Browsing Department of International Economics and Management (INT) by Title
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Gregoric, Aleksandra; Kosak, Marko (København, 2007)[More information][Less information]
Abstract: This paper investigates bank-borrower relationships in an advanced transition country. The empirical analysis is based on a unique dataset of 121 privatized small and medium-sized Slovenian corporations in the first years following the end of the banking sector’s reorganization (1998–2002). The results reveal the strong dominance of bank funding for small and medium-sized enterprises. Despite this, the firms included in the study are characterized by a small number of bank relationships. The specifics of the transition are moreover reflected in the substantial role of fixed assets that can be put up as collateral. However, the number of bank relationships relates to similar factors that have been proven to influence the number of firm-bank relationships in developed countries. We thus expect that the number of bank relationships in Slovenia will increase with the progress of restructuring and privatization of the enterprise sector and with the integration of financial markets following Slovenia’s entry to the European Union. URI: http://hdl.handle.net/10398/6562 Files in this item: 1
wp8-2007.pdf (272.4Kb) -
A Meta AnalysisMeyer, Klaus E.; Sinani, Evis (København, 2005)[More information][Less information]
Abstract: The extensive empirical literature analyzing productivity spillovers from foreign direct investment to local firms provides inconclusive results. Some studies find that foreign presence has a positive impact on the productivity of domestic firms, while others find no evidence or a negative effect. Differences in the results may be attributable to contexts, such as the structural differences between developed, developing and transition economies. However, results may also vary due to different empirical methodologies, notably the use of aggregate versus firm-level data and cross-section versus panel data analysis. We conduct a meta-analysis to investigate reasons for these conflicting results, and provide a revised interpretation of earlier research and its policy implications, and new priorities for future research. Our analysis suggests that the hypothesized spillovers are not confirmed for industrialized countries in the 1990s. Transition economies may experience spillovers, but these have been declining in recent years. Keywords: developing countries, transition economies, spillovers, foreign direct investment, technology transfer, meta-analysis URI: http://hdl.handle.net/10398/6540 Files in this item: 1
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Dieng, Sebastian; Dörrenbächer, Christoph; Gammelgaard, Jens (København, 2008)[More information][Less information]
Abstract: This paper analyses the moves global brewery companies undertake towards the distribution of decision making authority in their multinational organization and the likelihood of newly acquired subsidiaries to influence these moves. In this consumer goods industry, brands are suggested to be the primary subsidiary specific resource to influence these distribution processes. Empirically this paper explores three European acquisitions of the Dutch brewery corporation Heineken in Switzerland, Slovakia, and France. We explore whether differing brand value (regional/international, standard/premium) has had an impact on the subsidiaries‟ ability to maintain a certain degree of decision making authority after the take-over. The results of our case studies show, however, that the ownership of valuable brands may not be considered as a critical resource for subsidiaries here. URI: http://hdl.handle.net/10398/6601 Files in this item: 1
wp2-2008.pdf (295.9Kb) -
a case of not learning from AsiaNarula, Rajneesh (København, 2002)[More information][Less information]
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Motivation and Outcomes of Complementary and Synergistic Knowledge NetworksNielsen, Bo B. (København, 2000)[More information][Less information]
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Munar, Ana María (Frederiksberg, 2010)[More information][Less information]
Abstract: A development in Information and Communication Technologies promising to have a large impact on tourism is the phenomenon known as the Web 2.0. A key to this development is the encouraging of interactivity due to User Generated Content (UGC). This paper focuses on a specific type of UGC: Tourist Created Content (TCC). Based on an exploratory examination of the Web and an extensive analysis of the content, the study systematizes the knowledge about TCC, presents a classification system and provides an overview of its characteristics. The paper shows the processes that allow the tourist to digitalize content and reveals how TCC relates to the cultures of the Internet and shapes the tourism experience. URI: http://hdl.handle.net/10398/8034 Files in this item: 1
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the history of Danish takeovers abroad 1888 to 1993Gammelgård, Jens (København, 2001)[More information][Less information]
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Ooi, Can-Seng (København, 2006)[More information][Less information]
URI: http://hdl.handle.net/10398/6605 Files in this item: 1
working paper int_can-seng ooi.pdf (93.41Kb) -
An application to ChinaLi, Xin (Frederiksberg, 2011)[More information][Less information]
Abstract: The starting point of this PhD research is two observations. The first is that people often tend to discuss a country’s national competitiveness in a general tone, i.e., judging a country to be either competitive or uncompetitive, rather than making more balanced assessment, and therefore their opinions often contradict each other. The second observation is that there are many competing international reports that rank a large number of countries in terms of their national competitiveness. These reports often provide different rankings for a given country (e.g., China), and therefore the readers of these reports are often left with a confusing picture. The first observation reflects the reality that there has been a lack of commonly accepted definition of national competitiveness. The second reflects the methodological problems of the indexing-and-ranking methods commonly used by international competitiveness reports... URI: http://hdl.handle.net/10398/8357 Files in this item: 1
Xin_Li.pdf (5.486Mb) -
A Relationship-based ApproachLi, Xin (Frederiksberg, 2011)[More information][Less information]
Abstract: This paper argues that the existing four major theories of the firm, i.e., the transaction cost theory, resource-based view, the entrepreneurial theory, and the stakeholder theory, are all insightful yet partial because each of them has a particular focus on the phenomenon of the firm. To better understand the nature and behaviors of the firm, we need a comprehensive yet integrative theory. Toward this end, this paper proposes a relationship-based theory of the firm (R’BT) which claims that it is the relationships between the entrepreneur and other individuals or firms that determine the existence, boundary, internal organization and competitive advantage of the firm. URI: http://hdl.handle.net/10398/8361 Files in this item: 1
Xin_Li_INT_2011.pdf (275.3Kb) -
The Role of Sources of Subsidiary Knowledge and Organizational ContextFoss, Nicolai Juul; Pedersen, Torben (København, 2000)[More information][Less information]
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Abstract: This paper gives an overview over how far transition has proceeded and what is still lacking in the process. The analytical framework – the PIE model for Politics, Institutions, Economy – is introduced. The model is first used to point to the main reasons for the fall of the command economy. Then it is used to identify the barriers for transition of the institutional system and the restructuring of the economy. This includes an analysis of the different factors behind the steep fall in production in the first years of transition. It is shown that countries implementing a tough stabilization and a comprehensive and consequent liberalization have been most successful in the process. A fast and comprehensive privatization, on the other hand, has not been sufficient for the necessary restructuring of enterprises. Decisive for success in transition has been transformation of the state as a crucial part of the development of new political and economic institutions implementing well functioning, clear and stable rules of the game for private enterprises. The institutional development has been important for the attractiveness of foreign investments - important for restructuring enterprises as part of a positive circle for the transition process. URI: http://hdl.handle.net/10398/8486 Files in this item: 1
mygind_2011.pdf (115.2Kb) -
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Abstract: This paper gives an overview over how far transition has proceeded and what is still lacking in the process. First the analytical framework – the PIE model for Politics, Institutions, Economy – is introduces. The model is first used to point to the main reasons for the fall of the command economy. Then it is used to identify the barriers for transition of the institutional system and the restructuring of the economy. This includes an analysis of the different factors behind the steep fall in production in the first years of transition. It is shown that countries implementing a tough stabilization and a comprehensive and consequent liberalization have been most successful in the process. A fast and comprehensive privatization, on the other hand, has not been sufficient for the necessary restructuring of enterprises. Decisive for success in transition has been transformation of the state as a crucial part of the development of new political and economic institutions implementing well functioning, clear and stable rules of the game for private enterprises. The institutional development has been important for the attractiveness of foreign investments - important for restructuring enterprises as part of a positive circle for the transition process. URI: http://hdl.handle.net/10398/7983 Files in this item: 1
transition_-_PIE_feb_2009-1.pdf (108.5Kb) -
Context, complexity and competenceClausen, Lisbeth; Worm, Verner (Frederiksberg, 2012)[More information][Less information]
Abstract: Asia (Japan, China, India and South East Asia) has a population of more than 2.5 billion people (a little less than half the world’s population). Asia is diverse and complex but it is first of all an exciting place and accounts for a significant and increasingly large share of the global economy, boasting three of the ten biggest economies – China, Japan and India. It is the growth center of the current world economy, with two of the fastest emerging economies, China and India. The rapid development is partly because the countries have received huge amounts of foreign direct investments (FDI). In 2009 China alone received US $ 92 billion in FDI and China has more expatriates than any other country in the world (Welch, Welch & Worm, 2007). Many expatriates are also based in Japan, India and South East Asian countries such as Singapore, Malaysia and Indonesia as well. URI: http://hdl.handle.net/10398/8599 Files in this item: 1
Worm_2012.pdf (121.8Kb) -
Bernhard Nielsen, Bo (København, 2001)[More information][Less information]
Abstract: Although trust has been given much attention in alliance literature as an explanatory factor, little research has been devoted to defining and operationalizing trust. Trust is more or less seen as a magic ingredient, poorly understood much like the concept of luck, and usually attributed ex post; successful alliances seem to involve trust; unsuccessful alliances do not. The extant literature has treated trust as a residual term for the complex social-psychological processes necessary for social action to occur. Since trust is a social phenomenon, both national culture and institutional arrangements have an impact on trust and the perception of trust. Hence, this paper develops a conceptual model, based on a structural equation approach, for empirically exploring the role played by trust in the process of learning in international strategic alliances. The model distinguishes between pre-alliance formation factors and post-alliance formation factors in an attempt to respond to calls for research examining the evolution of trust and its impact on international collaborative relationships. The determinants of trust in international strategic alliances are examined and a series of testable propositions are derived to guide future empirical investigation. Keywords: Trust, Strategic Alliances, Learning URI: http://hdl.handle.net/10398/6571 Files in this item: 1
wp8-2001-bbn.pdf (116.3Kb) -
Consequences for Economic and Employment GrowthNarula, Rajneesh (København, 2004)[More information][Less information]
Abstract: This paper seeks to broaden our understanding of the concept underlying absorptive capacity at the macro –level, paying particular attention to the growth and development perspectives. We provide definitions of absorptive and technological capacity, external technology flows, productivity growth, employment creation and their interrelations. We then analyse the elements of absorptive capability, focusing on the nature of the relationship within a systems view of an economy, focusing primarily on the role of firm and non-firm actors and the institutions that connect them, both within and across borders. We also undertake to explain how the nature of absorptive capacity changes with stages of economic development, and the importance of the different aspects of absorptive capability at different stages. The relationship is not a linear one: the benefits that accrue from marginal increases in absorptive capability change over time. Finally, we provide a tentative and preliminary conceptual argument of how the different stages of absorptive capacity are related to productivity growth, economic growth and employment creation. Key words: New economy, absorptive capacity, knowledge URI: http://hdl.handle.net/10398/6559 Files in this item: 1
druid 04-02.pdf (446.8Kb) -
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Abstract: A number of influential studies have documented a considerable value premium for US stocks over long periods of time. Value stocks, defined as companies that trade at low price-earnings or price-book values, are reported to have given a higher mean return than growth stocks trading at high multiples. Outside the US, there is also robust evidence of a value premium for the UK, but otherwise the evidence is more uncertain due to data shortages. Studies of continental European and Asian markets are, for example, based on data that typically only covers 20 years of market history. The purpose of this paper is to report evidence for the Danish market using a consistent data set that extends over the period 1950-2008. On the basis of these data the paper investigates whether the value premium is a stylized fact or just a phenomenon that pops up every few decades only to disappear again. The results show that the Danish value premium exists and is significant over the long run. However, this paper also shows that the premium is not a simple constant but is volatile even across decades. URI: http://hdl.handle.net/10398/8241 Files in this item: 1
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Risager, Ole (København, 2008)[More information][Less information]
Abstract: A number of influential studies have documented a considerable value premium for US stocks over long time periods (Fama and French (1992, 2008), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean return than stocks with high multiples and high asset growth (Cooper et al. (2008)). Outside the US, the evidence is more uncertain due to data shortages. On the basis of a unique data set that extends over more than half a century, this paper not only shows that there is a value premium in the Danish market but also that growth stocks only produce high earnings growth in the run-up to portfolio formation. Growth stocks are therefore likely to have disappointed investors. We therefore also estimate the proportion of the premium that can be explained by growth stocks’ earnings disappointment. URI: http://hdl.handle.net/10398/6560 Files in this item: 1
wp1-2008.pdf (193.1Kb) -
Inter-firm Agreements in Eastern Europe's Car Component IndustryLorentzen, Jochen; Møllgård, Peter (København, 2000)[More information][Less information]