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This book takes a new look at the golden age in neoclassical growth theory and explores in detail sustainability and optimum growth in China, the US and Europe. Innovation, foreign direct investment, trade and growth dynamics are key elements in modern economies – including perspectives on green growth and aspects of the knowledge production function in the context of multinational companies. As such the book considers the role of foreign direct investment in a modified growth model and discusses innovation in an enhanced Mundell-Fleming macro model. Moreover, for the first time it directly links a knowledge production function to the macro production function in a broader context, including real money balances in the production function. It shows – also with empirical relevance – that FDI inward stocks relative to the GDP of host countries, the number of researchers and per capita income are relevant drivers of new knowledge and the stock of knowledge, respectively. This new Schumpeterian theoretical approach lends itself to important policy conclusions for both OECD members and newly industrialized countries.
It is generally understood that some effective leadership behaviors of Chinese managers differ from those of Western managers. It has also been debated controversially whether Chinese learners can benefit from Western learning approaches. Taking these two aspects into consideration, Jingjing Wang examines whether a global leadership development program from Western countries has as much impact on Chinese managers as on Western managers. She conducts the empirical study within one global corporation originating from Germany and the data were collected from Germany and China. Based on the core results of the study, implications for the globalization of leadership development are discussed.
This thesis analyzes the motivation and performance of 403 acquisitions made by emerging multinational corporations (EMNCs) in Western Europe and North America between 1994 and 2013. The findings indicate that most EMNCs were motivated to acquire in order to obtain access to the upstream and downstream know-how of their target firms. In addition, the thesis' event study results demonstrate that EMNCs on average generated value for their shareholders with their acquisitions over short periods around acquisition announcement. This result is particularly significant since similar studies on buying firms from developed markets have frequently come to the conclusion that acquirers destroy shareholder value.
Kathrin Bösecke analyses the factors that determine the success of business combinations. Based on her analysis of 126 acquisitions and 66 alliances in the European utility industry, she identifies the origin of the participating firms as well as the target country as essential determinants of value creation.
Max Haller's impressive book presents an analysis of the process of European integration which keeps the relation between elites and citizens at the forefront. It is shown on the basis of new empirical data (surveys, interviews, analyses of documents and biographies) that European integration has been led since the beginning by the elites and that today there exists a considerable split between elites and citizens; this split is becoming more profound in the course of time. The book covers the following themes: - the structure, interests and behaviour of the different elites (political, economic, bureaucratic) - the expectations and perceptions of the populations concerning the integration process and the elites - the strategies of the elites to win the consent of the people, in view of widespread scepticism - proposals for reform of the EU, especially with regard to a strengthening of democratic elements which could reduce the split between elites and citizens. A timely and original read, this book will be a useful addition to the library of any political sociologist, political scientist or scholar of European integration.
This book makes a timely and highly stimulating contribution to the discourse on emerging-market multinationals, (EMNCs), as Foreign Direct Investment (FDI) in Europe from emerging countries (especially from the BRICs - Brazil, Russia, India, China) continues to grow in significance. Unsurprisingly, the emergence of EMNCs from emerging economies raises a wide range of challenges and opportunities for scholars, business professionals, and policymakers alike. While explaining the sudden rise of these companies has become a major concern among scholars, we have very limited knowledge on drivers, motivations, strategies, and impact of these EMNCs in Europe and their policy implications. This vol...
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