1,054,086 research outputs found

    An investigation into the impact of cross-national distance on foreign divestment

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    This study examines the impact of the following two dimensions of cross-national distance on foreign divestment: (1) economic and (2) institutional distances. It is predicted that economic distance resulting from differences in levels of economic development (GDP per capita) and factor costs will reduce the probability of divestment, mainly due to greater opportunities for arbitrage. It is predicted that institutional distance will have a ‚ą™-shaped relationship with foreign divestment. The economic gains arising from low institutional distance will initially reduce the probability of divestment. However, as the distance increases, the operating costs increase, thereby increasing the probability of divestment. The study examines the moderating roles of ownership advantages and entry strategies on the relationship between cross-national distance and foreign divestment. Ownership advantages, which include host country experience, R&D intensity and parent firm‚Äôs financial performance, are predicted to have a negative moderating effect. Entry strategies, examined as establishment mode (Acquisition) and ownership mode (Joint Venture), are predicted to have a positive moderating effect. The empirical analysis is conducted using Cox‚Äôs regression on a sample of 906 Nordic foreign direct investments in the BRIC countries between 1990 and 2015, of which 191 were divested. The results indicate that foreign divestment has a negative and ‚ą™-shaped relationship with economic and institutional distance, respectively. The interactions between GDP per capita differences and host country experience, and between factor cost differences and parent firm‚Äôs financial performance were found to be significant, as were the interactions between the three ownership advantages and institutional distance. Among the entry strategies, the interaction between economic distance and ownership mode was found to be significant. The concluding section identifies the theoretical and empirical contributions, highlights potential research avenues and lists the key managerial and policy implications.Tutkimuksessa tarkastellaan (1) taloudellisen ja (2) institutionaalisen et√§isyyden vaikutusta ulkomaisista investoinneista luopumiseen. Oletuksena on, ett√§ kansantalouden ja tekij√§kustannusten eroista johtuva taloudellinen et√§isyys mahdollistaa markkinoiden hintaerojen hy√∂dynt√§misen ja n√§in v√§hent√§√§ investoinneista luopumisen todenn√§k√∂isyytt√§. Oletetaan my√∂s, ett√§ institutionaalisella et√§isyydell√§ on ‚ą™-muotoinen suhde investoinneista luopumiseen. Heikkojen instituutioiden hyv√§ksik√§ytt√∂√∂n liittyv√§t taloudelliset hy√∂dyt v√§hent√§v√§t lyhyell√§ et√§isyydell√§ luopumisen todenn√§k√∂isyytt√§, mutta et√§isyyden pidentyess√§ toiminnasta aiheutuvat kustannuksetkin kasvavat. Tutkimuksessa tarkastellaan omistusetujen ja investointistrategioiden v√§lillist√§ vaikutusta et√§isyyden ja investoinnista luopumisen suhteeseen. Omistusetujen, kuten aiempi kokemus kohdemaasta, painotus tutkimukseen ja kehitykseen ja taloudellinen menestys, v√§lillisen vaikutuksen odotetaan olevan negatiivinen. Investointistrategioilta, eli investointimuoto (yritysosto) ja omistusmuoto (osittain omistettu investointi), odotetaan positiivista v√§lillist√§ vaikutusta. Ty√∂n empiirinen aineisto on 906 pohjoismaisten yritysten BRIC-maissa vuosina 1990-2015 tekem√§√§ ulkomaista investointia, joista 191:st√§ oli luovuttu. Tutkimusmenetelm√§n√§ k√§ytettiin Coxin regressiomallia. Tulokset tukevat taloudellisen ja institutionaalisen et√§isyyden sek√§ investoinneista luopumisen v√§lisi√§ hypoteeseja. Kansantalouden ja kohdemaakokemuksen sek√§ tekij√§kustannuserojen ja luopuvan yrityksen taloudellisen menestyksen v√§linen vuorovaikutus olivat molemmat tilastollisesti merkitt√§vi√§, samoin kuin vuorovaikutus omistusetujen ja institutionaalisen et√§isyyden v√§lill√§. Investointistrategioissa taloudellisen et√§isyyden ja omistusmuodon v√§lill√§ vallitsi tilastollisesti merkitt√§v√§ vuorovaikutus. Tutkimuksen johtop√§√§t√∂ksiss√§ tiivistet√§√§n ty√∂n t√§rkeimm√§t teoreettiset ja empiiriset havainnot ja esitet√§√§n jatkotutkimusmahdollisuuksia sek√§ yritysjohdollisia suosituksia.fi=vertaisarvioitu|en=peerReviewed

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    Moderating influence of product diversification on the international diversification-performance relationship : A meta-analysis

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    Numerous studies have examined the impact of international diversification on firm performance. However, the literature is characterised by inconsistent findings, suggesting the need for a quantitative review and synthesis of the hypothesised relationships. Using a sample of 263 effect sizes from 187 primary studies between 1974 and 2021, we conduct a meta-analysis to test the relationship between international diversification and firm performance, and the moderating effect of product diversification. The results of our meta-analysis indicate that the relationship between international diversification and firm performance is non-linear inverted U-shaped. Furthermore, we find that performance is higher in firms with low/related product diversity and lower in firms with high/unrelated product diversity, suggesting that the dual-diversification strategy is detrimental to firm performance. Although there is no significant difference in the performance of firms from advanced and emerging economies, the results highlight the importance of intangible assets for diversified firms.© 2021 The Author(s). Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).fi=vertaisarvioitu|en=peerReviewed

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    La questione dell'arte in architettura vista dalla prospettiva dell'estetica filosofica

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    English information

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    Datos en ingl√©s de los art√≠culos incluidos en el N√ļmero 8(2017) de la Revista Con A de animaci√≥nAnimaci√≥n Arte E Industria, G. (2018). English information. Con A de animaci√≥n. 0(8):204-208. https://doi.org/10.4995/caa.2018.9658OJS2042080

    English information

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    Datos en ingl√©s de los art√≠culos incluidos en este n√ļmero de la Revista Con A de animaci√≥nAnimaci√≥n Arte E Industria, G. (2014). English information. Con A de animaci√≥n. 0(4):156-159. https://doi.org/10.4995/caa.2014.2236OJS1561590
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