{"title":"GATs Negotiations and India: Evolution and State of Play","authors":"Kasturi Das","doi":"10.2139/SSRN.1587370","DOIUrl":"https://doi.org/10.2139/SSRN.1587370","url":null,"abstract":"India’s negotiating position on services has undergone a paradigm shift since the Uruguay Round. From being a leading opponent of the GATS in the early stages, India has now emerged as one of the champions of services trade liberalisation under GATS. This paper covers the key issues under the purview of the GATS from an Indian perspective and makes important policy suggestions for India on certain sensitive sectors like retail, higher education, audio-visual and legal services. The author argues that India needs to reconsider and reassess its aggressive policy stance on services. Upon resumption of the Doha negotiations, India should refrain from considering any compromise on its interests in agriculture and Non Agricultural Market Access (NAMA) for pushing through its offensive interests in services.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131273903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Corporate Governance and Strategic Transparency: East Asia in the International Business Systems","authors":"T. Eldomiaty, Chong Ju Choi","doi":"10.1108/14720700610671882","DOIUrl":"https://doi.org/10.1108/14720700610671882","url":null,"abstract":"This paper discusses the determinants of strategic transparency and its importance to the East Asian firms. Firm's strategic transparency is closely associated with firm's relative market position and the degree of competitiveness it can achieve. Accordingly, the governance structure is fairly determined by information transparency, which helps strengthen firms' position and value when in a strong competitive market position and less information transparency is observed when the firm is in a weak market position. The paper argues that one of the common factors that determine the success of corporate governance structure is the extent to which it is transparent to the market forces within particular institutional arrangements. When the institutional arrangements favor mandatory versus voluntary corporate disclosure, we suggest a reform measure for the East Asian corporate governance system that relies, inter alia, on the percentages of long-term and short-term financing to total financing. The higher the percentage of long-term financing, the more we can infer the extent of outside investors' confidence in the future of the East Asian firms. When more active role of banks involvements with the firms' business is permitted and an effective banks' and firms' strategic transparency can be assured, the East Asian banks and stock market can both lead firms to long-term favorable achievements. We also suggest that the protection of both shareholder's rights and creditors' rights can go in parallel lines with the latter is to be given first priority until the investors' confidence in the near and far future of East Asia corporate governance system is built.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130633850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Governance and Profitability Around the World","authors":"Vincent J. Hooper, A. Sim, Asfandyar Uppal","doi":"10.2139/ssrn.808724","DOIUrl":"https://doi.org/10.2139/ssrn.808724","url":null,"abstract":"The purpose of this paper is to examine the effect of governance environments upon aggregate dividend yield and earnings per share for developed and emerging stock markets over the time period January 1995 to December 2002. Using an augmented version of the dividend growth model and allowing for the control of risk factors, we find that governance environments have a significant influence upon dividend yield and earnings per share. The results have policy implications for government policy setters as improvements to governance environments may induce portfolio equity inflow, which is increasingly being seen as a driving force for economic growth.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129979595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Group Affiliation and Firm Risk: Evidence from Stock Returns on Indian Companies","authors":"R. Lensink, R. van der Molen","doi":"10.2139/ssrn.671481","DOIUrl":"https://doi.org/10.2139/ssrn.671481","url":null,"abstract":"This paper analyzes the effect of group affiliation on the riskiness of Indian companies. We show that the large difference in stock returns on group affiliates and on stand-alone companies cannot be explained by a standard multifactor model. However, the common variation in the returns on group company stocks suggests that there is a group affiliation factor in Indian stock returns. When we control for this additional factor, we find that about fifty percent of the underperformance of group companies can be explained by their lower risk. We also find evidence suggesting that the group affiliation factor is related to financial distress.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"304 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122775240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Restructuring in the Czech Republic: Beyond Ownership and Bankruptcy","authors":"Aydin Hayri, G. Mcdermott","doi":"10.2139/ssrn.1556253","DOIUrl":"https://doi.org/10.2139/ssrn.1556253","url":null,"abstract":"Restructuring of large industrial holdings in the Czech Republic (S-firms) depends on probes into new markets. The development and financing of probes generates internal holdups and stalemates among the government, banks and S-firms. The government tries to preserve the value of just-privatized S-firms while avoiding subsidies; banks, facing their delinquency, cannot force bankruptcy since keeping them as clients is as important as maintaining capital adequacy. A compromise arises, IMBR (intricate monitoring based restructuring), where the outside parties condition their involvement on a peculiar reorganization of the firm. We provide the empirical and theoretical underpinnings of IMBR, the emergence of which is neither deliberate nor accidental.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115196581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Is South-South Trade a Testing Ground for Structural Transformation?","authors":"B. Klinger","doi":"10.2139/ssrn.1457043","DOIUrl":"https://doi.org/10.2139/ssrn.1457043","url":null,"abstract":"The purpose of this paper is to analyse the composition of South–South as opposed to South– North trade in recent years, applying emerging methodologies and highly disaggregated trade data to consider whether the South as a market provides developing countries with greater opportunities to transform their productive structures and move to more sophisticated export sectors than the Northern market does. The results show that for a group of developing countries, primarily in Africa, Latin America and Central Asia, exports within the South are more sophisticated and better connected in the product space than exports to the North, whereas the opposite is true for the faster-growing economies of Asia and Eastern Europe (excluding the Commonwealth of Independent States). It is shown that the primary source of cross-country variation in export sophistication and connectedness is between Northbound rather than Southbound export baskets. And yet it is clear that for a large group of developing countries, current export flows to the North are not particularly growth-enhancing, nor do they offer learning opportunities to fuel structural transformation, and for these countries South–South trade flows may indeed be a testing ground for structural transformation. This paper focuses on clearly establishing the facts about export composition by market, and identifying promising avenues for further investigation.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116905685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Inquiry into the Development of Science and Technology Parks in China","authors":"Haiyang Zhang, Tetsushi Sonobe","doi":"10.2139/ssrn.1749079","DOIUrl":"https://doi.org/10.2139/ssrn.1749079","url":null,"abstract":"In order to investigate the effectiveness of science and technology industrial parks (STIPs), this study examines data on high-tech firms within and outside the STIPs in China, while paying special attention to the issues related to agglomeration and congestion. The main finding is that the negative effect of congestion on productivity is highly likely to outweigh the positive productivity effect of agglomeration economies within the STIPs but not among high-tech firms outside the STIPs. The paper also finds that the productivity of high-tech firms, whether within or outside the STIPs, are positively associated with foreign direct investment and the academic activities of local universities in the same city.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123935682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"New Consensus on Global Money? A Note","authors":"Fabio Masini","doi":"10.2139/SSRN.1582966","DOIUrl":"https://doi.org/10.2139/SSRN.1582966","url":null,"abstract":"The paper reviews the recent literature and debates on the reform of the international monetary system which has followed the global financial crisis and the subsequent Chinese proposal for enhancing the role of Special Drawing Rights.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127931135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Spillover Effects of the Global Crisis on Economic Activity in Mena Emerging Market Countries-An Analysis Using the Financial Stress Index","authors":"K. Moriyama","doi":"10.5089/9781451961867.001","DOIUrl":"https://doi.org/10.5089/9781451961867.001","url":null,"abstract":"The estimated spillover of the global crisis to emerging market (EM) economies in the Middle East and North Africa (MENA) indicates that nearly two-thirds of the increased financial stress in MENA EM countries after the Lehman shock is attributable to direct or indirect spillovers of financial stress in advanced economies. Moreover, the estimated models suggest that the increased financial stress and slowdown in economic activity in advanced economies can explain about half of the drop in real GDP growth in MENA EM countries after the Lehman shock.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125026315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}