DIY: How internationalization shifts the locus of indigenous innovation for Chinese firms

We elaborate theories of indigenous innovation by explaining how internationalization choices help emerging market firms transition from dependence on external knowledge to self-reliance on internal knowledge. Using a 1998–2007 census dataset of Chinese manufacturing firms, we theorize and test the moderation effect of foreign equity and export orientation on the relationship between knowledge and indigenous innovation. We show that foreign equity dis-incentivizes, while export orientation incentivizes, investments in internal knowledge. We contribute by showing that internationalization choices may radically change indigenous innovation outcomes by shifting the locus of problem solving outside or inside the firm. Our study corroborates the negative direct and indirect effects of external knowledge on indigenous innovation at the firm level previously suggested by China-centric scholars but also shows how two types of internationalization choices may gradually relieve firm-level dependence on imported technology. We bridge the gap between Western research and Chinese thought and practice by introducing a do-it-yourself (DIY) explanation of how firms may implement China’s indigenous innovation (zizhu chuangxin) policy.     

Internationalization speed and subsidiary survival of EMNCs: The moderating roles of CEO international experience and state ownership

In the process of internationalization, effective management of dispersed location-specific knowledge is the key to successful internationalization strategies for companies. Rapid internationalization often prevents multinational corporations (MNCs) from absorbing and internalizing internationalized knowledge in a timely manner and achieving ideal performance. Compared with MNCs in developed countries, emerging market multinationals (EMNCs) are more inclined to implement a rapid internationalization strategy to enhance their own competitive advantage. However, their internationalization process is limited by their lack of managerial resources. Why and how would internationalization speed impact the survival of EMNCs Subsidiary? Using the survival analysis method and taking the Chinese A-share listed companies as empirical setting, our results show that the internationalization speed negatively affects the survival of EMNCs Subsidiary; Both CEO international experience and state ownership weaken the negative impact of internationalization speed on the survival of EMNCs Subsidiary. We argue that rapid internationalization underestimates the Penrose effect in the process of internationalization, that is, underestimates the managerial resources required to learn and accumulate absorptive capacity, and effectively manage dispersed knowledge. Based on the dual context of dispersed knowledge management and managerial constraints, this paper expands the understanding of the impact mechanism of internationalization speed on corporate performance, and also has certain guiding significance for the selection of internationalization speed of EMNCs.     

Is there a virtuous circle relationship between innovation activities and exports? A comparison of food and agricultural firms

This study examines the existence of an interrelationship between innovation decisions and exports for food and agricultural firms as such a relationship could be the source of competitive advantages. Thus, taking as a theoretical basis the focus provided by the Resource-Based-View, the innovation and export decisions taken from 2006 to 2011 by 165 agricultural firms and 783 food companies operating in Spain (Europe) are examined here. The results of the bivariate probit and matching models used indicate a bi-directional nature of these decisions in the case of food companies and a positive though not bidirectional one in the case of the agricultural firms. Furthermore, a certain persistence is seen in the use of these decisions in both types of firms. For food companies, capital intensity and size are also determinants of innovation and exports. From the viewpoint of the decisions taken by individual firms, the bidirectional relationship could involve significant pressure in terms of the larger volume of both technological and human resources required. Agricultural and food policy decisions should incentivize these decisions given that in order to operate successfully in the global market it is necessary to acquire these competitive advantages, which also favor the growth of the agriculture and food trades.     

The future of foresight professionals: Results from a global Delphi study

How will foresight practice evolve into the next decade and beyond? How might its supply and demand factors self-organize? In 2012 a real-time Delphi study, entitled, “The Certification of Professional Futurists 2030,” was conducted among 142 experts from 29 countries to debate the forces that might diminish or enhance futures work. The study consisted of 14 projections out to the year 2030, ranging from whether the global futures field might “employ a viable form of certification for professional futurists,” to whether it might “share a common accepted understanding of futures assumptions, theory, methods, knowledge, and ethics.” Panelists identified themselves with various futures associations. This article presents the findings, including where there is dissent and consensus in the futures field over the likelihood, impact and desirability of the professionalization of its practice. Further scale development using factor analysis, ordered by the theory of competitive advantage, produced a scenario model of three market forces: assimilation, academicisation, or certification. The third force of professional certification by 2030 was deemed least likely and less desirable. This wide ranging survey therefore offers the futures field a common conversation protocol to rethink how it might redesign its value chain and differentiate itself against other professions.     

石油金融：融合态势与中国发展战略

随着现代经济的发展,石油与金融的结合越来越紧,石油金融化趋势日益凸显。因此,为应对国际石油价格的未来走势,保障中国金融体系和中国经济的安全和长期稳定发展,中国迫切需要制定石油金融体系。新形势下中国石油金融体系构建的战略取向为：多层次构建石油交易市场体系;多渠道营造石油银行系统;多途径形成石油基金组合;多方位灵活运用石油外汇等。     

成功的市场进驻策略是决定市场地位的关键——宝洁公司在中国的市场进驻成功个案

美国宝洁公司在中国改革开放之际,敏锐地察觉到中国市场的巨大潜力,向中国日用品市场进驻。在多元品牌政策和差异性市场策略的总体策略指引下,宝洁公司充分考虑中国经济,政治,文化背景,以中国东西部经济差距,城乡消费者需求差异,中国消费者对传统文化的要求和可持续发展为基础,开发具有中国传统品味的高科技环保产品,建立特殊的分销体系,建立了在中国市场的首席地位。同时,宝洁公司以遵守中国法律,履行社会责任和道德准则为己任,与当地政府配合,协助开展文化和经济辅导活动,保护生态环境与自然资源,在消费者心目中建立了良好的企业形象,为进一步发展提供了有利基础,达到了双赢的目的。     

Tit for tat and big steps: The case of Swedish banks’ internationalization 1961–2010

This study examines four major Swedish banks’ internationalization process patterns during the period 1961–2010. The study complements earlier studies by also considering the banks’ levels of market commitment. One objective is to determine if ‘Tit for tat’-behaviour seen in earlier studies of Swedish banks still prevails after the deregulation. Adding to earlier studies, this study also considers the level of market activities and commitments. A secondary purpose is to examine how the financial crisis has affected the banks with reference to the banks’ internationalization patterns. The empirical study is based on archival data on the studied banks’ foreign operations. The results show that the banks’ behaviour follows ‘Tit for tat’-behaviour but that the internationalization has accelerated after the deregulation, hence being carried out with ‘big steps’ rather than small steps. The analysis also shows that the mimetic behaviour is complemented by other types of internationalization behaviours. The differences in bank internationalization also mean that the effect of a financial crisis varies depending on how the banks have internationalized.     

Tourist districts and internationalization of hotel firms

The present paper brings together two lines of research that the literature has more often than not studied separately: the generation of externalities in industrial districts; and the international strategy based on location advantages. The application of industrial district approach principles serves to identify the tourist holiday districts situated along the Spanish coastline. This is followed by an analysis of the extent to which the degree of firm agglomeration specific to each district, as well as the presence of institutions generating specific technical knowledge, influence the globalization of the tourism sector, both regarding internationalized Spanish hotel chains and foreign hotels installed in Spain.     

Acceleration effect of intangibles in the recovery of corporate performance after-crisis

This study explores the recovery in the Market Value Added (MVA) of European companies after the recent global economic crisis in 2008–2009. It introduces empirical evidence that intangible-intensive strategy in human and relational capital reinforces speed of the after-crisis correction for companies. Based on a panel dataset of more than 1600 listed corporations this research aims to discover drivers of Market Value Added trends in 2011–2013. The established results contribute to the understanding of the advantages that companies can exploit for the recovery after systematic shocks of markets. Our study demonstrates that intangible-intensive strategy not always enabled faster recovery speed. Meanwhile, it provided year-to-year acceleration of MVA growth after crisis.     

Identifying new dimensions of business incubation: A multi-level analysis of Karolinska Institute's incubation system

Relying on an in-depth case study of the incubator related to the Swedish medical university Karolinska Institute's (KI), this paper identifies new analytical and strategic dimensions of incubation. Departing from the current literature's prevalent focus on incubators as organizations performing a predefined set of activities for incubatees (facility renting, coaching, training and connecting), we perform a multilevel analysis embracing, next to the organizational and the project-specific levels, also the broader institutional and inter-organizational level. Our analysis relies on seven key components of incubation, namely its time, place, sources, resources, control/governance, activities/services and outcomes. Further, we view incubators as strategic actors engaged in value creation on a broader arena than the strict incubation context, even an international arena, where incubators' choices and interactions can be analyzed with the help of concepts from various streams in the business strategy literature. The specific strategic drivers of business incubation that we identify in the KI incubator's case are six: positioning in the value chain, risk taking/time perspective, revenue model, governance/control, internationalization, and cooperation/competition. The paper concludes with managerial implications urging incubators to take more of a strategic perspective rather than focussing only on the established components of their operations.