Risks to Hospitality Firms in the International Arena

Much potential for growth in hospitality firms exists in foreign countries, but expansion abroad typicality bears additional risks that could be detrimental to the operations. The authors explore those risks, currency exchange risk, and country risk, and offer practical techniques to access, manage, control, and reduce them. Deriving benefits from global opportunities requires effective management of these areas

English Language Learners: A Correlational Study of the Relationship Between A Proficiency Level Assessment and End of Course Test Scores at one Georgia High School

Understanding the language of one’s cultural environment is important for effective communication and function. As such, students entering U.S. schools from foreign countries are given access to English to Speakers of Other Languages (ESOL) programs and they are referred to as English Language Learner (ELL) students. This dissertation examined the correlation of ELL ACCESS Composite Performance Level (CPL) score to the End of Course tests (EOCTs) and the Georgia High School Graduation Tests (GHSGTs) in the four content courses (language arts, mathematics, science, and social studies). A premise of this study was that English language proficiency is critical in meeting or exceeding state and county assessment standards. A quantitative descriptive research design was conducted using Cross-sectional archival data from a secondary source. There were 148 participants from school years 2011-2012 to 2013- 2014 from Grades 9-12. A Pearson product moment correlation was run to assess the relationship between the ACCESS CPL (independent variable) and the EOCT scores and the GHSGT scores (dependent variables). The findings showed that there was a positive correlation between ACCESS CPL scores and the EOCT scores where language arts showed a strong positive correlation and mathematics showed a positive weak correlation. Also, there was a positive correlation between ACCESS CPL scores and GHSGT scores where language arts showed a weak positive correlation. The results of this study indicated that that there is a relationship between the stated variables, ACCESS CPL, EOCT and GHSGT. Also, the results of this study showed that there were positive correlations at varying degrees for each grade levels. While the null hypothesis for Research Question 1 and Research Question 2 were rejected, there was a slight relationship between the variables.

The role of overseas Chinese investment in the emerging countries of Southeast and East Asia: A Confucian model of the foreign direct investment decision-making process using factors unconsidered in the West

The purpose of this study was to gain a better understanding of the foreign direct investment location decision making process through the examination of non-Western investors and their investment strategies in non-traditional markets. This was accomplished through in-depth personal interviews with 50 Overseas Chinese business owners and executives in several different industries from Hong Kong, Singapore, Taiwan, Malaysia, and Thailand about 97 separate investment projects in Southeast and East Asia, including The Philippines, Malaysia, Hong Kong, Singapore, Vietnam, India, Pakistan, South Korea, Australia, Indonesia, Cambodia, Thailand, Burma, Taiwan, and Mainland China.^ Traditional factors utilized in Western models of the foreign direct investment decision making process are reviewed, as well as literature on Asian management systems and the current state of business practices in emerging countries of Southeast and East Asia. Because of the lack of institutionalization in these markets and the strong influences of Confucian and patriarchal value systems on the Overseas Chinese, it was suspected that while some aspects of Western rational economic models of foreign direct investment are utilized, these models are insufficient in this context, and thus are not fully generalizable to the unique conditions of the Overseas Chinese business network in the region without further modification.^ Thus, other factors based on a Confucian value system need to be integrated into these models. Results from the analysis of structured interviews suggest Overseas Chinese businesses rely more heavily on their network and traditional Confucian values than rational economic factors when making their foreign direct investment location decisions in emerging countries in Asia. This effect is moderated by the firm's industry and the age of the firm's owners. ^

Theory of foreign portfolio investment

This dissertation examines one category of international capital flows, private portfolio investments (private refers to the source of capital). There is an overall lack of a coherent and consistent definition of foreign portfolio investment. We clarify these definitional issues.^ Two main questions that pertain to private foreign portfolio investments (FPI) are explored. The first problem is the phenomenon of home preference, often referred to as home bias. Related to this are the observed cross-investment flows between countries that seem to contradict the textbook rendition of private FPI. A description of the theories purporting to resolve the home preference puzzle (and the cross-investment one) are summarized and evaluated. Most of this literature considers investors from major developed countries. I consider--as well--whether investors in less developed countries have home preference.^ The dissertation shows that home preference is indeed pervasive and profound across countries, in both developed and emerging markets. For the U.S., I examine home bias in both equity and bond holdings as well. I find that home bias is greater when we look at equity and bond holdings than equity holdings solely.^ In this dissertation a model is developed to explain home bias. This model is original and fills a gap in the literature as there have been no satisfactory models that handle at the same time both home preference and cross-border holdings in the context of information asymmetries. This model reflects what we see in the data and permits us to reach certain results by the use of comparative statics methods. The model suggests, counter-intuitively, that as the rate of return in a country relative to the world rate of return increases, home preference decreases. In the context of our relatively simple model we ascribe this result to the higher variance of the now higher return for home assets. We also find, this time as intended, that as risk aversion increases, investors diversify further so that home preference decreases.^ The second question that the dissertation deals with is the volatility of private foreign portfolio investment. Countries that are recipients of these flows have been wary of such flows because of their perceived volatility. Often the contrast is made with the perceived absence of volatility in foreign direct investment flows. I analyze the validity of these concerns using first net flow data and then gross flow data. The results show that FPI is not, in relative terms, more volatile than other flows in our sample of eight countries (half were developed countries and the rest were emerging markets).^ The implication therefore is that restricting FPI flows may be harmful in the sense that private capital may not be allocated efficiently worldwide to the detriment of capital poor economies. More to the point, any such restrictions would in fact be misguided. ^

Norms and Greek foreign policy: 1981--2000

From the end of WWII to the end of the Cold War Greek foreign policy was shaped by the dynamics of the Cold War. The major issues facing Greek foreign policy decision makers in the post-cold war era are its relations with its Northern neighbors, Albania, The Former Yugoslav Republic of Macedonia (FYROM), and Bulgaria, its relations with Turkey, and Greece's future in the European Union. Although the three issues overlap there is consensus among the Greek political elite that the relationship with Turkey is the most pressing since Turkey poses the most immediate security threat. In the last twenty-five years the two countries came to the verge of war three times over the continental shelf in the Aegean and Cyprus. The latest crisis was in 1996. Since then Greek policy makers have embarked on a conciliatory road towards Turkey that has gained momentum in the last three years. The purpose of this dissertation is to describe the process of the recent change in Greek foreign policy vis-à-vis Turkey, as reflected in the words and deeds (speeches, interviews, statements, policies) of the Greek policy makers. In addition, the study seeks to understand how this change is related to rules existing at the global, regional, and domestic levels. The central question to be asked is: how do rules existing at these levels regulate and constitute the foreign policy process of the Greek government. I utilize the theoretical insights and concepts provided by constructivism in order to carry out my research. The analysis establishes the relationship between the agents (Greek foreign policy makers) and the various rules and explores this relationship as an ongoing process by ascertaining the social context within which this process is unfolding. ^

Domestic and foreign isolationism in an interdependent world

Since Plato's Republic and Aristotle's Politics established the basis for Western political thought almost 2500 years ago, the discipline of international relations has evolved substantially. However, most of the literature revolves around state interaction within the system, and there is little discussion of countries that opt out of the international states system and become isolationist. Given the interdependent nature of the modern international system, this study elaborates on domestic and foreign isolationism by expounding upon the reasons and consequences of states opting out of the international system. The empirical case studies utilized to explore isolationism are Albania, North Korea, and Burma. By empirically verifying the components, motivations, and consequences of isolationism in an interdependent world, this study provides insight into why and how states resist engagement with the global socioeconomic and political state system. ^ Using historical, comparative, and inductive analysis, this study explains why states choose to isolate themselves both domestically and internationally. Specifically, comparative historical analysis highlights isolationism as a concept and practice. This study maintains that extreme forms of self-imposed isolation in an interdependent international system, while perhaps serving the immediate interests of a ruling regime, harms the long-term national interests of the state and the populace. Although the leadership in an isolationist state gains a significant amount of power and control over the people within its borders, the state as a whole experiences profound negative effects. In the long term, a state loses power, stability, prestige, and suffers a decline in overall economic prosperity. ^ States that withdraw from the international system, therefore, provide insight into an unexplored area of international relations when considering notions of rationality, self-interest, power politics, cooperation, and alliances. In short, isolationism in an interdependent state system goes against the logic of the modern society/system of states, resulting in deleterious consequences to the wellbeing of the state. ^

Roadblocks to Teaching English as a Foreign Language in a Climate of Accelerated Curricular Change

This paper examines the global "English craze," in which non-Englishspeaking countries, especially in Asia, East Asia, and the Middle East, are engaged in a concerted push to get the language taught more widely and at increasingly lower grade levels. The goal of this paper is to document how this phenomenon has impacted teachers of English as a Foreign Language and how they can try to alleviate these problems.

ALBA: A Political Tool for Venezuela’s Foreign Policy

Despite its founding by Hugo Chávez on the heels of the failed Free Trade Area for the Americas (FTAA) negotiations which took place November 2003, the Bolivarian Alliance for the Americas (ALBA, as it is known for its Spanish acronym) has evolved into a political tool that uses “social power” to facilitate Venezuela‟s positioning as the leader of the anti-U.S. agenda in the region. Fostering political favors and goodwill through the financing of social development projects, ALBA has created a political environment whereby countries on the take and their respective leaders seem deterred from taking public opposing viewpoints to Chávez. To that end, it has provided billions in economic aid to several nations in Latin American and the Caribbean, winning their favor and support for its policies. To date, ALBA counts on eight member nations. Besides Venezuela, it includes Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Nicaragua, and Saint Vincent and the Grenadines. It also has several observer nations, among them, Grenada, Haiti, Paraguay, Uruguay, and a non-Latin American country, Syria. Throughout its recent history Venezuela has used its oil wealth to pursue political capital. Under the Chávez government it is doing so as part of a strategic effort countering the U.S. Following Cuba‟s demise in the region as the anti-American socialist camp leader, Chávez is attempting to step into Cuba‟s shoes, picking up where Cuba left off over a decade ago and has used the ALBA as a mechanism to help promote his foreign policy. Relying on its own resources, not those of the Soviet Union as Cuba once did, Venezuela has already shown its influence in the international arena, challenging U.S. positions at the Organization of American States (OAS), the United Nations, and even in matters having little if nothing to do with the region, such as Iran‟s nuclear proliferation. Taking advantage of Venezuela‟s oil prices bonanza, Chávez has been spreading economic aid throughout the region, funding several development projects. From stepping in to buy Bolivia‟s soy beans when the U.S. ceased doing so, to helping finance and construct an airport in Dominica, Venezuela‟s ALBA has provided assistance to many states in the region. As in the past, Venezuela has invested significantly both in time and money in the Caribbean, providing development assistance and oil at a discount to Haiti, St. Kitts and Nevis, and the Dominican Republic, although the latter two are neither member nor observer states of ALBA. The aid Chávez has been spreading around may be coming at a cost. It seems it has begun to cause cracks within the CARICOM community, where ALBA already counts on six of its 15 members, leading experts and leaders in the region to question traditional alliances to each other and the U.S. Yet, ALBA‟s ability to influence through aid is dependent on the Venezuelan economy. Its success hinges on continued Venezuelan oil sales at stable prices and the ability of Chávez to remain in power.

Adapting the Customer Satisfaction Index to the Lodging Industry: Foreign Customers' Evaluations

As a standard form of measuring customer satisfaction, the Customer Satisfaction Index (CSI) has been utilized in many countries. By using the Korean Customer Satisfaction Index (KCSI) methodology, this study attempted to investigate foreign customers’ evaluations of luxury hotels in Seoul, South Korea. In doing so, some efforts were made to overcome the methodological problems associated with the KCSI for the lodging industry. Data for this study were collected through a mall intercept survey using a self-administered questionnaire. Precisely 783 responses, collected solely from foreign guests who had stayed at a luxury hotel in Seoul, were included in the study.

Foreign-born CEOs, country-specific skills, selection, and strategic consequences

In this dissertation, I first suggest an extension of the managerial rents model and more specifically the managerial skills typology that it offers. Building on research in international business, I propose adding country-specific skills (CSS) to this typology in addition to firm-specific, industry-specific, and generic skills. I define CSS as managers' abilities that are applicable and specific to a particular national institutional context. Such skills are distinct from the other three types identified and are likely to influence managers' performance and the performance of their firms. So if CSS are distinct skills, what are the implications for strategy and international business research? In an attempt to respond to this question, I conduct two empirical essays in which I examine the implications of this refinement of the typology of managerial skills for CEO selection and firms' mergers and acquisitions (M&A;) strategy. In the first empirical essay, I puzzle at the fact that although CSS constitute a barrier to high-level executive mobility across countries, there have been a growing number of foreign-born CEOs being appointed across the globe. Why are these individuals being selected for the post of CEO? Using information on the appointment of foreign-born and national CEOs from 2005 to 2010 among global 500 companies, I show that internationalization pressures help explain their selection and that two types of firms are likely to appoint foreign leaders: highly internationalized firms and firms that are likely to internationalize. In the second empirical essay, I examine the strategic implications of country-specific skills. Employing the same sample as the one used in the first empirical essay, I demonstrate that given that their mindset is likely to be less focused on firms' home market, foreign-born CEOs may be prone to institute more changes in firms' cross-border M&A; strategy than their domestic counterparts. I also theorize on the moderating influence of CEOs' insiderness.

Foreign aid and the national interest : the cases of the United States and Japan

Developed countries give foreign assistance for many reasons, one of which is the protection of national interests. Foreign aid gives a donor country leverage in international relations and is used as a tool of foreign policy. The United States and Japan are the two largest aid donors in the world. Each of these countries exert influence over specific regions through foreign assistance. Although the national interests of each country are different, both use foreign aid to protect these interests. This thesis discusses the means by which the United States and Japan use foreign aid in foreign policy. It looks specifically at U.S. food aid to Central America and Japanese aid to Asia.

Foreign-born CEOs, Country-Specific Skills, Selection, and Strategic Consequences

In this dissertation, I first suggest an extension of the managerial rents model and more specifically the managerial skills typology that it offers. Building on research in international business, I propose adding country-specific skills (CSS) to this typology in addition to firm-specific, industry-specific, and generic skills. I define CSS as managers’ abilities that are applicable and specific to a particular national institutional context. Such skills are distinct from the other three types identified and are likely to influence managers’ performance and the performance of their firms. So if CSS are distinct skills, what are the implications for strategy and international business research? In an attempt to respond to this question, I conduct two empirical essays in which I examine the implications of this refinement of the typology of managerial skills for CEO selection and firms’ mergers and acquisitions (M&A) strategy. In the first empirical essay, I puzzle at the fact that although CSS constitute a barrier to high-level executive mobility across countries, there have been a growing number of foreign-born CEOs being appointed across the globe. Why are these individuals being selected for the post of CEO? Using information on the appointment of foreign-born and national CEOs from 2005 to 2010 among global 500 companies, I show that internationalization pressures help explain their selection and that two types of firms are likely to appoint foreign leaders: highly internationalized firms and firms that are likely to internationalize. In the second empirical essay, I examine the strategic implications of country-specific skills. Employing the same sample as the one used in the first empirical essay, I demonstrate that given that their mindset is likely to be less focused on firms’ home market, foreign-born CEOs may be prone to institute more changes in firms’ cross-border M&A strategy than their domestic counterparts. I also theorize on the moderating influence of CEOs’ insiderness.