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Article

Carlos M.P. Sousa, Ji Yan, Emanuel Gomes and Jorge Lengler

The paper examines the impact of export activity on productivity and how this effect is moderated by R&D investment and foreign ownership.

Abstract

Purpose

The paper examines the impact of export activity on productivity and how this effect is moderated by R&D investment and foreign ownership.

Design/methodology/approach

A time-lag effect is taken into account when examining the proposed model. Data are collected from the Annual Industrial Survey of the National Bureau of Statistics of China. A dataset containing 117,340 firms across the sample period (2001–2007) are used to test the hypotheses.

Findings

The results indicate that while R&D investment plays a significant role in strengthening the positive effect of export activity on a firm's productivity, foreign ownership surprisingly has a negative moderating role.

Originality/value

Scholarly interest in the links between export activity and productivity is on the rise. However, the bulk of research has been focused on understanding the effects of export activity on productivity at the country or industry level. Little has been done at the firm level. Another gap in the literature is that the mechanism through which the impact of export activity can be leveraged to enhance the firm's productivity has been largely ignored. To address these issues, the study adopts the learning-by-exporting theory to examine the relationship between export and productivity at the firm-level and how R&D investment and foreign ownership may explain how learning can be leveraged to enhance the firm's productivity. Finally, these relationships are examined in the context of firms from an emerging market, China, which is especially relevant for the learning-by-exporting argument used in this study.

Details

International Marketing Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0265-1335

Keywords

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Book part

Gohar G. Stepanyan

Purpose – Examine the role of institutional investors in accelerating the development of capital markets and economies abroad, the determinants of their investment, both…

Abstract

Purpose – Examine the role of institutional investors in accelerating the development of capital markets and economies abroad, the determinants of their investment, both in the domestic and foreign markets, and their importance in promoting good corporate governance practices worldwide and facilitating increased financial integration.

Methodology/approach – Review and synthesize recent academic literature (1970–2011) on the process of international financial integration and the role of foreign institutional investors in the increasingly global financial markets.

Findings – Despite the concern that short-term flow of international capital can be destructive to the emerging and developing market economies, academic evidence on a destabilizing effect of foreign investment activity is limited. Institutional investors’ systematic preference for stocks of large, well-known, globally visible foreign firms can explain the presence of a home bias in international portfolio investment.

Research limitations – Given the breadth of the two literature streams, only representative studies (over 45 published works) are summarized.

Social implications – Regulators of emerging markets should first improve domestic institutions, governance, and macroeconomic fundamentals, and then deregulate domestic financial and capital markets to avoid economic and financial crises in the initial stages of liberalization reforms.

Originality/value of paper – A useful source of information for graduate students, academics, and practitioners on the importance of foreign institutional investors.

Details

Institutional Investors in Global Capital Markets
Type: Book
ISBN: 978-1-78052-243-2

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Book part

Katrin Held and Nicola Berg

In developed markets, emerging market multinational enterprises (EMNEs) seem to be more discriminated by host country nationals than foreign developed market multinational…

Abstract

Purpose

In developed markets, emerging market multinational enterprises (EMNEs) seem to be more discriminated by host country nationals than foreign developed market multinational enterprises (DMNEs). They are challenged with host country nationals’ prejudices and face a stigma of being from emerging markets. While literature agrees that EMNEs suffer from additional disadvantages due to their country-of-origin, research fails to identify those factors that may lead to a higher discrimination against EMNEs than against foreign DMNEs.

Design/methodology/approach

Based on institutional theory, we look at institutional-related and resource-related antecedents that have an impact on various forms of direct and indirect discrimination by host country nationals.

Originality/value

Our framework analyzes the crucial differences between host country nationals’ perception of EMNEs and foreign DMNEs and the resulting challenges for EMNEs in the developed world. It enhances our understanding of the importance of institutional environments in explaining differences in host country nationals’ discrimination against foreign MNEs.

Details

Multinational Enterprises, Markets and Institutional Diversity
Type: Book
ISBN: 978-1-78441-421-4

Keywords

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Article

Muhammad Amin, Jianfeng Wu and Md Ziaul Haque

Integrating social network theory with signaling theory, the purpose of this research is to examine the impact of corporate political connections and executive’s…

Abstract

Purpose

Integrating social network theory with signaling theory, the purpose of this research is to examine the impact of corporate political connections and executive’s international experience on Chinese firms initial public offerings (IPOs) performance in the USA.

Design/methodology/approach

This study used Securities Data Company (SDC) New Issues database to identify all Chinese firms that went public in the USA between 2003 and 2014. Consistent with previous research, IPO firms excluded from the sample include merger or acquisitions, spin-offs and initial stage listed firms. The final sample size is of 142 Chinese foreign IPOs in the US markets.

Findings

This study finds that firms with political connections perform significantly poor than firms without political connections. It shows that US stock markets react to the signals of political connections of Chinese foreign IPOs. In response, the Chinese foreign IPOs can signal international work experience of top executives to US investors. The results show that the executives’ international work experience has significant positive relationships on foreign IPO performance of Chinese firms. Moreover, this study finds that the interaction between corporate political connections and international experience pursues positive effects on the performance of foreign IPOs.

Originality/value

This research intends to extend the knowledge of how corporate political connections and international work experience affects the performance of Chinese firms attempting to access US capital markets. To date, scholars have not investigated the influence of corporate political connections on the amount of capital raised by foreign IPOs.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 12 no. 3
Type: Research Article
ISSN: 2053-4604

Keywords

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Article

Anders Pehrsson

The purpose of this paper is to extend the knowledge of marketing strategy antecedents of industrial value adding in foreign markets. It attempts to answer the following…

Abstract

Purpose

The purpose of this paper is to extend the knowledge of marketing strategy antecedents of industrial value adding in foreign markets. It attempts to answer the following two questions: how is the marketing strategy of a foreign subsidiary associated with the extent of its value‐adding activity? Is there an association between the extent of value‐adding activity and financial performance of the subsidiary?

Design/methodology/approach

A model is developed and hypotheses are tested. Data are collected from 191 subsidiaries of Swedish manufacturing firms in Germany, the UK, and the USA.

Findings

Product‐market breadth and market experience positively affect the extent of foreign value adding. Also, market experience has a moderating effect and strengthens the positive association between product‐market breadth and the extent of value adding. A foreign subsidiary's financial performance is positively associated with the number of value‐adding activities of the subsidiary.

Research limitations/implications

The study shows that the marketing strategy of a foreign subsidiary needs to be acknowledged to understand the antecedents of foreign value‐adding activity. In addition, the extent of value‐adding activity contributes to the implementation of an effective international strategy.

Practical implications

An industrial firm wanting to implement an effective international marketing strategy needs to pay attention to the links between the marketing strategy of a foreign subsidiary and the extent of the subsidiary's value‐adding activity.

Originality/value

The study is unique in that it applies a subsidiary perspective and focuses on foreign subsidiary strategy associations. The study both extends the common approach, which argues that the value adding of a foreign subsidiary is determined only by the corporate marketing strategy, and explores associations with foreign subsidiary performance.

Details

International Marketing Review, vol. 26 no. 2
Type: Research Article
ISSN: 0265-1335

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Article

Cynthia Fraser and Robert E. Hite

The international marketing practices and foreign sales of USmanufacturing firms are examined in order to identify those marketingvariables which are most closely tied to…

Abstract

The international marketing practices and foreign sales of US manufacturing firms are examined in order to identify those marketing variables which are most closely tied to international sales. Survey results suggest that few firms advertise internationally, although advertising is an important determinant of foreign sales, even if that advertising in non‐English‐speaking markets is in English and regardless of its level of standardisation. Results suggest further that manufacture abroad is a powerful stimulus to foreign sales, which is not matched by the presence of sales offices abroad.

Details

International Marketing Review, vol. 7 no. 5
Type: Research Article
ISSN: 0265-1335

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Article

Zafar U. Ahmed, Craig C. Julian and Abdul Jumaat Mahajar

This study is concerned with an empirical investigation that explores the barriers to export that emerging market entrepreneurs face when engaging in international…

Abstract

This study is concerned with an empirical investigation that explores the barriers to export that emerging market entrepreneurs face when engaging in international business. The data was gathered from a survey of 214 manufacturing firms, headquartered in Malaysia, and considered to be an emerging market. Statistical analysis was carried out using one‐way analysis of variance and the Tukey‐Kramer Multiple Comparison Procedure. The study’s key findings indicate that exporters and non‐exporters perceive the importance of the need to adapt products to meet foreign customer preferences and a lack of capacity dedicated to a continuing supply of exports differently as barriers to export. However, other than those barriers to export the study findings indicate no significant differences in the perceptions of exporters and non‐exporters from an emerging market towards the different barriers to export.

Details

Journal of Asia Business Studies, vol. 3 no. 1
Type: Research Article
ISSN: 1558-7894

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Article

Jing Xu, Hanqin Zhang and Jiajia Wu

Based on the commitments made when it joined the World Trade Organization (WTO) in 2001, China began to allow the establishment of foreign‐invested travel agencies. During…

Abstract

Purpose

Based on the commitments made when it joined the World Trade Organization (WTO) in 2001, China began to allow the establishment of foreign‐invested travel agencies. During this transition period, China promulgated travel service‐related policies and paid a great deal of attention to this specific business market. This paper aims to analyze the said tourism policies and provide suggestions to foreign investors for their future business activities in this promising market.

Design/methodology/approach

The study uses both primary and secondary data to specify China's policies on foreign‐invested travel agencies upon its accession to the WTO and discuss foreign investors' entry modes and operating strategies for joining the market. Hall's model is employed to examine the policy‐making process, including policy demands, policy decisions, policy outputs, and policy impacts.

Findings

Some foreign investment‐related tourism policies were implemented ahead of the schedule to which China committed upon its entry to the WTO. The tight nature of the policies implemented meant that only 25 foreign‐invested agencies had survived in China by August 2007. Industry professionals recruited for this study commented that the nature and pattern of FDI in this market has been successfully framed by the policies adopted.

Practical implications

The entry modes that foreign investors in China's travel service market should adopt and the detailed operating strategies they should use are discussed.

Originality/value

The paper can be seen as a successful and enlightening attempt to pave the way for future researchers to engage in further discussions about FDI in tourism in a political environment, particularly in developing countries.

Details

International Journal of Contemporary Hospitality Management, vol. 22 no. 3
Type: Research Article
ISSN: 0959-6119

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Article

K. Skylar Powell

Research has identified inverted U-shaped relationships between domestic competitive position, often cast in terms of home-country market share or relative profitability…

Abstract

Purpose

Research has identified inverted U-shaped relationships between domestic competitive position, often cast in terms of home-country market share or relative profitability, and speed of entry into a foreign market. However, in some industries, firms may be especially attentive and responsive to competition between firms in their local-home market (i.e. sub-national). Hence, this study aims to explore the effect of local-home market competitive intensity on the relationship between a firm’s overall competitive position and speed of entry into a foreign market.

Design/methodology/approach

Data from 114 large US corporate law firms from 1992 through 2008 were used for Cox proportional-hazards regression models to estimate the moderating effect of local-home market competitive intensity on the relationship between relative profitability at the national level and speed of entry (i.e. hazard rate) into China.

Findings

Less-dominant firms from highly competitive local-home markets entered China more quickly than less-dominant firms from less-competitive local-home markets. In addition, first-movers from highly competitive local-home markets tended to have more advantageous competitive profiles, as reflected in profitability, than first-movers from less-competitive local-home markets.

Originality/value

This research explores an important contingency in the relationship between a firm’s competitive position at home and timing of entry into a foreign market. Additionally, the results suggest that first-movers from less-competitive local-home markets may face immediate competition from better-positioned first-movers from more competitive locations within the same home market when they enter new markets.

Details

Multinational Business Review, vol. 27 no. 1
Type: Research Article
ISSN: 1525-383X

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Article

Anders Pehrsson

The purpose of this paper is to extend our knowledge of industrial firms' international strategy implementation by exploring key associations pertaining to types of value…

Abstract

Purpose

The purpose of this paper is to extend our knowledge of industrial firms' international strategy implementation by exploring key associations pertaining to types of value adding in foreign markets. The questions are: how are types of value adding in foreign markets associated with differentiation attributes? How are the types associated with the performance of foreign units?

Design/methodology/approach

A hypothesized model is developed. The key terms (type of value adding, differentiation attributes, financial performance) are operationalized. A questionnaire was used to collect the quantitative data necessary to test the hypotheses using ANOVA analyses. The questions were answered by managers of 191 subsidiaries of Swedish manufacturing firms in Germany, the UK and the USA.

Findings

Firms with product development in foreign markets are associated with a limited focus on product attributes in trying to receive orders compared with firms without such local value adding. Local customer services are related to a limited emphasis on product attributes as well, but such services are associated with an emphasis on customer flexibility attributes. Foreign product development and customer services are associated with high performance. Interpretations of the findings are discussed.

Practical implications

The study contributes theoretically as it extends our knowledge of international strategy implementation. In the search for the type of value adding in a foreign market, the industrial firm is recommended to be aware of the general associations among the types, and the differentiation attributes and performance established in the study.

Originality/value

The application of a local perspective goes beyond what has been done in the dominant head quarter studies in previous research. Another key value is the analysis of perceptual data collected from managers responsible for foreign subsidiaries.

Details

European Business Review, vol. 20 no. 1
Type: Research Article
ISSN: 0955-534X

Keywords

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