We investigate the effects of increasing and decreasing international presence on market share and survival in the American medical diagnostic imaging equipment industry. Imaging equipment manufacturers possessing international medical operations tend to achieve superior market share and longer survival, but we find that attempting to become an international medical player is risky. Both increasing and decreasing international presence have negative associations with survival, while decreased internationalization is associated with decreased American market share. Brief case studies suggest that the ingredients for success in internationalization may include preparedness, focused management, and learning from international experience. 相似文献
Based on field surveys conducted in Guangdong, Zhejiang andBeijing in 2000 and 2001, this paper argues that accession tothe World Trade Organisation (WTO) by China will create a newcompetitive arena for different categories of textile and clothingfirms located in that country, partly dependent on the sizeand ownership of the firm. From the perspectives of reducingimport tariffs, eliminating export quotas and the regulationson trade disputes, WTO accession does matter for the majorityof Chinese firms in this winlose game.From the perspective of compliance with international standards,this paper argues that accession to the WTO does not reallymatter for some Chinese firms, as they may not survive the intensecompetition prior to 2005, when the effects of the Agreementon Textiles and Clothing materialise. 相似文献
This paper has two main objectives: first, to consider country specific determinants that attract services FDI, and second, to compare the importance of these determinants vis‐à‐vis traditional determinants that attract manufacturing FDI. Using OECD countries as our sample, and 1980 to 2003 as our time period, we consider the determinants of inward FDI in a panel setting. Our results provide empirical evidence to support the view that no new theories may be necessary to explain the determinants of services FDI. 相似文献
We use information on institutional US mutual funds to examine the performance implications of the decisions they make when actively implementing their investment processes. Our findings show that the success of active fund managers' stock selection decisions is influenced both by the aggressiveness with which they implement their processes and also the style tilts incorporated into their active positions. Our findings provide useful insights into both where one might best look when choosing an active manager and also suggest possible profitable investment strategies. 相似文献
We test two potential hypotheses regarding the effects of major customer concentration on firm profitability. Under the collaboration hypothesis, customer power facilitates collaboration, and both the supplier firm and its major customers obtain benefits. Under the competition hypothesis, customer power results in rent extraction, and the major customers benefit at the expense of the supplier firm. We document that major customer concentration is negatively associated with the supplier firm’s profitability but positively associated with the major customers’ profitability. We demonstrate that these effects weaken as the supplier firm’s own power grows over its relationship with major customers, supporting the competition hypothesis. We carefully reconcile our results with prior studies’ findings that focus only on the supplier firm’s profitability and identify their research design and interpretation problems. We obtain similar inferences in a setting of major customers’ horizontal mergers and when we use an alternative measure of major customer power.
The findings of this article increase our understanding of corporate social responsibility from the consumers’ perspective
in a Chinese setting. Based on primary data collected via a self-administered survey in Shanghai and Hong Kong and results
of similar studies conducted in Europe and the United States, we provide evidence to show that Chinese consumers are more
supportive of CSR. We also show that Carroll’s pyramid of responsibilities can be applied in China. We evaluated the importance
placed by Chinese consumers on the four responsibilities of firms – economic, legal, ethical and philanthropic – and find
that economic responsibilities are most important while philanthropic responsibilities are of least importance. The nature
of these differences is important for firms intending to use corporate social responsibility for strategic purposes. 相似文献
We find that growth type (identified by a two-way sort on firm initial market-to-book ratio and asset tangibility) can parsimoniously predict significantly dispersed and persistently distinct future leverage ratios. Growth type is persistent; growth-type-sorted cross-sections of corporate fundamental variables (such as tangible versus intangible investment style) are also meaningfully persistent. As economic and market conditions improve, low growth type firms are keener to issue new debt than equity, whereas high growth type firms are least likely to issue debt and keenest to issue equity. These findings demonstrate that firms rationally invest and seek financing in a manner compatible with their growth types. Consistent with a generalized Myers–Majluf framework, growth type compatibility enables distinct growth types and hence specifications of market imperfection or informational environments to persist. Growth type is apparently a fundamental factor for capital structure persistence. 相似文献
Roll [1988] observes low R2 statistics for common asset pricing models due to vigorous firm‐specific return variation not associated with public information. He concludes that this implies “either private information or else occasional frenzy unrelated to concrete information”[p. 56]. We show that firms and industries with lower market model R2 statistics exhibit higher association between current returns and future earnings, indicating more information about future earnings in current stock returns. This supports Roll's first interpretation: higher firm‐specific return variation as a fraction of total variation signals more information‐laden stock prices and, therefore, more efficient stock markets. 相似文献
This article investigates the degree of importance and performance of 11 attributes of short- and long-haul low-cost carriers (LCCs) in Asia. Results find that airfare and perception of safety are considered as the most valued attribute for short-haul LCCs and long-haul LCCs, respectively. The importance-performance analysis also reveals that LCCs should “keep up the good work” in areas such as timetable schedules, perception of safety, airfare, and punctuality. It is also found that more efforts should be devoted in rectifying the misconception of low-cost, low quality and reinforcing an image of low-cost, high quality. 相似文献