While it is obvious that America's state and local governments were consistently active during the nineteenth century, a period dominated by laissez-faire, political historians of twentieth-century ...America have assumed that the national government did very little during this period. A Government Out of Sight challenges this premise, chronicling the ways in which the national government intervened powerfully in the lives of nineteenth-century Americans through the law, subsidies, and the use of third parties (including state and local governments), while avoiding bureaucracy. Americans have always turned to the national government - especially for economic development and expansion - and in the nineteenth century even those who argued for a small, nonintrusive central government demanded that the national government expand its authority to meet the nation's challenges. In revising our understanding of the ways in which Americans turned to the national government throughout this period, this study fundamentally alters our perspective on American political development in the twentieth century, shedding light on contemporary debates between progressives and conservatives about the proper size of government and government programs and subsidies that even today remain 'out of sight'.
Integrating agency theory with institutional analysis in international business, we propose a state-control perspective to analyze government-control mechanisms in emerging economies' globalization ...of state-owned enterprises (SOEs). We identify two types of state control that influence SOEs' globalization decisions and the degree of globalization (DOG): state ownership control and executives' political connections, both of which are contingent upon the home country's evolving institutional environments. Using a two-step corporate globalization decision model and 17,272 firm -year observations of nonfinancial, Chinese-listed companies, we find a strong impact of both types of state control on SOEs' globalization, although the impacts differ between the periods before and after domestic governance reform and across different globalization decision steps. The diminishing impact of executives' political connections and the increasing impact of state ownership control on firms' DOG demonstrate the evolving relationship between the state and the managers, as well as the dynamics of state control in globalizing SOEs.
Entrepreneurship is an integral part of economic change and growth. Yet until recently it has been largely neglected by economists. In The Economics of Entrepreneurship, Simon C. Parker draws on ...theoretical insights and recent empirical findings to show how economics can contribute to our understanding of entrepreneurship. The book is based on an earlier work, The Economics of Self-employment and Entrepreneurship (Cambridge University Press, 2004), that has quickly become an essential reference for academics researching the economics of entrepreneurship. Written in a more accessible style, this book contains much that made this earlier work so successful and, in addition, includes improved pedagogical features and new material on the theory of the firm, spin-offs, nascent entrepreneurship, growth-enhancing knowledge spillovers and social entrepreneurship. It can be used both as a reference text for academics from a variety of disciplines and as a textbook for graduate students.
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
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.
This book examines and evaluates various private initiatives to enforce fair labor standards within global supply chains. Using unique data (internal audit reports and access to more than 120 supply ...chain factories and 700 interviews in 14 countries) from several major global brands, including NIKE, HP and the International Labor Organization's Factory Improvement Programme in Vietnam, this book examines both the promise and the limitations of different approaches to actually improve working conditions, wages and working hours for the millions of workers employed in today's global supply chains. Through a careful, empirically grounded analysis of these programs, this book illustrates the mix of private and public regulation needed to address these complex issues in a global economy.
The real value of China’s stock market Carpenter, Jennifer N.; Lu, Fangzhou; Whitelaw, Robert F.
Journal of financial economics,
03/2021, Letnik:
139, Številka:
3
Journal Article
Recenzirano
Odprti dostop
What capital allocation role can China's stock market play? Counter to perception, stock prices in China have become as informative about future profits as they ate in the US. This rise in stock ...price informativeness has coincided with an increase in investment efficiency among privately owned firms, suggesting the market is aggregating information and providing useful signals to managers. However, price informativeness and investment efficiency for state-owned enterprises fell below that of privately owned firms after the postcrisis stimulus, perhaps reflecting unpredictable subsidies and state-directed investment policy. Finally, evidence from realized returns suggests Chinese firms face a higher cost of equity capital than US firms.
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.
State interventions in markets assume varieties of forms in different economic systems. To capture this variety, we consider state capitalism as a multidimensional concept, first reviewing its ...historical evolution from both practical and scholarly vantages. We describe several dimensions of state capitalism and demonstrate how cross-national variations can be captured through positioning countries along these dimensions. We use cross-sectional data for a large sample of countries to derive factors that represent key dimensions of state capitalism. We demonstrate how cross-national and historical variation in state capitalism is captured by this Virtual Special Issue and offer suggestions for future research.
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