ICT diffusion and foreign direct investment:a comparative study between Asia-Pacific and the Middle Eastern economies

This chapter investigates the impact of inward and outward FDI on ICT diffusion in the Asia-Pacific and Middle East regions for the period 1996-2008. The results indicate that while inward FDI has generally had a positive and significant impact on ICT diffusion in Asia-Pacific economies, its impact on the Middle Eastern countries has been detrimental. In contrast, the results of this study also show that outward FDI has had, in general, the inverse effect, it has been in general positive and significant for the Middle East countries but insignificant for Asia-Pacific economies.

Organised crime and the law:a comparative analysis, by Liz Campbell

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Industrial performance, agglomeration, and foreign manufacturing investment in the UK

This paper examines the relationship between the comparative advantage of UK industries, and new inward investment into these industries. The paper demonstrates that the extent of foreign manufacturing investment in an industry, and the spatial agglomeration of that industry, are significant determinants of industry comparative advantage, thus providing evidence of agglomeration benefits to both domestic and foreign firms. The paper then shows that industry comparative advantage itself, toegther with a series of industry specific characteristics, are important determinants of new foreigh manufacturing investment, thus providing evidence of the dynamic benefits of foreign direct investment in the UK economy.

Exchange rate exposure : do size and foreign operations matter?

Purpose – The purpose of this paper is to examine the effect of firm size and foreign operations on the exchange rate exposure of UK non-financial companies from January 1981 to December 2001. Design/methodology/approach – The impact of the unexpected changes in exchange rates on firms’ stock returns is examined. In addition, the movements in bilateral, equally weighted (EQW) and trade-weighted and exchange rate indices are considered. The sample is classified according to firm size and the extent of firms’ foreign operations. In addition, structural changes on the relationship between exchange rate changes and individual firms’ stock returns are examined over three sub-periods: before joining the exchange rate mechanism (pre-ERM), during joining the ERM (in-ERM), and after departure from the ERM (post-ERM). Findings – The findings indicate that a higher percentage of UK firms are exposed to contemporaneous exchange rate changes than those reported in previous studies. UK firms’ stock returns are more affected by changes in the EQW, and US$ European currency unit exchange rate, and respond less significantly to the basket of 20 countries’ currencies relative to the UK pound exchange rate. It is found that exchange rate exposure has a more significant impact on stock returns of the large firms compared with the small and medium-sized companies. The evidence is consistent across all specifications using different exchange rate. The results provide evidence that the proportion of significant foreign exchange rate exposure is higher for firms which generate a higher percentage of revenues from abroad. The sensitivities of firms’ stock returns to exchange rate fluctuations are most evident in the pre-ERM and post-ERM periods. Practical implications – This study provides important implications for public policymakers, financial managers and investors on how common stock returns of various sectors react to exchange rate fluctuations. Originality/value – The empirical evidence supports the view that UK firms’ stock returns are affected by foreign exchange rate exposure.

Rethinking comparative and cross national human resource management research

This article first briefly highlights the rapid development of the human resource management (HRM) discipline and the need for more cross-national HRM studies. The universal applicability of Anglo-Saxon models of HRM is then questioned. To examine the applicability of HRM models in different settings (national and international), five main HRM models are critically analysed and their main research propositions are identified. This provides the basis for a framework for HRM evaluations in different contexts. Based on such a framework and developments in the literature, finally, a contextual model is proposed for conducting cross-national and comparative HRM studies. The paper also indicates some related directions for future research.

The causal relationship between information and communication technology and foreign direct investment

This paper investigates the simultaneous causal relationship between investments in information and communication technology (ICT) and flows of foreign direct investment (FDI), with reference to its implications on economic growth. For the empirical analysis we use data from 23 major countries with heterogeneous economic development for the period 1976-99. Our causality test results suggest that there is a causal relationship from ICT to FDI in developed countries, which means that a higher level of ICT investment leads to an increase inflow of FDI. ICT may contribute to economic growth indirectly by attracting more FDI. Contrarily, we could not find significant causality from ICT to FDI in developing countries. Instead, we have partial evidence of opposite causality relationship: the inflow of FDI causes further increases in ICT investment and production capacity. © United Nations University 2006.

Employment effects of privatisation and foreign acquisition of Chinese state-owned enterprises

This paper investigates the effects of domestic privatisation or foreign acquisition of Chinese State Owned Enterprises (SOEs) on employment growth, using firm level data for China and a combination of propensity score matching and difference-in-differences in order to identify the causal effect. Our results suggest that, controlling for output growth there is some evidence that domestic privatisation leads to contemporaneous reductions in employment growth compared to firms that did not undergo an ownership change. By contrast, there is some evidence that foreign acquisitions show higher employment growth in the post acquisition period than non-acquired SOEs.

Casebook on Landlord and Tenant Law

This book provides a comprehensive coverage of the law of landlord and tenant, including the leading cases in the main subject areas. In addition to extracts from leading judgments, each chapter has a section of introductory text, as well as detailed discussive commentary linking the extracts.

Landlord and tenant law

This second edition contains many new questions covering recent developments in the field of landlord and tenant law including Bruton v London and Quadrant Housing Trust, Hemmingway Securities Ltd v Dunraven Ltd, British Telecommunications plc v Sun Life Assurance Society plc and Graysim Holdings Ltd v P&O Property Holdings Ltd. New topics covered also include the Landlord and Tenant (Covenant) Act 1995, the Contracts (Rights of Third Parties) Act 1999 and the Agricultural Tenancies Act 1995. In addition the authors have made substantial revisions to existing questions in order to bring them in line with recent case law and statutory provisions, which include the Housing Act 1996 and the Unfair Terms in Consumer Contracts Regulations 1999. The book also contains guidance on examination technique and achieving success in the exam.

Questions and answers:Landlord and tenant Law

The law of landlord and tenant has become an increasingly complex area for both professionals and students. Apart from the double hurdle of mastering both common law principles and statutory codes, various aspects of the subject have become increasingly specialised and challenging. This new edition of Question and Answer Landlord and Tenant demonstrates that even complex problems can be explained in straightforward and inspiring terms. The authors, both experienced academics and barristers, provide detailed answers to typical questions in this difficult field. The third edition of this book has been updated in the new Question and Answer style of questions followed by commentary, bullet points and diagrams and flowcharts. It offers new questions based on the latest recommendations of the Law Commission on renting homes and the abolition of the law of forfeiture. There are new questions on the human rights dimension, the recent changes to Part II of the Landlord and Tenant Act 1954 and the substantial amendments made to leasehold enfranchisement under the Commonhold and Leasehold Reform Act 2002.

A comparative and longitudinal analysis of the evolving relationship between the environment and the strategy, structure and performance of selected organisations in the British carpet industry 1959-1986:a firms in sector perspective of organisational adaptation

Orthodox contingency theory links effective organisational performance to compatible relationships between the environment and organisation strategy and structure and assumes that organisations have the capacity to adapt as the environment changes. Recent contributions to the literature on organisation theory claim that the key to effective performance is effective adaptation which in turn requires the simultaneous reconciliation of efficiency and innovation which is afforded by an unique environment-organisation configuration. The literature on organisation theory recognises the continuing confusion caused by the fragmented and often conflicting results from cross-sectional studies. Although the case is made for longitudinal studies which comprehensively describe the evolving relationship between the environment and the organisation there is little to suggest how such studies should be executed in practice. Typically the choice is between the approaches of the historicised case study and statistical analysis of large populations which examine the relationship between environment and organisation strategy and/or structure and ignore the product-process relationship. This study combines the historicised case study and the multi-variable and ordinal scale approach of statistical analysis to construct an analytical framework which tracks and exposes the environment-organisation-performance relationship over time. The framework examines changes in the environment, strategy and structure and uniquely includes an assessment of the organisation's product-process relationship and its contribution to organisational efficiency and innovation. The analytical framework is applied to examine the evolving environment-organisation relationship of two organisations in the same industry over the same twenty-five year period to provide a sector perspective of organisational adaptation. The findings demonstrate the significance of the environment-organisation configuration to the scope and frequency of adaptation and suggest that the level of sector homogeneity may be linked to the level of product-process standardisation.

Indigenous and foreign innovation efforts and drivers of technological upgrading:evidence from China

This paper explores the role of indigenous and foreign innovation efforts in technological upgrading in developing countries, taking into account sectoral specificities in technical change. Using a Chinese firm-level panel dataset covering 2001–05, the paper decomposes productivity growth into technical change and efficiency improvement and examines the impact of indigenous and foreign innovation efforts on these changes. Indigenous firms are found to be the leading force on the technological frontier in the low- and medium-technology industries, while foreign-invested firms enjoy a clear lead in the high-technology sector. Collective indigenous R&D activities at the industry level are found to be the major driver of technology upgrading of indigenous firms that push out the technology frontier. While foreign investment appears to contribute to static industry capabilities, R&D activities of foreign-invested firms have exerted a significant negative effect on the technical change of local firms over the sample period.

Indigenous and foreign innovation efforts and drivers of technological upgrading:evidence from China

This paper explores the drivers of technology upgrading in emerging economies using a recent Chinese firm-level panel dataset over the 2001-2005 period. It extends the Directed Technical Change theory by considering differences in technology intensities across industries within a country; examines the drivers of technical change, efficiency improvement and TFP growth in Chinese manufacturing firms; and explores the roles of indigenous innovations and foreign technology. It finds that FDI contributes to static industry capabilities by advanced technologies embedded in imported machineries, but not to dynamic technological capabilities of indigenous firms in developing countries. Collective indigenous R&D activities at industry level are the major driver of technology upgrading of indigenous firms that push up the technology frontier. Policy implications are discussed.

Bridging the gap? Corruption, knowledge and foreign ownership

We argue that in addition to host corruption per se, as accounted for by the existing literature, an explanation of inter-country variation in FDI needs to account for the distance between the host and home corruption, which we call relative corruption. We use a large matched home-host firm-level panel data-set for 1998-2006 from CEE transition countries. Year-specific selectivity corrected estimates suggest that, ceteris paribus, higher relative ‘grand’ corruption lowers foreign ownership as the returns to investment tends to be lower in more corrupt environment. However, after controlling for the selectivity bias, knowledge-intensive parent firms are found to hold controlling ownership, as the difficulty of successful joint venture looms large in more corrupt environment. Results are robust to alternative specifications.