This thesis aims to examine the impact of internationalising corporations of peripheral nationstates on their strategic rivalries. Although corporations from an increasing number of peripheral countries have internationalised their operations in the last fifteen years, the implications of this process for their interstate relations and -in particular- their relations with their strategic rivals, have yet to be systematically addressed. The thesis's hypothesis is that in the context of such corporate internationalisation for a state in the semi-periphery, the large-scale acquisition by a domestic firm of a foreign enterprise, reconfigures conceptions of economic nationalism. This is especially the case where the enterprise acquired is located in a state with which there is a longterm and significant foreign policy rivalry. The interests and strategies of key domestic socioeconomic actors are reconfigured within the new nationalism, with incentives to support and sustain such corporate internationalization. This thesis will review the scholarship on New Economic Nationalism which provides the most suitable analytical perspective to evaluate the impact of corporate internationalisation on strategic rivalries. It will also identify the corporate internationalisation process and those of its features that are particular to peripheral countries. It will also examine the challenges posed to its hypothesis by the scholarly debates which liberal institutionalism, realism and Europeanization, have generated. The thesis's hypothesis will be tested through the country case of Greece, and its strategic rivalry with Turkey. The thesis will examine the wider role of Greek corporations prior to their internationalisation in Southeastern Europe, and at the height of Greece's strategic rivalry with Turkey. It will then access the prominence that Greek corporations achieved due to their internationalisation and the conflation, by Greek policy makers and governing parties, of the corporate internationalisation process with national prestige and prowess. By scrutinising a particular FDI transaction, the acquisition of a major Turkish bank by Greece's leading bank, the thesis will evaluate whether corporate internationalisation, by redefining economic nationalism, can indeed have an significant impact on Greece's strategic rivalry with Turkey.

The purpose of this study is to analyse the economic policy preferences and political influence of a sample of German and Swiss pharmaceutical multinationals and banks. Put differently, the goal is to examine whether these MNEs have the will, and the political clout, to promote a liberal economic order or whether they seek to distort, or even suspend, the free formation of prices. In a sense, this study is thus a two-step procedure: first, it will analyse the formation of MNEs' preferences and then, second, it will examine how these preferences translate into political influence and policy outcomes. The focus of the analysis will be on the home country and the EU level of policy-making during the period from 1985 to 1995. Economic policy preferences will be explained as the result of the interaction of three factors: the extent and nature of MNEs' internationalisation process, their business focus and sectoral characteristics. With regard to policy outcomes and MNEs' influence over them, it will be argued that also three factors need to be considered: interests, institutions that link MNEs to the policy-making process and changing economic and political circumstances, which affect perceptions of self interest and institutions. Particular focus will be on the impact of circumstances on the preferences of the government, the degree of opposition from other domestic groups and the extent to which MNEs can use their internationalisation process for political leverage. Regarding MNEs' economic policy preferences, it will be pointed out that both the six pharmaceutical MNEs and the six banks were generally supportive of free markets, although there were also a few grey areas. When it came to their political influence, the picture was less clear cut since the extent to which MNEs could shape policy outcomes varied not only between pharmaceutical MNEs and banks, but also across policy issues within the two sectors. In general, the proposed explanatory framework could explain many of these complexities, although there were a few exceptions and qualifications.

This research provided a further insight into the implementation of the Japanese Kaizen. It examined the interrelationships between the four building block shop floor management tools (5S, waste removal, visual management and standard operations) and the two Kaizen practices (Quality Control Circles or QCCs and Teians). It also explored the performance of these two Kaizen practices on long-term improvement outcomes. A questionnaire was adopted for data collection and AMOS (Analysis of Moment of Structures) was used to perform Structural Equation Modelling Path Analysis based on 398 responses to a survey conducted in 9 Sino-Japanese automotive joint ventures. This research was probably the first to study the relationships between the building block shop floor management tools, QCCs and Teians using Structural Equation Modelling. The research confirmed their positive relationships. In particular, the frequent use of those building block tools was found to have positive effects on the implementation of both QCCs and Teians. Thus, those set of tools was concluded as a powerful aid to provide the basic conditions and framework for Kaizen. Previous research has identified that both QCCs and Teians could be used to collect improvement ideas on how to solve immediate problems that were directly related to the individual proposer’s working area. This research further identified that the group-based QCCs had a statistically significant and positive impact on improvement outcomes, whereas the advantage of using Teians was less obvious. In particular, the individual suggestions through Teians had negative effects, which may be attributed to the variation from standard working practices. However, there was a strong correlation between QCCs and Teians, indicating that there was a significant benefit in implementing both practices together. In particular, Teians included a mechanism for ensuring that all workers participated, so over the long-term, the Teians fostered commitment to the company and Lean practices. Further, Teians made an important contribution in identifying and solving shop floor problems on an incremental basis. They provided a background for QCCs in supporting long-term improvements and prevented the results from backsliding to the pre-improvement level. Therefore, QCCs and Teians were mutually supportive. The combination of QCCs and Teians could go beyond producing one-off improvements or solving problems in the specific work area. They also contributed to future improvement activities through the development of employees’ knowledge and skills, and enhanced attitudes. Management, nevertheless, should carefully balance the need for improving participation with the adherence to best practice methods. The objective is to achieve continuous improvement without compromising the rigidity required for standard work.

The main aim of this research is to investigate three key dimensions of cross-border mergers and acquisitions (CBM&As) by Chinese acquiring firms: trends, patterns, and distributions, the short-term and long-term value creation and the institutional and firm level factors affecting the value creation of Chinese CBM&As. These dimensions are explored using a multi-method approach involving, standard Event Study methodology (Market Model); Buy and Hold Abnormal Returns (BHARs), Calendar Time Abnormal Returns (CT ARs), multivariate regression analyses and test of differences. Both aggregate and firm level data were collected from a number of secondary sources, namely Chinese Stock Market and Accounting Research Database (CSMAR), the World Investment Report produced by UNCTAD, Thomson's SDC Platinum M&A Database and China Statistical Year Book. First, the trends and patterns of Chinese CBM&As are examined. The results indicate that GDP, money supply, interest rates, inflation, acquisitions in resource seeking sectors and cultural distance play an important role in explaining the trends of CBM&As outflows by the Chinese firms. The findings support the notion that home country macroeconomic and institutional factors can create advantages to improve the outward CBM&As activities, particularly, by emerging economy firms. Second, this study examines the short-term value creation of Chinese CBM&As and the impact of state ownership and institutional factors on the value creation. We find evidence of positive abnormal returns for Chinese acquirers in the short-term. Moreover, value creation by Chinese acquiring firms is influenced by formal institutional distance, reforms in exchange rate approval systems and state ownership, indicating that and Chinese government and institutions have significant influence on CBM&As short-term value creation. Third, this research investigates the long-term value creation of CBM&As by Chinese acquirers and the factor affecting the long-term value creation. We find significant negative long-term abnormal returns after the acquisitions. Our cross-sectional regression results show that state ownership, formal institutional distance, priority sector, interaction between priority sector and SOEs, cash holding and acquirer size exert significantly impact on the post-event long term returns.

This thesis contributes to behavioural finance literature of mergers and acquisitions (M&As) by investigating the psychological reference point, misvaluation and post abnormal return approaches using a unique UK dataset. The first substantive paper (chapter 2) examines the impact of past peak prices i.e. 52-week high on UK M&A activity, such as offer price, offer success, market reaction, and merger waves. It applies the methodology of Baker et al. (2012) and proposes a unique interpretation based on the various differences (regulatory framework, environmental factors, and other salient characteristics) between the US and UK markets. The results show that UK bidders are less prone to offering prices anchored to the last 52-week high than US bidders. The second substantive paper (chapter 3) explores new insights on (mis)market valuation. It provides empirical evidence on the relation between target misvalaution levels and some characteristics of UK M&As such as the offer premium, method of payment, market reaction, and offer success. It also combines the methodology of Baker et al. (2012) with that of Rhodes-Kropf et al. (2005). We established that misvaluation play an important role in UK M&A activities. Finally, the third substantive paper (chapter 4) contributes to the literature by providing empirical evidence on the winners' and losers' post-merger performances in a UK contested merger sample. It provides an important robustness test of the Malmendier et al. (2012) matching criterion and lays the foundation for exploring the differences between US and UK M&A markets. Moreover, it adopts the misvaluation disaggregation in Rhodes-Kropf et al. (2005). The results show that there is no significant difference between the winner's and loser's performances in the post-merger period. By tracking the winners' and loser' merger activities two years after completion, we found that both sets 'of firms prevented their stock from declining even more if had they not involved in merger activity.

Public Private Partnerships (PPPs) have emerged worldwide as an attractive way for government to finance infrastructure. This study aims to examine key stakeholders' perceptions on the allocation, transfer and pricing of risk in Irish toll road PPPs. It examines how stakeholders' perceptions on these issues may be changing as access to finance becomes more difficult in the PPP market. Furthermore, the research investigates how and why some PPP risks are allocated, transferred and mitigated through a stakeholder approach. The study therefore makes an important contribution to the stakeholder literature. The study examined three in-depth case studies of Irish toll road PPPs. 40 in-depth interviews were conducted with 38 key stakeholders including public sector representatives, operators, contractors, equity investors, senior debt financiers, advisors and interest groups involved in toll road PPPs in the Republic of Ireland. Through their interaction on risk issues these stakeholders have developed a number of relationships. Three types of stakeholder relationships are explored: the relationship between the public sector bodies responsible for PPPs; the relationship between the procuring authorities and the Special Purpose Vehicle (SPV); and finally the relationship between the SPY members. The findings suggest that the Irish Government's treatment of risk and its transfer to the private partner in PPPs is changing over time. These changes are occurring in the midst of a global financial crisis where access to finance for infrastructural investment has become very difficult. The findings suggest that the Irish Government may be willing to provide more guarantees on future PPPs. Pricing of demand risk also differs from the Irish Government's rhetoric that it is being priced realistically. In practice, it was found to be priced aggressively by the Spy in order to win PPP contracts. The National Roads Authority (NRA) has worked collaboratively and shown flexibility with the SPY to resolve a number of risks in PPP. The study also found that risk can be allocated, transferred and managed through a number of different relationships in PPPs. The SPY companies work collaboratively together to manage risk in PPPs, although they do transfer considerable risks to subcontractors.

The dissertation examines foreign ownership in Korea during 1998-2003. The capital market opening in Korea following the 1997 Asian financial crisis provides a unique opportunity to investigate the changes in corporate ownership structure. The abolition of investment ceilings and various restrictions for the foreign investment allow us to document the greater influences of foreign institutional ownership in the Korean stock market. I empirically investigate (1) the role of foreign ownership in dividend policy, (2) the link between foreign investors and labour cost, and (3) the relationship between the foreign ownership and the level of corporate donations. Using a large firm level dataset, the panel data techniques are used to examine the effects of foreign equity ownership. The analysis shows that foreign ownership is significantly related to higher dividends, labour costs, and corporate donations. These findings highlight the role of foreign ownership in influencing management practices.

The thesis contributes to the perspective on the role of stakeholder engagement in negotiating corporate social responsibility (CSR) policies and practices in developing country context. It critically examines the role of societal pressures as drivers of Shell's CSR agenda, and explores the forms of relationships existing between Shell and its stakeholders in Nigeria, as the company implements its CSR programme, both in the light of its strategic business objectives and of its social responsibilities and environmental liabilities. Furthermore, it examines the role of government in the oil MNCs' CSR agenda, and explores the conditions under which the government, in its dual role as business partner and as state authority, promotes CSR policies and practices in Nigeria. Shell's CSR policies and practices in Nigeria were examined under the theoretical lenses of the resource-based view perspective extended to notions of legitimacy and the licence to operate. Additionally, the stakeholder engagement perspective was applied as the theoretical framework for examining Shell's stakeholder engagement, and the role of the company's stakeholders in negotiating its current CSR policies and practices in Nigeria. Data collection was undertaken during field research in Nigeria. The evidence presented is drawn from individual interviews with corporate executives at Shell Nigeria, Shell International, several stakeholders in the Nigerian oil sector, and from an online survey conducted in 2005 on Shell Nigeria's stakeholders. Both quantitative and qualitative methods were used throughout the analysis presented in the thesis. The research findings suggest that the relationship between the firm's pursuit of the social licence to operate through CSR initiatives and stakeholder engagement is more complex than assumed. It adds to the understanding of the dynamics of a MNC's stakeholder engagement in the local context. It highlights the various interdependencies that develop between stakeholder groups and the company at the institutional level as well as within the context of the organisation, as the corporation develops and implements its CSR agenda. As such, the research invites an examination not just of the differences and barriers existing between the firm and its stakeholders, home and host country practices, but also of the ways in which they are embedded in each other, and how this affects their collaboration.

This thesis explores vertical integration in both competitive and noncompetitive settings. Chapter 2 shows that allocation of ownership matters even in a repeated relationship. The optimal control structure of the static game restricts the gain from deviation to be the lowest but also the punishment will be minimal. The worst ownership structure of the one-shot game is good in the repeated setting because it provides the highest punishment but bad because the gain from deviation is also the highest. We show that two types of equilibria exist: one where partnership and a hostage type solution are optimal and second where the results of the one-shot game apply. Chapter 3 focuses on vertical oligopolies when both integrated and unintegrated firms coexist. We analyse the integrated firm's strategy in the input market. If the integrated firm is more efficient in transforming the input into final good, it will buy some input to drive up rival's marginal cost. Only if the integrated firm is less efficient will it sell input. If there is no competition in the final good market vertical supply arises because it has no harmful effects on the downstream unit's profits. If competition is very tough overbuying will emerge; by raising rival's costs the integrated firm can achieve a dominant position in a highly competitive market. Chapter 4 examines integration decisions of successive duopolists. We show that qualitatively the same pattern of integration emerges whether there is Cournot or Bertrand competition in the input market. We find that the degree of integration in the industry is increasing in the size of the downstream market. There is a tendency for partial integration when one upstream firm is relatively efficient compared to its rival. Chapter 5 takes into account both the firm's internal and external environment. Further, we explicitly model the effect of varying the degree of market competition. We observe a non-monotonic relationship between ownership allocation and competition. We also see greater upstream ownership of assets when the upstream worker is important.

This thesis addresses the implementation of long-term public-private contracts for utility services. Long-term contracts are inevitably incomplete and need to be adjusted over time to take account of new information or changes in the operating environment. Institutional environments, especially in developing countries, are also very likely to be incomplete. The existing literature has tended to focus on one of these two types of incompleteness; this thesis takes the analysis a step further by integrating the two into a single approach. Many contracts contain provisions for periodic adjustments to their terms, 'contractually mandated renegotiations.' Other adjustments will be necessary to rebalance a contract after a major shock, 'shock-induced renegotiations.' This research looks at both these types of adjustment in incomplete institutional environments and considers the behaviour of government and firm actors. The analysis proceeds in three steps. First, regression analysis of an original database of PSP projects, 'WATSUP', is used to test the relationship between institutions the number of PSP projects in each country. This confirms the significance of institutions. Second, a framework for the analysis of government and firm behaviour is developed which takes into account the two types of incompleteness, time inconsistency, actors' time preferences and the role of multiple actors. Third, in-depth case studies of the implementation of PSP contracts for water services in Manila and Jakarta are presented, based on more than 50 personal interviews in the two locations. The findings suggest that contractual incompleteness can be better managed if: the parties agree a set of principles and procedures for contract adjustment at the outset; set out clear lines of responsibility for contract renegotiation and approval; and establish contract-specific regulatory institutions with clearly defined implementation responsibilities.