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This paper aims to analyze outbound investments from China at the time of economic crisis caused due to the coronavirus (COVID-19) pandemic and how target valuation and the host country’s inbound investment policies influence the acquisition intents. As firms witness low valuations during an economic downturn, they become attractive targets for opportunistic buyers, who may be driven by motives beyond business and influenced by the home country’s political agenda. Such attempts are countered with the adoption of restrictive investment policies in host countries.

The study uses secondary data on cross-border acquisitions from China over the past year and compares the characteristics of these acquisitions with cross-border acquisitions of acquirers from other large developed and developing economies.

Statistical analyzes show that there are significant differences in the way acquirers from China pursue strategic asset seeking, creeping and control seeking acquisitions during the pandemic and the pre-pandemic period. This paper also observes that reduced valuation of the target, due to economic downturn or otherwise, result in greater propensity in strategic asset seeking acquisitions by Chinese acquirers. At the same time, adverse policies at host nations negatively influence the strategic asset seeking propensity of these acquirers. In addition, the premium in the valuation of target assets during the pandemic does not drop significantly when compared with that of the pre-pandemic period.

With the outbreak of COVID-19 and its concomitant economic impact across the globe, the study brings forwards insights on predatory foreign direct investment (FDI) and explores how policy responses in host countries can be comprehensive rather than disembedded and unilateral.

Mergers and acquisitions (M&As) are of three types: domestic, inbound and outbound cross-border. Inbound M&As provide an inflow of foreign funds into the economy, whereas outbound M&As involve the outflow of domestic funds. This paper examines the impact of domestic and cross-border mergers and acquisitions in Brazil on each other.

The authors analyze M&A activity in Brazil and examine the impact domestic, inbound and outbound M&As have on each other. The study uses a vector auto-regressive model to test the relationships for each quarter of 2000–2018. The M&A activity is operationalized using the total number of deals and the cumulative value of the deals in a particular period.

The results depict stark contrast for M&A activity measured through incidences and monetary value. Overall, the number of deals can better explain each other than value. The authors find that, in terms of incidences, domestic M&A is Granger caused by both outbound and inbound M&As together. Further, inbound and domestic M&As together Granger cause outbound M&As in terms of aggregate monetary value. The impulse response function reveals that incidence shocks created in M&A activity are longer lasting than the value shocks.

The results have implications for businesses and policymakers. The study reveals the complexities of crowding effects important for businesses. The government needs to structure its future investment-promotion strategies depending on the objectives related to the number and value of M&A activity.

The study uses econometric tools and empirical methods to find the unexplored nature of the relationship between domestic, outbound and inbound cross-border M&As.

The purpose of this paper is to investigate the correlation and mechanism between international students and inbound tourism.

Taking 269 prefecture-level cities in China as a sample, bringing international students and inbound tourism into the same analytical framework, the paper applies the fixed-effects model, instrumental variables model and mediating effects model to investigate the impact of international students on inbound tourism.

International students significantly contribute to the increase in inbound tourists and tourism revenue in China, which remain valid after a series of robustness tests. When the relocation data of Chinese urban universities and faculties in the 1950s are used as an instrumental variable for the potential endogenous problems of international students, the results are still valid. Heterogeneity research shows that the impact of international students on inbound tourism has heterogeneous effects in different regions. In addition, the mechanism analysis shows that international students promote China’s inbound tourism mainly through two channels: the economic growth effect and the human capital effect.

This paper provides evidence of the correlation between international students and inbound tourism in developing countries. However, as the data for the study are all from China, caution should be taken when applying the findings of this paper to other regions.

This paper provides evidence on the causal relationship between international students and inbound tourism in developing countries. However, as the data for the study are all from China, caution should be taken when applying the findings of this paper to other regions.

This paper creatively finds out the instrumental variables of international students with academic education to deal with the potential endogenous problems, and then identifies the causal relationship between international students and inbound tourism.

This paper creatively finds out the instrumental variables of international students to deal with the potential endogenous problems and then identifies the correlation between international students and inbound tourism.

本文将研究样本扩大到中国266个地级市, 将留学生和入境旅游纳入同一分析框架, 从游客规模和旅游收入两个方面衡量入境旅游规模, 并调查留学生对入境旅游规模的影响及其机制。

本文通过使用面板数据的固定效应模型、工具变量和的中介效应, 考察国际学生与入境旅游之间的因果关系。

留学生显著促进了中国入境旅游收入和游客数量的增长, 经过一系列稳健测试后, 上述结果仍然成立; 以20世纪50年代中国城市高校和院系的搬迁数据作为国际学生应对潜在内生性问题的工具变量, 结果仍然有效; 异质性研究表明, 留学生入境旅游效应在不同的时间和地区具有异质性; 在机制分析中, 留学生促进中国入境旅游主要通过三个渠道：经济增长效应、人力资本效应和外商投资效应。

本文为发展中国家提供了国际学生与入境旅游之间因果关系的证据。但由于研究数据均来自中国, 将本文的研究结果应用于其他地区时需谨慎。

本文为发展中国家提供了国际学生与入境旅游之间因果关系的证据。但由于研究数据均来自中国, 将本文的研究结果应用于其他地区时需谨慎。

本文创造性地找出留学生学历教育的工具变量以应对潜在的内生性问题, 进而识别留学生与入境旅游之间的因果关系。

本文创造性地找出留学生学历教育的工具变量以应对潜在的内生性问题, 进而识别留学生与入境旅游之间的因果关系。

Tomando como muestra 266 ciudades de China a nivel de prefectura, e integrando a los estudiantes internacionales y el turismo receptor en el mismo marco analítico, el documento aplica el modelo de efectos fijos, el modelo de variables instrumentales y el modelo de efectos mediadores para investigar el impacto de los estudiantes internacionales en el turismo receptor.

El propósito de este documento es investigar la relación causal y el mecanismo entre los estudiantes internacionales y el turismo receptor.

Los estudiantes internacionales contribuyen significativamente al aumento de los turistas entrantes y de los ingresos por turismo en China, que siguen siendo válidos tras una serie de pruebas de solidez. Cuando utilizamos los datos de reubicación de las universidades y facultades urbanas chinas en la década de 1950 como variable instrumental para los posibles problemas endógenos de los estudiantes internacionales, los resultados siguen siendo válidos. La investigación de la heterogeneidad muestra que el impacto de los estudiantes internacionales en el turismo receptor tiene efectos heterogéneos en las distintas regiones. Además, el análisis del mecanismo muestra que los estudiantes internacionales promueven el turismo receptor de China principalmente a través de tres canales: el efecto del crecimiento económico, el efecto del capital humano y el efecto de la inversión extranjera.

Este trabajo aporta pruebas sobre la relación causal entre los estudiantes internacionales y el turismo receptor en los países en desarrollo. Sin embargo, como todos los datos del estudio proceden de China, hay que ser prudentes a la hora de aplicar los resultados de este trabajo a otras regiones.

Este documento aporta pruebas sobre la relación causal entre los estudiantes internacionales y el turismo receptor en los países en desarrollo. Sin embargo, dado que todos los datos del estudio proceden de China, debe tenerse precaución a la hora de aplicar los resultados de este documento a otras regiones.

Este trabajo descubre de forma creativa las variables instrumentales de los estudiantes internacionales con formación académica para hacer frente a los posibles problemas endógenos y, a continuación, identifica la relación causal entre los estudiantes internacionales y el turismo receptor.

Este trabajo descubre de forma creativa las variables instrumentales de los estudiantes internacionales para tratar los posibles problemas endógenos, y luego identifica la relación causal entre los estudiantes internacionales y el turismo receptor.

The purpose of this paper is to examine the impact of inbound and outbound labor migration on the Jordanian economy.

Using a qualitative analysis subsidized by two econometric models, foreign labor and their remittances and the Jordanian labor abroad and their remittances are examined for their impact on main macroeconomic indicators.

The characteristics of foreign labor and the Jordanian labor abroad, in terms of skills and qualifications are completely different. Productivity of a local worker is found to be higher than of a foreign worker. Thus, replacement of foreign labor is highly recommended but difficult due to “shame culture”. Foreign labor deepens unemployment and negatively affects economic growth through their effect on capital account, total reserve, and investment. Outbound labor migration reduced unemployment and speeds economic growth. They induce investment and increase reserves, but they also put an upward pressure on overall price and induce imported inflation.

Best utilization of these remittances can be achieved if they are mainly used for production rather than for consumption purposes. Remittances of foreign labor must be controlled to reduce leakages of the foreign currencies. Scheduled decrease in demand for foreign labor in Jordan is a must. But it must be accompanied by getting rid of the non‐reasonable “shame culture”, encouraging entrepreneurship, and enhancing quality of jobs.

The paper provides decision and policy makers with informative analysis of the net impact inbound and outbound labor migration. This analysis helps in drafting labor policies and regulations. The households sector is a key player for the success of these policies.

The purpose of this paper is to present a framework for identifying various inbound supply-risk factors and analyzing its indicators considering the contextual relationship between them. This study additionally proposes a framework for developing an overall inbound supply-risk score considering a real-life case of the electronics supply chain (ESC) in the Indian context.

In total, 32 risk indicators are identified by a systematic literature review approach and are validated by supply chain practitioners/experts and further categorized into six main risk factors. A hybrid multi-criteria decision-making-based DANP (DEMATEL and ANP) framework is employed to develop the overall inbound-supply-risk score (ISRS) and to prioritize the risk indicators. Indian ESC is chosen as a viable case study to demonstrate the effectiveness of the proposed framework.

The outcomes from the study reveal that the overall ISRS in the ESC is 36 percent and additionally forewarns critical inbound-supply-risk factors such as supplier performance, product, and buyer organization. Further, the study also identifies the most significant risk indicators such as price margin, investment, on-time delivery, order fulfillment and design changes for ESC.

Supply chain practitioners can adopt this framework as a useful inbound supply-risk assessment tool. Moreover, the hybrid framework will address subjectivity and interrelations among various factors through experts’ judgments. The results will assist the managers to have better insights on the critical risk factors and their complicated interrelationships and further strategize action plans to nullify the impact of incoming risks. This study mainly focused on risk identification and assessment of electronics inbound-supply-risk indicators in the Indian context. The framework can be used for other manufacturing and service industries, albeit the results derived are in the context of a developing country.

This paper provides an effective risk assessment framework for the supply chain practitioners/managers to develop a decision-support system for inbound-supply-risk quantification and prioritization of risk factors in the context of the ESC.

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.

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.

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.

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

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.

This paper aim to argue for Cambodia to take internationalization of higher education seriously and strategically to position it for higher education development, and this starts with enhancing its buy-in among the key stakeholders, fine-tuning its conceptualization and contextualization and a government-funded comprehensive policy and investment program.

This paper explores policies and practices of internationalization in Cambodia, using Knight's (2004, 2007) conceptualization of internationalization and Wan's (2018) list of six dimensions, by which the authors track and measure internationalization.

Systematic policy implementation to position internationalization to achieve national and institutional goals is little. Given utilitarianism of internationalization, policy statement has geared more toward employing internationalization to achieve institutional building, in order of significance: mobility, research collaboration, policy formulation and quality control, and much less on networking and aligning with international instruments. Subtle differences among the four universities under investigation exist. While all focus on student and faculty mobility and exchange, some aim at research collaboration and networks; some at indigenous “international” and language programs, and some at joint degree programs. But, internationalization is not a key priority nor is it strategically positioned to achieve institutional aspirations.

Without comprehensive, strategic policy guidance and implementation from the government, internationalization has taken its own course, and such is not healthy for higher education development.

There are few studies on internationalization in Cambodia. Clayton and Yuok (1997), Clayton (2002) and Pit and Ford (2004) examine politics or its politicization and higher education development after the end of the Eastern Bloc's support (Tek and Leng, 2017). Recent studies (Leng, 2015; Leng, 2016; Yun, 2014) underline institutional case studies to illustrate status, issues and challenges in internationalization. This article attempts to provide an overarching map of internationalization to inform policies and practices toward higher education and national development.

The purpose of this paper is to review the evolution of policies and practices of open innovation (OI) in China under globalization.

This is a review paper. It combines historical archives and case study approaches, covering policies and practices at both the macro‐ and micro‐levels.

It is found that Chinese firms have in practice employed a variety of OI models since the reforms of science and technology systems in the mid‐1980s. Policies introduced by the Chinese Government with respect to inbound and outbound OI, as well as policies encouraging OI networks, have encouraged Chinese firms to adopt various OI modes and practices. Some critical institutional challenges still need urgent attention and effective efforts to reinforce them.

This paper aims to fill the gap in the literature by providing the first systematic review of the evolution of the policies and practices of OI in China, and exploring the implications for latecomer firms in building indigenous innovation capability. As far as the authors are aware, this is one of the first systematic review studies on OI policies and practices with a focus on emerging economies.

This paper aims to examine the dynamics of foreign direct investment (FDI) inflows into Indonesia. It is interested specifically in analysing and deliberating on two important policy questions: First, are all kinds of FDI useful from a policy perspective and what does the existing data on FDI reveal about the type of FDI inflows into Indonesia? Second, does the existing data help understand the extent of de facto bilateral linkages between Indonesia and other countries?

The paper offers an in-depth case study of Indonesia using extensive exploratory data analysis on FDI inflows into Indonesia. As discussed in the paper, the data investigation uses and reconciles available FDI data both from national and international sources to understand the usefulness of such data for policy analysis.

A data investigation of the trends in different types of FDI flows reveals a discernible downward trend in the ratio of mergers and acquisitions (M&A)–FDI ratio over the years. The paper argues that from a sequencing perspective, while a medium-to-long-term framework encouraging both domestic and foreign Greenfield investments could help Indonesia regain its growth luster, in the near term much more attention needs to be paid to FDI inflows in the form of M&As. Further, reconciling FDI and M&A data might help identify the original sources of FDI flows because existing data are based on flow of funds rather than ultimate ownership.

Since the Asian financial crisis, Indonesia has successfully embarked on a phase of economic and political transition post-Suharto, with the cornerstones of such a strategy being a process of greater democratisation and decentralisation. However, there have been growing concerns of economic growth stagnation in recent years. One of the policies to revive the economy’s lustre adopted by the government has been to attract greater FDI inflows. In this light, this paper examines the dynamics of FDI into Indonesia and deliberates on what kinds of FDI policymakers should focus on attracting to restore the country’s growth lustre.

The question of whether a policy to attract FDI should be careful in distinguishing the kind of FDI it wants to attract has not been sufficiently addressed in the related literature. This paper provides a framework to understand the different macroeconomic policy implications of types of FDI and provides extensive data analysis to not only understand the types of FDI but also sources of bilateral FDI inflows to Indonesia by reconciling FDI and M&A data.

The purpose of this paper is to present various institutional laws that refer to mergers and acquisitions (M & As) in India and recommend a few guidelines for institutions and multinational managers participating in foreign investment and acquisition deals.

The study is intended to review, summarize and discuss the legal framework that adheres to M & As, takeovers and foreign investment.

Major observations from the comprehensive review include the fact that higher-valuation inbound deals have been delayed or have failed because of a weak financial infrastructure, erratic nature of government officials and political intervention, and the newly elected government has aimed to attract higher inflow of investments from other developed and emerging markets by easing investment rules and offering tax holidays.

This paper, indeed, reflects unseen empirical observation with regard to the characteristics of the market for acquisitions in the given country, which has been left to further research.

The comprehensive review of acquisition laws in India and recommendations would help prospective stakeholders, namely, policymakers, M & A advisors, legal consultants, investment bankers, multinational managers and private equity firms.

This study presents atypical work, which presents a review of M & A laws in India, and it recommends fruitful guidelines for institutions in general and managers in particular.