Internationalization of multinational banks: a study of foreign direct investment in seven Latin American countries

The article attempts to explore and contrast the different factors that influence the foreign direct investment (FDI) decisions of multinational banks. Employing eclectic theory, an estimation model with panel data from seven Latin American countries is set to test the proposed hypotheses. The results highlight an increase in foreign assets, removal of banking restriction, banking concentration, and capital cost differential in the local banking system as determinants of specific location advantages for attracting banking FDI. Other factors such as cultural proximity and crisis also have a significant impact on banking FDI. Discussions and implications are debated before conclusions are drawn for a future research agenda.     

Trade Integration and Revealed Comparative Advantages of Sub-Saharan Africa and Latin America & Caribbean Merchandise Export

This study examined the revealed comparative advantage (RCA) of sub-Saharan Africa (SSA) and Latin America & Caribbean (LAC) on the export of five merchandise subsectors (during 1995 to 2010) using the World Development Indicators database. Despite improvements observed, SSA’s and LAC’s trade share and economic integration are low. LAC has stronger RCA than SSA in export of food items though the gap in their competitiveness is not wide. The SSA region has higher RCA in export of agricultural raw materials, fuel, and ores and metals than LAC. Both regions have revealed comparative disadvantage in the export of manufactures, though lesser in LAC.     

Attributes of Foreign Subsidiaries and the Location Strategy of Multinational Firms in Global Cities in Latin America

International business research has recently honed in on the subnational dimension of multinational enterprises (MNEs), particularly the city level. Through a binomial logistic regression of data from 254 foreign subsidiaries of 10 Latin American global cities between 2006 and 2012, we found that specific attributes of the firm related to the industrial sector, subsidiary control, and ownership level have a positive effect on the location choice in cities. In addition, we found that in the previous period and during the international financial crisis, MNEs exploited their internalization advantages more intensely by exerting greater control over their subsidiaries in global cities.     

Latin American firms competing in the global economy

As part of a cooperative effort between the Journal of Business Research (JBR) and the Business Association of Latin American Studies (BALAS), this special issue brings updated research on the Latin American business environment. Out of 226 papers submitted to the BALAS 2012 conference, which was hosted by the Pontifical Catholic University of Rio de Janeiro (PUC-Rio), 22 were pre-selected to run for publication in this special issue — and only 14 actually were accepted after the demanding three rounds of a double blind review process that was run after the conference. This introduction to the special issue of the JBR on the BALAS 2012 conference brings an overview of the changes that have taken place in the business environment of Latin America, the evolution of the internationalization behavior of Latin American firms and the changes in their strengths to compete both domestically and abroad.     

Mean-Reversion and Long Memory in the Stock Market Indexes of Some Latin American Countries

ABSTRACT

In this paper we examine the mean-reversion and long-memory properties in the stock market indexes of some Latin American countries by means of fractional integration. In doing so, we allow for a much richer degree of flexibility in the dynamic behaviour of the series not achieved when using the classical representations based on I(0) or I(1) processes. We use a semiparametric local Whittle estimator based on the frequency domain. The results show that the order of integration of the series is higher than 1 for Argentina, Venezuela and Colombia and is around 1 or slightly higher for Mexico. The results also show that the unit root cannot be rejected for the case of Brazil. Splitting the samples around the periods of crisis, we find long-memory stock market returns in the pre-crisis period for all countries except Brazil. However, using post-crisis data, the unit-root cannot be rejected, which might be consistent with the Efficient Market Hypothesis. A notable exception is the case of Colombia, where long memory is also found in the returns for the post-crisis period.

RESUMEN. En este estudio examinamos las propiedades de la reversión media y de la memoria prolongada en los índices del mercado bursátil en algunos países latino-americanos, a través de la integración fraccional. Utilizando este método, permitimos la ocurrencia de una flexibilidad mucho más rica en el comportamiento dinámico de las series, que no se puede lograr con el uso de las representaciones clásicas, basadas en los procesos I(0) o I(1). Utilizamos un estimador Whittle local semiparamétrico, fundamentado en el dominio de la frecuencia. Los resultados obtenidos muestran que el orden de integración de la serie es mayor a 1 para Argentina, Venezuela y Colombia, y alrededor de o poco más de 1 para México. Además, los resultados también demuestran que, en el caso brasileño, no puede rechazarse la unidad raíz. Al dividir las muestras alrededor de los períodos de crisis, descubrimos que el mercado bursátil con memoria prolongada vuelve a aparecer en el período pre crisis en todos los países menor Brasil. Sin embargo, si usamos los datos post crisis no podemos rechazar la unidad raíz ya que la misma puede ser coherente con la Hipótesis del Mercado Eficiente. Una excepción notable esel caso de Colombia, donde la memoria prolongada también se encuentra en los retornos para el período post crisis.

RESUMO. Neste artigo examinamos as propriedades de reverãs média e memória longa nos índices de mercados de aç[otilde]es de alguns países latino-americanos por meio da integração fracionária. Com isto, permitimos um grau de flexibilidade bem maior no comportamento dinâmico da série, não obtida quando se usam representaç[otilde]es clássicas baseadas nos processos I(0) e I(1). Empregamos um estimador Whittle local semiparamétrico baseado no domínio da freqüência. Os resultados mostram que a ordem de integração das série é maior que 1 para a Argentina, Venezuela e Colômbia e em torno de 1 ou ligeiramente maior para o México. Os resultados também mostram que a raiz unitária não pode ser rejeitada para o caso do Brasil. Dividindo-se as amostras em torno dos períodos de crise, encontramos retornos de mercado de aç[otilde]es de memória longa no período pré-crise para todos os países, exceto o Brasil. Entretanto, usando dados pós-crise, a raiz unitária não pode ser rejeitada, o que poderia ser compatível com a Hipótese do Mercado Eficiente. Uma exceção notável é o caso da Colômbia, onde a memória longa também se encontra nos retornos para o período pós-crise.     

Unexpected Effects of the Washington Consensus: Trade Liberalization and Migration Flows in Latin America

The traditional theory of international trade assumes that there is a substitution relationship between international trade and migration flows. However, trade liberalization in Latin America has come with an increase in emigration. This article, based on an econometric analysis for the period 1981–2002, shows that there is a complementary relationship between trade and international migration. One explanation is related to the Washington Consensus. In particular, higher labor market flexibility, in the context of trade openness, has resulted in higher levels of unemployment. Therefore, emigration represents a safety valve that reduces the pressure on Latin American labor markets.     

International Capital and the Environment in Latin America

Summary

This century's end has been witnessing an increase in environmental concern. While initially a subject of developed countries, developing countries began to realize that the trade off between developing and conserving the environment has to be equated to give present and future generations a chance of success in their development efforts. Thus far, the approach taken by both developed and developing countries towards correcting environmental problems has been primarily dominated by command and control type of regulations, whose success is clearly a function of the regulator's enforcement capacity. Yet, there are signs that this approach is changing towards a more participatory mixed environmental policy model. This change has further stimulated the growing “environmental industry,” in which international capital plays a major role. This paper discusses these recent trends in the context of the conservation of the Latin America and the Caribbean environment.     

零售业低碳化与促进中国低碳零售发展的政策选择——基于企业的自然资源基础观

基于企业的自然资源基础观,把零售企业低碳化的实践活动由低到高分为内部经营、外部协调和可持续发展三个层次,每一层次的活动都会影响到零售企业相应的竞争优势。当前,国外零售企业的低碳经营涉及到以上全部三个层次,而中国内资零售企业的低碳经营主要限于第一个层次,与国外差距较大,致使内资零售企业无法获得领先者优势和未来制高点优势。     

Unilever's Latin American Strategy in Yellow Fats,Ice Cream and Teas

Abstract

The article investigates the interplay between the changes in the large corporate strategy of a multinational and changes in the business environment in Latin America. In its international expansion, Unilever has traditionally used a decentralized national responsive strategy where local subsidiaries develop their markets with a great degree of autonomy. In response to globalization, Unilever moved towards greater business coordination and a more focused approach in the nineties. The article examines the impact of this reorganization on the firm's regional strategy in Latin America. We examine the firm's strategy in three food categories: fat oils, ice cream and tea-based products. We conclude that Unilever continues to use a strategy of national responsiveness with no attempt to coordinate its experiences across the region.     

Intra-Industry Trade in Latin America and the Caribbean

An increasingly important component of total world trade is intra-industry trade (IIT). The large volume of literature on IIT is reflective of this importance. However, this extensive literature has focused almost completely on explaining the causes of IIT. This focus has left a puzzling gap in the literature. Specifically, it is almost impossible to determine the level of IIT for a particular country or region. Further, there is almost no information on the level of IIT at the industry level either globally or for a region or country. In this article we provide estimates of IIT for the world and for the countries of the Western Hemisphere. Further, we provide estimates of IIT for ten different SITC product categories on the same basis. The findings of the article indicate that in most industries, IIT in Latin America is substantially lower overall than the world average. There are, however, substantial variations observed both by country and by industry. Because the results are the first available for the region as a whole, they should allow researchers to get a better picture of the extent of IIT in Latin America and the Caribbean by country and by industry.     

本土技术创新、外国技术溢出与我国制造业贸易竞争优势互动性的实证分析

技术创新与国际贸易之间存在着一种互动关系,在开放经济系统中,一国技术创新能力的提高不仅取决于本土技术研发,也受到外国技术溢出的影响。通过实证分析得出:改革开放以来,我国本土技术研发与贸易竞争优势间形成了良性的正向互动关系,但外国技术溢出却与我国制造业贸易竞争优势的形成有明显的双向负面关系。     

Teaching Competitive Intelligence Skills to North American and Overseas Audiences: A World of Difference in Pedagogical Effectiveness

This article contrasts teaching methodologies and pedagogical effectiveness in executive development programs delivered in North America and three diverse regions of the world. Based on the authors' collective teaching experience exceeding 40 years encompassing over 24 countries, and augmented by a review of the literature, a theoretical model is posited addressing 10 criteria deemed discerning when executive development programs are delivered in diverse locales around the globe, with the aim of improving the effectiveness of teaching and learning.     

企业能力、竞争优势与人力资源管理关系研究——基于能力的人力资源管理和战略人力资源管理的比较与整合

与员工能力与员工绩效关系的研究相比,目前对企业人力资本和员工与企业绩效和竞争优势关系的研究要抽象、模糊的多.论文在对基于能力的人力资源管理和战略人力资源管理研究分析的基础上,结合企业战略管理相关理论,将企业视为一个能力系统,阐明了员工能力,企业能力、企业竞争优势、企业绩效与人力资源管理的相互关系,进而将从个体视角探讨员工能力与员工绩效关系的基于能力的人力资源管理与从企业视角探讨人力资本、人力资源管理与企业绩效、竞争优势关系的战略人力资源管理二者有机联系起来,并指出企业可以通过构建和应用基于企业战略的员工胜任力模型来实施战略人力资源管理.     

我国棉花生产比较优势与出口竞争力的区域差异分析

我国是世界产棉大国之一,棉花在农业生产和国民经济建设中占有十分重要的地位。本文运用生产规模和生产效率两项指标,通过建立综合比较优势指数模型,分析了我国各产棉省区棉花生产的比较优势差异。同时,运用显示性比较优势指数和净出口贸易指数两项指标,分析了各产棉省区棉花出口竞争力的区域差异及其动态变化,并根据研究结果提出了简要的对策建议。     

The Effect of Corruption on Exports and Imports in Latin America and the Caribbean

International trade, in particular exports and imports, are regarded as important factors that can increase the economic development of the Latin American and Caribbean (LAC) countries. However, little is known whether the ability of these countries to strengthen their global positions in trade can be affected by the pervasiveness of local corruption. The objective of this study is to analyze the impact of corruption on exports and imports in LAC countries. Our empirical results from the gravity model indicate that local corruption strongly reduces exports in the region. Thus, we conclude that LAC would be able to achieve more export growth if corruption in the region was effectively reduced.     

Upgrading and Competitiveness Within the Export Manufacturing Industry in Central America,Mexico, and the Dominican Republic

The competitiveness of the export manufacturing industry (EMI) in Central America, Mexico, and the Dominican Republic has been significantly eroded by increasing competition from Asian countries in the past decade. This paper examines technological upgrading strategies followed by export-oriented manufacturing firms that operate under various investment attraction and export promotion schemes such as maquila and free zones in order to face the increasing Asian competition. In particular, it aims to study why the strategies followed in the two main sectors of the EMI—electronics and apparel—have had significantly different impacts on export competitiveness. Although the empirical evidence shows that both sectors have mainly followed process upgrading strategies, and to a lesser extent functional and inter-sectoral upgrading, the type of governance of the global value chain, sector-specific characteristics, and corporate strategies help explain their diverging impacts on competitiveness.     

地理位置、环境信息披露与股价同步性--基于政策变动的研究视角

在政策变动的背景下,公共压力与空间距离都是影响股价同步性的重要因素,前者减弱股价同步性,后者增加股价同步性,但两者共同通过环境信息披露进行作用对股价同步性会产生怎样的影响是目前必须解决的问题。本文选取2004－2006年和2009－2011年我国上市制造业企业为样本,以政策变动为视角,研究了环境信息披露差异对股价同步性的影响机制。结果发现,在《办法》颁布前,远距离企业的环境信息披露与股价同步性负相关,《办法》颁布后则正相关。而对于近距离企业,在《办法》颁布前后均不显著。因此,在公共压力增大的情况下,环境信息披露对股价同步性影响的过程中,地理位置起到了决定性的调节作用,应引起监管层的足够重视。     

西部工业区位相对变化及优化路径分析

改革开放以来,西部地区加工制造业区位不再具有优势,资源指向型工业区位特征更加明显,工业区位要素集聚能力和内聚能力下降。这是工业区位选择由高度集中的计划控制与决策向市场经济条件下的经济理性决策转变的必然结果,其中区位环境是影响西部地区工业区位相对变化最为关键的因素。西部地区工业区位优化的根本路径应该是“改善两个环境,提升两种区位”,即立足西部资源条件和现有工业基础,加大环境保护与基础设施建设力度,改善西部工业区位硬环境;努力创造良好的制度环境;同时大力调整产业结构,走新型工业化道路,变资源优势为经济优势,推动加工工业区位复兴,形成一批特色工业区。     

利用产业集群优势增强区域竞争力——以湖南长沙、株洲和湘潭三市为例

湖南省长沙、株洲、湘潭三市有着形成产业集群的优势,但由于长株潭一体化过程中的集群战略提出得较晚,一体化的过程相对滞后,在分析长株潭产业集群发展现状的基础上,运用SWOT模型对长株潭区域内产业集群的发展进行了分析,促进长株潭产业集群发展要培植带动产业集群发展的＂龙头企业＂;确定好长株潭优势主导产业;充分发挥政府的规划引导作用;延长产业链,形成有完整相关配套企业的产业集群。     

Understanding Firm, Physician and Consumer Choice Behavior in the Pharmaceutical Industry

This paper argues that the pharmaceutical industry represents an exciting opportunity to carry out academic research. The nature of the industry allows researchers to answer new questions, develop new methodologies for answering these questions as well as to apply existing methodology to new data. The paper opens with some industry background, then provides a brief overview of some important research areas and discusses the open questions in each area. Issues of data type and availability are also discussed. This paper is based on a session (with the same title and participants) that was part of the Sixth Invitational Choice Symposium hosted by the University of Colorado and held at Estes Park, Colorado during June 4–8, 2004.