The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms

During the recent decade, the world has witnessed the rapid growth of MNEs from emerging economies. Their increasing participation in cross-border mergers and acquisitions has raised great attention in the extant literature. This study evaluates the value creation from these cross-border transactions from two representative emerging countries, namely China and India, and determines factors that result in the different performance of these international acquisition activities. Cross-border acquisitions conducted by these countries’ companies indeed lead to significant shareholder wealth creation. Furthermore, Indian shareholders are more likely to benefit from deals in small cultural distance countries, while Chinese investors gain from the cross-border expansion of manufacturing companies. Location also affects the performance of cross-border acquisitions, with acquisitions into developed countries generating higher returns to shareholders. Our sample consists of 203 Indian and 63 Chinese cross-border deals over the period 2000–2010 and our results hold after controlling for various deal-level and firm-level characteristics.

Internal equity financing and the performance of multinational subsidiaries in emerging economies

We examine the internal equity financing of the multinational subsidiary which retains and reinvests its own earnings. Internal equity financing is a type of firm-specific advantage (FSA) along with other traditional FSAs in innovation, research and development, brands and management skills. It also reflects subsidiary-level financial management decision-making. Here we test the contributions of internal equity financing and subsidiary-level financial management decision-making to subsidiary performance, using original survey data from British multinational subsidiaries in six emerging countries in the South East Asia region. Our first finding is that internal equity financing acts as an FSA to improve subsidiary performance. Our second finding is that over 90% of financing sources (including capital investment by the parent firms) in the British subsidiaries come from internal funding. Our third finding is that subsidiary-level financial management decision-making has a statistically significant positive impact on subsidiary performance. Our findings advance the theoretical, empirical and managerial analysis of subsidiary performance in emerging economies.

Emerging markets yield curve dynamics

This work extendes Diebold, Li and Yueís (2006) about global yield curve and proposes to extend the study by including emerging countries. The perception of emerging market su§ers ináuence of external factors or global factors, is the main argument of this work. We expect to obtain stylized facts.that obey similar pattern found by those authors. The results indicate the existence of global level and global slope factors. These factors represent an important fraction in the bond yield determination and show a decreasing trend of the global level factor low ináuence of global slope factor in these countries when they are compared with developed countries. Keywords: Kalman Filter, Emerging Markets, Yield Curve, and Bond.

The impact of OFDI on economic growth countries. An econometric approach using panel data and time-series evidence

The thesis at hand adds to the existing literature by investigating the relationship between economic growth and outward foreign direct investments (OFDI) on a set of 16 emerging countries. Two different econometric techniques are employed: a panel data regression analysis and a time-series causality analysis. Results from the regression analysis indicate a positive and significant correlation between OFDI and economic growth. Additionally, the coefficient for the OFDI variable is robust in the sense specified by the Extreme Bound Analysis (EBA). On the other hand, the findings of the causality analysis are particularly heterogeneous. The vector autoregression (VAR) and the vector error correction model (VECM) approaches identify unidirectional Granger causality running either from OFDI to GDP or from GDP to OFDI in six countries. In four economies causality among the two variables is bidirectional, whereas in five countries no causality relationship between OFDI and GDP seems to be present.

The experience of semi-formal infrastructure finance in developing countries: proposals for Brazil and Latin America

This paper has the purpose of analyzing the role of civil society in funding and providing nfrastructure projects in developing countries. Considering that local associations around the world have been directly engaged on some infrastructure projects – some scholars define it as “semi-formal finance” –, the intention is to demonstrate that the experiences on such arrangements in developing countries have been responsible for fostering infrastructure investments in the poorer regions where the government is more absent. Based upon legal, economic and social aspects, this paper aims to contribute to a broader debate for the development of infrastructure in emerging countries. The conclusion is that, under a more social approach, the legal and economic mechanisms in developing countries are able to consider such arrangements in the benefit of their development.

IINTERNATIONAL STRATEGY FOR AN EMERGING MULTINATIONAL IN BRAZIL: THE CASE OF JBS

The focus of this study is on questioning whether the traditional theories of internationalization are adequate to explain the international expansion of multinationals from emerging countries. Looking forward on this issue, we investigate the internationalization strategies adopted by JBS, a Brazilian multinational of the beef industry. The results show that the company adopted two of the five generic strategies specific to the context of emerging countries suggested by Ramamurti and Singh (2009): global consolidator and vertical integrator. Moreover, when analyzing the internationalization of the company under study, the speed of the process is highlighted when compared to traditional multinationals. It is concluded that the main mode of entry that allowed the international expansion was the acquisition and that this strategy has advantages to the company, such as access to strategic resources and rapid growth, possibly overcoming the liability of foreignness, the opportunity to compete globally and the diversification of segments that generate synergies to the company's activities.

Leadership practices of Kuwaiti Secondary School Principals for embedding ICT

Globalisation and the emergence of knowledge-based economies have forced many countries to reform their education system. The enhancement of human capital to meet modern day demands of a knowledge economy, and equip the new generation with the capacity to meet the challenges of the 21st Century has become a priority. This change is particularly necessary in economies typical of countries, such as Kuwait, which have been dependent on the exploitation of non-renewable natural resources. Transiting from a resource-based economy to an economy based on knowledge and intellectual skills poses a key challenge for an education system. Significant in the development of this new economy has been the expansion of Information Communication Technology (ICT). In education, in particular, ICT is a tool for transforming the education setting. However, transformation is only successful where there are effective change management strategies and appropriate leadership. At the school level, rapid changes have affected the role that principals take particularly in relation to leading the change process. Therefore, this study investigated the leadership practices of school principals for embedding ICT into schools. The case study assessed two Kuwaiti secondary schools; both schools had well established ICT programs. The mode of data collection used a mixed-methods design, to address the purpose of the study, namely, to examine the leadership practices of school principals when managing the change processes associated with embedding ICT in the context of Kuwait. A theoretical model of principal leadership, developed, from the literature, documented and analysed the practices of the respective school principals. The study used the following five data sources: (a) face to face interviews (with each school principal), and two focus group interviews (with five teachers and five students, from each school); (b) school documents (related to the implementation and embedding of ICT); (c) one survey (of all teachers in each school); (d) an open-ended questionnaire (of participating principals and teachers); and (e) the observation of ICT activities (PD ICT activities and instruction meetings). The study revealed a range of strategies used by the principals and aligned with the theoretical perspective. However, these strategies needed to be refined and selectively used to fit the Kuwait context, both culturally and organisationally. The principals of Schools A and B employed three key strategies to maximise the impact on the teaching staff incorporating ICT into their teaching and learning practices. These strategies were: (a) encouragement for teaching staff to implement ICT in their teaching; (b) support to meet the material and human needs of teaching staff using ICT; and (c) provision of instructions and guidance for teaching staff in how and why such behaviours and practices should be performed. The strategies provided the basic leadership practices required to construct a successful ICT embedded implementation process. Hence, a revised model of leadership that has applicability in the adoption of ICT in Kuwait was developed. The findings provide a better understanding of how a school principal’s leadership practices impact upon the ICT embedding process. Hence, the outcome of this study informs emerging countries, which are also undergoing major change related to ICT, for example, other members of the Cooperation Council for the Arab States of the Gulf. From an educational perspective, this knowledge has the potential to support ICT-based learning environments that will help educational practitioners to effectively integrate ICT into teaching and learning that will facilitate students’ ICT engagement, and prepare them for the ICT development challenges that are associated with the new economy; this is achieved by increasing students’ knowledge and performance. Further, the study offers practical strategies that have been shown to work for school principals leading ICT implementation in Kuwait. These strategies include how to deal with the shortage in schools’ budgets, and the promotion of the ICT vision, as well as developing approaches to build collaborative culture in the schools.

Innovative Leadership by School Principals : embedding Information Communication and Technology in Kuwaiti Schools

Kuwait is an oil rich country planning for a future that is not dependent on exploiting natural resources. A major policy initiative has been the introduction of Information Communication and Technology (ICT) to schools. However, contextual issues and teacher capabilities in the use of ICT have limited the success of this initiative. The study examines the leadership strategies of two secondary school principals whose schools have achieved this goal. The case study draws on intensive data collected through interviews of the principals, and teachers supported by document analysis and observations. Analysis was guided by theoretical perspectives drawn from the literature which identified a range of strategies used by the principals to manage change. The principals of Schools A and B employed three key strategies to maximise the impact on the teaching staff incorporating ICT into their teaching and learning practices. These strategies were: (a) encouragement for teaching staff to implement ICT in their teaching; (b) support to meet the material and human needs of teaching staff using ICT; and (c) provision of instructions and guidance for teaching staff in how and why such behaviours and practices should be performed. The outcome of this study proposes an innovative change leadership model that informs emerging countries, which are also undergoing major change related to ICT. However, the study also revealed limitations in the implementation of ICT in the classroom and provides insights into further strategies that principals need to adopt.

Is Australia ready for biosimilars?

The biosimilars market is potentially the single fastest growing pharmaceutical sector with an estimated worth of US$67bn in global sales by 2020. This market generally refers to larger molecule, biological, protein-based pharmaceuticals which have lost its patent. This has stimulated the emergence of non-conventional pharmaceutical investors such as Fujifilm and Samsung as well as host countries such as Brazil, Mexico, China, India, South Korea, Turkey and Russia, which view biosimilars as a key macroeconomic driver of growth. Internationally, the European Medicines Agency has led the regulation of the quality, safety and efficacy of biosimilars; however, many countries have developed their own biosimilar regulatory frameworks. Despite the similarity of these with European guidelines, differences do exist across jurisdictions and have implications for cross-jurisdictional registration and regulation. The consideration of biosimilar regulation, however, demands attention beyond quality, safety and efficacy. The potential implications of extended patent protection, international trade and globalisation require a congruent policy approach to their regulation. Notwithstanding the fact that Australia is a relatively small pharmaceutical market and that there are only 14 biosimilar products currently approved for use, Australia’s geographical proximity to pharm-emerging countries and its trade relation with the major pharmaceutical markets have positioned Australia in a unique position to influence international development and regulation of biosimilars. Australia’s National Medicines Policy (2000) potentially provides the foundation for a partnership approach to biosimilar regulation, minimise duplication of regulatory efforts while at the same time fostering a viable pharmaceutical industry.

Democracias republicanas y estados fuertes : estrategia económica después de la crisis

Resumen: El artículo analiza el desarrollo económico mundial actual a partir de la crisis de las hipotecas de 2008, que perfila el fin del paradigma neoliberal. Frente a la debilidad de las democracias republicanas, los Estados fuertes propios de países emergentes y BRIC se convirtieron en el motor económico mundial. El autor examina el caso puntual de China y Rusia, los modelos centrales de los Estados fuertes, y luego estudia las estrategias desarrollistas de Brasil y Argentina. Estos casos ilustran que las nuevas formas de organización económica tienen por eje a un Estado fuerte. Observando esta realidad a la luz de la Doctrina Social de la Iglesia, se señala el riesgo que esto implica en detrimento del sistema democrático, donde el centro de la economía es el hombre.

Uma revisão sobre instrumentos de avaliação do estado funcional do idoso

Este estudo visa avaliar, através de uma revisão, as qualidades conceituais e psicométricas dos instrumentos de avaliação do estado funcional do paciente idoso, e de suas adaptações para o contexto do Brasil. A dissertação está estruturada em três partes. A primeira é constituída de cinco seções que introduzem os temas do envelhecimento da população mundial e de países emergentes como o Brasil como razões de base para um estudo do atendimento do paciente idoso. Descreve-se o que se entende por estado funcional do paciente idoso no contexto da avaliação geriátrica interdisciplinar. A parte 2 se constitui no artigo da dissertação. Na seção de material e métodos descreve-se detalhadamente a revisão realizada e os bancos de dados utilizados. Nas últimas duas seções do artigo apresentam-se os resultados e a discussão, em que se verificam, em primeiro lugar, um bom número de instrumentos com propriedades psicométricas adequadas que avaliam as subdimensões do estado funcional. Dos 30 instrumentos escolhidos utilizando critérios explicitados pelos autores, apenas dois, o Multiple Outcomes Study SF-36 e o Health Assessment Questionnaire, possuem adaptação para 0 português. Entretanto, alguns dos instrumentos revisados vêm sendo utilizados em nosso meio sem adaptação formal prévia. Vários destes instrumentos possuem bons históricos em sua língua original, porém este fato ainda não despertou a preocupação da comunidade brasileira para adaptações formais dos mesmos. Também se constatam a escassez de estudos de adaptação e concepção de instrumentos desta dimensão no contexto brasileiro. Alguns aspectos deste problema são discutidos, além de possíveis caminhos para corrigi-lo. Na parte final desta dissertação são sucintamente descritos os instrumentos de cada subdimensão de estado funcional escolhidos como mais interessantes na parte 2. Em seguida, são indicadas outras dimensões consideradas pertinentes para um escrutínio semelhante. A conclusão geral sugere uma melhor utilização de medidas de saúde estruturadas no contexto da avaliação geriátrica no Brasil.

Repolitizando a política externa financeira: uma análise da formulação da política externa brasileira para o setor financeiro pós 2008

O trabalho identifica quais os fatores sistêmicos e domésticos que influenciam na formulação da política externa brasileira para o setor financeiro, com foco no período posterior à crise financeira de 2008. Para esse fim, a pesquisa analisa os atores domésticos que atuam no processo decisório de formulação da política externa para o setor financeiro, assim como seus interesses. Os órgãos federais ? nomeadamente o Ministério da Fazenda, o Banco Central e o Ministério das Relações Exteriores ? são os atores mais influentes nesse processo. O setor privado, apesar de dispor de capacidades políticas, delega a sua participação ao governo, assumindo uma postura reativa. Por sua vez, a sociedade civil tem pouca influência nesse processo. O cenário internacional tem papel de destaque nesse processo, pois restringe as ações do país, de acordo com a posição na hierarquia de poder. Após a estabilização econômica brasileira e a crise que abalou os mercados do Norte, o Brasil encontra-se mais livre em sua atuação internacional. Com isso, há um processo de repolitização da política externa para o setor financeiro, em que, no plano internacional, o Brasil coopera com outros países emergentes para demandar a redistribuição de poder decisório; e no plano doméstico, atores que antes não exerciam grande influência passam a ter.

Propriedades adesivas a substratos abióticos e bióticos, invasão e indução de apoptose celular de Corynebacterium pseudodiphtheriticum

A ocorrência de fenótipos multirresistentes de Corynebacterium pseudodiphtheriticum e sua associação a infecções graves, com elevada mortalidade em pacientes imunocomprometidos, aliados ao escasso conhecimento da virulência e patogenia destas infecções, motivou esta pesquisa, que teve como objetivo investigar mecanismos de virulência e resistência microbiana deste agente entre pacientes de um hospital universitário brasileiro. Um total de 113 amostras de C. pseudodiphtheriticum identificadas por métodos bioquímicos convencionais e sistema API-Coryne isoladas de pacientes de diferentes grupos etários. Os micro-organismos eram, em sua maioria, relacionados a infecções no trato respiratório (27,45%), urinário (29,20%) e sitios intravenosos (18,60%) e cerca de 32,70% das amostras foram provenientes de pacientes com pelo menos uma das condições predisponentes: insuficiência renal; transplante renal, tuberculose em paciente HIV+, câncer, cirrose hepática, hemodiálise e uso de cateter. As amostras testadas revelaram-se multirresistentes sendo a maioria resistente à oxacilina, eritromicina e clindamicina. A adesão das cepas ao poliestireno e ao poliuretano indicou o envolvimento de hidrofobicidade da superfície celular na fase inicial da formação de biofilmes. O crescimento subsequente conduziu à formação de microcolônias, agregados bacterianos densos incorporados na matriz exopolimérica rodeada por espaços vazios, típica de biofilmes maduros. Adicionalmente, a interação do micro-organismo com fibrinogênio e fibronectina humana indica o envolvimento destes componentes séricos na formação de biofilme, sugerindo a participação de diferentes adesinas neste processo e a capacidade deste agente formar biofilme in vivo. A afinidade por esses componentes e a formação de biofilme podem contribuir para o estabelecimento e disseminação da infecção no hospedeiro. Adicionalmente, as cepas de C. pseudodiphtheriticum isoladas de pacientes com infecções localizadas (ATCC10700/Pharyngitis) e sistêmicas (HHC1507/Bacteremia) exibiram um padrão de aderência agregativa-like a células HEp-2, caracterizado por aglomerados de bactérias com aparência de um "empilhado de tijolos". Através do teste FAS e ensaios de interação na presença de inibidores de citoesqueleto, demonstramos o envolvimento da polimerização de actina na internalização das cepas testadas. A internalização bacteriana e rearranjo do citoesqueleto pareceu ser parcialmente desencadeado pela ativação da tirosina-quinase. Finalmente, C. pseudodiphtheriticum foi capaz de sobreviver no ambiente intracelular e embora não tenha demonstrado capacidade de replicar intracelularmente, células HEp-2 foram incapazes de eliminar o patógeno completamente no ambiente extracelular no período de 24 horas. Todas as cepas estudadas foram capazes de induzir apoptose em células epiteliais 24 horas pós-infecção evidenciada pelo aumento significativo no número de células mortas e pela ocorrência de alterações nucleares reveladas através dos métodos de coloração pelo azul Trypan, pelo DAPI e microscopia electrônica de transmissão. Alterações morfológicas incluindo a vacuolização, a fragmentação nuclear e a formação de corpos apoptóticos foram observadas neste período. A citometria de fluxo demonstrou ainda uma diminuição significativa no tamanho das células infectadas e a utilização de dupla marcação (iodeto de propídio / anexina V) permitiu a detecção da ocorrência de necrose e apoptose tardia. Em conclusão, o conhecimento de tais características contribuiu para a compreensão de mecanismos envolvidos no aumento da frequência de infecções graves com elevada mortalidade em pacientes no ambiente hospitalar, por C. pseudodiphtheriticum, um patógeno rotineiramente subestimado em países em desenvolvimento.

Informação e conhecimento: fluxos e apropriação sob uma abordagem crítica

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)