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Publication date: 3 May 2011

Jens Forssbaeck and Lars Oxelheim

In this chapter we analyze the role of financial factors in the undertaking of cross-border acquisitions. We discuss financial firm-specific advantages as drivers of these…

Abstract

In this chapter we analyze the role of financial factors in the undertaking of cross-border acquisitions. We discuss financial firm-specific advantages as drivers of these acquisitions as well as the role of the development of the home financial market in exploiting these advantages. Based on a sample of 1,447 European firms' cross-border acquisitions amounting to a total of 566 acquisitions spanning from 0 to 18 for individual firms, we find strong evidence in favor of a cost-of-equity effect on the occurrence of FDI, whereas the stand-alone effect of debt costs is indeterminate. However, allowing firm-specific financial characteristics to be conditioned by home-country financial development, both equity costs and debt costs are found highly significant explanatory factors for cross-border acquisitions undertaken by the sample firms.

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The Future of Foreign Direct Investment and the Multinational Enterprise
Type: Book
ISBN: 978-0-85724-555-7

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Article
Publication date: 1 October 2005

Georgios I. Zekos

Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to…

2732

Abstract

Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to control activities on its territory, due to the rising need to find solutions for universal problems, like the pollution of the environment, on an international level. Globalisation is a complex, forceful legal and social process that take place within an integrated whole with out regard to geographical boundaries. Globalisation thus differs from international activities, which arise between and among States, and it differs from multinational activities that occur in more than one nation‐State. This does not mean that countries are not involved in the sociolegal dynamics that those transboundary process trigger. In a sense, the movements triggered by global processes promote greater economic interdependence among countries. Globalisation can be traced back to the depression preceding World War II and globalisation at that time included spreading of the capitalist economic system as a means of getting access to extended markets. The first step was to create sufficient export surplus to maintain full employment in the capitalist world and secondly establishing a globalized economy where the planet would be united in peace and wealth. The idea of interdependence among quite separate and distinct countries is a very important part of talks on globalisation and a significant side of today’s global political economy.

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Managerial Law, vol. 47 no. 5
Type: Research Article
ISSN: 0309-0558

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The History of EIBA: A Tale of the Co-evolution between International Business Issues and a Scholarly Community
Type: Book
ISBN: 978-1-83608-665-9

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Book part
Publication date: 3 May 2011

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The Future of Foreign Direct Investment and the Multinational Enterprise
Type: Book
ISBN: 978-0-85724-555-7

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Article
Publication date: 5 April 2011

Niclas Andrén and Lars Oxelheim

The financial crisis starting in 2008 made many European countries opt for a change of exchange rate regime. The choice of price measure as an entry requirement to the European…

2178

Abstract

Purpose

The financial crisis starting in 2008 made many European countries opt for a change of exchange rate regime. The choice of price measure as an entry requirement to the European Economic and Monetary Union (EMU) and as input in the monetary policy decision process re‐appeared as an important political and research issue. This paper aims to argue that, considering the importance of producer prices in international competition, their role is underplayed by policy makers and researchers.

Design/methodology/approach

Producer prices are analyzed in the transition from national exchange‐rate regimes to the EMU for 13 two‐digit manufacturing sectors in the first 11 countries to adopt the Euro.

Findings

It was found that significant price convergence before 1993‐1998, but no or modest evidence of convergence after 1998‐2005 when the Euro was introduced. This pattern is partly different from what prior studies have found for consumer prices, and is consistent with the change of exchange rate regime to a monetary union anchoring inflation rates. A conditional β‐convergence analysis reveals effective exchange‐rate changes and differences in cyclicality as important determinants of price convergence, suggesting that import of inflation is an important determinant of price developments in the EMU.

Research limitations/implications

The paper concludes that considering the role of producer prices and their deviating pattern from consumer prices, producer prices are underplayed in the research and deserve more attention. It is argued that increased attention to producer prices is warranted.

Practical implications

Focusing monetary policymaking on consumer prices alone appears inefficient. Rather, then, support for the trade‐off approach in monetary policy‐making is supported.

Social implications

In considering different solutions to the financial crisis, increasing attention should be paid to the development of producer prices.

Originality/value

This is the first study to focus on producer prices in the research on the transition from a national exchange rate regime to a membership of a monetary union.

Details

International Journal of Managerial Finance, vol. 7 no. 2
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 5 April 2011

Usha R. Mittoo

1473

Abstract

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International Journal of Managerial Finance, vol. 7 no. 2
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

101260

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

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Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Available. Content available
Article
Publication date: 22 February 2013

2

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International Journal of Managerial Finance, vol. 9 no. 1
Type: Research Article
ISSN: 1743-9132

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Book part
Publication date: 3 May 2011

Abstract

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The Future of Foreign Direct Investment and the Multinational Enterprise
Type: Book
ISBN: 978-0-85724-555-7

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Article
Publication date: 1 March 1997

Connie Rae Bateman, Neil C. Herndon and John P. Fraedrich

This paper represents a discussion of transfer pricing (TP). Key factors are identified and propositions developed from tax accounting and other perspectives. Stages of the TP…

548

Abstract

This paper represents a discussion of transfer pricing (TP). Key factors are identified and propositions developed from tax accounting and other perspectives. Stages of the TP decision process are identified along with the critical factors directly affecting sales and a TP audit. Propositions are derived which show relationships among these variables and tax rates, competition, and TP methodologies. Finally, academic research implications are suggested.

Details

International Journal of Commerce and Management, vol. 7 no. 3/4
Type: Research Article
ISSN: 1056-9219

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