Search results
1 – 10 of over 88000Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…
Abstract
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.
Details
Keywords
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.”
Details
Keywords
This paper explores the changes in Hong Kong clothing manufacturing firms regarding the development of vertical and horizontal channel integration as a strategic option in…
Abstract
This paper explores the changes in Hong Kong clothing manufacturing firms regarding the development of vertical and horizontal channel integration as a strategic option in international marketing. Analyses of data suggested that Hong Kong clothing manufacturers are increasingly integrating forwardly by utilizing foreign based channel intermediaries, as well as establishing internalized export departments and overseas sales offices to handle their export functions. In addition, a dominant trend of horizontal integration exists in the form of expansion of outward processing facilities in southern China. Such developments aim to take advantage of the lower cost production so as to remain competitive with low cost producers from other less developed/developing countries.
This paper reappraises the global and regional integration for 6 Southeast Asian stock markets. A time‐varying analysis based on Barari (2004) suggests that Malaysia, South Korea…
Abstract
This paper reappraises the global and regional integration for 6 Southeast Asian stock markets. A time‐varying analysis based on Barari (2004) suggests that Malaysia, South Korea and Thailand have shown significant movement towards international financial integration.The estimates based on TARCH model imply significant support for returns and volatility spillover effects from the World as well as regional markets to all the stock markets except Pakistan. The stock market liberalization measures such as First Country Fund, First Depository Receipt, and First Cross Listing appeared to have induced more positive return spillover effects from the World to India, Indonesia and South Korea. These results have policy implication for the international portfolio investors in sense that portfolio diversification advantages are rather less in Malaysia, South Korea compared to India and Pakistan which still provide higher returns through portfolio diversification.
Details
Keywords
Carl Arthur Solberg and François Durrieu
This paper studies the moderating effect of industry structure on strategy-performance relationships in international markets.
Abstract
Purpose
This paper studies the moderating effect of industry structure on strategy-performance relationships in international markets.
Methodology
We have carried out a survey among a sample of German, Norwegian and Singaporean small and medium sized firms, and test – using structural equation modelling (EQS) – four hypotheses founded in industrial organisation,
Findings
We find that industry structure indeed matters. The general picture is that cautious internationalisation strategies are more effective in fragmented industries than in concentrated industries. Also, with somewhat more nuance, global marketing strategies – such as standardisation and integration – seem by and large to be more effective in concentrated industries than in fragmented industries.
Limitations
The operationalisation of industry structure in an international context is challenging and we have deviated from the traditional Herfindahl–Hirschman Index. This may be a limitation but we also consider it a strength, given the weaknesses of this index in an international setting. The study is cross-sectional and should ideally follow each firm over time, again a challenging endeavour.
Originality
Despite a considerable amount of studies on strategy – performance relationships in international markets, there is no general agreement on the topic. We argue that a contingency approach needs to be taken, and that industry structure is one important factor not yet analysed.
Details
Keywords
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…
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
Keywords
This study surveys the money market integration literature over the past three decades. Generalizations include (1) global money market integration is increasing over time…
Abstract
This study surveys the money market integration literature over the past three decades. Generalizations include (1) global money market integration is increasing over time although evidence of remaining market segmentation is prevalent and (2) emerging Asian capital markets are rapidly becoming an integral part of world markets.
Although research on channel integration has evolved into a major stream in literature in international marketing, channel integration in new product export remains unexamined…
Abstract
Although research on channel integration has evolved into a major stream in literature in international marketing, channel integration in new product export remains unexamined. Drawing on transaction cost analysis, organizational capability, and marketing control perspectives, the authors develop a conceptual model of channel integration in new product export. They further test the model using data collected from the computer software industry. The findings indicate that both channel integration and new product competitive advantage exert positive impacts on product market performance in foreign markets. The results regarding asset specificity, country risk, and firm size offer interesting insights about the linkage between these antecedents and channel integration.
Carl Arthur Solberg and François Durrieu
The purpose of this paper is to seek answers to the question of the impact of different classes of strategy (generic and international) on firm performance in international markets…
Abstract
Purpose
The purpose of this paper is to seek answers to the question of the impact of different classes of strategy (generic and international) on firm performance in international markets.
Design/methodology/approach
Survey of 213 British SME exporters, using EQS.
Findings
The paper concludes that Porter's generic strategies have both a direct and an indirect impact through international marketing strategies on firm performance, and that the combined impact of the two levels yields better returns than either of them individually. Furthermore, it questions the wisdom of a stepwise approach to international markets and highlights the importance of a challenger strategy.
Research limitations/implications
This research is limited to British SMEs and needs to be supplemented by research from other countries. Also, it explores the effect of only a limited number of confirmed international marketing strategies, excluding for instance the standardisation construct – a key construct in international marketing.
Practical implications
Managers may derive guidance in their planning by applying the model and the findings in their own deliberations.
Originality/value
Little agreement has been reached as to the impact of different international marketing strategies, let alone the classification of strategies themselves. This paper analyses firm strategy in two levels – generic strategies and five groups of international marketing strategies.
Details
Keywords
Abhisek Saha Roy and Som Sankar Sen
The present study has two objectives. First, one is to clarify the terms, “co-movement” and “co-integration” in the context of stock market indices. Second, to investigate…
Abstract
The present study has two objectives. First, one is to clarify the terms, “co-movement” and “co-integration” in the context of stock market indices. Second, to investigate empirically, whether an emerging stock market index represented by Nifty has moved together with DJI and N225 during the study period and whether they are co-integrated or not. This chapter tries to search out an answer for co-movement and co-integration staying within the theoretical framework through an extensive review of the literature. Moreover, the present study is unique because it tries to focus mostly on the pros and cons of financial integration and trade liberalization and the contributing factors responsible for trade and financial integrations leading to co-movement and co-integration among the countries considered in this study. India is taken as a proxy for an emerging economy. Furthermore, this chapter considers America and Japan as proxies for the developed countries around the globe and a significant country among the APAC nations, respectively. The empirical results reveal that not only three indices are highly correlated but they also possess a co-integrating relationship. This establishes the fact that neither is there any scope of international diversification in the short run nor in the long run. However, the Granger causality test results point out the fact that Nifty granger causes DJI and N225 during the study period.
Details