This book provides an essential historical framework for understanding global business. The author shows how entrepreneurs built a global economy in the nineteenth century by creating firms that ...pursued resources and markets across borders. It demonstrates how firms shifted strategies as the first global economy disintegrated in the political and economic chaos between the two world wars, and how they have driven the creation of the contemporary global economy. Many of the issues of the global economy have been encountered in the past. This book reveals how entrepreneurs and managers met the political, ethical, cultural, and organizational challenges of operating across borders at different times and in different environments. The role of multinationals is placed within their wider political and economic context. There are chapters on the impact of multinationals, and on relations with governments. The focus on the shifting roles of firms and industries over time provides compelling evidence on the diversity and discontinuities of the globalization process. The book explores the history of multinationals across a wide spectrum of manufacturing, service and natural resource industries. By providing an accessible survey of the history of international business worldwide, this book will be key reading for students taking courses in International Business, Business History, and Entrepreneurship; and of interest to academics and researchers working in these areas. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/0199272093/toc.html
Thirteen million people in the United States--roughly one in ten workers--own a business. And yet rates of business ownership among African Americans are much lower and have been so throughout the ...twentieth century. In addition, and perhaps more importantly, businesses owned by African Americans tend to have lower sales, fewer employees and smaller payrolls, lower profits, and higher closure rates. In contrast, Asian American-owned businesses tend to be more successful. In Race and Entrepreneurial Success, minority entrepreneurship authorities Robert Fairlie and Alicia Robb examine racial disparities in business performance. Drawing on the rarely used, restricted-access Characteristics of Business Owners (CBO) dataset compiled by the U.S. Census Bureau, Fairlie and Robb examine in particular why Asian-owned firms perform well in comparison to white-owned businesses and black-owned firms typically do not. They also explore the broader question of why some entrepreneurs are successful and others are not.. After providing new comprehensive estimates of recent trends in minority business ownership and performance, the authors examine the importance of human capital, financial capital, and family business background in successful business ownership. They find that a high level of startup capital is the most important factor contributing to the success of Asian-owned businesses, and that the lack of startup money for black businesses (attributable to the fact that nearly half of all black families have less than $6,000 in total wealth) contributes to their relative lack of success. In addition, higher education levels among Asian business owners explain much of their success relative to both white- and African American-owned businesses. Finally, Fairlie and Robb find that black entrepreneurs have fewer opportunities than white entrepreneurs to acquire valuable pre-business work experience through working in family businesses.
Lawlessness and economics Dixit, Avinash K; Dixit, Avinash K
2004., 20111023, 2011, 2004, 2004-01-01, 20040101, Volume:
1
eBook
How can property rights be protected and contracts be enforced in countries where the rule of law is ineffective or absent? How can firms from advanced market economies do business in such ...circumstances? In Lawlessness and Economics, Avinash Dixit examines the theory of private institutions that transcend or supplement weak economic governance from the state.
Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses ...or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic,Private Equity at Workprovides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence-including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship-to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers.
Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors.Private Equity at Workprovides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies-representing almost 8 million employees-have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers.
Appelbaum and Batt show that private equity firms' financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized.
Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms.
A groundbreaking analysis of a hotly contested business model,Private Equity at Workprovides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.
The information and digital age is shaped by a small number of multinational enterprises from a limited number of countries. This volume covers the latest insight from the International Business ...discipline on prevailing trends in business model evolution. It also discusses critical issues of regulation in the new information and digital space.
There is extraordinary variation in how governments treat multinational corporations in emerging economies; in fact, governments around the world have nationalized or eaten away at the value of ...foreign-owned property in violation of international treaties. This even occurs in poor countries, where governments are expected to, at a minimum, respect the contracts they make with foreign firms lest foreign capital flee. In The Shield of Nationality, Rachel Wellhausen introduces foreign-firm nationality as a key determinant of firms' responses to government breaches of contract. Firms of the same nationality are likely to see a compatriot's broken contract as a forewarning of their own problems, leading them to take flight or fight. In contrast, firms of other nationalities are likely to meet the broken contract with apparent indifference. Evidence includes quantitative analysis and case studies that draw on field research in Ukraine, Moldova, and Romania.
Why have so many firms in emerging economies internationalized quite aggressively in the last decade? What competitive advantages do these firms enjoy and what are the origins of those advantages? ...Through what strategies have they built their global presence? How is their internationalization affecting Western rivals? And, finally, what does all this mean for mainstream international business theory? In Emerging Multinationals in Emerging Markets, a distinguished group of international business scholars tackle these questions based on a shared research design. The heart of the book contains detailed studies of emerging-market multinationals (EMNEs) from the BRIC economies, plus Israel, Mexico, South Africa, and Thailand. The studies show that EMNEs come in many shapes and sizes, depending on the home-country context. Furthermore, EMNEs leverage distinctive competitive advantages and pursue distinctive internationalization paths. This timely analysis of EMNEs promises to enrich mainstream models of how firms internationalize in today's global economy.
Gregory Fairchild introduces readers to the rising set of entrepreneurs whose efforts to reach marginalized groups are reshaping the emerging markets of the United States. He explores how ...minority-owned and community-development institutions are achieving innovations in financial services to further economic development and reduce inequality.
The rise of innovative firms in emerging market economies is an increasingly topical issue. However, the literature has lagged behind in helping us understand this phenomenon. Addressing this gap, ...the book draws on a variety of firm-level experiences across a range of key countries, sectors, and institutional contexts. Despite the obvious differences, the book finds a commonality in these experiences: they have all been influenced by shifts in the institutional, technological, and policy environment, in particular by the opening up of emerging market economies over the past three decades, and the consequent increase in international business interactions. Across the different countries surveyed in Asia and Latin America, the book argues that firm level innovation has been strongly influenced by capabilities that had previously been built up in a relatively closed environment. However, in the current more open environment, it is suggested that innovation among firms also reflects differences in these national historical contexts, as well as in the different forms of interaction with international business that have subsequently emerged. This book is a valuable resource for academics, researchers, and graduate students in international business and technology management. Contributors to this volume - Edmund Amann, University of Manchester John Cantwell, Rutgers University Martin Bell, University of Sussex Paulo Figueiredo, Fundacao Getulio Vargas/EBAPE Huiping Li, Ramapo College of New Jersey Dinar Kale, the Open University Rajah Rasiah, University of Malaya Keun Lee , Seoul National University John Matthews, Macquarie University Anabel Marin, University of Sussex
