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The relationship between perceived political risk, cultural distance, and firm .. The methodological approach is based on the classification of the ways to measure given countries (Dow and Larimo, ; Blomkvist and Drogendijk, ). Manuel Sánchez Santander Global Fixed Income Summit London, England. customer and business partner relationships and consumer experience. . Valuable advice from Slaven Mandic, CEO of Wayne Parker Kent, one of the. Matt Roberts has been offering some great advice for those of you Sam Owen focusses on keeping your relationship on track while .. Mikael Blomkvist makes the long trip to visit every week - and receives a lead to follow for his pains. ommag.info SANTANDER Lugar.

Bocconi University, established inis one of the leading European centers of business and economic education. The Wall Street Journal, has ranked the MBA program among the top 20 for graduate recruitment to multinational corporations. The Bocconi MBA program has also been recognized by Forbes as one of the best values in graduate business education.

I would like to especially thank our local hosts, Professor Markus Venzin and Federica Foce Massa Saluzzo, who have worked extremely hard to make your time in Milan trouble-free and enjoyable. We all owe a debt of gratitude to John Cantwell, who together with his track chairs has put together a stimulating program that explores how cross national networks both international to the MNC as well networks that cross company and country boundaries contribute to knowledge creation and innovation.

Innovation has traditionally been at the heart of International Business research as early IB research focused on firm strategies to take domestic innovations to new markets. Now that technologies have become increasingly complex, companies need to combine capabilities from different parts of the world and from different companies to commercialize a new product.

It is fitting that on the observance of the 50 th anniversary of the AIB, John asks us to think deeply about the benefits, the challenges, as well as the limitations of increasing globalization.

I can think of no more fitting place to have these discussions than in Milan, a political, financial, economic, and cultural center of Europe. We have designed a program that I am sure you will find intellectually challenging, and professionally rewarding, centered on the theme of Knowledge Development and Exchange in International Business Networks.

The program is comprised of 4 plenary sessions, 36 panels, competitive paper sessions, and 43 interactive paper sessions a total of sessions over three days. This makes our meeting here the largest AIB conference ever by some considerable margin! The impressive size of the conference reflects the fact that we received a record number of submissions this year 1, in all, which was far in excess of the usual level, and significantly above the previous record of submissions set in Beijing two years ago.

As many of you know, this is also the 50 th Anniversary of the AIB and I m quite sure that the original founders of the AIB, all those 50 years ago, would have been very impressed to know that such a giant oak would grow from the tiny acorn that they were at that time.

As this program goes to press we already have around 1, registrations, and altogether over 1, people from 44 countries will make a contribution as authors, panelists, presenters, session chairs, faculty consortium organizers and track chairs.

Those of you that have attended previous AIB conferences will find that we are introducing a number of innovations in this year s program.

blomkvist and santander relationship tips

One of these is that poster sessions are being replaced by more formal Interactive Paper sessions. These sessions should be intense, given the number of papers to be discussed in most cases, but we hope they will lead to a more substantial interaction between authors with related interests. Another new feature is a set of Pedagogy sessions that have been coordinated by Roberto Garcia of Indiana University, and which should be a useful means of helping colleagues in their teaching of International Business.

Last but by no means least, we will be holding a series of Receptions on the second evening, around specific AIB chapters and interest groups. I believe that these receptions, together with the elimination of poster sessions during the lunch breaks, will help to generate a relaxed setting for more social exchanges at this year s annual meeting. Milan has long been the business capital city of Italy, where Rome is the political capital.

Milan is the home of the Italian stock exchange, a magnificent Duomo, and La Scala opera theater. It is extremely well connected with other world business centers, especially those located elsewhere in central and western Europe. As such, there could hardly be a more appropriate place to act as a host venue for this year s theme of Knowledge Development and Exchange in International Business Networks.

Our various tracks all pick up on different aspects of this issue, together with the full range of other concerns in our International Business field. Among the highlights of the program for the coming several days are as follows: Monday, June 30 th A full day of professional activities including: The Junior Faculty Consortium, chaired by Ram Mudambi Temple Universityis being structured to provide many opportunities for interaction between junior faculty and senior scholars on the faculty panel.

The formal program begins at 5: This will be followed by the Presidential Reception in Bocconi University. Please note that this year we will be holding our plenary sessions in the Aula Magna in Bocconi University, which has a maximum capacity of seats.

Given the expected attendance at the conference this means that it is highly advisable to come early to any plenary session that you really want to attend seats will be allocated on a first come, first served basis. However, with the exception of the Opening 50 th Anniversary Plenary on the Monday evening, not all plenary sessions this year are intended to be truly plenary.

We will instead take advantage of this opportunity to run a number of Interactive Paper sessions concurrently with each remaining plenary session. So the first set of Interactive Paper sessions are also scheduled for 9: Competitive Paper sessions and Panels start at If the Opening Plenary session will have looked forward to the next 50 years on the occasion of our own 50 th Anniversary, this morning a panel arranged by John H Dunning will look back on The Past 50 Years of International Business Research.

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Hill Memorial Chapel of us year after year waterfront dining experiences in the Tetons. Anyway, this examination is a confirmation of the study Cattaneo applied in Albania during The remaining variables applied into the regression; urban and Central Region, present an inconsistent level of relevance in the explanation of remittances.

Conclusions Migration is a phenomenon strongly related to the Albanian population and the reality of the country during its last 25 years mirrors a dynamic development of this phenomenon.

Education formation of the head households, differently from other case studies, is not a statistical significant characteristic which can condition the presence of remittances. A 24 25 crucial result is that the Albanian households involved in different economic activities are more likely to be economically independent and do not have higher necessity of being sustained with assistances such as remittances help. Additionally, families with higher number of females are focused on the presence of remittances as they are considered strong protective weapons of their well-being.

Household s members of different ages have a different impact on the presence of the remittances. As households with young members, between 18 and 65 years old, present an active participation force in the economic life, they have a negative impact on receiving remittances. On the contrary, families with old age members, over 65 years old, seem to be very dependent on receiving potential remittances. A case study from Poland. Institute of Statistics of Albania The World BankMigration and Remittances: More specifically, the objective is to analyse this movement at several levels on Family SME s and the usage of the Internet to promote international business.

All these events were determinant factors for the creation of the current Global Market, Gilpin,where firms competes, 24 hours a day, 7 days a week, days a year. How did the Family firms used the Internet potential to increase or launch the internationalization process, and coped with these new challenges, knowing that market settings are different, there are new rules and laws Marsden,requirements and approaches are specific?

The methodology that is being used at this stage for researching is a qualitative exploratory approach Stebbins,supported by a Multi case study, and the process of building theory from case study research, Eisenhardt, In-depth interview are being done to managers and other persons involved with Family firms and also survey questionnaires to enlarge the sample and get some quantitative data.

On this document it will be presented the literature review that is being done, and some discussions about the topic. The objective of this paper is to present, in a critic way, the current state of the research concerning the influence of the exchange rate variability on the foreign direct investment flows, reviewing shortly the main theoretical-empirical models with ambiguous predictions and few conclusive results and paying special attention to the latest contributions that have considered the need to introduce new elements that condition this effect.

The methodological approach is based on the classification of the ways to measure the exchange rate: The main results of traditional literature suggest that host currency depreciations, appreciations expectations and lesser volatility have positive impact on host FDI inflows, but the strong heterogeneity of empirical research has reflected the distance with theoretical models, showing the theoretical ambiguity.

During the two last decades a new empirical impulse has emerged through the incorporation of new operational features of the multinational corporation MNC allowing to improve the results and to get a greater degree of reconciliation between theory and evidence. Furthermore, the last applied studies have changed the geographic setting from developed countries to developing countries, reflecting the new stylized facts and developments in this field.

Introduction Since the move to floating exchange rate systems in the aftermath of the collapse of the Bretton Woods currency arrangements, numerous studies have shown that the level, the expectations and the volatility of exchange rate ERcan have significant influences on the timing, the volume and the location of foreign direct investment FDI.

Unfortunately, there seem to be few robust conclusions from the literature and the puzzle of disentangling the linkages between ER behaviour and FDI remains. The more orthodox in economics approaches, however, have not paid much attention to the analysis of the influence of exchange rate changes on such capital flows and this has been reflected, on the one hand, that the theoretical research exploring this relationship present ambiguous predictions and, secondly, that the empirical evidence has obtained results inconclusive in both the international context -more developed- and in Spain -in emerging state.

Descending in the field of research, from studies aggregated by countries, through sectoral analyzes, reaching investigations at company level, the results are increasingly significant. The objective of this work is to realize a critical review of the empirical theoretical literature to determine the degree of influence of the exchange rate on FDI, distinguishing traditional approaches based on the effect of levels, expectations and exchange rate uncertainty about these flows investment and deepening on the most recent contributions that incorporate to the analysis owner features of the multinational corporation MNC in order to reconcile theory and empirical evidence.

Furthermore, including in the new research agenda the new empirical evidence which has moved the geographical setting from advanced countries to emerging and developing economies, not only receivers but also issuers of FDI in recent years UNCTAD, The paper is organized as follows. After this introduction, in section 2, the background of this literature is established, since the 70s of last century to the present, combining the stylized facts of each stage with the existing theoretical framework that has given support.

In Section 3 new contributions incorporated to literature are reviewed in depth, which are based on three characteristic operational aspects of MNCs: In 30 31 section 4, we extract the most important conclusions of the research agenda on ER-FDI, noting the limitations identified and proposing future research. The work closes with a reference section and three annexes dedicated to collect the most representative traditional theoretical and empirical literature Annex 1the state of art of Spanish research in this field Annex 2 and the results of new contributions reviewed in detail in this paper Annex 3.

The main results of traditional stream suggest that host currency depreciations, appreciations expectations and lesser volatility have positive impact on host FDI inflows, but the strong heterogeneity of empirical research has reflected the distance with theoretical models, showing the theoretical ambiguity. During the two last decades a new empirical impulse has emerged through the incorporation of new operational features of the MNC allowing to improve the results and to get a greater degree of reconciliation between theory and evidence.

First, evidence of large and strong waves of foreign direct investment and abrupt and large exchange rate fluctuations simultaneously and basically in developed economies. Second, the other orthodoxy emphasized other different determinants of FDI OLI advantages according the eclectic paradigm of Dunning, Third, the financial aspects of the FDI begin to be relevant.

Fourth, the ambiguity of the macro-financial theory generates high number of empirical studies, leading to inconclusive results1. The exchange rate can not be considered a determinant variable of FDI per se, in the sense of being a trigger element for the decision to undertake a productive activity abroad.

However, as McCulloghp. Its ability to anticipate changes and deal with currency volatility can be seen as a competitive advantage of the company. Indeed, the ranking Cavesp.

The sensitivity of direct investment flows of a business to changes in the exchange rate depends largely on the degree of competition in its markets, the components of the supply side and the origin of their funding sources Cushman, ; Caves, Thus, the level of influence will depend on whether the cash flows of the production plants are characterized by an excess of foreign exchange income or costs, conditioning thus their profitability and hence the value of the company.

In this point we note that the traditional theoretical-empirical arguments have been grouped around the measurement used to capture the exchange rate influence, that is, levels, expectations and exchange rate volatility according the Figure 1. ER levels on FDI 2 The origin of the research comes through from two hypotheses, framed on the macroeconomic side, about the imperfections of capital markets and currencies.

On the one hand, the hypothesis of the risk premium from Aliber, according to which those companies belong to hard currency areas enjoy an advantage in terms of cost of capital for direct investment abroad in weak currency areas, since they can capitalize on their stream of income in foreign currency to a higher rate than potential domestic investors and get cheaper sources of funding than domestic companies.

On the other hand, the hypothesis of risk diversification and portfolio selection theory, attributed to Agmon and LessardRugman,a, b, and Lessard explains that multinational companies can hedge against exchange rate risk by having productive assets in different geographical areas with low or negative correlations among their reference currency.

Both hypotheses gave answer to the stylized facts of the seventies in which the financial possibilities of the FDI is contemplated as a means to disperse the exchange rate risk to be able to internalize failures and the fact that the United States was the main source direct investment with a dollar appreciated.

However, they have been obsolete with over time since the evidence showed the theoretical weakness of these approaches as FDI determinants Duran Herrera,p. Later, the models arising in the finance field, such as the relative wealth effect attributed to Froot and Steinpostulated that host country depreciation makes assets less expensive relative to assets in a home country and the relative labour costs effect Cushman, ; Culem, ; Klein and Rosengren, identifies the competitiveness of an economy.

Both of them, it allows to approach to a greater extent to an explanation of the behaviour of inflows of foreign direct capital during the eighties to a current depreciation of the host country currency, in this case, basically United States positive relationship between FDI inflow and lower host currency value. For a detailed analysis of traditional contributions of this stream of research, see Davila Vargas-Machucachapters 1 and 2.

In this sense, McCullough points out that perhaps the contradictory results and little bit generalizable to other countries during the 70s and 80s are due to intense direct investment flows from and to United States during this period is a unique phenomenon in this nation, motivated by significant and unexpected changes in the currency values 3.

In addition, with the new realities during the nineties, the work of Blonigen emerges -subsequently reviewed by Guo and Trivedi - based in "firm specific asset" argument to show a direct effect ER- FDI on the base of segmented good markets approach. In the analysis of the influence of ER levels on FDI the majority of works addresses the study of the link between the depreciation or appreciation of the host country currencies on the entry of direct capital in their economy and lesser extent are carried out from the perspective of source country of investment.

These studies combine aggregated and disaggregated analysis, suggesting that the first mask significant differences between sectors and most of them confirm the previous proposition, although it is found that in some studies this relationship is not significant or that the results are mixed ER expectations and ER volatility on FDI The expectations of a higher value of foreign currency encourages FDI inflow supposed riskaversion.

This hypothesis is supported by speculative aims of the portfolio selection theory Itagaki, ; Mann, ; Chakrabarti and Scholnick, The reasoning underlying this theory is as follows: This argument has not been explored in so much profusion as incidence of the levels or volatility on FDI, currently meeting in early stage of research, but most studies that has applied the above argument is 3 As noted Bayoumi et al.

Therefore, it is need to be considered cyclical factors such as exchange rates, which affect the costs and the return on investment in the short term. The volatility has been introduced on last theoretical advances on exchange change risk disposal or exploitation by MNCs with positions differentiated according to risk aversion approach Cushman, ; Goldberg and Kolstad,real options theory Campa, ; Dixit, b; Dixit and Pindyck, ; Kogut and Kulatilaka, ; Rivoli and Salorio, or operating flexibility hypothesis Aizenman, ; Rangan, ; Sung y Lapan, Theoretical work in this field has been more extensive than that applied, but with ambiguous predictions just like empirical evidence and has made, especially in contexts aggregate and sectoral, although modeling is addressed in the enterprise frame.

There is a greater inclination in the literature to have a significant negative impact of exchange rate variability on FDI inflow in host economy; a lesser number of works is found a positive and strong influence and some other are obtained non-significance or ambiguous results.

The arguments underlying the approaches of the effect of exchange rate volatility on FDI are as follows: In this case the FDI will be trade-substitutive and a negative impact will happen when the strategy adopted is macroeconomic stability s seeking in the investment destination.

In other words, companies have little willingness to engage long-term commitments to expand capacity in areas with extremely volatile currencies and they will only participate in a foreign market if the exchange rate is stable enough to obtain a reasonable and consistent level of benefits risk aversion arguments.

In fact, can be considered as a competitive advantage of the company its ability to anticipate changes and deal with the economic volatility.

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Therefore, the exchange rate expectations and the volatility will affect the decisions of multinational companies, especially in the programming of their FDI flows timing.

The theoretical approaches that support them are usually focused on the effects of the ER levels relative wealth and relative labour costs channels and the ER volatility to measure the influence of the currency value and ER expectations channel has been used in a lesser extent see Annex II It has been recognized from the previous review that empirical theoretical literature that links exchange rate to foreign direct investment has been controversial until the end of the nineties, which is attributed to the large differences in perspectives and methodologies applied in the selection of the sample, in the analytical tools used, in the definition of variables and in the field of countries, making it difficult to realize comparisons of results among different studies Phillips and Ahmadi-Esfahani, ; Blonigen, This lack of consensus has encouraged a stream of research from to closer the theoretical arguments to applied studies, incorporating elements of the first into the second, basically from the field of the firm, thereby achieving greater explanatory power of theories and more conclusive empirical results.

Recent theoretical-empirical contributions Recent theoretical-empirical contributions about the influence of exchange rate on foreign direct investment present the following distinctive features. On the one hand, incorporation into traditional models of new components previously unrecognized which influence the international operations of MNCs, such as investment opportunities in third countries, the heterogeneity in FDI motive and, on the other hand, the synthesis and unification of previous models in order to conciliate formal modeling with the stylized facts.

These three elements will guide the development of the most current contributions examining jointly theoretical arguments and empirical evidence. It has presented in Annex III the main results of papers considered as more representative of this emerging literature, distinguishing if the exchange rate variable is expressed in levels, expectations or volatility. Now we analyze in depth each one of them which are organized in their three respective categories and, finally, we review the last empirical researches in this context, stressing the importance of emerging economies and developing countries in the new 36 37 international scenario not only as recipients but also as issuers of direct investment in relation to the link between FDI and ER UNCTAD, Investment opportunities in third countries A large number of previous studies ignores the extent to which MNCs make choices based on investment opportunities in third countries, called this phenomenon as "multilateral resistance" Phillips and Ahmadi-Esfahani, Such choices are likely to be particularly relevant to companies seeking commodity export base from which to serve a broader supranational market.

In this context, it will be very relevant to the investment decision, to consider exchange rate levels and uncertainty about the possible degree of volatility among the currencies of the countries of emission and reception of investment and the final market currency. Theoretical models that focus on bilateral FDI flows assume that the decision of investment abroad between two specific countries is independent of investment decisions in other countries.

They assume the case of risk adverse firms that intend to perform productive investment for re-export to other places, in order to reduce the effect of uncertainty on the benefits by exploiting real exchange rates correlations among different investment destinations 4.

Among these studies, devoted to analyze the outflow of FDI from Japan to other Asian countries as export platforms of goods to serve the US economy, the global market or back to the Japanese economy reverse importswe can cite Baek and OkawaXing a,b and Xing and Zhaorespectively, or Xing and Wang in which exchange rate impact on the relative competitiveness of several rivals countries in receiving FDI from the same home country is discussed.

Let us see in further detail each of these studies. They also distinguish for each type of exchange rate, nominal rate, purchasing power parity rate PPP and alteration in real exchange rate equivalent to deviation of the PPP rate, as an approximate measure of exchange rate uncertainty. The signs of the exchange rates coefficients are all consistent with the author predictions, indicating that appreciation of Japanese yen against Asian currencies and Japanese yen against the United States dollar are significant factors in FDI inflows in the manufacturing sector of Asian countries.

This implies that the higher value of Japanese currency gets worse Japanese manufacturing competitiveness, making overseas production more attractive to Japanese companies that investing across borders. These results of aggregate manufacturing sector also are obtained for each individual sector.

Besides, when the nominal exchange rates are broken down into the PPP rates and in real exchange rates deviation, both components generally have a strong effect on FDI, confirming the previous prediction. However, differentiating by activity branches, the depreciation of Asian currencies against the US dollar have a strong impact in some sectors such as chemical and electrical machinery, most notably in the latter because it is the most export-oriented of goods not to the production and sale in the investment destination.

The results of this study suggest that it is essential a proper management of exchange rates to attract Japanese productive capital in Asia, in the sense that when the Japanese yen becomes substantially weaker against the United States dollar, staying Asian currencies anchored to the last and, therefore, indirectly appreciated regarding to the first, this would make harder entry of FDI from Japan in these countries.

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Conversely, strong Japanese yen against both US dollar and Asian currencies would boost installation of Japanese subsidiaries to Asian destinations with negative impact on the trade balance, production and employment in Japan. The works of Xing a,b analyze the attractiveness of Japanese FDI in China in a period of depreciation of Chinese yuan against Japanese yenthe first from a sectoral perspective and the second also with firm level data.

So, Xing a examines nine manufacturing branches and finds that bilateral exchange rate influences on direct investment, especially, in export-oriented sectors of goods, since MNCs benefit from a lower foreign currency value. This is due to three reasons. First, their production costs are reduced relative labour costs effect.