Administrative costs of regulation and foreign direct investment: evidence from Standard Cost Model implementation in non-OECD countries

In recent years both developed and developing countries have experienced an increasing number of government initiatives dedicated to reducing the administrative costs (AC) imposed on businesses by regulation. We use a bi-linear fixed-effects model to analyze the extent to which government initiatives to reduce AC through the Standard Cost Model (SCM) attract Foreign Direct Investment (FDI) among 32 developing countries. Controlling for standard determinants of the SCM, we find that the SCM in most cases leads to higher FDI and that the benefits are more significant where the SCM has been implemented for a longer period.

Concentration in the ownership of plant variety rights: Some implications for developing countries

This paper explores concentration levels in the ownership of intellectual property rights over plant varieties worldwide. An analysis of data for 30 UPOV member-countries shows a high degree of concentration in the ownership of plant variety rights for six major crops at the national level in the developed world. Much of this concentration has arisen owing to the rapid consolidation of the seed industry through mergers and acquisitions, especially in the 1990s. A high degree of concentration in the ownership of plant variety rights, in combination with recent efforts to strengthen plant variety protection regimes, is likely to have significant effects on the prospects for future innovation in plant breeding and the distribution of market power between companies. For developing countries, concentration in intellectual property right ownership may have important implications for the structure of domestic seed industries and access to protected varieties and associated plant breeding technologies. These implications for developing countries are likely to become apparent in the context of the rapid spread of plant variety protection and access legislation, emerging changes in the international exchange regime for plant material and liberalised investment policies permitting foreign investment in the seeds sector.

Concentration in ownership of plant variety rights: some implications for developing countries

This paper explores concentration levels in the ownership of intellectual property rights over plant varieties worldwide. An analysis of data for 30 UPOV member-countries shows a high degree of concentration in the ownership of plant variety rights for six major crops at the national level in the developed world. Much of this concentration has arisen owing to the rapid consolidation of the seed industry through mergers and acquisitions, especially in the 1990s. A high degree of concentration in the ownership of plant variety rights, in combination with recent efforts to strengthen plant variety protection regimes, is likely to have significant effects on the prospects for future innovation in plant breeding and the distribution of market power between companies. For developing countries, concentration in intellectual property right ownership may have important implications for the structure of domestic seed industries and access to protected varieties and associated plant breeding technologies. These implications for developing countries are likely to become apparent in the context of the rapid spread of plant variety protection and access legislation, emerging changes in the international exchange regime for plant material and liberalised investment policies permitting foreign investment in the seeds sector. (C) 2003 Elsevier Ltd. All rights reserved.

Moving on: the challenges for foreign language learning on transition from primary to secondary school

Europe's commitment to language learning has resulted in higher percentages of pupils studying foreign languages during primary education. In England, recent policy decisions to expand foreign language learning at primary level by 2010 create major implications for transition to secondary. This paper presents findings on transition issues from case studies of a DfES-funded project evaluating 19 local authority Pathfinders piloting the introduction of foreign language learning at primary level. Research on transition in other countries sets these findings in context. Finally, it investigates the challenges England faces for transition in the light of this expansion and discusses future implications.

International evidence on the predictability of returns to securitized real estate assets: econometric models versus neural networks

The performance of various statistical models and commonly used financial indicators for forecasting securitised real estate returns are examined for five European countries: the UK, Belgium, the Netherlands, France and Italy. Within a VAR framework, it is demonstrated that the gilt-equity yield ratio is in most cases a better predictor of securitized returns than the term structure or the dividend yield. In particular, investors should consider in their real estate return models the predictability of the gilt-equity yield ratio in Belgium, the Netherlands and France, and the term structure of interest rates in France. Predictions obtained from the VAR and univariate time-series models are compared with the predictions of an artificial neural network model. It is found that, whilst no single model is universally superior across all series, accuracy measures and horizons considered, the neural network model is generally able to offer the most accurate predictions for 1-month horizons. For quarterly and half-yearly forecasts, the random walk with a drift is the most successful for the UK, Belgian and Dutch returns and the neural network for French and Italian returns. Although this study underscores market context and forecast horizon as parameters relevant to the choice of the forecast model, it strongly indicates that analysts should exploit the potential of neural networks and assess more fully their forecast performance against more traditional models.

Domestic and foreign bias in global real estate mutual fund investment allocations

The purpose of the study is to seek a better understanding of the investment allocation behaviour of the real estate mutual funds by focusing on asset allocation at the country level. Analysing the country allocation of 553 real estate mutual funds domiciled in 20 countries, we attempt to trace how investment bias exists across countries and affects their country allocations. Our results evidence the existence of disproportionate country allocation to their domestic markets (domestic bias) and to each foreign market (foreign bias). We also find each bias is influenced by different sets of variables: real estate market influences for domestic bias and familiarity influences for foreign bias. This difference in factors influential for each bias in part explains the conflated relationship between the two biases.

The legitimacy of foreign investors: individual attitudes toward the impact of multinational enterprises

Purpose – This article aims to analyze individual attitudes toward the impact of multinational enterprises (MNEs) on local businesses. These individual attitudes are important in understanding voters' preferences, which studies show to affect governmental policies. MNEs' market entry location decisions are conditioned by the host's political environment. Moreover, MNEs' attempts to attain legitimacy in their host contexts ultimately affect their bottom line, so how the public perceive MNEs matters. Design/methodology/approach – Using a large-scale data set, the paper carefully delineates between a set of potential mechanisms influencing individual attitudes to globalization in the context of individuals' attitudes toward the impact of MNEs on local businesses. Findings – The article demonstrates that there is remarkable heterogeneity and complexity in individual attitudes toward the impact of MNEs on local businesses and that these attitudes differ across regions and across countries. It is found that better educated individuals, those employed in the private sector, and those who do not have nationalistic tendencies are more likely to consider that MNEs are not harming local firms, while the opposite holds for those who are employed in “less skilled” occupations, such as those working in plants or in elementary occupations. The article also provides evidence that individuals' attitudes are determined by more than the labor market calculations these individuals might have. In fact, the socializing influence of education and the socializing impact of the individuals' type/sector of occupation also significantly determine the individual attitudes under study. Originality/value – This area of research remains substantially under-developed in the literature that analyzes individual attitudes toward globalization, which focuses on individual attitudes toward trade and immigration. Thus, the article not only aims to broaden the work on individual attitudes toward globalization, but it also aims to facilitate further discussion on the specific topic of individual attitudes toward MNEs.

Foreign direct investment in high-risk environments: an historical perspective

Since the banking crisis of 2008 the global economy is perceived as riskier than before. Firms that cannot manage risks have withdrawn from countries in which they previously invested. These problems are not new. For centuries firms have invested in risky foreign environments, and many of them have succeeded. This paper reviews the risk management strategies of foreign investors. Using archival evidence and secondary sources it distinguishes the different types of risks that investors face and the different strategies by which risks can be managed. It investigates which strategies are used to manage which types of risk.

Foreign credit: travel writing and authenticity in the dutch translation of The memoirs and travels of Mauritius Augustus, Count de Benyowsky (1790)

This article explores the translation and reception of the Memoirs and Travels (1790) of Count Mauritius Augustus Benyowsky (1746-86) in the Netherlands, and examines the complications, tensions and problems that transfer between a major and a more minor European language involves. I analyse how the Dutch translator Petrus Loosjes Adriaanszoon positioned himself as a mediator between these very different source and target cultures and ask how he dealt with the problems of plausibility and ‘credit’ which had beleaguered the reception of the Memoirs and Travels from the outset. In this article I am concerned to restore minority languages to the discussion of how travel literature circulated in Western Europe at the close of the eighteenth century and to demonstrate how major/minor language translation was central to the construction of Dutch-language culture in the Low Countries in this period.

Can British multinational enterprises finance economic development in South East Asia?

Purpose – The purpose of this paper is to shed new light on the debate about the role of foreign direct investment (FDI) and public policy in fostering economic development. Specifically, can the capital inflow of multinational enterprises (MNEs) and the ability of the subsidiaries to raise funds locally help promote development? This paper addresses this issue by examining the capital structure and financing sources of foreign subsidiaries of MNEs. Design/methodology/approach – This paper integrates the capital structure theories in finance with internalization theory in international business. It uses an original primary dataset collected by a survey of 101 foreign subsidiaries of British MNEs in six emerging economies in the ASEAN region. Findings – There are three significant findings. First, these subsidiaries rely heavily on internal funds generated within the MNEs and less on external debts raised in the host countries. Second, the foreign subsidiary's capital structure is influenced by the home country of origin of the parent firm and the parent firm's financing sources. Third, these subsidiaries have used the financial resources to develop business networks with local small and medium enterprises (SMEs) which contribute to economic development of the host countries. Originality/value – This paper examines the internal capital market within the MNE. It provides theoretical and empirical support for the capital structure theory of the hierarchy financing approach and also for internalization theory by addressing FDI inflows by MNEs and the raising of funds locally. These findings have important implications for public policy, namely the facilitation of MNE entry to encourage economic development.

Regional business networks in the multinational retail sector

This article examines the network relationships of a set of large retail multinational enterprises (MNEs). We analyze under what conditions a flagship-network strategy (characterized by a network of five partners – the MNE, key suppliers, key partners, selected competitors and key organisations in the non-business infrastructure) explains the internationalisation of three retailers whose geographic scope, sectoral conditions and competitive strategies differ substantially. We explore why and when retailers will adopt a flagship strategy. The three firms are two U.K.-based multinational retailers (Tesco and The Body Shop) and a French-based global retailer (Moët Hennessy Louis Vuitton). We find evidence of strong network relationships for all three retailers, although each embraces network strategies for different reasons. Their flagship relationships depend on each retailer's strategic use of firm-specific-advantages (FSAs) and country-specific advantages (CSAs). We find that a flagship strategy can succeed in overcoming internal and/or environmental constraints to cross-border resource transfers, which are barriers to foreign direct investment (FDI). We provide recommendations on why and when to use a flagship-based strategy and which type of network partners to prioritize in order to succeed internationally.

Routing protocols and quality of services for security based applications using wireless video sensor networks

Wireless video sensor networks have been a hot topic in recent years; the monitoring capability is the central feature of the services offered by a wireless video sensor network can be classified into three major categories: monitoring, alerting, and information on-demand. These features have been applied to a large number of applications related to the environment (agriculture, water, forest and fire detection), military, buildings, health (elderly people and home monitoring), disaster relief, area and industrial monitoring. Security applications oriented toward critical infrastructures and disaster relief are very important applications that many countries have identified as critical in the near future. This paper aims to design a cross layer based protocol to provide the required quality of services for security related applications using wireless video sensor networks. Energy saving, delay and reliability for the delivered data are crucial in the proposed application. Simulation results show that the proposed cross layer based protocol offers a good performance in term of providing the required quality of services for the proposed application.