Home Sub-National Market Institutions, Technological Capabilities, and Entry Ownership: Evidence from Emerging-Market MNEs into Developed Markets

2012 ◽  
Author(s):  
Victor Zitian Chen ◽  
Jing Li ◽  
Daniel M. Shapiro
Keyword(s):  
Emerging Market ◽  
Technological Capabilities ◽  
Market Institutions ◽  
Developed Markets ◽  
National Market

scholarly journals Market Entries of Emnes in Developed Markets – A Case Study from Slovenia and Germany

2021 ◽  
Author(s):  
Andreas M. Hilger ◽  
Thomas Steger ◽  
Zlatko Nedelko
Keyword(s):  
Central And Eastern Europe ◽  
Emerging Market ◽  
Competitive Advantages ◽  
Technological Capabilities ◽  
Structured Interviews ◽  
Developed Markets ◽  
Company Growth ◽  
Competitive Pricing ◽  
Insight Into

To get an insight into internalization processes of Slovenian MNEs and particularly to their activities in Germany, we adopted a distinctively qualitative approach and conducted semi-structured interviews with key actors of five major Slovene companies we used as case studies. Our study shows that several major assumptions regarding frontier and emerging market MNE international activities do not fit to Slovene companies. They were found to act as innovation leaders with high quality products and services, as well as with competitive pricing, as long as their technological capabilities are competitive. The liability of foreignness as well as the liability of country of origin are steeply declining with increasing technological capabilities in Slovene EMNEs. They also showed high institutional familiarity and suffered little from uncertainty. Our study also shows that Slovene companies partially show competitive advantages compared to their German counterparts. Moreover, our findings confirm that economic liberalization, in this case Slovenia’s entry into the European common market, is a significant force driving company growth and internationalization. Thereby, this study presents generalizable insights into the internationalization process from Central and Eastern Europe and anywhere where large multinationals are scarce yet.

Consumer Behavior in Emerging Markets

2018 ◽  
pp. 218-240 ◽  
Author(s):  
Raquel Castaño ◽  
David Flores
Keyword(s):  
Consumer Behavior ◽  
Emerging Markets ◽  
Emerging Market ◽  
High Income ◽  
Future Research ◽  
Psychological Processes ◽  
Developed Markets ◽  
Contextual Characteristics ◽  
Initial Framework

Emerging markets are substantially different from markets in high-income, industrialized societies. While many aspects of consumer behavior are the result of inherent psychological processes and are, thus, generalizable across countries and cultures, the specific contextual characteristics of emerging markets can significantly influence other aspects of consumer behavior. In this chapter, we explore the behavior of emerging market consumers. This chapter reviews the existing literature and proposes an initial framework delineating the main differences between emerging markets and developed markets consumers that describe how consumers in these societies recognize a need for, select, evaluate, buy, and use products. The chapter discusses the issues and contributions of the research on emerging consumers and presents implications of extant research for international managers. Finally, the chapter elaborates on an agenda for future research in this area.

scholarly journals An Analysis and Comparison of Multi-Factor Asset Pricing Model Performance during Pandemic Situations in Developed and Emerging Markets

Mathematics ◽  
2022 ◽  
Vol 10 (1) ◽  
pp. 142
Author(s):  
Konstantin B. Kostin ◽  
Philippe Runge ◽  
Michel Charifzadeh
Keyword(s):  
Emerging Markets ◽  
Factor Model ◽  
Five Factor Model ◽  
Emerging Market ◽  
Model Performance ◽  
Research Area ◽  
Emerging Countries ◽  
Developed Markets ◽  
The Cost ◽  
Three Factor

This study empirically analyzes and compares return data from developed and emerging market data based on the Fama French five-factor model and compares it to previous results from the Fama French three-factor model by Kostin, Runge and Adams (2021). It researches whether the addition of the profitability and investment pattern factors show superior results in the assessment of emerging markets during the COVID-19 pandemic compared to developed markets. We use panel data covering eight indices of developed and emerging countries as well as a selection of eight companies from these markets, covering a period from 2000 to 2020. Our findings suggest that emerging markets do not generally outperform developed markets. The results underscore the need to reconsider the assumption that adding more factors to regression models automatically yields results that are more reliable. Our study contributes to the extant literature by broadening this research area. It is the first study to compare the performance of the Fama French three-factor model and the Fama French five-factor model in the cost of equity calculation for developed and emerging countries during the COVID-19 pandemic and other crisis events of the past two decades.

CFOs’ views on corporate financing decisions

2016 ◽  
Vol 8 (4) ◽  
pp. 331-358
Author(s):  
Weerakoon Banda Yatiwelle Koralalage
Keyword(s):  
Sri Lanka ◽  
Interest Rates ◽  
Firm Value ◽  
Emerging Market ◽  
Foreign Debt ◽  
Cash Flows ◽  
Chief Financial Officers ◽  
Corporate Financing ◽  
Content Type ◽  
Developed Markets

Purpose The purpose of this paper is to examine the managerial views on the corporate financing practices of firms in the emerging market of Sri Lanka. Design/methodology/approach A survey approach was employed using chief financial officers (CFOs) from the top non-financial firms listed on the Colombo Stock Exchange. Findings CFOs’ views on corporate financing practices are not fully consistent with the theory: financial hierarchy appears to be more important and firms are less leveraged. Most Sri Lankan CFOs perceive some policy factors as important and theoretically support: volatility of earnings and cash flows, tax advantages of interest deductibility, transaction costs, timing of interest rates, low foreign interest rates and debt equity targets. These factors are high priority in emerging markets but either not important at all or less important in developed markets. Matching debt maturity with the life of assets is equally important in both markets. Most CFOs adhere their financing to the local debt market, while a few firms use foreign debt. CFOs are concerned about earnings per share (EPS) dilution, providing a natural hedge in foreign debt issues, credit ratings, under/overvaluation of stocks and corporate control, whereas they are significantly important in developed markets. Age and education mostly explain the differences. Research limitations/implications The study is restricted to large companies in a relatively smaller market. Hence, sample size is relatively small, even though it shows a higher response rate. Practical implications The study offers insights for corporate financing decision-makers that could impact on firm value through a shift in emphasis toward capital structure theories. Originality/value The paper focuses on corporate financing practices in Sri Lanka in search of emerging market features that could mitigate the gap in the emerging market literature through survey evidence.

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