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1.
Investment promotion agencies (IPAs) engage in a range of promotional activities with the aim of improving foreign direct investment (FDI) inflows. However, at any particular time, they tend to concentrate their efforts towards image building or investment generation. The decision of where to focus promotional efforts depends on investors’ perceptions of the IPA's location. In contrast to current methods, this paper employs an innovative quantitative finance approach that allows IPAs to speedily measure risk perceptions using real-time data. Using this approach, the paper focuses on determining whether or not the risk of nationalisation is a concern for large multinational companies in the natural resource sector. Our empirical results demonstrate that such companies are not concerned about nationalisation risk. The findings have implications for guiding the promotional efforts of IPAs, both in countries where nationalisation is a risk and in countries where changes in the political environment have reduced the risk of nationalisation.  相似文献   

2.
We employ archival evidence to investigate events culminating in the nationalisation of the Anglo-Iranian Oil Company (AIOC) in 1951, which followed disagreements over profit allocations arising from a previously negotiated concession. The case study expands the traditional obsolescing bargain model (OBM) by accommodating the use and impact of accounting information in negotiation contexts. The analysis reveals that managerial control and the deployment of accounting information by the AIOC temporarily strengthened its bargaining power vis-à-vis the Iranian government leading up to the nationalisation crisis, demonstrating the potential importance of these new dimensions in wider contexts.  相似文献   

3.
This article presents a conceptual framework for analysing the internationalisation of knowledge-intensive service companies. The framework has been developed as a result of an empirical study of ten Scandinavian companies, representing different types of service -for instance, insurance, consulting and security. The internationalisation process is divided into four stages: prospecting, introduction, consolidation and reorientation. One major implication of the study is that internationalisation should not be viewed as mainly a question of globalisation or adaptation to local business conditions, as is usually assumed in the litera- ture. Instead it is the interplay between these two major strategic orientations that determines the outcome of the inter- nationalisation process, and companies need to learn how to balance the two successfully. The empirical results and practical implications of the study are summarised in a number of theses dealing with the overall guidance of the internationalisation process.  相似文献   

4.
《Business History》2012,54(5):645-667
The paper recounts the history of Saudi Arabia's first national oil company, Petromin, which was originally supposed to take the place of foreign-owned Aramco. As a result of Petromin's inefficiency and personal rivalries among the Saudi elite, however, Petromin was progressively relegated to the sidelines in favour of a gradually ‘Saudiised’ Aramco. As a result, the organisation of the Saudi oil sector today is very different from – and more efficient than – that of most other oil exporters in the developing world. The paper concludes with a tentative taxonomy of national oil companies, based on the circumstances of nationalisation.  相似文献   

5.
This paper critiques the emergence of Dangote Cement as the dominant player in cement manufacturing in Nigeria. It argues that the changed economic environment General Obasanjo met when he became president of Nigeria for a second time in 1999 made it difficult for him to continue the nationalisation policies and the expansion of government involvement in several spheres of economic activity that he helped to promote in the 1970s. The realisation that this strategy, which created numerous crony capitalists, was unsustainable resulted in Obasanjo allying with Dangote and promulgating the Backward Integration Programme (BIP) for the local cement industry. This made it possible for Dangote to risk aggressive investment in the capital-intensive cement production business. This strategy achieved public good by rapidly making Nigeria, an oil rent- and import-dependent economy with enormous limestone reserves, self-sufficient in cement production.  相似文献   

6.
The identification of conditions under which premium or economy private labels are more promising from a consumer perspective is of high managerial relevance. This paper is first to analyze the moderating impact of store-, category-, and private label-characteristics on consumer preferences for premium vs. economy private labels. The results reveal that premium (economy) private labels are more preferred at high-priced (low-priced) retailers and in categories of high (low) brand relevance. However, consumers' believes whether the private label is produced by a well-known manufacturer or the retailer itself do not moderate consumer preferences for premium vs. economy private labels.  相似文献   

7.
Multinational subsidiaries constitute a potential source of social capital for SMEs that can help in the internationalisation process. Such social capital is particularly valuable because it is a form of bridging (socially heterogeneous), rather than bonding (socially homogenous), social capital, and therefore could potentially lead to new information, ideas and opportunities. However, even in the best situations, limits on information exchange and trust hamper collaboration between SMEs and MNC subsidiaries. Facilitation by a neutral agency may help to overcome these barriers. This paper presents the case of the Scottish Technology and Collaboration (STAC) initiative as an illustration of the facilitation process—comprising architecting, brokering and coaching—and its outcomes, chiefly the formation of social capital, which in turn has the potential to lead to knowledge outcomes and ultimately internationalisation for the SME. This case reveals important implications for both policy and theories of SME internationalisation, especially the need to recognize and lever under-utilized sources of social capital.  相似文献   

8.
Abstract

The history of fascist intervention and rescue in support of Italian banks and firms (either through nationalisation or direct aid) in the inter-war years is well known. The case of Forlì adds an important piece of information to the broad literature on state-sponsored development. Benito Mussolini was born in Predappio, a small village in the Apennines in the province of Forlì. And Forlì was meant to become ‘la città del Duce’ (‘the Duce’s hometown’). The case of Forlì offers an original perspective: entrepreneurs who chose Mussolini’s hometown to obtain special concessions, a novel element in the crowded panorama of special relationships between government and industry in Italy. But on the other hand, this article will also underline the unsuitability of big business to local economic characteristics (and post-war challenges) and the return to a traditional growth path centred around the small-firm model specialising in traditional sectors and family-owned, centralised management. State-sponsored business failed and provided no stimulus to local growth: any talk of ‘industrial continuity’ in Forlì requires us to acknowledge that it is based on the steady presence and continuous regeneration of locally grown, small family businesses.  相似文献   

9.
中国民营企业国际化研究进展文献综述   总被引:2,自引:0,他引:2  
李锐  李毅 《江苏商论》2014,(6):20-26
世界经济全球化趋势已基本确立,越来越多的中国民营企业开始走出国门开展跨国经营。随着我国民营企业国际化的快速发展,在过去的二十多年里,与民营企业国际化相关的问题已成为我国学者关注的焦点。对此,本文系统梳理了中国民营企业国际化问题的研究进展,从四个视角观察国内对中国民营企业国际化相关问题的研究,即:以中国民营企业国际化的必然性和可行性为主体的研究、以影响中国民营企业国际化的因素为主题的研究、以中国民营企业微观决策为主题的研究以及实证类研究和个案研究。  相似文献   

10.
This article examines the influence of coupons on private label shares of grocery products. The impact of national brand and private label coupons, distributed by manufacturers and retailers, is examined. A consumer framework and a typology of coupon effects are developed to explain different types of coupon usage behavior. Aggregate scanner panel data on 480 product categories are used in the analysis. Both the type of coupon and the method of distribution (by manufacturer or by retailer) are found to be important determinants of private label share response. Couponing activities by the national brand manufacturer are negatively related to private label share, thus indicating that they may be effective deterrents of private label penetration. However, couponing activities related to private labels do not help increase private label shares. The surprising finding is that national brand store couponing activity is positively related to private label share.  相似文献   

11.
高婧雯 《北方经贸》2020,(4):129-133
中小型民营制造企业做为一个法律主体,一直处于相关法律系统缺位的状态或是相关法律不明确、混乱的状态。因而在转型升级中,必须实现有法可依,使其能在法律的保障和约束下进行转型升级。仅以京津冀经济链附近的某四线城市的中小型民营制造企业为借鉴主体提出立法建议,鼓励中小型民营制造企业建立健全完善的现代企业体系;建立健全中小型民营制造企业的政府管理、服务体系;积极完善中小型民营制造企业的电子信息档案;鼓励中小型民营制造企业企业主、管理人员、技术人员参加职业培训、成人教育等渠道接受再教育,提高相关知识、技术水平。  相似文献   

12.
针对放松卖空管制能否抑制经理人私利问题,本文借助我国融资融券制度逐步推行提供的准自然实验机会,采取双重差分法研究了卖空压力对公司经理人私有收益的影响。研究发现,卖空压力显著抑制了经理人的私有收益,在进行了多项稳健性检验之后,该结论依旧成立。进一步的研究中我们还发现,卖空压力对经理人私有收益的抑制作用在信息透明度高、经理人权力较大、行业竞争激烈的公司中表现得更为明显。本文研究结论表明,作为一种外部治理机制,融资融券业务带来的卖空压力缓解了公司内部的委托代理问题。  相似文献   

13.
Umbrella branding (UB) strategies for manufacturers’ products have received considerable attention in the literature. Not much is known about this strategy for private labels. Using a game-theoretic approach, we reassess the benefits of introducing a private label in a distinct category, and provide favorable conditions for the retailer to implement umbrella or individual branding for his private labels. We find that (1) UB leads to lower wholesale and retail prices for both national brands; (2) national brands’ manufacturers prefer individual branding over UB for private labels; and (3) the profitability of UB is not always guaranteed for the retailer.  相似文献   

14.
This paper examines the announcement returns of bidders acquiring private firms owned by families versus the returns of bidders acquiring non-family controlled private firms. The sample consists of 391 acquisitions of private targets in seven continental European countries for the period 1997–2008. We find evidence that bidder's cumulative announcement returns (CARs) are lower when they acquire family controlled targets compared to non-family controlled targets. We show that this result holds regardless of whether the deal is paid with shares or cash and whether or not the bidding firm is also privately owned. Moreover, the result is independent of the size of the acquisition relative to the size of the acquiring firm. Our findings are consistent with the notion that the bidder has to pay a higher price in order to convince the family owners to sell in return for giving up private benefits.  相似文献   

15.
控制权私利下并购成功悖论形成机制研究   总被引:1,自引:1,他引:0  
并购成功悖论一直困绕着企业并购理论与实务界。本文从控制权私利视角研究了成功悖论形成机制,得到三点结论:一是无论激励为主还是自利为主的控制权私利均有利于控制权人,因而,控制人控制的企业会积极实施并购;二是在自利为主的控制权私利下,并购必然不利于中小股东利益,因而主并方并购绩效为负值;三是以激励为主的控制权私利下,并购并不必然有利于中小股东,提升大小股东共有收益,并保证中小股东得到应有收益份额才有利于改善并购绩效。主并方并购绩效多为零或负值说明制度上重新设计以保障提升共有收益更符合控制权人利益是必要的。  相似文献   

16.
抗战时期,沿海大量民营工业迁入四川,内迁企业通过改造、合作、出租出售、扩建等方式及其后方民营企业的新建,四川民营经济获得一个“嵌入式”发展的良机.但1942年后四川民营工业陷入衰退,其中国民政府的政策导向起了决定性的作用。从四川民营工业的贷款情况、税收负担以及政府对民营工业的统制三个维度来分析.战时四川民营工业“嵌入式”发展的成败对我们实现邓小平“两个大局”思想具有一定的借鉴意义。  相似文献   

17.
Risk capital is a resource essential to the formation and growth of entrepreneurial ventures. In a society that is increasingly dependent upon innovation and entrepreneurship for its economic vitality, the performance of the venture capital markets is a matter of fundamental concern to entrepreneurs, venture investors and to public officials. This article deals with the informal venture capital market, the market in which entrepreneurs raise equity-type financing from private investors, (business angels). The informal venture capital market is virtually invisible and often misunderstood. It is composed of a diverse and diffuse population of individuals of means; many of whom have created their own successful ventures. There are no directories of individual venture investors and no public records of their investment transactions. Consequently, the informal venture capital market poses many unanswered questions.The author discusses two aspects of the informal venture capital market: questions of scale and market efficiency. The discussion draws upon existing research to extract and synthesize data that provide a reasonable basis for inferences about scale and efficiency.Private venture investors tend to be self-made individuals with substantial business and financial experience and with a net worth of $1 million or more. The author estimates that the number of private venture investors in the United States is at least 250,000, of whom about 100,000 are active in any given year. By providing seed capital for ventures that subsequently raise funds from professional venture investors or in the public equity markets and equity financing for privately-held firms that are growing faster than internal cash flow can support, private investors fill gaps in the institutional equity markets.The author estimates that private investors manage a portfolio of venture investments aggregating in the neighborhood of $50 billion, about twice the capital managed by professional venture investors. By participating in smaller transactions, private investors finance over five times as many entrepreneurs as professional venture investors; 20,000 or more firms per year compared to two or three thousand. The typical angel-backed venture raises about $250,000 from three or more private investors.Despite the apparent scale of the informal venture capital market, the author cites evidence that the market is relatively inefficient. It is a market characterized by limited information about investors and investment opportunities. Furthermore, many entrepreneurs and private investors are unfamiliar with the techniques of successful venture financing. The author's scale and efficiency inferences, coupled with evidence documenting gaps between private and social returns from innovation, prompt questions about public as well as private initiatives to enhance the efficiency of the informal venture capital market.The article concludes with a discussion of Venture Capital Network, Inc. (VCN), an experimental effort to enhance the efficiency of the informal venture capital market. VCN's procedures and performance are described, followed by a discussion of the lessons learned during the first two years of the experiment.  相似文献   

18.
浙江民营企业实施多层次品牌战略的理性思考   总被引:4,自引:0,他引:4  
本文针对浙江民营企业创建自主品牌过程中存在的误区,结合浙江区域经济的特点,构建了适合浙江民营企业的多层次品牌战略框架。建议浙江民企要有效利用目前的优势,科学地进行品牌规划,努力形成品牌核心竞争资源,实现可持续发展。  相似文献   

19.
《Journal of Retailing》2021,97(1):99-115
Modern day store brands (SB) or private labels (PL), now also popularly called private brands, are brands generally owned and marketed by retailers. They have been active on the market for about 70 years. Over this time span, these brands have evolved from generic, cheap, low-quality economy or budget private labels to lower-priced-than-national brand but acceptable-quality value or standard private labels. Over time, retailers extended the value proposition to the consumer segment seeking higher quality by offering premium private labels. This strategy, called the tiered-private label, comprises offering economy PL to the price-sensitive but not quality sensitive consumers, standard PL to mainstream consumers seeking acceptable quality at lower prices, and premium PL to the quality-sensitive segment seeking value. Over the last 40 years (1980–2020), these versions of private labels have witnessed substantial growth around the world, though the growth is said to be tapering in recent times.As retailers chart the future strategy for their private labels in 2020 and beyond, a pertinent question they face is: Should they continue to offer value or even tiered PL with the same formula that brought them success in the past, or should they morph and adopt new strategies in keeping with current market trends? We support adopting a new strategy that we call the smart PL strategy. The value PL strategy and its manifestation as the tiered PL strategy cater to different consumer segments but focus primarily on price and quality as attributes of choice. In the current marketplace, consumers care not only about price and quality, but also about sustainability, ethics, social responsibility, image, so forth, perhaps more so than earlier generations. They are also more tech-savvy in using digital tools for search and purchase. Retailers, on their part, are now endowed with rich, extensive data that they can tap into to understand customers’ diverse needs, and they are able to harness technology for developing the right product and communication. Thus, the smart PL strategy is a strategy by which retailers can leverage data and technology to market private labels that meet diverse customer needs and achieve greater retail differentiation, store loyalty, margins, and profits. This thought piece provides a road map for developing such a smart PL strategy and directions for future research.  相似文献   

20.
This article presents a comprehensive analysis of the environment experienced by private businesses in China through examining their relationships with the major stakeholders—namely government, supplier, employee, customer, and competitor.Since the announcement of the economic reform in 1978, substantial political and economic power has been delegated from the central government to the regions. Endowed with this power, local governments have crucial influence on the size of the private sector within their jurisdiction. Being outside the state allocation plan, private firms have less access to raw materials and credit. In the volatile political climate of China, they are vulnerable to attack during political campaigns. Maintaining a cordial relationship with local cadres, through paying bribes and various charges, is thus a prerequisite for survival. Having solicited political backing, a private entrepreneur can not only run his business more smoothly, but also may be more tolerated in his illegal activities such as tax evasion, profiteering, and selling banned products. In short, the whole situation can be described as a collusion of local governments and private businesses at the expense of the central government's interest.Under the economic reform, the distribution system has become less rigid than before. It is easier for private firms to secure supplies, whether raw materials or manufactured goods. Labor input is also not a problem for most private firms which are small in size and employ mainly unskilled workers. However, large private enterprises have to compete with state, collective, and foreign enterprises for managerial staff who are in short supply.There have been marked changes in the consumption pattern since the early 1980s. People spend less on staple foods and more on non-staple foods, consumer goods, and services. Moreover, China is experiencing a consumption boom. Altogether this offers great opportunities to the private sector, which has been expanding its share of industrial output and retail sales very fast. On the other hand, competition is becoming much keener. State enterprises are improving their efficiency and giant multinational corporations are rushing in. As there are few entry barriers, private entrepreneurs are also competing fiercely among themselves.The ideological contradiction of having labor exploitation by private entrepreneurs in a socialist country has prevented the Chinese government from actively encouraging private business. The private sector has been assigned a supplementary role in the dominant public economy. This status has led to discrimination against private firms in obtaining factor inputs, accounting partly for their vulnerability to bureaucratic harassment by local cadres. This will continue to hamper private business development. It is concluded that ideological and political reforms, in addition to the economic reform, are required for providing a more conducive environment for private businesses. The Chinese experience of liberalizing the private sector offers useful insights to governments of other developing countries.  相似文献   

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