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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...

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.

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 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.

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.

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 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 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.

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.

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.

The Competition and Markets Authority's report on the care home market highlighted major issues with funding and customer proctection. Helena Frankova discusses the Government's response and evaluates whether planned measures will be sufficient

The current financial model of the care home market is not sustainable, argues Helena Frankova. She addresses the problems faced by the sector and how both government and care home operators can do more to fill the funding gap

We study the quantity of ESG disclosure of 1,963 large-cap companies headquartered in 49 countries. Using the Bloomberg ESG disclosure score as the measure of disclosure quantity, we find that firm characteristics explain most of the variation in firms' ESG disclosure, whereas variations in country factors such as corruption and political rights explain less. We empirically examine and extend the theoretical framework of the liability of foreignness in capital markets. Our results support the notion that cross-listed firms disclose more ESG data than those only listed in their home market to mitigate the liability of foreignness in external capital markets. We also find that an increased percentage of foreign ownership does not augment ESG disclosure. Companies which opt to increase foreign equity ownership at home do not encounter the challenges of foreignness. Our findings suggest that cross-listed status is likely to reduce the importance of country factors for variations in ESG disclosure quantity.

Despite increased interest in nontraditional marketing activities such as sponsorship, the ability of brand marketers to quantify the return on investment from such approaches is a continued challenge. Given their proprietary nature, investigations of sponsorship costs are particularly sparse. Therefore, this study utilizes a dataset of more than 700 sponsorships undertaken by competitors in the financial services industry to investigate the influence of a variety of factors on costs. Results indicate that costs are not simply reflective of firm size, and costs of title and naming rights sponsorships are significantly higher. Evidence of agency conflicts are found in increased costs for sponsorships of events, organizations, and venues residing within the marketers’ home market. Sponsorships of sport organizations are significantly more costly than those of arts, entertainment, and nonprofit organizations, presenting a challenge for marketers seeking to engage today’s consumer via sport sponsorships in an increasingly competitive environment.

One significant emerging phenomenon of global competition is the increasing number of Emerging Market Multinational Companies (EMNCs) that have survived and succeeded in the constraining institutional environments in their home turfs and are now participating in the global marketplace. However, despite the growing literature, our understanding of the factors that influence EMNCs’ competitive advantage is limited. We conduct a historical longitudinal analysis of sixteen companies originating from key emerging markets viz. India and China. Our findings suggest that EMNCs’ evolutionary paths to building competitive advantage from their home market to the developed countries is, on one-hand, based on the EMNCs’ ability to acquire resources and absorb them to build their own advantage. On the other hand, it is also based on EMNCs’ ability to find new market niches and to enhance their innovation capabilities to overcome the liability of emergingness.

We investigate liquidity, transaction costs and information content in trades of mainland Chinese stocks that are cross-listed on the Hong Kong stock market. Most majority of cross-listed Chinese stocks issue shares in the Hong Kong market and domestic shares at the same time, or even issue the former prior to the issuance of the latter. We find supportive evidence of the bonding hypothesis. Cross-listed stocks are more liquid, have lower transaction costs and less information content in trades than those non-cross-listed. These improvements remain significant after controlling for known liquidity determinants.

This paper examines the effects of the recent economic crisis, relative to the pre-crisis period, on firm acquisition behavior and how such behavior impacts short-term firm performance. We develop hypotheses on how firms adjust their geographic and product market scope in response to the economic crisis. Using data on acquisitions in Italy during the period 2007–2010, we analyze whether firms use acquisitions to enter and/or expand the firm’s presence in different product markets and different geographic markets before and during the economic crisis. Results suggest that the crisis negatively affects the likelihood of both diversifying and crossborder acquisitions, which is consistent with the behavioral theory of the firm. As a response to economic downturns, firms tend to focus on their core business as well as their home market, suggesting they are more reluctant to explore new industrial and geographical markets. We then rely on the diversification literature to link acquisitions to firm performance. We find that diversifying acquisitions have a negative effect on short-term accounting performance in crisis times. Crossborder acquisitions have a positive impact on short-term accounting performance in crisis times, although this impact tends to become weaker (though not significantly) than during non-crisis times. We lastly discuss the implications of these findings for managers and scholars.

The weakness of Japan’s international financial position obliged her throughout the 1950s to maintain stringent controls over foreign trade and foreign exchange transactions. Most of Japan's imports consist of raw materials and fuel which Japan wants to acquire at the lowest possible prices and she has always been ready to admit these without restrictions. The highly integrated character of much of Japan's economy may sometimes lead to discrimination against outside suppliers-including overseas suppliers-to the home market. The origin of Japan's mercantile organisation is not far to seek. The predominance of the great merchants was strengthened during the period in which Japan's foreign trade was subject to stringent and complicated controls, since firms without special experience found these perplexing. The quantitative restrictions on imports and the export subsidies have been replaced to some extent by other kinds of restrictions, or compensation provided for producers damaged by liberalisation.

This study investigates the relationship between home market performance and the choice of foreign market entry mode using survey data and financial statement data for German insurance groups with property–liability business from 1999 to 2011. We develop a dynamic resource-based perspective and argue that strategic transformation is a major motive driving the decisions of insurance groups to internationalize their businesses. Additionally, the more rapid the strategic transformation, the more intense is the choice of market entry mode. Furthermore, our findings corroborate the notion that internationalization has a positive effect on home market performance when insurance groups are able to decrease home market dependence by extending the degree of internationalization.

Purpose – This paper aims to conduct a longitudinal analysis of the patterns of internationalisation of multinational corporations and provide a measure of their degree of globalisation at the firm-level. There is much debate in the literature on the regional nature of the globalisation of multinational corporations (Rugman and Oh, 2013). Design/methodology/approach – The authors use firm-level sales data to analyse the location of sales and patterns of globalisation of 1,276 companies across ten countries and ten industries from 1998-2012. Findings – The results show that while international sales are rising and the proportion of home region-oriented firms is falling, the majority of sales of the companies in our data set continues to be in the Triad, with little growth in non-Triad regions. The authors find one common theme for the majority of countries, an increase in sales to Asia yet concentrated in just four industries, financials, basic materials, oil and gas and technology. Despite an increase in the percentage of host-region, bi-regional and global companies, 62.6 per cent of the firms have not changed multinational classification over the 15-year period, 43.1 per cent have not expanded out of their home region and 16.4 per cent have not expanded out of their home market. The authors find some evidence of liabilities of interregional foreignness at the industry and country level. The authors show regional sales are moving towards matching global economic activity for the 50 most globalised firms in our study but less so for the other firms in our sample. Overall, the results show that the majority of the growth in internationalisation comes from a small minority of firms. Originality/value – The authors make several advances across the literature on internationalisation, including a more in-depth longitudinal analysis of firm-level multinationality than exists to date and a novel method of measuring firm-level globalisation.

Mikkeller is a renowned Danish gypsy craft brewing business that was born global. Its inspiring portfolio of beers, blended using exotic ingredients and unusual processes, are much sought after by craft beer geeks. Founder Mikkel Bjergso used an international partnership strategy to build a highly creative beer brand that is outstandingly innovative, but decided not to invest in his own brewing facilities or sell beer in his home market, favouring an international first manufacturing and marketing strategy. This marketing strategy case encourages students to evaluate contextual consideration of business model selection, entrepreneurial marketing, and international market entry strategy.

Antidumping proponents in the U.S. often argue that foreign firms use profits obtained behind home market barriers to "subsidize" "unfair" pricing abroad. This paper examines this "sanctuary market" hypothesis for antidumping petitions against U.S. manufacturing exporters. Econometric results suggest that there is little evidence that U.S. manufacturing firms facing antidumping actions abroad are beneficiaries of a home market sanctuary during the 1994-2007 time period. Instead, U.S. firms in capital- intensive sectors that are successful exporters are more likely to face antidumping petitions abroad. This evidence suggests that current antidumping rules need reform so that firms not benefitting from sanctuary markers may avoid antidumping actions.

In Windows on the World, participants explore how national culture differences may affect managerial practices when expanding into another country. In the exercise, a U.S. niche grocery retail chain plans expansion into Brazil and China. The role-play is between a consultant team and a client team that has hired them. The consultant team gives expert advice about which, if any, of the managerial practices in place in the home market might require modification in Brazil or China. Facilitators can suggest “cultural due diligence” as a way to increase the likelihood of successful international business expansion.

The Trump administration is known for slapping tariffs on products from countries, like China, that it deems to be trading unfairly with the US. Less well known is its strict enforcement of laws against dumping—when a foreign company sells a product in the US at prices below its cost of production or home market rate. In the latest such action, the US Commerce Department has made a preliminary determination that acetone producers in Belgium, South Africa, and South Korea are dumping the chemical in the US. In response, the department is slapping duties on acetone from the accused companies ranging from 8 to 48%. Since the beginning of the Trump administration, the Commerce Department has initiated 182 antidumping and countervailing duty investigations—231% more than during the comparable period in the Obama administration, it says. Other imported chemicals recently subject to the department’s scrutiny include glycine, magnesium, polyester sheet and yarn

Liability of foreignness has been one of the building blocks of theories of multinational enterprises. This paper looks at a parallel issue – the liability of localness that local firms may face as a result of foreign firms’ presence in their country. The results show that local Chinese firms enjoy location-based advantages over their foreign counterparts and these, together with their firm-specific advantages, have significant positive effects on their performance. The superior firm-specific advantages of foreign firms appear to erase the magnitude of such effects and create a significant negative impact on local Chinese firms’ performance, and this effect is heightened by foreign firms’ multinationality advantages. The research suggests that local Chinese firms incur a liability of localness, and the extent of the negative impact of such liability on local firm performance is largely dependent on the relative strength of various advantages that the local and foreign firms possess.

This paper focuses on a study of Tesco Plc conducted in 2011, in which we trained a multicultural team of nine Asian managers to become in-house ethnographers of Tesco UK for a 3-month period studying 52 stores in the UK with dual objectives of helping Tesco (1) to understand and evaluate the core practices that comprised the essence of Tesco's home country advantage, and (2) to identify sources of learning from Tesco's foreign subsidiaries to aid in reinvigorating its core in light of increasing competition in its home market. We believe that the strategic and training dimensions of this project constitute a new contribution to the field of organisational ethnography, particularly with regard to the use of a multinational ethnographic team of non-native speakers of English.

We characterize legality and incidence of short selling in a worldwide, multimarket framework. Home country short selling restrictions curtail home market stock borrowing by 45% and reduce short selling of the country's American Depository Receipts (ADRs) by 68% due to regulatory reach. Also, the 2008 US ban on short selling of financial firms reduced borrowing in foreign locations. These findings are robust to controls for option availability, enforcement, returns, firm size, trading volume, dividends, ADR level, volatility, days-to-cover, and industry sector. Further, we show that investor conduct resulting from adherence to professional standards is a more powerful mechanism of regulatory reach than intergovernment cooperation.

Im Jahr 2012 war international, aber auch national ein Zuwachs des Steinkohlenverbrauchs zu verzeichnen. Weltweit ist die Steinkohle weiterhin der Energietrager Nr. 1 in der Stromerzeugung, was zu einem steigenden Bedarf an Kraftwerkskohle fuhrt. In Deutschland nahm die Steinkohlenverstromung in diesem Jahr ebenfalls zu. Dagegen war die Kokskohlen- und Koksnachfrage der Stahlindustrie konjunkturell bedingt rucklaufig. Der erhohte Einsatz der Kohle zur Stromerzeugung hierzulande erklarte sich neben dem Ruckgang der Kernkraft aus einem relativ schlechten “Windjahr” sowie gesunkenen Einfuhrpreisen und niedrigen CO2-Preisen, die zusammen einen deutlichen Preisvorteil fur die Kohle gegenuber dem Kraftwerkseinsatz von Erdgas begrundeten. Dahinter stand vor allem der Preisdruck billiger US-Kohle, die auf ihrem Heimatmarkt teilweise durch die Expansion des Shale Gas verdrangt wurde und sich ein Absatzventil in Europa suchte. Die heimische Steinkohle hat ihren Anpassungs- und Auslaufprozess planmasig fortgefuhrt, weitere zwei von bis dahin noch funf deutschen Bergwerken sind 2012 stillgelegt worden. Die RAG Aktiengesellschaft, die den Steinkohlenbergbau hierzulande betreibt, beginnt mit den Vorbereitungen auf die Nachbergbauzeit. Hard coal in Germany 2012 Coal consumption increased internationally in 2012, and also in Germany. Coal remains the leading source of energy for electricity generation, which led to increasing demand for coal for power stations. Germany also saw increased coal consumption in power stations this year. In contrast, the demand for coking coal and coke for the steel industry fell in line with reduced production. The increased use of coal for electricity generation in Germany can be explained not only by the reduction of atomic power but also by a relatively poor “wind year” and lower import prices and low CO2 prices, which combined to give coal a considerable price advantage over gas for use in power stations. This is due above all to the influence on prices of cheaper US coal, which has been partially displaced in its home market by the expansion of shale gas and found an outlet in Europe. Coal production in Germany has continued the process of adaptation and phasing out, with a further two of the five German mines being closed in 2012. The RAG AG, which operates coal mines in Germany, is already preparing for the era without coal mines.

For all the promises of mutually beneficial cooperation, Chinese policy documents about the New Silk Road, also called ‘One Belt, One Road’, mostly testify to a strong ambition to unlock foreign markets and support domestic firms in taking on foreign competitors. This confirms China’s shift from defensive mercantilism, which aims to protect the home market, towards offensive mercantilism, which seeks to gain market shares abroad. In a context of global economic stagnation, this comes as a major challenge to Europe. As China’s market share grows spectacularly in countries along the New Silk Road, key European member states have both lost market shares and even seen their exports shrink in absolute terms.

We investigate the role of U.S. analysts in facilitating home market information transmission for firms from 40 countries cross-listed in the U.S.. Recommendation revisions by U.S. analysts lead to significantly higher (lower) abnormal returns (volumes) in the home market compared to those by local analysts. This U.S.-location premium to information production cannot be explained by a bonding or certification role of U.S. analysts or differences in broker or analyst characteristics. Our results suggest that U.S. analysts facilitate U.S. investors’ access to foreign firms’ home markets and improve the information environment particularly in countries where the local analyst advantage is smaller.

Knowledge is a key resource in any organization, and during a reshoring process, transferring knowledge to the home market is crucial. This study offers an in-depth comprehension of the factors influencing the knowledge transfer process in companies conducting in-house reshoring. We applied a qualitative multiple case study approach of Swedish organizations that fulfilled the criteria for in-house reshoring. Similar to other knowledge transfer processes, knowledge transfer during in-house reshoring is influenced by cultural, linguistic, and physical distances. Furthermore, reshoring motivation has an impact on the actors’ knowledge transfer motivation. This investigation clarifies knowledge transfer in the context of reshoring, and exposes the challenges of knowledge transfer during reshoring. The study signifies the importance of understanding reshoring motivation for the success of reshoring. It moreover contributes to the research on knowledge transfer by providing evidence of the influence of the role of knowledge on the choice of knowledge transfer methods. In addition, the study extends the research on the reverse direction of knowledge transfer, in terms of in-house reshoring scenarios.

An overlooked ancillary market where physical media distribution remains strong is the education market. Educators continue to request the physical media characteristics of DVD. As a result, the relative overall decline of the DVD in the home market has not been mirrored to the same extent in education. What are the distinct needs and characteristics of the education market these distributors currently engage with and how do physical media continue to meet those needs? This chapter will provide an overview of the distinct characteristics of this market for screen content in both UK and Australian contexts. The distinctive work of film distributors, festivals, foundations and charities within the education market for screen content offers examples of meeting specific audience demands through DVD media.

China became a major player in renewable energy (RE) technology during the 2000s. Chinese solar PV cell and module makers quickly dominated global sales in that industry, while the country's wind turbine producers became poised for significant exports after capturing their rapidly growing home market. In countries like the US, Chinese RE technology strength has been met with claims of excessive governmental support of exports. This study examines to what extent Chinese firms' solar PV and wind technology successes have been enabled by policy supports, and whether those policies appear to have been driven by broader goals versus RE export promotion per se. The evidence suggests that governmental policy toward both wind and solar originated in a push for export-competitive Chinese companies. But the specifics differed substantially due to the particular requirements of building technological capabilities in each: export readiness necessitated substantial support for domestic installation of wind but not solar PV power. The findings also suggest that as the decade of the 2000s progressed, environmental goals played an increasing role alongside export promotion in motivating and shaping Chinese RE technology policies.

PurposeThis paper aims to present the case study of Arçelik, which has become Turkey's leading manufacturer and exporter of home appliances, as a means of offering insight into why, how and with what results companies from developing countries expand internationally.Design/methodology/approachPrimary data have been drawn from in‐depth interviews conducted with senior executives and industry experts, and this has been based on a statistical analysis of the export and international strategies of Turkish home appliance and television set industry.FindingsThe evidence indicates that international expansion may buffer a firm against fluctuations of demand in its home market and provide opportunities for growth. Difficulties faced by a later arrival from a developing country are greater than established rivals, and a developing country firm will have to rely on different resources and different operational strategies in developed vs developing markets.Research limitations/implicationsEven though one case cannot yield general conclusions, it may indicate fruitful theoretical directions. This study raises issues worthy of further investigation. On the outset, it would be useful to apply the four propositions to more Turkish MNEs in order to test the robustness of the conclusions.Practical implicationsThe study has important implications for companies from developing countries. First, international expansion appears to be a viable means of offsetting home‐market volatility for emerging‐country firms. Second, international expansion is still predicated on significant investments in firm‐specific advantages and their development may shorten the internationalization process.Originality/valueThe report contributes to knowledge in the area of international expansion of companies from developing countries by providing evidence on how one company has achieved a world position in a highly competitive market through selective use of quality, innovation, and branding based on the competitive position that is available in each of its chosen markets. In particular, it contributes to the limited evidence on the international expansion of Turkish companies at the present time.

We examine time dependency in the factors motivating delistings of foreign firms from major U.S. Exchanges over the period 1962–2006. For firms listing before Sarbanes-Oxley (SOX), we find that governance has no significant effect on delisting but after SOX, it becomes one of the main forces driving delisting. For firms whose delisting decision is most likely attributable to SOX, we find they realize low benefits from listing – they originate from countries with strong home market governance, and from listing onward realize low trading volume, analyst coverage, and make little use of capital raising. Our results suggest that SOX has had a large influence on the benefits seek from a U.S. listing, leading firms from well governed countries and low capital raising needs to delist.

Anthropometric data for developing industrial standards in apparel manufacturing for the home market Standard measurements identifying body measurements are very important in apparel manufacturing because they help in identifying different sizes, economize the material, and decide on production quantities according the needs. Despite this, the industry has not accepted any one particular system for garment sizing so far. It is a wellknown fact that the production companies and merchandisers use their own sizing system as a marketing tool convincing customers of the advantages over other products available in the market. Despite the sizing system used, all the systems are based on the myth that humans have a body with proportional measurements. At the same time, the changes in life styles, nutrition and ethnic composition of populations lead to changes in the distribution of body dimensions (e.g., the obesity epidemic), and require regular updating of anthropometric data collections. Regarding the consumption of the garment products in Albania, there are about 840 garment companies mainly working for the foreign market. Only 2% of them produce for the home market, in a low percentage of their total production. The number of companies aiming to enter into the full package of production is increasing considerably, even those registering their brand name for the Albanian market. We can find examples of garment and shoes production companies going for the full cycle production for the home market in Tirana, Fier, Berat, Kavaja, and Shkoder. The industrial full cycle production for the home market requires anthropometric measurements and setting up the sartorial system. There is no sizing system in Albania that the producers can refer to. The industrial standard helps manufacturers to improve mass-produced garment and reduce cost of production.

As the world becomes increasingly international and new markets open up for business, questions arise for small, niche publishers: what makes a book sell well internationally? Can niche titles sell well abroad? And, more importantly: How can I find and publish a book that will be a global success? To answer these questions in this article, Scottish publishing companies will be used as examples to illustrate the ways in which even region-specific niche publishers can successfully sell and market abroad.

Corporations now face the oftentimes daunting task of integrating the interests of multiple stakeholders. The general intent behind this multiple stakeholder focus has been to ensure that corporations operate for the benefit of society as a whole, with corporate governance in the oversight role for all activities. Our research suggests doing business in an emerging economy is confounded by the fact that rules, regulations, and marketplace expectations of the home market do not apply. Due to their evolving nature, the environments in emerging economies are uncertain and complex. Governance is not just an oversight issue related to making the most appropriate decisions. Instead, responsible governance in emerging markets entails governing bodies understanding the characteristics of the unsettled environment in which the company is, or will be, operating. Four major characteristics (demographic trends, technological development, natural resources, and political/legal unease) of emerging economies have led to significant challenges and stormy passage with respect to governance. The continual evolution and understanding of these factors must, of necessity, shape a company's governance process in the developing marketplace.

The bonding hypothesis is based on the controlling shareholder in an environment of host-exchange governance voluntarily restricting its private benefits. The authors examine both the relative merits of the bonding hypothesis in poor governance environments and cross-listing decisions that have a preemptive monitoring aspect. They then examine the corporate governance of firms before and after cross-listing. This is done by collecting data on 1,005 cross-listed firms concerning the period 1995-2009. The main results indicate that environmental constraints are different in the home market and host exchange and that a strict governance environment is positively related to the probability of cross-listing. Furthermore, a firm's corporate governance is related to improving the governance environment.

PurposeMany foreign firms have made their initial public offering (IPO) debuts in the USA, without first being listed in their home market. The purpose of this paper is to investigate the association of a wide range of country risk measures with the valuation of foreign IPOs.Design/methodology/approachBased on the law and finance literature, it is hypothesized that IPO firms domiciled in countries with higher country risk are worth less, other things equal. This hypothesis is tested with a sample of international companies making their IPO debuts in the USA between 1986 and 2002.FindingsIt is found that several commonly used country‐level variables explain the observed IPO valuation differences across countries. In particular, the index of economic freedom, developed by the Heritage Foundation, and the Transparency International's corruption index have a significant impact on post‐offer IPO valuations. Specifically, IPO firms hailing from countries with more economic freedom and less corruption are associated with higher valuation in the aftermarket.Originality/valueThe paper investigates whether some commonly‐used country risk measures affect the valuation of newly US‐listed foreign firms.

We analyse the regionalisation of the European Union's production networks and the impact of enlargement by looking at trends in trade in intermediate and final products in different types of technology between 1995 and 2007. We find that enlargement has coincided with quite major changes in the structure of trade within and beyond the EU. Overall we find that the new member states of the EU12 have become a more important source of goods both for the sub-region itself and for the EU15. We look at trends in different types of products and technologies. We find that there has been greater regional consolidation of production networks in lower tech goods, while in high tech goods global sources of inputs – especially ASEAN + 3 – are becoming more important. Overall the EU12 is becoming a more important source of both intermediate and final products, especially within its own sub-region. This evolution makes the companies in the sub-region very dependent on the EU home market.

The present paper attempts to find out the role of two market involved with the depositary receipts. The depositary receipts are traded independently in the host market where they are issued. At the same time these depositary receipts are equivalent to the underlying stocks in the home country. The study want to find out if the returns generated from these depositary receipts are affected by both the markets, and if so which market plays predominant role in determining these returns. Returns of 35 GDR of Indian companies have been studied for the period April 2009 to April 2010. The study reveals that the returns from the underlying securities affect the returns of the respective GDRs but not vice-versa. The study further shows that the informational factors of the home market (market where securities are issued) have more prominent effect on the GDR returns than the host market (market where GDR are issued).

This case is set in the period after the worldwide financial crisis that started in mid 2007. Focusing on SK Telecom, one of South Korea's largest telecommunications providers, it reviews the previous strategies implemented by the Korean firm as well as the key challenges that SK Telecom has faced during the period of 2008–2009. This case also reviews the other global strategies undertaken by other major telecommunications companies from other countries. Faced with home market stagnation as well as distressed credit markets, SK Telecom requires a renewed strategy for further growth ahead. The case allows students to examine the threats and opportunities associated with the firm's internal and external environment, review its corporate portfolio, and formulate strategies for future growth of the firm. This case also highlights the different challenging market conditions in various markets and how these conditions affect the viability of SK Telecom seeking growth overseas.

The existing literature has not studied the role of basic research in industrial catch-up in developing countries in any depth. This article takes high-speed rail as a case study in order to show how basic research has helped the industry to master imported technology and produce secondary innovations. The role of government is important in terms of coordinating the process of technology importation, digesting imported technology and innovation. The role of the home market is also very important in an era of globalisation to promote innovation in this emerging industry.

In this paper we examine the optimal privatization and trade policies in a mixed oligopoly in which a domestic semipublic firm competes against domestic and foreign private firms in a home market. Specifically, we consider two strategic trade instruments: a domestic production subsidy and an import tariff, with partial privatization. The result shows that the privatization strategy is affected strongly by trade instruments. Moreover, the choice of trade instruments lies upon the relative number of domestic and foreign private firms.

PurposeThe increasingly important role of international retail companies in the distribution and marketing of goods highlights important gaps in the literature. One of these gaps concerns a scientifically based understanding of the key, underlying drivers in the market selection process of such companies. The purpose of this paper is to establish a more robust understanding of international retailers' market selection process.Design/methodology/approachThis paper econometrically tests hypotheses derived from recent literature and models the international actions of retailers based in 13 home and ten host markets.FindingsThe results highlight the importance of host market characteristics and the importance of understanding host market selections in the context of home market retail structural development and, by implication, the relative lack of importance of secondary managerial input factors.Research limitations/implicationsThe model presented here fundamentally challenges assumptions concerning the role of managers in market selection decisions in the light of sustainable patterns of international activity.Practical implicationsThese findings suggest that managers responsible for international market selection decisions do not have the freedom of action implied in the marketing literature and that their actions are constrained by structural market conditions.Originality/valueThe relationships identified explain six‐ to seven‐tenths of the pattern of expansion in the markets considered. This would suggest that managerial input is important in the process of marketing activity but that it is important within a broader framework.

PurposeThe purpose of this paper is to investigate equity appraisal techniques employed by non‐professional investors from the Central European emerging stock market (CEESM) of Poland. The paper examines investment decision‐making processes in the context of the current financial crisis in a pioneering attempt to shed some light on crisis‐induced changes in investment strategies. In addition, the study tests the usefulness and predictive abilities of analytical tools employed by non‐professional investors when faced with unstable stock‐market conditions.Design/methodology/approachQuestionnaires and experiments conducted with a large group of Polish investors – trading equities in their home market – in order to gain information on the most commonly used investment strategies. Their views are contrasted with similarly obtained opinions expressed by UK non‐professional investors to highlight differences in approaches to investments. Finally, a series of semi‐structured interviews was conducted to discuss how the current financial crisis has affected investment strategies among Polish and UK investors.FindingsTechnical analysis (TA) is the preferred tool utilized by non‐professional investors in Poland. However, the current financial crisis caused the majority of Polish practitioners to adopt fundamental analysis which, in this case, is undertaken to support initial conclusions derived from TA. At this point, investees' financial statements coupled with analyses of the main macroeconomic indicators for CEESMs became the main source of decision‐influencing information.Practical implicationsThe paper addresses an area which is gaining in importance and is of interest to both practitioners and service providers for non‐professional investors. Further investigation is recommended of nascent challenges to investing in CEESMs with practical implications for policy makers and investors.Originality/valueThe current paper refers to the global financial crisis which occurred in the years 2008‐2010. To date, there are no previous studies devoted to an investigation of how investors' trading strategies were influenced by the international financial crisis. Moreover, there are relatively few studies which target practitioners from CEESMs. The paper focuses on the non‐professionals, as this group of investors seems to be relatively under‐researched. Therefore, a number of important implications can be drawn from the current paper with regard to investment strategies tailored to overcome a financial crisis.