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Book of the Month. Authors Tim Winton Sarah J. Top Pick. Locations where this product is available This item is not currently in stock in Dymocks stores - contact your local store to order. Please note: not all stock is available in all stores. HardCover May 5, Experiences of Emerging Economy Firms investigates the different elements of the experiences of emerging economy firms and sheds essential light on a large variety of aspects associated with their functioning in both home and host contexts.
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However, the drawback of this policy is that it has driven many Chinese firms to invest overseas. Overall, in response to the hostile climate created by institutions in their home country, a large number of managers and firms in Russia, India, and China have made a rational decision to turn their operations at home into "subsidiaries" of foreign firms which are registered in places like Cyprus, Mauritius, and Hong Kong and the BVI. In other words, when one probes more deeply into the institution-based reasoning behind decisions regarding OFDI from emerging economies, a lot of weaknesses in these economies are revealed.
Academic specialists have argued that institutional frameworks are made up of formal and informal constraints that interact with organizations.
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These institutional frameworks help firms by reducing uncertainty. Traditional research into MNEs, which is almost exclusively based on the experience of MNEs from developed economies, has been conducted through a "strengths" perspective. As noted earlier, this "strengths" perspective can explain some of the OFDI made by emerging multinationals. However, it is clear that traditional theory cannot fully explain, nor help us predict, the strategy, behavior, and performance of emerging multinationals. Employing, broadening, and deepening our understanding of the "weaknesses" perspective is essential to supplement the "strengths" perspective.
We argue that what in theoretical terms can significantly help advance the "weaknesses" perspective is an institution-based view, which lays stress on the dynamic interaction between institutions and organizations, and takes full account of strategic choices as being the logical outcome of these interactions Peng et al, , The rationale is that strategic choices, such as undertaking OFDI, is not merely driven by industrial conditions and firm-specific resources, but are also a reflection of the formal and informal constraints of a particular institutional framework that managers confront.
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While the proposition that "institutions matter" is hardly novel or controversial, we have yet to unlock the institutional "black box" that lies behind the rise of OFDI from emerging multinationals. Existing theories about MNE either ignore capital round-tripping or experience difficulty in explaining it. A thorough search of material in the leading journal in the field, Journal of International Business Studies JIBS , since it was founded in , discovered that when we used key phrases such as "round tripping," "institutional arbitrage," and "regulatory arbitrage" in articles titles or abstracts, there was only a single article by Fung et al.
While this article is a useful start, clearly more research needs to be conducted on these crucially important but surprisingly underexplored topics.
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From an institution-based standpoint, MNEs that undertake capital round-tripping tend to engage in institutional or regulatory arbitrage Fung et al, If we endeavor to leverage the OFDI from emerging multinationals to build new theories and enhance our understanding of this new phenomenon in global competition, further institution-based research on the institutional weaknesses inherent in emerging economies that drive OFDI is required.
This institution-based research agenda is not only of significance for MNEs from emerging economies, but also potentially important for MNEs from developed economies as well. The following is a case in point: tax havens became tax havens before the more recent emergence of multinationals from BRIC.
Hence, when examining the institution-based logic behind OFDI, there are signs of convergence of both the emerging and developed economies.
Given this convergence, what, then, are the differences between MNEs from the emerging and developed economies that make use of tax havens? The answer depends on the question of degree. In view of this, it is reasonable to ask whether this OFDI to tax havens for capital round-tripping purposes will decrease as emerging economies develop more business-friendly institutions. This may be the case, but it is evident that as the US loses its competitiveness in offering business-friendly institutions in other words, if the tax burdens become too high for US firms , the BVI and the Cayman Islands may one day appear on the list of the top five recipient countries of US OFDI or on the list of the top five countries making IFDI in the United States.
In short, the institution-based weaknesses of the US economy may also drive some of its firms to undertake similar OFDI. For policymakers in emerging economies, the implications of what has been discussed above are twofold. First, they must strengthen their positive role in support of OFDI. Second, policymakers in emerging economies must take steps to reduce the negative aspects of their role. Unequal treatment between domestic and foreign firms has driven some Chinese firms abroad. Thus, if this unequal treatment technically abolished as of can be rectified, it may reduce some capital round-tripping.
In Russia, a greater respect for the law would remove a large number of uncertainties on the part of many Russian firms and managers, who might decide to invest in Russia instead of making the arduous capital round-trip. In India, reducing the discretion of the License Raj would go a long way to making badly needed investment available for industry at home. Policymakers in host countries should embrace a pragmatic form of nationalism as opposed to being excessively alarmed.
The return of the Russian "bear" is a constant national nightmare for some of these countries.
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