International Business 4th Edition by Yadong Luo, Oded Shenkar, Tailan Chi ISBN 9781000488142 1000488144

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ISBN 10: 1000488144
ISBN 13: 9781000488142
Author: Yadong Luo, Oded Shenkar, Tailan Chi

International Business 4th Edition Table of contents:

1 International Business in an Age of Globalization

Opening Case: The Coca-Cola Company

An Age of Globalization

What Does Globalization Mean to You?

The Face of Globalization

Who Benefits from Globalization?

The Impact of Globalization

Globalization in Transition

Globalization and International Business

What is International Business?

International versus Domestic Business

Industry/Country Box: Sinostone Comes to Elberton

Why Expand Internationally?

The Structure of this Book

Pedagogical Thrust

Notes

I Concepts and Theories in International Business

2 International Trade Theory and Application

Opening Case: Banana Wars

International Trade Theories

The Mercantilist Doctrine

Absolute Advantage Theory

Comparative Advantage Theory

Heckscher-Ohlin Theorem

The Leontief Paradox

Human Skills and Technology-Based Views

The Product Life-Cycle Model

Infant Industry Argument

Linder’s Income-Preference Similarity Theory

The New Trade Theory

Industry Box: The Global Automotive Industry

Theory Assessment

International Trade Patterns

International Trade Volume and Growth

Service Trade

Trade Measurement

Major Exporters and Importers

US Trade Partners

Trade Balance

Arguments for Trade Restrictions

The Sovereignty Argument

The Lowest Common Denominator Argument

Trade Reciprocity and Retaliation against Unfair Trade Practices

Optimal Tariff Theory

Types of Trade Barriers

Tariff Barriers

Dumping and Anti-Dumping

Non-Tariff Barriers

Quotas

Production Subsidies

Emergency Import Protection

Export Controls

Embargoes and Boycotts

Administrative Barriers

Technical Standards

Country Box: US Trade Policies under the Trump Administration and Trade War with China

Anti-Globalization Backlash and Intensification of Trade Conflicts

Notes

3 Foreign Direct Investment Theory and Application

Opening Case: Japan Changes its Mind about FDI, But Needs to do More to Attract It

Definition and Types of Foreign Direct Investment

FDI versus Foreign Portfolio Investment

Types of FDI

Entry Mode

The Strategic Logic of FDI

How the MNE Benefits from Foreign Direct Investment

Enhancing Efficiency from Location Advantages

Improving Performance from Structural Discrepancies

Increasing Return from Ownership Advantages

Ensuring Growth from Organizational Learning

The Impact of FDI on the Host (Destination) and Home (Origin) Countries

Employment

FDI Impact on Domestic Enterprises in the Host Country

Current Theories on FDI

Product Life-Cycle Theory

Monopolistic Advantage Theory

Internalization Theory and other Transaction Cost-Based Theories

The Eclectic Paradigm

Learning and Capability-Based Perspectives

The Dynamic Capability Perspective

The Evolutionary Perspective

Industry Box: MNEs and FDI in the Automotive Industry

The Real Option Perspective

The Integration-Responsiveness Perspective

Patterns of FDI

Outward FDI

Inward FDI

FDI Entry Forms

The Investment Environment

FDI Decision Criteria

Country Box: FDI in Israel

Notes

4 The Multinational Enterprise

Opening Case: Johnson & Johnson

What is a Multinational Enterprise?

The Degree of Internationalization

History of the MNE

The World’s Largest MNEs

The Growth of Service MNEs

The Image of the MNE

The MNE in the Public Eye

The Borderless Corporation: Myth or Reality?

The Competitive Advantage of the MNE

Capabilities and Competitive Advantage

Types of Capabilities

Capability Deployment

Capability Upgrading

The MNE from Emerging/Developing Economies (DMNE)

The Largest Developing Country MNEs

Obstacles Facing MNEs from Developing Economies

DMNE Advantage in Global Markets

Typical Features of DMNEs

Country Box: An Israeli Firm Becomes the World’s Largest Generic Drug Maker

The Small and Medium-Sized International Enterprise (SMIE)

What is an SMIE?

Size and Internationalization

Obstacles to SMIE Internationalization

Scale and Transaction Constraints

Access to Capital

Lack of Knowledge

Lack of Market Power

Vulnerability to Intellectual Property Violations

SMIE Advantages in Internationalization

SMIE Internationalization Features

Internationalization Motivation

Internationalization Patterns

SMIE Exporter Profile

Nature of FDI by SMIEs

Industry Box: Investment Management and the SMIE

Notes

5 Country Competitiveness

Opening Case: Singapore’s Changing Competitive Advantage in the Hard Disk Drive Industry

Defining Country Competitiveness

Country Competitiveness and MNEs

Country-Level Determinants

Institutional System

Infrastructure

Macroeconomic Soundness

Science, Education, and Innovation

Internationalization

Industry-Level Determinants

Industry Box: E-Commerce as an Element of Country Competitiveness

Firm-Level Determinants

Individual-Level Determinants

Country Box: Italy: Owner Sneaks Factory to Poland

Interplay of the Four-Level Determinants

Government Role

A Historical Review

A Renewed Recognition of Government Role

Developed Countries

Developing Countries

Industrial Policy

Notes

6 The Cultural Environment

Opening Case: Renault-Nissan Alliance

What is Culture?

Culture and International Business

Culture Does Not Explain Everything

Correlates of Culture

Language

Religion

National Culture Classifications

Hofstede’s Dimensions of Culture

Power Distance (PD)

Uncertainty Avoidance (UA)

Country Box: Toyota—A Shift in Toyota’s Corporate Culture

Individualism/Collectivism (I/C)

Masculinity/Femininity (M/F)

Long-Term Orientation (LTO)

Indulgence versus Self-Restraint

Criticism of Hofstede

Schwartz’s Classification

The GLOBE Classification

Trompenaars and Hampden-Turner’s Classification

Other Dimensions of Culture

National Culture Clustering

The Ronen and Shenkar Clustering

Subsistence and Rice Theories

Measuring Cultural Differences

The Positive Role of Cultural Differences

The Friction Framework

Corporate Culture

Other Layers of Culture

Ethnicity

Industry

Ideology

Demographics

Cultural Etiquette

Cultural Stereotypes

Convergence and Divergence

Industry Box: Islamic Finance

Notes

7 The Political and Legal Environment

Opening Case: Bolivia Nationalizes Natural Gas

The Political Environment

Political System

The Institutional Context

Geopolitics and International Business Environment

The MNE–Government Relationship

The MNE Relationship with the Host Government

MNE Political Objectives in the Host Country

Host Government Objectives

The Bargaining Power of the MNE and the Host Government

Government Investment Support

The MNE and its Home Government

Coalition Building and Influence Tactics

Industry Box: Managing Politics in the Automotive Industry

Economic Freedom

Political Risk

The Measurement of Political Risk

Types of Political Risk

Strategies for Managing Political Risk

Regional-Level Politics

Micro-Region Political Processes

The Legal Environment

The Institutional Context

Country Box: Indonesia: Manufacturers Life Weathers the Storm in Indonesia

Legal Jurisdiction

Jurisdictional Levels

International Jurisdiction

Regional Jurisdiction

National Jurisdiction

Legal Issues of Interest to the MNE

Rule of Origin Laws

Competition Laws

Marketing and Distribution Laws

Product Liability Laws

Intellectual Property Laws

Treaties

Notes

III Global Markets and Institutions

8 International Economic Integration and Institutions

Opening Case: 3M’s Response to European Market Integration

International Economic Integration

Global-Level Cooperation Among Nations

The World Trade Organization (WTO)

Background and Structure

Functions and Measures

Country Box: Russia Joins the WTO

The International Monetary Fund (IMF)

The World Bank Group

Other International Economic Organizations

The United Nations Conference on Trade and Development (UNCTAD)

The Organization for Economic Co-operation and Development (OECD)

Regional-Level Cooperation Among Nations

Postwar Regional Integration

North America: The US-Mexico-Canada Agreement (USMCA), Formerly North American Free Trade Agreement (NAFTA)

Europe: The European Union (EU)

Industry Box: Siemens Sharpens its Focus to Respond to the Single Market

Asia Pacific

Latin America

Africa and the Middle East

Efficiency-Enhancing and Efficiency-Reducing Effects of Regionalization

Commodity-Level Cooperation Among Nations

Organization of Petroleum Exporting Countries (OPEC)

Other Commodity Agreements

Strategic Responses of MNEs

Notes

9 The International Monetary System and Financial Markets

Opening Case: Foreign Exchange Crisis in Mexico

History of the International Monetary System

The Gold Standard Period (1876–1914)

The Inter-War Years and World War II (1914–1944)

The Bretton Woods System (1944–1973)

The Post-Bretton Woods System: 1973–Present

Contemporary Exchange Rate Systems

Fixed-Rate System

Crawling Peg System

Country Box: Hong Kong: Should the Hong Kong Dollar Retain the Fixed Peg to the US Dollar?

Target-Zone Arrangement

Managed Float System

Independent Float System

Advantages and Disadvantages of the Floating System

Determination of Foreign Exchange Rates

Foreign Exchange Rate Quotations

Direct and Indirect

Bid and Offer

Spot and Forward

Forward Premium and Discount

Cross Rates

Gold Standard

Purchasing Power Parity (PPP)

Interest Rate Parity (IRP)

Foreign Exchange Rate Overshooting

Implications for MNEs: Foreign Exchange Forecasting

The Balance of Payments

BOP Accounts

Current Account

Capital Account

Financial Account

Official Reserves Account

Exchange Rates and BOP Imbalances

International Foreign Exchange Markets

Landscape of the International Foreign Exchange Market

Market Participants and Functions

Transaction Forms

Spot Transactions

Forward Transactions

Swap Transactions

Foreign Exchange Arbitrage

Black Market and Parallel Market

International Capital Markets

International Money Markets

International Bond Markets

Industry Box: US Firms Find Cheaper Financing from Foreign Sources

International Stock Markets

International Loan Markets

Major International Financial Crises in Recent Times

The Asian Financial Crisis

The Financial Perspective

The Political/Institutional Perspective

The Managerial Perspective

The Global Financial Crisis

Notes

IV International Business Strategies

10 International Entry Strategies

Opening Case: DuPont’s Entry Strategies into China

Dimensions of a Market Entry Strategy

International Location Selection (Where)

Locational Determinants

Cost and Tax Factors

Demand Factors

Strategic Factors

Regulatory Factors

Socio-Political Factors

Country Box: Federal Express Shifts its Hub from Subic Bay to Guangzhou, China

Decision Framework

Location and Strategic Objectives

Location and Global Integration

Location and Market Orientation

Timing of Entry (When)

Uncertainty and Potential for Learning

Exogenous Uncertainty

Endogenous Uncertainty

Competitive Preemption and Pioneering Costs

Early Mover Advantages

Early Mover Disadvantages

Decision Framework

Entry Mode Selection (How)

Entry Mode Choices

Trade-Centered Entry Modes

Exporting

International Subcontracting

Countertrade

Transfer-Centered Entry Modes

International Leasing

International Licensing

International Franchising

Build-Operate-Transfer (BOT)

FDI-Centered Entry Modes

The Branch Office

The Cooperative (or Contractual) Joint Venture

The Equity Joint Venture

The Wholly Owned Subsidiary

The Umbrella Holding Company

Decision Framework

Country-Specific Factors

Industry-Specific Factors

Firm-Specific Factors

Project-Specific Factors

Greenfield Investment, Acquisition, and Merger

Industry Box: Unilever’s Acquisitions in Latin America

The Evolutionary Path

Notes

11 MNE Organization Structure and Design

Opening Case: Procter & Gamble: Worldwide Structure

International Strategy and Organization Design

Global Integration and Local Responsiveness

MNE Strategy and Design

Subsidiary Roles and Imperatives

Subsidiary Autonomy

Subsidiary Knowledge Flow

Subsidiary Importance and Competence

MNE Organizational Structures

The National Subsidiary Structure

The International Division Structure

The Global Functional Structure

The Global Geographic Structure

Country Box: Internationalizing the Board of Directors

Combined Forms Using Geographic Areas

Region-Specific Factors in Establishing Geographic Structures

The Global Product Structure

Types of Global Product Structure

Industry Box: “Ford 2000”

The Global Matrix Structure

Integrating Global Operations

Tools for Global Integration

The Transition Challenge

The Corporate Headquarters

Notes

12 Building and Managing Global Strategic Alliances (GSAs)

Opening Case: The Ford–Volkswagen Alliance

Defining Global Strategic Alliances

Types of GSAs

Rationales for Building GSAs

Challenges Facing GSAs

Building Global Strategic Alliances

Selecting Local Partners

Goal Compatibility

Resource Complementarity

Cooperative Culture

Commitment

Capability

Negotiating Alliance Contracts

Structuring Global Strategic Alliances

Country Box: Fujitsu in Spain: Barriers to Alliance Management

Managing Global Strategic Alliances

Managing Inter-Partner Learning

Exercising Managerial Control

Heightening Cooperation

Personal Attachment

Reducing Conflicts

Thinking Ahead of Exit

Industry Box: Wisdom Gained from Experience in Building GSAs

Notes

13 Managing Global Research and Development (R&D)

Opening Case: Intel’s R&D Network in Developing Countries

Why Globalize R&D?

Benefits and Challenges of Global R&D

Country Box: India: R&D Centers of Global Companies in India

Designing and Structuring Global R&D

Types of Foreign R&D Units

Selecting R&D Location

Industry Box: Ford Locates its R&D Center in Aachen, Germany

Structuring Global R&D Activities

Managing and Operating Global R&D

Human Resource Management

Autonomy Setting

Global Planning

Communication Improvement

Rules and Procedures

Electronic Communication

Boundary Spanners

Informal Network

Cultural Adaptation

Technology Transfer across Borders

Notes

V Functional International Business Areas

14 Financial Management for Global Operations

Opening Case: Minimizing Exposure in RTZ

Why Learn Financial Management?

International Trade Finance

International Trade Payment

Cash in Advance

Letter of Credit (L/C)

Documentary Collection

Open Account

Means of Payment Remittance

Export Financing

Private Sources

Export Factoring and Forfeiting

Bankers Acceptance

Corporate Guarantee

Governmental Sources

Foreign Credit Insurance

Financing for Global Business

Intercompany Financing

Equity Financing

Debt Financing

Local Currency Financing

Financing Decisions

Managing Foreign Exchange Risk and Exposure

Foreign Exchange Risk and Exposure

Transaction and Economic Exposures

Managing Transaction Exposure

Hedging with Financial Instruments

Hedging with Contract Invoicing and Clause

Managing Economic (Operating) Exposure

Financial Initiatives

Production Initiatives

Industry Box: Netting in Philips

Global Coordination of Exposure Management

Country Box: India Faces Dilemma on Foreign Exchange Hedging

Working Capital Management

Cash Management

Foreign Receivable Management

Notes

15 International Accounting for Global Operations

Opening Case: Multinationals Face Heftier Tax for Foreign Operations

Country Differences in Accounting

Why Accounting Systems Differ Among Countries

Institutions

Societal Culture

External Relations

Industry Box: Accounting Diversity in Siemens

National Accounting Zones

International Accounting Harmonization

International Accounting Standards

Country Box: Australia: Accounting in Australia

Foreign Currency Translation

Commonly Used Translation Methods

Harmonization of Translation Methods

International Accounting Information Systems

Transfer Pricing and Taxation Strategies

Why Transfer Pricing?

Transfer Pricing Techniques

Transfer Pricing Regulations and Penalties

Tax Havens, Treaties, and Strategies

Tax Havens

Tax Treaties

Other Tax Strategies for MNEs

Notes

16 Global Marketing and Supply Chain

Opening Case: Domino’s Pizza

The International Marketing Challenge

Assessing Market Potential

The Luxury Market

Globalization and Localization in International Markets

Globalization Forces

Global Brands

Why Global Products?

Marketing Repercussions of a Global Approach

Localization Forces

Product Adaptation

Country Box: Kimchi Wars

Country-of-Origin Effect

Leveraging Positive Country Image

Leveraging Nationalist Sentiments

Branding

Channel Decisions

Intermediation

Direct Marketing

Niche Marketing

Pricing

Predatory Pricing

Promotion

Advertising

Marketing Alliances

Digital Marketing

The Global Supply Chain

The Globalization of Supply Chains

The Challenge for SMIEs

Global Sourcing

Logistics Providers

Customizing the Supply Chain

National Variation

Product and Logistics Customization

Packaging

Transportation Modes

Maritime Transportation

Rail

Air Transport

Crossing National Borders

Industry Box: Global Logistics at Wal-Mart

Notes

17 Global Human Resource Management

Opening Case: Managing Global Human Resources at HSBC

Strategic IHRM

Staffing the MNE

The Globalization of Boards of Directors

Selecting Global Board Members

Industry Box: Airline Pilots Go Global

Country Box: Korean Companies Seek Global Talent

Staffing the MNE Ranks

Country-Specific Issues

The Expatriate Workforce

Types and Distribution of Expatriates

Using Expatriates: Pros and Cons

Expatriate Failure

Expatriate Selection

Expatriate Selection Instruments

Preparing for a Foreign Assignment

Expatriate Training

Choosing a Training Method

Compensation

Cost and Elements of Expatriate Compensation

Approaches to Expatriate Compensation

Culture and Compensation

Repatriation

HRM in International Affiliates

Human Resource Problems in Foreign Affiliates

Notes

VI Emerging Issues in International Business

18 Digital Connectivity and Global Strategies

Opening Case: IBM Acquires Red Hat to Sharpen Digital Global Connectivity

Internet and Global E-Commerce1

Digital Global Connectivity

What Is Digital Global Connectivity?

New Forms of Digital Global Connectivity

Industry Box: Siemens’s Digital Global Strategy

How Digital Globalization Changes International Business

Intangible Commerce Booms

Knowledge Diffusion Grows

Digital Infrastructure Vitalizes

Mini-MNEs Rise

Global Consumers Shake Up

Emerging Economies Leapfrog

Global Business Ecosystems Thrive

Rewards and Risks of Digital Global Connectivity

Rewards from Digital Global Connectivity

Expanding Global Customers

Reducing Transaction Costs

Improving Consumer Experience

Augmenting Open Innovation

Buttressing Managerial Efficiency

Risks from Digital Global Connectivity

Interdependence Risks

Cyberattacks and Information Security

Reputation Fragility

New Rivalry Disruptions

Assessing Digital Infrastructure

Physical Digital Infrastructure

Science, Education, and Innovation in Digitization

Country Box: Digital Infrastructure in the Philippines and Malaysia

Institutional and Regulatory Environment of Digitalization

Building Digital Global Connectivity Capabilities

Global Business Platforms

Industry Box: Equinix as a Global Platform

Notes

19 Global Sustainability and Social Responsibility

Opening Case: Shell’s Brent Spar Project

Global Sustainability

Corporate Social Responsibility in International Business

MNE Social Responsibilities

Environmental Responsibilities

Consumer Protection

Corporate Governance

Industry Box: Social Impact Assessment Steps at Shell

Global Guidelines and Mandates

A Culture of Social Responsibility

Auditing and Assessing MNE Social Responsibility

Corruption in International Business

Definition and Magnitude of Corruption

The Origins of Corruption

Drawbacks of Corruption

Corruption Rankings

Types of Corrupt Practices

Smuggling

Money Laundering

Piracy and Counterfeiting

Bribe Paying

The Foreign Corrupt Practices Act (FCPA)

The Globalization of the Fight Against Corruption

Country Box: Drug Companies Face Bribery Probe on Payments to Officials of Foreign Emerging Markets

Notes

20 International Entrepreneurship

Opening Case: Will Entrepreneurship Help Japan Regain its Lost Decades?

Defining International Entrepreneurship

Comparative Entrepreneurship

Culture and Entrepreneurship

Funding New Ventures

Cross-Border Entrepreneurship

Internationalizing the Born Global Enterprise

Industry Box: Israeli Start-Ups in the Global Marketplace

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Tags: Yadong Luo, Oded Shenkar, Tailan Chi, International Business