Management 101: Behavior of Firms in Transition Economies

Josef Brada

No 133, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: This paper uses published case studies of firms in the Czech Republic, Hungary and Poland to examine how firms are reacting to the pressures of transition. Most firms made short run adjustments to output and input use; fewer firms began to make strategic adjustments. The paper examines how short-run responses influence the ability to implement long-run strategies for survival and growth and identifies common elements in the long-run behavior of firms that appear to be successful. Among these elements are the strengthening of the marketing function, the reorganization of internal decision making and information systems, investments in human resources and creation of effective mechanisms of corporate governance. The willingness to shed labor and the ability to make large investments in capital and technology are, rather surprisingly, less common features of successful restructuring.

Pages: pages
Date: 1998-03-01
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