Multinational Enterprises and the Global Economy, Second Edition
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1 Multinational Enterprises and the Global Economy, Second Edition John H. Dunning Emeritus Esmee Fairbairn Professor of International Investment and Business Studies, University of Reading, UK and Emeritus State of New Jersey Professor of International Business, Rutgers, The State University of New Jersey, Newark, USA Sarianna M. Lundan Associate Professor of International Business Strategy, Maastricht University, The Netherlands and Associate Research Fellow, ETLA, the Research Institute of the Finnish Economy, Helsinki, Finland Edward Elgar Cheltenham, UK Northampton, MA, USA
2 List offigures List of tables List of boxes List of abbreviations Acknowledgements Introduction to the second edition xv xvi xviii xix xxi xxii PART I FACTS, THEORY AND HISTORY 1 Definitions and sources of data The nature of a multinational enterprise A working definition The distinctive features of an MNE Forms of foreign involvement by MNEs Measuring the extent and pattern of multinational activity Sources and types of data Deficiencies in the quality of Statistical data on FDI Size and stability of foreign investment flows 15 2 The extent and pattern of foreign direct investment Introduction A general overview The position in the beginning of the 2Ist Century General trends The leading outward investors Thefacts The significance of outward direct investment to home countries The leading inward investors Thefacts The significance of inward direct investment for host countries The balance between outward and in ward direct investment The sectoral composition of outward and inward investment The main Orders of economic activity The composition of FDI within broad industrial sectors Some country-specific differences in the geography of foreign investment Outward direct investment Inward direct investment 49 V
3 vi Contents 2.8 The world's leading MNEs The transnationality index The rise and decline of state-owned enterprises 61 3 The motives for foreign production Introduction Why do firms wish to engage in foreign production? The main types of foreign production The natural resource seekers The market seekers The efficiency seekers The Strategie asset seekers Other motives for MNE activity The political economy of outward FDI Conclusions 78 4 Theories of foreign direct investment Introduction Theories of the MNE and MNE activity: Prior to the 1960s The contribution of Hymer The produet cycle Follow-up developments Other theoretical contributions: a selected view General explanations of MNE activity Internalisation theory The eclectic or OLI paradigm A macroeconomic approach to understanding MNE activity A note on an evolutionary approach to explaining MNE activity Issues resolved and unresolved by reeeived theory The determinants of MNE activity: the OLI paradigm revisited Introduction New theoretical perspectives Cooperative relationships and I advantages The resource-based view and dynamic O advantages The knowledge-based theory of the firm and dynamic O advantages Institutions in international business Why focus on institutions? Institutions in the international business literature Incorporating institutions into the OLI paradigm Institutions defined Ownership-specific advantages Locational factors 137
4 vn Internalisation factors Propositions regarding institutional transfer and change Conclusions The emergence and maturing of international production: an historical excursion Introduction Colonising and merchant capitalism The early 19th Century: the forerunners of the modern MNE Introduction The individual entrepreneurs The finance capitalists The embryonic MNEs From 1870 onwards: the modern MNE emerges New technological and organisational advances Market-seeking Investments Resource-seeking Investments Other Investments The position prior to 1914: a resume The maturing offoreign production: Introduction Market-seeking Investments Resource-based Investments Other Investments The inter-war years: conclusions The early post-war period: Somefacts Changes in the Organisation of international business Changes in locational determinants Towards the globalisation of production: Introduction Changes in organisational form Recent locational changes Conclusions 196 PART II INSIDE THE MULTINATIONAL ENTERPRISE 7 Entry and expansion strategies of MNEs Introduction The concept of business strategy The value-added chain Some general principles Value-added networks and MNE activity Analysis of the internationalisation process Introduction Learning in the internationalisation process 212
5 viii Contents A network approach to the multinational firm Phase 1: exports and foreign sourcing Phase 2: investment in marketing and distribution Phase 3: foreign production of intermediate goods and Services Phase 4: deepening and widening of the value-added network Phase 5: the integrated network multinational Conclusions The Organisation of MNE activity: the internal network Introduction The organisational function: some general observations The need for an organisational structure Strategie responses to organisational needs Organisational struetures of MNEs Some general points Organisational governance of domestic firms The impact of internationalisation on organisational governance The organisational structure of global firms Organisational struetures: a resume The locus of decision making Introduction An economic approach to decision making A Strategie approach to decision making Affiliate roles and evolution Introduction Affiliate autonomy Knowledge transfer Conclusions The Organisation of MNE activity: the external network Introduction The spectrum of organisational modes: Cooperation and competition Cooperative agreements: some theoretical and methodological considerations Transaction costs and resource attributes Some methodological issues Joint equity ventures Why do firms enter into Joint ventures? When are Joint ventures likely to sueeeed? Cultural and institutional influences in Joint ventures Concluding remarks Non-equity cooperative agreements Buyer/seller agreements Strategie alliances The choice between acquisitions, alliances and greenfield investment 286
6 ix 9.7 A note on cross-border cartels and collusion Conclusions 289 PART III THE IMPACT OF MNE ACTIVITY 10 FDI, growth and development Introduction A new paradigm of development Institutions and economic growth Formal institutions Informal institutions and social capital Institutional quality and the ability to attract FDI Good governance Bad governance Conclusion Economic growth and inbound FDI How does FDI affect growth? Empirical evidence Conclusions The OLI paradigm revisited O-specific advantages L-specific advantages I-related advantages The investment development path Stages of the IDP Institutions and the IDP Conclusions Technology and innovatory capacity: the role of firms Introduction Direct and indirect effects Some stylised facts Some defmitions and a taxonomy of technology The distribution of technological capacity R&D expenditures Training of scientists and engineers Patenting Royalties and licence fees The impact of MNEs on host country technological capacity Share of foreign affiliates in funding and performing R&D R&D intensity of foreign affiliates Spillovers to local firms The transfer and adaptation of technology by MNEs Market size and characteristics Factor availability and price differentials Institutional and cultural differences 366
7 11.5 Motivation, type and Organisation of affiliate R&D Motivations for affiliate R&D Types of R&D performed by affiliates Organisation of affiliate R&D The internationalisation of corporate R&D Diversification and the technological profiles of MNEs How international is corporate R&D? External technology sourcing by MNEs Motivations for R&D alliances Trends in alliance activity Choice between alliances and acquisitions Conclusions 381 Technology and innovatory capacity: the role of government Introduction The role of government in host countries The ability of governments to affect indigenous technological capacity Strategies of host governments Developing countries and technological capabilities The role of government in home countries Effects of asset-exploiting investment Effects of asset-augmenting investment FDI as a means of domestic technological restructuring Conclusions 411 Employment and human resource development Introduction Theoretical underpinnings What is distinctive about MNEs? A reprise A methodological note Employment in MNEs The employment effects of MNE activity on home countries Earlier empirical evidence on home country employment effects Recent empirical evidence on home country employment effects The effects of outsourcing Conclusions The employment effects of MNE activity on host countries Earlier empirical evidence on host country effects on employment and wages Wages, productivity and skills: recent evidence Conclusions Employment conditions The training practices of MNEs 444
8 XI Working practices and Standards Labour-management relations ILO core labour Standards Sweatshops and EPZs Child labour MNEs and human resource development: some policy considerations 459 The balance of payments and the structure of trade Introduction A methodological note Measuring the direct effects of MNE activity Assessing the opportunity cost of external transactions by MNEs Measuring the transactions of MNEs Identifying and evaluating the transactions in the home and host countries: some analytical issues Some empirical results: home countries Some empirical results: host countries Intra-firm trade The determinants of intra-firm trade Empirical evidence of the extent of intra-firm trade The implications of intra-firm trade MNEs and the structure of trade The distribution of MNE activity across sectors The export intensity of foreign affiliates and indigenous firms A policy footnote Macroeconomic policies and MNEs The stability of the global fmancial System Conclusions: the evolution of trade and FDI linkages 500 Market structure, Performance and business practices Introduction A conceptual framework MNEs and allocative efficiency Inter-sectoral efficiency Intra-sectoral efficiency Effects on the home country Conclusions MNEs and technical efficiency Evidence of productivity gaps The impact of acquisitions on productivity Evidence of profitability gaps MNEs and market structure Market concentration Product differentiation 537
9 Entry and exit barriers Competitive effects and crowding out in the host market Conduct and business practices of MNEs Conclusions 548 Linkages, spillovers and clustering Introduction Backward and forward linkages to local firms Backward linkages to local suppliers Forward linkages with customers Effects on the productivity of local suppliers The spillover effects of MNE activity Some general remarks How might indigenous firms be affected? Some issues of measurement Earlier econometric evidence of productivity spillovers Recent econometric evidence of productivity spillovers Some policy considerations Clustering of economic activity Introduction MNE location choice and agglomeration Measuring agglomeration Knowledge spillovers and agglomeration Regions and innovation A note on policy Summary and conclusions 603 Distribution of the value added created by MNEs Introduction The impact of government policy on national value added by MNEs " A host country perspective A home country perspective Recent trends in corporate taxation The response of MNEs to taxation differentials National tax strategy in a global economy Transfer pricing Introduction The motivation for TPM The opportunities for transfer pricing The constraints on TPM The evidence for TPM Policies of governments towards TPM Unilateral policies Supranational action 633
10 xm Indirect economic effects of TPM Challenges for the future Conclusions Political, cultural and social responsibility issues Introduction MNEs and sovereignty Economic welfare and sovereignty Economic autonomy and/or independence MNEs and Strategie interests National security The cultural and institutional inffuence of MNEs MNEs and corporate social responsibility Introduction The 'business case' for social responsibility Whose Standards should apply? Evidence on the contribution of MNEs to social issues Limits to the market for virtue Conclusions 660 PART IV IMPLICATIONS FOR POLICY 19 Governments and MNE activity: the unilateral response Introduction Some theoretical issues A further application of the OLI paradigm A schematic framework A bargaining model Interaction between host governments and MNEs The changing scenario over the past 40 years Policies specifically directed to affect in ward direct investment General policies of host governments as a consequence of the growth of in ward direct investment Actions of home governments towards outward direct investment The changing political economy of foreign investment Sovereignty at bay in the digital economy States, firms and civil society The case of extra-territoriality: how might home/host differences be reconciled? Introduction Export embargoes Application of anti-trust policy Responsibility for human rights violations Other areas of confüct Conclusions 704
11 XIV Contents 20 Governments and MNE activity: the multilateral response Introduction Multinational actions to assist the bargaining power of host countries Collective action by countries Assisting national governments to re-evaluate their domestic policies Codes and guidelines A new international governance structure? Collective investment supporting or market-facilitating schemes Regional integration Introduction The determinants of the international allocation of economic activity The role of MNEs in influencing the international allocation of activity Recent efforts at regionalisation Regional agreements and the multilateral system Setting the conditions for international investment: the role of multilateral institutions Investment-related measures under the WTO The prospects for a multilateral agreement on investment Commitments under the Kyoto protocol Conclusions: towards a new multilateral governance 730 PART V LOOKING AHEAD 21 The future of MNEs in a global economy Introduction: the five stages in the evolution of the global economy Stagel:uptol914 " Stage 2: Inter-war years Stage 3: 1945 to late 1960s Stage 4: from late 1960s to mid-1980s Stage 5: mid-1980s todate The determinants of international production: a reprise Contemporary developments Technological advances Economic development New organisational forms The role of government Challenges for scholarship in the 21st Century Conclusions 761 Notes 765 References 817 Index 891
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