Do regions matter? An integrated institutional and semiglobalization perspective on the internationalization of MNEs

Traditional research suggests a relationship between country‐level institutions and the location choices of MNEs. However, more recent theory suggests MNEs also focus on regions (semiglobalization). Therefore, this study examines institutional effects in the context of semiglobalization by considering the influences of three formal institutions (i.e., regulatory control, political democracy, capital investments) of countries and geographic regions on MNEs' location choices of internationalization. We use a sample of Japanese MNEs operating in 45 countries within eight regions. The results show that their degree of internationalization into a country is influenced by both country and regional institutional environments. Additionally, a semiglobalization perspective provides better explanatory power than does the country‐level perspective. These results present a new perspective on how MNEs consider institutional environments in their international strategy. Copyright © 2013 John Wiley & Sons, Ltd.     

人民币有效汇率对中国进出口贸易影响的研究

人民币在升值过程中伴随着贸易顺差增速过快的问题。人民币的升值虽能对进出口起到一定的促进作用,但不能从根本上解决贸易顺差的问题。解决贸易顺差问题的首要前提是要认清人民币升值的消极影响,其消极影响主要体现在对我国劳动密集型的出口企业造成冲击、影响外商投资积极性、增加企业对外经营合作风险三个方面。有针对性地消除人民币升值的消极影响,有助于解决贸易不平衡问题。具体需要政府引导企业转变贸易发展方式,合理选择和利用外资,同时,出口企业应结合金融工具与财务手段规避外汇结算风险。     

Regional economic integration and multinational firm strategies

This paper analyzes the effects of regional economic integrations on investment patterns among multinational firms. We develop a model in which heterogeneous firms decide on the optimal foreign direct investment (FDI) strategies for serving trade-integrated regions consisting of asymmetric countries: developed and developing nations. Following reduced trade costs within the trade-integrated region, our model shows that integrating into a regional economic zone affects firms with relatively low productivity levels to enter developing nation within the region via complex FDI – a firm activity of engaging in multiple types of FDI. Specifically, we show that depending on the size of the region respective to the home country, complex FDI involves different investment patterns. Using Korean firm- and plant-level data, we specify a binary choice model to link firms’ choice of FDI strategies with their productivity levels and trade-integrated regions. Our empirical results are consistent with the theoretical implications.     

Foreign direct investment and employment: host country experience

This study investigates the effect of foreign direct investment (FDI) on employment creation and wages in Ghana. A simultaneous panel regression model is used in estimating the effect FDI has on employment and wages. The results of this study indicate that FDI has a statistically significant and positive effect on employment levels in Ghana, but has an insignificant effect on wages. FDI can greatly augment domestic efforts by creating more jobs in the economy. The results clearly demonstrate that FDI flows affect employment quantitatively, but not necessarily qualitatively. The study identifies other factors including, productivity, wages, sub-sector, and location as important in influencing employment levels. Also, productivity, labour union, firm size, sub-sector, and location are noted as significant in affecting wages in Ghana. The main value of this paper is in respect of the fact that it provides insight into the effects of FDI flow on employment from a host country perspective. The study recommends that FDI should be considered as an integral part of the Ghanaian economic policy in order to spur on economic growth.     

A Heckscher–Ohlin–Samuelson Model of Immigration and Capital Transfers

Given that the flow of immigrants from a developing country to an industrialized country increases with the gap in living standards, a welfare version of a Heckscher–Ohlin–Samuelson model is developed in which the equilibrium level of per capita utility in the developing country is some fixed fraction of that in the industrialized country. In searching for an optimal combination of immigration to the industrial country and capital transfer to the poorer country in order to raise that country's standard of living and reduce the number of emigrants, it is found that the international optimum is a corner solution with zero immigration and a positive capital transfer.     

解决媒体倡议社会救助尴尬的途径初探

针对当前媒体倡议社会救助尴尬的现象,作者提出：记者应本着客观公正的态度来报道,在主题定位明确基础上本着对捐款人、受助人负责的态度进行有效的捐助资金、物资使用管理并向受众公开,接受他们的监督,并积极倡导感恩教育,让施恩和报恩的理念深植人心,才能有效解决这一救助尴尬。     

Antecedents of Taiwan Chinese Consumers’ Purchase Intentions Toward U.S.- and Japanese-Made Household Appliances

ABSTRACT

The purpose of this article is to understand the factors influencing Taiwan's Chinese consumers’ purchase intentions toward U.S. and Japanese household appliances. The authors attempt to develop and test a comprehensive model linking such purchase intentions to several constructs including Taiwan Chinese consumers’ openness to foreign cultures, consumer nationalism, product familiarity, traditional cultural values orientation, and product-country image. The result of analysis using structural equation modeling shows that consumer nationalism has a strong indirect effect on purchase intention via the product-country image construct. Taiwan Chinese consumers’ traditional cultural values orientation and openness to foreign cultures have direct effects on consumer nationalism and, hence, are important antecedents in explaining the purchase intentions toward foreign-made goods by Taiwan Chinese consumers. With the growing importance of the Chinese domestic market, this study provides international marketing managers with practical implications in important areas such as market segmentation, branding strategy, and market research and practices in the Chinese consumer market.     

加强外汇储备动态管理的对策研究

适度的外汇储备对于保证国家金融与经济安全、维持汇率稳定以及增强我国国际信誉有着重要作用。外汇储备并非越多越好,过多外汇储备会产生诸多问题,积累各种风险。在金融危机影响不断加深的情况下,有必要对我国外汇储备进行动态管理,尽快研究外汇储备的规模管理、结构管理、效率管理与政策管理,以实现外汇储备的安全、保值与增值目的。     

外贸英语特点及其翻译原则

随着经济全球化的发展,外贸英语在国际贸易中的重要性日益凸显,其翻译也备受关注。外贸英语属于特殊用途英语,有其独自的特征,而目前现有的诸多翻译原则并不完全适用于外贸英语翻译。因此根据外贸英语特点,总结出外贸英语翻译的原则,可以对外贸英语翻译实践提供帮助。