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- ItemAn alternative to privatization of transition economy state-owned enterprises : the case of China(Southern New Hampshire University, 2007-10) Wang, LiuRecent literature has focused on privatization in addressing the issue of making state-owned enterprises (SOEs) more competitive in the global marketplace. As a result, a number of SOEs have been privatized in many transition economies. Unfortunately, there have not been major performance improvements in the aftermath of privatization within these contexts. Therefore, we are interested in exploring whether privatization is an incomplete or maybe even erroneous solution to making transition economy SOEs more competitive. Using China as an illustration, this paper analyzes the possibility of employing contractual incentives as an alternative strategy in conquering SOE inefficiency, and proposes that a well-designed incentive system will work as an effective countermeasure as opposed to straightforward privatization in solving the SOE problems in transition economies.
- ItemAnalysis of attitudes of Turkish citizens towards the effect of European Union membership on the economic, political, and cultural environment(Routledge, 2007-09) Aybar, C. Bulent; Mergen, A. Erhan; Perotti, Victor; Reid, David McHardyPrevious studies on Turkey’s possible accession to the European Union have mostly focused on the level of support for membership as expressed by Turkish citizens. The purpose of this paper is to shed some light on the specific expectations and perceptions of the Turks about the EU membership process, focusing on economic development, democratic progress, economic and political stability, and cultural influence. In both the focus group studies and the final survey, the authors targeted people who have some knowledge about the EU accession process and EU membership, namely, academics and business people.
- ItemApplying system dynamics modeling of innovation’s effects on wages(Southern New Hamsphire University, 2007-10) Beaudry, David N.Using system dynamics modeling tools, this paper explains the effects of innovations on relative international wages based on two countries. The Heckscher-Ohlin model of international trade is the bases factor-proportions theory. The paper also incorporates related research by Stolper & Samuelson, Vernon, Krugman and Dollar. System Dynamics Modeling is being used to demonstrate of innovation’s effects on wages because this type of modeling permits a visual representation of the cause and effects of innovation on wages in an international trade environment. The paper demonstrates the effects of innovation and technology adoption on relatives wage differential between the countries. It demonstrates the importance of innovation as a tool to maintain wages in a capital-abundant country and the importance of technology adoption in a labor-abundant country.
- ItemCAFTA-DR effects on FDI inflows, growth and distribution of the workforce : a system dynamics approach(Southern New Hampshire University, 2010-06-29) Teekasap, Pard; Frutos, Dinorah; Samii, MassoodAs regional trading arrangements have spread over the last decades, the study of the relation between trade agreements and foreign direct investment still presents difficulties due to the multi-dimensional character of such relationship. This paper presents a system dynamics model that attempts to shed new light on how some of the Central American Free Trade Agreement (CAFTA-DR). Specifically we look at how the growth and distribution of the workforce in the non-agricultural (or industrial) and agricultural sector in six CAFTADR country members. The model results indicate that the provisions we considered tend to industrialize member countries as well as expand the agricultural sector in some countries in the long run. In addition, the model indicates that the treaty provisions drive up the GDP per capita for all member countries.
- ItemCAFTA-DR effects on FDI inflows, growth and distribution of the workforce in Costa Rica : a system dynamics approach(Routledge, 2010-10) Frutos, Dinorah; Teekasap, Pard; Samii, MassoodAs regional trading arrangements have spread, enlarged and deepened over the last decades, the study of the relation between trade agreements and foreign direct investment still presents difficulties due to the multi-dimensional character of such relationship. This paper attempts to shed new light on how some of the Central American Free Trade (CAFTA) policies will impact FDI inflows on the manufacturing and agricultural sectors in Costa Rica. Specifically we look at how the growth and distribution of the workforce is affected by the treaty. The results show that the agreement provisions will have a positive effect on foreign direct investment. From these results it is possible to estimate that in the long run, the implementation of CAFTA has a higher probability of generating the intended benefits. System dynamics modelling is used in this paper.
- ItemCan country continuously compete on cheap labor cost? A system dynamics approach to FDI policy analysis(Southern New Hampshire University, 2010-06-28) Samii, Massood; Teekasap, PardThis paper studies the interaction of FDI, wages and employment of workers under different policies in countries that use cheap labor cost strategies such as Thailand. The interactions are analyzed by using system dynamics modeling. The model simulation shows that FDI drives salaries up when the demand for workers reaches the limit of the working population. A higher salary, in turn, causes low labor cost seeking FDI to withdraw their investment. Government policies aimed to sustain cheap labor cost seeking FDI are examined. Policies to subsidize foreign operation such as providing tax breaks and reducing the time to set up a new firm can stimulate FDI in the short term but in the long term the foreign firms still withdraw their investments due to high salaries. An increase in the working population or a reduction in firm hiring process time, on the other hand, does not affect the volume of FDI. Thus, the country cannot rely on a low labor cost strategy on the long term.
- ItemChanges 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)
- ItemClimate 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)
- ItemComparative analysis of the Mexican and Turkish currency crises(Routledge, 2000) Aybar, C. Bulent; Ajami, Riad A.; Bear, Marca M.The study aims to explore characteristics of currency crises in emerging markets. Two recent experiences in Mexico and Turkey respectively analyzed carefully to identify common elements in the development and eruption of the crises. Results of the study suggest that there are several background factors and triggers that were consistent in both cases. Finally a discussion of the policy implications of the findings concludes the study.
- ItemComparative performance of IPO in Japan and United States(Southern New Hampshire University, 2001) Takei, Hideki; Samii, MassoodThe increase in the initial public offerings (IPOs) in recent years has created a considerable interest in the study of their behavior. The price performance of post IPO has been studied extensively. However, these studies have focused on the US market and there is very little systematic analysis on the comparative performance of IPOs in various international markets. In this paper we evaluate post IPO performance of stocks in the US and in Japan. The major conclusion is that while the over all pattern of price performance is the same in both markets, there are differences that distinguish the two markets.
- ItemA cultural analysis of management styles : the United States with a new generation of managers in India and China(Journal of Current Research in Global Business, 2008) Samii, Massood; Schragle-Law, Susan; Yan, ChangIn this study, the outcome of our research represented an interesting difference with both Hofstede’s and GLOBE’s results. Our focus is on well educated, highly trained managers from the US, India and China. The participants were upwardly mobile, some MBA educated, many trained in the Western style of management - essentially a new generation of managers. Questionnaires were given to managers working in multinationals in each of these countries and/or individuals with advanced education. This study extends the findings of Hofstede, the GLOBE and Level 5 Leadership by focusing on the management styles of the modern sector of emerging economies. The research suggests that there are significant and rapid changes on how to manage and how to compete in the new global economy.
- ItemCultural 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)
- ItemDo oil exports increase the perception of corruption?(Southern New Hampshire University, 2007-10) Riveras, JorgeMany authors have written about the "resource curse" where countries with large abundance of mineral resources have a consistent pattern of slow growing economies. Through the use of a logistic regression, that employs corruption perception index, economic freedom index, gross domestic product per capita, unemployment and oil exports; this paper finds that there is not causal relationship between country's oil exports and the corruption perception. Nevertheless, other factors used in the model such as the economic freedom and level of development show a strong correlation with the country's corruption perception.
- ItemThe dynamic structure of clusters : characteristics and dimensions(Southern New Hamsphire University, 2007-10) Manus, AlexandruThis paper will present the idea of clusters from Michael Porter’s perspective, and bringing together literature regarding the choice of location for industrial clusters, the final goal of this paper will be to create a dynamic system model of an industrial cluster and the factors affecting its location and thus, its evolution.
- ItemThe 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)
- ItemThe effects of technology convergence on markets(Southern New Hampshire University, 2007-10) Beaudry, David N.Technology Convergence is more than a buzz word. Technology Convergence is the combining of two or more different technologies or services to create a new product offering that can disrupt established markets or create new markets when it successfully occurs. A classical example of technology convergence is the automobile, which was created by convergence of a horse carriage with the internal combustion/steam engine to create the horseless carriage and displaced more than the horseless carriage. The paper is a descriptive study that covers the technology convergence in many market segments including effect in current convergence in Digital Photography and Portable Music Players. The paper also describes examples Medicine, Sports and Commercial segments. It concludes with the observation that it is critically important for firms' future existence to focus some efforts on technology convergence.
- ItemEmerging market multinationals : an analysis of performance and risk characteristics(The Haworth Press, Inc., 2005) Aybar, C. Bulent; Thirunavukkarasu, ArulThis study explores the risk and performance characteristics of emerging market multinationals (EMNCs). We use a sample composed of 79 EMNCs from 15 countries located in Africa, Asia, Eastern Europe-Russia, and Latin America. Our risk and performance analyses are based on monthly share price returns collected over 1996-2003 period and annual accounting data. We find that EMNCs on average perform better than their respective country market indices, a widely used EM benchmark, S&P500 and, global market index (MSCI-World) during the period of analysis. Our sample firms on average earn 13.21% return on assets, 8.97% return on equity, and 11.96% return on invested capital. We also find that EMNC returns are highly volatile, and despite some level of diversification achieved by EMNCs, their returns remain highly sensitive to local market shocks. The cross-sectional analysis of the determinants of the performance of the EMNCs reveals that leverage and systematic risk are the most important factors, followed by size. Our analysis indicates that performance is not affected by the degree of internationalization and EMNC investments in developed markets have a positive impact on the value. Finally, our results indicate that EMNCs in less risky emerging markets enjoy higher firm value.
- ItemThe emerging securities market in Russia(Routledge, 1998) Khambata, Dara; Aybar, C. BulentThis paper examines the Russian equity market from speculative infancy to its modern-day status as an asset in the global economy.
- ItemEnergy policy and oil prices : system dynamics approach to modeling oil market(Global Commerce Forum, 2010) Samii, Massood; Teekasap, PardThe pattern of global oil demand, real oil price, and world economy in the future is studied through system dynamics modeling. Based on the simulation, the oil demand will drop and then gradually recover while the real oil price will be stable and then drop mimicking a sigmoid curve. The economy will continuously increase. If an economic stimulus policy is implemented, the oil demand is expected to have a shallower drop. Thus, the real oil price is likely to be an S-shaped curve with a higher value, and the economy is expected to grow faster as compared to the case when there is no stimulus policy.
- ItemEnterprise social networks : application to oil industry(Journal of Global Commerce Research, 2009) Samii, Massood; Manus, Alexandru; Frutos, DinorahWe believe that Enterprise Social Networks (ESNs) will help improve communication among stakeholders within the created "virtual" communities and improve overall operational efficiency of the industry. Such a model requires the creation of "network externalities" through a large number of participants in the network. It is postulated, that the larger the membership in the community the greater the advantages of membership. The paper demonstrates how ESN would work for the oil industry and explains how various members could benefit from their participation in the network. The value chain of the oil industry and its various participants as well as the interaction and business value creation for each enterprise group are discussed.