{"title":"Firm Survival and Financial Development: Evidence from a Panel of Emerging Asian Economies","authors":"Serafeim Tsoukas","doi":"10.2139/ssrn.1567384","DOIUrl":"https://doi.org/10.2139/ssrn.1567384","url":null,"abstract":"Using a panel of five Asian economies - Indonesia, Korea, Malaysia, Singapore and Thailand - over the period 1995-2007 we analyze the links between firm survival and financial development. We find that traditionally used measures of financial development play an important role in influencing firm survival. When stock markets become larger or more liquid firms' survival chances improve. On the contrary, we show that higher levels of financial intermediation can increase firm failures. We also find that the beneficial effects of stock market development are more pronounced during the later years of our sample, while the adverse effects of bank intermediation have declined over time. Finally, large firms are more likely to benefit from developments in financial markets compared to small firms.","PeriodicalId":333672,"journal":{"name":"INTL: Global Strategy & Tactics (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130211138","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 'Marco Polo' Effect: Chinese FDI in Italy","authors":"C. Pietrobelli, Roberta Rabellotti","doi":"10.2139/ssrn.1564568","DOIUrl":"https://doi.org/10.2139/ssrn.1564568","url":null,"abstract":"• The study investigates the motivations driving Chinese outward direct investment to Italy. The analysis is based on secondary sources and in-depth interviews with key informants and senior managers of Chinese affiliates in Italy. • The empirical analysis shows that the evolution of the Chinese pattern of entry to Italy is in line with the model followed by Chinese firms for direct investment in other European countries: starting with small scale operations in trade-related activities, and then evolving towards the acquisition of tangible and intangible resources deemed necessary to increase Chinese presence in international markets and, more generally, to upgrade its technological and production capacities. • Chinese investments in Italy are increasingly targeting the acquisition of design and brands in key Italian sectors of specialization, and technological capabilities in sectors such as metalworking. • Chinese multinational enterprises also are investing in Italy to get access to local competitive advantages in sectors such as automotives and home appliances. This location choice is clearly linked to the intention to tap local competences available at the cluster level.","PeriodicalId":333672,"journal":{"name":"INTL: Global Strategy & Tactics (Topic)","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124770919","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":"Sovereign Wealth Funds: Why Were They Born","authors":"Javier Capapé","doi":"10.2139/SSRN.1522908","DOIUrl":"https://doi.org/10.2139/SSRN.1522908","url":null,"abstract":"In this work we evaluate quantitatively the factors affecting the decision to establish a Sovereign Wealth Fund. The main result derives that the most influencing factor is the ratio of natural resources available in a country. We conclude that the marginal effect of this variable increases the probability of establishment more than 40%. Cautiousness after Asian financial crisis in 1997 (30%), good governance indicators (31%), and superavits at Current Account Balance (2.19%) are also positively and significantly related with the probability of a SWF establishment. We focus on economies, overcoming the traditional financial view of SWF as solely investment units. These results might be used as a guide for future recommendations in fields from political economy through international finance relationships. En este trabajo evaluamos cuantitativamente la existencia de factores que influyen sobre la decision de constitucion de un fondo soberano en un pais. El factor mas importante sobre la decision de constitucion de un fondo soberano es la proporcion de recursos naturales disponibles; el efecto marginal de esta variable supone incrementar la probabilidad de establecer un fondo soberano un 42%. La precaucion adquirida tras la crisis asiatica de 1997 (30%), los indicadores de buen gobierno (31%) y el superavit de la Balanza por Cuenta Corriente (2.19%) son otras de las variables explicativas que presentan una relacion significativa y positiva con la decision de establecer un fondo soberano. Centramos el objeto de estudio en las economias. Superamos la vision financiera en que se ha concentrado la mayor parte de la literatura sobre fondos soberanos. Estos resultados pueden servir como guia de recomendaciones futuras de politica economica en el entorno de los fondos soberanos y las relaciones financieras internacionales.","PeriodicalId":333672,"journal":{"name":"INTL: Global Strategy & Tactics (Topic)","volume":"2002 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128564616","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":"Being a Foreigner among Domestic Banks: Asset or Liability?","authors":"S. Claessens, Neeltje van Horen","doi":"10.2139/ssrn.1341085","DOIUrl":"https://doi.org/10.2139/ssrn.1341085","url":null,"abstract":"Do foreign banks perform better than domestic banks? The existing literature has come up with different answers, in part as data coverage has varied and often been limited. Studying the performance of foreign relative to domestic banks in many countries between 1999 and 2006, we find that the answer importantly depends on a number of factors. Specifically, foreign banks tend to perform better when from a high income country and when regulation in the host country is relatively weak. They also perform better when larger and having a bigger market share. Foreign banks from home countries with the same language and similar regulation as the host country also perform better. Geographical closeness, however, does not improve performance. These findings show that it is important to control for heterogeneity among foreign banks when studying their performance and help reconcile some contradictory results found in the literature.","PeriodicalId":333672,"journal":{"name":"INTL: Global Strategy & Tactics (Topic)","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121322069","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":"Location in Internationalization Strategy: Determinants and Consequences","authors":"N. Pangarkar, Lin Yuan","doi":"10.1108/1525383X200900009","DOIUrl":"https://doi.org/10.1108/1525383X200900009","url":null,"abstract":"In this study, we examine the location strategies (e.g., developing versus developed countries) of Chinese multinational firms (Pantzalis 2001). We argue that domestic firm‐specific ownership advantages of a firm, in the form of larger size and higher degree of diversification, will induce internationalization into developed countries rather than into developing countries. We also predict that internationalization into developed countries will help performance, but internationalization into developing countries will hurt performance. Based on an analysis of data on 154 Chinese‐listed MNCs from 1992 to 2002, we find support for our predictions.","PeriodicalId":333672,"journal":{"name":"INTL: Global Strategy & Tactics (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128434897","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}
Alfredo Martínez Bobillo, F. López-Iturriaga, Fernando Tejerina Gaite
{"title":"Economic Orientation and Firms Capabilities around the World: Does Individualism and Collectivism Values Matter?","authors":"Alfredo Martínez Bobillo, F. López-Iturriaga, Fernando Tejerina Gaite","doi":"10.2139/ssrn.1352417","DOIUrl":"https://doi.org/10.2139/ssrn.1352417","url":null,"abstract":"Using data from 34 countries, this paper examines how each country's financial system and cultural ideology interact with globalization to impact the capability of firms to exploit external (i.e., capital and labor) and internal (i.e., research and development and intangible capital) advantages. Our results show that more culturally developed countries in terms of their financial, legal, and institutional framework are more prone to rely on internal competitive advantages. We also find that in the least technologically developed countries the acquisition of knowledge and the increase of transparency in financial markets are incentives for firms to rely more heavily on external competitive advantages.","PeriodicalId":333672,"journal":{"name":"INTL: Global Strategy & Tactics (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127277445","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":"Marketing Management & Competitiveness of Bangladeshi Organizations to Face Globalization","authors":"M. Abdin","doi":"10.2139/SSRN.1159403","DOIUrl":"https://doi.org/10.2139/SSRN.1159403","url":null,"abstract":"Here I describe what marketing management is? I took the help of the marketing management book and class lectures in this regard.To complete the middle part of my term paper I have conducted a survey from two points of views. I have taken the interviews of ten entrepreneurs as well as ten buyers to know their valuable opinion about the performance of our business organizations.There are my recommendations also in the last part of this term paper.The answer of various people may be different about the question \"Would you think that our business organizations run properly to face global competition? Majority must be granted - based on this philosophy I would like to get the actual result of my survey. To make it easy to understand I use many statistical diagrams and graphs. With explanation to support the opinion of mine there are some recommendation also. Objectives To know - 01. Is our business organization run properly?02. Are our native products capable to face free market competition?03. What can be done to improve the performances of our native business?","PeriodicalId":333672,"journal":{"name":"INTL: Global Strategy & Tactics (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121074653","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":"Real Options Theory and International Strategy: A Critical Review","authors":"Jing Li","doi":"10.1016/S0742-3322(07)24003-3","DOIUrl":"https://doi.org/10.1016/S0742-3322(07)24003-3","url":null,"abstract":"","PeriodicalId":333672,"journal":{"name":"INTL: Global Strategy & Tactics (Topic)","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114286335","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}