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This paper attempts to fill the knowledge gap in the area of foreign direct investment (FDI) research in the regions of Caucasus and Central Asia. Various dimensions of FDI were analyzed from a comparative perspective drawing on a number of selected case studies of inward investors in Georgia and Kyrgyz Republic. The results indicated that the FDI activity in Georgia and Kyrgyz Republic was a market‐seeking type focusing heavily on location‐specific attractions of the two countries. Although the issue of corruption affects foreign investors, it does not act as a major deterrent of FDI infl ows. The most serious problem influencing the performance of FDI firms was found to be inefficiency of local labor force, excessive bureaucracy and red tape, and differences inherent in the business practices of host countries. In general, however, it was found that foreign investors have been satisfied with their performance largely due to the relatively smooth competition and the availability of several market niches in both host country markets.

The purpose of this paper is to add to the significant contributions of past research by assessing what the overall effectiveness of managerial training has been over a period of 50 years and by identifying changes in overall effectiveness during this time period. Additionally, this study aims to evaluate what the overall findings on the effectiveness of training has been based on study design and subgroups focusing on the equivalent of Kirkpatrick's famous learning, behavior, and results outcomes.

This study quantitatively integrates and extends the literature on management training through a meta‐analytic procedure. The resulting sample of past research includes studies from the time period between 1952 and 2002, representing 85 interventions and 4,779 subjects.

The results do not suggest a great deal of improvement in the effectiveness of managerial training from 1952 through 2002 and effect sizes have remained moderate. Additionally, outcome subgroup appears to moderate results. Specifically, programs implemented to achieve learning outcomes tended to have the largest effect sizes and were consistently significant relative to programs targeted at behavior and results outcomes.

The implications are directly related to the selection of evaluation methods for future studies assessing the effectiveness of managerial training programs. This implication is important to both the academic community and practitioners. The limitations of this study include the possible exclusion of past research and the heterogeneity of assessment methods used in past research, beyond the broad categories of objective and subjective assessment.

In addition to identifying the moderating effect of outcomes being measured, the main contribution of this study is that it covers a large time period. As a result, the analysis offers a more expanded view of managerial training over time.