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Faculty of Management, Adriatic University , HercegNovi , Montenegro
The emergence and rapid development of global container terminal operators (controlled by large multinational companies) have led to a significant increase in the terminal and transshipment industry. The subject of research in this paper is the interactive action of institutional factors from two perspectives: the first is related to the strategies of global expansion of terminal operators and the second to the influence of national and local institutional frameworks and political tradition. shows that all business changes related to the institutional reform of seaports, their terminals and global operators (which are directly related to the business of seaports) directly and indirectly depend on broader institutional frameworks (formal and informal). The global expansion of port operators is carried out by the usual strategies: the purchase of new terminals and mergers and acquisitions of existing capacities (facilities and equipment). The importance of seaports and the application of integrated logistics in them is constantly growing. Seaports must adapt to changes in the global maritime market by increasing the size of their infrastructural and superstructural capacities, constant technological and information improvement, cooperation with logistics providers and the integration of their logistics functions. Decision makers in ports, terminals and operators must adapt to changing circumstances. In these settings that take place over time, the institutional environment occupies a significant place. The main reform goal of ports, terminals and operators is to reduce transaction costs. Institutions harmonize standards and procedures of operational practice and structure relations between economic entities (partners), promote the efficiency of transactions between them, minimize distributive conflicts, conduct monitoring and define penalties for opportunistic behavior
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