Strategic Investment Decisions by Western Firms in Ukraine

The transition to free market economy in Ukraine has the country entering a period of discontinuous change. Much of the necessary infrastructure for a free market economy is missing. Enforced segegation from the rest of the developed world has resulted in inherently diiferent socio-cultural beliefs. The economy is in crisis. There is a lack of reliable statistical data, invalidating the use of traditional matrix-based planning tools. Yet there has been a significant level of Western investment in Ukraine since liberalisation In many instances, this has involved "high commitment" modes of operation (Johanson and Vahine 1977). Research into international entry and expansion decisions from macro-economic, strategic, behavioural and marketing perspectives differs as to the relative weight which it accords to exogenous and endogenous influences. However, a recurrent theme is that uncertainty increases risk. Traditional "stage" models of internationalisation would suggest that the level and nature of foreign investment in Ukraine is counter-intuitive, given the levels of uncertainty. This paper explores the entry and expansion decisions which Western firms are making in Ukraine. It seeks to understand why firms make "high commitment" investments in markets in transition. Moreover, it looks at the ways in which firms use relationships in the home and host market to reduce the risks of strategic investment decisions in Ukraine.     

发展循环经济 实现我国对外贸易的可持续发展

随着我国商品出口量的不断扩大，给我国带来了巨大的资源及环境压力。因此，为实现我国对外贸易的可持续发展，利用循环经济的理念来开展我国对外贸易已变得极为重要。同时，发展循环经济是实施可持续发展战略最重要和最现实的选择。我国更需要重视并采取必要措施来积极发展循环经济，以促进对外贸易的可持续发展，实现对外贸易与环境的共赢。     

Developing countries in competition for foreign investment

This study analyzes the competition for foreign direct investment (FDI) among countries at different stages of development. It is assumed that domestic companies in a more-developed country use more capital in production and that wages in a less-developed country are lower. Countries can compete for FDI by increasing the supply of public inputs in the economy, in addition to (or instead of) offering subsidies or tax reliefs to foreign investors. The results reveal that if governments of competing countries are not allowed to discriminate between domestic and foreign firms, there may be situations in which a less-developed economy will attract FDI depending on the labor cost differential and the responsiveness of foreign investor's and domestic companies' output to changes in the supply of public inputs. If tax discrimination between domestic and foreign firms is permitted, both countries will optimally raise the supply of public inputs, but the more-developed country will always win the foreign investment despite higher labor costs. Thus, governments of less-developed countries may have an incentive to work on an international agreement to disallow tax discrimination.     

贸易大国的问题及出路

在中国外贸累计突破1万亿美元后,中国成为世界贸易大国已是不争的事实。但是,贸易大国并不等同于贸易强国,而贸易大国和贸易强国对我国经济的发展贡献度是大相径庭的。所以,探讨我国外贸的现存问题及解决思路,对我国的经济发展有着较为重大的意义。     

日本贸易发展变化及新政策下贸易发展趋势

战后日本经济的快速发展离不开日本贸易的发展,战后日本把"贸易立国"作为"不变国策"。然而2012年末安倍再次担任首相,并于2013年制定了安倍经济政策,其政策的实施在短期内对日本经济起到了复苏的效果,但对日本贸易并未起到拉动作用,2013年日本贸易额下降,贸易逆差继续加大。今后日本贸易的发展将通过扩大对外开放、增大技术创新投入、加快区域合作等方式实现。     

贸易发展战略的理论综述——对俄罗斯贸易战略分析

贸易战略是一国较长时间内的发展战略之一,不同的外贸发展战略会对一国的经济增长速度产生不同的影响。俄罗斯是一个资源大国,长期以来一直致力于发展资源型经济,从而形成了一种路径依赖下的出口导向贸易战略,这种贸易战略虽使得俄罗斯经济得到发展,但在长期实施过程中又产生了一系列的负面影响。俄罗斯想尽快的走向世界前列,必须发挥自己的竞争优势,提高经济的竞争力,生产高附加值产品,走出一条创新型发展道路。     

外资零售业的竞争策略及中资零售业对策分析

零售业作为消费终端,对国民经济具有战略性的意义。自改革开放后,外资零售业就开始通过各种手段逐渐渗入国内,加入WTO后更是迅猛发展。外资零售业的发展策略对国内经济是有影响的,所以国内零售业要制定出切实可行发展的策略。     

Kenya

Arguably, Kenya is the “darling” of tourists who are brave enough to “explore” Africa and to find out for themselves the myths and reality of life on a continent that always receives negative media report overseas. Other tourists are attracted to Kenya because Hollywood movies based on Africa and set in Kenya (e.g., Out of Africa) have depicted the romanticized life of Europeans/White settlers/expatriates in the “deep” and “remote” African frontier. Thus, those with a stereotypical picture of Africa acquired from Western television screens expect to find an extremely undeveloped country. But arrival at Jomo Kenyatta International airport in Nairobi reveals a relatively well‐developed city that is very much integrated into the world capitalist system/economy. With a relatively strong economy Kenya has been successful in attracting both tourists and foreign investors. This article attempts to provide a clearer picture of the business climate in the country. Among other issues, it highlights the fact that the country has enjoyed peace and political stability while many of its neighbors remain deeply entrenched in wars and ethnic conflicts. This has resulted in some degree of economic prosperity that has eluded many countries in sub‐Saharan Africa. While highlighting the numerous investment opportunities especially in the telecommunications sector, the article also sheds light on some of the challenges that confront foreign investors and how to tackle them. © 2003 Wiley Periodicals, Inc.     

开放经济下如何实现外贸内生型增长

实现外贸内生型增长是开放经济的客观要求和我国经济发展的现实所需。在开放经济条件下,要实现我国外贸增长方式由粗放式、外延式向内生型转变,应把增强经济的国际竞争力作为政府工作的重点。通过战略性贸易政策培育战略贸易型产业,充分利用国际社会资源提高外贸管理的效率,着力把握当今国际机遇,扩大海外生产经营规模。这样方能适应开放条件下国际经济环境的变化和自身经济科学发展的客观要求。     

中国对外直接投资的发展及未来趋势

中国对外直接投资正处于迅速发展时期 ,这对于中国参与经济全球化具有重要的意义。中国对外直接投资表现出发展中国家对外直接投资初期的典型特征 ,然而中国的对外直接投资仍然具有比较优势。只要中国企业积极参与经济全球化 ,发挥并积累竞争优势 ,中国企业的国际化将会健康、快速的发展。     

面向区域经济的我国高校创业教育研究

创业教育与学术教育及职业教育同等重要,已经成为素质教育体系的重要组成部分。从国内外创业教育现状出发,分析发现我国创业教育尚处于起步阶段,实施面向区域经济的创业教育具有重大意义,从教育理念、创业课程、师资队伍、创业实践活动、产学研方面对实施创业教育提出了建议。     

印度甘尽苦来

如果外储不足以维持货币稳定,便只有提高利率,这又可能引起投资泡沫破灭。这一逻辑循环正是当下印度的写照。中国股市因摸着石头过河,缺乏顶层设计而十年涨幅归零。这方面印度堪称楷模,初期就注重制度建设。1990年代初,在资本市场改革之始,政府采取了一揽子举措,金融体系与西方的成熟市场全面接轨,成就了印度股市21世纪前十年的大牛市。     

中外商会发展的比较与启示

商会是市场经济中代表同行企业利益的民间团体，其发育程度与经济发展水平密切相关。发达国家在商会发展方面已积累了丰富的经验。我国商会中最具代表性的是温州商会，但是它与发达国家的商会仍有较大差距。本文对中外商会的发展情况进行比较，并从中得出有益的启示。     

Buy Local? Governmental Incentives to ‘Inform’ Consumers

This paper considers governmental incentives to provide information to local consumers about the relative merits of local versus foreign goods. We construct a model in which a local firm in a small, open economy competes in its domestic market with imports. Consumers are willing to pay an idiosyncratic premium for the local product, drawn from some support that the importing country government can affect through a costly information campaign. We examine incentives to undertake such a campaign in autarky and in the case of trade. We show, inter alia, that while a national welfare‐maximising government will always wish to shift this distribution upwards, it may not wish to reduce the variance of valuations, and that the optimal response of a foreign government will be to increase any support it offers to its exporters. Furthermore, falling world prices generally reduce the attractiveness of such a campaign both to a welfare‐maximising government and to one that cares only for domestic profits.     

管理贸易政策调整与经贸可持续发展问题探讨——基于青岛市管理贸易政策的研究

管理贸易政策是各贸易主体参与国际分工中为追求最大化贸易利益而实施的政策。随着各国政府宏观调控的加强,管理贸易政策成为一个国家或地区经贸可持续发展的重要支撑之一。青岛是典型的以对外贸易拉动经济增长的城市,通过研究青岛市经贸发展中存在的问题,探讨通过管理贸易政策调整寻求实现经贸可持续发展的路径,为地方经济提供具体政策建议同时对我国类似的地区经贸发展提供可借鉴的经验。     

理性看待外资并购与我国产业安全

经济全球化的迅速推进和允许外资并购上市公司法律的出台，使得外资并购在我国进入一个新的发展阶段，但随着国内几个重点行业的龙头企业被外资“闪电”并购，引发了一场关于外资并购是否会影响国家产业安全的大讨论。本文在分析当前外资并购新特点和其对我国经济影响的基础上，提出我们应该理性看待外资并购，同时以良好的心态引导外资更好地为我国经济发展服务。     

Is certification an effective legitimacy strategy for foreign firms in emerging markets?

This study explores the effect of certification on profitability in a transition economy. Obtaining a certification is a strategic legitimacy action that positively affects a firm’s profitability, specifically for a foreign firm in a transition economy, where institutions are less developed and stable. However, we argue that certification is particularly effective if legitimacy based on adaptation to local circumstances is weak. An analysis of data from 319 MNE subsidiaries in China over the period 1998–2009 largely supports our hypotheses. Certification is an effective strategic action which improves profitability. However, the strength of this effect is influenced by the level of marketization of the host region, the institutional quality in the home country, the density of the foreign firm community in the host country, the number of years the foreign firm has been in the host country, and the size of the foreign firm. These findings throw light on the role certification can play in helping firms overcome the liability of foreignness in a transition economy.     

How valuable is information and communication technology? A study of emerging economy enterprises

Anchored at the knowledge management perspective, we address how information and communication technology (ICT) improves the productivity of emerging economy enterprises. We present the logic that ICT enhances firm performance because it is an important channel or facilitator of effective knowledge sharing and knowledge integration. We further argue that the conditions characterizing an emerging economy (i.e., a country’s economic development) and emerging economy businesses (i.e., internationalization and quality assurance) would affect the extent to which ICT contributes to knowledge management, and thus to firm performance. Our hierarchical linear modeling analysis of 6236 firms from 27 emerging economies lends support to our arguments and predictions, suggesting that ICT is a critical investment that generates satisfactory returns for emerging economy enterprises, yet this investment–return relationship is further contingent upon the macro- and micro-level conditions facing these enterprises. ICT actually adds more value to productivity when a focal emerging economy is less economically developed, and when a focal firm reaches foreign markets or its quality control and assurance is superior.     

Environmental Pressure and the Performance of Foreign Firms in an Emerging Economy

Does environmental management help foreign firms outperform local firms in emerging economies? While existing research suggests that environmental management may or may not benefit firm performance, the question is particularly under-investigated in the emerging economy context. Using the data on foreign investment into China, this study explores whether foreign firms that are under greater environmental pressure, at home or at the host, outperform comparable local firms in an emerging host country. In making this comparison, we use propensity-score matching and a difference-in-differences approach to handle the problem of endogeneity inherent in comparing the performances of foreign versus local firms. We find empirical support that foreign firms perform better than local firms when they are under high environmental pressure in the emerging host country, and this result is driven by the foreign firms originating from countries with high environmental pressure.     

Foreign investment and control of transnational enterprises

Foreign investment by transnational enterprises (TNEs) in less developed countries has been explained by the differential rates of return available to foreign capital at home and in the host country. However, an equally significant aspect of such investment is the issue of control of TNE operations in the host country. This forms the basic difference between foreign direct and foreign indirect investment. This paper addresses this issue showing that foreign direct investment is better for the host than indirect investment. We discuss how host government policy can affect the decisions of TNEs and achieve the best outcome for the host economy.