Review of maritime transport, 1972-1973

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The Global Economic Crisis: Systemic Failures and Multilateral Remedies

Report by the UNCTAD Secretariat Task Force on Systemic Issues and Economic Cooperatio

The Behavioural Effects of Consumer Ethnocentrism: The moderating role of product category, brand and country of origin

Purpose – Despite the well-established impact of consumer ethnocentrism (CET) on purchase intentions, extant literature offers limited evidence on actual purchase behaviour. This study addresses this gap by investigating the factors underlying variations in consumer ethnocentric behaviour using reported brand purchases. Product category, product cost and visibility, brand and country of origin of purchased products are investigated for their impact on the differences in the behavioural effects of CET. Design/methodology/approach – This study uses survey data collected in the United States from a sample of 468 consumers. Self-reported brand purchases are used and involve 10 product categories, 432 brands, and 22 countries of origin. Logistic regressions for repeated measures are used to test the hypotheses formulated. Findings – The results confirm that product category is an important determinant of the behavioural effects of CET. CET also has a significant impact on purchases of the most expensive product categories rather than frequently purchased convenient items. Contrary to existing empirical evidence, cultural similarity does not mitigate the negative effects of CET and product visibility does not strengthen the behavioural effect of CET. Practical implications – The study results should enhance managers’ understanding of the determinants of ethnocentric behaviour. The results caution managers about the value of self-reported measures and indicate that product features other than country of origin may be more effective in mitigating the negative effects of CET. Originality/value – This study contributes to extant literature on CET and country of origin by investigating, for the first time, the problem of inconsistent predictions of purchase behaviour in the context of foreign versus domestic brands. For this purpose, the study adopted a novel methodological approach to investigate actual brand purchases

Trade and health: how World Trade Organization(WTO) law affects alcohol and public health

The alcohol field is becoming more aware of the consequences of world trade law for alcohol policies. However, there is a need for greater clarity about the different effects of trade on alcohol-related harm. Methods A comprehensive review of all literature on alcohol and world trade [including World Trade Organization (WTO) disputes on alcohol], supported by amore selective review of other relevant cases, academic reports and the grey literature on trade and health. Results The burden of WTO law on alcohol policies depends upon the type of policy in question. Purely protectionist policies are likely to be struck down, which may lead to increases in alcohol-related harm. Partly protectionist and partly health-motivated policies are also at risk of being struck down. However, purely health-motivated policies are likely to be defended by the WTO—and to the extent that policy makers misunderstand this, they are needlessly avoiding effective ways of reducing alcohol-related harm. Conclusions WTO agreements contain genuine and substantial risks to alcohol policies, and various ways of minimizing future risks are suggested. However, the‘chilling effect’ of mistakenly overestimating these constraints should be avoided. Health policy makers should decide on which policies to pursue based primarily on considerations of effectiveness, ethics and politics rather than legality. As long as any effect of these policies on trade is minimized, they are overwhelmingly likely towin any challenges at the WTO

Corporate multinationality and acquirer returns

This paper provides evidence on how corporate multinationality from the perspective of acquiring firms relates to M&A returns. Using multivariate regressions and a large dataset of over 6,000 M&As (both cross-border and domestic) by UK firms during 1987 to 2014, the paper finds multinationality to be associated with significantly higher short-run announcement returns and long-run operating performance. While the multinationality premium (higher M&A returns for multinationals) persists over time, it seems to be restricted to firms with superior resource/managerial capabilities and minimal agency problems. Finally, the multinationality premium appears to be driven by foreign acquisitions into advanced economies. The results are robust to correcting for sample selection bias and controlling for several firm and deal characteristics, as well as accounting for firm-, industry-, and year-fixed effects. Collectively, the findings imply that multinationality could be a source of value creation for acquiring firms, particularly in foreign acquisitions, which tend to be complex, and thereby, require superior managerial capabilities to succeed

Political risk assessment by multinational corporations in African markets: a Nigerian perspective

Political risk assessment (PRA) is one of the determinants of foreign direct investment (FDI) and the competitiveness of multinational corporations (MNCs), yet little is known about its use in African markets. This study critically investigates the PRA techniques used by MNCs in Nigeria and their applicability. It uses a multimethod approach to analyze data collected from MNCs and the data set of the International Country Risk Guide (ICRG) PRA annual rating for Nigeria from 2011 to 2015. The findings reveal that most firms use qualitative, rather than quantitative, PRA techniques. Regional variations in the outcome of PRA within Nigeria could also contribute to the low use of quantitative techniques. This article identifies that firms are prepared to invest in Nigeria, in spite of high political risk, due to its economic and financial attractiveness. This article’s findings offer some implications for practice with some suggestions on how it could influence firms’ internationalization and their conduct of PRA

Sustainable Agricultural Productivity Growth and Bridging the Gap for Small-Family Farms: Interagency Report to the Mexican G20 Presidency

In 2011, G20 leaders committed to sustainably increase agricultural (production and) productivity (paragraph 43 of the Cannes Declaration). They "agree(d) to further invest in agriculture, in particular in the poorest countries, and bearing in mind the importance of smallholders, through responsible public and private investment," they "decide(d) to invest in research and development of agricultural productivity. Early in 2012 Mexico, as G20 President, invited international organisations to examine practical actions that could be undertaken to sustainably improve agricultural productivity growth, in particular on small family farms. The preparation of this report, co-ordinated by the FAO and the OECD, responds to this request. It is a collaborative undertaking by Bioversity, CGIAR Consortium, FAO, IFAD, IFPRI, IICA, OECD, UNCTAD, Coordination team of UN High Level Task Force on the Food Security Crisis, WFP, World Bank, and WTO. We, the international organisations, are pleased to provide you with this joint report and look forward to continuing collaboration within the G20 framework to further elaborate and, as appropriate, implement the recommendations that it contains

Political risk and foreign direct investment in Africa: the case of the Nigerian telecommunications industry

Foreign direct investment (FDI) flows are expected to be influenced by political risk factors. However, studies that evaluate the relationship between political risk and FDI flows in Sub-Saharan Africa (SSA) are scarce. This study examines the impact of political risk on FDI flows in a SSA context using the 12 political risk components published as the International Country Risk Guide (ICRG) by the Political Risk Services Group (PRS) with the Nigerian telecommunications sector as a case study. The study finds that political risk has a significant influence on the inflow of FDI into developing economies in SSA such as Nigeria and that the 12 components affect FDI in different ways. Irrespective of the political risk rating, a consistent improvement in composite political risk enhances FDI inflow. Among the 12 components, corruption, law and order, democratic accountability and investment profile were found to have significant influences on FDI inflow into the Nigerian telecommunications sector. Corruption, in particular, explains nearly two-thirds of the FDI inflow

Labour in Global Production: Reflections on Coxian Insights in a World of Global Value Chains

This essay reflects on Robert W. Cox’s work on global production, labour and labour governance, and considers how his insights might illuminate the present conjuncture for labour in production. I work with an understanding of that conjuncture as involving the rise to pre-eminence of global production networks (GPNs) and global value chains (GVCs) as the contemporary expression of the ongoing globalization of production. The primary tasks of the essay are two-fold: first, to explore the dynamics of labour and power in the GVC-based global economy, with a particular emphasis on labour exploitation; and second, to link these questions to those of the governance of the global economy, focusing on the shift towards transnational private governance as the dominant mode of contemporary governance, and on the evolving strategies of organized labour and the International Labour Organization in that context