Export intensity of foreign subsidiaries of multinational enterprises: the role of trade finance availability

We examine the relationship between the role of trade finance availability and the export intensity of foreign subsidiaries of multinational enterprises (MNEs). In developing our hypotheses, we draw upon insights derived from “new” internalisation theory (international business literature) and international trade finance (international economics literature). We empirically test these hypotheses using survey data compiled from subsidiary managers in six ASEAN countries, supplemented with host-country level data. We conceptualise, empirically test, and establish that the subsidiary-level capability in combining and utilising internal and external debts is an important subsidiary-specific advantage to support export intensity. We find that subsidiaries employ intra-firm loans from MNE internal capital markets and, to some extent, bank loans from external financial institutions to boost their export intensity. Subsidiaries may have concerns about foreign exchange risks, but the use of appropriate foreign exchange risk management is positively associated with export intensity. We discuss the implications of our findings for theory and practice

Local responsiveness strategy of foreign subsidiaries of Chinese multinationals: the impacts of relational-assets, market-seeking FDI, and host country institutional environments

We build upon the theoretical framework of firm-specific advantages (FSAs) and country-specific advantages (CSAs) to examine the determinants of the local responsiveness strategy of foreign subsidiaries of Chinese multinational enterprises (MNEs). Specifically, we focus on relational assets (R-assets is seen as a unique type of Chinese MNEs’ FSA), the market-seeking foreign direct investment (FDI) and host country institutional environments as drivers of the local responsiveness strategy. We empirically test our hypotheses using a survey data of the foreign subsidiaries of Chinese firms together with other secondary data sources. We find that both Chinese MNEs' R-assets and the market-seeking oriented FDI are positively related to subsidiaries' local responsiveness strategy in accommodating local customer needs, government policies, market conditions, and competitive intensity. Moreover, the impact of R-assets in motivating the local responsiveness strategy is stronger in a host country with a weak and underdeveloped institutional environment. While the evidence confirms the existence of the R-assets in influencing subsidiary level strategy, it also casts doubt on such relations-based firm resources in advanced host countries with highly developed institutions

Subsidiary strategy of emerging market multinationals: a home country institutional perspective

We examine the effects of home country institutional factors, namely, home country government support, domestic institutional weaknesses, and state ownership on the subsidiary-level strategy of global integration (I) and local responsiveness (R) of emerging market multinational enterprises (EMNEs). We draw upon the home country institution-based view and the I/R framework to develop our theoretical model. We empirically test our hypotheses using an original new survey data collected from Chinese multinational subsidiary managers supplemented with parent-level and country-level data. We find that home country government support and domestic institutional weaknesses have significant and negative effects on global integration strategy of Chinese multinational subsidiaries. On the other hand, domestic institutional weaknesses push foreign subsidiaries to pursue local responsiveness strategy. Nevertheless, those with greater degree of state ownership in their parent firms are neither willing to disintegrate from their parent firms nor motivated to pursue local responsiveness strategy in order to deal with home country institutional deficiencies and develop new sources of competitiveness in foreign markets. Our findings have advanced the literature on subsidiary strategy in the context of EMNEs, and provide important implications for subsidiary managers and policy makers

Intangible assets of MNE foreign subsidiaries: the role of internal financial resources and host country institution

We examine key factors which affect intangible asset holdings of foreign subsidiaries of multinational enterprises (MNEs). We develop our hypotheses by drawing upon the pecking order theory in the finance literature and the institution theory. We theorise that MNE foreign subsidiaries combine and utilize their cash holdings (finance-based firm-specific advantages - FSAs) with host country economic freedom (host country-specific advantages - CSAs) in their holdings of intangible assets which are internally created and/or purchased. We empirically test our hypotheses using a new original dataset of European subsidiaries of U.S. MNEs. We find that cash holdings and host country economic freedom share a significant and positive relationship with intangible asset holdings. We discuss the implications of our findings for theory and practice

Intellectual structure of international new venture research: a bibliometric analysis and suggestions for a future research agenda

We examine the intellectual structure of the international new venture (INV) literature using bibliometric citation and co-citation analysis. We aim to identify the most influential papers/authors, publication outlets, and key research topics. We focus on the top 100 most-cited papers in this field published between 1994 and 2015. In the post-hoc reading, we supplement our main bibliometric techniques with the qualitative content analysis method to shed light on a number of theoretical and empirical issues. We find that the literature has grown significantly in the past two decades. However, the main factors that hinder the field are the diversity of applicable theoretical perspectives and the inconsistencies between theoretical concepts and measurements of variables in empirics. We outline a detailed future research agenda to address these inconsistencies and recommend using new lenses from international business to examine the INV phenomenon

Understanding the interaction of motivation and opportunity for tax planning inside US multinationals: a qualitative study

We explore the internal workings of tax planning within US multinational enterprises (MNEs) using a qualitative research method. We conduct a series of interviews with senior tax executives, supplemented with other public information. We find that US MNEs adopt a heterogenous range of approaches driven by the motivations as well as the opportunities to reduce their tax bill legally. We develop a new theoretical framework that analyses the interactions of motivations and opportunities in MNEs’ tax planning strategy. We generate four typologies of corporate tax payers. Our study provides new insights detailing why and how companies plan their tax

Positive Surgical Margins in the 10 Most Common Solid Cancers.

A positive surgical margin (PSM) following cancer resection oftentimes necessitates adjuvant treatments and carries significant financial and prognostic implications. We sought to compare PSM rates for the ten most common solid cancers in the United States, and to assess trends over time. Over 10 million patients were identified in the National Cancer Data Base from 1998-2012, and 6.5 million had surgical margin data. PSM rates were compared between two time periods, 1998-2002 and 2008-2012. PSM was positively correlated with tumor category and grade. Ovarian and prostate cancers had the highest PSM prevalence in women and men, respectively. The highest PSM rates for cancers affecting both genders were seen for oral cavity tumors. PSM rates for breast cancer and lung and bronchus cancer in both men and women declined over the study period. PSM increases were seen for bladder, colon and rectum, and kidney and renal pelvis cancers. This large-scale analysis appraises the magnitude of PSM in the United States in order to focus future efforts on improving oncologic surgical care with the goal of optimizing value and improving patient outcomes

Rethinking the Literature on the Performance of Chinese Multinational Enterprises

We synthesize the literature on Chinese multinational enterprises (MNEs) and find that much of the prior research is based on as few as a dozen case studies of Chinese firms. They are so case-internationalization. In an attempt to better relate theory with empirical evidence, we examine the largest 500 Chinese manufacturing firms. We aim to find out the number of Chinese manufacturing firms to be true MNEs by definition, and to examine their financial performance relative to global peers using the financial benchmarking method. We develop our theoretical perspectives from new internalization theory. We find that there are only 49 Chinese manufacturing firms to be true MNEs, whereas the rest is purely domestic firms. Their performance is poor relative to global peers. Chinese MNEs have home country bound firm-specific advantages (FSAs), which are built upon home country-specific advantages (home CSAs). They have not yet developed advanced management capabilities through recombination with host CSAs. Essentially, they acquire foreign firms to increase their sales in domestic market, but they fail to be competitive internationally and to achieve superior performance in overseas operations. Our findings have important strategic implications for managers, public policy makers, and academic research

Climate Services For Infectious Disease Control: A Nexus Between Public Health Preparedness And Sustainable Development, Lessons Learned From Long-Term Multi-Site Time-Series Analysis Of Dengue Fever In Vietnam

BACKGROUND: Climate services provide valuable information for making actionable, data-driven decisions to protect public health in a myriad of manners. There is mounting global evidence of the looming threat climate change poses to human health, including the variability and intensity of infectious disease outbreaks in Vietnam and other low-resource and developing areas. In light of the Sustainable Development Goals, this study aimed to examine the utility of spatial and time-series analysis, to inform public health preparedness strategies for sustainable urban development, in terms of dengue epidemiology, surveillance, control, and early warnings. SUBJECTS AND METHODS: Nearly 40 years of spatial and temporal (times-series) dataset of meteorological records, including rainfall, temperature, and humidity (among others) which can be predictors of dengue were assembled for all provinces of Vietnam. This dataset was associated with case data reported to General Department of Preventive Medicine, Ministry of Health of Vietnam, during the same period. Time series of climate and disease variables were analyzed for trend and changing pattern over time. The time-series statistical analysis method sought to identify spatial (when possible) and temporal trend, seasonality, cyclical pattern of disease, and to discover anomalous outbreak events, which departed from expected epidemiological pattern, and corresponding meteorological phenomena, such as El Nino Southern Oscillation (ENSO). RESULTS: Analysis yielded largely converged findings with other locations in South East Asia for larger outbreak years and events such as ENSO. Seasonality, trend, and cycle in many provinces were persistent throughout the dataset, indicating strong potential for climate services to be used in dengue early warnings. CONCLUSION: Public health practitioners, having adequate tools for dengue control available, must plan and budget vector control and patient treatment efforts well in advance of large scale dengue epidemics to curb such events with overall morbidity and mortality. Urban and sustainable development in Vietnam might benefit from evidence linking climate change and ill-health events spatially and temporally in future planning. Long term analysis of dengue case data and meteorological records, provided a cases study evidence for emerging opportunities that on how refined climate services, could contribute to protection of public health. Keywords: dengue, Vietnam, climate change, time-series analysis, climate servic