摘要:

AbstractThis paper presents comprehensive data on the growth, structure and forms of involvement of multinational enterprises in the international hotel industry, and uses this data to provide empirical support for the eclectic theory of international production. Our understanding of the international hotel industry is that the ownership of a hotel often has the characteristics of portfolio investment and that the owners may have little knowledge of hotel operations. In these circumstances they will invariably employ a professional management company to run the hotel under a long term contract providing them with full control over the operation of the hotel. A particular feature of this paper is therefore to distinguish between, what we term, ‘equity‐based control’ and ‘contract‐based control’ of the enterprise and to point out the implications of this distinction for the analysis of the multinational

ISSN:0143-6570    

DOI:10.1002/mde.4090020401

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractIn a world system of natural and government induced market imperfections we have observed the development of the multinational enterprise as an efficient organizational response. The internal market of the multinational enterprise is the mechanism for the generation and use of its firm specific advantage. When this knowledge advantage has been fostered by Research and Development the multinational enterprise seeks to avoid its dissipation and generally prefers centralized control. This paper examines the implications of internalization theory for the Research and Development function. It tests for significant differences in Research and Development performed by parent, subsidiary and independent firms of similar size, using Canada as a case study.

ISSN:0143-6570    

DOI:10.1002/mde.4090020402

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractThis study explores the determinants of foreign direct investment by analyzing the variation across US manufacturing industries in the extent of outward foreign direct investment. Three types of industry characteristics are hypothesized to explain this variation. Empirical support is found for four sources of ownership‐specific advantages favoring foreign direct investment, new technology created through research and development, marketing abilities, organizational techniques and capital cost advantages. Support is found for the role of production scale economies in favoring centralization and hindering foreign direct investment, but results suggest only a weak role for transport costs in favoring decentralization and foreign direct investment. Producer concentration, perhaps reflecting oligopolistic competition, is positively related to foreign direct investmen

ISSN:0143-6570    

DOI:10.1002/mde.4090020403

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractThe foreign market servicing behaviour of multinational manufacturing firms evolves over time as a result of the firms' reaction to internal and external pressures. The interplay of immobile ‘location factors’ with internal ‘ownership factors’ under the control of individual enterprises exercises a powerful influence on the choice between exporting and foreign investment. Plant economies of scale encourage exporting, whilst firm level economies of scale, such as the internalization of the fruits of research, may predispose the firm towards foreign investment. Socio‐political and cultural elements arising particularly from the nationality of ownership of the firm also influence market servicing

ISSN:0143-6570    

DOI:10.1002/mde.4090020404

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractEast‐West trade and investment remains a preserve of the multinational corporations due to their resources in finance, manpower and production which enables them to absorb the attendant costs of lengthy negotiations; to meet the occasional high‐volume order placed by a state foreign trade enterprise purchasing on behalf of an entire sector of industry; to aid the state foreign trade enterprise by sourcing from a world‐wide network so as to alleviate currency or distribution problems; and to help with the provision of finance or to agree to part payment by means of the resultant product produced under licence. Size is an important factor, and many of the joint ventures concluded over the last ten years have been for massive investment projects. These joint ventures are of a contractual type and referred to as industrial cooperation agreements' which involve repurchase of the goods produced under licence, often to a value which repays over a specified time the capital borrowed plus interest charges. These counter‐trade agreements have become more popular in the Eastern bloc because of their ‘self‐financing’ principle but are beginning to face mounting criticism in the West, currently facing a trade recession and the echoing pleas for trade protectionism to curb the threat of cheap Eastern imports upon Western job security. Industrial cooperation has been diverted towards the more export intensive branches of the socialist economies and has led to the increasing size and importance of certain of their production enterprises. This has created Western fears of the advent of the ‘socialist multinationals’ or Socialist Common Enterprises. However, industrial cooperation is a recent phenomenon, and if only by default, a strategy will emerge in future years as to the pattern and behaviour of East‐West multina

ISSN:0143-6570    

DOI:10.1002/mde.4090020405

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractFew senior corporate managers profess even a limited understanding of foreign exchange exposure management. This article offers a description of foreign exchange risk and the characteristics and costs of risk hedging alternatives. Because the costs of protection from exchange market fluctuations are company‐specific, the cost differentials explain why some managers hedge extensively while others choose to bear the ris

ISSN:0143-6570    

DOI:10.1002/mde.4090020406

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractThis paper argues that the international firm should use the firm's global weighted average cost of capital to evaluate investment decisions, domestic and international, and to judge the performance of affiliates at home and abroad. The paper discusses the adjustment necessary to quantitate exchange risk and to account for financing that is subsidized or tied to particular investments. Foreign subsidiaries, it is argued, do not have an independent capital structure because their liabilities are explicitly or implicitly the obligation of the parent firm.

ISSN:0143-6570    

DOI:10.1002/mde.4090020407

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090020408

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090020409

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090020410

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY