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It has been argued in the literature that structural changes in the financial markets, such as integration, have the potential to cause herding behavior or correlated behavioral patterns in traders. The purpose of this study is to investigate whether there is any financial herding behavior in the Latin American Integrated Market (MILA), a transnational stock market composed of Chile, Peru, Colombia and Mexico stock exchanges and whether there is any ARCH or GARCH effect in the herding behavior models.

This study uses the modified return dispersion approach on daily index return data. The sample period is from January 03, 2002 to May 07, 2019. The data are obtained from the MILA database. To count time-varying volatilities in herding models, the authors run ARCH family regression with GARCH (1,1) settings. Hwang and Salmon (2004) model is used as a robustness test.

The authors found strong herding behavior under the general market conditions and moderate and partial herding behavior under some specified markets circumstances, such as bull and bear markets and high-low volatility states. Moreover, the pre-MILA period exhibits more herding behavior than the post-MILA period. The empirical results show that most of the ARCH and GARCH effects are statistically significant, implying that the past information of stock returns and market volatility significantly affect the volatility of following periods, which can also explain the formation of herding tendency among investors. Finally, the results of the robustness tests (Hwang and Salmon, 2004) confirm herding in all periods, except full sample period for Mexico and post-MILA period for Mexico and Colombia.

This study investigates the herding behavior in the MILA market in terms of market return, volatility and timing. A limitation of the paper is that the authors have not included other factors on the formation of herding behavior, such as macroeconomic factors, effects of regional or international markets and policy influences. The authors will explore the issue in the extension of the paper.

As MILA is the first virtual integration of stock exchanges without merging, the study provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are useful for academics, investors and policymakers in their investment and decision makings.

The paper provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are not only useful in practical implications, but also in social implications.

This study contributes to the herding literature by examining four different hypotheses in respect of the unique case of transnational stock exchange without fusions or corporate mergers, where each market maintains its independence and regulatory autonomy. The authors also contribute to the literature by including both ARCH and GARCH effects in the herding behavioral models along the Hwang and Salmon (2004) approach.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Lowering of investment barriers between European nations has led to increasing integration of their capital markets. Consequently, global investors may be well‐advised to evaluate European stocks, not on the basis of the country of listing, but on the basis of the transnational industrial sector to which the stocks belong. This study utilizes performance measures, grounded in modern portfolio theory, to assess the risk‐adjusted return that has accrued to major transnational industrial sectors in Europe, such as consumer products, technology, utilities and financial services. The empirical documentation generated here can be used by international investors as input in decision making for sectorial allocation of funds in the European component of their global stock portfolios.

The purpose of this paper is to investigate the role of transnational entrepreneurs in growing born global firms, with a focus on the growth process facilitated by collaborative entry mode.

The author chose the solar photovoltaic industry as the empirical setting. This industry is a particularly good context for the study because many firms in this industry sell knowledge-intensive products internationally from their inception. The primary data consist of 32 in-depth interviews with entrepreneurs, industry association representatives, research institute scholars, and professional service firms.

The study highlights the importance of transnational entrepreneurs who develop born global firms to maturity by using their technological knowledge, international connections, and bicultural advantages to navigate and leverage institutional complexity. Collaborative entry mode with distributors enables born global firms’ high growth rapidly, whereas transnational entrepreneurs play a central role in building and expanding international network. Initial public offering in overseas stock exchange accelerates the high growth trajectory of born global firm by signalling its maturity.

The author took a process perspective by examining the growth and maturity of born global firms by collaborative partnership; the author’s focus on the role of transnational entrepreneurs highlighted entrepreneurs’ sensitivity to institutional complexity along the growth trajectory.

The author recommends both incumbent and entrepreneurial firms in developed economies collaborate with transnational entrepreneurs in various business areas. Industry firms may be able to cooperate on product and marketing development, and professional service firms can offer services to expand born global firms further, because transnational entrepreneurs follow the global “rules of the game”.

The author shed important light on the role of transnational entrepreneurs throughout the growth of born global firms via collaborative entry mode. Furthermore, the author develops a multilevel framework for analysing the combined influence of transnational entrepreneur and institutional complexity on the growth of born global firm.

The purpose of this paper is to compare the effects of equity financing and debt financing on technological innovation, and prove that the enhancement of a financing system’s risk tolerance for technological innovation can enhance the innovation risk preference of enterprises and thus promote innovation.

This study is based on a transnational sample of 35 developed countries from 1996 to 2015, by using the panel econometric model to empirically examine the effects of two financing modes on innovation.

The findings showed that equity financing, which has higher risk tolerance, has a more positive impact on innovation than debt financing in terms of both economic uptrend and economic downtrend, and that government efficiency plays a significant role in supporting the performance of technological innovation.

The paper provides a research framework for examining how a financing system’s risk tolerance capacity affects the development of technological innovation through promoting risk preference among enterprises. This paper provides transnational and cross-cycle comparative evidence that equity financing with a strong risk tolerance capacity can better support technological innovation, even in periods of economic downtrend. Moreover, the importance of financing system’s risk tolerance capacity for innovation during economic crises is discussed.

The paper examines the degree of interlocking directorships across the major Eurozone economies. It uses the major stock market indices in France, Germany, Italy, the Netherlands, and Belgium to identify the top of the corporate elite in each country. For the period of 2005–2008, it studies transnational links between European companies. The paper draws attention to a number of features of these interlocks. Firstly transnational interlocks remain relatively low but secondly they do vary considerably. An important issue here is the degree of bilateral integration which is occurring between some countries within the Eurozone, for example France and Belgium, and the degree to which other countries, most notably, Italy are increasingly disconnected, whilst the two most powerful economies, France and Germany, are very weakly connected. This variability reflects a series of structural divides between big business in the Eurozone that makes it difficult for this corporate elites to be cohesive at the European level.

This paper aims to survey the screening practices and regulatory arrangements that can be gleaned from the experience of Islamic financial indices on international stock markets. Such indices can be regarded as experiments in the demarcation of “pockets” of Sharī‘ah-compliant securities exchange, in the context of non-Sharī‘ah-compliant stock markets. They offer valuable regulatory precedent, with a view to the development of a transnational domain of Islamic financial transactions.

The paper leverages the experience of Islamic financial indices for charting the fault lines between the foundational principles of Islamic finance, and those of interest-based investment commonly accepted on international financial markets. It subsequently reviews the most salient regulatory arrangements in place for discriminating between permissible and forbidden securities and modes of trading, as implemented on Islamic financial indices. These include selection criteria for index inclusion, and Sharī‘ah committees with ex ante and ex post supervisory duties.

The paper makes a case for viewing Islamic finance indices on international capital markets as capacity-building experiments for the regulation of transnational Islamic financial flows.

The study rejuvenates the pragmatic approach towards the development of Islamic capital markets, by suggesting that incremental organisational innovations, as developed in connection with Islamic financial indices, can build institutional capacity towards an economy that abides by Islamic values.

The purpose of this paper is to explore how capitalism has developed into a deeply integrative economic system of financial investments and manufacturing. This process of globalization has brought about the emergence of a transnational capitalist class that rules the world’s economy. Financialization, created by the speed and interconnectivity of information technologies, is a key element that has produced immense wealth for a few while reducing their dependence on the labor of workers. This system of global accumulation has lead to a crisis of democracy with several different possible outcomes.

This paper begins with an historical examination of capitalism and capitalist class formation by tracing developments from nation-centric capitalism to globalization. A conceptual explanation of the development of the transnational capitalist class (TCC) is offered. Research on current economic data to support the thesis on the emergence of the TCC in both its private and statist forms is included, as well as an examination of the latest technology developments that affect financialization and how this impacts class relations. The conclusion analyzes the development of democracy as a class dialectic, and the impact of globalization that is altering the historic relationships between capital and labor. The paper ends with a discussion of possible political/economic futures.

Globalization is a new era in which capitalism has deepened its inherent tendency toward creating world markets and production. This process has been greatly enhanced by the new technological tools of financial production. Organizing and overseeing this system of global accumulation is the transnational capitalist class. The emergence of this class has transformed class relations based within the historic perimeters of nation-states, and it threatens the content and character of democracy that arose out of the bourgeois democratic revolutions in America and France.

Transnational Capitalist Class Theory is a recently developed field of research. It is a new critic of mainstream international relations analysis which centers on nation to nation relationships. It also differs with world system theory which divides countries into a center/peripheral analysis. Within the field of TCC research, this paper offers an original historic perspective between global economics and the development of democracy. It also makes new theoretical connections between information technology, financialization and the destruction of the social contract.

The purpose of this paper is to investigate the relevance of the mixed embeddedness thesis (Kloosterman, 2010; Rath and Kloosterman, 2002) to businesses with a more transnational mode of operation.

Interviews with the owner managers of a sample 24 Vietnamese businesses in London were undertaken to develop an understanding of how micro (individual resources: social, financial and cultural/human capital, and history of migration), meso (local, regional and national markets) and macro (politico-institutional) factors in the UK and overseas influenced business development.

The findings illustrate how business development is influenced not just by the interaction of the local (UK) opportunity structure and the entrepreneur’s resources, as suggested by the mixed embeddedness thesis, but also by institutional regimes, economies and markets in key countries of the diaspora, and the interaction of these. The extent to which new transnational opportunities can be exploited, however, depends on access to the necessary local and transnational forms of capital.

The empirical evidence presented is used to present a re-working of the mixed embeddedness thesis to provide a framework for understanding the drivers of transnational entrepreneurship.

The paper presents new empirical knowledge of transnational activity amongst the UK Vietnamese business community – a little known refugee community. Conceptually, the paper offers a theoretical development of the mixed embeddedness thesis to enable it to provide an explanation of transnational entrepreneurship amongst new migrant communities.

This paper compares four external technology acquisition channels' (foreign technology transfer, exporting, inter-industry R&D spillover and domestic technology transfer) contributions to Chinese high-tech enterprises' innovation in the moderating role of absorptive capacity (AC).

Using technological catch-up theory and China Statistics Yearbook on High Technology Industry, this research investigates 16 Chinese high-tech industries from 2004 to 2015 via negative binomial regression.

The results show that indigenous knowledge transfer improves foreign-funded enterprises' (FFEs) innovation, while transnational knowledge transfer is the main channel for state-owned enterprises' (SOEs) technology acquisition. AC strengthens the positive relationship between transnational knowledge transfer and innovation in SOEs and improves FFEs' innovation and exported tacit knowledge absorption.

This study contributes to the literature on external technology acquisition (ETA) and innovation by examining the different mechanism of ETA instead of isolated strategy considering the AC and ownership structure of Chinese high-tech enterprises, which enrich the technological catch-up theory.