In this paper, we untangle the searchable and experiential dimensions of quality responses to entry by counterfeiters in emerging markets with weak intellectual property rights. Our theoretical ...framework analyzes market equilibria under competition from counterfeiting as well as under monopoly branding. A key theoretical prediction is that emerging markets can be self-corrective with respect to counterfeiting issues in the following sense: First, counterfeiters can earn positive profits by pooling with authentic brands only when consumers have good faith in the market (i.e., they believe there is low probability that any product is a counterfeit). When the proportion of counterfeits in the market exceeds a cutoff value, brands invest in self-differentiation from the competitive-fringe counterfeiters. Second, to attain a separating equilibrium with counterfeiters, branded incumbents upgrade the searchable quality (e.g., appearance) of their products more and improve the experiential quality (e.g., functionality) less compared with monopoly equilibrium. However, in the pooling equilibrium with sporadic counterfeits, authentic firms instead may invest in experiential quality to attract more of the expert consumers who are well versed in quality. This prediction uncovers the nature of product differentiation in the searchable dimension and helps with analyzing real-world innovation strategies employed by authentic firms in response to entries by counterfeit entities. In addition, welfare analysis hints at a nonlinear relationship between social welfare and intellectual property enforcement.
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BFBNIB, IZUM, KILJ, NMLJ, NUK, PILJ, PNG, SAZU, UL, UM, UPUK
Bank dependence in emerging countries Allen, Linda; Chakraborty, Suparna; Hazarika, Sonali ...
Journal of international business studies,
03/2020, Volume:
51, Issue:
2
Journal Article
Peer reviewed
In contrast to the literature involving U.S. bank domestic lending, we find that mutual funds affiliated with lending banks reduce their equity investment and turnover in the non-U.S.-listed stock of ...their non-U.S. borrowers compared to non-lending banks or unaffiliated mutual funds. Reduced equity holdings increase loan spreads, preserving the lending bank’s cross-border information monopoly. Equity market holdings and turnover are reduced when banks lend to firms in emerging nations and when the geographic distance between the lender and the mutual fund manager is greatest. Thereby, long-range information percolation may benefit global institutions at the expense of individual subsidiaries.
Analysing the standardisation of appraisal alongside the development of modern real estate markets in the early 20th century, this article demonstrates that the construction of a racialised ...proper(tied) economic subjectivity was pivotal for realtors’ ability to secure legitimacy and profit as a burgeoning profession. Appraisal embedded racial logics within real estate markets such that their routine functioning could generate the submarket differentiation necessary for the realisation of class‐monopoly rent. This study’s focus on appraisal before federal redlining addresses key lacunae in the historiography of segregation by foregrounding markets’ historical function as infrastructures that produce and spatialise the social difference crucial for profit in real estate. This article also seeks to inform engagements with contemporary processes of land speculation, commodification, and financialisation shaping US cities by advocating attention to the specific mechanisms that constitute race as a modality for the appropriation of surplus by real estate capital.
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BFBNIB, DOBA, FZAB, GIS, IJS, IZUM, KILJ, NLZOH, NUK, OILJ, PILJ, PNG, SAZU, SBCE, SBMB, UILJ, UKNU, UL, UM, UPUK
Research Question/Issue
This paper examines R&D investment decisions in firms under a pyramidal ownership structure in the context of South Korea.
Research Findings/Insights
Using the Monopoly ...Regulation and Fair Trade Act, which places limits on group affiliates' equity investments, we provide new evidence that controlling owners tend to increase long‐term R&D expenditures more in firms that are largely subject to the equity investment regulation in South Korea. Moreover, this result is more significant for firms for which the owners have low cash‐flow rights, firms located in the lower layers of the pyramid, and firms that hold less equity shares than do other group affiliates.
Theoretical/Academic Implications
This study contributes to the literature that focuses on R&D investment decisions by providing empirical support regarding how firms' relative status within their business group influences the firms' R&D investment decisions in South Korea.
Practitioner/Policy Implications
This study provides important insight into the positive policy implications of the equity investment regulation on R&D investments for Korean business groups.
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BFBNIB, FZAB, GIS, IJS, IZUM, KILJ, NLZOH, NUK, OILJ, PILJ, SAZU, SBCE, SBMB, UL, UM, UPUK
MPs face a dilemma when it comes to deliberative mini-publics (DMPs): in a context of distrust, they may see it as an opportunity to re-legitimize themselves and solve complex policy issues. But it ...could also challenge the quasi-monopoly they used to have on political decisions and undermine the role of the Parliament and the primacy of elections. The article is found on 91 face-to-face interviews with French-speaking Belgian MPs sitting in federal or regional parliaments. First, we describe the profile of supporters of DMPs. We then identify three ideal–typical discourses: the power-sharing discourse, the consultative discourse, and the elitist discourse. The contribution of this article is twofold. First, it analyzes the argumentative frames used by MPs to assess deliberative mini-publics using a large number of interviews. Second, it demonstrates that their discourses depend on their evaluation of ordinary citizens’ competence to participate and on their resulting vision of representation. Political actors mainly perceive DMPs as power-sharing instruments that would alter their elected position and the legitimacy of the election.
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EMUNI, FIS, FZAB, GEOZS, GIS, IJS, IMTLJ, KILJ, KISLJ, MFDPS, NLZOH, NUK, OBVAL, OILJ, PNG, SAZU, SBCE, SBJE, SBMB, SBNM, UKNU, UL, UM, UPUK, VKSCE, ZAGLJ
In the post-WWII decolonization era, the prospect of an open, decolonized Greenland, with unrestricted mobility for inhabitants, intensified medical experts' pre-existing concerns over sexually ...transmitted diseases. During the colonial phase, medical and administrative authorities could govern Greenlanders as subjects and accordingly control their mobility and interactions with Europeans. However, the decolonization agenda threatened to undermine this situation. Greenland could no longer remain a colony, enclosed and sealed off from the rest of world by trade monopoly and strict limitations on access to the country imposed by the Danish authorities. Doctors were concerned by two impending shifts that threatened to undermine efforts to control sexually transmitted diseases. First, Greenland's decolonized status would entail more or less free access to the country. Second, after decolonization, Greenlanders would have the status as citizens, and authorities could no longer govern them as (colonial) subjects. This paper demonstrates how medical authorities struggled with the Greenlanders' transition from controllable (sexual) subjects to rights-bearing (sexual) citizens. The paper provides a fresh perspective concerning this watershed moment, between colonialism and the process of decolonization in Greenland.
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BFBNIB, DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
This paper surveys normative and positive arguments on why oil and gas exporting countries, in particular OPEC members, may expand into downstream industries (e.g. refining, petrochemicals), instead ...of exporting raw materials. Indeed, local refining can serve as a partial hedge against the vagaries of the oil price. Furthermore, as downstream activities require more complex tasks, the potential to provide economy wide spillovers, thereby fostering overall economic development will be generated. Major explanations including price differentiation (e.g., export taxes), industrial organization (e.g., property rights), efficiency (e.g., vertical integration), local development and spillover effects (e.g., on comparative advantage), risk hedging, climate change, and finally, political economy (e.g., lobbying and empire building) are surveyed from normative and positive aspects, which are then tested against facts. We also highlight the fact that all of those justifications are only efficient if political considerations are put aside. Policies such as granting the national oil companies a monopoly and by very large subsidies on refined products may indeed hinder achieving some of those goals.
•This paper addresses the topical policy of oil and gas exporting countries going downstream.•It surveys normative and positive reasons for such a policy and confronts them with the facts.•The upshot is that few if any of the normative reasons explains downstream activities.•Some that could do are poorly implemented (e.g., domestic fuel subsidies).•Yet positive objectives from politics and from building empires can explain ongoing activities.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
The author traces and analyzes the career and activity of Academician Nodari Aleksandrovich Simoniyа (1932–2019), a prominent orientalist and expert in international relations who headed the ...Institute of World Economy and International Relations of the Russian Academy of Sciences in 2000–2006. The article reveals the formation of the general worldview and academic views of N. Simoniа, assesses his contribution to the study of the East after the collapse of the colonial system and the formation of young independent states. The author acquaints the reader with the views of the Academician on the European, Asian and Russian revolutions, with his approach to understanding the processes of contemporary world development, explains his civil position, both under the Soviet regime and in post-Soviet Russia. N. Simonia combined a detailed knowledge of realities in the Eastern regions he studied – primarily Southeast Asia – with a deep theoretical approach to the study of complex processes in the East after the end of World War II. Over time, the interests of the Academician went beyond the East, to which he devoted several decades of research. At the turn of the 1990s-2000s, his attention was attracted by the problems of global world development, as well as the development of post-Soviet Russia. All the works of N. Simonia – he published 18 books and dozens of articles in Russian and foreign academic journals – were written by him, as he himself admitted, on the basis of the Marxist methodology. But Simonia’s Marxism had nothing in common with vulgar ideas in Bolsheviks’ teachings of Marx and their “theory of Marxism-Leninism”. At the same time, the Academician criticized not only Stalin and Lenin, but also Marx himself, who succeeded only in deep analysis of contemporary pre-monopoly capitalism. N. Simonia criticized the Soviet model of socialism as well, believing that there has never been any real socialism in the USSR. He was equally critical of the “liberal” turn of the Russian intellectual elite after 1991, blaming its radical faction, which influenced President Boris Yeltsin, for instilling in Russia a model of the “worst”, as he wrote, “the most parasitic version of bureaucratic capitalism”. For Simonia, the latter was associated with Indonesia under Sukarno. But even there, not to mention Japan and South Korea, the business elite has never been antipatriotic, as it happened in modern Russia. In his opinion, the Russian model of capitalism turned out to be unlike either the Western or the Eastern model, and the modernization, which Russia urgently needs, is inseparable from genuine democratization, but should not represent an imitation of democracy, as is the case.
У cmammi досл^жуються мехатзми державного регулювання яκ праκтичт тструменти цыеспрямованого впливу на процеси фунκцюнування тдприемств сфери централыованого водопостачання та водовШедення, яκг ...перебувають на ринκу природтх монополт та у переважнт бiльшостi е збитκовими κомунальними тдприемствами. Поκазано, що державне регулювання тдприемств централыованого водопостачання та водовШедення е необхШою сκладовою на шляху Их реформування. АналЬ мехатзмт здтснено за сферою Их дп, що передбачае видыення нормативно-правових, еκономтних, адмШстративних та тформацтних мехатзмт. Доведено, що тыьκи κомплеκсне виκористання розглянутих мехатзмв державного регулювання у сферi централшованого водопостачання та водотдведення дозволить забезпечити належну трансформацт вШовШих κомунальних тдприемств.
У cmammi розκрито суттсть та oeoŐAueoemi фунκфонування природных монополш. Дослужено особлuвостi фунκфонування сфери питного водопостачання та водовШедення в Уκршт. Визначено предмет та встановлено ...застосовуват методи державного регулювання сфери питного водопостачання та водов^ведення в Уκршт.
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