Factors influencing the Internationalisation of Firms: Micro Foundations of Macro Determinants

We draw on insights from the theory of the multinational enterprise (MNE) to explain outward investment and (thus) internationalisation. We claim that micro insights from the work of Stephen Hymer, Edith Penrose and other extant theories of the MNE can serve as micro foundations of some macro determinants of internationalisation. The focus on macro determinants pursues and develops an earlier critique of the theory of the MNE by Penrose; that it fails to distinguish between intra-national and inter-national expansion of firms. We propose demand-side national business cycle considerations as a Penrose-inspired answer to the Penrosean critique. Our evidence derives from USA and UK data, supports insights from Hymer, Vernon, Penrose and our response to the Penrosean challenge.Hymer, Penrose, Business Cycle, Outward Investment

Geopolitics, Global Governance and Crisis Narratives

The financial crisis demonstrated a new quality of interconnected vulnerabilities across the globe. Yet, increased interdependence may lead to increased friction rather than common problem?solving or a shared outlook. This article is concerned with the prospects for future reform of global economic governance, taking as a starting point the apparent shift from the G8 to the G20 as the focal forum for reform. We show that (1) the crisis both reflects and propels important geopolitical change and that (2) interpretations of the crisis differ widely, leading to diverging ideas of different actors about each other and about future reforms. We then consider some implications, notably with regard to the utility of summit?level diplomacy and the transfer of responsibilities to controversial institutions, all within an environment marked by ongoing uncertainty

Inflation targeting and Keynes's political economy

This paper argues that inflation targeting, in the manner proposed by the "new consensus" in macroeconomics, is not a socially desirable monetary policy strategy and is not compatible with Keynes's political economy. Inflation targeting is likely to cause distributional changes that benefit rentiers, which, in turn, might operate as a source of deficient demand, unemployment, and low growth rates of gross domestic product. The econometric analysis that appears in this paper uses panel data for a sample of 13 Organization for Economic Cooperation and Development countries and assesses the relevance of some of Keynes's monetary hypotheses. The findings provide support that rentiers' income influences negatively both the aggregate demand growth and the unemployment rate.aggregate demand, income distribution, inflation targeting, Keynes's political economy, monetary policy, unemployment,

Finance, Monetary Policy and Investment

In this paper we attempt to develop some basic lines of a political economy perspective of the impact of finance and monetary policy on investment. We argue that the structure of capital, particularly the type of the relation between the industrial and the financial sector determines, to an extent, the way that finance affects investment. The domain in which this effect takes place is the distribution of income. Hence, this perspective integrates financial and real variables and argues that their interaction, which is institutionally and historically defined, acts as a main source of influence on investment and industrial accumulation in capitalism. Yet, we econometrically estimate some of our fundamental hypotheses, using data from the USA.Finance, Monetary Policy, Credit, Income Distribution, Investment

Finance, Instability and Economic Crisis: The Marx, Keynes and Minsky Problems in Contemporary Capitalism

This paper introduces a political-economy framework to investigate the role of finance in economic instability and crisis. It is argued that the rise in income of rentiers, private bankers and other groups of financial capitalists merits responsibility for the economic and financial instability, unemployment and an increasing risk of deflation and crisis that many capitalist countries face today. The paper considers a Marx, Keynes and Minsky problem associated with a rise in financial profits and argues that the impact of finance on economic activity is, to a large extent, determined by institutional and structural factorsFinance, Income Distribution, Aggregate Demand, Instability, Crisis

Effect of triphenylsulfonium triflate addition in wide band-gap polymer light-emitting diodes: improved charge injection, transport and electroplex-induced emission tuning

The presence of mobile anions in the emitting layer of polymer-based OLEDs has been proven to influence substantially the injection characteristics of the diode. In this work we report on the improvement of both injection and transport of charge carriers in blue emitting poly[2-(6-cyano-6-methyl-heptyloxy)-1,4- phenylene] (CN-PPP) based OLEDs upon insertion of the all-organic triphenylsulfonium (TPS) triflate salt in the emitting layer. On one hand, the anion displacement influences the energetics at the polymer/anode interface facilitating hole injection, whereas, on the other hand, the triphenylsulfonium cations act as electron transporting sites. The OLEDs exhibit significantly reduced turn-on voltage to half their initial value and increased luminance at low operating voltage. Moreover, the large energetic mismatch of the polymer and the triphenylsulfonium salt as well as the polarity induced by the ions result in simultaneous dual emission originating from the polymer exciton and from an electroplex, which is proposed to be formed at the triphenylsulfonium salt/polymer interfaces in the bulk. These results show that triphenylsulfonium salts represent an attractive class of materials that can be blended with conjugated polymers and can modify their electrical and/or emissive characteristics.</p

Incorporating triphenyl sulfonium salts in polyfluorene PLEDs: an all-organic approach to improved charge injection

All-organic sulfonium salts are introduced as a class of ionic compounds that show high compatibility with conjugated polymers and may form blends with attractive luminescent properties leading to significant improvement in single-layer polymer light emitting diodes' (PLEDs') performance. We demonstrate that triphenylsulfonium (TPS) triflate:polyfluorene-co-benzothiadiazole (F8BT)-blend based PLEDs show a lower turn-on voltage, an increased luminous efficiency and higher peak luminance values. These results are being rationalized in terms of anionic accumulation and space charge formation at the anode side, which facilitates hole injection, leading to more balanced injection and subsequently to a higher recombination rate. Moreover, we find that the salt anion size plays a critical role in the device operating characteristics. The judicious choice of both the salt and the emitting polymer by considering relative energy level alignment, salt electrochemical stability and acquired thermodynamic stability of blend morphology is important for the achievement of high performance PLEDs without requiring elaborate device architectures.</p

Influence of the anion on the optoelectronic characteristics of triphenylsulfonium salts modified polymer light emitting devices

Triphenylsulfonium salts addition in the emitting layer of polymer light emitting diodes (PLEDs) has been shown to be beneficial for charge injection and transport due to both ionic effects and π-conjugation in the phenyl rings of the cation. In some cases the emission profile can be also modified through an electroplex formation. Herein we investigate the effect of four TPS-salts with different counter anions on the overall PLED performance upon blending each salt with the conjugated polymer poly[2-(6-cyano-6-methyl-heptyloxy)-1,4-phenylene] (CN-PPP). In particular, three perfluoroalkanesulfonate organic anions of increasing size (triflate, nonaflate, PFOS) and a perfluorinated inorganic anion (SbF6) are compared. It is shown that the anion size affects primarily the turn-on and operational voltage, whereas its chemical nature is crucial for achieving high luminance values. The counteranion exerts also a direct impact on the dispersion properties of the salt in the polymer matrix, and thus, the film morphology, which in turn influences the emission colour and efficiency of an electroplex that is proposed to be formed at the sulfonium salt/polymer interfaces in the bulk. This study highlights the importance of properly selecting the counterions of the salts added in the emitting layer of PLEDs, which, in addition to their various functionalities, significantly influence device performance.</p