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It is no news that Chinese construction companies are highly motivated to invest in Africa in terms of infrastructure and construction. This influx from the beginning of the millennium marked a game-changer for infrastructural development in most African countries. This study, therefore, explores how the partnership between China and Africa has impacted the construction industry in Africa with a focus on Nigeria.

A quantitative approach was adapted for the study, which is descriptive in nature, and the primary participants of the study were core construction professionals within the Nigerian construction industry. Data was collected via a structured questionnaire, and multivariate statistics was used to analyse the data.

The study results revealed that the benefits accrued from Chinese participation in the African construction industry can be classified into three distinct categories: socio-economic development through construction, land transportation system development and construction industry development. The study further revealed that Chinese involvement has been most beneficial to the development of the land transportation system in Nigeria with more investment in the construction and maintenance of roads and railways.

The study will serve as a basis for making informed future decisions on Chinese participation in the Nigerian construction industry as it exposes the impacts of the relationship within the current system. The outcome of this study can be used to refocus the partnership to ensure the optimum development of the local construction industry. The government and other relevant agencies can use the findings from this study to ensure that there is sustainable growth in the local construction industry through Chinese participation.

The construction industry is facing an enormous number of challenges due to continuous advancements in construction technologies and techniques. Hence, construction management theories have to confront critical newly issues concerning market globalization and construction innovations. The key factor to address these challenges is to ameliorate the competitive abilities of the competing construction firms. In this context, measuring competitiveness of construction firms is an efficacious approach to amplify their competitive growth and profitability. To this end, the purpose of this research paper is to design a three-tier multi-criteria decision making model for competitiveness assessment and benchmarking of construction companies, meanwhile tackling a wide range of essential factors and attributes that covers broad aspects of the present competitive market.

In the first tier, four new pillars (4P) of competitiveness assessment are introduced for construction firms, namely, organization performance, project performance, environment and client and innovation and development. These pillars are able to aid in construction firms’ management on both long and short term basis. Hence, 21 key competitive factors and eighty key competitive criteria are identified, incorporated and analyzed in this research study. The second tier encapsulates carrying out a questionnaire survey in the Canadian and Vietnamese market to garner two main sets of information. The first set of information incorporates responses of the pairwise comparisons between competitiveness factors and criteria. The second set involves gathering utility scores pertinent to each competitiveness criteria. The developed model then leverages the use of analytical hierarchy process to scrutinize the relative importance priorities of competitiveness factors and criteria. The third tier of the developed model encompasses the use of multi-attribute utility theory to compute competitiveness scores for construction companies through blending criteria’ relative importance weights alongside their respective utility functions. In addition, the third tier comprises conducting a sensitivity analysis to derive the most important criteria influencing the overall competitiveness of construction companies. The developed model is tested and validated using three case studies; one construction company from Canada and two construction companies from Vietnam.

Results demonstrated that the developed model has a potential to render a synthesized and methodical performance evaluation for the competitive ability of a given construction company. Furthermore, it was found that Vietnamese companies are more considerate towards pillars pertaining to environment and client while Canadian companies are more attentive towards innovation and development. The outcome of sensitivity analysis revealed that effectiveness of cost management highly affects the competitive ability of Vietnamese companies while effectiveness of cost management exhibits the most significant influence on the competitive of Canadian companies.

The developed model can benefit construction companies to understand their competitiveness in their market and diagnose their strengths and weaknesses. It is also can be useful in efficient utilization of their limited resources and development of sustainable and long-term strategic plans strategic plans, which consequently leads to maintaining better position in their dynamic business markets.

Literature review manifests that reported competitiveness assessment models and practices are not able to address present challenges, technologies and developments in construction market.

The Penrose effect, or the limitation of the growth rate during expansion due to managerial constraints, has been examined in the context of business diversification, withdrawal and MNE’s foreign direct investment, primarily in the for-profit sector. However, insufficient attention has been paid to its impact on professional service firms, particularly in the context of their expansion through service exports. The main purpose of this study is to examine the Penrose effect in the internationalization of professional service firms through service exports.

This study focuses on large Japanese patent firms as traditional professional service firms and constructs panel data for 48 large patent firms over the observation period from 2002 to 2010 to test our hypotheses.

Our results demonstrate a negative relationship between degree of internationalization and international business growth, thus confirming the Penrose effect. Furthermore, we found that the degree of internationalization has a curvilinear relationship with international business growth and that institutional distance does not have a negatively moderating effect on the relationship between the degree of internationalization and international business growth.

This study made a theoretical contribution to Penrose's growth theory and previous studies on international management and professional service firms and international management by showing that the Penrose effect can be observed in the international expansion of professional service firms through service exports. Moreover, this study identifies the factors that modify the Penrose effect, thereby making a significant theoretical contribution.

Specific teaching and learning objectives include to identify factors influencing market expansion decisions and recommend appropriate entry modes, understand factors in the international business environment that contribute to success or failure of international businesses in developing countries, evaluate strategies enabling international businesses to sustain market presence in developing countries and overcome local competition, analyze the concept of local responsiveness in international business operations and suggest strategies for internationalizing domestic companies from developing countries.

The McDonald’s case examines the challenges associated with market expansion by global brands. The case occurs during the early-globalization era in the 1990s. Barbados, a developing country, is the site for potential expansion. Prospective investors, the Winters, are desirous of establishing a McDonald’s in Barbados. They need to thoroughly analyze the previous experience of McDonald’s against the host country’s current international business environment, e.g. political, economic, cultural and competitive environment. This case analysis provides a framework for understanding the multifaceted reasons behind McDonald’s exit from Barbados, considering the complex interplay of political, economic, sociocultural, technological and legal factors in the international business environment. The case equips the instructor and students to explore the risks of international expansion, particularly in developing country markets. The case study on McDonald’s failure in Barbados highlights the need to thoroughly examine one’s market entry strategy and available information on the host market and be more locally responsive regarding tastes and preferences. The case study also presents essential lessons for firms and planners from developing countries. Local firms innovated and enhanced their operations in response to the threat from the entry of the global fast-food giant. Yet, they did not seek to internationalize once McDonald’s exited the Barbadian market. The case study, therefore, considers strategies firms from developing countries could utilize to penetrate markets from developed countries.

At the undergraduate level, the McDonald’s Barbados case can be used in international business classes to highlight risks in the international business environment and the need for a carefully planned and executed market entry strategy.

Teaching notes are available for educators only.

CSS5: International Business.

The study explores the evolution of Indian domestic electronics manufacturing post-economic reforms and also investigates the lack of natural growth stages among Indian start-up/SME electronics manufactures.

The theoretical framework is inspired by Dawar and Frost's survival strategy theory that local companies may follow to overcome competitive threats from MNCs. The study adopts a qualitative methodology, more precisely, a phenomenological approach to walking through policy/regulatory reforms amid market distortions, technological gaps and colonial mindset from the perspective of Indian domestic electronics manufacturers. The study has adopted Gioia method of data analysis to inductively suggest a few research propositions.

The phenomenological approach revealed eight essential structure (essence) narratives to explore the complex issue that plague the industry: make in India, made in India, preferential market access strategy, equitable market access strategy, blue ocean strategy, competitive positioning strategy, technical capability and importance of policy/regulatory arbitrage.

The situation of Indian electronics manufacturing units is comparable to the bonsai tree situation, where natural evolution in business stages does not exist; they are born and die as start-ups/MSMEs. The study advocates for equitable market access by removing market distortions. The long-term solution may lie in making available locally manufactured products as a dependable alternative to the imported products or produced locally by MNC OEMs in terms of cost, quality, technology, volume, after-sale service and integrated supply chain.

While the favorable FDI policies, digital India and make-in India initiatives have strengthened domestic electronics production, it is yet to significantly impact India's position in global trade, including manufacturing and exports.

Vietnam has repositioned itself from a war-torn country to a popular tourist destination. Although research on Vietnam tourism has grown in number, a macro analysis of national tourism governance and policies has largely been missing.

This synthesis paper offers a systemic analysis of Vietnam’s tourism accommodating intensified government intervention and dramatic market changes in recent decades. The authors offer a chronological analysis of tourism development along with the major political and economic turns of the country.

The patterns of tourism development reflect a compromise between centralization and decentralization of the governance system and a trade-off between economic and social objectives of development. Balancing these opposites, the internal strength of the domestic market and the resilience of communities and businesses become key assets for growth in circumstances where the socialist market economy continues to inform the current and future development of the industry.

Although the case of Vietnam is unique, the adaptive mechanism of the tourism industry highlighted in this paper offers a useful lesson for other developing countries. The research addresses tourism in the political economy in developing countries, which is valuable for researchers, policy analysts as well as practitioners in tourism.

The practical contribution of the study is derived from authors’ academic and industrial backgrounds. Findings from the study serve as a useful reference for those who embark on the study of tourism governance and policy-making in developing countries and problems associated with the economic transitional process. Those problems of the disparity between centralization and decentralization of the political system might not be only significant in Vietnam, but also prevail in developing countries. Thus, this study offers a point of departure for future empirical and comparative research on the kindship of tourism and political economy in a full scale.

The transitional economy as viewed through the tourism industry is prominently presented in the “evolutionary” approach to the transitional economy, which exhibits several unique features: the transition from a centrally planned (command) economy to a market economy and the manifestations of a socialist orientation in the modern economic management system (Vuong et al., 2019). While data from this study is mainly illustrative of the first point, the transition from a planned economy to a market economy, the second characteristic, the manifestation of a social orientation has only slightly been addressed and will need further elaboration in a future study. While Vietnam’s tourism positions itself in a socialist market-oriented economy might set a unique case, the study highlights the politics of tourism is shaped by the politico-economic system. The authors conclude that the adaptation of Vietnam tourism to a socialist market-orientated economy is better perceived as a social evolution achievement rather than a feature of capitalism.

The latest study on tourism governance (Bui et al., 2022) has outlined the evolution of the tourism administrative system and markets in the country; however, linkages of tourism to the broader political economic system have yet to be addressed. Addressing this gap, the authors carry out analysis of policies and governance from the insider’s viewpoint, when team members have been involved in numerous tourism planning and development projects, both on international and national scales. The practical experience along with thorough review of literature and statistical data contributes to shaping a fresh understanding of tourism in a transitional economy.

这篇综述对越南旅游业进行了系统分析, 包括近几十年来不断增强的政府干预以及巨大的市场变化。作者根据时间顺序分析了旅游业的发展以及该国的主要政治及经济的转变。此外, 政策文件的内容分析及旅游市场分析进一步说明了政治经济体系对旅游治理及政策的影响。

越南已将自己从一个饱受战争的国家重新定位成备受欢迎的旅游目的地。尽管对越南旅游业的研究不断增多, 但对国家旅游治理和政策的宏观分析却被之前的探究所忽略。此研究通过展示越南转型经济中的旅游治理模式连接了两个学科, 并且丰富了政治经济学和旅游学的文献。

旅游政策和市场分析反应了治理体系集权与分权之间的折中以及经济和社会发展目标之间的权衡。国内市场的内在优势以及社区及企业的韧性可以成为成长的关键资产来平衡这些对立面, 同时社会主义市场经济将继续影响产业的当前及未来的发展。因此我们的结论是, 越南旅游业适应社会主义市场经济应该被视为社会进化的成就, 而不是资本主义的特征。

考虑到一篇文章所能解决的问题有限, 作者无法就转型经济与中国进行比较研究。我们的研究为未来亚洲旅游与政治经济之间联系的实证和比较研究提供了一个出发点。

研究结果为发展中国家旅游治理和政策制定研究提供了有益的参考。

研究结果对于发展中国家旅游治理及政策制定研究具有重要参考意义。这项研究的成果对于发展中国家的旅游政策分析师, 特别是亚洲的研究人员来说很有价值。

当前的研究弥补了政治经济学中的一个研究不足, 即马克思主义学说及其与旅游业的对话。知识转移是本研究的一个亮点, 它源自对国家政治经济议程中的旅游治理的批判性分析。

Vietnam ha pasado de ser un país devastado por la guerra a convertirse en un popular destino turístico. Aunque la investigación sobre el turismo en Vietnam ha crecido en número, ha faltado en gran medida un macroanálisis de la gobernanza y las políticas turísticas nacionales. Nuestra investigación ha enriquecido la literatura tanto de la economía política como del turismo tendiendo un puente entre ambas disciplinas al presentar las pautas de la gobernanza del turismo en la economía de transición de Vietnam.

Este documento de síntesis ofrece un análisis sistemático del turismo de Vietnam que abarca la intensificación de la intervención gubernamental y los drásticos cambios del mercado en las últimas décadas. Los autores ofrecen un análisis cronológico del desarrollo del turismo junto con los principales giros políticos y económicos del país. Además, el análisis del contenido de los documentos políticos y el análisis del mercado turístico ilustran mejor las repercusiones de los sistemas político-económicos en la gobernanza y las políticas turísticas.

Las políticas turísticas y el análisis del mercado revelan un compromiso entre la centralización y la descentralización del sistema de gobernanza y un compromiso entre los objetivos económicos y sociales del desarrollo. Al equilibrar estos opuestos, la fuerza interna del mercado nacional y la resistencia de las comunidades y las empresas se convierten en activos clave para el crecimiento en unas circunstancias en las que la economía de mercado socialista sigue informando el desarrollo actual y futuro de la industria. Concluimos que la adaptación del turismo vietnamita a una economía socialista orientada al mercado se percibe mejor como un logro de la evolución social que como una característica del capitalismo.

Dentro del limitado abanico de cuestiones que podrían abordarse en un solo artículo, los autores no pueden establecer un estudio comparativo con China, en lo que respecta a la economía de transición. Nuestro estudio ofrece un punto de partida para futuras investigaciones empíricas y comparativas sobre la conexión entre turismo y economía política en Asia.

Las conclusiones del estudio sirven de referencia útil para quienes se embarcan en el estudio de la gobernanza y la formulación de políticas turísticas en los países en desarrollo.

Los resultados de la investigación son valiosos para los investigadores del sudeste asiático en particular y para los analistas de la política turística del mundo en desarrollo en general.

La presente investigación contribuye a un área poco investigada de la economía política, a saber, la doctrina marxista y su diálogo con el turismo. La transferencia de conocimientos es un aspecto destacado de esta investigación, que se ha derivado de un análisis crítico de la gobernanza del turismo en la agenda económica política nacional.

This case study focuses on an alternative minimum-security model, the Safety Income (SI) Model, representing a nuanced departure from both established policies and UBI. StI is a welfare system that supplements households earning below the standard median income with 50% of the difference between the standard median and their current earnings. The quantitative case study presents the set-up of SI and assesses the cost of its implementation in South Korea. By employing a computable general equilibrium model method, the study compares the impacts of SI, UBI and the existing scheme in South Korea on income disparities, labor market outcomes and Gross Domestic Product.

In the past decade, the Universal Basic Income (UBI) concept has gained international significant traction as a potential remedy for poverty and inequality. However, the practical implications of UBI implementation remain under extensive debate. It is unclear if UBI is an effective model for poverty alleviation.

The analyses show that SI outperforms the other two welfare systems across all studied economic indicators. SI demonstrates more substantial reductions in income inequality compared with UBI and the existing scheme, minimal impact on unemployment rates compared with other schemes and a relatively modest decrease in GDP, making it a more favorable choice for South Korea when developing the minimum-security system within the specified budget constraint.

This research contributes to the discourse surrounding basic income, economic security, poverty alleviation and inclusive social policies.

Against the backdrop of the global reshaping of supply chains, supply chain ecosystems have emerged as a critical force in ensuring the high-quality development of enterprises and fostering stable economic growth. However, a systematic theoretical understanding of how to construct these supply chain ecosystems remains nascent. This study aims to explore the mechanism of the process of building supply chain ecosystems between digital innovation platform enterprises and digital trading platform enterprises from the perspective of dynamic capabilities.

An explanatory case study is conducted based on a theoretical framework grounded on dynamic capabilities view. Two preeminent digital platform enterprises in China (Haier and JD.com) are studied. The authors primarily conducted this research by collecting a large volume of these Chinese public materials.

First, the construction processes of supply chain ecosystems in both digital platform enterprises can be delineated into three stages: embryonic, development and maturity. Second, digital innovation platform enterprises’ construction process is primarily influenced by factors such as production and operational collaboration, consumer demand and research and development. This influence is exerted through interactions on digital platforms and within sub-ecosystems. Meanwhile, digital trading platform enterprises’ construction process is influenced by factors such as infrastructure development, consumer demand and financial support, driving dynamic capability formation through multi-party cooperation and ecological interactions based on conceptual identity.

In the establishment of supply chain ecosystems, digital platform enterprises should prioritize the cultivation of opportunity expansion, resource integration and symbiotic relationship capabilities. Furthermore, this study shows that digital platform enterprises need to actively adjust their interactive relationships with cooperating enterprises based on changes in the market, industry, policies and their own developmental stages.

This study addresses prior deficiencies in understanding the comprehensive construction of supply chain ecosystems and provides significant insights to enhance the theoretical foundation of supply chain ecosystem studies. Additionally, this paper uncovers the dynamic capability development behaviors and contextual features inherent in the construction process of supply chain ecosystems by digital platform enterprises.

This study aims to examine the effects of payment methods used in mergers and acquisitions (M&A) conducted by UK companies spanning the period from 2007 to 2019.

The study used the estimated expected returns method to identify abnormal returns during the deal announcement period, applying event study analysis with both univariate and multivariate regression models to detect cumulative abnormal returns around the announcement timeframe.

The results show a short-term positive return increase for acquiring firms, controlling for deal-specific characteristics like target firm location and payment methods. The authors observed a preference for cash financing across domestic and cross-border transactions. Multivariate analysis revealed insignificance between payment methods and deal characteristics like cross-border acquisitions and diversification.

The study’s focus on publicly traded firms in the UK and the absence of a comparative analysis across different regions and markets limits the sample size and may impact the generalizability of findings.

The study proposes three practical implications. Firstly, firms should tailor payment methods to each transaction, aligning with strategic goals to optimize value and mitigate risks. Secondly, decision-makers must prioritize comprehensive due diligence and strategic alignment throughout M&A processes to enhance success and maximize synergies. Finally, analysing broader strategic contexts and regulatory landscapes when structuring transactions enables goal attainment, such as market expansion or value creation.

The study’s findings can promote transparency and accountability among corporate decision-makers in M&A transactions. Stakeholders can advocate for transparent decision-making processes, enhancing trust in corporate governance.

This study provides valuable insights into the impact of payment methods on shareholder value in M&A transactions involving UK companies, informing strategic decision-making and contributing to the understanding of corporate finance dynamics.