Many studies have recognised the importance of a variety of factors in the internationalisation of firms. Only a few, however, have attempted to integrate these factors into a comprehensive framework. In this study, taking the network approach as its main analytical foundation, an integrative theoretical framework is developed and tested empirically to assess the impact of a wide range of factors on the internationalisation of firms. The internationalisation phenomenon is examined in a more comprehensive manner than in many previous studies, as a two-sided process of both inward and outward international operations. Using logistic regressions in the analysis of empirical evidence gathered through a national survey sample of 148 Brazilian software firms, the theoretical framework proposed in this study obtained substantial support. The findings expand previous knowledge through a comprehensive explanation that incorporates determinant factors from four distinct dimensions - contextual, organisational, network, and entrepreneurial - in examining the internationalisation of firms from emerging markets. The findings indicate that business networks are indeed strategic mechanisms for a firm in developing its internationalisation trajectory, as hypothesised. The results of this research suggest that studies based on the business-network model of internationalisation can no longer ignore the impact of other factors at the contextual, organisational, and entrepreneurial level. Incorporating these elements into research that seeks to explain the internationalisation of firms could provide a more sophisticated understanding through new insights and allow scholars to go beyond one-dimensional and static theorising.

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Research Question: Which factors impact the purchase decision of consumers within emerging markets when shopping online? Purpose: The purpose of this study is to examine the relationship between e-commerce factors and the consumer purchase decision within e-commerce on emerging markets to unravel how certain factors impact the consumer purchase decision. The aim is to provide knowledge regarding consumer purchase decision making for retailers entering an emerging e-commerce market, this by carrying out a survey to consumers on a representative emerging market. Hypotheses: H1: E-logistics has a positive impact on the e-consumer purchase decision. H2: E-marketing activities have a positive impact on the e-consumer purchase decision. H3: Online integrity has a positive impact on the e-consumer purchase decision. H4: E-vendor contact alternatives have a positive impact on the e-consumer purchase decision. H5: Web site design has a positive impact on the e-consumer purchase decision. Method: This study has a deductive research approach combined with a quantitative research method. The primary data consists of data collected through carrying out a survey in Warsaw, Poland. The data was later on analyzed using the statistics software programme SPSS. Conclusion: In order for e-vendors to gain market shares and utilize the market capacity of the hyper-competitive emerging markets the factors web site design, e- marketing and e-vendor contact alternatives are essential to address due to their positive impact on the consumers purchase decision.

This paper uses a new measure of volatility based on extreme day return occurrences and examines the relative prevailing volatility among worldwide stock markets during 1997-2009. Using several global stock market indexes of countries categorized as an emerging and developed capital markets are utilized. Additionally this study investigates well known anomalies namely Monday effect and January effect. Further using correlation analysis of co movement and extent of integration highlights the opportunities for international diversification among those markets. Evidences during this time period suggest volatility is not the only phenomena of emerging capital markets. Emerging markets offer opportunities of higher returns during volatility. Cross correlation analysis depicts markets have become more integrated during this time frame; still opportunities for higher returns prevail through global portfolio diversification.

In this thesis I study the investment climate in the four rapidly growing emerging economies Brazil, Russia, India and China (BRIC). The first study, Chapter 2, uses a bivariate EGARCH methodology with time varying conditional correlation to study the global and regional integration of the BRICs and to identify the existence of diversification opportunities for international investors. The second study, Chapter 3, employs a restricted version of the model to explore the relationship between equity market returns and volatility of equity returns in the BRIC countries and global oil prices. Chapter 4 is an extension of Chapter 3, and focuses on the sustainability of Russia???s economic growth in view of its large dependence on oil income. A qualitative analysis of the oil industry in Russia, including an overview of the operations of the largest oil producing companies, government regulations, oil production and proven oil reserves, is conducted for the purpose of this study. The last study, Chapter 5, uses a panel data methodology to explore the determinants of changes in sovereign bond spreads for the BRICs as an asset class and for each of the BRIC countries individually. I conclude that the regional and global level of integration of the BRICs is relatively low, and portfolio investors can enjoy sound diversification benefits particularly by taking investment positions in the Indian and Chinese equity markets. Despite the aggressive economic growth of the BRICs and their increased oil consumption, the volatility of stock returns from the BRICs does not have a significant impact on global oil prices; however, oil prices do impact the volatility of equity returns in India and China, and particularly the level of returns and volatility of equity returns in Russia. Based on this and the qualitative analysis in Chapter 4, it is concluded that in the short to medium term Russia???s continued economic growth will depend on increased reinvestment in the oil industry and in the longer term the government should diversify its revenue sources and focus on development of other sectors within the economy. Lastly, it is concluded that sovereign risk in the BRICs is driven by different global and country-specific factors, hence risk should be observed on an individual country basis and not for the BRICs as an asset class.

Diss. Stockholm : Handelshögskolan, 2007.

<p> </p><p>The purpose of this research paper is to find how much risk is involved in investing emerging market debt. Emerging markets are becoming a hub for foreign investors either that is an equity or debt investment. The risk is the important element for investors. As for emerging markets the most important risk that investor can face is exchange rate and political risk. I used Augmented Dickey-Fuller to carry out unit roots and johansen cointegration analysis of exchange rates and political risk in emerging markets. My result shows that individual variables are integrated order one, means unit root exist. This shows that political risk tends to follow a random walk. My finding suggests that there is a long run relationship between political risk and exchange rate. As the political risk increase exchange rate also fluctuate with relation to political situation.</p><p> </p>

Submitted by Thiago Curado (tlcurado@gmail.com) on 2015-04-27T20:26:44Z No. of bitstreams: 1 Dissertacao_Curado.pdf: 578449 bytes, checksum: dfeb58219bdc5802a75cdc91152f024c (MD5) / Rejected by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br), reason: Bom dia Thiago, Por favor, incluir a página de agradecimento e como o trabalho é em inglês é necessário o Abstract vir antes do Resumo. Att. Suzi 3799-7876 on 2015-04-28T11:54:19Z (GMT) / Submitted by Thiago Curado (tlcurado@gmail.com) on 2015-04-28T18:12:29Z No. of bitstreams: 1 Dissertacao_Curado.pdf: 578450 bytes, checksum: 2f94ba41c57666b11eebe216d8941c44 (MD5) / Rejected by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br), reason: Thiago, Falta a folha de agradecimentos, pelo menos seu orientador é necessário agradecer. É uma página antes do abstract. Aguardo Grata. Suzi on 2015-04-28T18:55:09Z (GMT) / Submitted by Thiago Curado (tlcurado@gmail.com) on 2015-04-28T20:04:17Z No. of bitstreams: 1 Dissertacao_Curado.pdf: 579686 bytes, checksum: f41554f1122e5984524dcf04b028082b (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2015-04-29T11:55:54Z (GMT) No. of bitstreams: 1 Dissertacao_Curado.pdf: 579686 bytes, checksum: f41554f1122e5984524dcf04b028082b (MD5) / Made available in DSpace on 2015-04-29T13:29:42Z (GMT). No. of bitstreams: 1 Dissertacao_Curado.pdf: 579686 bytes, checksum: f41554f1122e5984524dcf04b028082b (MD5) Previous issue date: 2015-03-27 / There is substantial evidence that terms of trade behavior are relevant to understand both the macroeconomic dynamics and the default risk of emerging markets. Nevertheless, the literature of sovereign debt that follows Eaton and Gerzovitz (1981) and Arellano (2008) has not yet adequately explored the connections between terms of trade and default incentives. We advance in this field, introducing terms of trade volatility to the model proposed by Mendoza and Yue (2012), where the sovereign debt decisions are linked to a general equilibrium model for the domestic economy. We find that an economy that faces stochastic terms of trade innovations can produce a consumption variability that highly exceeds the output variability, which is a key stylized fact of emerging markets business cycles. Our exercises also show that default episodes are driven by sudden shifts in the terms of trade but are no necessary related with bad times. / A evidência empírica aponta que Termos de Troca é uma variável relevante tanto para dinâmica macroeconômica como para o risco de default em países emergentes. No entanto, a literatura de dívida soberana baseada nos trabalhos de Eaton e Gerzovitz (1981) e Arellano (2008) ainda não explorou de forma adequada as conecções entre a dinâmica de termos de troca e incentivos ao default. Nós contribuímos nessa área, introduzindo volatilidade de Termos de Troca no modelo proposto por Mendoza e Yue (2012), no qual as decisões de dívida soberana são vinculadas à um modelo de equilíbrio geral para a economia doméstica. Nós encontramos que uma economia exposta à volatilidade dos termos de troca consegue produzir uma variabilidade do consumo que supera significativamente a variabilidade do produto, característica que constitui um fato estilizado chave de business cycles de países emergentes. Nossos exercícios também mostram que decisões de default são geradas por mudanças bruscas nos termos de troca, mas não necessariamente estão vinculados à estados ruins da economia.

Made available in DSpace on 2010-04-20T21:00:43Z (GMT). No. of bitstreams: 3 martapenteado.pdf.jpg: 11699 bytes, checksum: 9232ff3dc532a9afde1daef98ac3b484 (MD5) martapenteado.pdf: 450658 bytes, checksum: 9cc147f1c5bd4707d13b11128587b27e (MD5) martapenteado.pdf.txt: 63539 bytes, checksum: 9cfa646fd6544835b97c815999281d1a (MD5) Previous issue date: 2007-08-15T00:00:00Z / The goal of this paper is to evaluate the validity of Taylor principle when it comes to controlling inflation in seven developing countries that use inflation targeting regimes: Brazil, Colombia, Mexico, Philippines, Poland, South Africa and Turkey. The test is based on a state-space model to determine when each country have followed the principle, then, a threshold unit root test is used to verify if the stationarity of the deviation of the expected inflation in relation to the target depends on the compliance with Taylor principle. The results show that the compliance with Taylor principle leads to the stationarity of the deviation of the expected inflation in relation to the target in all cases. Furthermore, in most of the cases the non-compliance with Taylor principle leads to a non-stationary deviation of the expected inflation. / O presente trabalho busca testar a validade da Regra de Taylor no controle da inflação em sete países emergentes que adotam o sistema de metas inflação: Brasil, Colômbia, México, Polônia, Turquia, África do Sul e Filipinas. A estimação e inferência são realizadas a partir de um modelo de estado espaço para determinar os períodos em que os países seguiram a regra. Em seguida é realizado um teste de raiz unitária com threshold para verificar se o desvio da inflação em relação a meta depende (ou não) da indicação dada pela Regra de Taylor. Os resultados obtidos indicam que em países que seguem a Regra de Taylor, o desvio da expectativa de inflação em relação a meta é estacionário, em todos os casos. Em contrapartida, na maioria dos casos em que a Regra de Taylor não é respeitada, o desvio da expectativa de inflação em relação à meta é não-estacionário.

This thesis explores the mechanics of governance within several layers of participating firms in the global value chain of the automotive industry, and how new forms of governance shape the development of the Brazilian and Chinese automotive industry. In particular, it examines how the local supply firms from Brazil and China can integrate and upgrade in the globalized automotive industry. By using the global value chain (GVC) framework, the changing inter-firm dynamics between buyer and supplier are analyzed, and their impact on the indigenous supply firms from Brazil and China examined. The results highlight the role of product architecture in defining the value chain governance approach. Through the evolution of product architecture, the lead-firms can globalize their approaches to procurement and supply chain management. Moreover, the globally harmonized products allow the lead-firm to effectively restructure the global supply base to establish a globally harmonized components supply industry by internationalizing the most capable supply firms. Oligopolies along the entire GVC are consciously created by the lead firm. The dynamics of competition between supply firms are changing, as the market for integral components with high asset-specificity are merging into one global market with oligopolistic and oligopsonistic features. While some supply firms from the emerging markets have been able to utilize their business ties with western assembly firms to upgrade within the GVC, most are under pressure to be squeezed out of the GVC through increased global competition. The thesis contributes to the field of development studies by analyzing the prospects for emerging market firms to participate and upgrade in the GVC of western lead-firms. Furthermore, it contributes to the economic theory of governance by presenting evidence of forms of influence outside the realm of supplier-buyer contracts. The thesis further extends the global value chain framework by introduction a fine-tuned approach to ‘power’ as a determinant of governance.