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.

Teoria científica das empresas e participações societárias estatais - TEPSES: governanças pública, corporativa e o caso do Brasil

RESUMO Ao identificar a existência de lacuna teórica, o presente trabalho definiu como seu objetivo: Estabelecer os alicerces de uma epistéme sobre o fenômeno por meio do desenvolvimento de um arcabouço capaz de a) direcionar e dar sustentação à construção e ao desenvolvimento coletivo de uma Teoria Científica das Empresas e Participações Societárias Estatais – TEPSES, e de b) identificar elementos que viabilizem o desenvolvimento de respostas à questão aplicada central: Como devem os governos definir as missões, os critérios de desempenho e os mecanismos de governança das empresas estatais em um ambiente em mudança? Considerando sua materialidade, a relevância estratégica dessas empresas para os Estados contemporâneos, suas implicações para os processos de globalização e a administração uma ciência aplicada a demandarem nível de análise societal e abordagem multiparadigmática, o arcabouço e seus elementos proporcionaram resposta a várias inquietações e problemas expressos, alguns por mais de meio século, por autoridades no campo como Pritchett, Seidman, Sherwood, Shepherd, Aharoni, Millward, Hinds e Baumol. Oferecendo por redução fenomenológica uma definição de conceito universal para as empresas estatais e introduzindo, inter allia, os conceitos de capacidade essencial de Estado em seu intervalo – CEEi e de estatal patrimonial, que permitiram a construção de uma escala de interesses públicos; o arcabouço teórico focado rueschemeyeriano da TEPSES, constrói pontes entre os hemisférios da grande dicotomia do direito e entre aspectos de governanças pública e corporativa, por meio de tipologias lazarsfeldianas. Em suas seis dimensões iniciais e trinta e três relações o arcabouço foi aplicado por sondagem plausibilística ao caso das estatais diretas brasileiras, apresentando elevado grau de plausibilidade e qualidade, inclusive segundo critérios de Wacker. As formulações e explicitações da TEPSES oferecem respostas e possibilidades de tratamento a várias questões científicas mais amplas como: o paradoxo do conhecimento na regulação de Balleisen, a armadilha de Schneider, a dúvida de Ikeda/Mises e a reabertura da questão de adequação organizacional pelo nobel Simon; proporcionando ainda extensões a: tipologia de estruturas de governança do nobel Williamson, as concepções de sociedade prismática de Riggs, a definição da administração como ciência aplicada do nobel Simon, as formulações institucionalistas de Acemoglu e Robinson e as abordagens sobre intervenção de Estado do nobel Stiglitz. O arcabouço da TEPSES possibilita: a) a cada país, construir sua própria tipologia empírica de empresas estatais e assim geri-las a partir de respostas customizadas à questão aplicada central, analisar sua adequação como instrumento de políticas públicas e desenvolver critérios para suas privatizações; b) a gestores, pesquisadores e estudiosos de caso situar e analisar suas empresas a partir do arcabouço; c) às pesquisas pretéritas, terem seus dados reinterpretados à luz de um novo referencial e d) a todos, a possibilidade de conectarem seus trabalhos à epistéme da qual a TEPSES é alicerce e repositório. Conclui-se que o grau de relevância, em nível global, do fenômeno é na realidade muito superior à sua materialidade e ao grau de relevância atribuído inicialmente, devido à identificação de sua condição como fator empírico de capacidades de Estado, uma vez que à ausência e deficiências dessas capacidades são atribuídos colapsos e débâcles de vários Estados nacionais, que resultaram em elevadíssimos e incalculáveis custos humanos.

Competencia y regulación en las telecomunicaciones: el caso de Nicaragua

Incluye Bibliografía

Los mercados en el Istmo Centroamericano y México: ¿qué ha pasado con la competencia?

Incluye Bibliografía

Indexes of structural reform in Latin America

Includes bibliography

The fiscal impact of trade liberalization and commodity price fluctuation: the case of Dominican Republic, 1980-1998

Includes bibliography

The impact of privatisation on the banking sector in the Caribbean

Includes bibliography

Network for Cooperation in Integrated Water Resource Management for Sustainable Development in Latin America and the Caribbean N° 41

• Editorial remarks.-- Open discussion: Tariffs and subsidies: the current situation and trends in the region ; State-owned utilities and the flight from public law: challenges and trends ; Challenges and opportunities in access to water and sanitation in rural areas.-- Meetings: Proposals based on the Water and Environment Initiative consensuses.-- News of the Network: Peru’s Compensation Mechanisms for Ecosystem Services Act ; Ecuador’s Act on Water Resources and Water Use and Exploitation ; The environmental dynamics of groundwater in Mexico ; The Water Citizenship Programme in the province of Mendoza, Argentina.-- Internet and WWW News

Sociedade de economia mista: possibilidade de recuperação judicial

Pós-graduação em Direito - FCHS

Network for Cooperation in Integrated Water Resource Management for Sustainable Development in Latin America and the Caribbean No. 40

Editorial remarks.-- Open discussion: Regulation under the public model of service provision ; Regulatory progress and challenges in Argentina ; Twenty years of SUNASS: development, experience, lessons learned and challenges ; Possible conflict between efficiency and sustainability ; Best practices in regulating State-owned and municipal water utilities.-- News of the Network: Water use charge in the Province of Buenos Aires ; National Drinking Water and Sanitation Sector Policy of Guatemala ; Sanitation Services Modernization Law of Peru ; Internet and WWW News

Government procurement policy in developing countries: the case of Petrobras

The aim of this article is to discuss whether public procurement policy can promote innovation by firms located in developing countries. The literature on technological learning is used to create a typology for assessing the impact of public procurement in developing countries from the standpoint of innovation. Petrobras, a Brazilian state-owned enterprise, was chosen as a case study. Petrobras is a global leader in the field of deepwater oil production technology and so offers an interesting opportunity to investigate whether government procurement in developing countries is used to promote the capability of domestic firms to develop innovations. The article presents the findings of a field survey on P-51, a platform that was ordered by the Brazilian state-owned enterprise and began producing in 2009. The case study is based on information collected from interviews with managers of Petrobras, EPC contractors and some of the firms subcontracted to work on P-51.

Applications of GIS and remote sensing techniques for studying the housing patterns in Cairo Governorate

The main objective of this study is to reveal the housing patterns in Cairo as one of the most rapidly urbanizing city in the developing world. The study outlines the evolution of the housing problem and its influencing factors in Egypt generally and in Cairo specifically. The study takes into account the political transition from the national state economy to the open door policy, the neo-liberal period and finally to the housing situation after the January 2011 Revolution. The resulting housing patterns in Cairo Governorate were identified as (1) squatter settlements, (2) semi-informal settlements, (3) deteriorated inner pockets, and (4) formal settlements. rnThe study concluded that the housing patterns in Cairo are reflecting a multifaceted problem resulting in: (1) the imbalance between the high demand for affordable housing units for low-income families and the oversupply of upper-income housing, (2) the vast expansion of informal areas both on agricultural and desert lands, (3) the deterioration of the old parts of Cairo without upgrading or appropriate replacement of the housing structure, and (4) the high vacancy rate of newly constructed apartmentsrnThe evolution and development of the current housing problem were attributed to a number of factors. These factors are demographic factors represented in the rapid growth of the population associated with urbanization under the dictates of poverty, and the progressive increase of the prices of both buildable land and building materials. The study underlined that the current pattern of population density in Cairo Governorate is a direct result of the current housing problems. Around the depopulation core of the city, a ring of relatively stable areas in terms of population density has developed. Population densification, at the expense of the depopulation core, is characterizing the peripheries of the city. The population density in relation to the built-up area was examined using Landsat-7 ETM+ image (176/039). The image was acquired on 24 August 2006 and considered as an ideal source for land cover classification in Cairo since it is compatible with the population census 2006.rnConsidering that the socio-economic setting is a driving force of change of housing demand and that it is an outcome of the accumulated housing problems, the socio-economic deprivations of the inhabitants of Cairo Governorate are analyzed. Small administrative units in Cairo are categorized into four classes based on the Socio-Economic Opportunity Index (SEOI). This index is developed by using multiple domains focusing on the economic, educational and health situation of the residential population. The results show four levels of deprivation which are consistent with the existing housing patterns. Informal areas on state owned land are included in the first category, namely, the “severely deprived” level. Ex-formal areas or deteriorated inner pockets are characterized as “deprived” urban quarters. Semi-informal areas on agricultural land concentrate in the third category of “medium deprived” settlements. Formal or planned areas are included mostly in the fourth category of the “less deprived” parts of Cairo Governorate. rnFor a better understanding of the differences and similarities among the various housing patterns, four areas based on the smallest administrative units of shiakhat were selected for a detailed study. These areas are: (1) El-Ma’desa is representing a severely deprived squatter settlement, (2) Ain el-Sira is an example for an ex-formal deprived area, (3) El-Marg el-Qibliya was selected as a typical semi-informal and medium deprived settlement, and (4) El-Nozha is representing a formal and less deprived area.rnThe analysis at shiakhat level reveals how the socio-economic characteristics and the unregulated urban growth are greatly reflected in the morphological characteristics of the housing patterns in terms of street network and types of residential buildings as well as types of housing tenure. It is also reflected in the functional characteristics in terms of land use mix and its degree of compatibility. It is concluded that the provision and accessibility to public services represents a performance measure of the dysfunctional structure dominating squatter and semi-informal settlements on one hand and ample public services and accessibility in formal areas on the other hand.rn

The Permanent Income Hypothesis: A Test on Czech Privatisation

Since the late eighties, economists have been regarding the transition from command to market economies in Central and Eastern Europe with intense interest. In addition to studying the transition per se, they have begun using the region as a testing ground on which to investigate the validity of certain classic economic propositions. In his research, comprising three articles written in English and totalling 40 pages, Mr. Hanousek uses the so-called "Czech national experiment" (voucher privatisation scheme) to test the permanent income hypothesis (PIH). He took as his inspiration Kreinin's recommendation: "Since data concerning the behaviour of windfall income recipients is relatively scanty, and since such data can constitute an important test of the permanent income hypothesis, it is of interest to bring to bear on the hypothesis whatever information is available". Mr. Hanousek argues that, since the transfer of property to Czech citizens from 1992 to 1994 through the voucher scheme was not anticipated, it can be regarded as windfall income. The average size of the windfall was more than three month's salary and over 60 percent of the Czech population received this unexpected income. Furthermore, there are other reasons for conducting such an analysis in the Czech Republic. Firstly, the privatisation process took place quickly. Secondly, both the economy and consumer behaviour have been very stable. Thirdly, out of a total population of 10 million Czech citizens, an astonishing 6 million, that is, virtually every household, participated in the scheme. Thus Czech voucher privatisation provides a sample for testing the PIH almost equivalent to a full population, thus avoiding problems with the distribution of windfalls. Compare this, for instance with the fact that only 4% of the Israeli urban population received personal restitution from Germany, while the number of veterans who received the National Service Life Insurance Dividends amounted to less than 9% of the US population and were concentrated in certain age groups. But to begin with, Mr. Hanousek considers the question of whether the public percieves the transfer from the state to individual as an increase in net wealth. It can be argued that the state is only divesting itself of assets that would otherwise provide a future source of transfers. According to this argument, assigning these assets to individuals creates an offsetting change in the present value of potential future transfers so that individuals are no better off after the transfer. Mr. Hanousek disagrees with this approach. He points out that a change in the ownership of inefficient state-owned enterprises should lead to higher efficiency, which alone increases the value of enterprises and creates a windfall increase in citizens' portfolios. More importantly, the state and individuals had very different preferences during the transition. Despite government propaganda, it is doubtful that citizens of former communist countries viewed government-owned enterprises as being operated in the citizens' best interest. Moreover, it is unlikely that the public fully comprehended the sophisticated links between the state budget, state-owned enterprises, and transfers to individuals. Finally, the transfers were not equal across the population. Mr. Hanousek conducted a survey on 1263 individuals, dividing them into four monthly earnings categories. After determining whether the respondent had participated in the voucher process, he asked those who had how much of what they received from voucher privatisation had been (a) spent on goods and services, (b) invested elsewhere, (c) transferred to newly emerging pension funds, (d) given to a family member, and (e) retained in their original form as an investment. Both the mean and the variance of the windfall rise with income. He obtained similar results with respect to education, where the mean (median) windfall for those with a basic school education was 13,600 Czech Crowns (CZK), a figure that increased to 15,000 CZK for those with a high school education without exams, 19,900 CZK for high school graduates with exams, and 24,600 CZK for university graduates. Mr. Hanousek concludes that it can be argued that higher income (and better educated) groups allocated their vouchers or timed the disposition of their shares better. He turns next to an analysis of how respondents reported using their windfalls. The key result is that only a relatively small number of individuals reported spending on goods. Overall, the results provide strong support for the permanent income hypothesis, the only apparent deviation being the fact that both men and women aged 26 to 35 apparently consume more than they should if the windfall were annuitised. This finding is still fully consistent with the PIH, however, if this group is at a stage in their life-cycle where, without the windfall, they would be borrowing to finance consumption associated with family formation etc. Indeed, the PIH predicts that individuals who would otherwise borrow to finance consumption would consume the windfall up to the level equal to the annuitised fraction of the increase in lifetime income plus the full amount of the previously planned borrowing for consumption. Greater consumption would then be financed, not from investing the windfall, but from avoidance of future repayment obligations for debts that would have been incurred without the windfall.

Birth, Survival and Growth of Small and Medium Sized Enterprises in Poland: 1990-1994

This research is based on a unique and extensive database which tracks the employment, payroll and sales of individual Polish firms for the period 1990 to 1995. This allowed the authors to calculate the birth, survival and growth rates for different categories of enterprises (state-owned, cooperative, private, foreign-owned and privatised after 1990) and regions. These data match data collected in the United States, making it possible to compare the Polish situation with that of the state of Michigan. Analysis of the data and lessons from the Poland-Michigan comparisons provide a solid basis for the formulation of new policy recommendations for Poland. Allowing for certain important differences, Poland would still seem to need a higher rate of births of new companies. New small private companies and companies with foreign capital can be seen as the main source of job creation and economic revitalisation. To strengthen positive trends in the economy, Poland should create a model of institutional support for both potential entrepreneurs and foreign investors.

The Redistribution of Property Rights, Corporate Governance and Company Restructuring after Privatisation"

The project covered the main issues of privatisation, corporate governance and company restructuring after privatisation in Hungary and in the Russian Republic, together with a summary of the broader picture of company-level changes in Central and Eastern Europe, discussing the issues of micro-financial restructuring in the Czech Republic, Hungary, Poland and Slovakia. The two countries selected as the focus of research can be regarded as the two most widely differing cases of the economic transformation in Central and Eastern Europe. Hungary began its transition very early in 1989, while Russia was very late in doing so. Hungary first implemented a series of institutional and systemic reforms before stabilising its public finances, while Russia has struggled with financial stabilisation for years without great success. Company restructuring and the introduction of new forms of governance only began in Russia in the mid-1990s. Hungary opted for "traditional" western methods of privatisation and invited a large amount of foreign direct investment (FDI) while in Russia the bulk of state-owned property was privatised either by free distribution or by a strange blend of ESOP-MBO schemes. FDI in Russia remained modest because of the high risk and uncertainty surrounding economic transactions there. Hungary was a forerunner in privatising public utilities, while Russia has moved cautiously in this area. The group's studies show that the Hungarian economy is now over the "transformation recession" and its economic success is largely due to its successful privatisation and to the dominant participation of foreign investors in company take-overs and in the restructuring process. The study of Russia provides a comprehensive account of the main factors in the so-far modest results in Russian privatisation and economic transformation.