Foreign direct investment via M&A and domestic entrepreneurship:blessing or curse?

There are conflicting predictions in the literature about the relationship between FDI and entrepreneurship. This paper explores how foreign direct investment (FDI) inflows, measured by lagged cross-border mergers and acquisitions (M&A), affect entrepreneurial entry in the host economy. We have constructed a micro-panel of more than two thousand individuals in each of seventy countries, 2000–2009, linked to FDI by matching sectors. We find the relationship between FDI inflows and domestic entrepreneurship to be negative across all economies. This negative effect is much more pronounced in developed than developing economies and is also identified within industries, notably in manufacturing. Policies to encourage FDI via M&A need to consider how to counteract the prevailing adverse effect on domestic entrepreneurship.

Epidemiología, agentes causales y métodos diagnósticos en pacientes con fiebre de duración intermedia en Gran Canaria

Programa de doctorado: Microbiología y enfermedades infecciosas

Essays in International Finance and Macroeconomics

Thesis (Ph.D.)--University of Washington, 2016-08

Foreign Direct Investment and Political Uncertainty

Recent developments in the general equilibrium theory of multinationals emphasize the importance of multilateral considerations. Yet, existing explanations and corresponding estimations of FDI patterns have largely limited political and institutional investment impediments to a bilateral framework. Through the application of spatial econometric techniques, I demonstrate that the presence of both domestic and regional political uncertainty generate real options effects that lead to the delay or redirection of foreign direct investment. The magnitude and direction of these effects is conditional upon the host country regime type and the predominant multinational integration strategies in the region. Comparing these results with FDI of U.S. origin, I find evidence for divergent investment behavior by U.S. multinationals during regime changes in partner countries. Additionally, I find no evidence that multinationals from developing countries are more likely to complete cross-border deals in environments characterized by greater political risk or political uncertainty.

Promoting Investment and Increasing Employment among the Economically Inactive - A Review of Best Practice.

Final report to the Department of Enterprise, Trade and Investment, Northern Ireland. This report sets out the findings from a study into strategies that link the promotion of investment and the employment of economically inactive groups. The aim is to ascertain current practice in 10 relevant countries (Australia; Belgium; Denmark; Finland; Germany; the Netherlands; New Zealand; Slovenia; Spain; USA plus Great Britain) and their transferability to the Northern Ireland (NI) policy and labour market context. The study was carried out by the Employment Research Institute at Edinburgh Napier University on behalf of the Department of Trade, Enterprise and Investment in NI (DETI). The study describes cases of good practice in securing investment in areas, sectors and occupations that provide accessible entry-level positions for economically inactive groups. It seeks to identify the ‘critical success factors’ common to effective strategies, drawing out lessons for future Northern Ireland policy. In this study ‘Investment’ includes foreign direct investment (FDI) and private investment that expands the ‘export’ capacity of the NI economy (i.e. excluding investment aimed at the NI market). ‘Economically inactive’ people are those excluded or seriously at risk of exclusion from the labour market.

Sino-African State Trading in Services: Added-Value through Angola-Model loaning, GATS commitments or FTAs?

Paper presented by Charlotte Sieber-Gasser at the 5th Annual TRAPCA Conference, Arusha (Tanzania), 25-26 November 2010. Despite the increasing volume of trade between China and African countries, not one single conventional free trade agreement (FTA) or economic partnership agreement (EPA) has yet been signed between an African country and China. Initially, Sino-African trade relations were to a very large extent centred on investments secured through bilateral investment agreements (BITs). The more recent Chinese investments on the African continent, however, are more informally based on FDI contracts with the state at the receiving end and a government-owned private company as the investor, or loosely attached to loans commonly known under term ‘the Angola-Model’. This rather unusual basis for economic integration and development assistance, outside the trodden path of free trade agreements and ODA, requires further analysis in order to understand how the current legal framework between China and the African continent impacts economic development and national sovereignty, and what kind of distributive consequences it may have.

Foreign direct investment determinants revisited in the context of global value chains

In this paper, we aim at contributing to the new field of research that intends to bring up-to-date the tools and statistics currently used to look to the current reality given by Global Value Chains (GVC) in international trade and Foreign Direct Investment (FDI). Namely, we make use of the most recent data published by the World Input-Output Database to suggest indicators to measure the participation and net gains of countries by being a part of GVC; and use those indicators in a pooled-regression model to estimate determinants of FDI stocks in Organization for Economic Co-operation and Development (OECD)-member countries. We conclude that one of the measures proposed proves to be statistically significant in explaining the bilateral stock of FDI in OECD countries, meaning that the higher the transnational income generated between two given countries by GVC, taken as a proxy to the participation of those countries in GVC, the higher one could expect the FDI entering those countries to be. The regression also shows the negative impact of the global financial crisis that started in 2009 in the world’s bilateral FDI stocks and, additionally, the particular and significant role played by the People’s Republic of China in determining these stocks.

Análise comparativa das experiências portuguesa e espanhola na União Europeia : integração económica entre países com níveis diferenciados de desenvolvimento

Mestrado em Economia Internacional

A internacionalização de empresas portuguesas para Cabo Verde : investimento directo e as estratégias competitivas

A presente investigação procura estudar a internacionalização das empresas portuguesas para Cabo Verde, através de investimento direto, e as estratégias competitivas que elas adotaram. Na sequência da revisão da literatura, a fim de obter respostas para a pergunta de pesquisa, analisamos a internacionalização das empresas portuguesas, a sua evolução, o investimento português no estrangeiro, e a evolução dos fluxos do Investimento Direto Estrangeiro (IDE) em Cabo Verde, a partir de dados estatísticos recolhidos na literatura publicada. De seguida foram recolhidos dados primários, através da aplicação de dois questionários direcionados para o mercado cabo-verdiano (clientes) e empresas portuguesas que investiram em Cabo Verde. A amostra é constituída por 157 clientes, 77 do sexo feminino e 80 do sexo masculino, e a outra amostra é constituída por 10 empresas portuguesas que investiram em Cabo Verde através de Investimento Direto. Os resultados do presente estudo mostram que a estratégia de adaptação não contribuiu significativamente para melhorar a opinião do mercado cabo-verdiano sobre as marcas portuguesas e que, as empresas adaptaram naquele mercado principalmente as variáveis distribuição e preço. As empresas portuguesas podem seguir estratégias de padronização do produto e da promoção/comunicação, precisando apenas adaptar o preço aos diferentes fatores de custo e a distribuição à natureza insular do mercado. Concluímos que, de uma forma geral, a proximidade cultural, geográfica e histórica entre os dois países é responsável pela não necessidade da estratégia de adaptação por parte das empresas portuguesas quando internacionalizam para Cabo Verde. /ABSTRACT: The present investigation aims to study the internationalization of portuguese companies to Cape Verde, through direct investment, and their competitive strategies. Following the literature review, in order to answer the research question, the internationalization of Portuguese companies was analyzed, as was the Portuguese investment abroad, and the evolution of Foreign Direct Investment (FDI) flows in Cape Verde, with statistical data collected from the literature. Primary data was collected through the use of two questionnaires directed to the Cape Verdean market (customers) and to the Portuguese companies that have invested in Cape Verde. The sample consists of 157 customers, 77 females and 80 males, and the other sample consists of 10 Portuguese companies that have invested in Cape Verde through Direct Investment. The results of this study show that the adaptation strategy did not help improve Cape Verdean market's opinion about the Portuguese brands, and those, companies adapted primarily the distribution and price variables. The Portuguese companies can follow standardization strategies of the product and the promotion I communication, just needing to adjust the price to the various cost factors and the distribution to the insular nature of the market. We conclude that, in general, the cultural, historic and geographical proximity and the close relationship between the two countries lessens the necessity of adaptation strategy by the Portuguese companies when they internationalize to Cape Verde.

Foreign Direct Investment in Central and Eastern Europe:post-crisis perspectives

This book examines how foreign direct investment (FDI) inflows to Central and Eastern Europe have changed after the Great Recession. It argues that beyond their cyclical effects, the economic crisis and the changing competitiveness of Central and Eastern European countries have had structural impacts on FDI in the region. FDI has traditionally been viewed as the key driver of national development, but the apparent structural shift means that focusing on cheap labour as a competitive advantage is no longer a viable strategy for the countries in the region. The authors argue that these countries need to move beyond the narrative of upgrading (attracting FDI inflows with increasingly higher value added), and focus on ensuring greater value capture instead. A potential way for doing this is by developing the conditions in which innovative national companies can emerge, thrive and eventually develop into lead firms of global value chains. The book provides readers with a highly informative account of the reasons why this shift is necessary, as well as diverse perspectives and extensive discussions on the dynamics and structural impacts of FDI in post-crisis Central and Eastern Europe.

A cautionary tale of two ‘tigers’: Industrial policy ‘lessons’ from Ireland and Hungary?

This paper draws industrial policy lessons for small Central and Eastern European states through a critical evaluation of recent Irish and Hungarian experiences. The paper outlines a ‘holistic view’ of industrial policy before exploring the experiences of the two economies. Whilst both have managed to ‘do’ policy well in some regards, substantial challenges remain in making FDI attraction the centrepiece of industrial policy, as has been highlighted recently. Overall, the paper suggests that wholesale emulation of the Irish and Hungarian approach is problematic for small open CEE states, and that more balanced approaches to development - and hence industrial policy – are warranted.

Ensayos sobre preferencias no homotéticas, distribución del ingreso y patrones de comercio e inversión extranjera directa

El objetivo de este trabajo es estudiar la relación entre distribución del ingreso y patrones de comercio e inversión extranjera. Por tanto, en el capítulo uno desarrolla un modelo que combina consumidores con preferencias no homotéticas y firmas heterogéneas en sus niveles de productividad, las cuales puede servir a los mercados extranjeros a través de exportaciones o inversión extranjera horizontal. Los capítulos dos y tres se prueban las predicciones teóricas que vinculan las exportaciones bilaterales y las ventas las filiales extranjeras de bienes de lujo y necesarios con la distribución del ingreso en los países de origen y de destino. Los resultados empíricos confirman parte de las predicciones teóricas.