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Central Bank Policy: Theory and Practice
Type: Book
ISBN: 978-1-78973-751-6

Book part
Publication date: 1 October 2014

Ike Mathur and Soumen De

The Dim Sum bond market in Hong Kong, which allows China to regulate the amount of offshore yuans that flow back into the mainland, has grown steadily since its inception in 2007…

Abstract

The Dim Sum bond market in Hong Kong, which allows China to regulate the amount of offshore yuans that flow back into the mainland, has grown steadily since its inception in 2007 and is expected to surpass in 2013 the threshold level that would attract insurers and long-term issuers to the market. Yet, the market has not matured sufficiently relative to the yuan deposit market in Hong Kong that has grown at a much faster pace on account of trade liberalization and the use of yuans in China’s international trade settlements. Even though Hong Kong has fulfilled its role as an offshore currency center for the yuan, it is being challenged by Taiwan, Singapore, and London in terms of being the premier location for the issuance of yuan-denominated bonds outside of Mainland China.

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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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Abstract

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Strategic Business Models: Idealism and Realism in Strategy
Type: Book
ISBN: 978-1-78756-709-2

Book part
Publication date: 10 December 2018

Kai Jia, Martin Kenney and John Zysman

The recent emergence of Chinese digital platform firms, whose size rivals that of the US platform giants, has attracted much popular interest. Given the size and increasing…

Abstract

The recent emergence of Chinese digital platform firms, whose size rivals that of the US platform giants, has attracted much popular interest. Given the size and increasing technical sophistication of these firms, there has been increasing interest in whether they have developed sufficient capacities and resources to become global-class competitors for the reigning US platform giants. The authors assembled a database of all overseas operations of the Chinese platform firms. Nine of them have foreign operations, with Tencent and Alibaba being the most important offshore investors. The authors describe the globalization patterns of these firms and analyze the strengths and obstacles to their globalization. Their globalization has proceeded on a number of vectors: first, these firms, with a few exceptions, when they have global strategies, have largely invested in firms with useful technology or content. One common strategy has been to follow Chinese customers abroad. Second, Chinese firms have made equity investments in a number of foreign Internet firms. And yet, in nearly all foreign markets, Chinese websites and apps still trail the US firms in market share and salience. Finally, Chinese investments are concentrated in proximate countries. Chinese platform firms, while having some state-of-the-art technologies, have a far smaller foreign presence than their US competitors do. Finally, the authors consider the implications of their research for discussions of whether emerging nation multinational firms require new theories for explaining their globalization.

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International Business in the Information and Digital Age
Type: Book
ISBN: 978-1-78756-326-1

Keywords

Book part
Publication date: 26 December 2016

John Y. Lo

Abstract

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Angel Financing in Asia Pacific
Type: Book
ISBN: 978-1-78635-128-9

Book part
Publication date: 24 October 2013

Aidan Yao and Honglin Wang

Since their inception in late 2007, the Qualified Domestic Institutional Investor (QDII) funds, which help Chinese investors to invest in foreign capital markets, have experienced…

Abstract

Since their inception in late 2007, the Qualified Domestic Institutional Investor (QDII) funds, which help Chinese investors to invest in foreign capital markets, have experienced significant portfolio losses and persistent fund outflows. While these losses are large in absolute terms, QDII funds, on average, performed better than Chinese A-share funds, but slightly worse than a group of foreign mutual funds. Our study focuses on the QDII industry, and asks three interrelated questions: (1) why have there been large fund outflows from the industry? (2) what explains QDII funds’ poor performance? and (3) why have QDII funds been so heavily exposed to the Hong Kong market? Our empirical analysis shows that the persistent capital outflows were primarily a result of disappointing fund performance. This poor performance can, in turn, be explained by the deficiency of knowledge required of QDII fund managers to successfully invest in foreign capital markets and manage global portfolios. Finally, our study goes some way to explain the phenomenon of QDII funds’ large asset allocation in the Hong Kong market. This ‘Hong Kong bias’ is shown to be consistent with the well-documented ‘home bias’ behaviour in cross-border portfolio investment, but is greatly exacerbated by the lack of global investing experience of QDII managers.

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Global Banking, Financial Markets and Crises
Type: Book
ISBN: 978-1-78350-170-0

Keywords

Book part
Publication date: 4 August 2017

Gwendolyn Whitfield

Companies must adapt their strategies to changing market conditions. Global supply strategies have become the source of competitive advantage over the last several decades…

Abstract

Companies must adapt their strategies to changing market conditions. Global supply strategies have become the source of competitive advantage over the last several decades, particularly in the manufacturing industry, as US firms offshored manufacturing operations to low-cost locations such as China. The rationale was based on cost savings and other location opportunities. In the quest for a cost advantage, many firms departed from conventional outsourcing wisdom and began offshoring higher value and specialized activities such as engineering, design, testing, and research and development. As market conditions changed and cost advantages eroded, firms who offshored high value activities discovered strategic costs and unintended consequences. The extent of the challenges became more apparent as US firms began reshoring manufacturing to reposition in rapidly changing market conditions. The purpose of this research is to provide insight into the decision making process of offshoring and reshoring, to introduce a new concept to understand progressive offshoring, and to build supply chain knowledge by establishing a theoretical understanding for reshoring and strategic costs.

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Breaking up the Global Value Chain
Type: Book
ISBN: 978-1-78743-071-6

Keywords

Book part
Publication date: 11 November 2014

Naveen Kumar Jain, Nitin Pangarkar and Yuan Lin

Research on international experience notes its positive influence on subsequent international expansion by firms. We test this relationship in the context of the Indian software…

Abstract

Purpose

Research on international experience notes its positive influence on subsequent international expansion by firms. We test this relationship in the context of the Indian software industry whose offerings, unlike many other services, are storable implying that delivery can be separated from production.

Design/methodology/approach

We analyzed the domestic expansion of a sample of publicly listed Indian software firms over the period 2000–2009 with help of Poisson regression.

Findings

We find that even internationally experienced Indian software firms might prefer to expand domestically because of limited financial and managerial resources and concerns about diluting their cost advantage. The storable and separable nature of software services will support this strategy of serving clients remotely. The domestic expansion of assets will, however, be slower for firms with the highest level of industry accreditation. It will also be slower if there are institutional pressures in the form of rivals locating development centers near clients in developed countries.

Originality/value

Our results demonstrate that international experience alone is not sufficient for firms to expand overseas.

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Emerging Market Firms in the Global Economy
Type: Book
ISBN: 978-1-78441-066-7

Keywords

Book part
Publication date: 30 December 2004

Saadia Pekkanen and Mireya Solis

This analysis of the Japanese textile sector illustrates how intra-industry cleavages are becoming an integral feature of Japanese trade policymaking. In the past, a pattern of…

Abstract

This analysis of the Japanese textile sector illustrates how intra-industry cleavages are becoming an integral feature of Japanese trade policymaking. In the past, a pattern of cross-sectoral variation in trade policy could be observed, as the government protected declining industries at home and sought to open foreign markets for the competitive export sector. The internationalization of Japanese firms, however, has radically affected the articulation of corporate trade policy preferences. There is an ongoing breakdown in solidarity among industry members based on their degree of multinationality and/or their reverse importing strategies. These clashes put contradictory pressures on the Japanese government, making it more difficult to predict the course of trade liberalization in Japan.

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Japanese Firms in Transition: Responding to the Globalization Challenge
Type: Book
ISBN: 978-0-76231-157-6

Book part
Publication date: 7 October 2011

Frank Jan de Graaf and Matthew Haigh

Grahl (2006) has commented that current manifestations of institutional shareholder activism are limited by the rise of the shareholder value doctrine in EU member states and the…

Abstract

Grahl (2006) has commented that current manifestations of institutional shareholder activism are limited by the rise of the shareholder value doctrine in EU member states and the absence of strong legal frameworks restraining corporate practice. Survey studies have pointed to a generally muted response to legislative encouragement that financial institutions engage in reformist activist practices. Several studies have attempted to measure the effect of legislation calling on financial institutions to disclose the extent of their involvement with companies in which they have invested. All such studies have concluded that strong shareholder activism policy would require adjustments to the manner of remuneration of investment managers and intermediaries. For example, a study of pension fund reporting immediately following the introduction of British legislation in 2000 found that most surveyed organisations had disclosed the use of ‘social considerations’ in investment processes (Mathieu, 2000), with little more added by way of elaboration. (The latter observation is also couched a high non-response rate (67 per cent).) More recent studies demonstrate the struggle of pension funds in this regard. Pension funds have tended to follow conservative ‘hands-off’ ownership strategies, whereas activist approaches typically require a very different ‘hands-on’ approach (Johnson & De Graaf, 2009; Eurosif, 2010).

Details

Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda
Type: Book
ISBN: 978-1-78052-092-6

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