Growing research where economies grow: essays on strategy and international expansion of companies from emerging countries

In recent years, emerging countries have assumed an increasingly prominent position in the world economy, as growth has picked up in these countries and slowed in developed economies. Two related phenomena, among others, can be associated with this growth: emerging countries were less affected by the 2008-2009 global economic recession; and they increased their participation in foreign direct investment, both inflows and outflows. This doctoral dissertation contributes to research on firms from emerging countries through four independent papers. The first group of two papers examines firm strategy in recessionary moments and uses Brazil, one of the largest emerging countries, as setting for the investigation. Data were collected through a survey on Brazilian firms referring to the 2008-2009 global recession, and 17 hypotheses were tested using structural equation modeling based on partial least squares. Paper 1 offered an integrative model linking RBV to literatures on entrepreneurship, improvisation, and flexibility to indicate the characteristics and capabilities that allow a firm to have superior performance in recessions. We found that firms that pre-recession have a propensity to recognize opportunities and improvisation capabilities for fast and creative actions have superior performance in recessions. We also found that entrepreneurial orientation and flexibility have indirect effects. Paper 2 built on business cycle literature to study which strategies - pro-cyclical or counter-cyclical – enable superior performance in recessions. We found that while most firms pro-cyclically reduce costs and investments during recessions, a counter-cyclical strategy of investing in opportunities created by changes in the environment enables superior performance. Most successful are firms with a propensity to recognize opportunities, entrepreneurial orientation to invest, and flexibility to efficiently implement these investments. The second group of two papers investigated international expansion of multinational enterprises, particularly the use of distance for their location decisions. Paper 3 proposed a conceptual framework to examine circumstances under which distance is less important for international location decisions, taking the new perspective of economic institutional distance as theoretical foundation. The framework indicated that the general preference for low-distance countries is lower: (1) when the company is state owned, rather than private owned; (2) when its internationalization motives are asset, resource, or efficiency seeking, as opposed to market seeking; and (3) when internationalization occurred after globalization and the advent of new technologies. Paper 4 compared five concurrent perspectives of distance and indicated their suitability to the study of various issues based on industry, ownership, and type, motive, and timing of internationalization. The paper also proposed that distance represents the disadvantages of host countries for international location decisions; as such, it should be used in conjunction with factors that represent host country attractiveness, or advantages as international locations. In conjunction, papers 3 and 4 provided additional, alternative explanations for the mixed empirical results of current research on distance. Moreover, the studies shed light into the discussion of differences between multinational enterprises from emerging countries versus those from advanced countries.

Iguatemi: creating opportunities for international luxury brands in Brazil

The Brazilian luxury goods market has been registering substantial growth with many international brands establishing presence in the country. When entering the market, the perfect location seems for most of them to be found in Iguatemi Group’s Shopping Malls. This research focuses the topic of Luxury Market and Retail, in the form of a case study on Iguatemi Group, which tries to understand How is Iguatemi Group creating opportunities for International Luxury Brands in Brazil? To understand the context of the case, the text explores the Brazilian market evolution, its attraction factors and challenges, the location choice methodology used by international luxury brands, and finally, how is the Iguatemi Group creating opportunities for these brands in Brazil. For doing so, a multiple-methods approach was followed so to achieve a non-biased result. In-depth interviews were conducted with Iguatemi’s managers, international luxury brands’ managers and experts in luxury market and retail; non-participant observation was held, and documentation was examined. The research found that the entry of International Luxury Brands in Brazil started about 20 years ago, mainly explained by the positive structural economic reforms Brazil experienced in this period. 60% of the studied brands chose São Paulo’s Iguatemi malls as first location, in particular Iguatemi São Paulo and JK Iguatemi. The preference over these locations relies mainly on the reputation of the Iguatemi brand and on its positioning in the market which seems to be aligned to that of these brands. From its side, Iguatemi has started actively gathering international luxury brands into the market since 15 years ago, and has intensified its action by creating iRetail, an internal company to the group representing some international luxury brands in Brazil, which have, thus, exclusive locations in its malls. The role of Iguatemi, hence, goes beyond that of a real estate company, by approaching the market with a 360° strategy. These findings contribute for academic purposes, in the extent to which they propose a so far rather unexplored topic, and for managerial purposes by describing a best practice in the shopping center sector. However, the study does not mean to be generalized. Consumers’ perspectives on Iguatemi Group were not addressed; rather, the research took a business to business approach.

Compliance com os requisitos de divulgação do IFRS - International Financial Reporting Standards e sua relação com o erro de previsão dos analistas de mercado

O objetivo deste estudo é fazer uma análise da relação entre o erro de previsão dos analistas de mercado quanto à rentabilidade das empresas listadas na BM&FBOVESPA S.A. (Bovespa) e os requerimentos de divulgação do International Financial Reporting Standards (IFRS). Isto foi feito através da regressão do erro de previsão dos analistas, utilizando a metodologia de dados em painel no ano de implantação do IFRS no Brasil, 2010, e, complementarmente em 2012, para referenciamento desses dados. Partindo desse pressuposto, foi determinado o erro de previsão das empresas listadas na Bovespa através de dados de rentabilidade (índice de lucro por ação/earnings per share) previstos e realizados, disponíveis nas bases de dados I/B/E/S Earnings Consensus Information, providos pela plataforma Thomson ONE Investment Banking e Economática Pro®, respectivamente. Os resultados obtidos indicam uma relação negativa entre o erro de previsão e o cumprimento dos requisitos de divulgação do IFRS, ou seja, quanto maior a qualidade nas informações divulgadas, menor o erro de previsão dos analistas. Portanto, esses resultados sustentam a perspectiva de que o grau de cumprimento das normas contábeis é tão ou mais importante do que as próprias normas. Adicionalmente, foi verificado que quando a empresa listada na BM&FBOVESPA é vinculada a Agência Reguladora, seu erro de previsão não é alterado. Por fim, esses resultados sugerem que é importante que haja o aprimoramento dos mecanismos de auditoria das firmas quanto ao cumprimento dos requerimentos normativos de divulgação, tais como: penalidades pela não observância da norma (enforcement), estruturas de governança corporativa e auditorias interna e externa.

Efeito do tempo de experiência de operadores de Harvester no rendimento operacional

A mecanização da colheita de madeira permite maior controle dos custos e pode proporcionar reduções em prazos relativamente curtos. Além disso, tem um lugar de destaque na humanização do trabalho florestal e no aumento do rendimento operacional. O presente trabalho teve por objetivo avaliar o desempenho de operadores de harvester em função do tempo de experiência na atividade. Foram avaliados oito operadores do sexo masculino, com idade entre 23 e 46 anos. O estudo consistiu na análise do volume de madeira colhida pelo harvester. O tempo de experiência afeta significativamente o rendimento operacional dos operadores de harvester. Tal rendimento aumenta expressivamente nos primeiros 18 meses de experiência, mantendo-se em ascensão nos próximos 26 meses. Após os 44 meses de experiência, o rendimento dos operadores tende a reduzir, revelando as possíveis acomodações do cotidiano. Tais resultados permitem concluir que por volta dos 50 meses de experiência na atividade de operação de harvester, se faz necessária a adoção de medidas de reciclagem, motivação, entre outras, a fim de proporcionar aos operadores melhores condições de trabalho que os possibilitem continuar exercendo a atividade de forma eficiente e rentável à empresa.

The international competitiveness of the Costa Rican clothing industry

Includes bibliography

Nonlinear dynamics and control strategies: On a energy harvester vibrating system with a linear form to non-ideal motor torque

In this paper, we deal with the research of a vibrating model of an energy harvester device, including the nonlinearities in the model of the piezoelectric coupling and the non-ideal excitation. We show, using numerical simulations, in the analysis of the dynamic responses, that the harvested power is influenced by non-linear vibrations of the structure. Chaotic behavior was also observed, causing of the loss of energy throughout the simulation time. Using a perturbation technique, we find an approximate analytical solution for the non-ideal system. Then, we apply both two control techniques, to keep the considered system, into a stable condition. Both the State Dependent Ricatti Equation (SDRE) control as the feedback control by changing the energy of the oscillator, were efficient in controlling of the considered non-ideal system.

ESSAYS ON INTERNATIONAL RESEARCH AND DEVELOPMENT SPILLOVERS

The dissertation consists of three essays on international research and development spillovers. In the first essay, I investigate the degree to which differences in institutional arrangements among Sub-Saharan African countries determine the extent of benefits they derive from foreign research and development spillovers. In particular, I compare the international research and development spillovers for English common law and French civil law Sub-Saharan African countries. I show that differences in the legal origin of the company law or commercial codes in these countries may reflect the extent of barriers they place in the paths of firms that engage in the investment process. To tests this hypothesis, I constructed foreign R&D spillovers variable using imports as weights and employed the endogenous growth framework to estimate elasticities of productivity with respect to foreign R&D spillovers for a sample of 17 English common law and French Civil law Sub-Saharan African countries over the period 1980-2004. My results find support for the hypothesis. In particular, foreign R&D spillovers were higher in the English common law countries than in the French civil law countries. In the second essay, I examine the question of whether technical cooperation grants and overseas development assistance grants induce R&D knowledge spillovers in Sub-Saharan African countries. I test this hypothesis using data for 11 Sub-Saharan African countries over the period 1980-2004. I constructed foreign R&D spillovers using the technical cooperation grants and overseas development assistance grants as weights and employed the endogenous growth framework to provide quantitative estimates of foreign R&D spillover effects in 11 Sub-Saharan African countries. I find that technical cooperation grants and overseas development assistance grants are major mechanisms through which returns to R&D investments in G7 countries flows to Sub-Saharan African countries. However, their influence has declined over the years. Finally, the third essay tests the hypothesis that the relationship between a country's exporters and their foreign purchasing agents may lead to the exchange of ideas and thereby improve the manufacturing process and productivity in the exporting country. I test this hypothesis using disaggregated export data from OECD countries. The foreign R&D capital stock in this essay was constructed as exports weighted average of domestic R&D capital stock. I find empirical support for the hypothesis. In particular, capital goods exports generate more learning effects and therefore best explain productivity in OECD countries than non-capital goods exports.

An analysis of an international fishery: introduction to a fishery management strategy compatible with the fishing sector

Máster en Gestión Sostenible de Recursos Pesqueros

Sutureless Aortic Valve Replacement International Registry (SU-AVR-IR): design and rationale from the International Valvular Surgery Study Group (IVSSG).

BACKGROUND Sutureless aortic valve replacement (SU-AVR) is an innovative approach which shortens cardiopulmonary bypass and cross-clamp durations and may facilitate minimally invasive approach. Evidence outlining its safety, efficacy, hemodynamic profile and potential complications is replete with small-volume observational studies and few comparative publications. METHODS Minimally invasive aortic valve surgery and high-volume SU-AVR replacement centers were contacted for recruitment into a global collaborative coalition dedicated to sutureless valve research. A Research Steering Committee was formulated to direct research and support the mission of providing registry evidence warranted for SU-AVR. RESULTS The International Valvular Surgery Study Group (IVSSG) was formed under the auspices of the Research Steering Committee, comprised of 36 expert valvular surgeons from 27 major centers across the globe. IVSSG Sutureless Projects currently proceeding include the Retrospective and Prospective Phases of the SU-AVR International Registry (SU-AVR-IR). CONCLUSIONS The global pooling of data by the IVSSG Sutureless Projects will provide required robust clinical evidence on the safety, efficacy and hemodynamic outcomes of SU-AVR.

An international assessment of the comprehensibility of material safety data sheets (MSDSs)

Material Safety Data Sheets (MSDSs) are an integral component of occupational hazard communication systems. These documents are used to disseminate hazard information to workers on chemical substances. The primary purpose of this study was to investigate the comprehensibility of MSDSs by workers at an international level. ^ A total of 117 employees of a multi-national petrochemical company participated; thirty-nine (39) each in the United States, Canada and the United Kingdom. Overall participation rate of those approached to participate was 82%. These countries were selected as they each utilize one of the three major existing hazard communication systems for fixed workplaces. The systems are comprised of the Occupational Safety and Health Administration's Hazard Communication Standard in the United States, the Workplace Hazardous Materials Information System (WHMIS) in Canada, and the compilation of several European Union directives addressing classification, labeling of substances and preparations, and MSDSs in Europe. ^ A pretest posttest randomized study design was used, with the posttest being comparable to an open book test. The results of this research indicated that only about two-thirds of the information on the MSDSs was comprehended by the workers with a significant difference identified among study participants based on country comparisons. This data was fairly consistent with the results of previous MSDS comprehensibility studies conducted in the United States. There was no significant difference in the comprehension level among study participants when taking into account the international hazard communication standard that the MSDS complied with. Marginally, age, education level and experience level did not have a significant impact on the comprehension level. ^ Participants did find MSDSs to be satisfactory in providing the information needed to protect them regardless of their views on the readability and formatting of MSDSs. The health-related information was the least comprehended as less than half of it was comprehended on the basis of the responses. The findings from this research suggest that there is much work needed yet to make MSDSs more comprehensible on a global basis, particularly regarding health-related information. ^

Networked Utopia : the Architecture and Urbanism of the Bata Shoe Company Satellite Cities = Utopia en red : arquitectura y urbanismo en las ciudades satélite de la Bata Shoe Company, 1930 al presente

From its humble beginnings as a small workshop established by Tomáš Baťa in 1874, the Bata Shoe Company became a gigantic concern in the 1920s, built on the principles of scientific management and welfare capitalism. The growth of the company engulfed Zlín (in today’s Czech Republic), its hometown, and transformed it into a modern industrial garden city satisfying the needs of both a growing industrial population, and those of the company itself. As a reaction to the aftermath of the crisis of 1929, the enterprise began a strategy of decentralization and international expansion characterized by the design and construction of a series of modern industrial towns that replicated the model of Zlín around the globe. This study is an exhaustive survey of these cities, their rationale, design, and their postindustrial conditions; it is a comparative work that has used field trips, photography, interviews, and archival material to explain the logics behind Bata’s project, to document the design and implementation of the model to multiple contexts and geographies, and to evaluate of the urban legacy of this undertaking. Finally, the research explores the question of what can the design disciplines, and other parties involved, learn from a full synthesis on the history and urbanism of the Bata satellite cities with regard to the re-imagination and sustainability of contemporary industry-sponsored interventions in developing geographies. RESUMEN Con origen en un humilde y pequeño taller fundado en 1874 por Tomáš Baťa, la Bata Shoe Company creció hasta convertirse en una gigantesca empresa en los anos 20, fundada en principios de control científico de la producción y capitalismo de bienestar. El crecimiento de la compañía se extendió por Zlín (en la actual República Checa), su pueblo de nacimiento, y la transformó en una moderna ciudad jardín industrial capaz de satisfacer las necesidades tanto de una población en alza como de la propia empresa. Como reacción a la crisis de 1929, Bata inició una estrategia de descentralización y expansión internacional caracterizada por el proyecto y construcción de modernas ciudades industriales que replicaron el modelo de Zlín por el mundo. Esta tesis es un estudio exhaustivo de estas ciudades: las razones detrás del proyecto, su diseño, y su condición post-industrial; es un estudio comparativo que se ha servido de trabajo de campo, documentación fotográfica, entrevistas y materiales de archivo para explicar la lógica detrás del proyecto de Bata, documentar el diseño e implementación de tal modelo en múltiples contextos y geografías, y valorar el legado urbano de esta empresa. Finalmente, la investigación evalúa qué podrían aprender las disciplinas del diseño y otras partes implicadas de una síntesis completa de la historia y el urbanismo de las ciudades satélite de Bata, en lo relativo a la reinvención y sostenibilidad de proyectos contemporáneos de la industria en geografías en desarrollo.

A flexible, scaleable approach to the international patent 'name game'. Bruegel Working Paper 2014/10i, September 2014

The inventors in PATSTAT are often duplicates: the same person or company may be split into multiple entries in PATSTAT, each associated to different patents. In this paper, we address this problem with an algorithm that efficiently de-duplicates the data. It needs minimal manual input and works well even on consumer-grade computers. Comparisons between entries are not limited to their names, and thus this algorithm is an improvement over earlier ones that required extensive manual work or overly cautious clean-up of the names.