Privatization of state-owned enterprises and liberalization of trade and investment flows were two of the cornerstones of the structural reforms implemented by governments across Latin America in the 1990s. Spanish multinational enterprises were attracted by these reforms into industries such as banking and finance, telecommunications, public utilities and oil and gas and by the late 1990s, Spain passed the United States as the main origin of foreign direct investment flows in Latin America. Building on the know-how developed in previous decades in Spain, Spanish multinationals became major player in these sectors that constituted the backbone of the Latin American economies.

This is the first book to specifically address the subsidiary development process--a phenomenon by which multinational company subsidiaries enhance their resources and capabilities. It shows how this process is integral to multinational corporate evolution, which is largely driven by changes in subsidiaries and their development. It also illustrates how the trend towards greater international dispersal of value-adding activities has impacted on this process and on multinational evolution as a whole.

This volume encompasses the latest thinking on international business strategy and organization. It spans topics ranging from the influence of national culture on international business strategies, to the reorganization of corporate strategies in the context of the European single market. It represents an international coverage of the leading edge research findings in this area.

Multinationals, China and the Global Economy analyses the results of an in-depth survey of subsidiaries in China of leading manufacturing multinational enterprises (MNEs). It investigates the strategic roles played by these subsidiaries and the sources of technologies they access or generate in doing this. It provides an original contribution to the understanding of important issues in international business, the economic development of China and economics.
In international business this study extends our knowledge of MNEs' global strategies through detailed analysis of the precise roles they expect their subsidiaries in China to play. A central theme of this is how these roles relate to the development of the Chinese economy and help its positioning in the global economy. Using the results of their survey, the authors analyse how MNEs are operating within the reorientation of Chinese development from low-cost exporting to an innovation-oriented and knowledge-driven economy. A very distinctive response to the growing Chinese market, and its changing patterns of consumer demand, emerges as a crucial factor at the core of this.

The papers in this volume cover three major areas of International Business: Developments in Theory, The Foreign Market Servicing Strategies of Multinational Firms and Asia-Pacific Issues. The theory section examines the internationalisation process, the role of management in international business theory, approaches to Japanese foreign direct investment and the contrast between the approach taken to international business by internalisation theorists and that of international strategic management. The choices between exporting, foreign licensing of technology and direct investment abroad are examined in Part II. The foreign market servicing decisions are examined both at the level of the firm and in aggregate at the level of an economy (the UK). The impact of these decisions on competitiveness is evaluated and the role of international joint ventures is examined for the case of the UK. The final section examines current issues in the Asia-Pacific economies. The impact of the Single European Market on Pacific Futures and Government-Business relations (Japan versus UK) are the focus of attention and the taxation implications of joint ventures in China are examined in detail.

Multinationals have global reach in their search for profits; women, even more than men, are confined to their immediate community in their search for jobs. This book examines the interaction between multinationals and women in UK, Ireland, France and Germany, looking at inward investment by US and Japanese multinationals, as well as outward investment by European multinationals.

This work examines the factors that drive the success of Multinational Corporations (MNCs) in their pursuit of regional strategies. The author develops a comprehensive regional success factor model, by which the effects of regional management autonomy and regional product and service adaptation on the regional success of MNCs as well as the interaction effects of regional orientation and inter-regional distance are investigated. The model is evaluated by means of the partial-least-squares (PLS) method on the basis of a survey-based inquiry of the Fortune Global 500 firms with success indicator data for a period of nine years. The findings highlight the importance of considering the different degrees of contextual influence in the design of regional strategies, where low degrees of regional management autonomy and high levels of regional product/service adaptation are found to be appropriate for MNCs to be regionally successful.

Calls upon multinational corporations to use their power and enterprising abilities to overcome poverty in the Third World In this series of essays that span over twenty years of research, Benjamin Bobo builds the case for multinational corporations to take an active role in combating poverty around the world. Citing sobering statistics (for example, three quarters of the world's nations are classified as Third World and four-fifths of the world's people live in these nations), Bobo argues that huge corporate entities have not only the wherewithal but an obligation to alleviate the suffering that results from a lack of economic resources and opportunity. Through these provocative and forward-looking essays, he presents a theoretical and practical framework for multinationals to stimulate economic development in the Third World - providing access to capital, entrepreneurial expertise, and emerging technologies. strategic decision-making, Bobo applies such concepts as profit satisficing and stakeholder givebacks, and proposes an agenda for change that begins in business schools (the intellectual training ground for multinational managers), with increased emphasis on sustainability and human development. The net result, he argues, will be a world in which both producers and consumers benefit. * Brings together a selection of the author's ground-breaking essays * Offers a provocative approach to the issues of globalisation and development

This volume includes contributing chapters from authors based in Asia, Europe, and North America to examine an emerging topic in the international management field - managing multinationals in a knowledge economy. They were selected to reflect the influences of three key factors - economics, culture, and human resources - on managerial decisions that affect multinationals and their effective operations. Leading the volume is an invited article by John H. Dunning, "An Evolving Paradigm of the Economic Determinants of International Business Activity." It presents a comprehensive review of his thirty-plus years of research on the eclectic paradigm, and a preview of his most recent work on the role of relational and institutional assets in foreign direct investment. This article, along with commentaries on Dunning's work written by Jose de la Torre, Timothy Devinney, Will Mitchell, and Stephen Tallman, can be found in the Research Forum section.
The present volume also includes five other articles selected through a double-blind review process. They complement the Research Forum papers, which focus on the economic determinants of international business activity, by examining critical cultural and human resource issues faced by multinationals. These include: the role of culture in entry mode decisions, the impact of national context on top management teams, cultural attributes of Russian management, the utilization of managerial expatriates, and the bridging of theory and practice in international human resource management research. A review of the volume's ten chapters suggests that, despite all the technological advances in cross-border communication and coordination, social capitaland human resources are the most critical factors possessed by multinationals.

First Published in 1990. This is a revised and updated second version for English translation from French by Erica E. Long-Michalke. Sugar provides a fascinating example of an international commodity, and this book deals with the history both of a multinational company and of the world sugar economy. It describes the emergence, in the nineteenth century, of the two family companies of Henry Tate and Abram Lyle. By 1914 they were the largest and most prosperous sugar-refining businesses in the British Empire. In 1921 they amalgamated and became after the Second World War pre-eminent in the world sugar economy. The book's final chapter covers the company's most recent acquisitions and demonstrates the management strategy of Tate & Lyle in its relations with the developed and developing worlds.

What are the options open to policy-makers in developing countries when dealing with multinationals? How can they maximize the contribution of multinational enterprises towards their economic growth? Multinationals dominate world trade and direct investment. However, less developed countries have often regarded this power as detrimental to their fragile, growing economies and have pursued a policy of regulation. Modern economic theories of multinationals need to evaluate the effects of such policies. By integrating theories of multinational enterprise and of development economics, the author presents a critical analysis of the various competing policy options and their consequences. Using empirical evidence from Asia, Africa and Latin America and covering such areas as imports, exports, resource utilization and new technology, the author maintains that a classical neutralist policy towards MNCs would be the most effective way of stimulating growing economies.

This book presents a world survey of multinational firms in the key parts of the service sector. The service sector has grown greatly in importance in recent years in many countries of the world. Many of the key parts of the service sector that are growing most rapidly are dominated by large multinational firms and this has important implications for the future shape of the world economy and for closer economic integration between countries. In addition, the particular style and operations of multinational firms in one sector can provide useful lessons for multinational enterprise in other sectors. The book examines the operations and the style of the firms considered and explores how they dominate their sectors. It charts how the firms have developed, discusses the critical issues facing them; and suggests how present trends may continue in the future.

In recent years many multinational enterprises have increased the amount of their R and D performed in dispersed locations overseas. In some cases this aims to provide improved products and processes for host countries and in others to establish internationally integrated programmes of more basic work taping into geographically dispersed sources of scientific expertise. The detailed survey and interview results reported in this volume provide the basis for a detailed discussion of issues relating to both parent company perspectives on such dispersed R and D, and the viewpoints of the overseas "subsidiary" laboratories performing such work. The issues covered include, the nature of the work done in overseas facilities; the specialization of roles in geological R and D; co-ordination practices; sources of ideas implemented in R and D programmes; sources of funding in overseas R and D; attitudes to government policies. Another key concern of the book is to analyse the consequences of the spread of R and D by MNES for the various countries in which they operate.

Based on a dissertation written for the University of Iowa in 1997 and several published articles on the subject. Discusses the entire history and practice of advertising in China, dating back to the beginning of the 20th century and the first booms in the 1920s and 1930s. Also discusses modern Chinese advertising in depth.

This research and teaching volume has been composed in honour of Rosalie Tung, a distinguished institution builder, thought leader and educator in the field of international business (IB). The volume addresses Rosalie Tung's main research focus in a career that has already spanned several decades, namely the analysis of distance facing multinational enterprises (MNEs), with a focus on state-of-the-art conceptual and fact-based empirical developments in the realm of cultural and institutional distance elements. The impact of distance on international business transactions and operations remains ill-understood. How should distance be conceptualized? Which dimensions of distance should be considered? Is distance always a cost, or can it sometimes confer value? This twelfth volume in the Progress in International Business Research series presents extensive accounts of the contemporary scientific debate on how to assess the impacts of distance, both negative and positive ones, on the conduct of international business. This volume covers five dimensions related to the concept, cost and value of distance, in International business: * The concept of distance * The cost of cultural and psychic distance * The cost of institutional distance * The value of distance * Alternative lenses for IB research

Managers in developing countries, whether operating in the private or public sectors, are constantly aware of the problems of underdevelopment. Effective management of international business activities in developing countries can improve the competitiveness and development prospects of these countries and, in turn, the companies operating within them. But to do so, managers need a developing country perspective on international trade agreements, international finance, foreign exchange, and national financial management. These topics, as well as practical chapters on the management of export production, financing exports, government export programs, and international investment make this very valuable reading for executives and those interested in international business.

Drawing upon his three decades of experience as a corporate economist, including 17 years as a senior economist with Business International Corporation, Alex Rubner here offers an incisive study of the multinational corporation as its fortunes have waxed and waned over the years. The author traces the evolution of the modern multinational corporation and the popular, academic, and governmental sentiments associated with it, arguing that the transnational corporate entity is far from the all-powerful, supranational giant many have envisioned. In contrast, Rubner shows, the modern multinational is a fragile, strife-ridden business operation, often with significantly lower profit margins than smaller local or regional firms. Written for both international business scholars and lay readers interested in business matters, "The Might of the MultinationalS" provides a compelling look at the real and imagined power of the world's largest and most well-known corporations.

Following an introductory chapter which sets the stage for the discussions that follow, the author addresses the concepts of the multinational company as formulated by idealistic advocates and vehement adversaries. Rubner shows that populist perceptions of the power of multinationals are of relatively recent vintage and derive from a variety of sources including religious and trade union leaders, politicians, businessmen, and academic theorists. The second section explores the actual day-to-day realities that govern the operation of multinationals and examines such issues as the inhospitability of host countries, the inability of large bureaucratic organizations to react quickly to changing conditions, and the hypersensitivity of multinationals. Finally, Rubner looks to the future, evaluating the revised strategies of Western multinationals regarding overseas investments. He concludes that the power of the major transnationals is diminishing--along with the legends that gave birth to that perception.

Looking at the new diplomacy between the multinational firm and the nation-state, this book focuses on the interdependencies, conflictual and co-operative, between the two primary actors in the global economy. International contributors (UK, USA, Canada and Sweden) from a variety of disciplines (international relations, political science, public policy, economics and business studies) discuss the theory and practice of MNE-state relations in the 1990s.

China is poised to gain global importance as a growth engine for the world economy on a par with Europe and the USA. Japanese multinational enterprises are increasingly active in relocating to China their R&D and capital- and knowledge-intensive production for both export-platform and target market reasons. It is at the juncture of the growing impact of China-related activities of Japanese corporations on the transformation of Japanese management philosophies, on the one hand, and the transformation of the Japanese economy more generally, on the other, that this book is situated. As Japanese corporations re-align activities to increasingly accommodate the growing importance of China as a business location, inter-regional expansion will integrate more deeply the Chinese economy within their global strategies, business structures and decision-taking. By presenting current research and thinking on the significance of corporate Japan's growing engagement with China, the book explores the following imminent questions: What is China's future position in the global corporate activities of Japanese firms? How has China's investment profile changed and how and with what purpose do Japanese firms enforce their Chinese presence? The book sheds light on the implications for European businesses and policy-makers of the consequences of deepening integration of these two economic powerhouses. This book was published as a special issue of Asia Pacific Business Review.

As multinational firms struggle to compete in a global economy, their operating and accounting decisions are being made in an environment that's characterized by fluctuating exchange rates, innovative and flexible organizational structures, and a dynamic and diverse control strategy. As a result, managerial accounting techniques have to adapt to this unique environment by devising new ways to solve decision problems. This book explores the major issues that accountants in multinational corporations, and their outside consulting firms, must deal with if they are to understand how the corporation is performing financially, and if they are to effectively advise top management.

To describe the specific environment of multinational management accounting and the particular accounting techniques required for efficient operation, Ahmed Belkaoui divides his study into four topical sections. The first offers an introductory overview of the new international business environment and the extent of financial engineering. Section two focuses on managing exchange rate risks, and covers such issues as the management of foreign exchange risk, the management of economic exposure, and the management of transaction exposure. Organization and controlling are detailed in section three, with separate chapters exploring the organizational structures and control of multinational operations and performance evaluation techniques. The final section examines management accounting issues, including international financial analysis, international capital budgeting, pricing strategies, the lease-or-buy decision, and advanced capital budgeting. This work will be an essential resource for accounting professionals working in multinational organizations and the international business environment, as well as for students in accounting and international business courses. Public, academic, and business libraries will all find it to be a valuable addition to their collections.

The fifth volume of the Academy of International Business Series concentrates on three crucial areas of International Business: organizational issues across multinational enterprises, international market entry strategy and emerging markets. It examines theory and practice in parent-subsidiary relationships, in host country and MNE interactions, and in the organizational response of international business to dynamics in the global economy.

This fourth volume in the Academy of International Business Series examines three main areas of internationalization: the internationalization process; competitive advantage in an international context; and international business in emerging markets. The cohesive theme threading through the chapters comprises the twin objectives of assessing the current state-of-the-art research into international business phenomena and looking forward to emerging research themes for the new milennium.

In recent years, a great deal of scholarly and popular ink has been spilled on the subject of globalization. Relatively few scholars have addressed the political sociology of globalization, and specifically, the emergence of global class formations and a nascent global governance framework. This book is a contribution towards redressing this imbalance. The book traces the emergence of the World Bank as a key driver of globalization, and as a central source of an evolving form of elite-driven transnational governance which the author describes as 'global managerialism'. The book argues that the Bank has expanded its sphere of activity far beyond provision of low-cost capital for development projects, and plays a central role in pursuing global economic and social policy homogenization. The World Bank and Global Managerialism features a new theoretical approach to globalization, developed through an analytical exposition of the key stages in the institution's growth since its creation at the Bretton Woods conference of 1944. The author details the contemporary Bank's central policy framework, which includes the intertwining of public and private initiatives and the extension of global governance into ever-wider policy and geographic spheres. He also argues that contemporary globalization marks the emergence of a transnational elite, straddling the corporate, government, and civil society sectors. The book provides two detailed case studies that demonstrate the practical analytical utility of the theory of global managerialism. The theoretical approach provides a robust but flexible framework for understanding contemporary global development. It is essential reading for courses in areas such as International Organizations, Global Political Economy, and Globalization and its Discontents, and is also relevant to students of development policy and international economic architecture, among others.

The Emergence and Impact of MNC Centres of Excellence explores an important new element in the development of the multinational corporation. Whilst previously the parent company was seen as the centre, and the foreign subsidiaries as the periphery, today, it is recognized that different subsidiaries have different roles, and are linked to each other in a complicated pattern. One crucial aspect of this is that some subsidiaries become 'centres of excellence' (COE) controlling resources on which other parts of the corporation depend for their operations. This book investigates the existence of COEs in different countries, examining why they emerge and analysing their impact on corporate strategy.

Original essays identify the channels through which inward investment can affect host economies and shape the size and structure of industrialized economies over the last decade. Leading experts in international investment and the behavior of national and multinational firms combine innovative methodologies and firm-level data to evaluate the impact of inward investment on such issues as productivity, technology, and innovation. They compare UK developments to those experienced by French, Italian, German and US economies.