As the field of international business has matured, there have been shifts in the core unit of analysis. First, there was analysis at country level, using national statistics on trade and foreign ...direct investment (FDI). Next, the focus shifted to the multinational enterprise (MNE) and the parent's firm specific advantages (FSAs). Eventually the MNE was analysed as a network and the subsidiary became a unit of analysis. We untangle the last fifty years of international business theory using a classification by these three units of analysis. This is the country-specific advantage (CSA) and firm-specific advantage (FSA) matrix. Will this integrative framework continue to be useful in the future? We demonstrate that this is likely as the CSA/FSA matrix permits integration of potentially useful alternative units of analysis, including the broad region of the triad. Looking forward, we develop a new framework, visualized in two matrices, to show how distance really matters and how FSAs function in international business. Key to this are the concepts of compounded distance and resource recombination barriers facing MNEs when operating across national borders.
Stem cell-based therapy for human diseases Hoang, Duc M.; Pham, Phuong T.; Bach, Trung Q. ...
Signal transduction and targeted therapy,
08/2022, Letnik:
7, Številka:
1
Journal Article
Recenzirano
Odprti dostop
Abstract
Recent advancements in stem cell technology open a new door for patients suffering from diseases and disorders that have yet to be treated. Stem cell-based therapy, including human ...pluripotent stem cells (hPSCs) and multipotent mesenchymal stem cells (MSCs), has recently emerged as a key player in regenerative medicine. hPSCs are defined as self-renewable cell types conferring the ability to differentiate into various cellular phenotypes of the human body, including three germ layers. MSCs are multipotent progenitor cells possessing self-renewal ability (limited in vitro) and differentiation potential into mesenchymal lineages, according to the International Society for Cell and Gene Therapy (ISCT). This review provides an update on recent clinical applications using either hPSCs or MSCs derived from bone marrow (BM), adipose tissue (AT), or the umbilical cord (UC) for the treatment of human diseases, including neurological disorders, pulmonary dysfunctions, metabolic/endocrine-related diseases, reproductive disorders, skin burns, and cardiovascular conditions. Moreover, we discuss our own clinical trial experiences on targeted therapies using MSCs in a clinical setting, and we propose and discuss the MSC tissue origin concept and how MSC origin may contribute to the role of MSCs in downstream applications, with the ultimate objective of facilitating translational research in regenerative medicine into clinical applications. The mechanisms discussed here support the proposed hypothesis that BM-MSCs are potentially good candidates for brain and spinal cord injury treatment, AT-MSCs are potentially good candidates for reproductive disorder treatment and skin regeneration, and UC-MSCs are potentially good candidates for pulmonary disease and acute respiratory distress syndrome treatment.
The literature on the relationship between the degree of multinationality (M) and performance (P) in the context of multinational enterprises (MNEs) has attracted a large volume of research in the ...past 50 years. Yet, the theoretical foundations and the empirical conclusions concerning the nature of M-P relationship vary greatly, thus call for a critical review and assessment. We examine 135 articles in 39 leading scholarly journals and classic books published during the period 1960-2015. We use an inductive approach and a qualitative content analysis methodology for our comprehensive and critical review of the literature. We incorporate international business, finance, and accounting perspectives in our analysis. We review the conceptualization and measurement of M, P, the findings on M-P relationships, methodologies, and geographic focus. We identify six key inconsistencies in the existing research, which cause ambiguity in the relevant findings. We make eight recommendations for future research to address these inconsistencies. Thus, our study contributes to the central debate in this research field.
We examine the internal equity financing of the multinational subsidiary which retains and reinvests its own earnings. Internal equity financing is a type of firmspecific advantage (FSA) along with ...other traditional FSAs in innovation, research and development, brands and management skills. It also reflects subsidiary-level financial management decision-making. Here we test the contributions of internal equity financing and subsidiary-level financial management decision-making to subsidiary performance, using original survey data from British multinational subsidiaries in six emerging countries in the South East Asia region. Our first finding is that internal equity financing acts as an FSA to improve subsidiary performance. Our second finding is that over 90% of financing sources (including capital investment by the parent firms) in the British subsidiaries come from internal funding. Our third finding is that subsidiary-level financial management decision-making has a statistically significant positive impact on subsidiary performance. Our findings advance the theoretical, empirical and managerial analysis of subsidiary performance in emerging economies.
We build upon the theoretical framework of firm-specific advantages (FSAs) and country-specific advantages (CSAs) to examine the determinants of the local responsiveness strategy of foreign ...subsidiaries of Chinese multinational enterprises (MNEs). Specifically, we focus on relational assets (R-assets is seen as a unique type of Chinese MNEs’ FSA), the market-seeking foreign direct investment (FDI) and host country institutional environments as drivers of the local responsiveness strategy. We empirically test our hypotheses using a survey data of the foreign subsidiaries of Chinese firms together with other secondary data sources. We find that both Chinese MNEs’ R-assets and the market-seeking oriented FDI are positively related to subsidiaries’ local responsiveness strategy in accommodating local customer needs, government policies, market conditions, and competitive intensity. Moreover, the impact of R-assets in motivating the local responsiveness strategy is stronger in a host country with a weak and underdeveloped institutional environment. While the evidence confirms the existence of the R-assets in influencing subsidiary level strategy, it also casts doubt on such relations-based firm resources in advanced host countries with highly developed institutions.
We explore the internal workings of tax planning within US multinational enterprises (MNEs) using a qualitative research method. We conduct a series of interviews with senior tax executives, which we ...supplement with other public information. We find that US MNEs adopt a heterogenous range of approaches driven by the motivations as well as the opportunities to reduce their tax bill legally. We develop a new theoretical framework that analyses the interactions of motivations and opportunities in MNEs’ tax planning strategy. We generate four typologies of corporate tax payers. Our study provides new insights detailing why and how companies plan their tax.
We analyze the impacts on host country innovation of three knowledge-containing, inbound flows: imports (including intermediate and capital goods), inward licensing and inward FDI (equity ...participation of foreign firms). We measure firm-level innovation as the number of new products introduced in the host market and new patents registered by the host-country firms. Our study is the first one to examine the simultaneous impacts of these three inbound flows on host-country firms. We empirically test our dynamic models with panel data of manufacturing firms in Spain (1994–2015). We find positive impacts of all three inward flows, as far as introducing new products to the market is concerned. However, higher equity participation of foreign firms reduces host country patenting. The main implication for host-country firms is that openness to international inflows systematically improves the quality of resource combinations, leading to new products being introduced in the market.
We investigate the degree of internationalization of Chinese service multinational enterprises (MNEs) and their performance relative to global peers operating in the same industries, using the ...benchmarking method with the industry financial data. Our theoretical development is based upon Verbeke and Forootan (2012)'s framework, grounded in "new" internalization theory, arguing that an MNE's financial performance is fundamentally determined by its firm-specific advantages (FSAs). Here FSAs include not only conventional strengths in R&D and brand names, but also the recombination capabilities, which is a higher-order FSA. We theorize that Chinese service MNEs develop FSAs, which are built upon home country-specific advantages (CSAs) and thus their FSAs are home country-bound in nature. They have not yet been able to develop advanced management capabilities through recombination with host CSAs. We empirically examine the largest 500 Chinese service firms. We find that only 23 Chinese service firms are true MNEs, whereas the majority of them are purely domestic firms. The financial performance of Chinese service MNEs is poor relative to global peers. They internationalize mainly through acquisitions of foreign firms, which help them increase their foreign sales, but they are not able to achieve superior performance in overseas operations. We discuss the strategic implications of our findings for managers, public policy makers, and academic research.
•We examine how financial capital affects the decision to export (export propensity) and the share of exports over total sales (export intensity) by foreign subsidiaries of multinational enterprises ...(MNEs).•We dissect exports into intra-firm exports (exports to sister affiliates and parent firms) and arm’s length exports (exports to third-party external customers). We focus on the types of capital which can be used to finance exports, namely, intra-firm loans and bank loans.•We theorise that these two financing sources have different impacts on subsidiary export behaviour.•We use a survey dataset of subsidiaries, host-country data, and two-part models to test our hypotheses.•We find that intra-firm loans are positively related to arm’s length export propensity and intensity; however, intra-firm loans have no significant relationship with intra-firm export propensity and export intensity. Bank loans only have a positive impact on the likelihood of subsidiaries becoming arm’s length exporters, but they do not help subsidiaries with arm’s length export intensity. Bank loans negatively impact the likelihood of subsidiaries becoming intra-firm exporters; however, once subsidiaries participate in intra-firm exports, bank loans are positively associated with intra-firm export intensity. We discuss the implications of our findings for theory and practice.
In this study, we build upon internalisation theory in the international business literature and international trade finance in the international economics literature to examine how financial capital affects the decision to export (export propensity) and the share of exports over total sales (export intensity) by the foreign subsidiaries of multinational enterprises. We dissect exports into intra-firm exports (exports to sister affiliates and parent firms) and arm’s length exports (exports to third-party external customers), and we focus on the types of capital that can be used for financing exports, namely intra-firm loans and bank loans. We theorise that these two financing sources have different impacts on subsidiary export behaviour. To test our hypotheses, we use a survey dataset of subsidiaries, host-country data, and two-part models. Our findings show that intra-firm loans are positively related to arm’s length export propensity and intensity; however, intra-firm loans have no significant relationship with intra-firm export propensity and export intensity. Additionally, on the one hand, bank loans have a positive impact on the likelihood of subsidiaries becoming arm’s length exporters, but they do not help subsidiaries with arm’s length export intensity. On the other hand, bank loans negatively impact the likelihood of subsidiaries becoming intra-firm exporters; however, once subsidiaries participate in intra-firm exports, bank loans are positively associated with intra-firm export intensity. We discuss the implications of our findings for theory and practice.
•We examine the relationship between the role of trade finance availability and the export intensity of multinational subsidiaries.•We theorize that the capability in combining internal and external ...debts as trade finance to support export intensity is an important subsidiary-specific advantage.•We empirically test our hypotheses using survey data with subsidiary managers in six ASEAN countries supplemented with host country-level data.•We find that subsidiaries utilize intra-firm loans to boost their export intensity. To some extent, they combine with bank loans.•They may have concerns about foreign exchange (FX) risks but the use of appropriate FX risk management is positively associated with export intensity.
We examine the relationship between the role of trade finance availability and the export intensity of foreign subsidiaries of multinational enterprises (MNEs). In developing our hypotheses, we draw upon insights derived from “new” internalisation theory (international business literature) and international trade finance (international economics literature). We empirically test these hypotheses using survey data compiled from subsidiary managers in six ASEAN countries, supplemented with host-country level data. We conceptualise, empirically test, and establish that the subsidiary-level capability in combining and utilising internal and external debts is an important subsidiary-specific advantage to support export intensity. We find that subsidiaries employ intra-firm loans from MNE internal capital markets and, to some extent, bank loans from external financial institutions to boost their export intensity. Subsidiaries may have concerns about foreign exchange risks, but the use of appropriate foreign exchange risk management is positively associated with export intensity. We discuss the implications of our findings for theory and practice.
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