Political Events And Forex Trading Profit In Boston – This study explores the under-researched but important question of how developed country multinational enterprises (DMNE) perceive and manage political risk when developing construction projects in emerging markets (EMs).
The authors use an empirical research approach to investigate six international operations of multinational companies from Finland in five EMs.
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These findings suggest that the overall nature of political risk in EMs is not uniform, with the exception of a few political risk factors that appear in most EMs. Therefore, the risk management methods used differ between EMs, except for a few well-known methods. The authors develop a detailed analysis of political risk management based on the findings.
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This paper is one of the first studies that shows the political risks of western MNEs as they undertake international operations and links them to the mitigation strategies they use. The authors go beyond the concept of perceived risk at the general level and examine 20 political risk factors identified in the available literature. The authors also link these political threats to social exchange and trade value propositions theoretically and empirically. Finally, the authors develop a comprehensive analysis of political risk management based on the project’s findings that includes several texts, including social exchange theory, value theory, international market access, project management and literature streams. of finance.
Ali, T., Butt, A., Arslan, A., Tarba, S.Y., Sniazhko, S.A. and Kontkanen, M. (2021), “International Projects and political risk management by multinational enterprises: insights from multiple emerging markets”, International Marketing Review, Vol. 38 no. 6, pp. 1113-1142. https://doi.org/10.1108/IMR-03-2020-0060
Copyright © 2021, Tahir Ali, Aurangzeab Butt, Ahmad Arslan, Shlomo Yedidia Tarba, Sniazhana Ana Sniazhko and Minnie Kontkanen
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Emerging markets (EMs) are the driving force behind global economic growth (Gilpin, 2018). Market liberalization, along with economic growth, the growth of middle-income populations and cheap and skilled labor in EMs, has brought great opportunities for developing multinational enterprises (DMNEs). Increased demand for infrastructure predicts economic growth in EMs (e.g. Cavusgil et al., 2013). According to McKinsey and Company (2017), an investment of US$3.7tn (i.e. 4.1% of global gross domestic product (GDP)) is needed in the economy every year until 2035, and 63% of this investment is needed in EMs. Furthermore, Oxford Economics (2017) states that two-thirds of public expenditure in EMs will be needed for infrastructure (roads, railways, etc.) and the development of the energy sector. The increasing investment in infrastructure development in EMs, especially in the energy and power sectors, is attracting DMNEs to take up infrastructure projects in EMs (Kardes et al., 2013).
(IMR), the global business environment and EMs in particular have emerged as a group of progressive and strategic trends driving interest in IMR studies. In addition, companies facing EM turbulence need to develop network-based capabilities to maintain a competitive advantage (Ngasri and Freeman, 2018) and develop technological capabilities (Nyamrunda and Freeman, 2021). In addition, researching ways to enter a foreign market is one of the most important aspects of international marketing (Oliveira et al., 2018; Samiee and Chirapanda, 2019; Vissak et al., 2020; Watson IV et al., 2018).
Although EMs represent many opportunities; there are risks to consider. DMNE activities in EMs can be hampered by corruption, political risks, financial problems, operational or administrative difficulties, to name a few (Henisz and Zelner, 2010). Political risks related to host countries are a major concern for DMNEs when choosing entry strategies (e.g. Kraus et al., 2015). The political risks and constraints faced by DMNEs in EMs are different from those in mature markets (Hiatt and Sine, 2014). Furthermore, the uncertainty and complexity of political risks differ between EMs. Furthermore, EMs are full of voids, meaning they lack institutions that can help DMNEs identify these risks and manage market activities (Khanna and Palepu, 2010). Without the benefit of specialized intermediaries in EMs who analyze market information and manage transactions, risk management of DMNEs becomes more difficult (Khanna and Rivkin, 2001). Although the existing literature presents several policies on risks and their management strategies, these policies remain theoretical in their initial form (eg, Buckley, 2000; Miller, 1992; Simangunsong et al., 2012). In addition, bonds from developed markets are not particularly important for EMs that are characterized by many problems (Gao et al., 2017; Marquis and Raynard, 2015). In this perspective, there are clear opportunities for expanding our understanding of DMNE concepts and risk management strategies in EMs. This study expands this opportunity.
Despite the political risks and risks associated with international market entry strategies, DMNEs bring projects into EMs as a source of added value (Lessard, 1996; Jiang et al., 2019). International initial public offerings (IPOs) are an important market entry method used in rich industries (Owusu et al., 2007; Welch et al., 2018). A DMNE’s ability to successfully conduct IPOs has important implications for its performance that can be revealed in financial terms, growth potential, market size and reputation (Low et al., 2013). However, the larger the business, the greater the responsibility and the less time associated with IPOs, the greater the political risk we live in (e.g. Chang et al., 2018; Owusu et al., 2007; Steffen and Papakonstantinou, 2015). In particular, DMNEs that enter EM through IPOs may face political risks such as restrictions on capital transfers, breach of contract, expropriation, legal and institutional threats, and non-governmental risks (Sachs, 2006).
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Subsequently, DMNEs use additional strategies to protect their business operations from political risks in EMs (Steffen and Papakonstantinou, 2015). Although the identification of political risks before starting development projects is very important in managing these risks and the research available in the international market has provided some information about the political risk in different host countries (for example, Deng et al., 2018; Han et al., 2018; Huemer, 2004 ; Khattab et al., 2007), empirical work specifically related to political risk management in IPOs is scarce (Chang et al., 2018; Mullner, 2016). In a recent study on IPOs, Dandage et al. (2018) analyzed the risks and found that political risk is the main risk in IPOs. However, they accepted little guidance on how to deal with such dangers. Similarly, Kardes et al. (2013), as well as Mullner (2016), also call for research on political risk management in IPOs. Therefore, we aim to fill this gap in the literature available in the international market by investigating in detail the question of how DMNE perceives and manages political risks when developing infrastructure projects in EMs.
To advance our understanding of DMNE’s political risk management when conducting IPOs in EMs, this study integrates relevant insights from social exchange theory (SET), transaction cost theory (TCT), international marketing, entry strategy in the market and project management (PM) . The existing literature presents several theories regarding political risk management. First, several studies (Cavusgil et al., 2013; Luo, 2001, 2004) that were built on SET show the connection of MNE goals with government and economic goals, and establish a network of connections with local businesses and local people. host government to reduce political risks. Another study (Forlani et al., 2008; Lopez-Duarte and Vidal-Suarez, 2010; Mullner, 2016; Puck et al., 2009), built on TCT, shows the creation of equity joint ventures (EJVs), contractual joint joint ventures (CJVs) or long-term partnerships with companies in host countries to reduce political risk. In contrast to the market penetration literature, the financial literature (Lessard, 1996; Voelker et al., 2008) suggests purchasing political risk insurance (PRI), and the PM literature (Turner, 2001) suggests choosing the right payment method (ie. choosing between price fixed, cost plus fixed costs and target price) in IPOs to reduce political risk. Considering the complexity of political risk in EMs, we believe that various previous literatures should be integrated to better understand political risk management in IPOs.
Research on international market entry decisions has focused on the relationship between institutions and DMNE performance, emphasizing that DMNE performance is dependent and varied in different locations (Ahuja and Yayavaram, 2011; Douglas and Craig, 2011). ; Hiatt and Sine, 2014). However, another group of experts say that organizations are not just a place because they directly affect the decisions of DMNEs (Ingram and Silverman, 2002). Therefore, DMNEs can gain competitive advantage through entry strategies that overcome and benefit from the location of EMs (Henisz, 2000). Although, existing literature has established a common understanding of entry options such as acquisitions, greenfields, joint ventures and franchising, and joint ventures (e.g. Chiao et al., 2010; Erramilli and Rao, 1993), this study focuses on IPOs. if the input method is
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