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International Investment (international + investment)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting87%

Terms modified by International Investment

  • international investment position
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    Selected Abstracts

    Wealth Effects of International Investments and Agency Problems for Korean Multinational Firms

    JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 3 2003
    Wi Saeng Kim
    This paper recognizes the recent surge in cross-border investments by MNCs from newly industrialized countries and investigates the wealth effects of FDI announcements by Korean firms, which are the leading FDI providers in Asia. The empirical results indicate that for Korean MNCs: 1) cross-border investments increase shareholder wealth; and 2) they do not obtain the firm-specific technological advantages over international competitors. The paper also presents evidence that cross-border investments do not increase shareholder wealth for the 30 largest chaebol -affiliates, and that shareholder wealth losses are greater when corporate ownership is concentrated, as suggested by Shleifer and Vishny (1997) and La Porta et al. (1998, 2000). [source]

    Human Resource Management Practices at Subsidiaries of Multinational Corporations and Local Firms in Taiwan

    INTERNATIONAL JOURNAL OF SELECTION AND ASSESSMENT, Issue 1 2000
    Tung-Chun Huang
    Global competition has forced corporations to invest overseas in order to gain or maintain competitive advantage. International investment entails not only the movement of capital, machinery, and products but also the spread of corporate cultures to host countries. This is so because, to maintain managerial consistency among its branches, a multinational corporation (MNC) will attempt to transplant its management system to any country in which it invests.However, it is also recognized that cultural contexts differ markedly among nations, and that multinational firms must adjust their management practices to accommodate specific conditions in host-country environments. [source]

    Debt v. Foreign Direct Investment: The Impact of Sovereign Risk on the Structure of International Capital Flows

    ECONOMICA, Issue 273 2002
    Monika Schnitzer
    The paper compares the two standard forms of international investment in developing countries, debt and foreign direct investment (FDI), from a finance perspective. The sovereign risks associated with debt finance are shown to be generally less severe than the ones that come with FDI. FDI is chosen only if the foreign investor is more efficient in running the project, if the project is risky, and if the foreign investor has a good outside option which deters creeping expropriation. The sovereign risk problem of FDI can be alleviated if the host country and the foreign investor form a joint venture. [source]

    The Interface of Globalization and Peripheral Land in the Cities of the South: Implications for Urban Governance and Local Economic Development

    INTERNATIONAL JOURNAL OF URBAN AND REGIONAL RESEARCH, Issue 2 2007
    RAMIN KEIVANI
    Abstract This essay examines the impact of globalization on land peripheral to large cities of the south. It identifies such land as providing major arenas for contested claims between the requirements of international firms and those of local inhabitants and businesses, entailing both threats and opportunities in terms of local economic development. Much depends on the urban governance and institutional processes surrounding the use and allocation of land that are themselves directly influenced by the globalization process. In many cities national, state or provincial governments have set up special parastatal organizations with substantial funding and significant decision-making powers over infrastructure development and land use to facilitate the rebirth of their cities as havens for international investment. In the process local municipalities and the local population are often excluded from the decision-making process, while being left to cope with the aftermath and maintenance of the grand projects. The essay identifies weaknesses in elite governance models usually centred at the state or national levels, and asks if a better alternative may be a local government-led ,inclusive leadership' model capable of clear leadership, greater coordination of different governance layers and inclusion of local actors. Résumé Cet essai étudie l'impact de la mondialisation sur les terrains situés à la périphérie des grandes villes du Sud. Il identifie ces terrains comme des scènes majeures de contradiction entre les besoins des multinationales et les revendications des entreprises et habitants locaux, ce qui créent à la fois menaces et opportunités en termes d'expansion économique locale. Le résultat dépend largement des processus institutionnels et de gouvernance urbaine qui entourent l'utilisation et l'affectation des terrains, processus eux-mêmes directement influencés par la mondialisation. Dans de nombreuses villes, les organes de gouvernement nationaux, étatiques ou provinciaux ont créé des entités para-étatiques spécialisées, dotées de fonds et de pouvoirs décisionnels considérables en matière d'aménagement des infrastructures et d'occupation des sols, afin de réinstaurer leur ville en terre d'accueil de l'investissement international. Or, les municipalités et populations locales sont souvent exclues du processus de décision alors qu'on les laisse assumer les conséquences et la maintenance des grands projets. L'article repère les faiblesses des modèles de gouvernance par les élites, généralement centrés aux niveaux de l'Etat ou de la nation, et se demande si un modèle de ,leadership inclusif' sous la houlette du gouvernement ne serait pas une meilleure alternative, permettant un leadership clair, une meilleure coordination des différentes strates de gouvernance et l'intégration des acteurs locaux. [source]

    Analysts' Forecasts in Asian-Pacific Markets: The Relationship among Macroeconomic Factors, Accounting Systems, Bias and Accuracy

    JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 3 2006
    Ervin L. Black
    In this study, we describe determinants of accuracy/bias of analysts' forecasts in 13 economies of the Asian-Pacific region. Examination of the accuracy of analysts' earnings forecasts allows us to judge how accounting systems and macroeconomic distinctions in this region affect earnings predictability. As many investors rely on analysts' earnings forecasts instead of producing their own, the growth of international investment means forecasts in non-US markets will become increasingly important to investors worldwide. Using a sample of firms with data available on Global Vantage and I/B/E/S International, we find that the analysts on average have a pessimistic bias in Asian-Pacific markets. We examine whether macroeconomic factors explain part of the difference in the size of analyst forecast errors, using the global competitiveness rankings of the World Economic Forum (WEF). We expect that those nations which are more open to foreign trade and investment and are ranked more highly by the WEF in its Global Competitiveness Index will also have more accurate analyst forecasts, as increased global competitiveness demands greater integration into the world economy, and such integration should lead to more transparent financial statements and more accurate earnings forecasts. Our findings are consistent with this prediction. We also find that countries with low book-tax conformity have more accurate earnings forecasts. [source]

    The limits to the growth of multinational firms in a foreign market

    MANAGERIAL AND DECISION ECONOMICS, Issue 8 2003
    Danchi Tan
    Theories of growth for firms have suggested that slow managerial growth is a major constraint why firms cannot grow faster. This paper is built on such a view and explores the factors that may influence the growth rate of Japanese firms in a given US industry. It is found that Japanese firms that allocated more internal and international managerial resources (proxied by expatriates) to their US operations tended to achieve higher growth rates. Japanese firms that were geographically diversified and those that spread their international investment projects evenly over time also achieved higher growth rates. Copyright © 2003 John Wiley & Sons, Ltd. [source]

    Trade taxes and international investment

    CANADIAN JOURNAL OF ECONOMICS, Issue 3 2009
    Emily J. Blanchard
    Abstract This paper demonstrates that international investment disturbs the conventionally understood equivalence between import tariffs and export taxes. Fundamentally, remittances to foreigners introduce an additional pecuniary channel between countries so that two-good Lerner Symmetry generally will not hold. Moreover, because tariffs subsidize investors in the local import competing sector while export taxes can extract rent from foreign investors in the export sector, the pattern of international investment will influence government preferences over trade policy,instruments,as well as levels. Notably, trade tax symmetry is restored by introducing a third policy tool in the form of a direct a tax on international remittances. Ce mémoire montre que l'investissement international bouscule l'équivalence canonique présumée entre tarifs à l'importation et taxe à l'exportation. Fondamentalement, des versements aux étrangers ouvrent un canal additionnel entre pays qui fait que la Symétrie de Lerner ne tient plus. De plus, parce que les tarifs subventionnent les investisseurs dans le secteur national protégé, alors que la taxe à l'exportation peut extraire une rente des investisseurs étrangers dans le secteur d'exportation, le pattern d'investissement international va influencer les préférences du gouvernement quant à l'usage d'un instrument de politique commerciale ou un autre et quant à la vigueur avec laquelle il sera utilisé. La symétrie des taxes sur le commerce international est restaurée en introduisant un troisième intrument de politique sous la forme d'une taxe directe sur les versements internationaux. [source]