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7. References Balteş N., Jimon Ş., (2019), The Effectiveness of Pension Systems in Some Countries of Central and Eastern Europe, “Ovidius” University Annals-Economic Sciences Series, vol. XIX, nr. 1, pp. 555-561. Bauman, Z., (2011), Culture in a Liquid Modern World, John Wiley & Sons, Cambridge. Begum, S., Wesumperuma, D., (2012), Overview of the Old Age Allowance Programme in Bangladesh, in: Handayani S.W., Babajanian B. (eds): Social Protection for Older Persons, Asian Development Bank. Boadway, R., Keen, M., (2000), Redistribution, in Atkinson, A., Bourguignon

References Ahmed, A. S., Neel, M., and Wang, D., 2013. Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence. Contemporary Accounting Research, 30(4), 1344-1372. doi: http://dx.doi.org/10.1111/j.1911-3846.2012.01193.x Akerlof, G. A., 1970. The Market for 'Lemons': Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 84(3), 488-500. doi: http://dx.doi.org/10.2307/1879431 Albu, C. N., and Albu, N., 2015. Introduction to the Special Issue on Accounting Academia in Central and Eastern Europe. Accounting

). Întreprinderea socială: cum se distinge acest mod de a face afaceri faţă de alte întreprinderi?/ Social Enterprise: How does this Way of doing Business differ from other Forms of Enterprise. Calitatea. Acces la succes/Quality. Access to Success (Scientific Journal of Management Systems ©SRAC), 17(153), 23-27/108-110. Staicu D. (2017). Policy framework and legal forms of social enterprise in Central and Eastern Europe. Proceedings of the International Conference on Business Excellence, Volume 11, Issue 1, pp. 875-883. ISSN (Online) 2558-9652. doi: https://doi.org/10.1515/picbe

.europa.eu/social/BlobServlet?docId=16382&langId=en . Labaye, E., Sjåtil, P.E., Bogdan, W., Novak, J., Mischke, J., Fruk, M., Ionuțiu, O. (2013). A new dawn: Reigniting growth in Central and Eastern Europe . Retrieved from McKinsey Global Institute Website: http://www.mckinsey.com/global-themes/europe/a-new-dawn-reigniting-growth-in-central-and-eastern-europe . O’Byrne, D., Lean, J., Moizer, J., Walsh, P., Dell’Aquila, E., Friedrich, R. (2015). Social Enterprise in the European Union: A Review of Policy. Soc & Pub. Pol. Rev. 9, 1 University of Plymouth Press , 15-16. Retrieved from https

1 Introduction Institutional analysis has been generally accepted as a necessary way of understanding socioeconomic development. There are several studies in the literature which use this methodology in the investigation of the transition from a socialist to a capitalist system and the stabilized institutional arrangement of post-socialist countries. This paper examines how institutional analysis can contribute to the understanding of the current position and future perspectives of Central and Eastern European (CEE) countries which are European Union (EU) member

intermediaries), or decentralized, when this function is primarily performed by the capital market. The analyses relate to the size, significance and share of both these segments in the national financial intermediation systems. The study also included financing from abroad in the form of direct investments. Central and Eastern European (CEE) countries, moving from a centrally planned economy to a market economy, faced the necessity to build a financial intermediation system from the basis (or rebuilt an existing one), so they could choose a model, which they considered to be

Administration Review , 62(5), 527–540. Vintar, M., Rosenbaum, A., Jenei, G., Drechsler, W. (eds.) (2013). The Past, Present and the Future of Public Administration in Central and Eastern Europe . Bratislava: NISPAcee Press.

Stefan, C. (2017), “The growth poles and the lagging regions of Romania - a county level approach for 2015”, Management & Marketing. Challenges for the Knowledge Society, Vol. 12, No. 3, pp. 456-473. Szyjko, C.T. (2011). Future of the European social model. Journal of International Relations, 9(1), 84-96. Timofei, L. (2011). The European Social Model - pros and cons. Journal of Doctoral Research in Economics, III(4), 11-18. World Bank (2014). Strengthening recovery in Central and Eastern Europe - EU 11 Regular Economic Report. Retrieved from http

. Oxford: Oxford University Press. Drechsler, Wolfgang. 2005. “The Re-Emergence of Weberian Public Administration after the Fall of New Public Management: The Central and Eastern European Perspective.” Handuskultuur 6, 94 – 108. Erlandson, David A., Edward L. Harris, Barbara L. Skipper and Steven D. Allen. 1993. Doing Naturalistic Inquiry: A Guide to Methods . Newbury Park, CA: Sage Publications. Hofmann, Herwig C. H. 2008. “Mapping the European Administrative Space.” West European Politics 31(4), 662 – 676. Koprić, Ivan, Gordana Marčetić, Anamarija Musa, Vedran

Abstract

Purpose: Despite the importance of innovation, the full innovation potential of companies operating in the industrial sector of Central and Eastern Europe (CEE) seems not to have been unlocked yet. Thus, the primary purpose of the study was to explore the key elements of company innovation policies applied on the way to successful innovation. Methodology: The study is based on qualitative methods. The aim of the study has been achieved through 24 semi-structured interviews conducted with senior management, project leaders, and R&D specialists employed at companies operating in the industrial sector in CEE. The time frame covers the period of the fourth quarter of 2016 and the first quarter of 2017. Findings: Managing disruption consists of focusing on innovation development stage and following market imperatives by making the innovation try to address the market needs. Balancing portfolio requires considering product and process innovation jointly. Furthermore, 62% of the interviewees say that breakthrough innovation results ultimately from numerous incremental advancements. As far as policy integration is concerned, achieving competitive advantage through internal research is common amongst technological leaders, while market contenders turn to external cooperation. Moreover, incorporating CSV principles into the concept of innovation policy appears to be a necessity. Managing intangibilities comes down to patents. Research limitations: The research was burdened with such limitations as respondents experiencing time pressure and the use of only one source of information (the interviewees). Originality: Despite much general evidence, the study attempts to complement the rare qualitative studies on innovation in CEE. It was carried out as a response to the lack of an in-depth study covering such recurrent challenges in the field of company innovation policies as disruption, portfolio balancing, integration, intangibilities’ management, and play.