Pub Date : 2022-04-29DOI: 10.18356/2076099x-29-1-4
{"title":"From few to many: main trends in the internationalization of business R&D","authors":"","doi":"10.18356/2076099x-29-1-4","DOIUrl":"https://doi.org/10.18356/2076099x-29-1-4","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78356379","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 : 2022-04-29DOI: 10.18356/2076099x-29-1-3
Konstantinos Lagos, Yuan Wang
This paper investigates the role of global economic uncertainty in Dunning’s investment development path (IDP) framework. By applying the dynamic panel threshold model to data from 76 developed and developing countries, we find that countries’ net outward investment (NOI) follows a non-linear pattern even after incorporating global economic uncertainty into the analysis. At the same time, global economic uncertainty has non-linear effects on NOI subject to the level of economic development. More importantly, our results show that NOI is path dependent, with correlation coefficients changing across the different stages of IDP, which implies that uncertainty affects countries’ progression to the next stage of IDP differently. From a policy perspective, our findings call for special attention to policymakers in less developed nations. Even though global economic uncertainty may not always have a negative effect or may even improve a country’s NOI for a while, it may deter the international expansion of local firms. In the presence of high global economic uncertainty, local firms are less likely to become outward foreign direct investors, which implies stagnation in internationalization.
{"title":"The threshold effects of global economic uncertainty on foreign direct investment","authors":"Konstantinos Lagos, Yuan Wang","doi":"10.18356/2076099x-29-1-3","DOIUrl":"https://doi.org/10.18356/2076099x-29-1-3","url":null,"abstract":"This paper investigates the role of global economic uncertainty in Dunning’s investment development path (IDP) framework. By applying the dynamic panel threshold model to data from 76 developed and developing countries, we find that countries’ net outward investment (NOI) follows a non-linear pattern even after incorporating global economic uncertainty into the analysis. At the same time, global economic uncertainty has non-linear effects on NOI subject to the level of economic development. More importantly, our results show that NOI is path dependent, with correlation coefficients changing across the different stages of IDP, which implies that uncertainty affects countries’ progression to the next stage of IDP differently. From a policy perspective, our findings call for special attention to policymakers in less developed nations. Even though global economic uncertainty may not always have a negative effect or may even improve a country’s NOI for a while, it may deter the international expansion of local firms. In the presence of high global economic uncertainty, local firms are less likely to become outward foreign direct investors, which implies stagnation in internationalization.","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79770413","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 : 2021-12-22DOI: 10.18356/2076099x-28-3-4
Rishika Nayyara, Rajdeepa Maityb
This study draws upon the institution-based view to examine the role of market and non-market institutional strategies of multinational enterprises from emerging markets (EMNEs) in shaping their decisions on outward foreign direct investment (OFDI) (decision to engage in OFDI and volume of investment). The proposed conceptual framework is tested on the OFDI decisions of listed Indian firms during the period 2008–2018. The results of random effects logistic regression and tobit regression provide robust evidence for the positive impact of institutional substitution and institutional signaling strategy on the decision to engage in OFDI as well as the volume of investment. An institutional borrowing strategy affects only the decision to engage in OFDI, whereas an internalization strategy does not help EMNEs while internationalizing. The study contributes to the literature on institutional voids and institutional escapism by identifying the strategies that facilitate overseas expansion. It adds to the EMNE literature, which has focused lately on explaining the role of non-market strategies in internationalization. The results of the study indicate the need for policy initiatives geared towards filling information voids, strengthening legal systems and development of credit markets.
{"title":"Overcoming institutional voids in the home country for internationalization: an exploratory examination of institutional strategies of Indian MNEs","authors":"Rishika Nayyara, Rajdeepa Maityb","doi":"10.18356/2076099x-28-3-4","DOIUrl":"https://doi.org/10.18356/2076099x-28-3-4","url":null,"abstract":"This study draws upon the institution-based view to examine the role of market and non-market institutional strategies of multinational enterprises from emerging markets (EMNEs) in shaping their decisions on outward foreign direct investment (OFDI) (decision to engage in OFDI and volume of investment). The proposed conceptual framework is tested on the OFDI decisions of listed Indian firms during the period 2008–2018. The results of random effects logistic regression and tobit regression provide robust evidence for the positive impact of institutional substitution and institutional signaling strategy on the decision to engage in OFDI as well as the volume of investment. An institutional borrowing strategy affects only the decision to engage in OFDI, whereas an internalization strategy does not help EMNEs while internationalizing. The study contributes to the literature on institutional voids and institutional escapism by identifying the strategies that facilitate overseas expansion. It adds to the EMNE literature, which has focused lately on explaining the role of non-market strategies in internationalization. The results of the study indicate the need for policy initiatives geared towards filling information voids, strengthening legal systems and development of credit markets.","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"67 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91264263","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 : 2021-12-22DOI: 10.18356/2076099x-28-3-5
James Bolwijn Richard Santos-Paulino Amelia U. Zhan
The United Nations Conference on Trade and Development (UNCTAD) has contributed during the last three decades to research and policy analysis on foreign direct investment (FDI), activities of multinational enterprises (MNEs), international production and the development impact of all three. In 2020 UNCTAD's World Investment Report (WIR) marked its 30th year. The report features the latest global investment trends and prospects, highlights the key emerging policy issues and dives deep into the fundamental themes of FDI and development. Through its policy analysis and recommendations over the past three decades, the WIR has helped define and redefine mainstream investment policymaking at national, regional and global levels. The World Investment Report 2020 presents an overview of three decades of international production. It coincided with the beginning of a new era for the global economy marked by COVID-19. The analysis describes how the pandemic accelerated pre-existing trends by affecting international production systems. Tougher competition for FDI -- especially in manufacturing, growing economic nationalism and the new industrial revolution make it more challenging for developing economies to participate in global value chains (GVCs) and thus require a new investment for development path.
{"title":"World Investment Forum 2021: insights from the Academic Track and a future research agenda","authors":"James Bolwijn Richard Santos-Paulino Amelia U. Zhan","doi":"10.18356/2076099x-28-3-5","DOIUrl":"https://doi.org/10.18356/2076099x-28-3-5","url":null,"abstract":"The United Nations Conference on Trade and Development (UNCTAD) has contributed during the last three decades to research and policy analysis on foreign direct investment (FDI), activities of multinational enterprises (MNEs), international production and the development impact of all three. In 2020 UNCTAD's World Investment Report (WIR) marked its 30th year. The report features the latest global investment trends and prospects, highlights the key emerging policy issues and dives deep into the fundamental themes of FDI and development. Through its policy analysis and recommendations over the past three decades, the WIR has helped define and redefine mainstream investment policymaking at national, regional and global levels. The World Investment Report 2020 presents an overview of three decades of international production. It coincided with the beginning of a new era for the global economy marked by COVID-19. The analysis describes how the pandemic accelerated pre-existing trends by affecting international production systems. Tougher competition for FDI -- especially in manufacturing, growing economic nationalism and the new industrial revolution make it more challenging for developing economies to participate in global value chains (GVCs) and thus require a new investment for development path.","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"39 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75842320","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 : 2021-12-22DOI: 10.18356/2076099x-28-3-2
{"title":"Green lemons: overcoming adverse selection in the green bond market","authors":"","doi":"10.18356/2076099x-28-3-2","DOIUrl":"https://doi.org/10.18356/2076099x-28-3-2","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90932092","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 : 2021-12-22DOI: 10.18356/2076099x-28-3-1
{"title":"Exports, trade costs and FDI entry: evidence from Japanese firms","authors":"","doi":"10.18356/2076099x-28-3-1","DOIUrl":"https://doi.org/10.18356/2076099x-28-3-1","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79043352","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 : 2021-12-22DOI: 10.18356/2076099x-28-3-10
{"title":"A reassessment of UNCTAD’s transnationality indices in the digital economy","authors":"","doi":"10.18356/2076099x-28-3-10","DOIUrl":"https://doi.org/10.18356/2076099x-28-3-10","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84268102","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 : 2021-12-22DOI: 10.18356/2076099x-28-3-8
{"title":"Evidence-based policymaking in a VUCA world","authors":"","doi":"10.18356/2076099x-28-3-8","DOIUrl":"https://doi.org/10.18356/2076099x-28-3-8","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72750820","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 : 2021-12-22DOI: 10.18356/2076099x-28-3-7
{"title":"Investing in sustainable infrastructure: new directions for international business research","authors":"","doi":"10.18356/2076099x-28-3-7","DOIUrl":"https://doi.org/10.18356/2076099x-28-3-7","url":null,"abstract":"","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"211 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75672190","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 : 2021-12-22DOI: 10.18356/2076099x-28-3-6
A. V. Assche, Kristin Brandl
Global value chains (GVCs) are a powerful vehicle through which multinational enterprises (MNEs) can help address the grand challenges that humanity faces. But optimally utilizing GVCs for sustainability requires fundamental changes in corporate behaviour. In this paper we expound the concept of MNE economic power within GVCs and discuss needed changes for MNE business models to fill governance gaps. We debate the renewed role of public governance to promote social and environmental standards along GVCs and outline policies that governments should adopt to help MNEs and lead firms alter their business model
{"title":"Harnessing power within global value chains for sustainable development","authors":"A. V. Assche, Kristin Brandl","doi":"10.18356/2076099x-28-3-6","DOIUrl":"https://doi.org/10.18356/2076099x-28-3-6","url":null,"abstract":"Global value chains (GVCs) are a powerful vehicle through which multinational enterprises (MNEs) can help address the grand challenges that humanity faces. But optimally utilizing GVCs for sustainability requires fundamental changes in corporate behaviour. In this paper we expound the concept of MNE economic power within GVCs and discuss needed changes for MNE business models to fill governance gaps. We debate the renewed role of public governance to promote social and environmental standards along GVCs and outline policies that governments should adopt to help MNEs and lead firms alter their business model","PeriodicalId":40060,"journal":{"name":"Transnational Corporations","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86081271","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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