State institutions, risk, and lending in global capital markets

This paper examines one component of the expansion of global capitalism, the lending of capital across national borders and the affect of national political institutions and arrangements upon that lending. Global capital markets expanded rapidly during the latter part of the twentieth century, prompting discussions about the role of mobile capital. This contribution makes three key points to the understanding of globalization, its impacts, its causes, and its relationship to the nation-state, business and development. First, globalization is an uneven, bifurcated, phenomenon. Only a select group access these global capital markets, while many watch from the sidelines. Second, national political arrangements help us understand systematic disparities in access to global capital. National and local public policies, national political institutions, and other local activities prove instrumental in affecting access to global capital. Democracy and regulatory stability matter as they provide information to international investors about the risk to investments from local arenas. Third, the data presents a methodological obstacle in understanding how politics affects access to global capital. The structure of the data’s distribution can hide real relationships and pervert substantive interpretations if not managed. Without addressing the statistical concerns presented by the data the results would at worst be little more than garbage in, garbage out, and at best misleading.     

The Persistence of Profits,Sectoral Heterogeneity and Firms’ Characteristics

The analysis of the persistence of profits has long been a controversial issue within empirical industrial organisation literature. The aim of our paper is to provide new empirical findings that may account for patterns of both sectoral and firm profit persistence. The distinctive feature of our study is that we analyse a number of firms’ ergodic distribution in each sector according to their profit level; we then calculate the difference between such a distribution and that prevailing in manufacturing as a whole. Finally, we break down this distribution; the resulting breakdown highlights the impact of each transition probability on inter‐sectoral differences clearly, and it also emphasises the role of intra‐sectoral dynamics in determining different persistence patterns. We then apply this methodology to both innovating and non‐innovating firms, and conclude that among surviving firms innovation is indeed crucial to the persistence of profits. In addition, we set up an econometric test which enables us to estimate the impact of firm and sectoral characteristics on a firm’s profit condition.     

Web functionality,web content,information security,and online tourism service continuance

This paper aims at examining key information dimensions in association with online tourism service continuance from the consumer perspective. We propose a conceptual model and four hypotheses to articulate the relationships of the relevant constructs. The empirical results unveil that web functionality, web content, and information security positively influence consumers’ perceived value of online tourism services which in turn significantly mediates the effects of these determinants on continuance intention to use online tourism services. The present study makes contributions to research and practice with theoretical and managerial implications. The empirical findings deepen the understanding of consumer attitudes and key information determinants of online tourism services and provide insights for enhancing online travel and tourism services.     

Funding conditions for aid effectiveness: A mixed blessing for the sustainable development of host‐country‐national employees

This paper explores whether—and how—aid effectiveness funding conditions impact the human resource development of host‐country national (HCN) employees. To investigate this relationship, I conducted a phenomenological study with 31 participants from three international nongovernmental organizations (INGOs). Results suggest that the pressure toward funds accountability brings mixed blessings: From a staffing perspective, more HCNs are being hired instead of expatriates, building local capacity. However, vital training and performance review functions are cast as inefficient overheads. The paper concludes with a conceptual framework, practical strategies for INGOs and donor governments, and directions for larger scale empirical research. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.     

Liquidity,exchange listing,and common stock performance

The liquidity of securities—the relationship between volume of trading and changes in market price—has won increasing recognition as an element of investment strategy in recent years. Relatively high liquidity is deemed to be a desirable characteristic of a stock, especially for the institutional investor, who typically trades in large volume. Thus, firms can generally be expected to seek means of enhancing the liquidity of their shares. One of the supposed means of accomplishing this is by listing one's stock on a national securities exchange. This paper examines the relationship of common stock liquidity to both exchange listing and price behavior during major up and down movements in the market. Our conceptual and empirical analyses indicate that liquidity is linked to price behavior; and we suggest that the view held by at least some corporate officers—that exchange listing increases liquidity—may be erroneous. More specifically, it appears that when the amount of firm capitalization is taken into account, exchange listing does not result in greater stock liquidity.     

Export diversification,specialisation and inequality: Evidence from Asian and Western countries

This paper examines the dynamic effect of globalization at the disaggregated level of sectoral export diversification and manufacturing specialization on income inequality using a panel data set of 52 Asian and Western countries from 1988 to 2014. The paper uses dynamic panel data models applying the System Generalized Method of Moments (GMM) estimations that provide more accurate and better results than those obtained with static panel data models. The results suggest that there is no statistically significant relationship between manufacturing specialization and inequality while sectoral export diversification has been the driving force of inequality. For sub-groups of countries, higher sectoral export diversification increases inequality and higher manufacturing specialization decreases inequality in high-income Asian countries and European Union (EU) member states. Moreover, the study finds insignificant effects in low-income Asian countries and Anglo-Saxon countries.     

论市场全球化条件下的竞争政策

经济全球化使市场空间已经超出国家竞争政策①的管辖空间,健全的全球经济竞争政策对于保证国际经济关系的稳定性和多边贸易体制的有效性是十分重要的。本文首先分析市场全球化与世界垄断形成之间的关系,然后分析了现有多边贸易体制和国家竞争法②域外适用面对企业限制竞争行为的局限性,最后分析了世界贸易组织在竞争政策中的应有作用。     

Global value chains and inward foreign direct investment in the 2000s

In this paper, we make use of recent data published by the World Input‐Output Database to: (i) provide evidence on trade in value added of the major Organization for Economic Co‐operation and Development (OECD) member countries and major emerging economies (designated by OE country group), namely by measuring the degree of participation in global value chains (GVCs) at the country and sectoral levels; and (ii) estimate whether the GVC participation of OE countries has positively influenced foreign direct investment (FDI) inward stocks in the 2000s. The pooled regression model estimated shows that the country′s degree of GVC participation has contributed positively for bilateral FDI inward stocks, after controlling for other possible FDI determinants.     

Old problems remain, new ones crop up: Political risk in the 21 century

Despite the fact that most developing countries now generally welcome multinational companies, political risk still represents a huge concern for international business. In fact, multinational companies today probably face a much broader array of risks than during the nationalization wave of the 1960s and 1970s. To substantiate this claim, a theoretical framework is presented herein which outlines the key causal relationships in the political risk landscape. It is explained why a discernible attitude change in the developing and emerging world does not necessarily equal a reduced overall level of political risk. To illustrate the framework and the complexity of the political risk phenomenon, a number of recent case examples are presented from the international bauxite and aluminium industry—an industry whose wide-ranging value chain, international focus, global significance, and natural exposure to risks make it very suitable for analysis. The conceptual discussion and the empirical examples presented in this article suggest that political risk is now surely a highly complex, multidimensional phenomenon. This trait poses major challenges for the global business community, particularly in terms of accurately assessing these risks.     

上海国际航运中心国家战略的政治经济学研究

世界历史表明,世界经济中心转移的历史同时也是国际航运中心转移的历史,航运是联系全球生产与全球市场的纽带。随着我国外向型经济的发展,随着我国参与到经济全球化进程中,参与到全球商品竞争与全球资源配置过程中,我国航运业也得到了发展。而上海由于其特殊的地理位置、发达的腹地经济和重要的军事战略地位,加强上海国际航运中心建设,对于我国承接发达国家产业转移,参与全球资源配置,适应经济全球化需要,提升产业层次,提高在国际航运业中的地位,加强海权建设具有重要战略意义。     

全球价值链与国内价值链——基于投入产出表的新方法

价值链作为组织和协调经济活动的微观机制,已使经济全球化和增长模式发生了深刻的变化。本文利用来自投入产出表的新方法,测度了广东省和江苏省全球价值链和国内价值链的水平。结果表明,粤苏两省切入全球价值链的倾向高于切入国内价值链的倾向,而对其它省份关联效应较大的行业基本上是中间品行业,且具有自然资源密集的特征。全球价值链与国内价值链之间的互动关系,则关系到我国产业升级的前景和区域经济协调发展的基础。     

A global market advantage framework: the role of global market knowledge competencies

The globalization forces engender companies to develop a new set of competencies that would enable the generation of abnormal returns in the global marketplace. This article reviews the extant literature regarding the effect of globalization on organizations and develops a conceptual framework that underlines the importance of knowledge management competencies in creating global market advantage. The knowledge management competencies consist of global customer, competitor and supplier knowledge development, inter-functional coordination and value chain coordination. The relationship between global market knowledge competencies and global market advantage is partially mediated by company's responsiveness. Global market advantage is positively associated with company's strategic and financial performance.     

Standardization,Customization and Revenue from Foreign Markets

Abstract

This study develops theory and empirically tests the influence of heterogeneity (the degree of standardization or customization) of firm outputs on the globalization entry mode decisions, and receipt of revenues from foreign markets. To insure sufficient variance in the sample while also controlling for extraneous sectoral and national variables, this study obtained and analyzed cross-sectional data from 190 U.S. based firms in the environmental control industry. The findings indicate that the outputs of global firms are significantly less heterogeneous than the outputs of domestic firms, but that heterogeneity is not significantly related to the receipt of foreign revenues, or to the use of a higher control entry mode. These findings suggest that firms with more standardized outputs are more likely to globalize, but that standardization fails to help firms create any additional value in international markets compared to firms with more heterogeneous outputs.     

Organizational culture,innovation, and performance: A test of Schein's model

Innovation is the key to organizational survival and therefore the study of processes that support innovation should be of interest to researchers and practitioners alike. Schein's multi-layered model of organizational culture offers a useful framework for thinking about processes that foster innovation. A defining characteristic of the model is the subtle but important distinctions between the varied “layers” of organizational culture (i.e., values and norms, artifacts and behaviors). The basic assumption of this study is that Schein's model offers a tractable explanation of cultural processes that support organizational innovation, especially in service firms. Despite the intuitive appeal and practical value of Schein's conceptual framework, empirical research in relation to the model is limited. This paper develops a rationale for an empirical model based on Schein's conceptual model; the study reports a test of an empirical model. Data collected from approximately 100 principals of law firms provides a suitable empirical context for a test of the model. The findings generally support the hypothesized relationships. A key result is how layers of organizational culture, particularly norms, artifacts, and innovative behaviors, partially mediate the effects of values that support innovation on measures of firm performance. The findings have implications for theory and practice, especially in relation to building an organizational culture within professional service firms that fosters innovative behavior.     

Hypercompetition and the future of global management in the twenty‐first century

In today's hypercompetitive landscape, organizations are moving from being multinational to being global in the strategic intent. There are a number of “drivers” of this globalization process, but it would be difficult to argue that globalization is not going to be an enduring phenomena. The consequences of this modification in the strategic orientation of organizations have implications for most every element in an organization. To gain an insight into the future of global organizations in the twenty‐first century, a market‐based perspective is utilized. In addition, the importance of organizational boundary spanners is also explored as a means to effectively compete in the global competitive arena. Inpatriation is viewed as a means to gain tacit knowledge at the headquarters level to ensure adaptation of corporate standard operating policies to effectively compete as a global network, yet with the flexibility to meet local competitor strategies and consumer demands. © 2001 John Wiley & Sons, Inc.     

Trade Performance of Export Processing Zones

Export processing zones (EPZs) have become widespread with the liberalisation of international trade and investment. They are key players in the deepening of the global value chain (GVC). However, little is known about their contribution to world trade due to a lack of information on their location and status. This paper sets out to improve knowledge in this area by analysing the trade performance of EPZ countries at macro‐level with a focus on EPZ externalities and distortive costs. We have built an original database of EPZs in which we define them as processing zones benefiting from import tariff incentives. We show that EPZs increase trade only by easing the negative impact of protection. As importers of components and raw materials, they raise the rest of the world's exports. This confirms the contribution of EPZs to the GVC. This result is robust to a change in the model specification, errors and bias due to data collection issues and sample composition.     

Appraisal of women's work

Women's work in the developing country of India contributes to sectoral production in the national economy and household production in the family economy. A conceptual framework based on systems exchange assumption classifies women's work as formal sector, informal sector, household production and home production activities. Various economic evaluation methods related to unpaid household work can be applied to appraise the value of women's work. Farm women of Haryana have a 13-hour workday in farm, dairy and home sectors. The estimated monetary value of the 13-hour workday is Rs. 15–55.     

全球价值链视角下我国产业集群升级的思路

产业集群的升级是保证集群长期竞争优势的必然选择。随着经济全球化的发展,任何产业集群都不再是一个封闭的系统,集群已融入全球价值链。我国制造业集群的比较优势在于所拥有的廉价劳动力等资源,这就决定了其在全球价值链的低端,从事劳动密集型或资源密集型的生产加工制造。本文分析了我国制造业集群在全球价值链中的位置,结合全球价值链曲线的形状,提出了产业集群升级的路径,即底端向上的"制造升级",向左右两端高附加值环节的创新升级和集群自身的结构优化升级。     

财富观的演进与对外贸易政策的变迁

本文认为,财富观的不同,即人们对财富内涵、财富来源的理解不同,是导致国家对外贸易政策差异的重要原因。财富观的演变是对外贸易政策演进的基本驱动因素。在某种程度上可以说,一国对外贸易政策演变的历史反映了该国主流财富观演进的轨迹。以生产资源配置全球化、消费全球化和经济制度全球趋同为主旋律的经济全球化是世界经济发展的基本趋势。随着现代信息技术、通讯技术、运输技术的发展,经济全球化还将进一步发展,任何拒绝融入全球经济的国家,其国民福利和财富的增长潜力都将受到很大损失。基于此,国际贸易自由化将继续发展,国际贸易政策在重复博弈的过程中将逐步趋同,但在不同产业间,国际贸易政策趋同的程度将有很大差异。     

Cross‐border expansion and competitive interactions of indigenous mobile network operators in sub‐Saharan Africa

Emerging‐market multinational enterprises (EMNEs) have become major players in the global economy, with an increasing share of global foreign direct investment (FDI). Indigenous mobile network operators (MNOs) in sub‐Saharan Africa (SSA) are not left out in this pursuit, as they seek growth and competitiveness beyond their domestic markets. We investigate the FDI location choices and competitive interactions of the five indigenous SSA MNOs that had internationalized as of 2014 and find that, contrary to the literature, these EMNEs, operating in a key and rapidly developing industry, did not tend to commence their cross‐border expansion in geographically close markets. In addition, the MNOs are more likely to invest in countries with stronger control over corruption and do not appear to engage in heavy head‐to‐head competition with their rivals. These findings contribute to the internationalization literature in the context of the investment and competitive behaviors of the currently underexplored indigenous SSA multinationals.