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date: 03 June 2020

(p. 843) Index

(p. 843) Index

absorptive capacity, and foreign direct investment (FDI), 410–411, 640–641
acquisitions
and competing for mid-market, 757–758
filling capability gaps through, 752–753
as source of legitimacy for technology-based companies in India, 733, 736, 737t
activist investors, and corporate governance and monitoring, 165
advanced multinational corporations (AMNCs)
definition of, 799
global economic hierarchy and methods of internationalization, 800–801, 802, 817–818
implications of middleness in global economic hierarchy, 801
affordability, implications for management in emerging markets, 230–231
Africa
drive toward manufacturing in, 390, 604n2
foreign direct investment in, 634
international business strategies during Great Reversal, 64
management practices in, 30 See also individual countries See also South Africa, setting in wider Africa and the world
agency theory, and state-owned multinationals, 574–576
Aguilera, Ruth V.
“Comparative Corporate Governance in Emerging Markets,” 185–218
Akamatsu, Kaname, 12, 596
Amazon global supply chain, 48, 48f
ambidexterity, of multinational emerging market enterprises, 619–621
Amrutham Nutrimix, 256
Anderson, Ray, 255
Anglo-Iranian Oil Company, nationalization of, 63
Apple
outsourcing of production to China, 70
Arbenz, Jacobo, 63
arbitrage, and behavioral biases in management, 169, 170, 179–180, 180n3
artificial intelligence (AI), implications for human rights in business, 390
Asian Newly Industrialized Economies (Asian NIEs) 10–11
“Asian Tigers”
definition of, 10, 12
assembly capability, and local firms in global value chains, 598–599
asset seeking strategies, and multinational emerging market enterprises, 612–614, 632–635
Association of Southeast Asian Nations (ASEAN), 834
Aulakh, Preet S.
“Emerging Market Multinationals in Advanced Economies,” 609–630
auto components industry
in China, 601–602
in India, 599
automobile industry
in Brazil during Great Reversal of globalization, 65
in China, 758
in Morocco, 600
Avon, and beauty industry in Latin America, 68
banking sector
in China, 758
in Russia, 717
(p. 844) banking systems, in emerging nations, 232
bankruptcy laws, as institutional variable, 283–284
Barber, Benjamin, tribalization, 71
bargaining, and managing fixed price structure, 232
Barloworld, as broker, 807
Barnard, Helena
“Operating across Levels in the Global Economic Hierarchy: Insights from South Africa’s Setting in Wider Africa and the World,” 799–822
Basco, Rodrigo
“Family Business in Emerging Markets,” 527–545
base-of-the-pyramid (BoP) approach, and importance of household economic activities in family business, 531, 534
base-of-the-pyramid (BoP) communities
archetypal BoP ventures, and mutual value, 252t
archetypes of BoP ventures, 251f
BoP approaches, history of, 243–244
business opportunities in, 25
and consumer behavior in emerging markets, 221–222
definition of initiatives in, 262n1
focal agents in, 250–251
frugal engineering and marketing to, 72
and markets served, 251
purchasing behavior of, 225, 226t
base-of-the-pyramid (BoP) communities, mutual value CARD approach to ventures in, 241–265
appropriation of value, 248
archetypes of BoP ventures, 251f
basics of, 241–242
BoP approaches, history of, 243–244
BoP as consumer, 253–254, 259
BoP as producer, 257–258, 260
broadening perspective of, 260
creation of value, 247–248
defining mutual value CARD, 247–250
destruction of value, 249–250
directions for future research, 259–260
focal agents, 250–251
inclusive supply chains, 254–255, 259–260
markets served, 251
mutual value and shared value, 246–247
mutual value as lens to view success, 245–247
mutual value CARD and archetypal BoP ventures, 252t
retention of value, 248–249
self-reliant BoP, 255–257
success in various contexts, 250–258
Baumol, W. J., 457, 477
beauty industry
markets for in second global economy, 71
behavioral biases
and corporate governance and objectives, 173–177
in emerging economies, 162–163
and financial management, 169–173, 181n7
in firms, 174, 175f, 176, 178
and implications for financial markets, 178–179
managerial biases and financial markets, 176–177
of managers, 171–173, 180n4, 180n5, 181n6
sources and implications of, 177–179
Bhaumik, Sumon Kumar
“Spillovers from FDI in Emerging Market Economies,” 399–425
biases, behavioral
and corporate governance and objectives, 173–177
in emerging economies, 162–163
and financial management, 169–173, 181n7
in firms, 174, 175f, 176, 178
and implications for financial markets, 178–179
managerial biases and financial markets, 176–177
of managers, 171–173, 180n4, 180n5, 181n6
sources and implications of, 177–179
bilateral investment treaties (BITs), 128
efforts to terminate, 142
protections afforded investors, 135b
boards of directors
in BRIC countries, 205–206
and corporate governance and monitoring, 165, 191
(p. 845)
two-tier board system, 206
Bolivia, nationalization of tin industry, 69
borders, ease of trading across
as institutional variable, 282–283
borrowing, ease of
as institutional variable, 281–282
bottom-of-the-pyramid communities See base-of-the-pyramid (BoP) communities
brands
and consumer preferences in China, 229
implications for managers in emerging markets, 231–232
Brazil
automobile industry during Great Reversal of globalization, 65
board and managerial supervision in, 205
challenges for foreign companies and investors, 694–696, 698–699
corporate governance, dimensions of, 195t
corporate governance in, 189t, 192–193
corporate social responsibility in, 206–207
cultural and ethnic diversity of, 678
culture of, 683–685
distinctive approaches to innovation in, 364–365
ecology and natural environment, 683
examples of innovation in, 353
geography of, 681–683
geopolitical regions, 681f
history of, 677–680, 678f, 693
income inequality in, 686
information disclosure and reporting in, 204
infrastructure in, 692–693
legal framework in, 201–202
management practices in, 29
ownership and corporate governance in, 190
ownership and shareholder rights in, 203
religion in, 683–684
rise of middle class in, 687–688
sociodemography of, 685–688, 686f
stakeholder rights in, 206–207 See also BRIC countries
Brazil, managing multinationals in, 677–704
bureaucracy, 689
challenges for foreign companies and investors, 694–696, 698–699
corporate leadership style, 680
corruption in politics and business, 691–692
culture, and human resource practices, 695–696
culture, and institutional environment, 683–685
custo Brasil (Brazil cost), 692–693
distance and transportation issues, 682
ecology, and institutional environment, 683
economy, and institutional environment, 693–694
formal business negotiations, 684
geography, and institutional environment, 681–683
historical influences, 677–680, 678f, 693
and income inequality, 686
infrastructure, and institutional environment, 692–693
interviews and interviewee details, 699, 700t, 702–703
labor costs and union system, 689–690
legal issues, and institutional environment, 688–690
natural resources, 682–683
and particularities of business models, 697–698
politics, and institutional environment, 690–692
and rise of middle-class, 687–688
social relationships and, 685
sociodemography, and institutional environment, 685–688, 686f
tax burden, 688
BREXIT, and economic nationalism, 345
BRIC countries
corporate governance in, 189t, 192–193
definition of, 12
distinctive approaches to innovation in, 362–365
examples of innovation in, 352–353
international tourism data, 19t
outward foreign direct investment from, 631, 632f
ownership and ownership rights in, 209
(p. 846) BRIC countries, corporate governance in, 193–207
board and managerial supervision, 205–206
corporate social responsibility, 206–207
dimensions of, 195t
frameworks, 194, 200–201
future challenges and opportunities, 207–210
information disclosure and reporting, 204–205
and legal frameworks, 201–203
ownership and ownership rights, 209
ownership and shareholder rights, 203–204
stakeholder rights, 206–207
brokers, and global economic hierarchy, 801f, 805–808, 806f
Buckley, P. J., theory of internalization, 40–41, 49n1
business, ease of exiting, 283–284
business, ease of starting
as institutional variable, 281
Business and Human Rights, United Nations Guiding Principles on, 129, 133, 374, 380–381
business and human rights in emerging markets, 27
business environment, evolution of
in comparative institutionalism, 114–116
in institutional economics, 101–106
in organizational institutionalism, 110–111
business groups in emerging markets, 28
characteristics of, 547–548
directions for future research, 560–561
economic perspectives on, 548, 550–554
embeddedness in emerging economy contexts, 558–560
ethnic and racial dimension, 560
and family businesses, 557
and family business groups, 559–560
and institutional logics, 556–558
internal market, business group as, 550–552
literature studying, 548, 549t
and market-oriented institutional changes, 558
networks, business groups as, 554–555
resource bundle, business group as, 552–554
sociological perspectives on, 554–560
sociopolitical networks and changes in government, 559
theoretical perspectives in research, 561, 594t
business models, particularities in Brazil, 697–698
business systems
and analysis of management in Southeast Asia, 824–826
in Southeast Asia, 826–835, 828t
capability gaps, filling through partnerships, mergers, and acquisitions, 752–753
Carneiro, Jorge
“Managing Multinationals in Brazil,” 677–704
Casson, M. C., theory of internalization, 40–41, 49n1
Castaño, Raquel
“Consumer Behavior in Emerging Markets,” 219–240
catch-up trends, of emerging markets in twenty-first century, 13–16, 14t
Caterpillar Tractor Company, operations in Africa, 805, 806–807
cement industry, competition and risk management in, 442
CEMEX, risk-management practices, 439–444
Central and Eastern Europe (CEE)
management practices in, 30
central and eastern Europe (CEE), managing emerging markets in, 765–797
centers of R&D for multinational firms, 770t
“Doing Business,” evolution of performance in, 775–776, 776f
foreign-owned multinationals and inward FDI, 768–769, 769f, 771, 773–781, 773f
Global Competitiveness Index ranking of CEE countries, 2007–2017, 772t
global value chains and, 778
inbound and outbound FDI competitiveness, 786–787
indirect outward FDI, 782–783
inward and outward FDI, 767, 768
leading multinationals in CEE, 784b
management and business culture, 780–781
(p. 847)
outward FDI and emerging multinationals, 781–786, 781f
regulatory and institutional environment, 777
scale and cost of offerings, 765–768
transition economies, overall considerations, 766–768
Central Europe
management practices in, 30
Chakrabarty, S., 537
chief executive officers (CEOs)
dual leadership as chairman, 206
optimism of U.S. based vs. non-U.S. based, 175f
and overconfidence bias, 171–172, 180n4
Child, John
“Innovation and Internationalization of SMEs in Emerging Markets,” 495–526
China
automotive components industry in, 601–602
board and managerial supervision in, 206
corporate governance, dimensions of, 195t
corporate governance framework, 201
corporate governance in, 189t, 192–193
corporate political ties in, 300, 301
corporate social responsibility in, 207
decreased poverty in, 31n4
direct investment in Africa, 634
distinctive approaches to innovation in, 362–363
economic contributions of SMEs, 498
education and innovation in, 353–354
emerging middle-class segments in, 228–229
enablers of innovation in, 355–356
ethnic Chinese business ownership in Southeast Asia, 829–830, 839t
ethnicity-based business groups, 560
examples of innovation in, 352
as expanding market for goods and services, 16–17
expansion of middle class in, 228
external networks and SME innovation, 506–507
firm-specific advantages in other emerging markets, 637–638
foreign direct investment in, 417n8
global innovation networks in, 368
information disclosure and reporting in, 205
information technology sector, 600
innovation by foreign MNCs in, 366–367
internationalization of companies, 208–209
investment law and policy, 145–146, 153n24, 154n27
legal framework in, 202
management practices in, 30
markets for beauty products in, 71–72
national innovation system in, 359–360
and outsourcing of multinational production, 70
outward direct foreign investment and infrastructure projects, 649–650
ownership and corporate governance in, 190
ownership and ownership rights in, 209
ownership and shareholder rights in, 204
promotion of state-owned business groups, 556
protection of intellectual property rights in, 356
research and development in, 357, 358
stakeholder rights in, 207
state-owned enterprises and other business groups, 561–562
state-owned multinationals in, 585
and technology-based global supply chains, 354
Top 20 Chinese companies, 21t
wooden toy industry in, 599 See also BRIC countries
China, opportunities for multinational firms, 747–764
accelerated innovation of local competitors, 750–751
capability gaps, filling, 752–753
changing strategies of local competitors, 749–755
competing for mid-market, 757–758
and competition from local companies, 748
entering market through high-end segment, 756
(p. 848)
evolution of multinationals’ strategies, 755–758
exploiting local advantages, 754–755
foreign investment since economic reforms, 747
global value chains, moving up in, 753–754
and relative strengths and weaknesses, 759–760
seizing opportunities, 760–762
success of Volkswagen AG, 747
Chung, Chi-nien
“The Economic and Sociological Approaches to Research on Business Groups in Emerging Markets,” 547–567
cigarette industry, marketing practices in developing countries, 67
CIVETS countries, definition of, 12
clanism, and human resource management practices, 663
classification of countries, 6–9, 7t
comparative institutionalism, 114–117
business environment, evolution of, 114–116
firm/context interface, 116–117
firm strategies and organization, 117
competition
emerging in global economy, 20–23, 21t, 22t
for mid-market, 757–758
competitive advantages
of local firms in China, 749–750
competitive risks
in local emerging-market businesses, 441–442
in multidomestic firms, 430–431, 431f
compliance costs, as institutional variable, 282
component manufacturing, capability of local firms in global value chains, 599–600
conceptual perspectives on emerging markets, 24–25, 35–53
considering new theories for, 36–37, 49
Dunning’s OLI paradigm, 38–40, 39t, 49n1
emerging-market MNEs, theorizing on, 44–46, 49
global value chains, 46–49, 47f, 48f
internalization, theory of, 40–41
internationalization process theory, 41–42
need for a new theory, 42–44, 49
using traditional theories for, 37, 38–40, 49
Vernon’s international product cycle, 42, 43f
conservatism bias, 172
consolidators, and global economic hierarchy, 801f, 802, 811–814, 812f
consumer behavior in emerging markets, 25, 219–240
attitudes and purchasing patterns, 226–227
consumer segments in China, 228–229
contextual influence on buying decisions, 220, 220f, 234
digital connectivity and, 233
directions for future research, 233–235
evaluation criteria and strategies, 222–223
and global middle-class expansion, 227–228
implications for international managers, 230–233, 234
income inequality and, 221–222, 226t
maladaptive behavior, research on, 235
middle-class consumption potential in India, 229–230
product affordability and availability, 230–231
purchasing decisions, time to reach 225
and rise of middle class, 225–230
selection criteria, 223–225
sources of product and brand information, 222
time spent shopping, 228
understanding middle-class consumers, 219
consumer markets, during Great Reversal of globalization, 67
consumer protection, and Brazilian institutional environment, 690
context
definition of, 528
contract enforceability, as institutional variable, 283
Contractor, Farok J.
“Regulatory Institutions and Multinational Companies in Emerging Markets,” 267–289
corporate control, market for, 165–166
corporate governance, and Southeast Asian business systems, 829–831
(p. 849) corporate governance frameworks, in BRIC countries, 194, 200–201
corporate governance in BRIC countries, 193–207
board and managerial supervision, 205–206
corporate social responsibility, 206–207
dimensions of, 195t
framework of, 194, 200–201
future challenges and opportunities, 207–210
information disclosure and reporting, 204–205
and legal frameworks, 201–203
ownership and shareholder rights, 203–204
and socioeconomic development, 194
stakeholder rights, 206–207
corporate governance in developed markets, types of, 185–186
corporate governance in emerging markets, 25
boards of directors and, 191
characteristics of, 185–187, 190–193
and characteristics of firms, 167
differences across countries, 166–167
and economics of financial management, 164
and goals of financial management, 168–169
literature regarding, 187, 190–193
and managerial behavioral biases, 173–177, 175f
and market for corporate control, 165–166
monitoring practices, 164–165
and ownership, 188–191
and ownership concentration, 166
top management team and, 191–192
corporate leadership style, among Brazilian executives, 680
corporate political ties in emerging markets, 291–308
in business-government exchanges, 292–294, 293f
future research regarding, 302–304
and market-based capabilities or strategies, 297–298, 303
rent creation or capture, 295–297, 302–303
and sociopolitical institutions, 299–301
and strategic corporate social responsibility, 298–299, 303
theoretical perspectives on, 294–295
corporate social responsibility (CSR)
in BRIC countries, 206–207
and corporate political ties, 298–299, 303
in firm strategies and organization, 113
as opposed to business and human rights, 377–381
and outward foreign direct investment, 646–647
corruption, and political environment of Brazil, 691–692
cosmetics
marketing of in Latin America, 67–68
costs of doing business
in variety of regions, 80t
country-of-origin, influence on consumers, 223–225
country risks
financial vs. operational responses to, 448–449
in local emerging-market businesses, 443
in multidomestic firms, 431–432, 432f
credit systems, in emerging nations, 232
Cuervo-Cazurra, A., emerging-market MNEs, 40
Cui, Lin
“Emerging Market Multinationals in Advanced Economies,” 609–630
cultural context
and consumer behavior in emerging markets, 221
and entrepreneurship, 477–481, 711
and entrepreneurship in Russia, 711
of first global economy, 62
human resource management and adaptation to, 669
and human resource practices in Brazil, 695–696
implications for domestic and international managers in Russia, 720
and institutional environment in Brazil, 683–685
customization, as strategy of local firms in China, 750
decision-making
concentrated vs. democratic, 168, 174, 176
role in accelerating innovation, 751–752
(p. 850) definition of emerging markets, 4–12
classification of countries, 6–9, 7t
dynamics of emergence, 9–10
indicators of emergence, 9t
regional scope, 4–5
taxonomies of emerging markets, 10–12, 11t
deinstitutionalization, and evolution of business environment, 111
demand enablers, and innovation in emerging markets, 355–356
Dembek, Krzysztof
“Examining BOP Venture Success through the Mutual Value CARD Approach,” 241–265
Derivco, operations in South Africa, 815–816
Deutsch, K. W., politics of transitions and traps, 83
developed economies
vs. emerging markets, 3–4
developing economies, use of term, 5
development, and global production networks, 344–345
developmental state, definition of, 116
digital connectivity, and consumer behavior in emerging markets, 233
diplomacy, as home country-specific advantage, 636–637, 642, 644
disclosure and reporting, in BRIC countries, 204–205
disposition effect, 172–173, 176
diversification
of family businesses, 538
and risk management in emerging markets, 436–438
double-taxation treaties, 152n3
“dragon multinationals”
internationalization of, 45
Driffield, Nigel
“Spillovers from FDI in Emerging Market Economies,” 399–425
Dunning’s OLI paradigm, 38–40, 39t, 49n1
dynamics of emergence, 9–10
“Ease of Doing Business,” World Bank index, 274–275, 276f, 284–285, 274f
Eastern Europe
management practices in, 30
economic and political outcomes, relationship between, 83–85, 91–92
economic development, and locations of global value chains, 596
economic environment of emerging markets, 24, 77–97
costs of doing business, 80t
gross national incomes and other characteristics, 78–79, 80t
potential for growth, 77
economic growth, and technology-based global supply chains, 354
economic nationalism, and global production networks, 345–346
economic perspectives, on business groups in emerging markets, 548, 550–554
economy, and Brazilian institutional environment, 693–694
education
and entrepreneurship in emerging markets, 468, 712–713
and skills formation, business systems perspective on, 825, 828t, 832
and sociodemography of Brazil, 687
electricity sector, in Russia, 717
electronics industry, global production networks and, 338–339
Elms, D. K., 592
Embraer, 365
emerging economies, use of term, 5
emerging markets
characteristics of firms in, 167
classification of countries, 6–9, 7t
conceptual perspectives on, 24–25, 35–53
country and region perspectives, 29–30
defining, 5–12, 31n1
dynamics of emergence, 9–10
foreign MNEs in, 26–27
indicators of emergence, 9t
local firms in and from, 27–29
markets and governance in, 25–26
multinational investment in, 56t
taxonomies of, 10–12, 11t
transient nature of defining, 36
vs. developed economies, 3–4
emerging markets, future economic prospects and challenges, 79–94
(p. 851) emerging markets, in the twenty-first century, 13–23
catch-up trends of, 13–16, 14t
emerging competition in global economy, 20–23, 21t, 22t
inbound and outbound tourism, 19t
investment opportunities, 19–20
manufacturing exporters by sector, 18t
markets for goods and services, 16–17
markets for services, 18–19
natural resource production by commodity, 17t
raw materials and manufacturing, sources for, 17–18
as share of global economy, 13f
Top 20 Chinese companies, 21t
emerging multinational corporations (EMNCs)
definition of, 799
global economic hierarchy and methods of internationalization, 817
implications of middleness in global economic hierarchy, 801
empire building, and financial management practices, 164
employment relations, business systems perspective on, 825, 828t, 831
energy sector
and competition from emerging markets, 20
international business strategies during Great Reversal, 66–67
entrepreneurial perspective, on innovation in small and medium-sized enterprises, 510–514
entrepreneurship in emerging markets, 457–494
age and, 466
cultural context, 479–480
education and, 468
empirical evidence regarding institutions and, 459–461, 462t, 463t, 465
entrepreneurial finance, 480–481
formal institutions, findings on, 478–479
forms of, 468–470
future research, 483–484
gender and, 466–468
institutional and cultural contexts, 477–481
institutional characteristics and, 457–459, 483
levels of economic development and, 459–461, 460f, 461f, 465
occupational choice, and personality, 468–472
occupational choice, and sociodemographic characteristics, 466–468
and personal characteristics and traits, 465–472
personality traits and, 470
relevant institutions, categorizing, 477–478
Russian attitudes toward, 722n2
small and medium-sized enterprises in Russia, 710–714
social capital and, 470–471, 472–476
and sociodemographic characteristics, 466–468, 482
entrepreneurship in emerging markets, returnee entrepreneurs, 472–476
characteristics and behavior, 473–474, 482–483
disadvantages encountered, 475–476
and entrepreneurial finance, 481
knowledge spillovers, 474–475
location choices, 474
social ties and social spillover effects, 475
environmental factors in opportunity and risk, 59–62
environmental flexibility, moderating effect of, 318
Envirovision, as specialist niche provider, 816
Estrin, Saul
“Entrepreneurship in Emerging Markets,” 457–494
ethnicity
and building external social capital, 508
and business groups, 560
and corporate governance in Southeast Asia, 829–830, 839t
European Union
investor-state dispute settlements, 142
Evraz, 717
exchange rate, and risk management in local EM businesses, 443–444
(p. 852) executive compensation
and corporate governance and monitoring, 165
export strategies
for multinational enterprises, 26
for small and medium-sized enterprises, 499–500
familiarity bias, 172
family businesses in emerging markets, 28, 527–545
business dimension, 536–537
business groups and, 557
contextual dimension, 536, 537
contextualizing, 533–535, 535f, 539–540
coordination issues, 538–539
dimensions of, 528
and economics of financial management, 166
and entrepreneurial perspective on SMEs, 512–514
and entrepreneurship, 469
and family business groups, 559–560
family dimension, 536, 537–538
as field of study, 528–533
firm familiness, dimensions of, 530
firm familiness, theory of, 529–531
future lines of research, 539–540
and goals of financial management, 168–169
internationalization of, 538, 648–649
managerial dynasties, negative effect of, 532–533
a model of, 535–539, 535f, 540
regional familiness, theory of, 531–533
vs. in United States, 180n2
family business groups (FBGs)
in firm/context interface, 116–117
Felipe, J. middle-income traps, 88
finance, entrepreneurial, 480–481
financial management
and behavioral biases, 169–173, 181n7
financial management, economics of, 161–163, 163–169
characteristics of firms in emerging markets, 167
and corporate governance, 164
differences across countries, 166–167
and goals of financial management, 168–169
and market for corporate control, 165–166
monitoring practices, 164–165
ownership concentration, 166
financial markets, and managerial biases, 176–177
financial responses, to emerging market risks, 448–449
financial sector
and competition from emerging markets, 20
financial systems, business systems perspective on, 825, 828t, 831
firm/context interface
in comparative institutionalism, 116–117
in institutional economics, 101–106
in organizational institutionalism, 111–113
firms, focal
and corporate political ties, 293
firm-specific advantages (FSAs)
ways of exploiting, 754–755
firm-specific advantages (FSAs), of emerging-economy multinational enterprises, 637–639, 645–646
firm strategies and organization
in comparative institutionalism, 117
in institutional economics, 108–109
in organizational institutionalism, 113–114
flexibility, and risk management in emerging markets, 436–438
Flores, David
“Consumer Behavior in Emerging Markets,” 219–240
“flying geese” pattern of economic development
in central and eastern Europe, 766
defined, 12, 596
investment by emerging market economies in other emerging markets, 639–640
focal firms, and corporate political ties, 293
foreign direct investment (FDI)
in central and eastern Europe, 767, 768
effect of policy changes and political rhetoric on, 773–775
in emerging markets 1914-2007, 56t, 57
gravity model of, 417n7
(p. 853)
impact on local management culture, 779–780
inbound and outbound FDI competitiveness, 786–787
indirect outward FDI in central and eastern Europe, 782–783
and institutional climate, 279, 280t
and international investment agreements, 134, 137
inward FDI in central and eastern Europe, 768–769, 769f, 771, 773–781, 773f
and liberalization of regulatory environment, 272–273, 273f
and measures for institutional quality, 280–284
and multinational emerging market enterprises, 609–611, 610f, 612–619
outward FDI in central and eastern Europe, 781–786, 781f
outward from emerging markets, 143, 144f, 145
potential for investor-state disputes, 140–141
protections afford investors, 135b
and quality of regulatory institutions, 275, 278
rates of, 416n1
from and to regional emerging markets, 79
and regulatory and institutional environment, 777
regulatory changes, 137, 138t
resources devoted to attracting, 399–400
round-tripping and, 762n1
and transition to market economy in Russia, 709–710, 709f
treaty-based disputes, 141t, 152n12 See also outward foreign direct investment (OFDI)
foreign direct investment (FDI), spillovers from, 399–425
absorptive capacity, 410–411, 640–641
conceptual framework, 412f
conceptualizing spillovers, 402–403, 412f
contributing factors and conditions, 414–416
determinants of scale, 407–411
horizontal spillovers, 403–405
importance of institutions in, 412–414
integrated framework for, 412–414, 412f
and job creation or protection, 401
multinational enterprise motivation, 407–408
“negative spillovers,” 416n3
ownership and technology transfer, 408–410, 417n6
and productivity growth of host-country firms, 401
and technology transfer, 399, 400, 408–410
vertical spillovers, 405–407
Foxcomm, Apple outsourcing to, 70
Friedman, Milton, 169
frugal engineering, and competition from local firms, 72
Fukuyama, F., politics of transitions and traps, 83–84
Fung, V. K., 604
Galanz, 752
“gamekeeper state” vs. “gardener state,” 344–345
“gardener state” vs. “gamekeeper state,” 344–345
Gazprom, 20–21, 717
gender, and entrepreneurship in emerging markets, 466–468
Giddens, A., 341
global commodity chains See global value chains
Global Competitiveness Index of World Economic Forum, and competitiveness of CEE economies, 9, 786–787
global economic hierarchy, operating across levels in, 799–822
brokers, 801f, 805–808, 806f
consolidators, 811–814 812f
defining levels of hierarchy, 799
lead firms, 805
local optimizers, 808–811, 809f
methods of internationalization, 800
pecking order exploiters, 801f, 802, 803–805, 804f
specialist niche providers, 814–816, 815f
strategies to navigate, 801f, 802–803
(p. 854) global economy
competition from emerging markets, 20–23
emerging markets as share of, 13f
international business strategies during Great Reversal, 62–70
international business strategies during second global economy, 70–73
international business strategies in the first global economy, 58–62, 59t
global investment and trade, from 1870 to 2015, 271f
globalization
anti-globalization and global value chains, 603–604
ebb and flow, from 1800 to 2015, 270–271
of emerging market companies, 208–209
historical evolution of, 55–58
impacts on risk management, 437
of innovation by multinational companies in emerging markets, 368–369
and managerial biases in emerging markets, 179
processes involved in, 335
and reassertion of local cultures, 71
and risk in global value chains, 433 See also global production networks
globalization, three eras of
international business strategies during Great Reversal, 62–70
international business strategies during second global economy, 70–73
international business strategies in first era, 58–62
multinational strategies in emerging markets, 59t
global production networks, 333–350
characteristics of, 337–339
definition of, 333
and development, 344–345
and disaggregation of the value chain, 335–337
and economic nationalism, 345–346
and globalization of technology, 334
governance of, 346–347
management and policy challenges, 26
and the meaning of “place,” 339–341
and national control of production, 341–343
and nationalization of production, 343–344
and political authority, 333–335
and sovereign territoriality, 334
and territoriality, 333–335, 339–341
global supply chains, technology-based, 354
global value chains (GVCs), 592–596
characteristics of, 592–593, 604n1
drivers of in emerging markets, 596–598
external partnerships, 802
framework, 46–49, 47f, 48f
governance of, 593–595
impacts on risk management, 437
implications for international business, 93
managing risks for EM-based chains, 444–448
and multinational investment in CEE, 778
risk in, 432–435, 432f, 435f
sustainability issues, 603
upgrading of, 595–596
and upgrading of local firms, 28, 753–754
global value chains (GVCs), local firms within, 591–607, 592f
as assemblers, 598–599
challenges and imperatives for, 603–604
and company management capability, 598
as component manufacturers, 599–600
as emerging market multinationals, 601–602
and EM level of economic development, 596
and EM level of technological capability, 597
global value chains, characteristics of, 592–593, 604n1
global value chains, drivers of in emerging markets, 596–598
global value chains, governance of, 593–595
global value chains, upgrading of, 595–596
as innovators and partners, 600–601
international business theory, implications for, 601–603
and maturity of EM institutions, 597
participation of SMEs, 602–603
phases of development, 598–601
regional strategy and clusters, 602
goods and services, markets for in twenty-first century, 16–17
governance
business groups and changes in, 559
(p. 855)
business systems perspective on, 825, 828t
in emerging markets, 25–26
of global production networks, 346–347
and high-performance work practices, 661
and internationalization of EMNEs, 647–648
and Southeast Asian business systems, 829–831
government roles, types of, 115–116
Grameen Danone, 253–254
gravity model, and bilateral FDI flows, 417n7
Great Britain, influence in Brazil, 679
Great Depression
and foreign direct investment in emerging markets, 56, 57
Great Recession of 2008-2009, and decreased FDI in central and eastern Europe, 773
Great Reversal, of globalization, 56, 57
international business strategies during, 62–70
political context during, 63–66
gross domestic product (GDP)
per capita for various countries 1700-2010, 85f
percentage growth in for selected countries, 86f
of South Africa, and Latin American and Asian countries relative to USA, 87f
Grosse, Robert
“Conceptual Approaches to Managing in Emerging Markets,” 35–53
Grosse’s Value-added Chain, 47f
“Introduction to Managing in Emerging Markets,” 3–34
gross national incomes, and economics of emerging markets, 78–79
growth, potential for in emerging economies, 77
Haier, 368
Hart, S. L., 241, 243
Hausmann, R., network theory, 88
Haxhi, Ilir
“Comparative Corporate Governance in Emerging Markets,” 185–218
herding bias, 180n5
Hidalgo, C. A., network theory, 88
high-income countries (HICs)
economic environment of, 78–79
strategies for navigating global economic hierarchy, 801f, 802–803
high-performance work practices (HPWP)
in EM domestic firms, 661
research in emerging markets, 662t
historical perspective on emerging markets, 24, 55–76
evolution of international business, 55–58
home bias, 172, 181n6
home country-specific advantages (CSAs)
ways of exploiting, 754–755
of emerging-economy multinational enterprises, 635–637, 642, 644
Hrnjic, Emir
“Financial Decisions, Behavioral Biases, and Governance in Emerging Markets,” 161–184
Huawei, 753
human capital
as resource requirement for SMEs, 505
and returnee entrepreneurs, 472–476, 508
Human Development Index (HDI), 9
human resource management in emerging market firms, 29, 657–674
clanism and, 663
domestic firms, 658, 659t, 661–663
emerging-market multinational companies, 665–667
foreign subsidiaries, 664–665
and global best practices, 665–666, 669, 671n1
interactions among domestic, foreign, and multinational firms, 667–670, 668t
labor mobility and knowledge leakage, 668
nested systems approach to understanding, 657, 667–670, 667f
and professional communities, 670
standardized vs. localized approaches to, 664–665, 671n1
human rights in emerging markets, 27, 373–398
future research needs, 386–389
global-level implications, 390
(p. 856)
global-level themes and concerns, 387–388
human rights due diligence (HRDD), 380–381
implications of, 389–393
institutional landscape, 381–383
legal approaches to, 375–376, 380
legislative implementations, 384–385
litigation and adjudication regarding, 385–386
moral approaches, 376–377
national action plans (NAPs) on business and human rights, 379–380
operational-level implications, 392–393
operational-level themes and concerns, 389
as opposed to corporate social responsibility, 377–381
policy implementations, 384
political approaches, 377
rationale for corporate human rights responsibility, 374–375
state-level implications, 390–391
state-level themes and concerns, 388–389
and United Nations Guiding Principles on Business and Human Rights, 374, 383–386
Hume, David, 375
Huntington, S. P., politics of transitions and traps, 83, 84, 91–92
Husk Power Systems, 256–257
Hymer, S., 340
income inequality
and Brazilian sociodemography, 686
and consumer behavior in emerging markets, 221–222
implications for international managers, 230–231
India
auto components industry in, 599
bankruptcy laws in, 284
board and managerial supervision in, 206
corporate governance, dimensions of, 195t
corporate governance framework, 200–201
corporate governance in, 189t, 192–193
corporate social responsibility in, 207
distinctive approaches to innovation in, 363–364
economic contributions of SMEs, 498
education and innovation in, 354
enablers of innovation in, 355, 356
examples of innovation in, 352
as expanding market for goods and services, 16–17
expansion of middle class in, 228
foreign direct investment in, 417n9
global innovation networks in, 368–369
information disclosure and reporting in, 205
information technology sector, 600
innovation by foreign MNCs in, 367–368
intellectual property rights protection in, 502
legal framework in, 202
management practices in, 29–30
marketing of beauty products in, 68
middle-class consumption potential, 229–230
national innovation system in, 360
organizational capability of local information technology firms, 69
ownership and shareholder rights in, 204
poverty indices used in, 245, 262n3
protection of intellectual property rights in, 357
research and development in, 357, 358
stakeholder rights in, 207
World Bank and IMF bailout, 270 See also BRIC countries
India, sources of legitimacy for technology-based firms in, 727–746
case studies, findings from, 740–745
case studies examining, 731–740, 732t
complementary capabilities, 743t
engagement with customers, 735–736
engagement with technology community, 741–744, 742f
liabilities and strategic solutions, 727–731
Sasken, case study of, 737–740, 739t
social legitimacy and standards creation, 741–744, 742f
Tech Mahindra, case study of, 735–736, 736t, 737t
technological transitions, dealing with, 734, 744
(p. 857)
test and validation offerings, 743t
Wipro, case study of, 731–734, 733t
indicators of emergence, 9t
Indonesia, corporate political ties and regime change in, 300
industrialized economies, use of term, 5
industry risks, in local emerging-market businesses, 441–442
informal substitution, and evolution of business environment, 110
information disclosure and reporting, in BRIC countries, 204–205
information technology
offshoring of services, 71
organizational capability of Indian firms, 69
Wipro, case study of company, 731–734
infrastructure
and Brazilian institutional environment, 692–693
communication and business strategies, 61
and outward foreign direct investment, 649–650
innovation
acceleration of in China, 750–752
advantages in emerging markets, 355–356
capability of local firms in global value chains, 600–601
catch-up factors for, 353–354
competition from emerging markets in, 20, 23
constraints in middle-income economies, 87–91, 89t
cost innovation and local firms in China, 749, 752
definition of, 351
and diffusion and learning, 354
disadvantages in emerging markets, 356–357
distinctive approaches to in emerging markets, 362–366
and education, 353–354
examples of in BRIC countries, 352–353
by foreign multinational companies in emerging markets, 366–369
globalization of, 368–369
input activities for, 352
landscape in emerging markets, 26–27, 351–352, 369
and local firms within GVCs, 603–604
national innovation systems, creation of, 359–362
non-customer innovation, 369n1
research and development by local firms, 357
research and development by multinational companies, 357–359
reverse innovation 358–359
rise of in emerging markets, 353–362
as source of legitimacy for technology-based companies in India, 734
strategies for small and medium-sized enterprises (SMEs), 27–28
types of, 351–352
innovation, of small and medium-sized enterprises (SMEs), 495–526, 497f
contextual perspective on, 500–503
developed market vs. emerging market contexts, 496
entrepreneurial perspective, 510–514, 517
exporting to foreign markets, 499–500
institutions, significance of, 500–503, 502–503, 516
and intellectual property rights protection, 502
liabilities encountered, 497
and networking, 502–503
network perspective, 506–510
resource-based view, 503–506, 516
strategies for, 499–500, 514–517
and ties with formal institutions, 508–509
transaction costs and, 503
insolvency, ease of resolving, 283–284
institutional development
indices, 9–10
institutional economics, 101–109
business environment, evolution of, 101–106
firm/context interface, 106–107
firm strategies and organization, 108–109
institutional environment
and entrepreneurship, 477–481
and inward FDI in central and eastern Europe, 777
and managing emerging markets in Russia, 706–710
(p. 858) institutional influence, and multinational emerging market enterprises, 612–614
institutionalism, organizational, 109–114
institutional logics, and business groups in emerging markets, 556–558
institutional quality, measures for, 280–284
institutional risks
in local emerging-market businesses, 441–442
in multidomestic firms, 431–432, 432f
institutional theory perspectives, on emerging markets, 99–125
areas for future research, 118–119
comparative institutionalism, 114–117
and corporate political ties, 294–295
institutional economics, 101–109
organizational institutionalism, 109–114
and state-owned multinationals, 576–577
summary of applications, 102t
institutional ties, and innovation in SMEs, 508–509
institutional variations, and multinational emerging market enterprises, 622–623
institutional voids
definition, 9
and firm/context interface, 111–113
and firm strategies and organization, 117
and multinational emerging market enterprises, 615
institutions
global value chains and maturity of, 597
local institutions and human resource management, 669
regional familiness as substitute for, 531–532
integration-responsiveness model, and strategies of multinationals, 755–756
intellectual property rights
and innovation in small and medium-sized businesses, 502
poor quality in emerging markets, 356–357
intellectual traditions, and management of emerging markets, 24
Interface, commercial carpet manufacturer, 255
internalization, theory of, 40–41
internal market, business group as, 550–552
international business
impact of global value chains, 93
implications of middle-income traps for, 92–94
international business, and human rights, 373–398
future research needs, 386–389
global-level implications, 390
global-level themes and concerns, 387–388
human rights due diligence (HRDD), 380–381
implications of, 389–393
institutional landscape, 381–383
legal approaches to, 375–376, 380
legislative implementations, 384–385
litigation and adjudication regarding, 385–386
moral approaches, 376–377
national action plans (NAPs) on business and human rights, 379–380
operational-level implications, 392–393
operational-level themes and concerns, 389
as opposed to corporate social responsibility, 377–381
policy implementations, 384
political approaches, 377
rationale for corporate human rights responsibility, 374–375
state-level implications, 390–391
state-level themes and concerns, 388–389
and United Nations Guiding Principles on Business and Human Rights, 374, 383–386
international business, historical perspective on, 55–76
evolution of international business, 55–58
strategies in the first global economy, 58–62
strategies in the second global economy, 70–73
international business theory, implications of GVC phenomenon for, 601–603
International Housing Solutions, 808b
international investment agreements, 128–134, 128f, 152n11, 152n14
convergence of interests in, 150–151
defensive interests, assertion of, 139–143
double-taxation treaties, 152n3
offensive interests, assertion of, 143–149
(p. 859)
protections afforded investors, 135b
responsibilities of investors, 149–150
terminology used, 151n2
and treaty-based disputes, 146–149, 152n12
“treaty shopping” and “round-tripping,” 149
internationalization
and corporate governance and ownership, 647–649
of “dragon multinationals,” 45
of emerging market companies, 208–209
of family businesses, 538
family businesses and, 648–649
firm strategies and organization, 108
network-based, 617–619
nonmarket strategies and, 644–647
proximity and, 803
of Russian national firms, 718
South Africa’s setting and, 800
strategies for small and medium-sized enterprises (SMEs), 27–28 See also global economic hierarchy, operating across levels in
internationalization, of small and medium-sized enterprises (SMEs), 495–526, 497f
contextual perspective on, 500–503
developed market vs. emerging market contexts, 496
entrepreneurial perspective, 510–514, 517
exporting to foreign markets, 499–500
institutions, significance of, 500–503, 502–503, 516
and intellectual property rights protection, 502
liabilities encountered, 497
and networking, 502–503
network perspective, 506–510
resource-based view, 503–506, 516
strategies for, 499–500, 514–517
and ties with formal institutions, 508–509
transaction costs and, 503
internationalization process theory, 41–42
international joint ventures
and protection for minority investors, 282
International Labor Organization, declaration on multinational enterprises, 133
International Monetary Fund (IMF)
and classification of countries, 6–9
international product cycle, 42, 43f
international production
determinants of, 39t
motivation for, 336
investment in emerging markets
spillovers from MNEs and benefits to local firms, 27
investment law and policy, 24–25, 127–158, 152n11, 152n14
advisory center on, 143, 153n22
bilateral investment treaties (BITs), 128, 153n24
changes over time, 139–150
convergence of interests in, 150–151
defensive interests, assertion of, 139–143, 153n19, 153n20
double-taxation treaties, 152n3
international investment agreements, 128–134, 128f
investor-state dispute settlements, 136, 140–143, 140f, 152n12
offensive interests, assertion of, 143–149
and outward FDI from emerging markets, 143, 144f, 145
protections afforded investors, 134, 135b
responsibilities of investors, 149–150
substantive and procedural coverage of rules, 134, 136–137, 139, 153n16
treaty-based disputes, 141t, 146–149, 147f
“treaty shopping” and “round-tripping,” 149
investment opportunities
characteristic opportunities and challenges, 19–20
investors
activist investors, 165
investor-state dispute settlements, 136, 140–143, 140f, 152n12
Iran
nationalization of Anglo-Iranian Oil Company, 63
Japan, and “flying geese” pattern of economic development, 596, 639–640
job protection or creation, and foreign direct investment (FDI), 401
Johanson, J., internationalization process theory, 41–42
(p. 860) joint ventures, international
and protection for minority investors, 282
Jones, Geoffrey
“International Business and Emerging Markets in Historical Perspective,” 55–76
“jugaad,” and innovation in India, 363
Kahneman, Daniel, 169, 181n7
Kalotay, Kálmán
“Managing in Emerging Markets in Central and Eastern Europe,” 765–797
Kaplinsky, R., 599
Keister, L. A., 554–555
Keynes, John Maynard, 333
knowledge leakage, and human resource management, 668
knowledge spillover, and returnee entrepreneurs, 474–475
knowledge transfer
in Russia, 719–720
Kobrin, Stephen J.
“Global Production Networks, Territoriality, and Political Authority,” 333–350
Kostova, Tatiana
“Institutional Theory Perspectives on Emerging Markets,” 99–125
Kubitschek, Juscelino, 65
Kudumbashree, Indian quasi-governmental organization, 245, 256, 257, 261–262, 262n3
labor costs, and Brazilian institutional environment, 689
labor force, and population distribution in Russia, 713
labor-intensive manufacturing, sources for, 17–18
exporters by sector, 18t
labor mobility, and human resource management, 668
labor practices, and risk management for EM-based global value chains, 445–448
Latin America
marketing of cosmetics in, 67–68
Lazzarini, Sergio G.
“State-Owned Multinationals in International Competition,” 569–590
leadership style, among Brazilian executives, 680
lead firms, and global economic hierarchy, 801f, 805
legal frameworks, in BRIC countries, 201–203, 688–690
legitimacy
building in advanced markets, 623–624
and corporate social responsibility, 646–647
legitimacy, sources of for technology-based firms in India, 727–746
case studies, findings from, 740–745
case studies examining, 731–740, 732t
complementary capabilities, 743t
engaging with customers, 735–736
liabilities and strategic solutions, 727–731
Sasken, case study of, 737–740, 739t
social legitimacy and standards creation, 741–744, 742f
Tech Mahindra, case study of, 735–736, 736t, 737t
technological transitions, dealing with, 734
test and validation offerings, 743t
Wipro, case study of, 731–734, 733t
Lenovo Group, Ltd., 751, 753
Lessard, Donald
“Risk Management for Companies Operating in Emerging Markets,” 427–454
Li, J. T.
“Adjustment of MNE Geographic Market Strategy in Responding to the Rise of Local Competitors in an Emerging Market,” 311–332
Li, Jing
“Investments by Emerging-Market Multinationals in Other Emerging Markets,” 631–655
Libya, multinational corporate responsibility in, 299
linkage-leverage-learning framework, of internationalization, 45
literacy, and sociodemography of Brazil, 687
loans, ease of obtaining
as institutional variable, 282
loans and aid, as home country-specific advantages, 635–636, 642, 644
(p. 861) local cultures
globalization and reassertion of, 71
human resource management and adaptation to, 669
local firms
absorptive capacity of, 410–411, 640–641
changing strategies in China, 749–755
and competition for multinationals in China, 748
competition from in first global economy, 60–61
and competition in second global economy, 71–73
in and from emerging markets, 27–29
expanding capability during Great Reversal, 69–70
FDI and increased productivity, 401
investment spillovers benefitting, 27
MNEs and rise of local exporters, 315–316
relative strengths and weaknesses in China, 759–760
research and development by, 357
strategies in responding to MNEs, 311–313
local firms, within global value chains, 591–607, 592f
as assemblers, 598–599
challenges and imperatives for, 603–604
and company management capability, 598
as component manufacturers, 599–600
as emerging market multinationals, 601–602
and EM level of economic development, 596
and EM level of technological capability, 597
global value chains, characteristics of, 592–593, 604n1
global value chains, drivers of in EM, 596–598
global value chains, governance of, 593–595
global value chains, upgrading of, 595–596
as innovators and partners, 600–601
international business theory, implications for, 601–603
and maturity of EM institutions, 597
participation of SMEs, 602–603
phases of development, 598–601
regional strategy and clusters, 602
sustainability issues, 603
localization of management
during Great Reversal of globalization, 64–65
local management culture, impact of FDI on, 779–780
local market, re-engineering products for, 757
local optimizers, and global economic hierarchy, 801f, 802, 808–811, 809f
local suppliers, use of by multinational firms, 757, 758
London, T., 249, 260
Long-Term Capital Management, and behavioral biases, 169–170, 170f, 179–180
Low, P., 592
low-income countries (LICs)
economic environment of, 78–79
strategies for navigating global economic hierarchy, 801f, 802–803
Luiz, John M.
“Economics, Transitions, and Traps in Emerging Markets,” 77–97
Lukoil, 20, 717
Luo, Rose Xiaowei
“The Economic and Sociological Approaches to Research on Business Groups in Emerging Markets,” 547–567
Luo, Y. D., “springboard strategy” of MNEs, 45
macroeconomic risks, 431, 433, 443
management
and behavioral biases, 169–173, 181n7
and consumer behavior in emerging markets, 230–233, 234
and corporate political ties, 292–294
global value chains and capability of, 598
internal dynamics of, 825, 828t, 835
values and high-performance work practices, 661
management, economics of, 161–163, 163–169
characteristics of firms in emerging markets, 167
and corporate governance, 164
differences across countries, 166–167
and goals of financial management, 168–169
and market for corporate control, 165–166
monitoring practices, 164–165
ownership concentration, 166
(p. 862) management, in emerging markets in central and eastern Europe, 765–797
centers of R&D for multinational firms, 770t
“Doing Business,” evolution of performance in, 775–776, 776f
foreign-owned multinationals and inward FDI, 768–769, 769f, 771, 773–781, 773f
Global Competitiveness Index ranking of CEE countries, 2007–2017, 772t
global value chains and, 778
inbound and outbound FDI competitiveness, 786–787
indirect outward FDI, 782–783
inward and outward FDI, 767, 768
leading multinationals in CEE, 784b
management and business culture, 780–781
outward FDI and emerging multinationals, 781–786, 781f
regulatory and institutional environment, 777
scale and cost of offerings, 765–768
transition economies, overall considerations, 766–768
managerial myopia, 173
managerial supervision, in BRIC countries, 205–206
manufacturing
capability of local firms in global value chains, 599–600
exporters by sector, 18t
sources for, 17–18
Marano, Valentina
“Institutional Theory Perspectives on Emerging Markets,” 99–125
market-based capabilities and strategies, and corporate political ties, 297–298, 303
market reforms
and firm strategies and organization, 108–109
markets
implications of behavioral biases in, 178–179
implications of managerial biases in, 176–177
markets and governance, in emerging markets, 25–26
consumer markets during Great Reversal, 67
implications of managerial biases, 178–179
markets for goods and services
in emerging markets in the twenty-first century, 16–17
market strategies, of multinational enterprises in response to local competition, 311–332
dynamic market strategies, 313–315
environmental flexibility, moderating effect of, 318
factors influencing, 315f
organizational flexibility, moderating effect of, 316–317
and rise of local exporters, 315–316
study examining, discussion and conclusion, 325–326
study examining, method, 318–321
study examining, results, 321, 322t, 323t, 325
mass market, repositioning niche products into, 750
Matthews, J., “dragon multinationals,” 45
May, Ruth C.
“Managing Emerging Markets in Russia,” 705–726
McCarthy, Daniel J.
“Managing Emerging Markets in Russia,” 705–726
Medvedev, Dmitry, and institutional environment in Russia, 708
mergers and acquisitions (M&A)
and competing for mid-market, 757–758
filling capability gaps through, 752–753
metallurgy, rise and expansion in Russia, 717
Mexico
expansion of middle class in, 227–228
transfer of assembly facilities to, 70
Meyer, Klaus E.
“Conceptual Approaches to Managing in Emerging Markets,” 35–53
“Introduction to Managing in Emerging Markets,” 3–34
Mickiewicz, Tomasz
“Entrepreneurship in Emerging Markets,” 457–494
microeconomic risks, 431
(p. 863) microlending, and entrepreneurial finance, 481
Microsoft, operations in Africa, 804
middle-class consumers in emerging countries
analysis and examination of, 225–230
attitudes and purchasing patterns, 226–227
consumer segments in China, 228–229
consumption potential in India, 229–230
and global middle class expansion, 227–228
income distribution and purchasing power of, 222
purchasing behavior of, 225, 226t
understanding behavior of, 219
middle-income countries (MICs), 20, 21
advanced and emerging multinationals in, 801
strategies for navigating global economic hierarchy, 801f, 802–803
middle-income countries (MICs), economic environment of, 78–79
comparison of countries, 85–87
constraints on innovation, 87–91, 89t
example of South Africa’s political economy, 91–92
middle-income traps, inevitability of, 81–92
per capita GDP for South Africa, and Latin American and Asian countries relative to USA, 87f
per capita GDP for various countries 1700-2010, 85f
percentage growth in GDP for selected countries, 86f
total factor productivity (TFP) levels, 90–91, 90f
middle-income traps
impact of global value chains, 93
implications for international business, 92–94
middle-income traps, inevitability of, 81–92
comparison of middle-income countries, 85–87
explanations for middle-income traps, 81–82
middle-income trap defined, 81
per capita GDP for South Africa, and Latin American and Asian countries relative to USA, 87f
percentage growth in GDP for selected countries, 86f
politics of transitions and traps, 82–85, 94–95
and South Africa’s political economy, 91–92
structural changes in middle-income economies, 87–91, 89t
and total factor productivity (TFP) levels, 90–91, 90f
mid-market, competition for, 757–758
Minbaeva, Dana
“Human Resource Management in Emerging Markets,” 657–674
minority investors, protection for
as institutional variable, 282
MINT countries
definition of, 12
international tourism data, 19t
Monteiro, Felipe
“State-Owned Multinationals in International Competition,” 569–590
Morgan Stanley Capital International (MSCI), 6
financial markets as classified by, 6, 8, 8t
Morocco, automotive industry in, 600
Morris, M., 599
MSCI index, 6, 8
MTS, Russian telecommunications company, 718
multidomestic firms, layers of risk in, 430–438, 431f
multinational companies (MNCs)
emerging multinational corporations (EMNCs), definition of, 799
evolution of strategies in China, 755–758
filling capability gaps through partnerships with, 752–753
human resource management practices, 665–667
innovation in emerging markets, 366–369
and political benefit of corporate social responsibility, 299
regionalization of, 803
(p. 864)
relative strengths and weaknesses in China, 759–760
research and development in emerging markets, 357–359
seizing opportunities in China, 760–762
talent management in Brazil, 695–696
talent management in foreign subsidiaries, 664–665
territoriality and, 339–341
multinational companies (MNCs), relationship with regulatory institutions, 267–289
FDI and institutional climate, 279, 280t, 286
FDI and quality of regulatory institutions, 275, 278
global investment and trade, from 1870 to 2015, 271f
and globalization, from 1800 to 2015, 270–271
height of government control, from 1920 to 1980, 269
historical ties to 1890, 267–268
institutional quality, measures for, 280–284
institutional quality, policy implications, 284–285
renewed liberalization, and FDI inflows, 272–273, 273f
renewed liberalization, from 1980 to present, 269–270
renewed liberalization, implementation of, 271–273, 285–286
skepticism and scrutiny, from 1890 to 1920, 268–269
World Bank’s “Ease of Doing Business” index, 274–275, 274f, 276f
multinational emerging market enterprises, direct investment in other emerging markets, 631–655
BRIC countries and, 631, 632f
and corporate social responsibility, 646–647
and firm-specific advantages, 637–639
and home country-specific advantages, 635–637, 642, 644
infrastructure and sustainable development, 649–650
motivations for, 632–635
and nonmarket political capabilities, 644–646
research directions for, 643t
spillover effects of, 639–641
studies examining, 633t
multinational emerging market enterprises, in advanced economies, 609–630
asset seeking and, 612–614, 632–635
cross-border foreign direct investment, 609–611, 610f
exploratory search behavior, 619–621
home-country institutional variations, 622–623
institutional influence, 614–616
legitimacy in advanced markets, 623–624
network-based internationalization, 617–619
scope of research on, 612–619
multinational enterprises (MNEs)
business strategies in first global economy, 58–62, 73
business strategies in Great Reversal, 62–70, 73
business strategies in second global economy, 70–73
centers for R&D in central and eastern Europe, 770t, 775
and consumer behavior in emerging markets, 219, 230–233
emerging from local firms in GVCs, 601–602
emerging from Southeast Asia, 837–840, 838t, 839t
emerging-market MNEs, 40, 41–42
emerging-market MNEs, “springboard strategy,” 45
emerging-market MNEs, theorizing on, 44–46
foreign MNEs in emerging markets, 26–27
investment in emerging markets, 56t
inward FDI in central and eastern Europe, 768–769, 769f, 771, 773–781, 773f
key literature examining, 730t
leading MNEs in central and eastern Europe, 784b
market strategies of subsidiaries, 315f
(p. 865)
Organisation for Economic Co-operation and Development (OECD) guidelines for, 129, 130b, 133
organization flexibility of subsidiaries, 316–317
outsourcing of production, 70–71
and outward FDI in central and eastern Europe, 781–786, 781f
ownership advantages of, 400, 417
ownership and technology transfer, 408–410
and political benefit of corporate social responsibility, 299
relationships with governments, 26
risk management in, 27
in Russia, 714–719
South-South investments, 29
strategies and operations in advanced economies, 28
value creation and retention in BoP communities, 25
multinational enterprises (MNEs), response to rise of local competitors, 311–332
and dynamic market strategy, 313–315
environmental flexibility, moderating effect of, 318
factors influencing, 315f
organizational flexibility, moderating effect of, 316–317
and rise of local exporters, 315–316
study examining, discussion and conclusion, 325–326
study examining, method, 318–321
study examining, results, 321, 322t, 323t, 325
Musacchio, Aldo
“State-Owned Multinationals in International Competition,” 569–590
mutual value
appropriation of value, 248
creation of value, 247–248
destruction of value, 249–250
retention of value, 248–249
success through lens of, 247–250
vs. shared value, 246–247
myopia, managerial, 173
national action plans (NAPs) on business and human rights, 379–380, 384
national innovation systems, creation of, 359–362
nationalism, and global production networks, 345–346
nationalization of production
Anglo-Iranian Oil Company, 63
and global production networks, 343–344
tin industry in Bolivia, 69
natural resources
and dynamics of emergence, 10
production by commodity, 17t
natural resource sector
international business strategies during Great Reversal, 65–66
“nearshoring” activities, and markets in central and eastern Europe, 766
nested systems approach, and human resource management in EMs, 657, 667–670, 667f
Nestlé, marketing practices in developing countries, 67
Netherlands, treaty-based investment dispute, 148
networking
and HRM practices in domestic firms, 663
and internationalization of EMNEs, 617–619
and internationalization of SMEs, 502–503
and outward foreign direct investment, 642, 644
networks
business groups as, 554–555
inter-firm networks, 825, 828t, 835
Neubauer, D. E., politics of transitions and traps, 83
niche products, repositioning into mass market, 750
niche providers, and global economic hierarchy, 801f, 803, 814–816, 815f
Nigeria
government reforms and prosperity, 95n1
international business in, 94
noise-trader risk model, 180n3
non-customer innovation, 369n1
North America, influence in Brazil, 679
North American Free Trade Agreement (NAFTA)
and consumer behavior in Mexico, 221
and economic nationalism, 346
(p. 866) occupational choice, and entrepreneurship in emerging markets, 470–471
offshoring
and global value chains, 591
oil industry
international business strategies during Great Reversal, 66–67
in Russia, 717
Olson, M., politics of transitions and traps, 83
Onaji-Benson, Theresa
“Operating across Levels in the Global Economic Hierarchy: Insights from South Africa’s Setting in Wider Africa and the World,” 799–822
operational responses, to emerging market risks, 448–449
operational risks, in multidomestic firms, 430–431, 431f, 440–441
opium trade, and first global economy, 61
opportunity and risk, environmental factors in, 59–62
Organisation for Economic Co-operation and Development (OECD)
and corporate governance in BRIC countries, 193
definition of innovation, 351
Guidelines for Multinational Enterprises, 129, 130b, 133, 193
membership, 6–7
multinational enterprises and human rights responsibility, 381
study of risk in global supply chains, 435
organizational flexibility, moderating effect of, 316–317
organizational institutionalism, 109–114
business environment, evolution of, 110–111
firm/context interface, 111–113
firm strategies and organization, 113–114
organizational structures
in developed vs. emerging economies, 161–163
Organization of Petroleum Exporting Countries (OPEC), formation of, 66
original equipment manufacturing (OEM)
and organizational flexibility, 317
Ostrom, Elinor, 280
outward foreign direct investment (OFDI)
from Russia, 715–716
outward foreign direct investment (OFDI), in other emerging markets, 631–655
BRIC countries and, 631, 632f
and corporate social responsibility, 646–647
firm-specific advantages and, 637–639
home country-specific advantages and, 635–637, 642, 644
infrastructure and sustainable development, 649–650
motivations for, 632–635
nonmarket political capabilities and, 644–646
research directions for, 643t
spillover effects of, 639–641
studies examining, 633t
overconfidence bias, 171–172, 180n4
ownership
business systems perspective on, 825, 828t
and corporate governance, 188–191
and corporate political ties, 292
and ownership rights in BRIC countries, 209
and shareholder rights in BRIC countries, 203–204
and Southeast Asian business systems, 829–831
Ownership, Location, and Internalization paradigm (Dunning), 38–40, 39t, 49n1
ownership, location, and internationalization (OLI) framework
and technology-based firms in India, 727–731
ownership concentration, and economics of financial management, 166
Padmanabhan, Jaykumar
“How Technology-Based Firms from India Deal with Legitimacy Challenges in International Markets,” 727–746
Pananond, P., 600–601
Panibratov, Andrei Yu.
“Managing Emerging Markets in Russia,” 705–726
pecking order exploiters, and global economic hierarchy, 801f, 802, 803–805, 804f
(p. 867) perks, and financial management practices, 164
personality traits, and entrepreneurship in emerging markets, 470
petroleum industry
international business strategies during Great Reversal, 66–67
political and economic outcomes, relationship between, 83–85, 91–92
political capabilities, and foreign direct investment, 644–646
political context
and consumer behavior in emerging markets, 221
of first global economy, 59–60
of Great Reversal, 63–66
political ideology, and business groups, 556–557
political structure, and Brazilian institutional environment, 690–692
political ties, corporate, 291–308
in business-government exchanges, 292–294, 293f
future research regarding, 302–304
and market-based capabilities or strategies, 297–298, 303
and rent creation or capture, 295–297, 302–303
and sociopolitical institutions, 299–301
and strategic corporate social responsibility, 298–299, 303
theoretical perspectives on, 294–295
political ties and capabilities in emerging markets, 26
pooling, and risk management in emerging markets, 436–438
Portugal
colonial demarcation lines, 678f
colonization of Brazil, 677–679
poverty
alleviation of in base-of-the-pyramid communities, 245, 246
Prahalad, C. K., 241, 243
Prashantham, Shameen
“Innovation in Emerging Markets,” 351–372
“Local Firms within Global Value Chains,” 591–607
predatory state, definition of, 116
Premji, Azim, 731
production
modularizing of product development, 751
national control of in global production networks, 341–343
nationalization of in global production networks, 343–344
professional communities, and human resource management, 670
property, registration of
as institutional variable, 281
property and casualty risks, management of, 440–441
proximity, and internationalization, 803
Puffer, Sheila M.
“Managing Emerging Markets in Russia,” 705–726
purchasing power parity (PPP) theory, definition of
286n1
Putin, Vladimir, and institutional environment in Russia, 706–710
radionovela, and marketing in Latin America, 68
Raghunath, S.
“How Technology-Based Firms from India Deal with Legitimacy Challenges in International Markets,” 727–746
Raman, A. P., 601
rationality, and behavioral biases in management, 169
raw materials, sources for, 17–18, 17t
redistribution beliefs, and business groups, 556–557
Reeb, David M.
“Financial Decisions, Behavioral Biases, and Governance in Emerging Markets,” 161–184
regional clusters
and entrepreneurship in Russia, 712–713
in global value chains, 602
regionalization, of multinational enterprises, 803
regional scope of emerging markets, 4–5
regional value chains, in Africa, 802
(p. 868) registration of property, as institutional variable, 281
regulatory environment
and consumer behavior in emerging markets, 221
and inward FDI in central and eastern Europe, 777
regulatory environment, and economics of emerging markets, 79
regulatory institutions, relationship with multinational companies, 267–289
FDI and institutional climate, 279, 280t, 286
FDI and quality of regulatory institutions, 275, 278
global investment and trade, from 1870 to 2015, 271f
and globalization, from 1800 to 2015, 270–271
height of government control, from 1920 to 1980, 269
historical ties to 1890, 267–268
institutional quality, measures for, 280–284
institutional quality, policy implications, 284–285
renewed liberalization, and FDI inflows, 272–273, 273f
renewed liberalization, from 1980 to present, 269–270
renewed liberalization, implementation of, 271–273, 285–286
skepticism and scrutiny, from 1890 to 1920, 268–269
World Bank’s “Ease of Doing Business” index, 274–275, 274f, 276f
regulatory state, definition of, 116
rent creation or capture, in politically connected firms, 295–297, 302–303
reputation risk
in multidomestic firms, 435
reputational risk system, 445f
and risk management for EM-based global value chains, 445–448
research and development
acceleration of in China, 750–752
centers of MNEs in central and eastern Europe, 770t, 775
competition from emerging markets, 20, 23
by local firms in emerging markets, 357
modularizing of product development, 751
by multinational companies in emerging markets, 357–359
re-engineering products for local market, 757
as source of legitimacy for technology-based companies in India, 734
resource-based view (RBV), and corporate political ties, 294
resource bundle, business group as, 552–554
resource dependence theory (RDT), and corporate political ties, 294
resource sector
international business strategies during Great Reversal, 65–66
reverse innovation
358-359
risk management in emerging markets, 27, 427–454
aggregate measures of risk, 428–430, 429t
characteristics of, 428–430, 450–451
concepts of, 427
correlations of domestic and emerging equity markets, 436f
diversification, correlations and implications for, 436–438
for emerging market-based global value chains, 444–448
financial vs. operational responses to risk, 448–449
flexibility, correlations and implications for, 436–438
and home-country institutional variations, 622–623
identifying and defining risks, 438–439
implications of managerial biases, 179, 180n3
layers of risk in multidomestic firms, 430–438, 431f
managing risk in local emerging-market businesses, 439–444
pooling, correlations and implications for, 436–438
risk in global value chains, 432–435, 432f, 435f
sovereign credit spreads, 429t
(p. 869) risk taking, and financial management practices, 164, 180n3
Rosenau, J. N., 346
Rosneft, 20, 22, 717
round-tripping, and foreign direct investment, 762n1
“round-tripping,” and emerging-market firms, 149
Royal Dutch/Shell, example of arbitrage and, 170f, 179–180
Ruggie, John
business and human rights, 375, 378
territoriality, 343
UN representative for business and human rights, 377, 382–383
Rusal, 717–718
Russia
board and managerial supervision in, 205–206
corporate governance, dimensions of, 195t
corporate governance framework, 200
corporate governance in, 189t, 192–193
corporate social responsibility in, 207
cultural characteristics and entrepreneurship in, 711
distinctive approaches to innovation in, 364
education and innovation in, 354
examples of innovation in, 353
human resource management terminology and practices, 671n1
information disclosure and reporting in, 204–205
legal framework in, 202
management practices in, 29
national innovation system in, 360–362
ownership and shareholder rights in, 203
population distribution in, 713
small and medium-sized enterprises in, 517n2
stakeholder rights in, 207
transition to market economy in, 361, 706–710, 708f, 714–716 See also BRIC countries
Russia, managing emerging markets in, 705–726
culture, implications for domestic and international managers, 720
economic crisis of 2014 to 2016, effects of, 713–714
entrepreneurship and small to medium-sized enterprises, 710–714, 722n2
implications for international and domestic managers, 719–721
institutional environment for, 706–710, 708f
internationalization of national firms, 718
knowledge transfer, 719–720
multinational enterprises, 714–719
net FDI inflows 2007 to 2017, 709f
population distribution and labor force, 713
sectors and industries, 717–718
Soviet-era practices and processes, 720–721
Samsung, entry into smartphone industry, 553
Sasken, technology-based company in India, 737–740, 739t
Sass, Magdolna
“Managing in Emerging Markets in Central and Eastern Europe,” 765–797
Sauvant, Karl P.
“Emerging Markets and the International Investment Law and Policy Regime,” 127–158
science, and locations of global value chains, 597
search behavior, by multinational emerging market enterprises, 619–621
self-dealing, in financial management, 164
services
markets for in twenty-first century, 18–19
Severstal, 717–718
Shapiro, Daniel
“Investments by Emerging-Market Multinationals in Other Emerging Markets,” 631–655
shared value vs. mutual value, 246–247
shareholder-oriented corporate governance, 185–186
shareholder rights, in BRIC countries, 206–207
Sherman Antitrust Act of 1890, 268
shirking, and financial management practices, 164
Shirokova, Galina V.
“Managing Emerging Markets in Russia,” 705–726
(p. 870) shopping
and emerging consumer segments in China, 228–229
time spent by middle-class consumers, 228
Shoprite, operations in Africa, 809–810, 810t, 811b, 811t
Shri Mahila Griha Udyog Lijjat Papad cooperative, 258
simultaneous engineering, and acceleration of research and innovation, 751
Singapore, government-linked companies in, 831, 833
Singer Sewing Machine Company, in first global economy, 61
Sivasubramaniam, Nagaraj
“Examining BOP Venture Success through the Mutual Value CARD Approach,” 241–265
small and medium-sized enterprises (SMEs), 497f
challenges in emerging markets, 27
defining, 495
developed market vs. emerging market contexts, 496
diversity among, 496
economic contributions of, 498
and entrepreneurship in Russia, 710–714
liabilities encountered, 497
participation in global value chains, 602–603
small and medium-sized enterprises (SMEs), innovation and internationalization of, 495–526, 497f
contextual perspective on, 500–503
developed market vs. emerging market contexts, 496
entrepreneurial perspective, 510–514, 517
exporting to foreign markets, 499–500
institutions, significance of, 500–503, 502–503, 516
and intellectual property rights protection, 502
liabilities encountered, 497
and networking, 502–503
network perspective, 506–510
resource-based view, 503–506, 516
strategies for, 499–500
social capital
business systems perspective on, 825, 828t, 832–833
definition of, 517n4
and entrepreneurship in emerging markets, 470–471
and networking by SMEs, 508
and returnee entrepreneurs, 472–476
social embeddedness perspective, and corporate political ties, 294
social entrepreneurship in emerging markets, 469–470
social legitimacy, and technology-based firms in India, 741–744, 742f
socialpolitical institutions, and corporate political ties, 299–301
social ties and social spillover, and returnee entrepreneurs, 475
socioeconomic context, and consumer behavior in emerging markets, 220
Song, Meng
“Spillovers from FDI in Emerging Market Economies,” 399–425
South Africa
innovation in, 366
and the political economy of middle-income traps, 91–92
South Africa, operating across levels of global economic hierarchy, 799–822
Barloworld, as broker, 807
brokers, 801f, 805–808, 806f
Caterpillar Tractor Company, operations in Africa, 805, 806–807
consolidators, 811–814 812f
defining levels of hierarchy, 799
Derivco, operations in South Africa, 815–816
Envirovision, as specialist niche provider, 816
International Housing Solutions, 808b
lead firms, 805
local optimizers, 808–811, 809f
methods of internationalization, 800
Microsoft, operations in Africa, 804
pecking order exploiters, 801f, 802, 803–805, 804f
position in global economic hierarchy, 800
(p. 871)
Shoprite, operations in Africa, 809–810, 810t, 811b, 811t
South African Breweries, as global consolidator, 812–813
specialist niche providers, 814–816, 815f
strategies to navigate, 801f, 802–803
South African Breweries, as global consolidator, 812–813
Southeast Asia
management challenges in, 30
multinational enterprises emerging from, 837–840, 838t, 839t
transfer of assembly facilities to, 70
Southeast Asia, management in, 823–843
Association of Southeast Asian Nations (ASEAN), 834
brand-building, 838
business systems analysis, 824–826
business systems in Southeast Asia, 826–835, 828t
education and skills formation, 832
employment relations, 831
financial systems, 831
inter-firm networks, 835
internal dynamics of management, 835
ownership and corporate governance 829–831
role of the state, 833–834
social capital, 832–833
strategies in the region, 835–836
South Korea, advantage of corporate political ties in, 300
South-South investments
definition of, 29
Spain
colonial demarcation lines, 678f
treaty-based investment dispute, 147
specialist niche providers, and global economic hierarchy, 801f, 803, 814–816, 815f
spillovers
benefits to local firms, 27
effects of emerging-economy FDI, 639–641, 649–650
knowledge spillover and returnee entrepreneurs, 474–475
social spillover and returnee entrepreneurs, 475
spin-offs, and entrepreneurship in emerging markets, 469
“springboard strategy,” and emerging-market MNEs, 45
stakeholder-oriented corporate governance, 185–186
standards creation, as source of legitimacy for technology-based firms in India, 741–744, 742f
state-owned enterprises in emerging markets, 28, 573t, 574f
and economics of financial management, 166
and goals of financial management, 168–169
internationalization of, 647–648
liabilities of, 569
pervasive presence of, 570
in Southeast Asia, 830–831
state-owned multinationals, in international competition, 569–590
advantages and disadvantages of SOMNCs, 578t
agency theory of SOMNCs, 574–576
evolution of state ownership, 571–572, 573t, 574
examining assumptions regarding, 585–587
firm-level performance, 580–585
firm-level performance, main variables of, 582–583
firm-level performance, research findings, 584–585, 584t
institutional theory perspective on SOMNCs, 576–577
and legitimacy of SOMNCs, 577–578, 580
liabilities of SOEs, 569
pervasive presence of SOEs, 570
state ownership
background and theory of, 571–580
evolution of, 571–572, 573t, 574
firm-level performance implications of, 580–585
states, business systems perspective on types of, 825–826, 828t, 833–834
status quo bias, 172
Stephan, Ute
“Entrepreneurship in Emerging Markets,” 457–494
(p. 872) stewardship theory, and family businesses, 530
Stiglitz, Joseph, 375
Strange, Susan, 333–334
strategic responses, to emerging market risks, 448–449
structural changes, and constraints on innovation, 87–91, 89t, 90f
Sula Vineyards, 254
Sun, Pei
“Corporate Political Ties in Emerging Markets,” 291–308
supervision, in BRIC countries, 205–206
supply enablers, and innovation in emerging markets, 355
sustainability issues
and global human rights concerns, 387–388
and local firms within global value chains, 603
and outward foreign direct investment, 649–650
sustainability issues, and behavior of middle-class consumers, 227
Sustainable Development Goals, 387–388
talent management
in MNC foreign subsidiaries, 664–665
and multinational companies in Brazil, 695–696
taxation levels, as institutional variable, 282, 688
taxonomies of emerging markets, 10–12, 11t
Tech Mahindra, technology-based company in India, 735–736, 736t, 737t
technology
competition from emerging markets in, 20, 23
and locations of global value chains, 597
readiness of various countries, 2013, 89t
technology transfer, and foreign direct investment (FDI), 399, 400, 408–410
Teece, D. J., foundations of enterprise performance, 92
telecommunications sector
in Russia, 718
Tech Mahindra, case study of, 735–736
telenovela, and marketing in Latin America, 68
territoriality
and global production networks, 334, 339–341
and national control of production, 341–343
Tilly, Charles, politics of transitions and traps, 84
top management team (TMT), and corporate governance, 191–192
total factor productivity (TFP) levels
of various countries, 90–91, 90f
tourism
international inbound and outbound, 19t
toy industry, in China, 599
trade
trading across borders, ease of, 282–283
transaction costs, and internationalization of small to medium-sized businesses, 503
transfer rate, and risk management in local EM businesses, 443–444
transition economies, use of term, 12
transitions and traps, politics of, 82–85, 94–95
transport infrastructure
and business strategies in first global economy, 61
“treaty shopping,” and emerging-market firms, 149
Triad Countries
definition and use of term, 12
international tourism data, 19t
tribalization, and reassertion of local cultures, 71
Trump, Donald, global production networks and sovereign territoriality, 334, 345
Tung, R.,”springboard strategy” of MNEs, 45
Turkey, innovation in, 365–366
Tversky, Amos, 169
Unilever, 253
challenge from local Indian firm, 69–70
international business strategies during Great Reversal, 64–65
marketing practices in developing countries, 67, 68–69
union system, and Brazilian institutional environment, 690
United Fruit Company, 63
(p. 873) United Nations Draft Code, on conduct of multinationals, 381
United Nations Global Compact, on responsible business practices, 382
United Nations Guiding Principles on Business and Human Rights, 129, 133, 374, 380–381
foundation and implementation of, 383–386
Unnathi Society, 257
Urry, J., 344–345
Vahlne, J.-E., internationalization process theory, 41–42
Vahter, Priit
“Spillovers from FDI in Emerging Market Economies,” 399–425
value chain, disaggregation of the, 355–337
van Agtmael, Antoine, 5
Venezuela
treaty-based investment disputes, 147–148, 154n32
Venkatesh, G., 739–740
venture capital, and entrepreneurship in emerging markets, 480–481
Vernon, Raymond, international product cycle, 42, 43f
Volkswagen AG, success in China, 747
Wan, Feng
“How Real Are the Opportunities for Multinationals in China?”, 747–764
Washington Consensus, points of, 270
welfare state, definition of, 116
Wettstein, Florian
“Human Rights, Emerging Markets, and International Business,” 373–398
Williamson, O. E., 477–478
Williamson, Peter J., 601
“How Real Are the Opportunities for Multinationals in China?”, 747–764
Wipro, technology-based company in India, 731–734, 733t
Witt, Michael A.
“Management in Southeast Asia: A Business Systems Perspective,” 823–843
wooden toy industry, in China, 599
World Bank, ease of doing business index, 274–275, 274f, 276f, 284–285
world market risks, in multidomestic firms, 431f, 432
world system risks, in multidomestic firms, 431f, 432, 434, 434f, 435
Wright, Mike
“Entrepreneurship in Emerging Markets,” 457–494
WuXi App Tech, 751
Xie, Zhenzhen
“Adjustment of MNE Geographic Market Strategy in Responding to the Rise of Local Competitors in an Emerging Market,” 311–332
Yeltsin, Boris, and institutional environment in Russia, 706, 707
Yeung, Bernard
“Financial Decisions, Behavioral Biases, and Governance in Emerging Markets,” 161–184
Yip, George S.
“Innovation in Emerging Markets,” 351–372
“Local Firms within Global Value Chains,” 591–607
Yonyou, 755
Yum Brands, Chinese division of, 748 (p. 874)