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Markets are very important in the life of Uzbek Turks. Today, as in the past, public markets care. That’s why there are proverbs fort the markets. There are several markets in the cities. Tashkent, Semerkant, Buhara, Hive, Andican, Nemangen, Fergana, Kokand, Urgenç and other cities. For example there are neighborhood markets such as Çarsu, Beş Ağaç, Alaybazar, Mirabad Market, Askıya, Ferhat Market, Parkent Market and Kuyluk Market in Tashkent. Low-income people prefer to shop here. People sell the products and materials they produce in their homes and vineyards in these markets. Agriculture is an important sector of the economy of Uzbekistan. Cotton and grain are the most common products in the country. Agriculture employs 26% of the workforce. All kinds of sales are seen in the markets. Household, goods, clothes, vegetables and fruits, boks, etc. There are also some foods that are prepared at home or cooked and sold there. Especially shashlik, samsa, Uzbek pilaf are among the food that are loved and eaten. Interesting situations are also encountered in the markets. Bargaining discussions between buyers and sellers are quite colorful. Especially meat sales are worth seeing. In addition to these, various thing are also sold for weddings. Because it is important in the life of Uzbek Turks, as it is in every society. People resort to some remedies because they believe in evil energies. One of them is mulberry seed. Harmony seeds are bought from the markets. Incense is made in many homes every morning. Small family circuses are also seen performing on the market sides. Such places are one of the sources of livelihood for them. It is observed that people who made their sales or were able to meet their current needs return from the markets tiredly. Apart from these markets, there is also the market they call the home market. Here, information about houses for rent or sale is given. It is possible to obtain this information from the homeowners themselves or from the people they designate., Özbek Türkleri’nin hayatında pazarlar bir hayli önemlidir. Geçmişte olduğu gibi günümüzde de halk pazarları önemser. Bu yüzden pazarlar için söylenmiş atasözleri de vardır. Şehirlerde çeşitli pazarlar bulunmaktadır. Taşkent, Semerkant, Buhara, Hive, Andican, Nemangen, Fergana, Kokand, Urgenç ve diğer şehirler. Örneğin Taşkent’te; Çarsu, Beş Ağaç, Alaybazar, Mirabad Pazarı, Askıya, Ferhat Pazarı, Parkent Pazarı, Kuyluk Pazarı gibi semt pazarları vardır. Halkın çoğunluğu dar gelirli olduğu için buralardan alışveriş yapmayı tercih ederler. İnsanlar, evlerinde, bağ bahçelerinde ürettikleri ürünleri, malzemeleri bu pazarlarda satarlar. Tarım, Özbekistan ekonomisinin önemli bir sektörüdür. Ülkede pamuk ve tahıl en çok görülen ürünlerdir. Tarım, işgücünün %26’sını istihdam etmektedir. Pazarlarda her türlü satışlar görülür. Ev eşyası, giyecek, sebze-meyve, kitap vs. Ayrıca oralarda pişirilen veya evlerde hazırlanıp satılan bazı yiyecekler de görülür. Özellikle şaşlık, samsa, Özbek pilavı sevilerek yenilen yiyeceklerdendir. Pazarlarda ilginç durumlarla da karşılaşılır. Alıcı ve satıcılar arasındaki pazarlık tartışmaları bir hayli renklidir. Özellikle et satışları görülmeye değerdir. Bunların yanında ayrıca düğünler için de çeşitli şeyler satılmaktadır. Çünkü düğünler her toplumda olduğu gibi Özbek Türklerinin hayatında da önemlidir. Halk nazara, kötü enerjilere inandığı için bazı çarelere başvurur. Bunlardan biri üzerlik tohumudur. Pazarlardan üzerlik tohumu alınır. Her sabah birçok evde üzerlik tütsüsü yapılır. Pazar kenarlarında küçük aile sirklerinin gösteri yaptıkları da görülür. Böyle yerler onlar için geçim kaynaklarından biridir. Satışlarını yapan veya o günkü ihtiyacını temin edebilmiş insanların yorgun bir şekilde pazarlardan döndükleri gözlemlenir. Bu pazarların dışında bir de ev pazarı dedikleri Pazar vardır. Burada kiralık ya da satılık evlerle ilgili bilgiler verilir. Bu bilgileri de ev sahiplerinin kendilerinden ya da onların görevlendirdikleri kişilerden almak mümkündür.

Returnee entrepreneurs, despite their assumed advantages in possessing international experiences and advanced knowledge, suffer from liability of returnee due to a lack of relationships with political and business actors and experience institutional uncertainty in the home market as they move across different institutional environments. This study investigates how returnee entrepreneurs can strategically utilize relationships with political and business actors to achieve better performance and the conditional effect of institutional uncertainty. Based on a survey of 200 Chinese returnee entrepreneurs, we find that business relationships play a dominant role in influencing business performance and that this role is even stronger under institutional uncertainty. Political relationships support the formation of business relationships and are associated with business performance via the mediation of business relationships. Our study contributes to developing a nuanced understanding of the complementary effect of political and business relationships on returnee venture performance in emerging economies.

A partial equilibrium trade model is used to test the role of vertical linkages and home market effects on the pattern of U.S. apparel trade, while controlling for trade costs and comparative advan...

After its entry into the World Trade Organization (WTO), China has opened wider to the outside world. As a result, a growing number of foreign cosmetic companies have expanded their presence in China. By contrast, Chinese domestic cosmetics not only don’t have an edge in its home market, but also fail to go global. The reasons are manifold. But their translations are also very important. Guided by Skopos Theory, this thesis believes that translation is across-cultural communicative activity with a certain purpose. The skopos rule should be put on the top priority. Through the investigation of various translation examples, the author believes that Skopos Theory can be used to guide the translation of different Chinese cosmetic brand names. Besides, the author also holds that translation strategies should be different according to the purpose of translation. By doing so, the author hopes to transcend cultural differences and disagreements so as to make domestic cosmetic products more competitive in the international arena.

PurposeThis study uses the notions of institutional harshness and uncertainty avoidance in the home country to explain the choice between direct and indirect exporting strategies by emerging market firms.Design/methodology/approachThis study is based on a dataset of 23,256 observations on firms from 32 countries spread over 11 years (2006–2016). Since only some firms undertake exports, the Heckman procedure is used to control for sample self-selection. In the first stage, we predict which firms will choose to export, and, in the second stage, we examine the factors driving the choice made by firms involved in exports between direct and indirect exports strategies.FindingsThe analyses reveal that firms are more likely to choose direct exports when institutional harshness is high and when they are from countries with low uncertainty avoidance. We also find that the strength of the relationship between institutional harshness and the choice of direct exports is moderated at high levels of uncertainty avoidance.Research limitations/implicationsWhile this study's empirical models account for many firm-level factors as well as home country differences discussed in the literature, we acknowledge there could be other temporal, firm or country idiosyncratic factors not included in our analysis driving the key choices examined in the paper.Originality/valueThis study makes three contributions to exporting literature. First, it highlights the drivers of the choice between direct and indirect exports. This choice is an important facet of exporting strategy and has received scant attention in prior IB research. Second, it demonstrates how the choice between direct and indirect exports is impacted by the degree of the home country's institutional harshness and uncertainty avoidance. Third, it offers insights on how the interaction of formal and informal home market institutional factors influences export strategy.

Non-homogeneous and time-varying information flow that affects the price discovery processes within and across markets is a common occurrence in reality but is often neglected in the literature of price discovery. To analyze such information flow within and across markets, we propose a new strategy with a new dynamic price discovery measure. We use this strategy to test the efficient home market hypothesis and the sector effect hypothesis based on the intraday data of the 115 stocks cross-listed and traded in the Canadian and U.S. stock markets. We find that the Canadian stock market is more efficient in price discovery for the Canadian stocks cross-listed in the U.S. stock market. A higher trading volume in the Canadian market makes price discovery in that market more efficient. The Canadian stock market is more efficient in price discovery for stocks in the basic materials sector but not in the technology and financial sectors. The NYSE Alternext is more efficient for junior stocks while the NASDAQ is more efficient for technology stocks.

The aim of this research is the investigation of strategic behavior of Chinese investors in Japan when making cross-border acquisitions in recent times. While previous literature on acquisitions tended to show that Chinese acquirers were merely resource-driven, i.e. their main purpose was to acquire products, brands, and knowledge to be transferred back to the (Chinese) home market, our study suggests that the behavior of many Chinese firms has changed lately. In a pivotal study with 39 Chinese bidders taking over Japanese targets, we find that their strategy has become increasingly market-driven instead. As far as industry-wise acquisitions are concerned, Chinese firms are taking over Japanese hotels and recreation facilities in recent years for the purpose of providing services to Chinese tourists.

Purpose Drawing upon the eclectic paradigm and the regulative dimension of institutional distance theory, it is posited that to understand a firms’ cross-border merger and acquisition (CBMA) location choices, it is critical to examine the acquirers’ ownership advantages. Design/methodology/approach Using a sample of CBMAs undertaken by US firms from 1999 to 2015, the paper explores the extent to which acquiring firm ownership advantages – financial and innovation capabilities – influence target firm country selection in relation to regulative distance. Findings It is shown that acquiring firms with greater innovative capabilities are likely to choose target firms in nations with less regulative distance from their home market; whereas firms with greater financial capabilities target firms in more distant nations. Originality/value This paper builds on the important research on CBMA activity, focusing on the largely neglected pre-acquisition resources in relation to the regulative distance between target firms and the acquirer.

We investigate how group- and market-specific traits impact the credit policy of foreign-owned banks operating in Central, Eastern and South-Eastern European (CESEE) countries over the 1995–2015 pe...

A well-documented consequence of the recent foreclosure crisis was a pronounced dislocation in the single-family home market. Large institutional buyers emerged to capitalize on this dislocation. These firms acquired hundreds of thousands of single-family homes to create a pool of single-family rentals (SFRs) in markets across the United States. Existing analyses of institutional investors focus on their aggregate characteristics and associated community effects, showing faster housing recovery in places hard hit by foreclosure but also increases in evictions and home prices. Relatively little is known about individual firms’ strategies or how they have evolved over time—knowledge that is critical to understanding the diversity of these actors and establishing causal links to community impacts. We help fill this gap by using quantitative and qualitative data from the corporate filings of publicly traded SFR companies to understand the industry’s birth, growth and development, strategies and approaches, and points of differentiation.

Background: Following the ongoing globalisation, family businesses have been inclined to grow their businesses outside of their home markets. While academic attention has been devoted to family business internationalisation, it has mainly taken a family-focused perspective. Existing international business theories emphasise foreign market networks as facilitators for internationalisation, leaving home market networks under-researched. Purpose: This paper explores family business internationalisation by adopting an international business lens. The revised Uppsala model is used as the main frame of reference to understand how network relationships in the home market facilitate family business internationalisation. Method: The study is based on a qualitative design with an exploratory purpose and a grounded theory methodology, following a realist ontology and constructionist epistemology. Six in-depth semi-structured interviews with four family businesses were conducted. The use of grounded analysis allowed us to find patterns and explanations to ultimately develop a theory grounded in our findings. Conclusion: The benefits resulting from home market network relationships facilitate family business internationalisation. Predominantly, the acquisition of knowledge is a necessary step to gain resources family businesses are missing to internationalise. The conceptualisation of our theoretical model with the revised Uppsala model suggests an elaboration of the latter to include network resources and capabilities.

Extant research concludes that SMEs tend to be highly dependent on the local institutional environment when internationalizing. In relation to that, international business literature accentuates the lack of studies that aim to understand how government support influences SMEs' international business performance. This further justifies the current inquiry for conducting more diverse scientific research in order to better describe and evaluate how governments should apply and effectively utilize their support toward internationalizing SMEs. Based on that, the aim of this study was to first identify the approaches that Kalmar based SMEs undertake to internationalize. Second, to identify the current initiatives implemented by the local governmental agencies toward the internationalization of these firms. Third, to identify how the governmental agencies in Kalmar could potentially improve the internationalization support towards the local SMEs. By fulfilling these aims this study was able to answer the overarching research question of How could the Swedish governmental agencies better contribute to the development of the internationalization process of their SMEs at the regional level? International business literature, internationalization process theories in combination with the available knowledge concerning the local institutional environment were utilized to conduct a thorough theoretical base for this study. The theoretical base laid the foundation for the constructed conceptual framework that was later utilized to collect and analyze data derived from five local SMEs and four key governmental agencies. This research project implemented a qualitative methodology and a multiple case study design. The data were collected through ten semi structured interviews. As an outcome, the findings of this study concludes that the identified prevailing internationalization process traits in combination with the uncovered improvement elements for governmental internationalization support, positively influence the configuration between the SMEs internationalization and the local institutional environment. This further contributes to achieving understanding concerning how Swedish regions could foster the internationalization process of their SMEs. Finally, to the best of the authors’ knowledge, this is one of the first studies to address the issue of governmental endeavors toward the internationalization process of Swedish SMEs.

Survival in a foreign market is not always the same as in the home market. This study examines interaction effects between cultural distance, country risk, entry mode, firm age, investment location...

Purpose The purpose of this paper is to provide a robust examination of the factors that accelerate/decelerate the divestment timing of retail banners in international markets. Design/methodology/approach The sample represents 3,235 foreign market banner operations of 132 international retailers across 144 countries using an accelerated failure time (AFT) parametric survival modelling technique. Findings Banner divestment is accelerated by both weak financial performance and smaller size. Furthermore, there is a synergistic negative detriment to the combination of both factors on divestment. Banner divestment is decelerated by deploying the corporation’s dominant format in the home country. Moreover, inadequately performing dominant banners are allowed more time to turn around their operations than subpar non-dominant banners. Concurrently, when host country markets are growing, poorly performing dominant banners are given more time to improve performance. When home market performance weakens, smaller, poorly performing banner divestment is accelerated. Research limitations/implications The large data set covers more than half of the world so the authors are limited to observing corporate divestments without the benefit of the managerial decision-making process. The authors only have access to divestment data in annual units, which limits the ability to provide precise timing information. Though the authors have a wide variation in country conditions, data on smaller, poorer countries and domestic competitors is limited. Practical implications Small, poorly performing retail chains in foreign markets are divested faster than their counterparts. When retailers internationalize with their dominant chains, management tends to give these banners more time to succeed than non-dominant counterparts. Evidence also suggests that managers hesitate to withdrawal from a foreign market when the dominant banner is involved, regardless of a chain’s stunted growth and subpar performance. Originality/value This study provides the first examination of factors driving the divestment times of international retail chains using rigorous empirical survival time methodologies.

Purpose This paper aims to elaborate on the crucial effects that a seemingly detrimental policy change in Spain has had on the international entrepreneurial activities of domestic renewable energy (RE) firms. Design/methodology/approach Primary data were collected from nine RE companies in Spain and then triangulated with secondary data and interviews from informants in other local institutions. Findings Domestic RE firms, due to an institutional scape driver action, reacted to an increasingly uncertain and generally more adverse renewable energy policy framework in this country by preferring to internationalise towards foreign markets that had lower political uncertainty than the domestic one. Research limitations/implications This paper complements previous research primarily on firm-specific factors that enhance internationalising firms’ survival and growth through a focus on the impact of a changing institutional-political environment at the home country-level. Practical implications Practitioners in the RE sector should analyse the risk of focusing only on the home market, as it can be too dependent on uncontrolled variations in domestic energy policy. Social implications The findings indicate that a more stable and supportive, long-term perspective in the domestic RE policy is essential for the sustained growth and development of this emerging industry. Originality/value To analyse the strategy by which a number of purposefully selected companies were able to use international expansion as a survival-seeking strategy against a drastic policy-level change in the domestic RE market.

In spite of increasing globalization, the effects of international trade on economic growth remain unclear. I consider an endogenous economic growth model in an open economy with the home market ef...

Firms from transforming economies can leverage the characteristics of their location to develop innovative business models before internationalizing. This note showcases ByteDance's innovative business model for its TikTok app, which became one of the most downloaded apps globally. ByteDance used its large and increasingly demanding home market to experiment with creative combinations of business model elements to develop a unique business proposition that positions the TikTok app as a hybrid of social networking and video-sharing. In addition, TikTok benefitted from China's IT strength supported by national high-tech policy to an AI-based recommendation algorithm as a non-location bound resource. TikTok shows that firms from transforming economies can launch successful global products through business model innovation.摘要转型经济体中的企业可以利用其国内市场的特点，凭借创新的商业模式实现国际化。 本文介绍了字节跳动公司如何运用创新的商业模式使旗下应用TikTok成为全球下载量最多的应用程序之一。字节跳动依托于规模庞大且需求日益增长的中国国内市场，在创造性地整合了其商业模式的元素之后，提出了独特的商业主张，使TikTok成为了一款融合了短视频分享功能和社交属性的新型应用程序。此外，得益于发展高新技术产业的国家政策，字节跳动凭借其IT优势，将基于人工智能的推荐算法作为一种不受地理位置限制的资源加速了TikTok的发展。TikTok成功证明了来自转型经济体的企业能够通过商业模式创新推出在全球范围内受欢迎的产品。АннотацияКомпании из стран с переходной экономикой могут использовать особенности своего местоположения для разработки инновационных бизнес-моделей до выхода на международный уровень. В этой статье рассматривается инновационная бизнес-модель ByteDance для приложения TikTok, которое стало одним из самых скачиваемых приложений в мире. ByteDance использовала большой и все более требовательный внутренний рынок для экспериментов с креативными сочетаниями элементов бизнес-модели, чтобы разработать уникальное предложение, которое позиционирует приложение TikTok как гибрид социальных сетей и видеохостинга. Кроме того, успеху TikTok способствовал сильный IT-сектор Китая, который поддерживает ряд факторов, начиная от национальной политики высоких технологий до алгоритма рекомендаций на основе ИИ в качестве ресурса, не привязанного к местоположению. Пример TikTok показывает, что компании из стран с переходной экономикой могут создавать успешные глобальные продукты с помощью инновационных бизнес-моделей.ResumenLas empresas de economías en transformación pueden apalancar características de su ubicación para desarrollar modelos de negocio innovadores antes de internacionalizarse. Esta nota exhibe el modelo de negocio innovador de ByteDance para su aplicación TikTok, la cual se convirtió en una de las aplicaciones más descargadas globalmente. ByteDance utilizó su gran mercado local y cada vez más exigente para experimentar con combinaciones creativas de elementos del modelo de negocio para desarrollar una propuesta comercial única que posiciona a la aplicación de TikTok como un hibrido de red social y donde se comparten videos. Además, TikTok se benefició de la fortaleza en tecnología de información de China mediante la política nacional de alta tecnología a un algoritmo de recomendación basado en inteligencia artificial como un recurso vinculado a una ubicación. TikTok muestra que las empresas de economías en transformación pueden lanzar productos globales exitosos a través de la innovación de modelos de negocio

We investigate the impact of conditions favouring high market concentration (C) on supply, price and quality in the local care home market for older people in England. The instrumental variables approach is often used to address the ‘endogeneity’ of C. We argue that this approach will not identify the underlying market structure and that it is implausible to claim that a causal impact of C on outcomes can be achieved in this way. By assuming that the nature of the equilibrium in a local market is determined by the basic (exogenous) conditions of that market, we found a large and significant impact of these conditions that tend to favour high C on equilibrium supply (-32%) and prices (+23%), in particular in the market of residential (non-nursing) homes (-57% and +34%). The effect on quality is smallest and significant only for the non-nursing care home market (+10%). Results enable us to extract relevant policy messages for English LAs’ abilities to discharge their responsibilities to promote an adequate supply of care home places at affordable costs and sufficient quality.

In this article, we find that poor bilateral political relations between the US and other countries negatively influence US media dissemination toward non-US firms with American Depositary Receipts (ADRs). We also show that US media negativity has downward pressure on ADR firms’ home market prices and such negative impact is reduced during the year when political relations are poor—an indication that investors react to real media bias. We conclude the first study by showing that negative US media coverage leads to a higher likelihood of ADR firms terminating their ADRs.

Based on a sample of 114,098 investments committed by 12,258 limited partners into 20,473 private equity funds, we study an international home bias in fund manager selection in private equity. We find that limited partners overweigh their investments with fund managers domiciled in the same geographical region by 45% on average. The home bias in local fund manager selection holds across investor types, fund characteristics as well as market regions. Investments committed with locally domiciled fund managers are not only being overweighed, but also perform better than investments with fund managers domiciled in foreign market regions. We argue that limited partners benefit from information advantages and better fund access when selecting private equity funds within their home market region.

This paper analyses the role of a firm’s home market performance in its export entry decision for Indian manufacturing firms during the period 2000–2014. Classifying firms under three broad categories of new exporters, incumbent exporters and non-exporters, we show that new exporters, as well as incumbent exporters, are bigger and more productive compared to non-exporters. Comparing between exporters, we find that new exporters are bigger than incumbent exporters, but not different in terms of factor productivity. Using longitudinal micro-level data, we estimate a random effect probit model to test for the significance of the home market performance on firm export behaviour for new exporters vis-a-vis non-exporters. We find that home market performance enhances export behaviour, and firms with higher growth rate in the home market are more likely to enter the export market in future.

This chapter examines why credit constraints for domestic and exporting firms arise in a setting where banks do not observe firms’ productivities. To maintain incentive-compatibility, banks lend below the amount that firms would need for optimal production. The longer time needed for export shipments induces a tighter credit constraint on exporters than on purely domestic firms, even in the exporters’ home market. In our application to Chinese firms, we find that the credit constraint is more stringent as a firm’s export share grows, as the time to ship for exports is lengthened, and as there is greater dispersion of firms’ productivities reflecting more incomplete information.

In this article, we will discuss the export strategy of a company seeking to export its products and services to global markets. We note that the export strategy is always linked to the company's dynamic capabilities and business model. In this article, we present four basic business models, Business-to-Consumer, Business-to-Business, Business-to-Government and Business-to-Digital business models. As a company seeks to export its products and services overseas, it is worthwhile to implement an information management strategy that serves the export business strategy that links the export market to the business models and dynamic capabilities of the company. This article presents 8 different case examples of how the business model and export market analysis are combined. It should be emphasized that each company needs its own customized export strategy, where its export-related resources are realistic in relation to its export choices and scale. If there are not enough human and material resources, it is better to stay in the home market.

This paper examines how care home managers in England conceptualised the approach to delivering personalised care in the homes they managed. We conducted interviews with care home managers and mapped the approaches they described on two distinct characterisations of personalised care prominent in the research and practitioner literature: the importance of close care relationships and the degree of resident choice and decision-making promoted by the care home. We derived three ‘types’ of personalised care in care homes. These conceptualise the care home as an ‘institution’, a ‘family’ and a ‘hotel’. We have added a fourth type, the ‘co-operative’, to propose a type that merges proximate care relationships with an emphasis on resident choice and decision-making. We conclude that each approach involves trade-offs and that the ‘family’ model may be more suitable for people with advanced dementia, given its emphasis on relationships. While the presence of a range of diverse approaches to personalising care in a care home market may be desirable as a matter of choice, access to care homes in England is likely to be constrained by availability and cost.

Germany has been home to a vibrant heavy metal scene since the mid-1980s. Yet despite the huge popularity of metal music, German metal is widely ignored by national media and rarely present in music charts. This chapter analyzes the challenges German power metal bands faced to get acknowledged by their home scene and abroad. Metal music made in Germany has been a phenomenon since the mid-1980s. Although West Germany had been an important market for international rock music since the 1960s, German rock evolved slowly. For much of the twentieth century, the four most important metal markets were the USA, Germany, Great Britain and Japan. In the eighties and nineties, the second largest metal market was Germany: seemingly ideal conditions for German metal bands, yet they were struggling to become established in their home market due to an abundance of metal records.

Fashion has always been international. Even in the eighteenth century, small dolls dressed in the latest styles were circulating among the French and English royal houses, where the new fashions were initiated. India not only has a gigantic home market, but its so-called Bollywood films serve an enormous Asian market as well. The fashion industry should have a similar potential, certainly in view of the fact that for centuries India has had an extensive textile industry which until recently was mainly exploited by Western companies. Indian culture has been a familiar phenomenon in England for more than thirty years. It has generated its own garment industry, which in the meantime has had a springboard effect in that it has attracted the interest of Western women as well. Traditional cultures are playing a greater part in the game of fashion than is generally thought, as the example of India illustrates.

This paper constructs a duopoly model to study the optimal international cross-ownership and state-owned shares proportion when domestic state-owned enterprise competes with foreign-funded enterprise in home market or against local enterprise in foreign market under Cournot competition. The results indicate that whether to implement international cross-ownership or not and the proportion of state-owned depend on the implementing subject of cross-ownership, competitive environment, the efficiencies of state-owned and private capitals, and so on. The proportion of state-owned shares may influence the action of international cross-ownership in some cases. Complete nationalization is optimal choice under specified condition. These conclusions have certain significance for the formulation of privatization policies in various countries and the merger and reorganization of enterprises in the international scope.

We examine the impact that the economic sanctions imposed by the Western community on the Russian economy in March 2014 have had on the pricing of Global Depositary Receipts (GDRs) traded in London. We document that following the first announcement of the imposition of sanctions, the returns of Russian GDRs increased in the case of both the Moscow Exchange and London listings, indicating an enhanced risk of trading with Russian securities. This effect was more pronounced in the case of London listings compared to local listings, which resulted in an overall decrease in the returns spread between the GDR and underlying home market shares. In contrast, we do not find evidence that imposition of sanctions affected turnover by volume of home or London-based GDR trades around the sanctions announcement, suggesting that investors did not pull out of Russian GDRs, but instead, reassessed investment risks associated with Russian securities. Last, our findings provide no evidence of a moderating impact on pricing of Russian GDRs by the two mechanisms that are expected to be indicative of enhanced [decreased] risks for GDRs, namely, state ownership [presence of foreign nationals on boards of directors]. Our study contributes to the debate on the importance of complex assessment of outcomes of international sanctions on individual economies and firms.

This study uses an organizational change perspective to analyze firms' export market selection (EMS) to adapt to home country market pressures. We argue that firms' strategic objectives influence whether they will enter institutionally proximal or distal markets. A model with two curvilinear (U-shaped and inverted U-shaped) relationships is found by testing 1940 Taiwanese export firms based on two official datasets. The model shows that firms are more likely to increase their exports to institutionally proximal markets and to decrease their exports to institutionally distal markets if they have an increasing but still controllable degree of competitive and marketing pressures in the home country. This response represents an incremental change by exporting firms. However, firms increase their exports to institutionally distal markets while decreasing their exports to institutionally proximal markets if they have an excessively increasing degree of competitive and marketing pressures in the home country. This response represents a radical change by exporting firms. We find that export firms' strategic objectives in choosing different organizational change styles (incremental or radical) are highly related to this trade-off in their EMS decision making.

A significant transformation in the world economy in the past few decades has been the emergence of internationalizing firms from the emerging economies to world markets. This phenomenon has received prominent research attention in the literature. Yet, post-expansion challenges faced by these firms and the strategies they have employed in gaining strategic advantages in their host markets and in transferring knowledge and capabilities to their home market firms has not been studied as extensively. This has led to a fragmented picture underscoring the need for a literature inventory and a prospective look forward. In this paper, we address this need by taking stock of the current literature, paint a synthesized picture of that literature’s landscape, and forward questions for future research. We also comment on the contributions that appear in this volume to fuel scholarly discussion on the questions raised in these papers.

Globalization and technology have expanded the reach of sports teams, giving brand sponsors new opportunities to engage and build relationships in real time with fans outside a team’s home market. This research investigates the role of fan isolation, or the experience of feeling separated from the team community, in shaping sponsorship effectiveness. The authors posit that such isolation increases the desire to affiliate with the team community, which can increase preferences for team-linked brands. However, the effect of isolation on sponsor performance depends on the strength of fan identification. Isolation increases strong fans’ desire to affiliate with the team community, thereby enhancing sponsorship performance; by contrast, isolation causes weak fans to avoid team-linked brands. Two field studies and four quasi experiments conducted across three countries (N = 1,412) confirm these predictions. Isolated strong fans exhibit increased recall, attitudes, purchase intentions, and word of mouth for sponsors, while isolated weak fans display the opposite effects. For brand managers, the proposed framework reveals whether isolated fans provide the best or worst returns on their sponsorships.

This paper aims to analyse the association of the adoption of proactive CSR practices with internal and external institutional pressures on a group of emerging market MNCs. CSR proactivity is measured by the adoption of green and social certifications through the value chain. CSR is understood by all means as a component of the legitimating strategy of Brazilian subsidiaries to gain competitiveness abroad. Data from primary and secondary sources is analysed by the multiple linear regression technique. Results reveal that CSR proactivity is associated with green and social certifications. Also, companies’ commitment to ethics at their headquarters is reflected by their CSR subsidiaries abroad. Yet, the adoption of green certifications do not make up for the less developed institutional environment found on the home market for companies on their operations abroad.

The article studies the influence of internal demand on the spatial distribution of processing industries in Russia. According to the models of trade theory, the increasing returns to scale give rise to the home market effect, meaning a more than proportional relationship between the share of the region in demand for the goods and the share of the region in production of those goods. Davis and Weinstein suggested the equations for empirical testing of the home market effect taking into account alternative mechanisms of spatial concentration of industrial production (with or without increasing returns). The specifics of these equations are the following. First, they simultaneously test the influence that comparative advantages of the regions and the scale of territorial markets have on industrial production. Second, they represent a system of nested dependencies that combine the data of different levels of aggregation, which allows building the suggestions on the reproducibility of the results if using detailed information. Third, they characterize the scale of the markets based on the data on intraregional consumption (absorption) and consequently contribute to the development of the results received as part of estimations of market potentials with the help of proxy-variables – income and GRP. The estimations of Davis and Weinstein equations received for ten branches of processing industry of Russia have confirmed the significance of influence that idiosyncratic demand has on the concentration of industrial production. Spatial distribution of branches groups formed by homogeneity of factor expenses structure is on average 67.5% caused by comparative advantages of the regions, but for the majority of the branches this percentage is significantly lower due to home market effect. More than proportional relation between production and demand is seen in three branches out of ten: oil processing and chemical production, wood processing, electric equipment production. The conclusion is that there is no home market effect in branches such as transport production, textile production, which does not match the studies in other countries. This is explained by the structure of demand that in this case stimulates import in the region rather than output

This editorial summarizes the papers published in issue 13(3) so as to raise the bar in applied spatial economic research and highlight new trends. The first paper challenges the home market hypothesis that large countries host more firms relative to their size than small countries by considering the lobbying activities of multinational firms. The second paper analyzes the implications of a spatial weight matrix used to estimate a spatial econometric model that depends on an endogenous economic variable. By adding a spatial context, the third paper provides a novel contribution to the literature on international norms in de facto measures of human rights performance. The fourth paper examines the determinants of accepting informal work in Poland. The fifth paper deals with non-stationarity and cointegration in a dynamic spatial econometric panel data model when the number of observations in the time - rather than in the cross-sectional- domain tends to infinity.

The purpose. To analyze contemporary state of beer and hop branches of Ukraine, to mark out problems and reference points of their further integration. Methods. Economic-and-statistical; monographic; analysis and synthesis, induction and deduction; graphical and comparative. Results. Contemporary state and dynamics of development of beer and hop branches is studied. Their complementarity is justified. Reference points of integration development of beer and hop branches are specified. Conclusions. Beer and hop markets are interconnected and response on economic (prices, purchasing capacity) and technological (change of technique, overproduction) factors. Now the basic reference point of revitalization and development of hop branch is the solution of its basic proble – absence of sales of its produce in home market that restrains development of production of hop plant in Ukraine.

The transition toward more renewable-based energy systems increases the need for new flexible resources, such as demand response (DR). Previous literature has found various barriers for DR utilization, but much of this research has focused on the initiation of DR operations or barriers in national markets and not on factors that hinder market upscaling and firm internationalization. We address this gap by analyzing interviews with 22 DR companies active in Finland, one of the early mover countries for automated DR. While most of previous research has focused on electricity DR, our interviewees also include district heating DR companies. By using the Technological Innovation System (TIS) framework, we study how the advanced regulatory and market framework and the technology rollout in Finland have affected the DR service development and the internationalization of Finnish companies. Based on our results, the DR market formation in Finland has largely relied on the Finnish transmission system operator's early decision to allow independent aggregation and the early large-scale rollout of smart meters. The advanced home market has enabled firms to develop new solutions and prove their concept. Yet, the highly structured nature of energy markets complicates the access to both advanced and less advanced foreign markets. Highlights • We study how home market affects demand response (DR) business development. • We analyze impacts of advanced home market on internationalization of DR companies. • Advanced market has enabled firms to develop new solutions and prove their concept. • Services developed for an advanced home market do not guarantee export benefits.

We examine the asynchronous price movements of the same assets traded on multiple markets, each of which has its unique characteristics. Differently from the existing literature, we use a dynamic structural Vector Autoregressive (VAR) setting to explore the effects of market-wide and idiosyncratic shocks on both home and host listings. We find strong evidence that foreign prices lead home prices, but not the reverse effect. Contrary to theory predictions, investors in the firms’ home market respond to idiosyncratic fluctuations in the stock returns in the host markets. Our results suggest that investors pay attention to fluctuations in the stocks listed on the more institutionally developed markets.

The processes of disintegration in the 90th of the last century negatively influenced the Russian Federation economic environment. Differentiation of economic activity conditions sustained essential growth. According to experts the total volume of cross-regional economic relations became 4 times lower. Practically the split of economy into export sector and sector working for home market took place. Meanwhile, the achievement of sustainable economic growth, the rise of the country’ competitiveness and transfer to the innovative model of development depends directly on successful overcoming of autarkic tendencies. It requires the reform of cross-regional relations’ system aimed at efficient use of territories competitive advantages both in the interests of definite regions and state in whole. Solution of the defined problems is in the competence of federal and regional authorities interested in transition of the Russian industry into the innovative setup.

This paper addresses the market and technological capabilities required for technological catch-up in the biopharmaceutical sector using a multi-case study method. The paper reveals that the firms that are catching up in biopharmaceuticals first developed their production capabilities (including API production, formulation and obtaining health approvals), then entered the process innovation. Iranian companies have locally re-produced existing products in the market in exact accordance with global standards, and then entered into the introduction of new strains by intensifying their R&D efforts. The paper observes that the existence of strong R&D efforts from the early stages is a prerequisite for technological growth. It also argues that assimilated migratory knowledge can not only complement indigenous efforts, but also stimulate further technological capability-building efforts by local firms. The paper shows that technological development in the Iranian biopharmaceutical industry was firstly geared towards the home market, which we refer to as the ‘test-bed’, before entering into international markets. A key strategic point here is that, despite the maximum use of domestic market capacity, our study considers it necessary to try to enter international markets. Therefore, presence in these markets and the development of capabilities in the biopharmaceutical industry are two blades of a pair of scissors.

This article investigates the impact of heterogeneous foreign investment on home market stock price informativeness. Evidence from China’s nascent A-share market shows non-segmented foreign investment reduces firms’ stock return synchronicity, while segmented foreign investment does not. Using the Shanghai (Shenzhen)–Hong Kong Stock Connect program as a natural experiment that exogenously increases non-segmented foreign ownership, we find that synchronicity drops significantly for program stocks relative to the control stocks. Our results are most consistent with an “informed trading” explanation, rather than a “learning” or “governance” explanation. These results have policy implications for stock market liberalization programs.

In the current discourse about the technological development of emerging market multinational companies (EM MNCs), the internationalization of research and development (R&D) activities is increasingly discussed as a strategy for catching-up to established MNCs. EM MNCs attempt to use international R&D to tap into technologically superior resources abroad which are not available to them in their home market. This study compares the performance of domestic and offshore R&D activities to look into EM MNCs’ ability to conduct high-quality R&D abroad. We use the Chinese telecommunication equipment manufacturer Huawei as a best practice case study. To map their worldwide patent quality pattern, we propose a multiple-patent-office-approach to ensure a balanced view on their activities with data from SIPO, USPTO and EPO. We also employ three different measures to capture different dimensions of patent quality. The results of the empirical model support the assumption of higher quality for patents with knowledge from advanced offshore locations.

Given the recent trend in foreign firms leaving the U.S., this paper analyzes 122 firms that voluntarily deregistered from the U.S. from 2004 through 2012. I find that a deregistration from the U.S. is associated with greater absolute abnormal accruals and less timely recognition of economic losses compared to both before the firm deregistered and to a matched control firm that still maintains a U.S. cross-listing. Upon further examination, I find the decrease in accounting quality is not significant for firms returning to home markets that require IFRS, but rather the significant decrease is attributable only to foreign firms returning to non-IFRS environments. Further tests show that the level of regulatory quality in the home market, relative to the U.S., is not a significant mitigating factor in the negative association between deregistration and accounting quality. These findings imply that, after controlling for country and regulatory effects, accounting standards play a significant role in explaining the relationship between deregistration from U.S. exchanges and financial reporting quality.

This paper reassesses the home market effect in the light of firm-level heterogeneity. Industries with high barriers to trade, less differentiated products and high productivity dispersion are more likely to concentrate in larger markets. These results differ partly from the predictions of models without selection into exporting. In the presence of economies of scale firms tend to locate in markets where export selection is less competitive. These predictions are confirmed in an empirical investigation based on 34 OECD countries and 118 sectors.

This article investigates the impact of trade liberalization on trade patterns, firm markups, and firm locations in a two-factor monopolistic competition model that features variable elasticity of substitution by a general additively separable utility. We find that, depending on the relative export hurdles, either direction of one-way trade may occur when trade opens up. Its direction determines the responses of firm-level markups and various home market effects to falling trade costs. Our results show that some important findings in the literature are robust only with particular classes of preferences. We provide a possible rationale for some well-known conflicting empirical facts.

The higher education landscape is changing. The global competition for students’ enrolments has increased around the world. Universities are competing within their home market as well as in the international market. As government funding for public universities is reducing, there is pressure on universities to seek additional income by increasing their student enrolment. Attracting and enrolling students has become increasingly more challenging, as student behaviour is changing. These challenges present the need for higher education institutions to be more strategic in their approach to reaching out to prospective students. This concluding chapter on strategic marketing of higher education in Africa presents practical implications and critical insights into strategic marketing and brand communications of higher education institutions in Africa. Agenda for future research were also provided. It is anticipated that this will shape further discussion and theoretical advancement which will be relevant for scholars, students, managers, practitioners, and policymakers in the field of higher education marketing.

This case describes the activities of the Danfoss Group in China, how they entered the market and became a close partner of different companies in China. The Chinese market is still considered to be quite closed and difficult to enter. Therefore, the Danfoss China case provides interesting insights for international businesses and students thinking about market entry to China.Danfoss was founded in 1933 by Mads Clausen and is today owned by the Bitten and Mads Clausen Foundation. The Danfoss Group provides products and services used in air-conditioning, heating buildings, controlling electric motors, compressors, and powering mobile machinery. Danfoss joined the United Nations Global Compact in 2002 and claims to be socially and environmentally responsible, being active in the field of solar and wind power as well as district heating and cooling infrastructure. Danfoss employs approximately 24,000 people worldwide with its headquarters in Nordborg, Denmark. In 2006, Danfoss announced that China had become their second home market after Europe.