Central European Business Review 2015, 4(4):5-17

Comparison of Competitiveness and Business Performance in the Visegrád Group since the EU Accession: A Quantitative Analysis

Ilya Bolotov
Ing. Ilya Bolotov, Ph.D., MBA, Assistant Professor, Department of International Business, Faculty of International Relations, University of Economics, Prague, Nám. W. Churchilla, 130 67 Prague 3, Czech Republic, ilya.bolotov@vse.cz

The goal of this paper is to analyze main changes in the business performance - as in part of the overall competitiveness - of the Visegrád Group, i.e. Czech Republic, Slovak Republic, Poland and Hungary, in the last ten years, 2004-2014, based on Pearson correlation, Chow and Granger Causality tests. The business performance in the Visegrád Group is defined with the help of five indicators: business density, value added per business entity, investment in fixed capital per business density, inward foreign direct investment stock per business entity and exports of goods and services per business entity. The author finds that the business performance, and hence the business environment, in the Visegrád Group has diverged since EU accession with the exception of internationalization indicators, which indicates the necessity for managers to adjust to the specifics in each particular country.

Keywords: Competitiveness; business environment; Central and Eastern Europe; Visegrád Group
JEL classification: M21, O10, O52

Received: July 8, 2015; Revised: November 14, 2015; Published: December 31, 2015  Show citation

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Bolotov, I. (2015). Comparison of Competitiveness and Business Performance in the Visegrád Group since the EU Accession: A Quantitative Analysis. Central European Business Review, 4(4), 5-17
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