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Book part
Publication date: 23 October 2017

Jan Babecký, Luboš Komárek and Zlatuše Komárková

The global financial crisis of 2007/2008 interrupted the process of financial integration observed in the European Union since the beginning of the 2000s. This paper…

Abstract

The global financial crisis of 2007/2008 interrupted the process of financial integration observed in the European Union since the beginning of the 2000s. This paper empirically analyzes whether financial integration resumed, focusing on the period 2002–2015 and employing the indicators of the speed and the level of integration. The analysis covers four financial markets (the money, foreign exchange, bond, and equity markets) of the selected inflation-targeting Central European economies (the Czech Republic, Hungary, and Poland), representatives of new euro area countries (Slovenia and Slovakia) and the selected advanced Western European economies (Austria, Germany, Portugal) with the euro area. The results reveal that the global financial crisis caused mainly a temporary price divergence of the financial markets in the analyzed countries vis-à-vis the euro area. By 2015 the situation on the financial markets returned gradually to the pre-crisis degree of integration with the euro area for most of the countries and markets; however, there are signs of fragmentation on the government bond markets.

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Economic Imbalances and Institutional Changes to the Euro and the European Union
Type: Book
ISBN: 978-1-78714-510-8

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Article
Publication date: 2 November 2020

Ana Beatriz Murillo Oviedo, Marcio Lopes Pimenta, Éderson Luiz Piato and Per Hilletofth

The objective of this study is to analyze how cross-functional integration contributes to the development of market-oriented strategies in the context of food and beverage…

Abstract

Purpose

The objective of this study is to analyze how cross-functional integration contributes to the development of market-oriented strategies in the context of food and beverage manufacturers in Latin America.

Design/methodology/approach

A multi-case study was conducted in two multinational companies in Costa Rica and Brazil. Twenty-four semi-structured interviews were carried out with managers, leaders and supervisors.

Findings

The results showed four market-oriented processes: product launch, product delivery, customer complaints solution and improvement and innovation projects. Within these processes, 12 integration factors that impact market orientation were characterized. They also indicate that the concepts of market orientation and cross-functional integration should be integrated in the organizational culture to facilitate the understanding of the different needs and levels of urgency.

Originality/value

The studied literature does not emphasize the way integration is operationalized to allow organizations to be market oriented. According to our findings, responsive strategies depend on the integration of various internal functions to generate market intelligence. Managers must realize that when the workers are motivated and informed, they become more willing to take on a group vision and commit to organizational goals. This paper presents seven propositions on the operationalization of market orientation through cross-functional integration.

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Business Process Management Journal, vol. 27 no. 3
Type: Research Article
ISSN: 1463-7154

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Article
Publication date: 9 February 2015

Rudolf R. Sinkovics, Noemi Sinkovics, Yong Kyu Lew, Mohd Haniff Jedin and Stefan Zagelmeyer

The purpose of this paper is to examine operational-level implementation issues regarding mergers and acquisitions (M&As) in general, and resource combination and…

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2491

Abstract

Purpose

The purpose of this paper is to examine operational-level implementation issues regarding mergers and acquisitions (M&As) in general, and resource combination and integration at the functional marketing level in particular.

Design/methodology/approach

The paper introduces four factors (i.e. collaboration, interaction, marketing synergy, and the realignment of marketing resources) that support successful M&A marketing integration and enhance overall M&A performance.

Findings

The results indicate that marketing synergy and the realignment of marketing resources contribute significantly to the extent of integration. At the same time, the authors find a significant but negative relationship between the interaction dimension and the speed of integration.

Originality/value

The cultural integration of firms that feature different management styles and organizational cultures has been recognized as a particularly challenging aspect of cross-border M&As. This study explains factors that contribute to effective marketing integration in M&As.

Details

International Marketing Review, vol. 32 no. 1
Type: Research Article
ISSN: 0265-1335

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Article
Publication date: 4 March 2014

Ekaterina Dorodnykh

This paper contains an empirical analysis of determinants of international integration projects over the time period 1995-2010. After a broad discussion of the existent…

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1523

Abstract

Purpose

This paper contains an empirical analysis of determinants of international integration projects over the time period 1995-2010. After a broad discussion of the existent literature, the investigation combines a large number of potentially relevant determinants for the explanation of whether stock exchanges are participating in formal integration projects. The paper aims to discuss these issues.

Design/methodology/approach

The methodology is based on multistage statistical data analysis, using correlation and cluster analyses to investigate the presence of integration trend between existing stock exchange projects, while multivariable logit regression examines the determinants of stock exchange integration.

Findings

The paper confirms empirically the set of drivers of financial integration. Moreover, the paper provides quantitative estimations of probability of stock exchange integration estimated for different explanatory variables. The paper demonstrates that financial harmonization, cross-membership-agreements, for-profit corporate structure, trading engine and regional integration are important drivers of stock exchange integration. By contrast, high size of stock exchange market has negative impact on the likelihood of successful merger. This result is, especially, important in terms of financial regulation.

Practical implications

Results highlight the importance of stock exchange market in terms of exposure to systemic shocks and the linkages with the overall size of the economy.

Originality/value

The paper contributes to the existing literature and extends the analysis of determinants of stock exchange integration. In particular, the existence of de jure stock market integration projects suggests to design a special regulatory framework in order to benefit the important consequences of the integration phenomenon and to decrease the risk of financial contagion.

Details

Journal of Economic Studies, vol. 41 no. 2
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 25 May 2021

Graţiela Georgiana Noja, Mirela Cristea and Atila Yüksel

Introduction: Despite its significance, the research on international migration with a specific focus on the European Union (EU) needs to be strengthened with…

Abstract

Introduction: Despite its significance, the research on international migration with a specific focus on the European Union (EU) needs to be strengthened with comprehensive studies, for developing better immigration and integration policies. Considering the amplitude of migration flows in Europe and recent challenges brought by the Covid-19 pandemic crisis, the Brexit decision and humanitarian dimension of the migration phenomena (asylum seekers and refugees), the need for better immigration and integration policies within the host countries’ labor markets stands out as a major research direction, especially in case of immigrants looking for better working and living conditions. Aim: This chapter aims to design specific immigration clusters within the main EU-10 destination countries (including Spain, Italy, Belgium, Denmark, Finland, France, UK, Germany, Austria, and Sweden) (cluster analysis procedure); and to identify feasible ways and specific policies for immigrants’ labor market success (spatial analysis and macroeconometric models). Method: The methodological framework consists of two parts: (i) immigration clusters analysis, based on the interlinkages between several fundamental migration coordinates, namely, economic welfare at destination, employment opportunities for the foreign population, migrant integration policies and associated governmental efforts, educational background; and (ii) spatial analysis models, namely spatial lag–autoregressive and spatial error, and other three econometric procedures, respectively, the robust regression, Panel Corrected Standard Errors, and Arellano-Bond Dynamic Generalized Method of Moments. National data compiled for the 10 main EU receiving economies during 2000–2015, with a particular focus on Spain were used. Findings: The impact of the proposed research is reflected through a set of new specific tailored ways, policies and strategies that can be adopted and implemented by the policy-makers across Europe. Our empirical results show that, overall, EU-10 countries still fail to identify immigrants with high levels of education and skills acquired to enhance their potential for labor market integration. Policy-makers should always monitor the specific ways in which migration policies lead to concrete positive labor market outcomes for immigrants and that the tools used for implementing these policies are suitable in achieving predefined migration goals. Therefore, a particular focus should be on developing a new immigration system to select migrants for their skills and high level of human capital, by following the best practices examples of other receiving countries.

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Contemporary Issues in Social Science
Type: Book
ISBN: 978-1-80043-931-3

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Book part
Publication date: 1 October 2014

Michael Donadelli

This chapter measures financial integration in 10 industries over 4 different periods. We use two robust measures of integration: (i) the Pukthuanthong and Roll (2009)’s…

Abstract

This chapter measures financial integration in 10 industries over 4 different periods. We use two robust measures of integration: (i) the Pukthuanthong and Roll (2009)’s multi-factor R-square and (ii) the Volosovych (2011)’s integration index. Both measures, based on PCA, indicate that the difference between the level of integration over the period 2009–2012 (“Post-Lehman” era) and the level of integration over the period 1994–1998 (“Post-Liberalizations” era) is relatively high. In addition, the level of financial integration across international equity markets decreased during the late 1990s. This suggests that de jure integration does not necessarily improve de facto integration. Overall, our findings give rise to a “diversification benefits-insurance benefits trade-off.”

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Risk Management Post Financial Crisis: A Period of Monetary Easing
Type: Book
ISBN: 978-1-78441-027-8

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Article
Publication date: 29 June 2021

Thazhungal Govindan Saji

The Global recession of 2008 was the worst financial crisis in the postworld war economic history that brought in severe disruptions in global investments and capital…

Abstract

Purpose

The Global recession of 2008 was the worst financial crisis in the postworld war economic history that brought in severe disruptions in global investments and capital flows. Not surprisingly, research interest in the field of market integration has considerably increased over the last decade. This paper analyses the dynamics of price integration among Asian financial markets during the postfinancial crisis period.

Design/methodology/approach

We employ an Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration and a Granger Causality/Block Exogeniety test from a Vector Error Correction Model (VECM) on monthly stock index data of five leading Asian economies from April 2009 to March 2020.

Findings

The cointegration results could not produce any conclusive evidence of long-run relations between stock markets. There exists weak price convergence among markets, and financial integration is partial and in an imperfect form.

Research limitations/implications

Stock price performance in China is closely “coupled” with that in India, but both markets appear to be the short-run predictors of Asian stock returns. The research uses only the benchmark stock indices of the selected economies. Consideration of mid-cap and small-cap segments where foreign investments are significant today can validate the findings further.

Practical implications

The asymmetric pattern of price behavior of Asian markets has important implications for the pricing efficiency of national markets and offers arbitrage potentials for global investors to optimize returns through market diversifications on a long-term perspective. The finding definitely will be a great help to investors who are potentially interested in a trading strategy that offers greater returns with limited exposure to market risks.

Originality/value

Compared with previous studies, the research uses the most recent data of leading Asian markets and applies the robust method of ARDL Bounds testing approach that allows us to understand better if the economic recoveries and advancement have had an effect on market coupling and stock price transmissions.

Details

Managerial Finance, vol. 47 no. 11
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 4 March 2014

Nusa Fain and Beverly Wagner

This paper takes an exploratory approach towards understanding the applicability of established theoretical frameworks for cross-functional integration in different global…

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1241

Abstract

Purpose

This paper takes an exploratory approach towards understanding the applicability of established theoretical frameworks for cross-functional integration in different global environments. In particular, the role of culture is considered as its impact on organizations may affect the ability to create a global generic model for cross-functional integration in product development. In order to achieve this aim, the paper will explore two cases from different cultural environments, namely that of Slovenia and the UK.

Design/methodology/approach

The authors compare two different companies, based on their case profile and cultural background. Both are heavy engineering companies involved in product development, one originating in the developing economy of Slovenia, the other from the developed UK economy. The authors have employed a mix methodology, including literature and documentation analysis, questionnaire surveys and interviews.

Findings

Combining organizational climate and consequently informal cooperation with formal organizational schemes, when allowing moderate levels of authority, can be beneficial for NPD success and R&D-marketing integration. These findings confirm the theoretical principles of Gupta et al., but are to some extent actually directly connected to NPD success, rather than to the R&D-marketing interface. The framework might be valid when exploring a large sample of companies at national levels, but needs further specifications and expansion when employed in a single case company. Furthermore, the two studied cases show that special care needs to be placed on taking account of cultural differences, when employing NPD in different locations/international business units.

Originality/value

The paper presents a case comparison of cross-functional integration in two different cultural contexts. From this exploratory research, the main contribution highlights the key role of cultural context in developing effective cross-functional interfaces in product development.

Details

European Business Review, vol. 26 no. 2
Type: Research Article
ISSN: 0955-534X

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Article
Publication date: 18 September 2017

Nicholas Addai Boamah

The purpose of this paper is to examine the degree of integration of emerging markets with the world market and amongst them. Further, the impact of the 2008 global…

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5586

Abstract

Purpose

The purpose of this paper is to examine the degree of integration of emerging markets with the world market and amongst them. Further, the impact of the 2008 global financial crisis (GFC) on and structural breaks in the degree of integration are explored. The paper, additionally, analyses the behaviour of the level and the rate of change of the degree of integration around the period of the GFC.

Design/methodology/approach

The paper relies on the R2 from a single factor world and the incremental R2 from a two-factor world and emerging market models as proxies for the global and emerging markets degree of integration, respectively. Relying on the Quandt test for unknown structural breakdates, the paper examines structural breaks in the degree of integration.

Findings

The degree of global integration of emerging markets exceeds their degree of integration with themselves, particularly in the recent period. Additionally, the GFC is a significant driver of the recent increase in world market integration. We observe significant structural shifts in both the degree of the world and emerging markets integration measures. The breaks in the world market integration largely coincide with the GFC, whereas that of the emerging market integration is dispersed. Also, the level of the world market degree of integration has reversed recently, although, the degree of world market integration remains above pre-crisis point.

Practical implications

There exist high country-specific components in emerging market returns that are not accounted for by the world and emerging market factors despite the recent increase in global integration. Thusly, portfolios that diversify across emerging markets appear to have a high diversification potential. Additionally, substantial diversification gains may be realised with the inclusion of emerging market assets in global portfolios.

Originality/value

The paper shows that the emerging markets respond similarly to common global, although, diversely to emerging markets events. Additionally, evidence of the impacts of the GFC on the degree of global integration of emerging markets is presented.

Details

International Journal of Emerging Markets, vol. 12 no. 4
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 3 August 2012

Trine Susanne Johansen and Sophie Esmann Andersen

Integration is a key component within marketing‐ and corporate communication. Benefits include synergetic representations, increased credibility and transparency. However…

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4484

Abstract

Purpose

Integration is a key component within marketing‐ and corporate communication. Benefits include synergetic representations, increased credibility and transparency. However, integration may be problematic. With the purpose of re‐conceptualizing integration, this paper aims to discuss how organizational self‐understanding and self‐presentation are challenged by consumer resistance as integrative communication practices prevent organizations from fully engaging in meaningful stakeholder dialogue.

Design/methodology/approach

Framed by a cross‐disciplinary review of integration as a concept, Arla Foods' “ONE” is analyzed by way of a qualitative content analysis as an exemplary case of integrated communication. Subsequently, the case is approached from a critical consumer perspective, drawing on empirical studies of consumer responses to and conversations with Arla Foods.

Findings

An alternative approach to integration is presented replacing the notion of “one voice, one sound, one story” with an emersion of the organization into consumer narratives and market cultures. Integration is re‐conceptualized as moving from an intra‐organizational perspective towards a co‐creative perspective.

Research limitations/implications

There is a need for further re‐conceptualization of integrated communication in order to develop a theoretical framework and definition that articulates a co‐creative view on integration.

Practical implications

Re‐articulating integration based on co‐creation carries different potential consequences for communication management, e.g. listening to consumer voices, self‐reflection and co‐development.

Originality/value

The original contribution lies in re‐conceptualizing integration as moving from an intra‐organizational perspective towards a co‐creative perspective with both practical and research implications.

Details

Corporate Communications: An International Journal, vol. 17 no. 3
Type: Research Article
ISSN: 1356-3289

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