Creativity and Innovation as Strategic Resources in International Business Markets

This study focuses on Medium-Sized Multinationals （MSMs） that belong to the sectors of mechanics and electronics, and that operate in dynamic international business markets. This work aims to investigate how international marketing strategies are based and maybe in some cases actually heavily dependent on the capacity to form and enhance skills in design, engineering, and production activities, and on the propensity to invest more resources in research and development （R＆D） activities as well as in activities that are more strictly speaking production based （manufacturing）. Undoubtedly, in a global and dynamic business, creative knowledge is one of the key resources that firms must possess in order to take up international strategies successfully. Creativity and innovation are strategic resources for all firms, including those of a medium size and even more for those that belong to the so-called ＂traditional sectors＂. This study also has the objective of examining the influence of the structure and composition of a technological MSMs international alliance portfolio in order to understand which forms of international collaboration are more opportunities for firms that aspire to increasing their know-how and taking up new and more sophisticated forms of exploratory innovation. The present work highlights the results of an empirical research that were carried out during the years 2000-2009. The research involved more than 80 firms of the mechanical and electronics department in the Marche region in Italy.     

Proposal and validity of Intelligent Customer Information Marketing Model： Strategic development of advanced TMS

In this paper, one vital point of the strategic marketing structure is its definition, marketing activities should be defined from ＂closed marketing activities＂ that are limited to the business and sales division to ＂open marketing activities＂ that can be performed through steady linkage with all other divisions in a company-wide framework. The aim is for an ＂Evolution of Market Creating＂ through ＂High Quality Assurance and Innovating Advertisement, Product planning and Dealers＇ Sales Activities＂ by utilizing the scientific approach of Advanced TMS. So, the authors present an ＂Intelligent Customer Information Marketing Model, ICIM＂ which takes the form of strategic marketing. As an example of the application of this research, the authors apply this model to advertising, product planning and dealers＇ sales activities and obtained the results shown.     

Strategic Drift and Strategic Crisis Management of Organization

The research reports how the choice of the organization behavior--strategic drift can lead to strategic crisis as a form of manifestation of a deepening organizational crisis. The research questions whose solution is sought are connected with the relation of strategic drift--strategic crisis--strategic crisis management, in terms of whether the errors in the process of strategic management lead to organizational crises. The results of the historical analysis of the theoretical research and practice in this field show the interdependence among these processes and the reasons for strategic crisis in support of the concept of strategic crisis management and its implementation in business. The study outlines the evolution of the theory of strategic drift, as well as opinions of various scientists on the types of crises, which are perceived as a uniform classification and universal interpretation of the term ＂strategic crisis＂. The organization＇s ＂strategic drift＂ leads to serious organizational crisis which first form that strategic crisis. Practice shows that the management of market leaders often leads to complacency, choosing strategy stability. Soon, as a result of aggressive strategies or implemented innovations of their competitors, they lose their competitive position.     

Market Response and Firms＇ Operating Performance Surrounding Actual Share Repurchases： Evidence from Hong Kong

Share repurchases have become a popular payout method to distribute cash flows to shareholders not only in the U.S. but also other countries. This study examines the firms＇ share price and operating performance surrounding actual share repurchases and the motivations behind share repurchases in the Hong Kong stock market. The empirical results show that, on average, firms engage in share repurchases when their stocks are under-valued andrepurchases are followed by abnormal positive returns. Among repurchases, the stock price performance varies across firms＇ size and market-to-book ratios. The market responds most favorably to repurchases that are made by small and ＂value＂ firms. This suggests that smaller firms are usually less analyzed and more likely to be undervalued; hence, the market reacts more favorably when they repurchase.     

The impact of strategic sourcing and E-procurement on supply chain performance management

Major changes are currently taking place within purchasing functions of manufacturing firms. Purchasing is shifting its focus from daily procurement activities to long term, value-adding purchasing and supply chain initiatives. At the same time, it is responding to the challenges and opportunities of electronic procurement （E-procurement）, which refers to the utilization of the internet to buy and sell products and services. The responsibilities of purchasing have changed markedly over the last few decades, purchasing focused heavily on the transactional elements of the procurement process. Purchasing was accepted as a support function that provides for the sourcing needs of other departments. The development of materials management and introduction of new manufacturing technologies in the 1970s brought pre-and post-production flows closer together. The manufacturing-purchasing interface strengthened, creating a need to align the buying cycle with production requirements. Purchasing started to create a ＂culture＂ that could help it to attain a more proactive role in the company and start taking responsibility in product design and development activities. The research reported here was undertaken to understand the impact of purchasing on this thesis supply chain performance by （1） investigating current and emerging E-procurement practices, （2） identifying the critical elements of strategic sourcing, and （3） assessing the impact of strategic souring and E-procurement on fn＇m and supply management performance through empirical investigation.     

Role of Institutional Quality in Determining the R＆D Investment of Chinese Firms

This study adds to the understanding of China ＂s innovation prospects by examining how variations in institutional quality within China impact on the R ＆D efforts of firms located in different provincial regions. In the process of identifying the effect of institutional quality, the roles of other factors such as ownership types and market structures are revealed, which provides interesting insight into firms ＂ R＆D behavior. The key findings suggest that institutional quality positively affects the decision offirms to engage in R＆D activities. Once firms start to engage in R ＆D, the subsequent expansion of firm-level R ＆D intensity depends on factors such as market structure. Therefore, strengthening domestic institutional quality is the first critical step towards the goal of building a knowledge-intensive economy in China. Efforts to nurture market development are also important for achieving this goal.     

Empirical Investigation on China＇s Private Enterprises Performance Change Before and After Listing

This paper evaluates the performance change of the private enterprises listed on China＇s two exchanges during 2 years before and after listing in the period of 1996-2001. It is concluded that earning ability, real sales and financing are significantly improved, while only profitability decline a little bit after the private firms listed. In addition, we find that IPO private firms have appreciably better performance than that of BS ones as well as the financing condition becomes finer, which is relative to both the attributes of the private enterprises and Chinese regulatory rules. Therefore, we figured out that the outcome of private firms listing is positive, and China＇s economic reform will be a step-by-step process.     

Does Experience Facilitate Entry nto New Export Destinations？

Using a large panel dataset that covers 116 countries and 5013products over the period 1998-2010, this study evaluates the effects of export experience on the geographic expansion of China ＂s exports. The results suggest that past export experience in geographically close and culturally similar markets plays a crucial role in.facilitating new market entry, and the positive spillover effects are more pronounced for incumbent and successful products. The results also indicate that spillovers from export experience are market-specific and product- specific, and they are limited to within the same product class and the same market, with little cross-group effects. Finally, there is no strong evidence that export experience is more important for differentiated products than for homogeneous products, and the positive spillover effects are remarkable for both categories of products.     

Size, performance and financial conditions for Spanish real estate firms 2004-2007

Spanish real estate has experienced more than a decade of continuous buoyancy, from 1995 to mid 2006. High rates of return, especially in the housing sector, during this period, have prompted the entry of many firms in the market and the growth in activity of incumbents, with the subsequent excess capacity. This situation, combined with the reduction in demand associated with fiancial constraints, has brought about a deep crisis within the real estate industry. In the future scenario of reconfiguration and consolidation of the sector, many firms will be likely to disappear. One key question is that which type of real estate firm will survive. Casual evidence suggests that size may be a relevant factor through its connection with efficiency. This paper explores the roles of size, performance and financial leverage using a sample of Spanish developers and builders over the period 2004-2007. Basic results from a panel estimation suggest the existence of a positive correlation between size, proxied both by income and assets, and Return on Equity （ROE）. In turn, the estimates also suggest that larger firms display higher margins （computed as profits over sales） and are more leveraged in relative terms. Our interpretation is that many finns may lack the critical mass necessary to dilute fixed costs and achieve larger levels of efficiency. This feature endangers not only the possibility of profits in harder times, but also their survival. These empirical findings suggest, in addition, that a process of concentration among Spanish firms in the industry could entail gains in terms of efficiency.     

A Study on Current and Future Guanxi Networks of China

Despite the abundant opportunities are presented by Chinese market, many foreign practitioners have commented that operating in China is more complex and time consuming than necessary, and of the 53 companies interviewed by Hong Kong＇s Bank of East Asia, 42% were reported not to be profitable （Economist Intelligence Union （EIU）, 1995）. Given the fact that China＇s potential as a market is unparalleled, while many foreign business practitioners have commented that operating in China is difficult to be profitable, and it is more complex and time consuming than it is necessary （Ewing, Garuana ＆ Wong, 1999）, a large number of researches on doing business hi China recogniZe the concept of Guanxi, a business relationship network, as the key for conducting successful business in China This study co llectsboth primary data and secondary data to explore the issues of Guanxi. The review on the secondary data helps to build the analysis techniques and study instruments. A survey questionnaire is developed after the study on the secondary data, and the primary data is collected from the surveys, which are faxed to sample groups in both Taiwan and Mainland China. The study on the Mainland China senior managers is to find the current Guanxi concept of China, while the Taiwan senior manager group and the Mainland China college student group are chosen to explore the future Guanxi changes. By using statistical techniques of the mean and standard deviation calculations, the t-test for two samples with equal variances, and the correlation test, the findings of this study help to answer the critical questions concerning the study objectives. The practical interpretation and implications of this study of Guanxi are gained from the summary of the statistical results. A conclusion and recommendations of this study on the Guanxi concepts are presented to business practitioners both inside and outside of China.     

中国汽车产业：市场开放和转型

Based on a study of interactive learning and industrial growth, this paper explores the strategic adjustments and competitive advantages of both multinational corporations and indigenous firms in the auto industry after China‘s WTO accession, and forecasts the development trend in this industry. The main conclusions are: (1) with trade and investment liberalization after China‘s WTO accession, competitive advantages of transnational corporations have played an active role. Under this circumstance, indigenous firms depend heavily upon multinational corporations by establishing joint ventures and introducing new models. (2) As a result of strategic adjustment, China‘s car industry will transform from an independent industry into a dependent one. (3) Under pressure from the competitive advantages of the dominant multinational corporations, infant industries and enterprises of developing countries need, for their development, more support from local government. In addition, one of the key factors in the future development of China‘s car industry is the establishment of an interactive learning relationship between indigenous firms and multinational corporations.     

Productivity Spillovers from FDI in China： Regional Differences and Threshold Effects

Economic theory posits numerous channels through which FDI might create positive spillovers for domestic firms. However, the results of empirical studies that have sought to document these spillovers have been mixed. One explanation for this variation is that the capacity of domestic firms to absorb spillovers might vary. In the present paper, we explore these issues in the case of China. ,4side from being one of the world＇s leading hosts offoreign direct investment, China makes for an interesting case study because its provinces vary greatly with respect to those factors most commonly held to influence absorptive capacity, such as the initial level of technology in domestic firms. This paper begins by empirically establishing that the spillovers from foreign direct investment do indeed vary across provinces. Threshold values for varioas factors that influence absorptive capacity factors are then estimated and it is found that conditions in many provinces presently fall short of these values. This provides an obvious focus of attention for China＇s policy-makers.     

Employment and Working Hour Effects of Minimum Wage Increase： Evidence from China

Using a difference-in-differences model, the present paper provides empirical evidence of minimum wage effects on employment and working hours in China. The results show that male employment is not affected by a minimum wage increase, although men ＂s working hours do increase. In contrast, female employment is more likely to be negatively affected by a minimum wage increase, while their working hours remain unchanged. This may lead to women being in a more disadvantaged position in the workforee, and adopting a monthly minimum wage may induce firms to extend men＇s working hours. Therefore, to better protect disadvantaged workers, we suggest that minimum wage regulation should focus on the target group of less-educated women, and that a unified minimum hourly wage needs to be set for both full-time and part-time workers. Meanwhile, the importance of human capital accumulation shouM be addressed in alleviating the negative effects of minimum wage increases.     

The Cause of Turnovers of Top Management -An Empirical Research on the Special Treatment Companies in China

The turnover of top management is important for both foreign stock market and corporate management. China has developed its own stock market for more than ten years. During this period, a lot of listed companies＇ top managers were on the move. Based on 97 Chinese ST companies of 2004, this paper invesdgates the main factors, which causes the top management turnovers in the ST companies. The results of regression analysis show that the turnover of top management in Chinese ST companies is highly positively related to the change of large shareholder and are negatively related to the rate of net profit to total assets. We also find that net cash flow that is provided from operations per share, the proportion of state-owned shares and the type of audit views have no influence on the top management turnovers in such ST companies in China.     

Firm Size and Work Compensation in China

Remarkably, recent research on the Chinese labor market has suggested that the situation in China is inconsistent with the stylized fact that large firms pay higher wages and offer more generous benefits. Expanding the empirical basis from 78 to 300 000 industrial firms, I overturn theprevious result andshow that wage determination in the averagefirmfits the international norm. Exploring subsamples of firms I also point to a likely source for the conflictingfindings： firm size is positively correlatedwith the average wage in private firms, but negatively correlated with the average wage in the state-owned sector. These novel results couM guide future studies aiming to understand the sources of the firm size wage premium, and, in particular, studies that target the largest industrial labor market in the world     

Patent Propensity in Small Technologybased Firms： Evidence from Zhongguancun Science Park

Using a survey administered in Zhongguancun Science Park in Beijing, China, this paper investigates the impact of R ＆D personnel-related intellectual property management practices on the patent propensity of small technology-based firms. It is found that R＆D personnel- related management practices, including training and reward mechanisms, are effective in enhancing a firm ＇s willingness to patent. In particular, we find that reward mechanisms can negatively moderate the effect of size on a firm ＇s willingness to patent. One implication that emerged from the analysis is that a small firm can counteract its size disadvantage in patenting by introducing a well-developed reward mechanism.     

China＇s Trade Acceleration and the Deepening of an East Asian Regional Production Network

China＇s recent surge in trade has been associated with its deepening but contrasting trade relations with its two groups of key trading partners. On the one hand, China＇ s trade surpluses with the USA and the EU have risen rapidly, reaching US$144bn and US$91bn in 2006, respectively. On the other hand, China is importing heavily from its Asian neighbors. This diverging pattern of trade relations between China and its main trading partners reflects the continuous expansion and intensification of a complex cross-border production network in Asia, particularly for consumer electronics. In the process of deepening manufacturing sharing, China serves as an essential export platform for firms headquartered in the more advanced economies. These firms export intermediate goods from the relatively more advanced Asian economies to their affiliates in China where these inputs are assembled and then shipped to key export markets, including primarily the USA and the EU. One apparent outcome of the growing processing and assembly trade is the increased interdependency among Asian economies, which are now more dependent on each other than ever. It has also led to substantial structural changes and technological upgrading in China＇ s traded goods.     

The Ideal Characteristics and Content of a Database and Its Useful Application in Improving the Effectiveness of Direct Marketing Campaigns

Direct marketing is now a well-known discipline and widely used in almost every industry all around the world. The mid to late 2000s saw a huge growth of direct marketing due to the development of technology and the increasing number of well-educated marketers（Tapp,2008）. According to the UK＇s lmtitute of Direct Marketing（as cited in Sargeant ＆West,2001,p.7）, Direct marketing is＂ the planned recording, analysis and tracking of customer＇s direct response behaviour over dme...in order to develop future marketing strategies for long term customer loyalty and to ensure continued business growth＂. As Tapp（2008） points out that database is the core of direct marketing. So what is a database in the field of direct marketing？ A definition is given by Tapp（2008,p.32）＂A marketing database is a list of customers＇ and prospects＇ records that enables strategic analysis, and individual selections for and customer service support. The data is organized around the customer＂     

The Strategic Partnership Cutting the Costs or not

There are numerous articles which have been written about strategic partnership and how they can be beneficial for both buyer and supplier. The aim of this article is to find out the ways of how the strategic partnership cuts the costs by using semi-structured interviews. Semi-structured interviews were found to be the most appropriate method of data collection because they enabled the researcher to gather valid and reliable data. Ten companies have been interviewed in different industries in Saudi Arabia （four in computer industries, three in bank industries, and three in food industries）. The article gives a valuable resource and rich information for those interested to know more about the Saudi market or those wishing to invest in it. All interviews were conducted with purchasing managers by using semi-structured interviews. The study found that the strategic partnership does cut the costs. Cutting the costs comes from sharing skills and information, reducing the investment risk, and decreasing the operation costs.