International Business Dissertations
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The D.B.A. in international business trains highly qualified individuals for careers in academics, consulting and multinational corporations. This collection includes dissertations written by graduates of our D.B.A. program.
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Item Changes in capital structure of listed emerging market firms in the aftermath of the 2007 – 2008 global financial crisis(Southern New Hampshire University, 2017-01-18) An, Botao; Aybar, Bulent; Samii, Massood; Dhakar, Tej; Ficici, AysunThe 2007 – 2008 global financial crisis led to one of the worst recessions in history and created enormous adverse impacts on global demand, equity and debt markets around the world. Globalization increases competition for emerging-market (EM) firms both inside and outside their domestic market. One of the key challenges that they have is how to finance their growth opportunities, especially under these adverse circumstances. The impacts on most developed-country (DC) firms were devastating while EM companies experienced different levels of effects due to the aftermath of the crisis. In this study, I explore how patterns of EM firms’ corporate financing decisions have changed in the aftermath of the global financial crisis. Using data from 10,860 listed firms from 22 emerging markets, which were classified by MSCI between 2000 and 2014, results show that EM listed firms with more growth options, have less profitability, larger size, more tangible assets, higher business risk, higher tax payments, higher degree of internationalization, can carry more debt. I then analyze the changing dynamic of EM listed firms’ leverage choices; results suggest capital structure determinants have different impacts on leverage prior to, during, and after global financial crisis. There is a delayed effect of impacts of the global financial crisis on EM firms’ leverage policy; creditors only took precautions on the adverse environment during the crisis period (2007 – 2009). Nevertheless, there is a changing pattern on EM firms’ capital structure determinants during recent decades. In the 1990s, EM firms’ debt usage decisions were dominated by institutional factors, and impacts of institutional factors on firms’ debt usages gradually transfer to firm-specific factors after the 1997 Asian financial crisis. Previous studies suggested EM firms’ leverage policies can be explained by the “pecking-order theory” and the “agency theory” before the 2007 – 2008 global financial crisis (Fan et al., 2014; Fernanedes, 2011). In this paper, I found that the “pecking-order theory” maintains its effectiveness in EM firms’ leverage policies, and the “trade-off theory” gradually shows its effectiveness throughout the sample period. Unlike EM firms in the whole sample, internationalized EM firms also follow different changing patterns in leverage policy determinants during the sample period, and they experienced the impact of the global financial crisis immediately. Due to additional risk exposure of internationalization, internationalized EM firms’ leverage policies show support to the “pecking-order theory,” but the “trade-off theory” and the “agency theory” are also supported in sub-sample periods. (Author abstract)Item Climate change and sustainability strategy: MNCs performance assessment - impact of climate change on business sector(Southern New Hampshire University, 2018-11) AL Ghunaim, Mashari S; Samii, Massood; Dhakar, Tej; Aybar, Bulent; Lightfoot, William; Zilch, KathleenClimate change poses many challenges for business operations worldwide. The study evaluated multinational companies (MNCs) and the implications of climate change on their business operational activities. Moreover, the study adopted a mixed-methods research design in a bid to evaluate sustainability strategies embraced by these business organizations purposely to counter climate change risks. Two methods were adopted for this research. First, this study utilized the quantitative method where the Natural-Resource-Based View (NRBV) concept was adopted to investigate whether companies are complying with the implementation of strategies geared towards reducing its impact on climate change compared to their competitors whose strategies are less proactive. This study also embraced, the Return on Assets (ROA) and Asset Turnover (AST) for assessment purposes given their distinctive nature as financial parameters. The criteria used to select companies for this study was based on their best practices that met the requirements of the MSCI ESG Global Indexes, like, Climate Index, Environment Index, Pollution Index, Clean Technology, and Sustainability Index. The companies for this study were selected from industries located in the United States, Japan, ٍand some European and Asian countries. Findings for the first part of the study reveals that, United States companies, the proactive MNC’s financial parameter (mean AST) was significantly lower than the less proactive MNC’s. While, in the Japanese, Europe, and the Global group samples of the proactive MNC’s, financial parameter (mean ROA) was significantly higher than less proactive MNCs. Remaining Asian group sample show, no significant differences in mean ROA or the mean AST across proactive and less proactive MNC’S. Second, the study also utilized a qualitative method where research participants shared their different experiences, viewpoints, ideas, and thoughts on climate change were sought. The methodology also entailed the selection of 108 companies to help understand the impact of climate change on business and the sustainability strategies adopted to cope climate change risks. Data collection was conducted through self-administered open-ended questions with data analyzed qualitatively and quantitatively through thematic and descriptive methods respectively. In this part it was found that slightly more than half of the subjects were awareness of on climate change while the rest had no idea on climate change or were uncertain about the concept. By contrast, about three quarters of the subjects were not aware about the difference between climate change adaptation and mitigation; a quarter of them had some knowledge on the difference while only about a tenth of them were well versed with the differences. 45.37% of the subjects agreed that their companies were proactive in climate change adaptation, 28.70% strongly in agreed, 14.81% were uncertain and 10.19% disagreed. Only 1.85% of the subjects strongly disagreed. Moreover, 60.19% of the subjects disagreed that climate change affects business while 40.74% supported the idea. 56% of the companies did not have the climate change adaptation plan versus 44% that had. Additionally, 72.22% of the companies did not have the sustainability strategy for climate change versus 27.78% that had. Regarding knowledge sharing on mitigation and adaptation with partners, slightly more than one third of the companies shared their knowledge with partners compared to slightly more than half of the companies that did not. The study recommended future research to explore on factors contributing to this practice in order to facilitate effective climate change management. (Author abstract)Item Cultural influences on the development of marketing strategy for multinational retailers(Southern New Hampshire University, 2005) Sparks, Roland J.; Nugent, Nicholas; Samii, Massood; Fellman, Philip Vos; Spirou, PatriciaThis paper examines the affects of culture on the marketing strategies of multinational retailers. The paper develops a model of nineteen international retail marketing strategy factors and relates them to the five cultural factors of the Hofstede Model. The paper relates three of these factors (breadth of product assortment, retail format, and speed of retailer expansion) to Hofstede's cultural factors and various economic factors. The findings of the paper are: the cultural factors of power distance and individualism, and the economic factor of population are related to the breadth of product assortment; the cultural factors of power distance and masculinity, and the economic factors of GDP and population are related to retail formats; and the cultural factors of power distance and masculinity, and the economic factor population growth are related to the speed of retail expansion. The significant findings of the paper are: the inverse relationship between the cultural factor of individualism and increases in product assortment; and the positive relationship between the cultural factor of power distance and the increased speed of retail expansion. (Author abstract)Item The effect of firm strategy and corporate performance on software market growth in emerging regions(Southern New Hampshire University, 2013-05) Mertz, Sharon A.; Samii, Massood; Nugent, Nicholas; Broaden, Charlotte; Fixsen, WilliamThe purpose of this research is to evaluate the impact of firm strategies and corporate performance on enterprise software market growth in emerging regions. The emerging regions of Asia Pacific, Eastern Europe, the Middle East and Africa, and Latin America, currently represent smaller overall markets for software vendors, but exhibit high growth rates and potential for greater opportunity as infrastructures improve, technology adoption accelerates, and firms refine their emerging market strategies. The research analyzes a data set of 102 publicly traded software firms which conduct business in at least one emerging region outside their home country headquarters location, and compares aspects of firm product strategy, go-to-market strategy, delivery models, research and development location investments, and corporate profitability ratios to aggregate emerging market growth rates. Findings indicate that decisions on product strategies (software only versus hardware and software), channel strategies (single vs. multichannel), and delivery models (multiple delivery models vs. SaaS/Cloud computing or on-premise only) are directionally associated with firm growth rates as predicted. Results also suggest that firm size and position within the industry life cycle and technology maturity curve are factors which may firm impact growth rates, and offer opportunities for further research.(Author abstract)Item Essays on tax systems and corporate tax avoidance: the effect on MNC location choices and firm value(Southern New Hampshire University, 2016-12-31) Baker, Michael A.; Aybar, Bulent; Nugent, Nicholas; Ficici, Aysun; Dhakar, TejThe following dissertation is structured as two related essays on tax systems and corporate tax avoidance. The first essay focuses on the firm level impact of a government’s transition from a worldwide tax system to a territorial tax system. Utilizing a case study approach, ten firms within the tax jurisdiction of the United Kingdom are analyzed pre- and post-transition. Firm behavior is evaluated pre- and post-transition through firm level incentives to shift earnings and firm level utilization of tax havens (i.e. subsidiaries located in tax advantageous areas). Despite significant efforts put forth by governments to reduce corporate tax avoidance and tax haven utilization, case study findings reveal little evidence that territorial tax systems promote such firm behavior. The second essay focuses on the firm level change in share value, and the associated return to holding such shares, for firms that engage in corporate inversion. Cumulative abnormal returns are reviewed for a set of inverting firms to determine whether shareholders value corporate inversion transactions. In addition, this essay reviews the relationship between such cumulative abnormal returns and certain firm level incentives to shift earnings, tax haven utilization, and other firm characteristics such as permanently reinvested foreign earnings. Results reveal that the level of both permanently reinvested earnings and intangible assets impact the value shareholders place on the shares of firms engaged in corporate inversions. (Author abstract)Item The evolutionary mechanisms of hybridization in the current global environments of corporate governance : potential stabilities of hybrid structures(Southern New Hampshire University, 2004) Takei, Hideki; Fellman, Philip Vos; Hassan, Mahboubul; Samii, Massood; Nugent, NicholasAs stated in the dissertation, "Corporate governance is an important dimension of management. Appropriate governance practices lead companies to continuously improving prosperity by guiding them through environmental uncertainties and the risks of operations, especially operations in unfamiliar overseas environments. In this regard, effective corporate governance structures have been critical to the success of multinational enterprises (MNEs) that tend to face higher levels of uncertainty and risk than domestic corporations. In addition to the serious uncertainty and risk in international business environments, MNEs have had to deal with varying and often unfamiliar requests and values on the part of local investors and regulatory authorities. These groups frequently define their interests and the objectives of their investments on the basis of their own cultural and historical background. As financial markets have globalized, they have also been made more complex as a result of encouraging international investors to participate in several indigenous and multinational securities markets. These various requests, values and demands on the part of international investors or local regulatory authorities have often been a drag on the overseas performance of MNEs.2 While indigenous governance structures might be quite well suited to local values and regulatory demands, they are unable to deal with the requests and values of home country corporations and their investors. This provides a serious challenge to multinational corporate governance than the existing indigenous structures. In this regard, one of the latest findings is that more effective governance structures may come about through the emergence of hybrid governance. Hybrid governance is the result of a process whereby indigenous corporate governance structures are modified to accommodate international requirements, but without sacrificing deeply rooted historical and cultural values. In this regard, it is more accurate to speak of "hybridization", or a transformation of governance structure and a change in the overall governance paradigm, rather than a simple process of modification. A hybrid governance structure is, fundamentally, a new structure which while sensitive to local values, nonetheless meets a reasonable international standard of due diligence. Interestingly, some recent studies on hybrid corporate governance (Aoki, 2000) argue that the highest level of corporate performance in MNE's may come not from local governance structures, nor from overseas governance structures of the developed countries but rather from a hybridized governance system. While the superior potential performance of hybrid structures has been previously argued (Aoki, 2000), there have not been confirmatory studies of actual corporate performance to date. One reason for this is that the structure of emergent hybrid governance has not been clearly differentiated from that of more traditional concepts of corporate governance. In earlier studies, hybrid models were described as having "semistrong" governance attributes from different types of indigenous corporate and social structures (Williamson, 1996). By semi-strong, earlier authors, particularly Williamson, actually mean a system where external values are rather arbitrarily grafted onto local governance structures. In theory, this kind of structure draws upon relatively equal amounts from the overseas company's governance environment and the local governance environment. In terms of models, this kind of hybridization is relatively primitive. While these models attempt to mix local and international values, they do so in an unintegrated or additive fashion. In other words, while they may add governance provisions and requirements in relatively equal measure from both the local system and the international system, there is no attempt to integrate these two elements. In this case, the principal attributes of semistrong governance models are the result of an unstable hybrid model. The model is unstable because the process lacks any integrative function. An additional complication in the literature has been that hybrid corporate governance models have been traditionally addressed as a transitional phase of governance which is, on the whole, assumed to be following a pattern of global convergence (Bradley et al, 1998). The problem here is that convergence is assumed rather than demonstrated and this then results in a mischaracterization of the process of hybridization, and often in the definition of a model where the various elements of hybridization are inherently unstable (i.e., they are temporary, transitional mechanisms) (Williamson, 1996). One consequence of this mischaracterization is that by assuming hybridization is merely an intermediate step on the way to global convergence the hybrid model is seen as a merely temporary, intermediate process. Williamson (1996) sees hybrid structures as the "mid-point" on the path to convergence and he envisions a process where, after this mid-point, hybrid attributes start disappearing, in order to be replaced by rather unspecified "convergent" elements. Clarifying this process does not, unfortunately, lead to any better description of the process of evolution and adaptation in corporate governance structure. Where the point of governance has been most clearly articulated (Bradley et al, 1998; Logue and Seward, 1999) it turns out that the so-called "point of convergence" is simply the Anglo-American, purely contractarian system. Far from being a point of convergence, this would simply be the imposition of one local system across global markets. To date, recent historical evidence suggests that not only is such an outcome improbable (Kester, 1991; Roe, 1999; Aoki, 2000; Gilson, 2001; Licht 2002) but also that the "transaction cost proof of the universality of shareholder value is, at best, a delusion and at worst a pointless triviality (Fellman and Takei, 2003)." (Library-derived description)Item Exchange rate fluctuation and firm value analysis of emerging market multinationals(Southern New Hampshire University, 2006) Thirunavukkarasu, Arul; Aybar, Bulent; White, Charles; Samii, Massood; Fellman, Philip VosThe purpose of this dissertation is to broaden the understanding of exchange rate exposure of Emerging Market Multinationals (EMNCs). It is well known that emerging markets are more risky than the developed markets therefore it was hypothesized that the exchange rate exposure of the EMNCs would be greater than the developed market multinationals (DMNCs). The findings of the thesis are as follows. Using a sample of 212 MNCs from emerging and developed markets it was found that a) More than 60% of the EMNCs and the DMNCs are significantly exposed to exchange rate fluctuations. This finding in is an improvement from the earlier studies in this area where the proportion of exposed firms was thought to be below 25%. b) Analyzing the magnitude of the exposure, EMNCs are 20% more exposed than developed market MNCs. c) On analyzing the direction of the real exchange rate exposure, EMNCs are predominantly positively exposed to the exchange rate risk, i.e., they gain in value with local currency appreciation. Since the EMNCs have significant multinational presence, it is concluded that the positive exposure is a result of presence of foreign currency debt. A direct implications of these findings for the investor community is that EMNCs are more exposed to exchange rate fluctuations than DMNCs. Further in analyzing the EMNCs as investment vehicles, attention has to be given to the level of foreign debt held by EMNCs as this can have direct implications on the firm value. (Author abstract)Item The impact of country attitudinal brand equity on country financial brand equity : the case of the United States(Southern New Hampshire University, 2009) Harrison, Michael J.; Nugent, Nicholas; Samii, Massood; Fellman, Philip Vos; Hecox, MarkApproaching a country as a brand is growing in importance and significance. The advent of globalization, geopolitical concerns and global environmental issues place nation states in highly visible positions where a country’s brand is a concern for nation state policy makers as well as for the country’s businesses and citizens. Country brand equity derives from firm brand equity and the research similarly follows two major streams; brand equity as an emotional construct (i.e. trust, loyalty, emotional connection) and as a financial construct (i.e. brand value NPV calculations, Tobin’s Q, sales, market share) Recent debate surrounding the brand equity of the United States centers on the impact of attitudes toward the US and their impact on US businesses. The aim of this research is to determine, from a macro country level, if country attitudinal brand equity has an impact on country financial brand equity, and if so, to what extent. Based on in-depth interviews with US International Trade Representatives, and the recent literature on country brands, this study uses Granger Tests of Causality to determine the relationship between country attitudes toward the US and country imports of US goods and US export market share. This study then derives, validates and compares three country brand equity models using Structural Equation Modeling. This dissertation contributes to the marketing literature by advancing our understanding of US country attitudinal brand equity and its impact on US financial brand equity. This research demonstrates that the relationship between country attitudinal brand equity and country financial brand equity is statistically significant and that attitudes toward the US impacts US export market share, yet is the impact on US exports is less certain. Specific recommendations for nation state policy makers, business managers and future areas country brand equity research are also included. (Author abstract)Item The impact of international cross-listings on firm value after the Sarbanes–Oxley Act: Evidence from American depositary receipts(Southern New Hampshire University, 2012-03) Cao, Man Minh; Aybar, Bulent; Samii, Massood; Ficici, Aysun; White, CharlesThe Sarbanes-Oxley Act is formally named the Public Company Accounting Reform and Investor Protection Act of 2002. The act is arguably one of the most significant reforms to affect the U.S. stock markets since the Securities Exchange Act of 1934. This study compares valuation implications of ADR announcements before and after the introduction of the act. A total of 234 ADR announcements are analyzed over a time frame spanning from 1994 to 2010 by employing event study methodology. Even though several studies attempt to explore the effects of the act on the value of firms issuing American Depository Receipts (ADR), reported results are either negative or positive. The empirical results presented in this study indicate that the impact on ADR issuing firms is not negative. The observed cumulative abnormal returns (CARs) reveal that investors on average positively react to ADR issue announcements during the post Sarbanes-Oxley period. However, empirical results do not lend support for the hypothesis that CARs are significantly different during the two periods analyzed in the study.Item Incentives for sustainability in the European Union: Analysis of institutional factors, governance issues, and tax policy(2014-03-27) Zilch, Kathleen Byrne; Samii, Massood; Nugent, Nicholas; Ficici, Aysun; Caruso, KarinSustainability and the debate over climate change have become hot topics in the literature and news. Global reactions to the mounting scientific evidence have evolved rapidly in recent years, as an increased sense of urgency has emerged. On September 27, 2013, the IPCC announced that there is a 95% probability that climate change has been caused by humans. This announcement, in conjunction with extreme weather events in recent years, has created even more urgency for policymakers to address climate change issues. Since the EU has been successful in decreasing its GHG emissions, its institutional factors, governance structure, and energy tax policies are examined. Institutional structures vary greatly between developed and developing countries, which may impact the “green-ness” of firms operating within those regions. Previous studies examine institutional factors in both developed and developing nations; however, the literature lacks sufficient research in the area of “green-specific” institutional factors. The “green-ness” of firms in developed versus developing countries is examined. The “greenness” of firms from EU-member nations are also compared to those based in both developed and developing countries. The Newsweek Green Index is tested for significance. Governance issues, specifically agency problems, are abundant in efforts to reduce global carbon emissions. Extensive research has been conducted related to firm-level governance; however, research is lacking in the area of agency issues inherent in global collaboration. Despite the EU’s multilateral governance structure, the EU was one of the few Kyoto members to reach its emissions reduction target for the period ended 2012; however, this could be offset by the inaction of developing countries. Since the EU “green” policies have focused on energy-related emissions, Eurostat’s emission data relative to developing countries (excluding deforestation) is tested. Tax policy is one of many methods which countries can use to reduce GHG emissions. Previous studies have focused on cap and trade as well as international tax competition; however, the literature lacks sufficient research on the effectiveness of the EU’s energy tax policies. This section examines the effectiveness of the 2003 EU Energy Taxation Directive in encouraging “green” activities. Eurostat’s “implicit tax rate on energy” is tested for significance. (Author abstract)Item Innovation and firm performance: A comparative study of rapidly developing economies & the European Union(Southern New Hampshire University, 2015-03-31) Caron, Michelle I.; Samii, Massood; Nugent, Nicholas; Dhakar, Tej; Ficici, AysunThis dissertation analyzes the innovation efforts of large, technology-intensive firms as they pertain to firm performance. The research examines two distinct groups of technology intensive firms deriving from countries with opposing stages of economic development and contrasting demographics of their populations: Rapidly Developing Economies (RDEs) and European Union (EU) countries. Technology enables firms to re-imagine their core competencies, improve existing processes, and model improved processes and routines. By understanding the return on investing in innovative pursuits, firms could adapt strategic business models to capture firm growth that has previously been under-developed and secure a competitive advantage. Likewise, local and national government agencies could offer specific incentives to help ensure longevity and sustainability to their position in world markets and identify previously untapped trading partners and strategic alliances. In addition, strategists would be better equipped to support and target R&D initiatives during declines in the market and/or industry. The results are reported according to manufacturing and service industries. The studies indicate that the most profitable firms derive from the service sector versus manufacturing. Custom Computer Programming firms represents the highest profit margins in EU countries and Computer Programming Services represents the highest profit margins for RDE countries. Despite more firms being represented from RDE than the EU, these firms do not spend more than large, technology firms from the EU. Upon investigating which group acquired more patents, it was found that RDE countries have more patents granted than EU countries. In addition, RDEs currently have more high-tech exports as a percentage of manufactured goods per capita than EU countries. The impact of the global recession appeared to have an impact on large, technology-intensive firms in the EU in particular, while a majority of RDE firms have already returned to or have exceeded pre-recession levels. The incorporation date was also examined to determine both the age of firms included in the study, as well as the labor capital of both groups. It was determined that RDE firms included in the study hire significantly more employees than EU firms, and more manufacturing employees were hired than those in the service sector.(Author abstract)Item The international photovoltaics industry : an analysis of multinational firm marketing strategies(Southern New Hampshire University, 2008) Allen, Brad; Nugent, Nicholas; Samii, Massood; Vos Fellman, Phillip; McDougall, Duncan C.The photovoltaic energy markets around the world have progressed unevenly, primarily as a result of industry-specific externalities regarding political, environmental, and economic market factors. Photovoltaic technologies present solutions that address the concerns about pollution and long-term energy security attributed to contemporary electrical generation methods. To date, photovoltaic technologies have not met the levels of anticipated electricity contribution on an international basis, even though awareness of global warming and demand for electricity both continue to rise. (Author abstract)Item Internationalization of small and medium sized enterprises and longevity: A study of SMEs from software publishing services industry(2014-05) Ganesan, Vedavinayagam; Massood, Samii; Nugent, Nicholas; Aybar, Bulent; Dhakar, TejInternationalization of small and medium sized enterprises (SMEs) is an increasingly important area in international business research. One of the important discussions in internationalization of SMEs is relationship between internationalization and performance. A considerable amount of literature has been published on this relationship. Performance measures in these studies often include profitability, organization growth and competitiveness. So far, however, there has been little discussion about link between internationalization and longevity or survival of SMEs. Longevity as a measure of performance of internationalization of SMEs combined with other performance measures would give added understanding of internationalization of SMEs. The main purpose of this study, therefore, is to discover relationship between SMEs’ internationalization and their longevity. Despite their inherent vulnerabilities and heightened risks they face during their internationalization, SMEs continue internationalizing. Resource based view theories, location advantage theories and liabilities of foreignness theories can justify this counterintuitive behavior. SMEs’ ability to reap benefits of internationalization using their resources and location advantages improve longevity. Internationalization risks SMEs face are for short period and after these short-term hurdles, liabilities of foreignness decrease, benefits of internationalization overweigh risks and chances of longer survival improve. This study proposes that, all else being equal, internationalization has positive impact on longevity. This study focuses on SMEs from software publishing service industry. The study sample includes 67 USA based active and inactive small and medium sized software firms (SMSFs) existed between 1984 and 2013. Mean, Variation and Trend of degree of internationalization are related to number of years of firms’ existence using multivariate linear regression methodology. This study finds that size of internationalization alone does not have significant impact on longevity of SMSFs. Variation in level of internationalization has significant positive impact on longevity. Considering variations in level of internationalization as result of firms’ pro-active strategic actions, this study suggests that strategic variation rather than the level of internationalization help to improve longevity of SMSFs. This research also finds evidence that short-lived SMSFs spent more on R&D and acquired more assets when compared with long-lived SMSFs and SMSFs improved longevity through mergers and acquisitions. (Author abstract)Item Investor heterogeneity: Price momentum and trading volume reactions of foreign listed firms(Southern New Hampshire University, 2018-09-27) Zhang, Yan; Aybar, Bulent; Samii, Massood; Ficici, Aysun; Dhakar, TejInvestor homogeneity is an important assumption in the efficient market hypothesis. However, viewing the financial markets from the eye of a professional trader, they are never efficient. Financial markets are composed of heterogeneous investors with the aims of speculation. Due to the large gap between theory and reality, many anomalies often occur. Price momentum as one of the commonly seen anomalies attracts the most attention from both scholars and practitioners. Prior finance literature documents that momentum is caused by investors’ differential beliefs or investor heterogeneity. Recognizing the importance of investor heterogeneity prompts scholars to incorporate it into asset pricing models, but they face a series of challenges. The objective of this study is to address the current challenges of quantifying and testing predictions on investor heterogeneity. By analyzing investors’ compositions, I argue that foreign listed firms are natural habitats of diverse investors. Compared with pure US firms, foreign listed firms provide perfect market venues to study investor heterogeneity. Using stock data of 2,200 NYSE and NASDAQ firms from 2000 to 2017, I classified them into higher/low order foreign listed firms and pure US firms. Momentum is tested by the Winner and Loser strategy, while trading volume is modeled by a regression of absolute return on volume turnover. This study finds that the three groups of firms have long term momentum in decreasing order, and investor heterogeneity plays an important role in price momentum. From phenomenon to essence, this study constructs a novel paradigm to quantify and forecast investor heterogeneity. It is also the first study to investigate the microstructural explanation of momentum and trading volume, and to state the relationship between liquidity and heterogeneity. The “Two Period Order Flow Model” and the “Heterogeneous Market Hypothesis(HMH)” also have important implications and contributions in both academics and industry. The conclusions of this research can benefit professional traders and option strategists in designing their trading strategies; it can help researchers avoid using proxied variables to quantify investor heterogeneity, build heterogeneous asset pricing models and create theoretical foundations for technical analysis; the HMH is also an alternative theory in challenging the EMH; and it can also help regulators better understand the financial markets. (Author abstract)Item Knowledge transfer in multinational enterprises: intra-firm and inter-firm perspectives(Southern New Hampshire University, 2016-05-17) Wang, Lingling; Samii, Massood; Ficici, Aysun; Aybar, Bulent; Collins, J. StephanieThis dissertation aims to explore one of the most important aspects of knowledge management, knowledge transfer in multinational enterprises (MNEs). It examines this knowledge transfer process from two distinct perspectives: intra-firm and inter-firm. Intra-firm transfer of knowledge refers to the knowledge flow between headquarters and subsidiaries and inter-firm transfer is defined as the knowledge transfer between partners in international joint-ventures (IJV). Specifically, it attempts to investigate the factors that influence the intra-firm knowledge transfer process and the willingness to share knowledge between partners in IJVs, in order to improve the performance of MNEs. Since willingness to share knowledge between partners is more complex than that between parent and subsidiary due to the difference in ownership structure, if MNEs are able to manage the willingness to share knowledge in IJVs, then dealing with it between parent and a subsidiary should be much easier. To examine intra-firm knowledge transfer, system dynamics (SD) modelling is adopted and simulations demonstrate that both the transmission willingness and capacity, and absorptive willingness and capacity are important for MNEs to enhance its performance, since knowledge transfer is a two-way communication process. In order to reach a win-win situation, both headquarters and subsidiaries should be willing to share knowledge and learn from each other. To improve the effectiveness of knowledge transfer, ways to enhance transmission willingness and absorptive capacity, and cultural factors that influence cross-border communication are explored and discussed. In inter-firm knowledge transfer, most of the research literature examines at the absorptive capacity of recipients of knowledge, but does not examine the willingness to share knowledge. In fact, knowledge will not be effectively and efficiently transferred between partners if only capacity is involved. Therefore, the willingness to share knowledge is equally important in the knowledge transfer process. After a survey of literature, several factors that may influence willingness to share knowledge between partners in IJVs are identified. Then questionnaire was sent out and based on the responses of the survey, three case studies are employed to verify those factors that determine the willingness to share knowledge in IJVs in China. This dissertation attempts to get a better understanding of the intra-firm and inter-firm knowledge transfer in academia and provide some useful insights to practitioners in order to effectively and efficiently manage knowledge in MNEs and enhance firms’ performance, since knowledge is the most important strategic asset that firms possess and is closely related to their sustainable competitive advantage. (Author abstract)Item Links amongst innovation, corporate social responsibility, sustainability, and internationalization processes of emerging market multinationals: the case of Turkish business groups(Southern New Hampshire University, 2018-03-07) Ar, Anil Yasin; Ficici, Aysun; Samii, Massood; Dhakar, Tej; Samii, LeilaThe purpose of this dissertation is to explore the Emerging Market Manufacturing Business Groups’ innovation processes through their internationalization activities and the interplay between innovation, corporate social responsibility, and sustainability. This study focuses on the business dynamics of manufacturing Turkish Business Groups (TBGs), namely Turkish Holding Companies. It gives a clear illustration of how manufacturing can be innovative, responsible, and sustainable while internationalizing and exceling the firms’ competitive advantage through utilizing both foreign and domestic resources. The study comprises Turkish manufacturing multinationals that operate in the continent of Europe. It examines 15 parent firms and 72 subsidiaries that conduct manufacturing operations in the European countries. The study employs explanatory case study approach. The results demonstrate that manufacturing operations of TBGs can be innovative, social responsible, and environmentally sustainable while internationalizing into advanced countries. (Author abstract)Item Links Amongst Innovation, Corporate Social Responsibility, Sustainability, and Internationalization Processes of Emerging Market Multinationals: The Case of Turkish Business Groups.(Southern New Hampshire University, 2018-06-25) Ar, Anil Yasin; Ficici, Aysun; Samii, Massod; Dhakar, Tej; Samii, LeilaThe purpose of this dissertation is to explore the Emerging Market Manufacturing Business Groups’ innovation processes through their internationalization activities and the interplay between innovation, corporate social responsibility, and sustainability. This study focuses on the business dynamics of manufacturing Turkish Business Groups (TBGs), namely Turkish Holding Companies. It gives a clear illustration of how manufacturing can be innovative, responsible, and sustainable while internationalizing and exceling the firms’ competitive advantage through utilizing both foreign and domestic resources. The study comprises Turkish manufacturing multinationals that operate in the continent of Europe. It examines 15 parent firms and 72 subsidiaries that conduct manufacturing operations in the European countries. The study employs explanatory case study approach. The results demonstrate that manufacturing operations of TBGs can be innovative, social responsible, and environmentally sustainable while internationalizing into advanced countries.Item Locational Determinants of US Cross-Border Venture Capital Investments into Developing Countries(Southern New Hampshire University, 2023-02-02) Kiprop, Bridgitte; Broaden, Charlotte B.; Dhakar, Tej; Frutos-Bencze, Dina; Alhamis, InnocentusThis study investigated factors influencing US cross border VC investments into developing countries, whether these factors differ between the developing regions and characteristics of the most active US VC investment companies into these distant markets. As VC investors increasingly adopt global perspectives, their expansion into new frontiers of growth such as those in developing countries has grown. Securing VC financing is a key step towards growing developing countries startups since lack of access to external finance is one of the most cited obstacles to the growth of SMEs in these countries. However, cross-border VC investments suffer from increased information asymmetry risks as well as liabilities of foreignness in target portfolio companies’ host countries. Various methods were used to analyze the data and evaluate the hypothesis including – principal component analysis, fixed effects GLS panel data regression, and ANOVA. Our analysis shows that larger, older US VC investors with a global reach invested in developing countries. There is also a strong correlation between institutional quality, geographical distance, cultural disparities, and capital market development and cross border VC investment amounts in each developing country. Also, the four developing regions (Africa, MENA, Latin America & Caribbean, and Asia Pacific) differed significantly between each other in the four key locational determinants of cross border VC investments. Therefore, we conclude that institutional quality, geographical distance, cultural disparities, and capital market development are key determinants of cross border VC investments in developing countries.Item Network externalities and internationalization : a Four Forces model of internationalization for firms operating in network externality environments(Southern New Hampshire University, 2002) Hecox, Mark G.; Samii, Massood; Nugent, Nicholas; Dhakar, Tej; Fellman, Philip VosAs stated in the dissertation, "The global economy continues to evolve into a high-density, inter-networked environment. With increasing interactions enabled by the Internet and digital communication platforms, products, firms and industries have to evolve their form and function to adapt for survival. Business network relationships are becoming increasingly important in the internationalization decision process. Inter-networking technology is changing the way firms view the international business landscape. The economics of inter-networking must be considered in effective internationalization decision making. This research endeavors to examine empirically how and why economic, relationship and technology forces uniquely associated with an network externality environment shape the internationalization behavior of high technology firms operating in network externality environments. Firms operating in network externality oriented markets face economic, technology and relationship forces that differ significantly from those firms operating in traditional non-externality environments. In addition, many of the firms operating in this type of environment are in developing high technology industries like computer peripheral equipment, pre-packaged software and related computer devices. According to Ward's business directory, these firms currently represent over $500 billion US dollars in gross sales and are fueling the global communication technology revolution. Most current internationalization literature, theory and empirical work are based on firms operating in traditional non-externality environments. Much of the classical foreign direct investment and internationalization theory has centered on an economic theory paradigm (Dunning 1976, Kindelberger 1969, Knickerbocker 1974, Magee 1977). Stages and process models of internationalization have relied on transaction cost principles related to international manufacturing environments. More recent internationalization theory from the networking relationship school has begun to acknowledge the importance of using an organizational behavior paradigm to help explain the complexity of the internationalization phenomena. To adequately address the internationalization of high technology firms, Coviello and McAuley (1999) suggest that a combination of paradigms be used. In my theoretical framework that follows, I use a combination of economic theory, organizational theory and network theory to explain causal relationships driving the internationalization decision strategy of high technology firms operating in network externality environments. I present a causal model - The Four Forces Model of Internationalization for Firms Operating in Network Externality Environments - identifying causal relationships with the forces affecting firm internationalization and the associated predicted outcomes. It is suggested that these forces are unique in combination to firms operating within network externality environments and that they conspire to shape internationalization decision making and resulting outcomes. The implications for firm internationalization strategy are discussed. From this model evolved my key propositions for empirical testing. In order to develop an empirically based explanatory dissertation with relevant causal relationships regarding the internationalization of firms operating in industries that exhibit network externalities, I will use a multiple case study research strategy. As articulated by Yin (1994) this approach is good for complex organizational phenomena, of which firm internationalization has been described and for addressing "how" and "why" types of research questions. In order to avoid a less than rigorous contribution to theory, the multiple case study methodology that I employ is of an explanatory nature seeking to identify and confirm causal relationships among the key variables in the internationalization of these firms. I use an experimental approach to test my theoretical framework with each case decision. By seeking non-random patterns using a pattern matching design combined with a quantitative analysis technique known as Degrees-of-Freedom analysis, I am able to collect rich qualitative data and test my model predictions empirically and quantitatively against the observed outcomes. By statistically comparing the observed and predicted patterns, I am able to determine the level of support for my model predictions and research propositions." (Library-derived description)Item A novel decision - Making model of the globalizing consumer behavior: Evidence from Chinese middle-class consumers who purchase luxury goods from overseas markets(Southern New Hampshire University, 2019-04-04) Liu, Yang; Ficici, Aysun; Samii, Massood; Dhakar, Tej; Wang, Ling LingThe goal of this study is to propose a valuable decision-making model in examining Chinese middle-class consumer behavior, specifically the new purchasing behavior regarding luxury goods. Chinese middle-class consumers purchase seventy percentage luxury goods from oversea markets, although they are available in their domestic market. The only difference between the Chinese market and foreign markets is the price as in China, price is much higher than in other markets. However, this observation conflicts with previous theories of the luxury goods consumer behavior, such as the Veblen Effects, the Bandwagon Effect, and the Snob Effect, all of which imply luxury consumers are not price sensitive. This study is both qualitative and quantitative as it provides a conceptual propositional model and tests it by variety of empirical regression models. The results agree with the previous research that illustrate Chinese middle-class consumers are also price insensitive to luxury goods. They are pushed out to the global market by the luxury goods companies, which attempt to limit the purchasing channels in China. (Author abstract)