Pub Date : 2024-05-01DOI: 10.18356/2076099x-31-1-7
Susanne A. Frick, Imane Radouane
In recent years, interest has been growing among policymakers in how to leverage special economic zone (SEZ) policies to support local entrepreneurship. With a few recent exceptions, the academic literature to date has been silent on the matter. This article aims to contribute to addressing this gap. First, it develops a conceptual framework linking SEZ policies and entrepreneurship development. Second, it explores the state of play of entrepreneurship promotion in SEZs in Africa using a survey of African SEZs and two case studies. We find significant appetite among African SEZs to promote local entrepreneurship; however, it is less clear how best to accomplish the task. Many of the policies, facilities and services offered are open to local entrepreneurs rather than being tailored specifically to their needs. The support required in some policy areas also seems to be more straightforward than in others. Adapting the SEZ offering to the needs of local entrepreneurs is one of the key challenges to increasing the effectiveness of the support.
{"title":"Special economic zones and entrepreneurship: A new path forward for SEZs in Africa?","authors":"Susanne A. Frick, Imane Radouane","doi":"10.18356/2076099x-31-1-7","DOIUrl":"https://doi.org/10.18356/2076099x-31-1-7","url":null,"abstract":"In recent years, interest has been growing among policymakers in how to leverage special economic zone (SEZ) policies to support local entrepreneurship. With a few recent exceptions, the academic literature to date has been silent on the matter. This article aims to contribute to addressing this gap. First, it develops a conceptual framework linking SEZ policies and entrepreneurship development. Second, it explores the state of play of entrepreneurship promotion in SEZs in Africa using a survey of African SEZs and two case studies. We find significant appetite among African SEZs to promote local entrepreneurship; however, it is less clear how best to accomplish the task. Many of the policies, facilities and services offered are open to local entrepreneurs rather than being tailored specifically to their needs. The support required in some policy areas also seems to be more straightforward than in others. Adapting the SEZ offering to the needs of local entrepreneurs is one of the key challenges to increasing the effectiveness of the support.","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"78 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141052517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-01DOI: 10.18356/2076099x-31-1-6
{"title":"Arguments for implementing formulary apportionment in the European Union","authors":"","doi":"10.18356/2076099x-31-1-6","DOIUrl":"https://doi.org/10.18356/2076099x-31-1-6","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"33 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141036799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-01DOI: 10.18356/2076099x-31-1-4
André Sanchez Pacheco
This study presents novel estimates of foreign holdings using a consolidated-by-nationality approach for a sample of 14 developed countries over multiple years. This approach provides an alternative for policymakers and researchers to analyse international exposure that complements the existing approach based on residence-based data. Two main advantages of the nationality-based approach are that it looks through corporate structures of multinational enterprises and considers local positions. The resulting novel data show that aggregate international financial integration is larger than residence-based data indicate for the sample. These data are used to analyse (i) profit-shifting activities and (ii) spillovers from United States monetary policy shocks. This study presents evidence suggesting that nationals of relatively high-tax countries may shift assets to low-tax countries in ways not fully captured in residence-based statistics. It also shows that a tightening in United States monetary policy is associated with a decline in foreign asset holdings by non-financial multinational enterprises using the consolidated-by-nationality approach. These findings underscore the relevance of using the consolidated-by-nationality approach to evaluate policy-relevant questions.
本研究以 14 个发达国家为样本，采用按国籍合并的方法，对多年来的外国持有量进行了新的估算。这种方法为政策制定者和研究人员分析国际风险敞口提供了另一种选择，是对现有的基于居住地数据方法的补充。基于国籍的方法有两个主要优势，一是它能透视跨国企业的公司结构，二是能考虑当地的地位。由此产生的新数据表明，就样本而言，国际金融一体化的总体规模大于基于居住地的数据所显示的规模。这些数据用于分析 (i) 利润转移活动和 (ii) 美国货币政策冲击的溢出效应。本研究提供的证据表明，税率相对较高国家的国民可能会将资产转移到低税率国家，而这种转移方式并没有被基于居住地的统计数据完全反映出来。研究还表明，采用按国籍合并的方法，美国货币政策收紧与非金融跨国企业持有的外国资产减少有关。这些发现强调了使用按国籍合并的方法来评估政策相关问题的意义。
{"title":"Consolidated foreign wealth of nations: Nationality-based measures of international exposure","authors":"André Sanchez Pacheco","doi":"10.18356/2076099x-31-1-4","DOIUrl":"https://doi.org/10.18356/2076099x-31-1-4","url":null,"abstract":"This study presents novel estimates of foreign holdings using a consolidated-by-nationality approach for a sample of 14 developed countries over multiple years. This approach provides an alternative for policymakers and researchers to analyse international exposure that complements the existing approach based on residence-based data. Two main advantages of the nationality-based approach are that it looks through corporate structures of multinational enterprises and considers local positions. The resulting novel data show that aggregate international financial integration is larger than residence-based data indicate for the sample. These data are used to analyse (i) profit-shifting activities and (ii) spillovers from United States monetary policy shocks. This study presents evidence suggesting that nationals of relatively high-tax countries may shift assets to low-tax countries in ways not fully captured in residence-based statistics. It also shows that a tightening in United States monetary policy is associated with a decline in foreign asset holdings by non-financial multinational enterprises using the consolidated-by-nationality approach. These findings underscore the relevance of using the consolidated-by-nationality approach to evaluate policy-relevant questions.","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"158 S330","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141040728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-01DOI: 10.18356/2076099x-31-1-5
Marc Arnold, Martin Brown, Karl Frauendorfer, Roland Fuess, Marcin Kacperczyk, Jonathan Karpoff, Nikos Kavadis, Alberto Manconi, F. Meyerinck, Adair Morse, Clemens Mueller, Christopher Polk, Winfried Ruigrok, Z. Sautner, Paul Soderlind, Tereza Tykvova, Cong Wang, Xiaoxu Zhang, Wei Lin
Good corporate governance practices are not universal. Unlike practices in institutional settings in developed countries, which have attracted most scholarly attention, corporate governance practices in emerging economies lean towards addressing principal-principal conflicts that stem from concentrated ownership. The study employs a difference-in-differences panel data design with matched samples of Chinese firms cross-listed in mainland China and Hong Kong (China) and of those listed only in Hong Kong (China) based on propensity score matching. It thus adopts a natural experimental setting – the promulgation of China’s Revised Securities Law in March 2020 – to pinpoint whether and how legal revisions of investor protection laws can really benefit investors. The findings show that independent directors in cross-listed firms turn over significantly more than those in firms listed only in Hong Kong (China). Also, it suggests that firms mainly replace departed directors with new directors from similar demographics. Furthermore, the study observes no evidence of significant changes in board independence in the short run. The findings suggest that policymakers should mind unintended consequences beyond the intended outcomes of the legal reforms on corporate governance, particularly the potential disproportionate impacts on smaller firms.
{"title":"Do minority shareholder protection laws benefit investors? Evidence from a natural experiment on cross-listed firms","authors":"Marc Arnold, Martin Brown, Karl Frauendorfer, Roland Fuess, Marcin Kacperczyk, Jonathan Karpoff, Nikos Kavadis, Alberto Manconi, F. Meyerinck, Adair Morse, Clemens Mueller, Christopher Polk, Winfried Ruigrok, Z. Sautner, Paul Soderlind, Tereza Tykvova, Cong Wang, Xiaoxu Zhang, Wei Lin","doi":"10.18356/2076099x-31-1-5","DOIUrl":"https://doi.org/10.18356/2076099x-31-1-5","url":null,"abstract":"Good corporate governance practices are not universal. Unlike practices in institutional settings in developed countries, which have attracted most scholarly attention, corporate governance practices in emerging economies lean towards addressing principal-principal conflicts that stem from concentrated ownership. The study employs a difference-in-differences panel data design with matched samples of Chinese firms cross-listed in mainland China and Hong Kong (China) and of those listed only in Hong Kong (China) based on propensity score matching. It thus adopts a natural experimental setting – the promulgation of China’s Revised Securities Law in March 2020 – to pinpoint whether and how legal revisions of investor protection laws can really benefit investors. The findings show that independent directors in cross-listed firms turn over significantly more than those in firms listed only in Hong Kong (China). Also, it suggests that firms mainly replace departed directors with new directors from similar demographics. Furthermore, the study observes no evidence of significant changes in board independence in the short run. The findings suggest that policymakers should mind unintended consequences beyond the intended outcomes of the legal reforms on corporate governance, particularly the potential disproportionate impacts on smaller firms.","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"79 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141032432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-01DOI: 10.18356/2076099x-31-1-3
{"title":"Bridging the productivity gap: A comparative analysis of foreign-owned and domestic firms in Viet Nam","authors":"","doi":"10.18356/2076099x-31-1-3","DOIUrl":"https://doi.org/10.18356/2076099x-31-1-3","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"2019 14","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141026715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-22DOI: 10.18356/2076099x-30-3-6
{"title":"Discussion, debate and dissent about investment and sustainable development at the 2023 World Investment Forum","authors":"","doi":"10.18356/2076099x-30-3-6","DOIUrl":"https://doi.org/10.18356/2076099x-30-3-6","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"167 S355","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139165766","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-22DOI: 10.18356/2076099x-30-3-2
P. Mayer, C. Sabel
Industrialized countries increasingly use targeted subsidies to lessen firms’ disadvantages caused by climate change, geopolitical realignment of trade relationships and local COVID-19 pandemic dislocations. The debate over the United States Inflationary Reduction Act and the European Union criticism of it because of its effect on firms’ investment location choices exemplify how subsidies affect investment flows. We investigate to what extent different subsidy schemes affect firms’ investment location choices and explore the effect on two dimensions: immediacy (direct versus indirect) and firm specificity (firm-specific versus non-firm-specific). Using a sample of United States MNEs and their investments in subsidiaries in the European Union and China, we find that direct subsidies have a greater positive effect on investment than indirect subsidies, and that non-firm-specific subsidies have a greater positive effect than firm-specific subsidies. Our study establishes a more nuanced understanding of subsidy effects, suggesting that policymakers should align their subsidy schemes for attracting foreign direct investment accordingly.
{"title":"Subsidies and MNE investment location choices: Unravelling the effects of firm specificity and immediacy","authors":"P. Mayer, C. Sabel","doi":"10.18356/2076099x-30-3-2","DOIUrl":"https://doi.org/10.18356/2076099x-30-3-2","url":null,"abstract":"Industrialized countries increasingly use targeted subsidies to lessen firms’ disadvantages caused by climate change, geopolitical realignment of trade relationships and local COVID-19 pandemic dislocations. The debate over the United States Inflationary Reduction Act and the European Union criticism of it because of its effect on firms’ investment location choices exemplify how subsidies affect investment flows. We investigate to what extent different subsidy schemes affect firms’ investment location choices and explore the effect on two dimensions: immediacy (direct versus indirect) and firm specificity (firm-specific versus non-firm-specific). Using a sample of United States MNEs and their investments in subsidiaries in the European Union and China, we find that direct subsidies have a greater positive effect on investment than indirect subsidies, and that non-firm-specific subsidies have a greater positive effect than firm-specific subsidies. Our study establishes a more nuanced understanding of subsidy effects, suggesting that policymakers should align their subsidy schemes for attracting foreign direct investment accordingly.","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"38 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139164856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-22DOI: 10.18356/2076099x-30-3-5
{"title":"The drivers of investment and savings rates: An exploratory note","authors":"","doi":"10.18356/2076099x-30-3-5","DOIUrl":"https://doi.org/10.18356/2076099x-30-3-5","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"22 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139164888","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-22DOI: 10.18356/2076099x-30-3-9
{"title":"UNCTAD Insights: An innovative measure for digital firms’ internationalization","authors":"","doi":"10.18356/2076099x-30-3-9","DOIUrl":"https://doi.org/10.18356/2076099x-30-3-9","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"22 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139164713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-22DOI: 10.18356/2076099x-30-3-1
{"title":"Articles: Accelerating achievement of the SDGs: International business and the deployment of traditional knowledge","authors":"","doi":"10.18356/2076099x-30-3-1","DOIUrl":"https://doi.org/10.18356/2076099x-30-3-1","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"41 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139165192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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