Portrait of Dr Carmen Stoian

Dr Carmen Stoian

Senior Lecturer in International Business

About

Dr Carmen Stoian is a Senior Lecturer in International Business at Kent Business School, University of Kent. She holds a PhD from the University of Kent.
Dr Stoian acts as a reviewer for several conferences and journals, including the Journal of World Business, Business Ethics: A European Review and the Journal of Business Ethics. Dr Stoian has contributed to a report on the European funding commissioned by the British Parliament. 

Research interests

How institutions affect international business and have employed institutional theory to examine the determinants of inward and outward foreign direct investment from Central and Eastern Europe.
Carmen’s research interests are of a multidisciplinary nature and combine quantitative and qualitative approaches. She also works on investigating Corporate Social Responsibility practices in the UK as well as in emerging economies.
Dr Stoian has published in various journals such as: 

  • International Business Review
  • International Journal of Entrepreneurship and Innovation Management
  • Business Ethics: A European Review
  • Journal of European Integration
  • Journal of International Business and Economics
  • International Journal of Economics and Business Research
  • Global Business and Economics Anthology.  

Teaching

Dr Stoian teaches in International Business at both undergraduate and postgraduate level.
She has previously taught International Business at MBA level at KBS, and as part of modules delivered to visiting students from partnering German universities. Carmen has also taught lectures and seminars in Corporate Social Responsibility at postgraduate level. 

Supervision

Dr Stoian is happy to supervise PhD projects in areas of International Business and Corporate Social Responsibility related to her area of expertise. 

Past Supervisees

  • Roger Mongong Fon: China’s FDI into Africa: An institutional perspective
  • Juliane Thieme: The Political Economy of Backpacker Tourism Consumption and Production in Colombia
  • Gaye Bebek: Analysing the Differences in the Cultural Meaning of Green Products.
  • Jeanette Hexter: Cultural Consequences for European Collaborative Arrangements in Telecommunications: A German View.
  • Zita Stone: Financial System Development in Central and Eastern Europe: Time for Equity Culture? 

Professional

Member of the Academy of International Business and European International Business Academy.

Drawing on her research with Dr Gilman on ‘SMEs, CSR and Firm Growth’, she has produced a factsheet on ‘CSR that Pays for SMEs’ that was distributed to SMEs in the UK using the network of the Centre for Employment, Competitiveness and Growth that Dr Mark Gilman chairs. 


Publications

Article

  • Stoian, C. and Gilman, M. (2016). Corporate Social Responsibility That “Pays”: A Strategic Approach to CSR for SMEs. Journal of Small Business Management [Online] 55:5-31. Available at: http://dx.doi.org/10.1111/jsbm.12224.
    This study adopts a strategic approach to corporate social responsibility (CSR), puts forward a model of CSR activities that enhance small and medium enterprises (SMEs) growth, and argues that by aligning CSR activities with the competitive strategy of the firm, SMEs enhance firm growth. We test this model using multinomial logistic analysis and data from a survey with 211 U.K.-based SMEs. We find that CSR activities related to the community enhance firm growth for all SMEs, but especially for firms adopting a cost leadership strategy, and that CSR activities related to the workforce are crucial to avoid sales decline, especially for SMEs adopting a differentiation or a quality-driven strategy. We also find that environment-related CSR activities are not beneficial for SMEs' growth and that human rights–related CSR activities slow growth for firms adopting a differentiation or a quality-driven strategy. Finally, we put forward managerial and policy recommendations.
  • Stoian, C. and Mohr, A. (2016). Outward foreign direct investment from emerging economies: escaping home country regulative voids. International Business Review [Online] 25:1124-1135. Available at: http://dx.doi.org/10.1016/j.ibusrev.2016.02.004.
    The internationalisation of multinationals from emerging economies raises the question of whether mainstream theory can explain this phenomenon. We combine the explanations of outward foreign direct investment (OFDI) provided by the institution-based view and the investment development path (IDP) and suggest that the combined use of these explanations contributes to the reconciliation of the mainstream and emerging views of internationalisation. We argue that although OFDI is undertaken by firms to overcome the competitive disadvantages resulting from home country regulative voids, escapist investment is facilitated if these firms possess certain competitive advantages that help them overcome the liability of foreignness when expanding abroad. We thus expect the impact of regulative voids on OFDI to vary with the level of local firms’ ownership advantages. Our analysis of OFDI flows from 29 emerging economies over 17 years (1995–2011) provides support for the direct effects of two types of regulative voids and for the three suggested moderating effects of firms’ competitive advantages.
  • Stone, Z., Filippaios, F. and Stoian, C. (2014). Equity Culture Development in Central and Eastern Europe: The Role of Institutional and Managerial Factors. Research in International Business and Finance [Online] 31:234-263. Available at: http://dx.doi.org/10.1016/j.ribaf.2013.09.005.
    In this paper we argue that the development of equity culture in the CEECs is dependent on the presence of a combination of factors stemming from the external institutional and internal managerial environments of the firm. We adopt an inductive approach by firstly analysing two levels of data followed by a conceptualisation based on gained results. We examine data for ten CEECs (all current EU members) for four years 1996, 2000, 2004, and 2008. To examine the characteristics of the institutional and managerial environments of the CEECs and assess their similarities to four benchmarks (UK, USA, Germany, and Japan) we apply a Co-Plot methodology. We find that the presence of an advanced and well developed institutional framework together with the existence of specific managerial conditions is a necessary condition for equity culture development. One could argue that in the CEECs the transition process of institutional conditions necessary for the development of a sound financial system is in place but with some limitations. Furthermore, we find that managers in countries with the best potential for equity culture development are highly motivated, high-skilled people with international corporate experience.
  • Stoian, C. (2013). Extending Dunning’s Investment Development Path: The Role of Home Country Institutional Determinants in Explaining Outward Foreign Direct Investment. International Business Review [Online] 22:615-637. Available at: http://dx.doi.org/10.1016/j.ibusrev.2012.09.003.
    Recent years have seen an increase in outward foreign direct investment (OFDI) from emerging markets and post-communist economies alike. Given the specific institutional fabric of these countries, the question is whether mainstream theory can explain the drivers of foreign direct investment outflows or whether new theories are needed to explain this phenomenon. This paper aims to investigate the home country determinants of OFDI from post-communist economies. We augment the Investment Development Path (IDP) with explanations derived from institutional theory and explain the effects of home country institutional factors on the level of OFDI. We test our hypotheses using random effects estimations on a comprehensive panel dataset comprising of OFDI from 20 Central- and Eastern European countries. Our results support the IDP's main propositions but also highlight the importance of accounting for home country institutional factors when investigating the determinants of OFDI. In particular, we find that the inclusion of institutional variables increases the explanatory power of our models and that competition policy and overall institutional reforms play a crucial role in explaining OFDI from CEE countries with important implications for FDI theory.
  • Stoian, C. and Zahara, R. (2012). CSR Development in Post-Communist Economies: Employees’ expectations towards corporate socially responsible behaviour: The case of Romania. Business Ethics: A European Review [Online] 21:380-401. Available at: http://dx.doi.org/10.1111/beer.12000.
    Drawing on stakeholder theory and the evolutionary approach to institutions, this paper investigates the channels through which CSR is developed in post-communist economies by focusing on the employee- background factors that shape the employees’ expectations with regard to corporate socially responsible behaviour. We identify three channels through which exogenous and endogenous CSR are developed: employees with work experience in MNEs (leading to exogenous CSR), employees with CSR knowledge (leading to exogenous CSR) and employees with experience of the socialist system (leading to endogenous CSR). Furthermore, we argue that the interactions between these channels lead to hybrid CSR in transition economies. We use a questionnaire-based survey with employees of domestic and multinational enterprises in Romania and we conduct regression analysis. We find that employees with work experience in MNEs act as channels for exogenous CSR whilst employees with experience of the socialist system act as channels for endogenous CSR. Furthermore, employees with experience of the socialist system and CSR knowledge or work experience in an MNE act as channels for hybrid CSR in transition economies. Based on our results we put forward implications for theory, managers and policy makers.
  • Stoian, C. and Zaharia, R. (2009). Corporate Responsibility in Romania: Trends, Drivers, Challenges and Opportunities. International Journal of Economics and Business Research [Online] 1:422-437. Available at: http://dx.doi.org/10.1504/IJEBR.2009.024685.
    Awareness of corporate social responsibility (CSR) practices is relatively new in emerging markets such as Romania. However, with the intensifying integration of markets and the increasing investment from multinational companies, supply of and demand for corporate socially responsible behaviour are increasing in these economies. We aim to investigate the trends, drivers, challenges and opportunities of implementing a corporate social responsible behaviour in Romania. We use qualitative analysis based on company case studies and an extensive research of policy documents and newspaper articles. We find that corporate social responsibility behaviour is driven both by multinationals and local companies, with civil society and legislation playing an increasing role in Romania at present.
  • Stoian, C. and Filippaios, F. (2008). Dunning’s eclectic paradigm: A holistic, yet context specific framework for analysing the determinants of outward FDI:Evidence from international Greek investments. International Business Review [Online] 17:349-367. Available at: http://dx.doi.org/10.1016/j.ibusrev.2007.12.005.
    During the last two decades Greece has emerged as a key regional player and one of the largest investors in the Central
    and Eastern and South-Eastern European Countries (CESEE) [Bastian, J. (2004). Knowing your way in the Balkans: Greek
    foreign direct investment in Southeast Europe. Southeast European and Black Sea Studies, 4(3), 458–90; Demos, A.,
    Filippaios, F., & Papanastassiou, M. (2004). An event study analysis of outward foreign direct investment: The case of
    Greece. International Journal of the Economics of Business, 11(3), 329–48; Kekic, L. (2005). Foreign direct investment in the
    Balkans: Recent trends and prospects. Southeast European and Black Sea Studies, 5(2), 171–90]. With the opening up of
    neighbouring markets in the early 1990s the Greek firms and entrepreneurs grabbed the opportunity to exploit their
    ownership advantages and expand abroad. Within this context, the primary aim of this study is to test the impact of
    ownership and location advantages in determining the internalisation decisions by Greek investors participating in the
    Athens Stock Exchange (ASE), proving that Dunning’s eclectic paradigm (OLI) is a holistic, yet context specific framework
    of analysing foreign direct investment (FDI) determinants. To set the OLI in a specific context, we account for the different
    sectors and countries where Greek companies have internationalised, as well as for the time period when investments have
    been made. This paper’s second major contribution is that by looking at both ownership advantages and institutional
    determinants it complements the previous works on institutional determinants of FDI. Our findings show that the
    expansion of Greek firms occurs primarily in similar countries with small market size, and open economies. Rule of law and
    high bureaucratic quality remain essential for the firm’s decision whereas the existence of high corruption act as a deterrent.
    Finally, a significant finding is that of the existence of a learning curve in the Greek firms’ international expansion.
  • Stoian, C. and Filippaios, F. (2008). Foreign Direct Investment in Central, Eastern and South Eastern Europe: An Eclectic Approach to Greek Investments. International Journal of Entrepreneurship and Innovation Management 8:542-564.
  • Stoian, C. (2007). The Benefits and Limitations of European Union Membership as a Security Mechanism. European Integration [Online] 29:189-207. Available at: http://dx.doi.org/10.1080/07036330701252136.
    With the fall of the Berlin Wall, the end of the post-1945 ‘pax Sovietica’ led
    not to the ‘end of history’, but rather to an ‘awakening of history’. The wider Europe
    that emerged in 1989 is facing changing security concerns, which affect both the new
    democracies and the European Union. Internal security has become increasingly important
    and has been affected by external security concerns. In particular, threats other
    than military ones have emerged, leading to the rethinking of the institutional framework
    entrusted with the safeguarding of security in Europe. EU membership appears to
    be an effective tool for ensuring European security. This paper highlights the new internal
    and external political and economic security concerns in transition economies in
    order to evaluate the benefits and limitations of EU enlargement as a way of addressing
    these changing security concerns. Several countries, particularly Poland and Romania,
    are used to exemplify the EU’s role in enhancing security in the applicant countries. The
    article concludes with policy recommendations for dealing with the limitations of EU
    membership, and for using the European Neighbourhood Policy (ENP) as a tool for
    ensuring security beyond the EU enlargement.
  • Stoian, C. and Filippaios, F. (2006). Where to Odysseus? The Quest of Greek Firms to Expand Abroad. Global Business and Economics Anthology [Online] 2:463-480. Available at: http://eprints.kingston.ac.uk/id/eprint/11810.
  • Stoian, C. (2006). The Interplay between Security Factors, European Integration and Security in Central and Eastern Europe. Journal of International Business and Economics 5:152-168.
    A bi-directional relationship between FDI and economic reforms in ten Central European countries is tested, along with the role of the EU in breaking a potential vicious circle of insecurity, little investment, slow reforms, low prospects of EU membership and hence high insecurity. Using panel data regressions and a system of simultaneous equations, we find evidence that the prospect of EU membership has enhanced FDI in the less reformist candidates and that trade integration and increased EU financial assistance have improved FDI in the CEECs.

Book section

  • Stone, Z., Filippaios, F. and Stoian, C. (2012). Financial System and Equity Culture Development in Central and Eastern European Countries: The Effect of Institutional Environment. In: Wood, G. and Demirbag, M. eds. The Handbook of Institutional Approaches to International Business. Edward Elgar. Available at: http://www.e-elgar.com/bookentry_main.lasso?id=14207.
  • Stoian, C. (2004). Multinationals in Emerging Markets: Good or Evil? Comparative Evidence from Poland and Romania. In: The BAM Annual Conference 2004. British Academy of Management.

Conference or workshop item

  • Stone, Z., Filippaios, F. and Stoian, C. (2012). Equity Culture Development in Central and Eastern Europe: The Role of Institutional and Managerial Factors. In: 38th European International Business Academy. Available at: https://www.sussex.ac.uk/webteam/gateway/file.php?name=handbook.pdf&site=342.
  • Stone, Z., Filippaios, F. and Stoian, C. (2012). Equity Culture and Transition Economies: Empirical Evaluation. In: AIB International.
  • Stoian, C. and Zaharia, R. (2011). Attitudes towards Corporate Social Responsibility in a Post-Communist Economy: The Case of Romania. In: Business and Economics Society International Conference.
  • Stone, Z., Filippaios, F. and Stoian, C. (2011). Equity Culture Development in Central and Eastern European Countries: A Conceptual and Empirical Examination. In: Academy of International Business, UK & I Chapter.
  • Stone, Z., Filippaios, F. and Stoian, C. (2011). Equity Culture and Transition Economies: An empirical evaluation. In: EIBA.
  • Hexter, J., Stoian, C. and Phillips, P. (2010). Divided We Stand: Cultural Differences within Europe and Their Impact on International Collaborative Arrangements. In: AIB UK Chapter, Annual Conference.
  • Stoian, C. and Zaharia, R. (2009). What Do Employees Expect from Socially Responsible Companies in Post-Communist Economies?. In: The British Academy of Management Annual Conference.
  • Hexter, J., Stoian, C. and Phillips, P. (2009). Cultural Consequences for International Collaborative Arrangements: A Cross-Cultural Model for Successful European Collaborative Arrangements. In: International Business - UK Chapter Annual Conference.
  • Zaharia, R. and Stoian, C. (2008). Romanian Small and Medium Enterprise and Corporate Social Responsibility: Some Evidence. In: The Corporate Social Responsibility Conference Annual Network.
  • Stoian, C. and Zaharia, R. (2007). Corporate Social Responsibility: Present Controversies. In: The Second International Conference The Future of Europe.
  • Filippaios, F. and Stoian, C. (2007). Foreigh Direct Investment and Aid in Transition Economies. In: Academy of International Business Annual Conference.
  • Filippaios, F. and Stoian, C. (2007). Foreign Direct Investment and Aid: Engines for Growth in Transition Economies?. In: Business and Economics Society International Conference 2007.
  • Stoian, C. and Filippaios, F. (2006). Where to Odysseus? An Investigation of the Determinants of Greek Investment Abroad. In: Academy of International Business. Academy of International Business, UK Chapter.
  • Stoian, C. and Filippaios, F. (2006). Where to Odysseus? The Quest of Greek Firms to Expand Abroad. In: Economics and Business Society International. Economics and Business Society International.
  • Stoian, C. and Filippaios, F. (2006). Targeting the Right Countries by the Right Type of Investor: An Analysis of the Determinants of Greek Outward Investment.
  • Stoian, C. and Vickerman, R. (2005). The Interplay between Security Factors, European Integration and Security in Central and Eastern Europe. In: Academy of International Business Annual Meeting.
    A bi-directional relationship between FDI and economic reforms in ten Central European countries is tested, along with the role of the EU in breaking a potential vicious circle of insecurity, little investment, slow reforms, low prospects of EU membership and hence high insecurity. Using panel data regressions and a system of simultaneous equations, we find evidence that the prospect of EU membership has enhanced FDI in the less reformist candidates and that trade integration and increased EU financial assistance have improved FDI in the CEECs.
  • Stoian, C. (2005). Multinationals in Emerging Markets: Making the Best of the Good Side. Comparative Evidence from Poland and Romania. In: Proceedings of the Academy of International Business. Academy of International Business.

Monograph

  • Stone, Z., Filippaios, F. and Stoian, C. (2011). Financial System and Equity Culture Development in Central and Eastern European Countries: The Effect of Institutional Environment. Kent Business School Working Paper Series, University of Kent, Canterbury, UK.
  • Stoian, C., Hexter, J. and Phillips, P. (2010). Culture’s Consequences for International Collaborative Arrangements: A Cross-Culture Framework for Successful European Collaborative Arrangements. University of Kent, Canterbury. Available at: http://www.kent.ac.uk/kbs/documents/research/working-papers/2010/207-hexter-stoian-phillips.pdf.
  • Hexter, J., Stoian, C. and Phillips, P. (2010). Divided We Stand: Cultural Differences Within Europe and Their Impact on International Collaborative Arrangements. University of Kent.
  • Stoian, C. and Filippaios, F. (2007). Foreign Direct Investment and Aid: Engines for Growth in Transition Economies. Kent Business School Working Papers Series, University of Kent. Available at: http://www.kent.ac.uk/kbs/pdf/Filippaios-and-Stoian-No-139.pdf.
  • Stoian, C. and Filippaios, F. (2005). Where To, Odysseus? The Quest of Greek Firms to Expand Abroad. Kent Business School Working Papers Series.

Thesis

  • Thieme, J. (2018). The Political Economy of Backpacker Tourism Consumption and Production in Colombia.
    Backpacker tourism has been an increasing phenomenon since the 1960s (Cohen 1973; Hampton 2013), and many Less Developed Countries (LDCs) are now favourite destinations for backpackers. This backpacker tourism development raises questions about the effects it has on the host communities as well as on the backpackers themselves However, the impact of backpacker tourism development on the power relations between the actors of this development, i.e. the backpackers, the host communities with their businesses, and the governmental actors, have been little explored.

    This thesis examines the relationship between backpacker tourism development and the power relations between the backpackers, the host communities with their businesses, and the governmental actors in Colombia. Adopting a broad Political Economy (PE) approach, the thesis investigates the backpacker tourism development in two rural communities, one a long-standing backpacker tourism destination, the other one a more recent development.

    The study includes the three main actors of tourism development: the backpackers as tourism consumers, the businesses catering to them as tourism producers, and the governmental actors influencing backpacker tourism development. It analyses the actors' social, cultural and political embeddedness within their respective communities. The thesis explores how these three main actors of backpacker tourism development interact with each other, how they are interlinked in the two researched communities on the three types of embeddedness mentioned above, and how they affect and are affected by backpacker tourism development.

    The thesis key contribution is the theoretical framework. It investigates the interaction between consumption and production, as advocated by (Ateljevic 2000), while also anchoring the three actors in the social, cultural and political structures they act within. It combines two existing frameworks into a new, holistic one: The first one is a framework by Ferguson (2011), focussing on small-scale actors in rural communities, and also on the consumption patterns of consumers from LDCs, in this case on Latin American backpackers travelling within Latin America (Colombia). The second component of the framework is Mosedale's (2011) theoretical framework that examines the embeddedness of the actors of tourism development on three different types: their structural embeddedness into social structures and networks, their cultural embeddedness, and their political embeddedness on a local, regional and national level. The thesis' new framework therefore provides one answer to the call for more theorisation, both in tourism studies (see Bianchi 2009; Hannam 2002; Tribe 2006) and in PE (see Britton 1982). It further focusses on small-scale actors, in this case backpacker tourism Small and Medium-Sized Enterprises (SMEs) instead of Transnational Enterprises (TNCs) as often investigated in tourism and PE studies (e.g. Britton 1982; Freitag 1994).

    The research aim was addressed in an ethnographic field study, consisting of mainly interviews (n=53) with backpackers, backpacker tourism business owners, and policy makers in two different fieldwork locations in Colombia. Additional data was collected through participant observation, policy document analysis, and other supporting methods such as mapping exercises and the analysis of online and offline travel materials.

    The findings show that backpacker tourism development often reinforced unequal power relations that were prevalent within the communities and on a global scale. For example, on the production side, this includes issues such as the access to knowledge of the backpacker market by local business owners, resulting in foreign business owners with travel experience having more knowledge power over the locals competing in the same market. On the consumption side, many backpackers from developed countries possessed more financial power to travel for prolonged periods of time in comparison to their Latin American counterparts, who travelled for less time or had to work while travelling. Furthermore, the local government's involvement in tourism development seemed to be vital for a more successful execution of backpacker tourism within the communities, with a lack of involvement leading to a power vacuum in one community that was filled by shadow industries.

    The theoretical contribution of the thesis include that it brings in different voices by including different actors of tourism development from different national and social backgrounds. The inclusiveness of all actors and the structures they work within into one framework allows for a more accurate analysis of the processes of tourism development and its implicit power relations that help to shape backpacker tourism development. It also gives a better indication of why these processes happen the way they do, and how the actors work within the given social, cultural and political structures. The new framework and the analysis could then lead to a more thorough and integrated analysis, considering all actors and their influence upon tourism development and on each other.

    The analysis of the findings also propose some practical implications for tourism businesses and policy makers, such as an upscale shift in the backpacker tourism market, artesano backpackers bridging the gap between tourism producers and consumers, and the need for the local and regional government to invest in the education of their citizens to enable them to successfully participate in the (backpacker) tourism business.
  • Stoian, C. (2004). The Interplay Between Foreign Direct Investment, Security and European Integration by Comparing Poland and Romania. University of Kent.
Last updated