Multilateralism and the Multinational Enterprise

How do multilateral institutions influence the strategic choices and actions of international managers? This paper addresses the question by exploring the impact of the World Trade Organization's (WTO) decision-making process on multinational enterprises (MNEs). We discuss the three phases of the WTO decision-making lifecycle - the formulation of trade rules, the implementation of those rules, and the enforcement of the rules – and propose a strategic adjustment framework for understanding how companies alter their strategies and structures in response to the WTO's rules and operations. We argue that the increased relevance of multilateral rules and enforcement mechanisms – embodied in the WTO - is an important influence on MNE strategies and structures because of the increasing embeddedness of the WTO in national levels of regulation. We illustrate this through examples taken from the pharmaceutical, textiles and sugar industries sectors that have witnessed substantial multilateral regulation.

Constraining the age of Lateglacial and early Holocene pollen zones and tephra horizons in southern Sweden with Bayesian probability methods

The sediment sequence from Hasseldala port in southeastern Sweden provides a unique Lateglacial/early Holocene record that contains five different tephra layers. Three of these have been geochemically identified as the Borrobol Tephra, the Hasseldalen Tephra and the 10-ka Askja Tephra. Twenty-eight high-resolution C-14 measurements have been obtained and three different age models based on Bayesian statistics are employed to provide age estimates for the five different tephra layers. The chrono- and pollen stratigraphic framework supports the stratigraphic position of the Borrobol Tephra as found in Sweden at the very end of the Older Dryas pollen zone and provides the first age estimates for the Askja and Hasseldalen tephras. Our results, however, highlight the limitations that arise in attempting to establish a robust, chronologically independent lacustrine sequence that can be correlated in great detail to ice core or marine records. Radiocarbon samples are prone to error and sedimentation rates in lake basins may vary considerably due to a number of factors. Any type of valid and 'realistic' age model, therefore, has to take these limitations into account and needs to include this information in its prior assumptions. As a result, the age ranges for the specific horizons at Hasseldala port are large and calendar year estimates differ according to the assumptions of the age-model. Not only do these results provide a cautionary note for overdependence on one age-model for the derivation of age estimates for specific horizons, but they also demonstrate that precise correlations to other palaeoarchives to detect leads or lags is problematic. Given the uncertainties associated with establishing age-depth models for sedimentary sequences spanning the Lateglacial period, however, this exercise employing Bayesian probability methods represents the best possible approach and provides the most statistically significant age estimates for the pollen zone boundaries and tephra horizons. Copyright (C) 2006 John Wiley & Sons, Ltd.

China's Enterprise Bankruptcy Law (EBL 2006): Cross-Border Perspectives

With China's new Enterprise Bankruptcy Law (‘EBL 2006’) having come into effect on 1 June 2007, a critical issue arises as to the extent to which Article 5, as a cross-border provision, will strengthen creditors' rights across jurisdictions. In this paper attention will be paid in particular to how the Chinese People's Court is likely to exercise its discretion to grant recognition to a foreign court ruling, and vice versa. The paper will start with a brief introduction to the circumstances under which Article 5 came into being. The evolution of China's cross-border insolvency practices will be examined through an analysis of an inbound case of B&T (2002) as well as an outbound one of GITIC (2005). In spite of the fact that China has not adopted the UNCITRAL Model Law, essential factors deemed necessary to be considered by China's court and its counterparts in US and UK are to be highlighted throughout the paper. Although the effect of Article 5 remains to be seen, it will be critically analysed focusing on some controversial issues.

Understanding Accountability in Social Enterprise Organisations: A Framework

Purpose: Social enterprise organisations (SEOs) operate across the boundaries of the public, private and not‐for‐profit (NFP) sectors in delivering public services and competing for resources and legitimacy. While there is a rich literature on accountability in the private and public sectors, together with the wider NFP sector, SEOs have received comparatively little attention and remain a relatively under‐researched organisational form. Drawing on accountability, legitimacy and user‐needs theories, the purpose of this paper is to develop a practical framework which can be used to explore how accountability within SEOs is constructed and discharged.

Design/methodology/approach: This paper draws on user‐needs, accountability, legitimacy and impression management theories expounded in relation to the private, public and NFP sectors.

Findings: A framework to better understand how accountability can be discharged by SEOs is developed and discussed.

Research limitations/implications: While a framework for better understanding SEO accountability is presented, it is not empirically tested. However, the framework has the potential to facilitate a deeper appreciation of the theory and practice of accountability within SEOs and, notwithstanding the inherent difficulties in measuring and managing accountability, could be used to stimulate practitioner involvement.

Practical implications
– As little is known about the current extent of SEO information disclosure or accountability relationships, the framework could be used to assess the discharge of accountability by SEOs, with the findings informing future developments. This should provide useful insights into internal processes and organisational views on accountability bases and mechanisms and can then be used to inform the debate on how SEOs can best discharge their duty to account.

Social implications
– Understanding the nature of SEO accountability reporting has important implications for those involved in advancing the SEO agenda. At a time of public sector cutbacks, and with the government searching for new and more effective ways of delivering services, the role of SEOs in this process is likely to receive greater attention and scrutiny.

Originality/value
– SEOs have grown extensively in size and prominence in recent years and policymakers have come to embrace the role that they play in societal development. This paper responds to a gap in the theoretical literature and contributes to the debate by developing a framework which can be empirically tested. Moreover, it can be used to prompt practitioner involvement and facilitate a better understanding of the complex issues surrounding accounting and accountability in this under‐researched area.