This paper introduces the Comprehensive Economic and Trade Agreement (CETA), which is a free trade agreement between the European Union and Canada. The agreement is currently undergoing the ratification process in both jurisdictions. The CETA is aimed at the removal of trade and non-trade barriers and regulatory issues among other things. Some of the topics are highly controversial mainly due to differing standards and norms of both partners. After a thorough introduction of the background of CETA as well as its content, the paper discusses possible impacts of the agreement on the market entry of German SMEs (Small and medium-sized enterprises) in Canada. Opportunities are evaluated for German SMEs. By reading this paper, the reader has the opportunity to inform himself/herself about CETA and to additionally form an opinion on the CETA based on the repercussions that affect German SMEs in the automotive industry presented in this paper. The paper finishes with a conclusion of the most important aspects of CETA
List of Contents
List of Abbreviations
List of Figures
1. Introduction
1.1 Definition of the Problem
1.2 Objective of the Thesis
1.3 Methodology
2. Small and Medium-Sized Enterprises
2.1 Definition
2.1.1 Quantitative Criteria
2.1.2 Qualitative Criteria
2.2 Strengths and weaknesses of SMEs
2.3 The macroeconomic relevance of SMEs
3. Internationalization of small and medium-sized Enterprises
3.1 The Trends towards internationalization
3.2 Motives and Objectives of internationalization
3.3 Barriers of internationalization
3.4 International Market Entry Modes
3.5 International activities of German SMEs
4. The comprehensive Economic and Trade Agreement
4.1 Structure of the Canada's Economy
4.1.1 Canada‘s Economy at Glance
4.1.2 German-Canadian Trade
4.1.3 Canada's foreign trade policy and agreements
4.2 Chronology of events and key milestones
4.3 Contents of the Agreement
5. Analysis of Impacts of CETA on the Market Entry in Canada for German SMEs
5.1 Exports
5.2 Contractual Agreements
5.3 Foreign Direct Investments
6. Conclusion
List of Literature
Abstract
This paper introduces the Comprehensive Economic and Trade Agreement (CETA), which is a free trade agreement between the European Union and Canada. The agreement is currently undergoing the ratification process in both jurisdictions. The CETA is aimed at the removal of trade and non-trade barriers and regulatory issues among other things. Some of the topics are highly controversial mainly due to differing standards and norms of both partners. After a thorough introduction of the background of CETA as well as its content, the paper discusses possible impacts of the agreement on the market entry of German SMEs (Small and medium-sized enterprises) in Canada. Opportunities are evaluated for German SMEs. By reading this paper, the reader has the opportunity to inform him- self/herself about CETA and to additionally form an opinion on the CETA based on the repercussions that affect German SMEs in the automotive industry presented in this paper. The paper finishes with a conclusion of the most important aspects of CETA.
List of Abbreviations
CETA Comprehensive Economic and Trade Agreement
CCRFTA Canada-Costa Rica Free Trade Agreement
CCFTA Canada-Chile Free Trade Agreement
CIFTA Canada-Israel Free Trade Agreement
EU European Union
FDI Foreign direct investment
FTA Free Trade Agreements
GATT General Agreement on Tariffs and Trade
GDP Gross domestic product
IAC Investment Canada Act
ICSIB International Council for Small Business
IFO Institute for Economic Research
Ifm Institut für Mittelstandsforschung
ISDS Investor-state dispute settlement
JV Joint Venture
OECD Organization for Economic Cooperation and Development
NAFTA North American Free Trade Agreement
RoO Rules of origin
SME Small and medium-sized Enterprises
UN ECE United Nations Economic Commission for Europe
UNCITRAL United Nations Commission on International Trade Law
UNCTAD United Nations Conference on Trade and Development
TBT Technical Barriers to Trade
TTIP Transatlantic Trade and Investment Partnership
USA United States of America
WOS Wholly owned subsidiary
WTO World Trade Organization
List of Figures
Table 1 - Classification Scheme for SMEs after the EU (from 2005)
Table 2 - Classification Scheme for SMEs used by IfM Bonn
Figure 3 - Motives for the internationalization of SMEs
Figure 4 - Internationalization Barriers of abroad active and abroad non-active SMEs
Figure 5 - Forms of internationalization of German SMEs
Figure 6 - Type of exported Goods
Figure 7 - Exports destinations - Active Exporter
Figure 8 - Types of direct investments (only companies with direct investments)
Figure 9 - Target regions - Companies with direct investments
1. Introduction
1.1 Definition of the Problem
Internationalization activities have a positive impact on companies’ development as well as on economic and employment growth. This phenomenon has shown a dynamic development in the last 20 years, the main drivers of which are the geopolitical changes. This political breakthrough has led to a disproportionate growth in world trade. These changes have also presented challenges to Small and medium-sized enterprises, reflecting the close connection between the concept of SME and foreign trade.1 The globalization of the economy puts pressure on Small and medium-sized enterprises to rethink their business processes and value chains.2 Small and medium-sized enterprises play a decisive role in international competi- tion.3 They represent an important economic factor in Germany, as well as in Europe and therefore constitute drivers of economic growth, innovation and employ- ment.4 They contribute significantly to the creation of jobs, encourage the entrepreneurial spirit and innovation in the EU, and thereby are essential triggers in the development of competitiveness and employment. For instance, in 2009, SMEs accounted for over 60% of the employment share in Germany. Moreover, nearly 36% of attained sales (which represented almost 45% of gross investments and over half of the generated gross value added of all enterprises in Germany) have been achieved by SMEs.5
The current situation of SMEs in Germany has been a central concern of the public’s as well as an interest of the state authorities and scientists for years. This growing interest is justified by the significant economic importance of SMEs.6 This interest is also reflected in the increasing number of empirical studies dealing with SMEs issues.7
Current empirical studies reveal that German SMEs primarily perform their foreign activities in highly developed, geographically proximate and culturally related markets of both EU- and non-EU countries. The preferred target markets include European countries such as France, The Netherlands, Austria and Switzerland, followed by Central-and Eastern European countries. North America and the greater Asian continent are much further down the list.8 According to the German Federal Statistical Office, 39.744 German SMEs were involved in export activities in the American continent in 2013, of it 11.718 German SMEs in Canada and 30.651in the US.9 These statistics show that German SMEs operated almost twice as many businesses in the US as in Canada. This led to the following questions: why are German SMEs less involved in the Canadian market than in the US market? Is there any particular reason that can explain this? To what extent would the new free trade agreement between the EU and Canada (CETA) remedy this imbalance?
1.2 Objective of the Thesis
During the EU-Canada Summit in Prague on 6 May 2009, the EU and Canada began negotiations on the Comprehensive Economic and Trade Agreement. The negotiations were concluded during the EU-Canada Summit in Ottawa on 26 September 2014. However, the agreement still has to undergo the ratification process so that it can then be translated into all the official languages of the EU. This could require as long as two years. Both trade blocs agreed on opening their markets to one another's goods, services and investments, including public procurement. The CETA should create opportunities for both parties by improving cooperation and by opening up markets while cutting the cost of business transactions, which should be especially benefit for SMEs, since they are more affected by transaction costs.
The Comprehensive Economic and Trade Agreement aims toward regulatory cooperation, the protection of investments, and the abolition of customs duties between the EU and Canada. According to simulation calculations made by the IFO Institute, the agreement could triple Germany’s exports to Canada in the long-term and double its imports. The CETA could enable a long-term increase in Germany’s real per capita income of 0.2%; but Canada would benefit to a far larger extent. The greatest beneficiaries in Germany would be automotive manufacturers.10 Trade liberalization between the EU and Canada opens up entirely new opportunities for German SMEs and simultaneously places high demands on managing directors. The question arises for German SMEs to which extent the Comprehensive Economic and Trade Agreement could affect the market entry in Canada. The presented paper offers an analysis and evaluation of the free trade agreement between Canada and the European Union on the market entry of German SMEs in Canada. The examination is based on the final text of the agreement, published by the European Commission on 29 February 2016.11
The Thesis concentrates on those areas that are of particular relevance to the market entry of German SMEs in Canada and encompasses an analysis of the general provisions of the agreement, and an overview of the potential impact on the Automobile trade of German SMEs in Canada. This takes into account the CETA's framework agreement on several areas such as trade in goods and investment, supplemented by specific lists of reservations relating to the EU and Canada. On the basis of these considerations, this thesis is addressing the following research questions:
- What are CETA benefits for German SMEs?
- To what extent does the CETA affect the market entry of German SMEs in Canada?
- Is the CETA going to enhance the market entry of German SMEs in Canada?
- Which mode of market entry in Canada suits German SMEs at the best in regards to the CETA?
In the course of the paper, it is assumed on one hand that companies have already decided to internationalize and international marketing objectives have also already been determined. On the other hand, the Canadian market regarding the market selection has been defined after an analysis and a selection process. The objective of this paper isn't therefore to decide whether an international market entry should take place in Canada, but rather to analyze to what extent the CETA affects the market entry of German SMEs in Canada.
1.3 Methodology
The presented thesis is organized into six main sections. Following the introduction to the topic, the second chapter gives an overall presentation of SMEs and their macroeconomic significance. The third chapter portrays the internationalization of SMEs, internationalization motives and barrier of internationalization. In addition to this, international market entry modes as well as international activities of German SMEs are described. Chapter four deals mainly with the Comprehensive Economic and Trade Agreement itself, which is the core of this work. The chapter begins with a look on Canada's Economy. Following this, a detailed analysis of the agreement regarding its aims and content is illustrated. Chapter five examines to which extent the Comprehensive Economic and Trade Agreement may affect the market entry of German SMEs in Canada. In this view, selected foreign market entry modes are analyzed in the light of the CETA and an evaluation will be given. The paper ends with a Conclusion which summarizes core statements of the analysis.
2. Small and Medium-Sized Enterprises
2.1 Definition
The concept of SMEs had been widely discussed and determined in the past; however, there is no uniform definition of SMEs in the economic field. Conceptual delimitation between small and medium-sized enterprises and large scale enterprises is subject to different criteria depending on the country and the industry. Small and medium enterprises are commonly companies whose headcount or turnover falls below certain thresholds.12 The commonly used definition in Germany had a limit of 250 employees, while, for example, in Belgium it could have been 100. In comparison with the United States, the definition of small business according to the number of employees often relates to companies with less than 100 employees, while medium-sized related to those with less than 500 employees. Another fact portraying the difficulty to find a single definition of SMEs resides in the term itself. The term "Mittelstand" in Germany comprises economic aspects as well as social and psychological characteristics that are usually categorized into quantitative and qualitative features13, whereas in the United States the notion of "small business" refers mainly to size criteria. In an attempt to clarify the confusion, the European Union established in 2003 a SME definition which states that medium sized businesses had to have less than 250 employees while small businesses had less than 50 and formed an extra category - micro-enterprises - which were defined as containing less than 10 employees.
The characteristic of SMEs presented in literature are diverse. In principle, a distinction can be made between quantitative and qualitative characteristics of SMEs. Qualitative features emphasize the status of family-owned companies: The Company’s management and the organizational structure are significantly shaped by the company's owner. Key figures like turnover, balance sheet total or the number of employees are counted among quantitative characteristics.14 Both categories are presented in the following section.
2.1.1 Quantitative Criteria
From the quantitative point of view, Small and medium-sized enterprises refer to companies of all economic sectors until a certain size. Company category, Staff headcount, balance sheet total and value added usually constitute quantitative thresholds. However, a classification of SMEs regarding their quantitative criteria are particularly difficult, because various economic sectors like industry, trade, crafts and services are hidden behind the concept of SMEs.15 The most used definitions in practice were compiled by the European Commission and the Institute for Small and Medium-sized Enterprises Research. Since 2005, according to the EU following thresholds are applied regarding the Turnover and Balance sheet total to define SMEs:16 17
Abbildung in dieser Leseprobe nicht enthalten
Table 1 - Classification Scheme for SMEs after the EU (from 2005)17
The Adjustment of threshold was to ensure that SMEs retain their status in order to still get the appropriate financial support from the EU. In fact, many enterprises came very close to the 1996 fixed ceilings and would have certainly exceeded these low values in the long run due to the increase of prices and in productivity. The formerly adopted definition no longer met the today requirements of SMEs. Under the new definition, SMEs have a choice between the turnover and the balance sheet total ceilings. The aim of the European Commission was to address specific needs and characteristics of SMEs in different economic sectors. Another point highlighting the European Union concern is the fact that commercial enterprises prove to have a naturally higher turnover and also a lower balance sheet total than a manufacturing company.18 The calculation of thresholds should take into account every entrepreneurial relationship. Each shareholder’s parts must be added partly or wholly to the company data, depending on whether the enterprise is an independent company, partner-owned company or an affiliated company.19 Since the use of this definition is left to each EU member state, there is a second widely used definition developed by the Institute for SME Research in Bonn (IFM). According to this definition, SMEs are subject to the following ceilings:20 21
Differences between both viewpoints are minor. For instance, the values based on both definitions differentiate in Germany by just 0.2% regarding the share of SMEs in total business enterprises. However, comparing the share of SMEs to the number of employees, the difference is by almost 5%. This stems from the fact that the IFM counts companies with up to 499 employees as Small-and-Medium-Sized enterprises, while according to the EU-definition half of this value (250 staffs) is applied as ceiling.22 The presented paper is fundamentally based on the quantitative definition of the Institute for SME Research in Bonn: This definition applies since January 1st, 2000 to German SMEs and is effective still today.
2.1.2 Qualitative Criteria
In addition to the quantitative criteria, there are further qualitative differentiating features which can in part subjectively be assessed, because they mainly refer to the way the economic activities are carried out. The main focus of SMEs qualitative features resides in the relation between enterprise (the managing director) and owner. The idea behind this is that the tie between a person and an enterprise affects significantly the performance and strategies of the privately owned SMEs. Qualitative features of SMEs play a major role on SMEs innovative, capital raising behaviors and managerial attitudes. The following factors are frequently counted among Qualitative features:23
- The company is in private property, so that the owner has a significant influence on the management of the Company. His personal commitment, the exclusion of external investments by third parties is due to the fact that the enterprise often represents for her/him an important part of the basis of existence which has to be spared from external influence.
- The management team consists of a limited number of persons; Decisions are made in a narrow circle.
- There is an informal relationship between the executive and employees.
- The company is rarely financed through investors on the German capital market.
These quantitative and qualitative properties of SMEs imply specific strengths and weaknesses which are already emerging in the daily business at the national level. To address the specific problems and challenges faced by SMEs in the course of internationalization, it must be clarified first what exactly are common features of SMEs and also wherein their strengths and weaknesses lie.
2.2 Strengths and weaknesses of SMEs
After describing the concept of SMEs on the basis of qualitative and quantitative features, let us consider the effects of these characteristics in the context of internationalization. SMEs present company-specific strengths and weaknesses. Strengths like Flexibility, innovativeness and creativity were singled out for particular praise. SMEs are organizationally less complex and have few levels of hierarchy which ensure short internal information channels, a direct contact between management and employees and a minimal department formation.24 The company's management plays a central role in the organizational structure. This aspect is reinforced by the fact that the managing director as holder of the company bears the entrepreneurial risk and full responsibility and thus the strategy prevailing in the company reflects his actions. The centralized decision-making process increases flexibility and agility so that sales strategies can be quickly adjusted in response to changes in the marketplace and the customers. A company communication based on personal abilities of the management could prevent a bureaucratization of the business climate within the enterprise, because directives and monitoring are shaped to each employee. The employees identify themselves easily with the company’s projects and also develop a personal bond with the corporate culture which in turn is a source of motivation. The abridged communication process and the informal relationship between manager and employees within the company foster not only the day-to-day work processes, but also facilitate monitoring procedures. The organizational structure of SMEs is a reliable condition for an engagement abroad. They have generally lower costs of internal informationsharing and coordination than large companies which show a high degree of for- malization.25 This is attributable to SMEs small size of company.
But SMEs also have some weaknesses. They are especially manifested through a lack of appropriate staff and financial resources.26 One of the greatest weaknesses of SMEs in the course of internationalization is the unfavorable financial situation. SMEs often suffer from limited capital availability, which is the reason they often are at a disadvantage compared with large firms in capital-raising.27 Due to the financial situation of many SMEs, it is difficult to raise capital from third-parties in the form of loans. Managing directors of SMEs are often reluctant to make use of the possibility of external lenders, because their total influence on the company could be compromised. Another weakness of SMEs lies in the lack of human resources. Scarce personnel demand that each coworker undertakes several tasks, and therefore the differentiation of department only takes place at a functional level. This has the consequence that managing directors have less time to make well- grounded strategic decisions.28 There are typically no committees or bodies responsible for preparing decisions. And they sometimes lack the necessary management knowledge. Furthermore, SME owners don't possess in most cases the necessary knowledge of business-management processes to effectively fulfill their role as the head of the company.29
A further aspect of the limited human resources is also highlighted by the fact that SMEs seldom delegate staff to work abroad. Frequently employees are not willing to spend a longer period abroad. Another problem for the company is additional costs associated with the secondment abroad.30 Other potential disadvantages complicating the internationalization of SMEs can be found in the management and organizational structure. In other words, the centralized decision-making power and shareholders' awareness of past customs can negatively counteract the flexibility and innovation.31 Personal ideals of the entrepreneur essentially determine whether the company strives for internationalization or not.32
2.3 The macroeconomic relevance of SMEs
Small and medium-size enterprises present an important share to total business turnover and participate in the economic welfare of a country.33 They are often referred to as the motor of the German and European economy, due to high employment rates and their relative share in the total number of enterprises. In most Organization for Economic Cooperation and Development (OECD) countries, SMEs account for 96% to 99% of the total number of companies. SMEs also provide up to 70% of total employment in manufacturing and most of the jobs in ser- vices.34 According to studies made by the Federal statistic Office, 99% of all private enterprises in Germany in 2011 belonged to small and medium-sized businesses and accounted for more than 60% of the total number of employees.35
SMEs often receive less attention than large enterprises, especially in times of economic crisis.36 Nevertheless, an economic sector that accounts for more than 60% of employment must not be ignored in a holistic approach of the present economic climate. The same also applied at the European level, because SMEs also play a major role here: 23 million SMEs are responsible for more than 75 million jobs throughout Europe.37 For this reason the European commission is addressing these Companies and made reasonable efforts to provide a Europe-wide definition of SMEs.
3. Internationalization of small and medium-sized Enterprises
3.1 The Trends towards internationalization
The globalization of the economy is a contemporary reality with a variety of understandings and practical consequences. The aim of economic globalization nowadays is to provide competitive advantage, but this has settled in time.38 Globalization of economy and strong competition lead companies to find ways of internationalizing and significantly foster the economic development of countries and industries. A quick look at the history of the economy reveals that elements of globalization could take root in the earliest commercial trade. But Globalization of the economy has intensified in the middle of the 20th century, and it still manifests itself today. There are a wide variety of definitions for the globalization of the economy, but globalization is usually defined as a very dynamic process of increasing interdependencies among nation states through the increasing volume and crossborder transactions in goods and services and of international capital flows, and also through the more rapid and widespread diffusion of technology. The reasons are to be found in the following:39
- National borders in trade are disappearing.
- International Business and transactions are changing through technological developments.
- Trade barriers are tackled through Regional Trade Agreements.
- The trend towards worldwide free trade.
- Direct investments are increasing through connections between countries.
- Developing countries have adopted an export-led growth strategy.
- The increased demand of capital.
- The joint financing of research and development in different countries.
- The movements of goods are positively influenced by the reduction of customs duties and the creation of regional trade agreement.
- International transactions are faster and are achieved in a time period close to real time.
The factors listed above facilitate the leap abroad for enterprises. From an economic standpoint, certain literature considers the fact that Markets around the world are more efficient and are tailored to customer specific requirements a positive effect of globalization.
Some scholars assert that internationalization represents a changing state. Thus, the growth of a company provides a basis to internationalization and the concepts of internationalization and growth are connected.40 They tend to describe internationalization as an incremental expansion process by which companies develop business transactions from domestic markets into foreign markets through a set of gradual structured decisions.41 Examples of these include the so-called stages theories such as the Uppsala internationalization model and other economic theo- ries.42 However, one stream of scholars suggests that Internationalization is a process, through which firms are growingly involved in international markets.43 For instance, Welch and Luostarinen (1988) state that the internationalization process is seen as incremental and sequential, through which companies become incrementally committed to international markets.44 SMEs playing an important role in the economic growth and change are facing international competition and are obliged to compete in foreign markets.45 This fact increased the attention towards the internationalization of SMEs in scientific literature. The next chapter presents motivations and goals that drive enterprises to become active at the international level.
3.2 Motives and Objectives of internationalization
The public interest towards the internationalization of Small and Medium-sized Enterprises has increased over the past years, so far as the enterprises today are distinguished themselves by a high degree of globalization and internationalization regardless of their size. In this view, the expansion of SMEs, such as the development of markets abroad, is considered decisive for the economic growth of countries.46 The research related to SMEs internationalization is considered new in comparison to internationalization of multinational Enterprises. Several efforts were made in order to distinctly define SMEs “internationalization” concept.47 Liberalization of trade, advancement in telecommunications and transport, and the internet have created completely new business opportunities for SMEs, and simultaneously, confronted them with stronger international competition, as the information-communication revolution has diminished the significance of home-market size and geographic distances. Improved international competition and liberalized global markets are pushing SMEs to internationalize because it is the only way to sustain competition. The reasons underlying the expansion of SMEs to foreign markets are poorly researched, but the literature suggests that their internationalization activity is primarily built on exports, and seldom develop to establishing plants abroad.48
Factors facilitating business activities of SMEs were mainly triggered by different political and economic developments such as liberalization of global trade, the opening of the borders to the East, EU-integration, and saturation of traditional markets and by the increasing cost pressure on domestic and foreign markets. Like this, access to new market has been opened through liberalization. On the other hand, this has increased the competitive pressure due to a large number of new market participants. Due to high domestic competitive pressure, companies are inclined to offset the loss of market share with potential opportunities abroad. Generally, companies tend to increase their foreign commitment when their strategic goals can no longer be achieved solely through domestic opportunities or operations. In this view, domestic markets are saturated and companies reach their limits in domestic markets.49 Despite the aim of profit, there are other specific reasons justifying involvement abroad. The decision whether to expand business activities beyond national borders or not is dependent on internal factors such as the company aims to expand and external push/pull factors. Pull-aspects are actions that facilitate the abroad going process of the company such as the reduction of restrictions on trade, simplified communication systems or cost reduction in foreign countries. In contrast to that, Push aspects are those which urge the enterprise to undertake reactive change such as the shortened-time process in production and costs in the domestic market, and the shift of important customers abroad.50 In fact, companies are often forced to follow their main customers abroad. For instance, particularly suppliers to the automotive and electrical industries are often obliged to align their key customer demands or requirement with their production on the spot.51 Despite the various influencing factors, companies’ objectives are quite similar and in accordance. The pursued objectives can basically be divided into five headings: sales, financial, sourcing, competition orientated and other objectives. The primary goal of a company is Profit Maximization and the reduction of costs. Internationalization could contribute in this sense to skim the potential of new markets, to efficiently use the domestic production capacity and to reap beneficial economies of scale through expansion. Furthermore, cost streamlining can be achieved through lower production and transportation costs abroad. SMEs' motives reside mainly in the development of new markets and in the skimming of domestic market potential. In addition, procurement costs also play a major role as well. 65% of SMEs surveyed in a study believe that this is a crucial aspect of internationalization. The reduction of procurement costs is for the interviewed companies more important than the reduction of production costs (41%), as shown in the following diagram:52
Abbildung in dieser Leseprobe nicht enthalten
Figure 1 - Motives for the internationalization of SMEs
The publisher of the study considered this as further proof that the establishment of production sites abroad by SMEs are not primarily made with the intent to reduce costs, but to build a long-term market proximity and to reap market potentials. In addition, it can be deduced on the basis of the results of the study that SMEs proactively engage in activities abroad to establish themselves in new markets. The study also refutes the presumption that companies generally consider Germany as an unfavorable location to set up new business activities due to high tax rates and production costs, since these two motives have been classified as less significant than expected.53 54
[...]
1 Cf. Krystek/Zur (2002), P. 21 ff.
2 Cf. von Behr/Semlinger (2004), P. 17.
3 Cf. Sattes et al. (1998), P. 9.
4 Cf. Federal Statistical Office (2011), P. 1086.
5 Cf. Federal Statistical Office (2011), P. 1086.
6 Cf. Guenterberg/Kayser (2004), P. 5.; OECD (2002a), P. 122 ff.; OECD (2002b), P. 22.
7 Cf. Gruner & Jahr AG/Deutscher Sparkassen/Giroverband (2008).; Welter (2003), P. 34 ff.
8 Cf. KfW Bankengruppe (2000).; Weber/Kabst (2000).; Bassen/Behnam/Gilbert (2001).; Lau/Zywietz/Faix (2005).; Brenken (2006).
9 Cf. Hoffmann/Holz/Kranzusch (2013), P. 49.
10 Cf. Aichele/Felbermayr (2011), P. 20 ff.
11 Cf. Final CETA text (2016).
12 Cf. Christodoulou (2009), P. 4 ff.
13 Cf. Schulte-Zurhausen (2005), P. 339.
14 Cf. Kabst (2004), P. 2.
15 Cf. Günterberg/Kayser (2004), P. 2.
16 Cf. European commission (2006), P.14.
17 Cf. Source: Own representation based on European Commission (2006), P. 14.
18 Cf. European Commission User Guide (2003), P.13.
19 Cf. European Commission (2006), P. 16 ff.
20 Cf. Günterberg/Kayser (2004), P. 3.
21 Cf. Source: Own representation based on Günterberg/Kayser (2004), P. 3.
22 Cf. Günterberg (2012), P. 175 ff.
23 Cf. Schulte-Zurhausen (2005), P. 340.; Sweeney (1983), P. 73.
24 Cf. Schulz (2005), P. 10 f.
25 Cf. Messerschmidt (2006), P. 25 ff.
26 Cf. Svetlicic/Jaklic/Burger (2007), P. 37.
27 Cf. Schulz (2005), P. 10.
28 Cf. Schulz (2005), P. 10.
29 Cf. Simon (1955), o. S.
30 Cf. Messerschmidt (2006), P. 25 ff.
31 Cf. Nienhaber (2003), P. 17.
32 Cf. Messerschmidt (2006), P. 26.
33 Cf. Korsakiené/Tvaronaviciené (2012), P. 295.
34 Cf. OECD (2002), P. 7 f.
35 Cf. Söllner (2014), P.42 f.
36 Cf. Svetlicic/Jaklic/Burger (2007), P. 37.
37 Cf. European Commission (2006), P. 5.
38 Cf. Bran/Rädulescu/Ioan (2014), P. 1 ff.
39 Cf. Barsauskas/Schafir (2003), P. 40 ff.
40 Cf. Buckley/Ghauri (1993), P. 9 f.
41 Cf. Hooley/Loveridge/Wilson (1998), o. S.
42 Cf. Johanson/Vahlne (1990), P. 11 ff.; Westhead/Wright (2001), P. 333 ff.
43 Cf. Johanson/Vahlne (1977), P. 23 ff.
44 Cf. Welch/Luostarinen (1988), P. 36 ff.
45 Cf. Svetlicic/Jaklic/Burger (2007), P. 37.
46 Cf. Hollensen/Boyd/ Dyhr-Ulrich (2011), P. 7.
47 Cf. Korsakiené/Tvaronaviciené (2012), P. 295.
48 Cf. Selassie et al. (2004), P. 175 f.
49 Cf. Albaum/Strandskov/Duerr (2001), P. 56 ff.
50 Cf. Volery/Jakl (2006), P. 3.
51 Cf. Messerschmidt (2006), P. 33.
52 Cf. Fantapié (2006), P. 114.
53 Cf. Source: Own representation based on Behnam/Gilbert (2000), P. 9.
54 Cf. Behnam/Gilbert (2000), P.10.
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