The influence of political risk on the scope of internationalization of regulated companies: Insights from a Spanish sample

Political risk not only constitutes a threat for multinational enterprises but can also be a source of opportunities. Exposure to and accumulated experience dealing with political risk allows firms to better implement a wide set of political actions such as negotiation of entry conditions, lobbying, litigation, campaign contributions and coalition formation, leading to preferential conditions, reduced environmental uncertainty, reduced transaction costs and increased long-term sustainability to the firm. These advantages facilitate investments in countries with higher and more diverse levels of risk and make political risk to be positively associated with the firm's scope of internationalization. This effect is not homogeneous across firms. Drawing from a sample of 164 Spanish companies with investments in 119 countries, we find that the impact is greater for companies in industrial sectors that are the object of greater governmental regulation than it is for firms in non-regulated manufacturing or service sectors, with less frequent interactions with home and host-country institutions.     

Political risk in private participation projects: The effects of political discretionality and corruption

This article investigates the impact of political risk on the performance of private participation infrastructure projects in emerging markets. Previous studies have shown that firms in regulated sectors are prone to employ political capabilities in their investments overseas. Our analysis of 32,257 projects in 114 emerging countries from 1997 to 2013 shows that higher political discretionality in the host country is negatively associated with project completion. In contrast, a higher level of corruption in the host country is positively associated with project completion. The study makes a contribution to the literature on political risk in foreign direct investments.     

Political risk and the internationalization of firms: An empirical study of Canadian‐based export and FDI firms

Political risk analysis primarily receives attention for foreign direct investment (FDI) but only rarely for exporting. We examine how exporters and foreign direct investors evaluate the relative importance of political risk factors. We provide a rationale for exporters to evaluate political risk factors for FDI and for foreign direct investors to evaluate political risk factors for exporting. Survey data were collected from Canadian exporters and foreign direct investors and capture the distinctive nature of salient factors for exporting and FDI. We offer unique insights on the evolutionary character of political risk that are of practical value for both exporting and FDI. Copyright © 2007 ASAC. Published by John Wiley & Sons, Ltd.     

全球化发展下我国转基因技术的风险评估与风险管理分析

转基因技术发展以来一直饱受争议,公众对于转基因技术的讨论多聚焦于“安全性”问题,因此,政府对于转基因技术的安全评估与风险管理方式尤为重要。本文从转基因的安全性评估与风险管理角度切入,分析美国、欧盟、日本等地区对于转基因技术的风险管理方式,对比分析其与我国的差异,期望藉由良好的风险评估与完善的风险管理方法来提高我国公众对转基因技术的认知度。     

Not all family firms are equal: The moderating effect of family involvement on the political risk exposure of the foreign direct investment portfolio. Preliminary evidence from Spanish multinational enterprises

We investigate the effect of political risk (PR) exposure and family control on the internationalization strategy of multinational enterprises (MNEs) using social capital theory. Our results from a negative binomial cross‐sectional analysis in 2007 of Spanish MNEs show family ownership or the limited presence of family members on the board has no effect on internationalization. However, when the conceptualization of family firms (FFs) includes majority ownership and board presence, we find a direct negative effect on their internationalization scope but a positive moderating effect on the relationship between the exposure to PR and internationalization scope. FFs have some specific advantages suitable to be employed in their corporate political activity allowing them to develop long‐lasting relationships with relevant political actors. By disentangling the effects of family control on internationalization and PR, this article explains how FFs can be simultaneously risk‐willing and risk‐averse.     

The moderating effect of bilateral investment treaty stringency on the relationship between political instability and subsidiary ownership choice

We investigate whether the degree to which a bilateral investment treaty (BIT) protects against expropriation (i.e., its “stringency”) influences the international strategy of multinational enterprises (MNEs) as they invest in countries with varying levels of political instability. We draw on institutional logic and insights from political economics to hypothesize that BIT stringency will moderate the established positive relationship between host country political instability and minority ownership. Analysis of a sample of 289 foreign investments made by AEX-listed Dutch MNEs in 34 countries between 2004 and 2013 provides support: a more stringent BIT will encourage the MNE to choose a majority stake as political instability rises. Robustness tests provide further support for our argument. The results have both managerial and policy implications relating to the role that BIT stringency plays in determining MNE strategy.     

The role of endogenous and exogenous risk in FDI entry choices

FDI research has presented consistent evidence that firm experience moderates the effect of risk on entry in a new foreign market. This conclusion is contested by recent research. By revisiting the conceptualisation of risk by economists and behaviourists, we show that the proposed learning mechanism only applies to endogenous risk, not exogenous risk. As assessing endogenous risk involves self-evaluation of risk-reducing capability, it is posited that firms have differential tendencies to take such risks even when experience and ownership are accounted for. We find both observed and unobserved variations in firms’ responses to endogenous risk, as opposed to exogenous risk.     

The effects of business- and non-business-targeting terrorism on FDI to the MENA region: The moderating role of political regime

This study investigates the effects of terrorist attacks on foreign investment by stressing the importance of both business- and non-business-targeting terrorism in the host country. Building on North’s strand of institutional theory, we argue that both forms of terrorism represent exogenous risks likely to generate high levels of non-ergodic uncertainty for MNEs and subsequently deter foreign investors. Further, we hypothesize that these effects may be moderated by host-country political regime type, which serves as a gauge for a favorable investment environment for MNEs operating in institutionally fragile markets. Using panel data on fifteen MENA countries over the period 2001–2018, we find empirical support for our hypotheses whereby hybrid political regimes, namely anocracies, strengthen the negative effects of both business- and non-business-targeting terrorism on FDI. Our work contributes to the research on FDI and exogenous risks by offering a more fine-grained conceptualization of terrorism, as well as by highlighting the moderating role of host-country hybrid regimes.     

The professional service firm (PSF) in a globalised economy: A study of the efficiency of securities firms in an emerging market

This study explores the efficiency of securities firms in Turkey and offers conceptual and managerial insights utilizing data envelopment analysis. Through a sample of local and foreign owned securities firms in Turkey, we examine the impact of liabilities of foreignness (LOF) and localness (LOL) upon knowledge intensive firm efficiency in an emerging market economy. We have extended this approach through our consideration of liability associated with market globalness (LOMG). Our findings indicate the importance of size for firm efficiency with bank affiliation and foreign ownership also having positive effects on efficiency. Our study makes a contribution conceptually, methodologically and empirically to a growing literature on emerging economies. We also make a valuable addition to the limited empirical work conducted on the securities industry to date. Finally, through our contextualization of Turkish securities firms as professional services firms (PSFs), our research extends the narrow focus on law and accounting which currently dominates the burgeoning research strand on PSFs.     

海外收购专利IP 风险（因素）识别方法研究

风险识别是风险管理的基础。研究海外收购专利IP风险(因素)识别方法,为良好的IP风险管理所必须,对成功的专利收购具有重要意义。本文基于管理实践总结海外收购专利IP风险(因素)识别原理,提出一套"商业目标、系统方法、识别工具和循证实践"的系统识别方法,以防止对目标企业专利IP风险(因素)识别出现重大遗漏,确保海外投资的安全。     

为探索培育医学生社会主义核心价值观的实现路径。本文分析总结了新冠肺炎疫情期间加强医学本科生思政教育的必要性和应然性，探讨了实现思政教育的工作路径，将思政教育融入学生生活的方方面面，提升医学生责任感、使命感，促进专业知识学习，培养具有社会主义核心价值观的新时代医学生

为探索培育医学生社会主义核心价值观的实现路径。本文分析总结了新冠肺炎疫情期间加强医学本科生思政教育的必要性和应然性,探讨了实现思政教育的工作路径,将思政教育融入学生生活的方方面面,提升医学生责任感、使命感,促进专业知识学习,培养具有社会主义核心价值观的新时代医学生。     

基于四阶累积量的到达频率差估计算法

研究了基于四阶累积量的到达频率差估计算法，并给出了该算法的离散实现方法。该算法利用高阶累积量的特性，在相关的噪声环境下，对到达频率差作出了精确估计。仿真结果验证了该算法的有效性。     

深化国企改革的突破点:构建人力资本产权制度

国有企业人力资本产权制度安排的根本问题 ,在于无视人力资本产权自主或决定性 ,不承认人力资本个人产权及其向非人力资本转化的合法通道 ,人力资本产权化是解决国企深层次矛盾需要 ,是深化国企改革的突破点 ,是知识经济条件下实现国有企业改革第二次飞跃的动力所在。构建国企人力资本产权制度及运营模式是当务之急     

宁波的外商直接投资研究

外商直接投资(FDI)是经济全球化的“推动器”,它在宁波的经济发展历程中起了不可磨灭的作用,但是它在给经济建设带来积极影响的同时也必然会存在一些问题。通过对宁波自改革开放以来的外商直接投资进行的数据统计分析,了解其现状,探讨其对宁波经济发展所起的影响,剖析其存在的问题,并对宁波日后如何提高利用外资的质量和水平、促进产业结构的优化升级和经济的可持续发展进行了一些思考和提出一些建议。     

我国区域残疾现患率与人类发展指数相关性研究

根据第二次全国残疾人抽样调查(2006)以及2006年全国统计年鉴等相关数据资源,分别计算反映我国不同区域残疾水平的残疾现患率指标,以及反映我国不同区域社会经济发展水平的人类发展指数指标。探求残疾的罹患与社会经济发展之间的相关关系,证明不同社会经济水平条件下,残疾罹患水平具有区域差异性。在理论和实际两个方面为不同社会经济水平地区的残疾人保障和康复扶助工作提供了指导和政策支持。     

Filling the Empty Shell. The Public Debate on CSR in Austria as a Paradigmatic Example of a Political Discourse

Instead of essentializing and defining what CSR “is”, we analyze CSR as a political discourse in which different actors struggle to fill the empty shell of Corporate Social Responsibility (CSR) with a legitimate interpretation. In this paper we take the current debate on CSR in Austria as an example to demonstrate how this debate is shaped by changes in the greater socio-economic environment. We suggest that this debate might be paradigmatic for the development of CSR in the European/International context. We argue that the debate and the political moves concerning an implicit or an explicit concept of CSR are rooted in a more fundamental question: the societal (re-)embedding or disembedding of companies.     

“神秘湘西”旅游品牌核心价值的构建理念

随着"神秘湘西"旅游品牌吸引力的逐渐增强,及湘西各景点纷繁杂乱、各自为阵的问题不断凸现,关于如何打造作为地域总品牌的"神秘湘西"的品牌核心价值,并把各个设计理念不统一的景点收敛在一个统一的品牌内涵和定位中,从而进一步提升湘西旅游品牌的魅力和竞争力,日益成为当前湘西旅游产业进一步发展亟待解决的紧迫问题。所以要从湘西历史文化根籁中,寻找出"巫傩化的民俗风情"这一品牌核心理念,并把它作为构建湘西旅游品牌核心价值的总理念。     

人民币汇率水平合理性的实证分析

1994年第一季度至2006年第一季度的人民币名义汇率及其决定因素来建立一个VAR行为均衡汇率模型。实证结果发现,在样本期内,人民币名义汇率失调的幅度始终在3%以内,这给出了人民币汇率水平合理性的一种理论解释。实证分析还表明,2005年7月人民币汇率制度改革的时机是恰当的,升值的幅度是适宜的,升值的方向是正确的,未来一段时期内人民币的升值应继续按照"渐进、微调"的原则。     

凝胶渗透色谱净化高效液相色谱-串联质谱法检测辛辣蔬菜中咪鲜胺等7种农药残留

建立了辛辣蔬菜基质中咪鲜胺、异菌脲、虫酰肼、噻螨酮、涕灭威、涕灭威亚砜和涕灭威砜7种农药残留量的凝胶渗透色谱-分散固相萃取技术相结合净化高效液相色谱串联质谱检测法。样品经乙腈提取,氮气吹干,环己烷-乙酸乙酯(1＋1)溶液溶解后,凝胶渗透色谱与分散固相萃取法相结合进行净化,反相高效液相色谱柱分离后,采用液相色谱-串联质谱法在分时段多反应监测模式下进行测定,外标法定量。结果表明：7种农药在0.005-2.0μg/mL范围内线性关系均良好(r2在0.995-0.999),且所有农药检出限和定量限均低于国际限量要求;在定量限、5倍和10倍定量限的添加水平下,辛辣蔬菜中7种农药的平均回收率介于60％-120％,相对标准偏差不大于5.0％。该方法定性、定量准确,干扰小,能用于辛辣蔬菜基质中7种农药残留的检测,能很好的满足我国进出口辛辣蔬菜中这7种农药限量的严格要求。