Radical Institutional Change: Foreign Firms Strategic Responses to Regulatory Punctuations in Emerging Markets

This paper offers theoretical and empirical insights about the strategies and characteristics of foreign banks operating in an emerging market, which suffered radical transformations in its business landscape during the 1990’s and the early 2000s. The results demonstrate foreign banks from countries with stronger commercial ties to the focal emerging market, a higher degree of internalization, and more aggressive lending practices (in the focal market) outperformed and or outlasted foreign banks with weaker commercial ties, lower degrees of internalization, and less aggressive lending practices

Do desperate times call for desperate measures? Strategic responses to regulatory punctuations in the Mexican banking industry, 1991-2004

Drawing insights from liability of foreignness, the punctuated equilibrium model and the resource-based view, this dissertation develops an integrated model to identify the successful strategies and characteristics of both domestic and foreign firms operating in emerging markets, affected by regulatory punctuations. Accordingly, three research questions are addressed: Why are some foreign firms more likely to survive than other foreign firms? Why are some domestic firms more likely to survive than other domestic firms? Are there any similarities between successful foreign firms and successful domestic firms? Using event-history methodologies and the Mexican banking industry as the unit of analysis, this dissertation shows the following results: Foreign firms (banks) from countries with stronger commercial ties to Mexico (the focal emerging market), were less likely to exit the banking industry. Also, the likelihood of exiting the industry, by a foreign firm, was negatively related to domestic firm (bank) acquisitions. For the domestic firms (banks), there was a positive relationship between international diversification and firm survival and a negative relationship between aggressive (loan) growth and firm survival. Also, marginal support was found about the positive relationship between “grupo” affiliation and firm survival. This research contributes to the extant literature by extending current theories when considering the effect of radical change. For instance, while punctuated equilibrium provides a good “environmental” explanation about a firm’s need to adapt to radical change, it does not suggest how firms should adapt to this change. However, by providing an explanation on how firms suppose to adapt to this radical change, this dissertation had expanded the theoretical implication of the punctuated equilibrium model. Similarly, the present dissertation provides a theoretical extension to liability of foreignness by finding that not all foreign firms face the same liability of foreignness. Lastly, the resource-based view is also extended by this dissertation research, as it is found to have implications for emerging markets firms that are different from foreign developed market firms

Paleoenvironmental reconstruction using stable isotopes and trace elements from archaeological freshwater bivalve shell fragments in Northwest Patagonia, Argentina

Stable oxygen and carbon isotopes (18O and 13C) and the trace elements, manganese (Mn) and strontium (Sr) were analyzed in archaeological bivalve (Diplodon chilensis) shell fragments recovered from Parque Diana Cave, Patagonia, Argentina, to analyze the temporal trends of human occupation of the North Patagonia forest with climatic conditions recorded at regional scale but poorly known at local scale for this site. We established a stratigraphic sequence of thirteen 10 cm thick layers spanning the period c. 2370 BP to c. 580 BP and grouped these layers into three cultural components.According to this region´s climate, with rain and snow concentrated in winter and dry summers, our data suggest that these components are contemporary with three climatic periods. A dry period indicated by high values of δ18Oshell, δ13Cshell and Sr/Ca ratio (Mn/Ca ratio does not show any significant trend), in the Lower component is associated with brief incursions of hunter-gatherers from the eastern steppe. In the Middle component, low δ18Oshell, δ13Cshell and Sr/Ca ratios, suggest a humid climate with increased supply of meteoric and/or melt-water along with terrestrial plants organic matter and soil carbonates to the river. According to the archaeological evidence, in this period, hunter gatherers from the Pacific coast and forest started to colonize the area across the Andes cordillera. At the beginning of the Upper component, which is mostly contemporary with the expression of the Medieval Climatic Anomaly (MCA), the proxies are not totally coincident but a tendency to progressively drier conditions could be inferred. Except for layer 4 for δ18Oshell and layer 5 for Sr/Ca ratio, δ18Oshell, δ13Cshell and Sr/Ca ratio show consistently high levels in the Upper than in the Middle component. In layer 5, δ18Oshell and δ13Cshell are elevated with respect to the Middle component while Sr/Ca ratio remains low. In layer 4, δ13Cshell and Sr/Ca ratio are high while δ18Oshell shows a negative peak. In layers 3 to 1, δ18Oshell, δ13Cshell and Sr/Ca ratio remain at high levels, indicating an arid-warm climate with high aquatic plant productivity, in coincidence with the expression of the MCA reported for this region in a partially contemporaneous period (1080?1250 AD). At this time, the occupation of the site by groups of the same origin as those present in the Middle component became permanent. Extensive and intensive use of local resources in this period can be inferred from the quality and quantity of artifacts recovered.Fil: Perez, Alberto Enrique. Universidad Católica de Temuco; ChileFil: Batres, Daniel Alejandro. Universidad Católica de Temuco; ChileFil: Rocchetta, Iara. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte. Instituto de Investigaciones en Biodiversidad y Medioambiente. Universidad Nacional del Comahue. Centro Regional Universidad Bariloche. Instituto de Investigaciones en Biodiversidad y Medioambiente; ArgentinaFil: Eppis, María. Comisión Nacional de Energía Atómica; ArgentinaFil: Bianchini, María Laura. Comisión Nacional de Energía Atómica; ArgentinaFil: Luquet, Carlos Marcelo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte. Instituto de Investigaciones en Biodiversidad y Medioambiente. Universidad Nacional del Comahue. Centro Regional Universidad Bariloche. Instituto de Investigaciones en Biodiversidad y Medioambiente; Argentin

Difusión de las memorias de sostenibilidad en Latinoamérica: análisis territorial y sectorial

En el presente artículo se plantean tres objetivos. En primer lugar, identificar cómo ha sido la difusión geo-gráfica y sectorial en Latinoamérica de los informes de sostenibilidad del tipo Global Reporting Initiative. En segundo lugar, comparar este patrón de difusión con el patrón de difusión mundial para identificar similitudes y diferencias. Finalmente, realizar un pronóstico de la difusión futura en la región. Para ello se realizarán regresiones de los datos disponibles del Global Reporting Initiative en países latinoamericanos utilizando la curva logística como patrón. Adicionalmente, se utilizarán indicadores de concentración y de inestabilidad de las series temporales. A partir de lo anterior, se concluye que el estándar GlobalReporting Initiative ha sido adoptado moderadamente por las empresas en Latinoamérica. Por otra parte, se observan diferencias significativas en el desarrollo de la responsabilidad social de las organizaciones entre los diferentes países

The professional service firm (PSF) in a globalised economy: A study of the efficiency of securities firms in an emerging market

This study explores the efficiency of securities firms in Turkey and offers conceptual and managerial insights utilizing data envelopment analysis. Through a sample of local and foreign owned securities firms in Turkey, we examine the impact of liabilities of foreignness (LOF) and localness (LOL) upon knowledge intensive firm efficiency in an emerging market economy. We have extended this approach through our consideration of liability associated with market globalness (LOMG). Our findings indicate the importance of size for firm efficiency with bank affiliation and foreign ownership also having positive effects on efficiency. Our study makes a contribution conceptually, methodologically and empirically to a growing literature on emerging economies. We also make a valuable addition to the limited empirical work conducted on the securities industry to date. Finally, through our contextualization of Turkish securities firms as professional services firms (PSFs), our research extends the narrow focus on law and accounting which currently dominates the burgeoning research strand on PSFs

Sustainability program brands: Platforms for collaboration and co-creation

While CSR and Sustainability have been widely debated topics over the past decades, there is still evidence of unethical practices by businesses, as witnessed through corporate scandals across a number of industry sectors. This highlights the need for firms to collaborate to actively prevent malpractices and instead find ways to improve standards along the whole value chain. With the increased pressure from various stakeholders, calling for firms to address these issues in a collaborative and holistic manner, the development of models facilitating collaboration is vital. Taking a communication perspective, this paper seeks to improve the knowledge on how organisations can manage diverse stakeholders to improve value chain collaboration towards more sustainable practices. Based on a multiple case study methodology, involving in-depth interviews with senior directors in the food and drink value chain, a framework is developed, depicting the value of a branded sustainability program as a useful platform for stimulating collaboration and co-creation from diverse and/or competing stakeholders. The framework builds on, and contributes to several literature strands including CSR/Sustainability communication, Coopetition and Branding

Walking and Talking Corporate Social Responsibility:Implications of Firm Size and Organizational Cost

In this paper we address two interrelated research gaps in the Corporate Social Responsibility (CSR) literature. The first results from a lack of understanding of different patterns of CSR engagement with respect to CSR talk (impression management and the creation of symbolic images and documentation) and CSR walk (substantive implementation of CSR policies, structures and procedures). Related to this, the second gap concerns limited knowledge about the influence of firm size on CSR engagement. We develop a conceptual model that explains differences in CSR talk versus walk based on organizational cost and firm size. This allows us to theorize the antecedents of what we call the large firm implementation gap (large firms tend to focus on communicating CSR symbolically but do less to implement it into their core structures and procedures) and vice versa the small firm communication gap (less active communication and more emphasis on implementation). Our model expands a new theoretical understanding of CSR engagement based on as yet underemphasized firm-level antecedents of CSR, and opens up several new avenues for future, and in particular comparative, research

How do firms comply with international sustainability standards? Processes and consequences of adopting the global reporting initiative

This paper addresses the issue of the influence of global governance institutions, particularly international sustainability standards, on a firm’s intra-organizational practices. More precisely, we provide an exploratory empirical view of the impact of the Global Reporting Initiative (GRI) on a multinational corporation’s (MNC) corporate social responsibility (CSR) management practices. We investigate standard compliance by comparing the stated intention of the use of the GRI with its actual use and the consequent effects within the firm. Based on an in-depth case study, our findings illustrate the processes and consequences of the translation of the GRI within the organization. We show that substantive standard adoption can lead to unintended consequences on CSR management practices, specifically it can influence the management structure and CSR committee function; the choice of CSR activities, the relationships between subsidiaries, the temporal dimension of CSR management, and the interpretation of CSR performance. We also highlight the need to look at the relationship dynamics (or lack of) between standards. Finally we illustrate and discuss the role of reporting and its influence on management in order to better understand the internal issues arising from compliance with standards

A decision-analysis-based framework for analyzing stakeholder behaviour in scenario planning

Scenario planning is a method widely used by strategic planners to address uncertainty about the future. However, current methods either fail to address the future behaviour and impact of stakeholders or they treat the role of stakeholders informally. We present a practical decision-analysis-based methodology for analysing stakeholder objectives and likely behaviour within contested unfolding futures. We address issues of power, interest, and commitment to achieve desired outcomes across a broad stakeholder constituency. Drawing on frameworks for corporate social responsibility (CSR), we provide an illustrative example of our approach to analyse a complex contested issue that crosses geographic, organisational and cultural boundaries. Whilst strategies can be developed by individual organisations that consider the interests of others - for example in consideration of an organisation's CSR agenda - we show that our augmentation of scenario method provides a further, nuanced, analysis of the power and objectives of all concerned stakeholders across a variety of unfolding futures. The resulting modelling framework is intended to yield insights and hence more informed decision making by individual stakeholders or regulators. (C) 2015 Elsevier B.V. and Association of European Operational Research Societies (EURO) within the International Federation of Operational Research Societies (IFORS)