Financial Crisis
The financial crisis of 2007–2008 was the worst since the Great Depression of the 1930s. It resulted in the collapse of several large financial institutions, the bailout of banks by national governments, precipitous drops in credit markets, and downturns in stock markets around the world. In the US and other areas, the housing market crumbled, resulting in evictions, foreclosures and prolonged unemployment. The crisis also led to the failure of businesses large and small, including major auto companies and manufacturers, massive declines in consumer wealth, particularly retirement assets which dropped 22%, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis.

The US Government Accounting office estimates that the financial crisis cost the US economy more than $22 trillion. The IMF, in turn, reports that the resulting capital injections pumped into banks to prevent them from collapse, the cost of soaking up so-called toxic assets, and guarantees over debt and liquidity support from central banks, equals one-fifth of the globe's annual economic output.

Economies and businesses in CEE suffered from the credit collapse and growth rates in world trade and national GDP of the EU-10 members went from over +6% in 2007 to -4% in 2009. Credit growth dropped over 35% in the Baltic States and Balkan region in this period, less so in Višegrád countries. Unemployment also rose. The Financial Crisis Survey of firms in several CEE countries found that more than 70% reported significant drops in demand for products and services, resulting in reduced revenue, declines in capacity utilization, employment losses, financial distress and, all too often, exits from the marketplace.
"greed, ineptitude or both"
Various national, multi-national, and multi-lateral commissions examined the causes of the financial crisis. They pointed to the financial sector for shoddy mortgage lending, excessive packaging and sale of loans to investors, and risky bets on securities backed by the loans, driven by what the US Financial Crisis Inquiry Commission characterized as "greed, ineptitude or both." Their report states, "The crisis was the result of human action and inaction, not of Mother Nature or computer models gone haywire. The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand and manage evolving risks…." In response, national governments instituted regulating governing financial instruments and Wall Street practices and, as of this writing, new capital requirements are being imposed on banks.

The public took a broader view of the causes and consequences of the crisis. The Occupy Wall Street movement, involving encampments of young people and disenchanted citizens in cities all over the world in 2011, pointed to unbridled capitalism as the culprit and to rising income inequality as its results. Indeed, over the last two decades, the gap between the average per-capita GDP in the twenty richest and poorest countries doubled; and, despite some recent improvement, over 3.6 billion people still live on less than two dollars a day. In the US, the top "one-percent" accounts for 25% of the nation's income and 40% of the wealth, up from 12% and 33% a quarter century ago.

Business practices ranging from short-term profit-taking to outsized CEO compensation and slavish attention to stock prices, as opposed to firm performance, were decried by reformers in both business and academe. Voices of concern were raised in CEEMAN as well. Speaking to the mantra of taking the best from the West and leaving the rest, Sergey Mordovin remarked:

We haven't managed to take 'all the best', and unfortunately borrowed much that was less than desirable from the 'rest.'
Sergey Mordovin
In the wake of the crisis, proposals for new variants of capitalism and new models of responsible conduct are many and varied, including, for instance, calls for a more "conscious capitalism" that transcends profit maximization and calls for deeper engagement of employees, customers, and communities; for "natural capitalism" that emphasizes the economic value of nature and speaks to its restoration and renewal, and for a more "community-based capitalism" which is based in local living economies and emphasizes social sustainability. While there are those who call for reduced economic growth and restraints on consumption, the unifying feature of most calls for reform is their focus on shared prosperity.

Naturally, the financial crisis, its roots in prevailing management theory and practice, and myriad ideas for reform were on the agenda in CEEMAN member schools and at annual meetings.

CEEMAN Board members at the 15th CEEMAN Anniversary, Annual Conference in Tirana, Albania, 2008.
From left to right: Leonid Evenko, Madis Habakuk, Witold Bielecki, Modris Ozolins, Virginijus Kundrotas, Olga Veligurska, Pavlo Sheremeta. Front: Danica Purg

Reconsidering the Role and Purpose of Business Schools
The global financial crisis led to a reduction in MBA applications and to considerable introspection among business school deans, directors, and faculty.
US and to some extent European business schools were from 2001 onward swollen with MBA students being prepared for "number-crunching" jobs in investment banks, consulting firms, or big businesses undergoing regular restructuring and resizing. The global financial crisis led to a reduction in MBA applications and to considerable introspection among business school deans, directors, and faculty over the financial finagling of managers and companies that precipitated it. All of this built on the momentum raised in earlier critiques on the failings of business and management education.

In addition, Sumantra Ghoshal of the London Business School published an eloquent and urgent essay about how "bad management theories are destroying good management practice." He chastised the academy for uncritically embracing agency theory and its notions that managers are simply agents for the owners of the firm, its shareholders. In so doing, he made the point that firms are more than financial capital and that managers serve as agents for multiple interests, including societies and the planet. Then the publication From Higher Aims to Hired Hands: The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession by Rakesh Khurana appeared and stimulated a top-to-bottom review of pedagogy at his Harvard Business School.

Closer to home, Danica Purg remarked:
As a result of notorious misdeeds and corporate scandals, the image of business leaders has been very much spoiled, " and Peter McKiernan reported that Western schools came under intense criticism after the financial crisis for having "lost their moral compass." "Curricula had not developed to cope with the ethical side of business," he added, "and most schools focused on the for-profit organizational form at the expense of public sector and third sector organizations.
Danica Purg
Management educators across the world activated a reform movement. Many more business and management schools signed on to the UN Global Compact's Principles of Responsible Management Education. Some 55 Deans, 44 Directors and 20 Presidents, Vice-Provosts, and Chancellors of academic institutions participated in PRME's first Global Forum at the UN in December, 2008. By the second forum in 2010, the principles had been endorsed by over 300 business schools from 62 countries. In turn, the Globally Responsible Leadership Initiative (GRLI), founded in 2004 by EFMD and the UN Global Compact, issued Globally Responsible Leadership: A Call for Action in 2008 and in that same year the Global Forum on Management Education (GFME) published a series of essays "From Challenge to Change: Business Schools in the Wake of Financial Crisis."

CEEMAN itself became a PRME Steering Committee member in 2010. CEEMAN also conducted research on the impact of the economic crisis and downturn on management and management education. A 2009 Survey on Business School Responses to the Global Crisis was completed by some 179 faculty in 47 countries, with most having some administrative responsibilities at their schools. Just over 20% of the sample came from CEE faculty.

Interestingly, most respondents believed that this would be a long-term crisis rather than a short-term one. Western Europe respondents from Spain and the UK thought that the impact had been more severe for them than for other countries; in CEE, respondents from Hungary and Latvia expressed a similar viewpoint.
What was the cause for the crisis?
Respondents were also asked what, in their view, contributed most to the current crisis. By far the most fingers pointed to shortcomings with respect to business ethics. However, many cited a fixation on finance-and-economics in companies and a lack of corporate leadership. As for management education, respondents were generally critical of the courses and emphases in business schools. There was a feeling that faculty simplify too much in developing theories and that the prevailing pedagogy is too "bottom-line" oriented rather than broadly focused on the needs of society.

Among respondents there was agreement that business schools are to "some extent" to blame for the financial crisis. However, they also stated that there are not very strong pressures for changing the curriculum from businesses, students, or even in their schools.

The findings were discussed at the 2009 annual CEEMAN conference "Local Responses to Global Crisis", in Riga, Latvia where it was agreed that there were deficiencies in contemporary financial theory and that business schools should focus their students and companies more on "learning" than on "earning." CEEMAN would continue its engagement with PRME and broad issues pertaining to corporate social and sustainability in the years ahead.

Dancing at the 16th CEEMAN Annual Conference in Tirana, 2008

A New View of Corporate Social Responsibility
Nowadays business leaders have to concern themselves with serious social ills.
A few decades ago it was possible for most business leaders to do their jobs unaware of issues pertaining to societal welfare, conditions in the natural environment, the health and work-life concerns of employees, and human rights in nascent global supply chains, among numerous other matters. They were largely unaffected by activist NGOs and shareholder resolutions, the threat of protests and boycotts, not to mention calls for greater transparency and the dramatic increase in exposure provided by the Internet. Those days are long gone.

Nowadays business leaders have to concern themselves with serious social ills such as chronic poverty and unemployment, declining education and infrastructure in their communities, global warming and a deteriorating biosphere, worrisome demographic and consumption trends, industry-specific issues, such as obesity, digital piracy and privacy, HIV/AIDS, and more––all embodied in the heightened expectations of customers, investors, employees, regulators, and the public for accountable and socially responsible business behavior. Amidst these challenges, they still have to do what they've always had to do: produce growth, deliver results, develop their people, and innovate to meet marketplace needs and counter their competitors.

In Beyond Good Company, Bradley Googins, Philip Mirvis, and Steven Rochlin describe how select companies worldwide began repurposing themselves for a socio-commercial role that positioned them alongside, rather than in opposition to, NGOs and governments as co-protectors of the environment and co-creators of value for society—a big step beyond the traditional definition of CSR as a philanthropic activity. Behind this has been a redefinition of the business of business: from a comparatively narrow focus on profit maximization where responsibility and accountability are owed primarily to financial stakeholders to one where a firm's reputation and license to operate also hinge on effective stakeholder relationships and companies embrace social responsibility as a means to mitigate risks, capitalize on opportunities, and differentiate themselves in the marketplace.

Vladimir Mau opening the Executive Education Forum in Moscow, 2008

Poverty Reduction
There were 4 billion people in the world living on less than two dollars a day—despite decades of international aid programs, World Bank infrastructure spending, and private philanthropy.
Countless case studies, books, articles, and technical reports have been issued in the past years that document this transformation in companies and in societies and detail the "why-s" and "how-s" of doing business in more holistic and sustainable ways. Several have had a special relevance in CEE and other dynamic markets. In 2004, C. K. Prahalad wrote The Fortune at the Bottom of the Pyramid and in 2005 Stuart Hart presented Capitalism at the Crossroads. These volumes noted that, at that time, there were 4 billion people in the world living on less than two dollars a day—despite decades of international aid programs, World Bank infrastructure spending, and private philanthropy. They advised businesses to step up and see opportunity, rather than just problems, in bringing the base of the-pyramid (BoP) into the market.

Cognizant that the BoP today will be the middle-class of tomorrow, Prahalad proposed that businesses engage the poor as resilient and value-demanding consumers who could afford higher-quality goods and services provided that companies would find new, and less expensive, ways to source, manufacture, and distribute them. Hart, in turn, focused on the poor as business partners and innovators, rather than just as potential producers or consumers. In the years ahead, companies like Unilever, Nestlé, Dow Chemical, SC Johnson, Solae, and many more would develop radically new BoP business models to bring these ideas into practice.
What is the relevance of this in CEE and its environs?
A 2005 World Bank study on Growth, Poverty and Inequality: Eastern Europe and the Former Soviet Union reported that despite significant poverty reduction in the prior five years, more than 60 million in the region were poor and more than 150 million vulnerable. The report noted, "The highest levels of absolute poverty are found in the poor countries of Central Asia and the South Caucasus, but most of the region's poor and vulnerable are in middle-income countries"—and many constitute the working poor. Needless to say, poverty rates climbed dramatically in the aftermath of the financial crisis.

During this period, business educators worldwide and in CEE expanded their coverage of CSR and sustainability in their courses, case writing, and research, and explored business's role in poverty reduction in their classrooms and field studies. CEEMAN stepped up by leading the formation of the PRME Working Group on Fighting Poverty through Management Education whose vision is to be an advocate for the integration of poverty-related discussions into all levels of management education worldwide. It is based on three principles:

- Poverty is a legitimate topic for discussion and research in schools of business and management

- Business should be a catalyst for innovative, profitable and responsible approaches to poverty reduction

- Multiple stakeholder engagement is needed for innovative curriculum development

CEEMAN's surveys of management educators and hosting of workshops in these regards, and its report to the Rio+20 Conference held in June, 2012, are addressed further on.

Executive Education Forum, Moscow, 2008

Sustainability and Shared Value
Studies of CEE during the first transition years found that "the heavy industrial activity took a heavy toll on both the region's population and its environment..."
The first "Earth Day" was in 1970. Paul Hawken wrote, The Ecology of Commerce: A Declaration of Sustainability in 1993, but it took another decade for business to turn its attentions seriously to environmental sustainability as documented in Daniel Esty and Andrew Winston's 2006 book Green to Gold. Here, too, the relevance for CEE is clear. Studies of CEE during the first transition years found that "the heavy industrial activity took a heavy toll on both the region's population and its environment. Various local populations were suffering from high rates of cancer, respiratory issues, and infant mortalities. The environments in the areas around the industrial regions were damaged on unprecedented levels… (there were) also trans-boundary pollution problems."

The United Nations Environment Program Finance Initiative, Central and Eastern European Task Force reported in 2005 that CEE "still faces a complex set of environmental challenges such as hazardous waste sites in residential areas, low energy efficiency, urban air pollution, and deteriorating water and sewage systems. The situation has improved in those CEE countries that have adopted European Union (EU) environmental regulations." In turn, contemporary studies record some environmental improvements in the EU-10 but Russia, Georgia, Ukraine, and other nations in that region face continuing problems with air pollution, water quality and quantity, land degradation, and loss of biodiversity and ecosystem services. These countries are especially vulnerable to climate change.

In the face of this, many CEE management faculties have incorporated concepts of environmental sustainability and green business into their curricula. CEEMAN's membership in PRME is a further stimulus to developments in this area.

In an interview with the CEEMAN News, UN Global Compact Executive Director Georg Kell said:
Management schools in emerging economies are often very close to the social and environmental challenges, such as inequality and environmental degradation, which the UN is trying to address at the global level. As PRME's goal is to encourage management schools to develop relevant solutions for their local context, we'll likely see the most innovative approaches to responsible management education developed in these markets. PRME provides a unique platform to exchange ideas and learn about these approaches so they can be integrated by schools in other regions.
Georg Kell, UN Global Compact Executive Director
Does the wealth-creating function of business include societal welfare and the health of the planet? An affirmative answer to this expands responsibilities of business and its leaders to partner with other companies and other sectors to address water use, climate change, corruption, the impending Type II diabetes pandemic, and other matters where business has historically been part of the problem and is being called upon to be part of the solution.

This seemingly heretical idea was positioned as a way to "fix capitalism" in a 2011 Harvard Business Review article by Michael Porter and Mark Kramer on "Creating Shared Value." A decade of research has demonstrated that products and services based on eco- and social-innovations can produce value to business and to society. Particularly in the West but growing worldwide, there is a move toward healthy and sustainable consumption. This has led to improvements in working and environmental conditions in supply chains and in local supplier communities, and to the launch of fair-trade coffee, tea, and chocolate, organic foods and cotton clothing, easy-to-recycle goods, and myriad cause-related products into the marketplace. Studies estimate that the size of the LOHAS (Lifestyles of Health and Sustainability) market will grow to $845 billion by 2015. Research also finds that while social responsibility is a significant driver in attracting employees in the US and Western Europe, it is even more appealing to employees and recruits in emerging markets. Socially responsible investing is also on the rise worldwide.

For all of these reasons, and more, management educators throughout the CEEMAN world are taking steps to broaden and deepen their focus on educating managers for an enlarged role in society. As Danica Purg puts it:
Their purpose is to make (managers) more responsible, to change their mindsets, broaden their knowledge, and enrich it with sustainable development, ecological issues, and a more holistic education.
Danica Purg
IEDC Bled has been a leader with its experiential management programs in Sarajevo and use of art to raise managers' consciousness of their interior life and the world around them. A 2012 annual conference in South Africa would expose Deans and Directors to mind-expanding and heart-rending leadership journeys led by the Gordon Institute of Business into townships in Johannesburg.

And scholarship on sustainability, shared values, and the issues of the day grows at pace in CEEMAN members schools. IEDC Nadya Zhexembayeva, born in Kazakhstan, produced a 2011 volume Embedded Sustainability: The Next Big Competitive Advantage (co-authored with Chris Laszlo) that is an exemplary model of practical scholarship in this area.

IQA Award to IAB Kazakhstan. 18th CEEMAN Annual Conference, Caserta, Italy, 2010

Social Innovation
The idea that businesses should stimulate and engage in social innovation or "corporate social innovation" (CSI) as it is termed began not in the West
As businesses venture into this new territory of sustainability and shared value, they encounter a growing movement of people taking creative action under the banners of social innovation and entrepreneurship. This movement, largely taking shape outside of mainstream business, lifts up social (and ecological) innovation as a new and powerful way to address the world's ills. It includes legions of young people who are fashioning themselves as social entrepreneurs and a diverse set of NGOs, including Ashoka, Kiva, Taproot, KickStart and many others dedicated to developing social innovations.

The idea that businesses should stimulate and engage in social innovation or "corporate social innovation" (CSI) as it is termed began not in the West, but in the developing world as a way to create new markets to alleviate poverty. Banks, including one launched by Nobel peace prize winner Mohammed Yunus, introduced micro-credit lending whereby villagers could pool their modest savings and get small loans. Repayment rates have been upwards of 97%.

This model spread into other businesses where, for example, Mexican cement-maker Cemex introduced its Patrimonio Hoy program that gives customers technical assistance and loans to design, build and fund improvements in their housing. The path-breaking partnership between Hindustan Lever and Project Shakti, which has poor women travel to nearby villages in India selling hygienic soap and toothpaste and dispensing health advice to rural customers, showed the broader potential of corporate social innovation throughout industry.

CSI has since taken roots in companies like Shell and Dow Corning where teams are working with NGOs to develop and market affordable, safe, and efficient cook stoves for the world's poor (of whom nearly 2 million worldwide die per year due to prolonged exposure to smoke from traditional stoves). Abbott and NGO Partners in Health are building a food processing plant in Haiti that has local employees make and distribute a high-protein, high-calorie fortified peanut-based spread developed to combat malnutrition. And leading beverage companies are working with local partners around the world to market inexpensive water-purification kits and tackle water shortages.

18th CEEMAN Annual Conference, Caserta, Italy 2010

Clinton Global Initiative
CGI members have made nearly 2,000 commitments valued at $63 billion , which have already improved more than 300 million lives in 180 countries.
One of the biggest players in this milieu is the Clinton Global Initiative (CGI), established in 2005 by former US President Bill Clinton. CGI annual meetings have brought together more than 150 heads of state, 20 Nobel prize laureates, and hundreds of leading CEOs, foundation heads, philanthropists, and members of the media to "create and implement innovative solutions to the world's most pressing challenges."

On matters of innovation and sustainability, a very visible champion in CEE is Sandi Češko, Founder and Chairman of Studio Moderna Group, Slovenia. Sandi started in 1992 as an electronics retailer and today runs the leading online, multichannel retailer in 21 countries in CEE. Why did he become an entrepreneur? "For four years following my graduation from the local university in political science, I served in a youth leadership position, and although there were many positive changes and an optimism in the air in the late 1980s, I became disillusioned because as part of the political sphere we were not encouraged to actually accomplish anything and it was the pretenders that were rewarded. I was attracted to direct marketing to be relatively free of 'non-market' influences."

Studio Moderna's success caught the eye of Daniel Isenberg, Professor of Management Practice and founding executive director of the Babson Entrepreneurship Ecosystem Project, who described Sandi as a "minnovator." In his blog for the Harvard Business Review, Isenberg writes:
In reality, the vast majority of real-life entrepreneurs around the world aren't innovators. They're minnovators — mixing small parts of novelty and creativity with huge helpings of flexibility, scrappiness and a generous portion of hard-driving execution. Sandi's innovations include lightweight "Bigfish" bikes that can be folded in seconds with no screwing action or tools. Their ergonomics and dimensions are the same as those of full-sized bikes, and the bikes provide, so the advertising says, "a comfortable ride, while the 16in wheels give an added 'zip' for tight city streets.
Daniel Isenberg, Professor of Management Practice and Founding Executive Director, Babson Entrepreneurship Ecosystem Project
The bikes were a big hit at the Clinton Global Initiative (CGI) Annual Meeting in New York in 2010 where they were pitched as an environmentally-conscious way to help mass transit commuters to get to and from transit stations. Motivated by this experience, Sandi sponsored a conference on May 16, 2011, at IEDC Bled: "Building a European Network of Corporate Social Responsibility and Philanthropy, with special Participation of the Clinton Global Initiative."

Welcoming 90 business leaders, philanthropists, social entrepreneurs and heads of public organizations from 18 countries to the conference, Sandi remarked "The purpose of CGI is not to collect cash, but to focus on ideas and commitments to concrete actions, directed towards positive change." He went on to describe his own company's investments in a Balkan Child and Youth Foundation and its program in Moldova, where unemployment is running at 60%. So far the program has put 900 youth into training programs, 350 into business internships, and 259 into paying jobs.

Former US President Bill Clinton appeared in a video and reported that CGI members have made nearly 2,000 commitments valued at $63 billion , which have already improved more than 300 million lives in 180 countries. The delegates present were then challenged for ideas on how to pick up the pace, scale the impact, and keep things moving forward despite tough economic times. They did so generously and today CGI commitments are valued at more than $73.1 billion.

18th CEEMAN Annual Conference, Caserta, Italy. CEEMAN Champion Awards. From the left: Derek Abell, President of the Accreditation Committee

Danica Purg and Nadya Zhexembayeva took their own turn at promoting social innovation when they joined forces with colleagues from CEEMAN and with Andreja Kodrin from Third Millennium Knowledge who is founder and president of Challenge: Future (C:F) to launch a project for youth who "want to make a better world." C:F is the world's largest youth collaborative contest that uses web 2.0 technologies to create a virtual forum where students age 18 through 30 can submit innovations to address the world's leading social and environmental challenges. C:F is described by its founders as a global think-DO-tank which engages youth in sustainability innovations for tomorrow (THINK) while creating positive impact today (DO). To date, the competition has engaged 240,000 students from 1,450 institutions in nearly 200 countries. The finalists come annually to IEDC-Bled for an educational program that includes panels, workshops, and open discussions (C:F Academy) themed around important issues (Youth Employment in 2011; Leadership for Smart, Sustainable, and Inclusive Growth in 2012); a global virtual roundtable (C:F Youth Forum), special sessions for educators (C:F Educators Forum) and for business leaders (C:F Business Forum); and a gala ceremony where winners are announced. (See Sidebar—Challenge:Future 2010).
Sidebar: Challenge:Future 2010
IEDC hosted the 2010 Challenge:Future Summit in Bled that featured peer discussions and lectures from experts in different fields. The leading topic was sustainable development: climatologist Lučka Kajfež Bogataj presented evidence about how economic development is putting the planet under threat and Nadya talked about how for-profit businesses can be a great source of sustainable innovation. The highlight was the introduction of the student finalists in the competition.

The 2010 winners, Yen Ching Liew and Chen Sin Tan from Singapore, won the grand award of €20,000 for their proposal to redesign the doors on subway trains. The two explained in a blog addressed to future contestants: "In a highly populated, rapidly developing country like Singapore, the efficiency of the public transport system is one of
the key factors towards the development of the country….A few years
back, when we were riding the Metro, we experienced a saturated train capacity problem - squeezed in and out of the train during rush hour causes a lot of delay in the traveling time of commuters. By that
time, both of us were so frustrated about it and we had a wild thought of having the entire stretch of the side wall of the metro train transformed into a door that opened upwards rapidly so that the commuters can alight and board the train more easily…."

Their proposal, Nmetro, could reduce the passengers' travel time by 25%, increase train network capacity by 50% and reduce the number of trains required for a system by 25%. According to analysts, this new metro design can save money for government as well as the taxpayers, and reduce the raw material and energy required for a greener metro design.

The winning team's blog added, "We love the way C:F organized the competition, the way that they gather talents and how they let us develop the solutions and interact among each other; that's what made us jump in. Similarly this is also the reason that made us so supportive of this competition after the event :)"
The winners of the Challenge:Future youth competition with Sandi, Češko, Andreja Kodrin and Joel Barker, Bled, 2010

Scholarship: CEE and Beyond
Some CEE management and business schools had traditions of journal publishing that date to the formation of CEEMAN.
The lustrum 2008-2012 witnessed a full flowering of scholarship about and from CEE countries and other dynamic markets. CEE voices were evident in scholarly works From Communists to Foreign Capitalists: The Social Foundations of Foreign Direct Investment in Postsocialist Europe by Nina Bandelj (2008); Organisational Changes during the Transition in Estonia: Major Influencing Behavioural Factors by Ruth Alas (2009); and Globalizing Employment Relations: Multinational Firms and Central and Eastern Europe Transitions, edited by Sylvie Contrepois, Violaine Delteil, Patrick Dieuaide, and Steve Jefferys (2010). In testimony to the growing body of scholarship in and about the region, there were also research reviews: Handbook of Research on Entrepreneurship Policies In Central And Eastern Europe, edited by Friederike Welter and David Smallbone (2011); "Two Decades of Russian Business and Management Research: An Institutional Theory Perspective," by Sheila Puffer and Daniel McCarthy in Academy of Management Perspectives, 25(2), 2011: 21-36; and Management Research on Central and Eastern Europe from 1990 to 2010, by Michal Vlasak (2013). Research-based practitioner oriented works also emerged such as Innovation Excellence in Central and Eastern Europe: A PwC Experience by Mike Kubena, Mark Okes-Voysey, and Andrej Vizjak (2012).

Scholarly management journals in CEE began to proliferate in this era. Note, of course, that some CEE management and business schools had traditions of journal publishing that date to the formation of CEEMAN. LKAEM began publishing a bimonthly peer-reviewed journal in 1993, later retitled as Management and Business Administration: Central Europe in English and Polish, and now edited by Dorota Dobija of Kozminski University. The Russian Management Journal was established in 1993 and publishes four issues annually, originally in Russian and now also in English. Current co-editors are Valery S. Katkalo, Sberbank Corporate University; Graduate School of Management, St. Petersburg State University, Russia and David J. Teece, Haas School of Business, UC Berkeley, US.

In the last several years, many new journals in CEE (in English) were launched including Management Journal of Contemporary Management Issues by University of Split, Faculty of Economics, begun in 2005 and now edited by Marin Buble of the school; Baltic Journal of Management, started in 2006, currently edited by Ruta Kazlauskaite of ISM University of Management and Economics, Kaunas, Lithuania; Serbian Journal of Management, begun in 2006 and edited by Ivan Mihajlović, University of Belgrade, Technical Faculty in Bor, Management Department; Review of General Management started in 2009 and edited by Camelia Dragomir Stefanescu of Spiru Haret University, Romania; and Journal of Advanced Research in Management, begun in 2010 and co-edited by Andy Ştefănescu, University of Craiova, Romania and Rajesh K. Pillania, Management Development Institute, India, to name but a sample.
e-publishing has enabled scholarly peer-reviewed journals to be developed
In addition, e-publishing has enabled scholarly peer-reviewed journals to be developed, many by business and management schools throughout CEE, for on-line access. Consider: Economic Review: Journal of Economics and Business (Bosnia); Business Systems Research Journal (Croatia); Business and Economic Horizons and Central European Business Review (Czech Republic); Manager (Hungary); Eurasian Journal of Business and Economics (Kyrgyzstan); Business, Management and Education plus Organizations and Markets in Emerging Economies (Lithuania); Economics and Organization of Future Enterprise and Journal of Entrepreneurship, Management and Innovation (Poland); Journal of Economics and Business Research, Review of Economic and Business Studies, and Management Strategies Journal (Romania); Studia Commercialia Bratislavensia (Slovakia); Advances in Business-Related Scientific Research Journal and Economic and Business Review (Slovenia); and Business Inform (Ukraine). These journals, and more like them, can be accessed on various websites and are open-source.

Naturally, questions can be raised about the quality of these journals and the intent of their sponsors and contributors. On the one hand, management journals provide a vehicle for the recognition and dissemination of scholarly work and add to the body of knowledge about dimensions of management particular to CEE and dynamic markets. On the other, they can feed the "publish or perish" dynamic so prevalent in Western business schools, and can yield what Mats Alvesson and Yiannis Gabriel characterize as "formulaic" research that "constrains the imagination and creativity of scholars and restricts the social relevance of their work." They write, "Formulaic research involves extreme specialization, an incrementalist and ultra-cautious attitude toward theoretical contributions, formulaic methodologies, and a standardized article presentation targeted at very narrow and sympathetic academic communities."

On these points, also remember the words of Derek Abell, "I think there is quite widespread support in CEEMAN for education that is relevant and practice-oriented and that recognizes that great teaching requires great research and case writing behind it. I think we recognize also that we should not fall into the trap of many leading schools in the USA and Western Europe which are ignoring teaching to focus more and more on purely academic research."

Teamwork at the Program Management Seminar 2012

Global Developments
CEEMAN'S WORLD 2008-2012
Apart from the financial crisis, there were other global developments from 2008-2012 of relevance for CEE countries, managers, and schools. In 2008, Kosovo declared independence and Radovan Karadžić, the first president of the Republika Srpska, was arrested in Belgrade, Serbia, on allegations of war crimes, following a 12-year-long manhunt. In 2010, the President of Poland Lech Kaczyński and a generation of Polish dignitaries were killed in a plane crash, and in Kyrgyzstan an interim government called a referendum after President Kurmanbek Bakiyev was overthrown in April. The referendum took place about two weeks after a wave of clashes between ethnic Kyrgyz and Uzbeks in the south where hundreds of people were killed. In 2012, Vladimir Putin re-assumed the presidency in Russia and civil society groups protested publicly.

The "Arab Spring" began in December, 2010 leading to the overthrow of strongman regimes in Tunisia, Libya, and Egypt and, later, to civil war in Syria. Osama bin Laden was killed on May 2, 2011. In turn, the EU bailed out debt-ridden Greece, Portugal, and Spain which were marked by high unemployment and massive public protests over austerity measures. This period also saw mass shootings in a theater and a school in the United States and at a summer camp in Norway; and terrorist bombings in a Russian airport and a Mumbai bazaar.

The 2009 Copenhagen climate summit and RIO+20 moved the attentions of governments and businesses forward on climate change—just not very far. And while climate change skeptics criticize studies for only sampling, say, the past 2,000 to 3,000 years, a new study published in Science contends that there has not been a rise in the earth's temperature of this magnitude in the past 11,300 years!

Bill Gates retired from Microsoft in 2008 and thereupon launched the Gates Foundation to help address global problems. Apple Founder Steve Jobs died October 5, 2011 with his company number one in market capital. By the end of 2012, there were 2.4 billion Internet users worldwide and 6.8 billion mobile-cellular subscriptions, the majority in the developing world. An cover story on "Africa Rising in The Economist credited the continent's emergence on the global economic stage to democratic reforms and mobile phone connectivity. CEEMAN members would see this first-hand at the annual meeting in 2012.

CLADEA Annual Conference, Lima, Peru, 2012. Milenko Gudić represents CEEMAN.

Text — adapted from the book "CEEMAN - 20 Years of Creating History" by Philip H. Mirvis and Arnold Walravens, 2013

Production and Design — Artyom Ushnichkov, 2018