Pub Date : 2020-01-02DOI: 10.1080/10669868.2019.1685056
K. P. Timsina, R. Culas
Abstract This article examines the effects of Australia's free trade agreements on trade creation and export diversion of the total as well as sectoral trade. The empirical analysis implemented through Poisson pseudo maximum likelihood estimator with time and country-specific effects. Results showed the standard gravity variables are highly significant with the expected signs. Overall, the trade creation effects were greater than intra-block export diversion effects of FTAs on Australia’s total trade. The trade creation effects of FTAs on the agricultural sector seems higher than the nonagricultural sector in Australia after deducting intra-block export diversion effects in the respective sectors.
{"title":"Do Free Trade Agreements Increase Australian Trade: An Application of Poisson Pseudo Maximum Likelihood Estimator?","authors":"K. P. Timsina, R. Culas","doi":"10.1080/10669868.2019.1685056","DOIUrl":"https://doi.org/10.1080/10669868.2019.1685056","url":null,"abstract":"Abstract This article examines the effects of Australia's free trade agreements on trade creation and export diversion of the total as well as sectoral trade. The empirical analysis implemented through Poisson pseudo maximum likelihood estimator with time and country-specific effects. Results showed the standard gravity variables are highly significant with the expected signs. Overall, the trade creation effects were greater than intra-block export diversion effects of FTAs on Australia’s total trade. The trade creation effects of FTAs on the agricultural sector seems higher than the nonagricultural sector in Australia after deducting intra-block export diversion effects in the respective sectors.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2019.1685056","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44513710","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 : 2020-01-02DOI: 10.1080/10669868.2019.1630045
Olena Oliynyk-Dunn, M. Wasilewski, S. Kvasha, V. Adamenko
Abstract We examined the financial system development of Ukraine from 2010 to 2016 using integral indicator. In addition, we explored the effect of the financial system development on the financing of firms in Ukraine. The results of the study displayed a negative tendency in the development of the Ukrainian financial system from 2010 to 2016. The regression model revealed that the integral indicator of the financial system’s development is substantially interconnected with the average rate of hryvnia to the US dollar. The results of the paper showed that the financial structure of Ukrainian firms changed significantly during the analyzed period. The share of external financing rose extremely not due to an increase in bank loans but due to informal sources. Despite the general negative changes in the financial system development and financing patterns, the study did not find arguments to support the hypothesis of the existence of a strong statistical relationship between them. Instead, we identified additional significant sources of financing for firms that are not related to the development of the financial system and those that do not meet traditional notions of financing patterns.
{"title":"Financial system development and financing patterns of firms: Evidence from Ukraine*","authors":"Olena Oliynyk-Dunn, M. Wasilewski, S. Kvasha, V. Adamenko","doi":"10.1080/10669868.2019.1630045","DOIUrl":"https://doi.org/10.1080/10669868.2019.1630045","url":null,"abstract":"Abstract We examined the financial system development of Ukraine from 2010 to 2016 using integral indicator. In addition, we explored the effect of the financial system development on the financing of firms in Ukraine. The results of the study displayed a negative tendency in the development of the Ukrainian financial system from 2010 to 2016. The regression model revealed that the integral indicator of the financial system’s development is substantially interconnected with the average rate of hryvnia to the US dollar. The results of the paper showed that the financial structure of Ukrainian firms changed significantly during the analyzed period. The share of external financing rose extremely not due to an increase in bank loans but due to informal sources. Despite the general negative changes in the financial system development and financing patterns, the study did not find arguments to support the hypothesis of the existence of a strong statistical relationship between them. Instead, we identified additional significant sources of financing for firms that are not related to the development of the financial system and those that do not meet traditional notions of financing patterns.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2019.1630045","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48003788","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}
Abstract The attraction of inward FDI in Greece is a critical condition for Greece’s economic recovery due to the prolonged economic crisis and sustained investment hardship. Consequently, this study aims to provide essential implications by examining factors that can influence foreign direct investment decisions. The findings provide new insights regarding the diachronically high importance of technological capabilities compared to other FDI determinants such as the market size, trade openness, quality of the indigenous workforce, and local infrastructure, as the main determinants of inward FDI in Greece over the period 1980–2016.
{"title":"An Investigation into the Causal Links Among FDI Determinants: Empirical Evidence from Greece*","authors":"Antonis Tsitouras, Panagiotis Mitrakos, Chrysanthi Tsimpida, Vasileios Vlachos, Aristidis P. Bitzenis","doi":"10.1080/10669868.2019.1640829","DOIUrl":"https://doi.org/10.1080/10669868.2019.1640829","url":null,"abstract":"Abstract The attraction of inward FDI in Greece is a critical condition for Greece’s economic recovery due to the prolonged economic crisis and sustained investment hardship. Consequently, this study aims to provide essential implications by examining factors that can influence foreign direct investment decisions. The findings provide new insights regarding the diachronically high importance of technological capabilities compared to other FDI determinants such as the market size, trade openness, quality of the indigenous workforce, and local infrastructure, as the main determinants of inward FDI in Greece over the period 1980–2016.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2019.1640829","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46035908","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 : 2020-01-02DOI: 10.1080/10669868.2019.1689218
Allen Engle, M. Zaharie, Kinga Kerekes, József Poór
Abstract This article focuses on the roles and responsibilities of HR units in multinational enterprises (MNEs) in the region of Central and Eastern Europe. The authors analyze 705 questionnaires originating from foreign owned subsidiaries operating in five countries (Hungary, Poland, Romania, Serbia, and Slovakia). The results show that the culture of the MNEs home country, the age of the subsidiary, and the pattern of international staffing assignments influence the HR control relationship between the headquarters and the subsidiary. Also, the findings reveal a significant impact of subsidiary level factors such as the age of the subsidiary, business sector, size, mode of market entry, focus on executive human capital, and international assignments on the degree of HR practice autonomy at the subsidiary level.
{"title":"Who Is in Charge Here? Evidence of the Division of Roles and Responsibilities Between Global and Local HR Managers in MNEs Operating in the CEE Region","authors":"Allen Engle, M. Zaharie, Kinga Kerekes, József Poór","doi":"10.1080/10669868.2019.1689218","DOIUrl":"https://doi.org/10.1080/10669868.2019.1689218","url":null,"abstract":"Abstract This article focuses on the roles and responsibilities of HR units in multinational enterprises (MNEs) in the region of Central and Eastern Europe. The authors analyze 705 questionnaires originating from foreign owned subsidiaries operating in five countries (Hungary, Poland, Romania, Serbia, and Slovakia). The results show that the culture of the MNEs home country, the age of the subsidiary, and the pattern of international staffing assignments influence the HR control relationship between the headquarters and the subsidiary. Also, the findings reveal a significant impact of subsidiary level factors such as the age of the subsidiary, business sector, size, mode of market entry, focus on executive human capital, and international assignments on the degree of HR practice autonomy at the subsidiary level.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2019.1689218","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48034404","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 : 2019-06-26DOI: 10.1080/10669868.2019.1624672
T. Manolova, L. Edelman, Galina Shirokova, T. Tsukanova
Abstract Institutional voids plague entrepreneurship in emerging economies. In this paper, we investigate how the social structure of the family can enable young entrepreneurs to navigate the institutional voids and progress through the venturing process. Findings suggest that both institutional voids and family support have a significant effect on startup activities, and that family financial support helps absorb the negative influence of capital market voids. Our study begins to explain the relationship between institutional voids and family support, thereby contributing to the ongoing development of institutional theory in an emerging economy context and to the literature on family influences on entrepreneurship.
{"title":"Youth entrepreneurship in emerging economies: can family support help navigate institutional voids?","authors":"T. Manolova, L. Edelman, Galina Shirokova, T. Tsukanova","doi":"10.1080/10669868.2019.1624672","DOIUrl":"https://doi.org/10.1080/10669868.2019.1624672","url":null,"abstract":"Abstract Institutional voids plague entrepreneurship in emerging economies. In this paper, we investigate how the social structure of the family can enable young entrepreneurs to navigate the institutional voids and progress through the venturing process. Findings suggest that both institutional voids and family support have a significant effect on startup activities, and that family financial support helps absorb the negative influence of capital market voids. Our study begins to explain the relationship between institutional voids and family support, thereby contributing to the ongoing development of institutional theory in an emerging economy context and to the literature on family influences on entrepreneurship.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2019-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2019.1624672","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45546591","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}
Abstract Greece has suffered the worst from the late 2000s global financial crisis. Despite the completion of the economic adjustment program the rate of recovery in Greece is still weak. The liquidity constraints in the Greek economy imply that the investment shock, which will accelerate its recovery rate, will be an outcome of investment inflows by privatizations and/or other opportunities arising to foreign investors (inward FDI) due to the devaluation of the assets in Greece caused by the crisis. However, the level of attracted by the Greek economy has always been well below the European Union average. This paper investigates the factors favoring inward FDI in Greece after the crisis. A survey is made by the use of a questionnaire for the collection of primary data on the activity of multinationals in Greece and non-parametric methods are used for investigating the attractiveness of the Greek market and the decision to invest.
{"title":"Factors Favoring Greece’s Inward Foreign Direct Investment in the Aftermath of the Global Financial Crisis: An Exploratory Survey","authors":"Vasileios Vlachos, Panagiotis Mitrakos, Chrysanthi Tsimpida, Antonis Tsitouras, Aristidis P. Bitzenis","doi":"10.1080/10669868.2019.1616647","DOIUrl":"https://doi.org/10.1080/10669868.2019.1616647","url":null,"abstract":"Abstract Greece has suffered the worst from the late 2000s global financial crisis. Despite the completion of the economic adjustment program the rate of recovery in Greece is still weak. The liquidity constraints in the Greek economy imply that the investment shock, which will accelerate its recovery rate, will be an outcome of investment inflows by privatizations and/or other opportunities arising to foreign investors (inward FDI) due to the devaluation of the assets in Greece caused by the crisis. However, the level of attracted by the Greek economy has always been well below the European Union average. This paper investigates the factors favoring inward FDI in Greece after the crisis. A survey is made by the use of a questionnaire for the collection of primary data on the activity of multinationals in Greece and non-parametric methods are used for investigating the attractiveness of the Greek market and the decision to invest.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2019.1616647","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45982140","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 : 2019-05-27DOI: 10.1080/10669868.2019.1616648
M. Jaworek, Małgorzata Szałucka, W. Karaszewski
Abstract Limiting factors of foreign direct investment are of great significance for managers, governments, and scholars as they directly influence the profitability of a foreign subsidiary and a parent multinational company. The aim of the paper is to identify FDI limiting factors of host country location choices among Polish enterprises and differences in the perception of the factors depending on the establishment mode choice, i.e. whether it is through greenfield investments or acquisitions. The paper presents results of a field surveyed carried out in 2012–2013 among Polish companies. The research results revealed that regardless of the establishment mode choice, investors from Poland perceived market-related limiting factors as significant. The empirical findings also proved that there were no significant differences in the perception of the importance of FDI limiting factors, between investors who undertook acquisitions and those who decided to make greenfield investments. However, single cases of differences were identified at the level of the policy framework-related factors.
{"title":"Limiting Factors of Foreign Direct Investment Undertaken By Polish Enterprises","authors":"M. Jaworek, Małgorzata Szałucka, W. Karaszewski","doi":"10.1080/10669868.2019.1616648","DOIUrl":"https://doi.org/10.1080/10669868.2019.1616648","url":null,"abstract":"Abstract Limiting factors of foreign direct investment are of great significance for managers, governments, and scholars as they directly influence the profitability of a foreign subsidiary and a parent multinational company. The aim of the paper is to identify FDI limiting factors of host country location choices among Polish enterprises and differences in the perception of the factors depending on the establishment mode choice, i.e. whether it is through greenfield investments or acquisitions. The paper presents results of a field surveyed carried out in 2012–2013 among Polish companies. The research results revealed that regardless of the establishment mode choice, investors from Poland perceived market-related limiting factors as significant. The empirical findings also proved that there were no significant differences in the perception of the importance of FDI limiting factors, between investors who undertook acquisitions and those who decided to make greenfield investments. However, single cases of differences were identified at the level of the policy framework-related factors.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2019-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2019.1616648","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44059221","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 : 2019-05-09DOI: 10.1080/10669868.2019.1602575
R. Pradhan, J. Hall, Atul Gupta, Y. Nishigaki, F. Filho, E. D. Toit
Abstract This paper uses country-level data of European Economic Area countries between 1989 and 2016 to examine the interactions between economic growth, innovation, and financial market activities, with specific reference to the bond and insurance markets. Our intent is to know whether causality runs among these variables both ways, or not at all. Using a vector error correction model, the study finds that financial market activities and economic growth determine innovation activities in these countries. Additionally, the study also finds bidirectional Granger causality between financial market activities and economic growth, as well as between innovation activities and economic growth.
{"title":"A Quantitative Assessment of the Finance–Growth–Innovation Nexus in EEA Countries: Evidence from a Multivariate VECM","authors":"R. Pradhan, J. Hall, Atul Gupta, Y. Nishigaki, F. Filho, E. D. Toit","doi":"10.1080/10669868.2019.1602575","DOIUrl":"https://doi.org/10.1080/10669868.2019.1602575","url":null,"abstract":"Abstract This paper uses country-level data of European Economic Area countries between 1989 and 2016 to examine the interactions between economic growth, innovation, and financial market activities, with specific reference to the bond and insurance markets. Our intent is to know whether causality runs among these variables both ways, or not at all. Using a vector error correction model, the study finds that financial market activities and economic growth determine innovation activities in these countries. Additionally, the study also finds bidirectional Granger causality between financial market activities and economic growth, as well as between innovation activities and economic growth.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2019-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2019.1602575","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48007387","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 : 2019-04-03DOI: 10.1080/10669868.2018.1524403
Desalegn Abraha Gebrekidan, Le Hieu Hoc, Syeda-Masooda Mukhtar
Abstract Factors influencing firms’ standardization and adaptations decisions tend to be treated as static isolated entities in the extant literature. Further, the focus is predominantly on Western MNCs and product development or marketing functions with manufacturing firms and the emerging/developing country perspective underrepresented. We explore factors, as well as their interrelations that determine standardization and adaptations decisions when a developed country manufacturing firm establishes operations in a developing country. Purposefully, Italian manufacturing firms with operations in Vietnam are examined. We identify functions, processes, and practices that are standardized/transferred and those that are adapted. A theoretical model is developed based on the findings.
{"title":"How Developed-Country Firms Make Standardization/Transfer and Adaptations Decisions in Relation to their Developing-Host-Country Operations?","authors":"Desalegn Abraha Gebrekidan, Le Hieu Hoc, Syeda-Masooda Mukhtar","doi":"10.1080/10669868.2018.1524403","DOIUrl":"https://doi.org/10.1080/10669868.2018.1524403","url":null,"abstract":"Abstract Factors influencing firms’ standardization and adaptations decisions tend to be treated as static isolated entities in the extant literature. Further, the focus is predominantly on Western MNCs and product development or marketing functions with manufacturing firms and the emerging/developing country perspective underrepresented. We explore factors, as well as their interrelations that determine standardization and adaptations decisions when a developed country manufacturing firm establishes operations in a developing country. Purposefully, Italian manufacturing firms with operations in Vietnam are examined. We identify functions, processes, and practices that are standardized/transferred and those that are adapted. A theoretical model is developed based on the findings.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2019-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2018.1524403","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43892612","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 : 2019-02-08DOI: 10.1080/10669868.2018.1548405
T. Tsukanova, Xiaotian Zhang
Abstract By synthesizing several theoretical perspectives, we explore the determinants of early and rapid internationalization of firms from China as an example of an emerging economy. Specifically, we examine the symbiosis of foreign knowledge, networks, and government support and their impact on the emergence of born globals (BGs). We use the dataset covering 368 Chinese exporting SMEs. The results provide new insights regarding the nature of their strategic behavior and shed light on the reasons for heterogeneity among exporters.
{"title":"Early and Rapid Internationalization of Firms from Emerging Economies: Understanding the Heterogeneity of Chinese Exporters","authors":"T. Tsukanova, Xiaotian Zhang","doi":"10.1080/10669868.2018.1548405","DOIUrl":"https://doi.org/10.1080/10669868.2018.1548405","url":null,"abstract":"Abstract By synthesizing several theoretical perspectives, we explore the determinants of early and rapid internationalization of firms from China as an example of an emerging economy. Specifically, we examine the symbiosis of foreign knowledge, networks, and government support and their impact on the emergence of born globals (BGs). We use the dataset covering 368 Chinese exporting SMEs. The results provide new insights regarding the nature of their strategic behavior and shed light on the reasons for heterogeneity among exporters.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2019-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10669868.2018.1548405","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44798735","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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