
of
products
to the perspective
importance
and
latter
convinced
firmly
and
for acquisition
government
of the
as
investigated
regulations
companies.
comprehensive
firms
firms
suitable
by all three
ranking
the
based
company
ranked
location
in
those
government
of Polish
acquired
commonly
subsequent
the
factors
following
the
were
premium,
firms.
The
with
speed
in
the
firm,
distribution
networks
also
the desire
which
might
as being
arise
of lesser
four
and
assets
of the
acquisition
market.
With
also
shares.
Thus
The
2/2007
pipes
legal
of entry,
the two
high
company,
plastic
cultural,
mode
the
attached
of the local
possible
in the green-field
importance.
new
three
market
to avoid
cases
the
remaining
valuable
of acquiring
quoted
all
entering
dominating
143

and
but this
determinants
valuable
of
the
-
assets
were
different
quite
- time
mode
entry
acquisition
from
to
market
those
and
to
access
to
leading
green-field
investment.
The
and firm performance
modes
Entry
of the
analysis
contrast
to the
who
found
than
acquisition.
(glass
not
overall
contrary,
as
quite
the
The
the
is provided
headquarters
subsidiary
findings
extreme
caution.
taken
and
said
type
the
overall
being
the
consumer
the
to be
external
are
of
and
also
all
other
be
factors
treated
already
conditions
or investment)
above
However,
character
in a further,
after
the
of market
qualitative
being
right.
specialized
sectors.
and
to
being
management,
should
influence
vs.
led
of this
In
just
firm
(from
have
evidence
explanatory
analysed
verification
analysis,
could
firm performance
the
negative
(subsidiary
control.
the
clothing
in excessive
This
as being
possible
preliminary
quantitative
statistical
and
be
only
of the subsidiary
rated
(common
of the
a
abroad.
Further
also
points
lies
on
is,
to acquisition
The
growth.
and
produced
heterogeneity
to a rigorous
representative
of
appears
in
in the German
headquarters
rating
the
should
clearly
investment.
with
was
mode
entry
account
which
performance
centralisation
Besides
of goods
findings
subjected
into
on
in Poland,
autonomy
autonomy
on
surprising
the
mode
of profits
stagnant
by the low
high
identified,
of entry
changes
common
transfer
resulting
cases,
on
the
at
goods
most
in
all
than
span
where
to
observed
cooperation
acquisition
The
were
quite
signalling
with
almost
investment
prone
green-field
attributes
worse
and
antagonised)
the case
were
operating
criterion
performance
than
of view)
point
profitability,
as
(1994)
performance
time
the
mode
green-field
acquisition
explanation,
subsidiary
lower
of
beneficial
possible
of the
examined
firms,
were
Makino
better
in
that
is in
This
sector.
of performance
other
time,
sector-sensitive
positive.
more
evolution
the
much
influence
being
case.
effectiveness
so
in a given
environment
The
The
sector.
however
over
and
of the analysed
observed
The
equipment).
deteriorated
ratings
cases
at the end
conclusion
market.
demonstrate
of the green-field
was
to the
Beamish
should
outcome
leads
in the Polish
Woodcock,
by
better
positive
industry
performance
goods
in one
such
success
investment
of performance
beginning.
sector
of research
This
as
not guarantee
green-field
Only
the measures
the
did
results
that
construct
performance
investment
green-field
more
confrontation
all
must
extensive
the
be
and
with
existing
FDI
motives
literature.
FDI
motives
It is very
and
vs. FDI
difficult
to discern
the green-field
material.
144
There
modes
investment
are
however
any
unambiguous
or acquisition
traces
of two,
relationship
entry modes
to a certain
between
using
the existing
degree,
distinct
JEEMS

case
trends.
2/2007
Two
out of the three
to new
plus
markets,
to economies
due
and
all
motive
were
i.e.
was
and
lower
motives
such
effective
labour
as
The
defence
country
motives
were
costs,
lower
chocolate
of existing
but
base,
supply
of
transport
costs.
high
access
getting
in the host
group
manufacturing
attached
as:
presence
dominant
plus
chosen
in the survey
market
second
lower
of a cost
Id mode
defined
expanding
The
other
creation
importance
Among
and
of scale
in addition,
mentioned,
low
the green-fie
factors
barriers.
factors,
efficiency-seeking
position
where
sustaining
trade
avoiding
costs
cases
to the market-seeking
importance
Wolniak
these
maker
competitive
factors
carried
rating.
the
firms
lower
that
chose
the
acquisition
as defined
costs,
above.
entry
Three
mode,
the
only
gave
this
motive
firms
common
a high
importance rating and only the plastic pipes and fittings firm assigned a low
mark.
importance
market
The
second
and
expansion
market-seeking
of
improvement
of motives.
category
less
minimally
common
competitive
Other
factor
position,
like
factors,
was
offensive
into
falling
the
a supply
securing
base
or defending competitive position, seemed to be incidental. Therefore, within the

framework
of
firms
the
existing
conclusion
summary
which
focus
on
and
to the
green-field
market
factors
on the other
mode,
acquisition
situation
points
conditions
at the
and,
will
hand,
of the
as
mode
same
be preferred
Polish
suitable
lower
time,
for
costs.
the investor
when
the
market,
more
being
The
is more
inclined to act offensively to expand his competitive position, while being

mindful
of the need
Discussion
The
of results
findings
previous
factors
to reduce
and hypotheses
studies
empirical
assumed
are
Eastern
Europe
FDI
the
regarding
findings
costs.
higher
motives
referred
to
with
only
the
than
prominence
consistent
are
in
and
where
review,
factors.
efficiency
expectations
with
consistent
partially
literature
these
However,
observations
the
market
in
found
the
descriptive and qualitative literature dealing with FDI motives in Central and
often
The
attractiveness
shift from
market
the
where
(CEE),
as market
benefits
cost-efficiency
of the region
pointed
out
as
1994).
(Hardy
to efficiency
attractiveness
are
as
factors
earlier
observed
by
Dunning is not evident in this study. This is due to the Polish market's FD1
absorptive
potential
exhausted.
But
efficiency
grounds
can
explained
studied).
JEEMS
ones
seeking
to become
total
by
The
time
more
lack
the
of
sample
inclusion
with
market
are
for sequential
with
of companies
(only
from
providing
certain
can
be,
manufacturing
the
degree
far from
with
the
the latter
of similarity
in China.
motives
resource-seeking
composition
being
to coexist
investments
FDI
inward
still
positioned
in the future.
prominent
motives
seeking
motives
these
especially
in this respect
be observed
Almost
connected
at the same
extractive
at
least
partially,
were
companies
sector,
2/2007
for example,
145

would
have
Poland
has
the
need
to
extend
pertinent
the
that
than
focused
of
avoidance
of problems
and
focused
then
much
due
outlays
better
or
for FDI
in
could
large
in CEE.
serve
as
for
and
acquisition
The
choice
the
across
investments
green-field
to the scale
acquired
of operations
to the local
companies,
and
market;
the risk of
including
investment
FDI
in the
factors
market-seeking
costs.
form
the
Thus
of green-field
investment
as accessing
perceived
market
expanding
lowering
location;
costs.
manufacturing
and
presence;
new
(b)
investment
green-field
markets
efficiency
was
mode
seen as being more appropriate for firms classified by Dunning (1993/1998)

market
as
seekers.
Factors
affecting
motives
lower
costs
and
offensive
These
in
turn
coincided
brands
the
and
construct,
more
focus
seeking
being
were
can
strategic
asset
findings
hypotheses
empirical
be
from
and
studies
those
their
of
second
owned
made
often
in
2.
from
of
appears
mature
presented
hypotheses
and
the
fact
market
perhaps
with
of efficiency
that
most
privatisation
This
summary
seekers
efficiency
of
those
of
process
factor
differentiates
economy
where
the
prominent.
above
could
other
lead
to
be
five
tested
countries
of
research
in
future
the
region.
146
as
assets
as
importance
to be more
acquisition
of such
The
the
position.
main
Viewed
and
companies.
in
These
Poland
shares.
of
pursuit
of competitive
two
the
Among
common:
acquisition
category.
framework
variation.
were
the
the
of market
derived
the
discussion
Table
FDI
and
market
plus
state
motive
in
shown
reinforced
entry
also
within
mismanaged
seeking
the
more
two
only
improvement
to the concept
on
placed
acquisitions
and
networks
made
predominantly
such
with
closest
acquisitions
operations
and
of market
speed
came
FDI,
expansion
distribution
they
demonstrated
for undertaking
quoted
determinants:
mode
acquisition
many
The
their
of
determined
consistently
opting
adapted
a suitable
and/or
i.e.
sufficiently
earlier,
identified.
more
firms
for undertaking
(a)
sustaining
factors,
seeking
preferences
with
of lower
on:
FDI
reinforces
research.
were
The
on
motives
described
such
argument
premium;
in choosing
motives
general
on
investment
being
a takeover
expectation
as
this
time
green-field
was
investment
strategy
freedom
this
but
respect
of determinants:
operations
paying
this
clearly
focused
motives,
acquisition.
initial
lower
were
mode
on four groups
and
for such
following
firms
The
subsidiaries
of FDI
in
based
study,
present
between
the
investment
Hence
framework
green-field
results
minimal.
the
relationship
different
MNCs
organising
determinants,
to
rather
classification
Dunning's
In
far been
of foreign
sample
led
probably
so
JEEMS

2/2007
CEE
Conclusions
Both
and directions
within-case
and
cross-case
Wolniak
for further research

analyses
provided
important
into
insights
the
motives and ways the seven foreign subsidiaries were established in the Polish
market.
The
medical
studied
a
represented
firms,
broad
instruments,
concentrated
although
of
spectrum
to glass
making
in
manufacturers,
one
region
ranging
from
of
Poland,
clothing
equipment.
Table 2. List of hypotheses

Motives and determinants
H1 : The main motives for undertaking FDI fall into the market-seeking and efficiency
seeking categories.
H2: Factors that determine the choice of green-field investment are more consistent across
firms than those that determine the choice of the acquisition mode.
Greenfield versus acquisition
H3: The green-field mode is preferred mostly because of the possibility to adjust the scale of
operations and strategy to the requirements of the target market.
H4: The acquisition mode is chosen mostly because
of the reduced time to enter the market.
Motives and modes

H5: There is no clear pattern in the relationship between the motives for and modes of FDI.
1. Summary
Appendix
Feature
Case
1. Pro
Clothes
Case
Characteristics
2
Lighting
duct line
equipme
nt
Case
Light
clothes
of Cases
Case
Surgical
and dental
instruments
Case
Machinery
and equip
Case
Chocolate
products
ment for
Case
Plastic
pipes
and pipe
fittings
glass
making
2. Year
1991
1991
1992
1992
industry
1992
0.2
23.0
3.6
3.4
7.0
29.0
6.0
Italy
Holland
German
Germany
Germany
Germany
Denmark
Acquisition
Green-field
Green
Acquisi-tion
1995
1991
of
incep
tion
3. Initial
invest
ment
outlay
(mln
USD)
4. Inves
tor's
country
of origin
5. Entry
mode
Green
JEEMS
Acquisit
ion
field
Acquisit
ion
field
2/2007

147
to
6. Main
Market
Market
Efficien
motives
and
&
cy
efficiency
seeking
seeking
for FDI
efficien
Three
Efficien
cy
cy
seeking
seeking
of them
entered
Market &
the Polish
market
Market
Efficiency
seeking
&
Market
efficiency
seeking
-seeking
through
investment
green-field
and
four
through acquisition. Most of the investing firms were both market and efficiency
No
seekers.
firm entered
the market
to seek
mainly
resources.
The
predominance
of market-seeking and efficiency-seeking motives is fairly consistent with the

of studies
results
role
marginal
of FDI
motives
of resource
in CEE
to in the literature
referred
motives
seeking
Russia
(excluding
and
review.
other
The
resource
rich former republics of the Soviet Union) in the said review is thus also re
confirmed.
This
study,
of
although
contributions
literature
review
demonstrated
the
region
and
CEE
in this approach.
adopted
to link
FDI
on FDI
Moreover,
to FDI
motives
motives
that very
of them
none
and
qualitative
to the research
and
modes,
few
studies
explicitly
used
hardly
any
makes
nature,
exploratory
especially
of this kind
the
other
FDI
study
have
The
focused
motives
has
several
in CEE.
on
framework
made
an attempt
modes.
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Motives and modes of FDI in Poland: An exploratory qualitative study

This content downloaded from 201.2.23.0 on Wed, 18 Feb 2015 23:36:50 PM

Motives and modes of FDI in Poland: An exploratory qualitative study

Motives and modes of FDI in Poland:

Jan Nowak, Prof., Central

This content downloaded from 201.2.23.0 on Wed, 18 Feb 2015 23:36:50 PM

Marian Gorynia, Jan Howak, Radoslaw

has played a pivotal role in the transformation

the first decline

1993). This illustrates the intensity of the drive

for that purpose

green-field mode (Wolniak

1). Through establishing their subsidiaries in the Polish market, firms

the Polish acronym as PAIilZ)

indicated that over 50% of FDI inflows in 2003

for the subsidiary

This content downloaded from 201.2.23.0 on Wed, 18 Feb 2015 23:36:50 PM

Motives and modes of FDI in Poland: An exploratory qualitative study

The principal research purpose

Table 1. Stock of FDI in Poland by 15 largest countries of origin as of June 30,

Total investment over USD

million (all countries)

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Marian Gorynia, Jan Howak, Radoslaw

Motives for FDI

the firm needs

integrated chain of value adding activities (Dunning 1993).

and J.FI. Dunning. A summary of

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Motives and modes of FDI in Poland: An exploratory qualitative study

network of activities and capabilities in diverse environments (Dunning 1993).

heralded as the most important in descriptive studies of FDI

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that the country's

Marian Gorynia, Jan Howak, Radoslaw

on the part of international

distinguished and analysed

green-field investment, acquisition, and joint venture (Kogut/Singh 1988;

et. al. 1998; Grg 2000).

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Motives and modes of FDI in Poland: An exploratory qualitative study

market size, market growth and level of development

country-specific variables (Larimo 2003);

The study of Dikova

and van Witteloostuijn (2003)

condition met in CEE.

modes of FDI (acquisition, green-field and brown-field).

(Brning et al. 1997).

cultural distance between home and

that the most

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Marian Gorynia, Jan Howak, Radoslaw

seeking type of FDI.

for the modes

to the fact that practically

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Motives and modes of FDI in Poland: An exploratory qualitative study

consisted of foreign MNCs

influenced the scope

in each subsidiary with a member of its

for minimisation of the influence of the

in the first half of the year 2002