In the first chapter, the term of transnational corporation has been defined, further the history of their development has been pursued, the classification of them according to different aspects and their strategies as well. In the second chapter, I deal with the emplacement of transnational corporations in the contemporary world economy; foreign direct investments and the largest transnational corporations has been pursued in this part as well. The last chapter is created by case study of transnational corporation called Regus.

The aim of the study is to examine the effects of FDI on the four countries - Czech republic, Hungary, Poland and Slovakia. There is a detailed description of a global flows of FDI, concentrating on specific important events that influenced the flows, also regarding the particular region of a world economy. In the main part the study examines every country of the Visegrad Group separately - its macroeconomic development, FDI flows and main events that had a major influence on the flows into each country. At the end there is also a small quantitative analysis trying to prove a relationship between FDI stock in each country and its rate of inflation, unemployment rate, GDP growth and a current account deficit of a ballance of payments.

This dissertation focuses on the development of foreign direct investment realized by Czech companies during the last two decades. The Czech Republic became one of the targets of foreign investors during its economic transformation while inward investments have all this time exceeded outward investments. This is probably the reason why Czech outward foreign direct investments do not attract such attention in economic research as inward investments. This dissertation tries to extend findings on the influences on the development of Czech outward foreign direct investments, describes who the main Czech investors abroad are and examines the microeconomic and macroeconomic impacts of foreign direct investments. Last but not least, application of the Investment Development Path theoretical concept was used in order to describe Czech outward foreign direct investment in the globalising world economy.

This diploma thesis focuses on foreign direct investment (FDI) coming to different regions of the Czech Republic. This investment play a crucial role in socioeconomic development of the country and therefore it is an important part of regional development policies. Thesis concentrates on French and Belgian investors and its aim is to determine the key factors that influence the localization of FDI coming from France and Belgium to regional economies of the Czech Republic. In the first chapter theoretical data concerning this topic is introduced, followed by closer description of development of FDI in the Czech Republic in general. At this point the investment coming from France and Belgium that is supported by the agency CzechInvest is stressed. The final part is dedicated to different regions of the country. Based on analytic, cartographic and statistical methods, localization factors with a great influence on French and Belgian investors when choosing the area to invest in are determined.

This study develops a panel data analysis over 27 transition and post transition economies for the period 2003-2010. Its intent is to investigate empirically the true effect of seven variables into foreign flows and takes later on the advantage of observed findings to conduct a comparative analysis between Kosovo and regional countries such: Albania, Bosnia and Herzegovina, Macedonia, Montenegro and Serbia. As the breakdown period (2008-2010) was included in the data set used to modelling the behaviour of FDI, both Chow test and the time dummies technique suggest the presence of structural break. Ultimately, empirical results show that FDI is positively related with one year lagged effect of real GDP growth, trade openness, labour force, low level of wages proxied by remittances, real interest rate and the low level of corruption. Besides, the corporate income tax is found to be significant and inversely related with foreign flows. The comparative analysis referring the growth rate of real GDP shows that Kosovo has the most stable macroeconomic environment in the region, but still it is continuously confronted by the high deficit of trade balance and high rate of unemployment. Appart, the key obstacle that has abolished efforts for foreign investment attraction is found to be the trade blockade of...

Nota-se que, entre os inícios das décadas de 1990 e 2000, destacando-se, de forma mais evidente o meio dos anos 1990, ocorreu um expressivo fluxo de inversões espanholas em direção à América Latina. Esse montante chegou a representar, em alguns anos, mais de 30% do total de investimento externo recebido pelos países latino-americanos. Apesar desse expressivo aporte de inversões das empresas espanholas na América Latina, não se encontra um significativo número de trabalhos sobre esse tema, ao passo que, ao se buscar análises que utilizem a metodologia estatística, esse número se reduz consideravelmente. Com efeito, a tese aqui apresentada busca identificar os componentes macroeconômicos determinantes do movimento recente de internacionalização produtiva da economia espanhola na América Latina, empregando, basicamente, uma metodologia econométrica de dados em painel, caracterizando os push-pull factors dessa dinâmica. Para uma melhor compreensão da estrutura do modelo econométrico utilizado e, também, das respostas estatísticas alcançadas neste trabalho, faz-se primeiramente uma revisão nos conceitos teóricos das principais escolas econômicas relacionadas aos determinantes dos gastos com investimento em geral. Em seguida, apresentam-se as principais referências teóricas que tratam exclusivamente do investimento estrangeiro direto (IED). Também abordam-se a caracterização da metodologia de dados em painel, com seus respectivos estimadores, e os testes de especificação estatística utilizados. Por fim, já delimitadas as investigações teóricas e a metodologia usada neste trabalho, expõem-se os resultados encontrados. Com efeito, chegou-se a resultados estatísticos suportados por outros trabalhos que analisaram o mesmo tema, porém, com uma abordagem metodológica diversa. Ou seja, o IED espanhol direcionado à América Latina teve como push factors, basicamente, o nível de atividade da economia espanhola, com uma relação positiva, e a absorção interna desse país, com uma relação negativa. A primeira variável possibilita uma significativa acumulação interna às empresas da Espanha. Já o segundo componente aponta para a expectativa de não crescimento da demanda interna desse país ibérico. Os pull factors que, especificados a partir de uma relação positiva com o IED espanhol, se tornaram estatisticamente significativos foram: o tamanho de mercado, a absorção interna, a produtividade, uma variável binária que representa as privatizações, a taxa de câmbio nominal da moeda local contra o Euro e o grau de abertura. Assim, conclui-se que o processo de privatizações e a desvalorização da moeda local frente ao Euro na América Latina possibilitaram um movimento de internacionalização produtiva de alguns subsetores da Espanha que visavam a um aumento de escala, propiciando enfrentar a concorrência de empresas instaladas no mercado comum europeu. / An expressive inflow of investments from Spain towards Latin America occurred between the beginning of 1990’s and 2000’s, especially in the middle of 1990’s. This sum has come to represented in some years more than 30% of total foreign investment received by Latin-American countries. Despite this significant investments inflow from Spanish companies in Latin America, there is not an expressive number of papers related to the subject. Besides, works using statistical methodology are even rarer. The hypothesis encompassed at the present work aims at identifying the macroeconomic determinants to a recent movement of productive internationalization of Spanish economy in Latin America. For this purpose, a panel data econometric methodology has been used, revealing the pushpull factors of this dynamics. For a better understanding of both econometric model structure and reached statistical responses, first it was conducted a revision of theoretical concepts of the main economic schools regarding determinants to investment expenditures in general. Next, it is presented the major theoretical references that deal exclusively with foreign direct investment (FDI). The characterization of panel data methodology, with its respective estimators and statistical specification tests, is also covered. Finally, after having narrowed down theoretical investigation and the methodology applied in this study, the results achieved are discussed. In effect, reached statistical results are in conformity with those supported by other works that had the same issue under consideration, but used different methodological approaches. Hence, the push factors to Spanish FDI directed to Latin America were basically the level of economic activity in Spain, as a positive relation, and absorption rate in this country, as a negative relation. The first variable enabled a significant capital accumulation to Spanish companies. On the other hand, the second component points to the expectation of non-growth of this country’s domestic demand. The pull factors that have become statistically significant were market size, absorption rate, productivity, trade openness, a binary variable that represented privatizations, and nominal exchange rate of local currency against Euro, all of them with a positive relation to the Spanish FDI. Thus, it’s possible to conclude that process of privatizations and devaluation of Latin-American local currencies against Euro allowed a movement of productive internationalization of some subsectors in Spain, which aimed to increase their scale gains in order to face competition from companies installed in European market.

Submitted by admin tede (tede@pucgoias.edu.br) on 2017-10-09T19:30:41Z No. of bitstreams: 1 MARINA RUBIA MENDONCA LOBO.pdf: 608649 bytes, checksum: a501da4fc2dff1a5ca42bdcb41ba14d0 (MD5) / Made available in DSpace on 2017-10-09T19:30:41Z (GMT). No. of bitstreams: 1 MARINA RUBIA MENDONCA LOBO.pdf: 608649 bytes, checksum: a501da4fc2dff1a5ca42bdcb41ba14d0 (MD5) Previous issue date: 2011-08-01 / This study examined the foreign direct investment in Africa, focusing on the production of an evaluating tool for business opportunities in African markets, specifically in Ghana, a country situated in the western portion of the Black Continent. Aiming to establish an objective reading instrument for the rational selection of Ghana as a prospecting field, the research showed, generally, variables apt to set the country as a fecund market, such as the cultural context; natural and human resources, infrastructure and market size; economic performance and governance, taxation and incentives, operating costs, regulatory frameworks for investment, among others, comprised in four chapters, verified through electronic and bibliographic sources. The current situation seems to lead us to a favourable forecast to capital investments in the region, since Ghana has shaped its legal system so as to make it promising for investors, facilitating access to international capital into local markets by offering general benefits and incentives which resulted in improvement of the business environment / O presente trabalho analisou o investimento estrangeiro direto na África, concentrando-se na produção de uma ferramenta de avaliação de oportunidades de negócios nos mercados africanos, mais especificamente em Gana, país situado na porção ocidental do Continente Negro. Visando estabelecer um instrumento de leitura objetivo para a seleção racional de Gana como campo de prospecção, a pesquisa apontou, genericamente, variáveis aptas a estabelecer o país como mercado fecundo, a exemplo do contexto cultural; recursos naturais e humanos; infraestrutura e dimensão de mercado; desempenho econômico e governança; tributação e incentivos; custos operacionais; quadros regulatórios de investimentos, entre outros, acostados em quatro capítulos, verificados através de fontes bibliográficas e eletrônicas. O quadro atual parece nos levar a previsões favoráveis às aplicações de capital na região, uma vez que Gana moldou seu ordenamento jurídico de forma a torná-lo auspicioso para investidores, facilitando o acesso de capital internacional aos mercados locais, através de benefícios e incentivos gerais, o que culminou na melhoria do ambiente empresarial.

Economia / Master in Economics / The relevance of foreign direct investment (FDI) (UNCTAD, 2007) is recognised by a vast body of literature. However, until recently most studies and policy-making initiatives were focused on the mere magnitude of FDI inflows (i.e. the quantity), neglecting the quality of these investments. Recent literature on subsidiaries roles and evolution is shedding light on the asymmetric quality of multinationals (MNEs) operations, hence helping to understand their differentiated impact on host economies. This dissertation contributes to this literature by investigating empirically the quality of foreign subsidiaries activities located in Ireland and Portugal. Using data from a purposely designed questionnaire survey, the following questions will be analysed. First, which characteristics of multinational subsidiaries are conducive to innovation? This study will consider the impact of age, education and R&D intensities, among other characteristics, on innovation. This question will be analysed using a probit model. Second, do foreign subsidiaries based in Ireland and Portugal differ in a systematic way with regard to these characteristics and with regard to the motivations that led to their establishment? This question will be studied using nonparametric methods. The empirical results (first application) corroborate the hypotheses that age, education and R&D intensities of the subsidiary impact positively on innovation. The results are consistent with previous studies that emphasise the time dependent aspect of multinational subsidiaries evolution (Young, Hood and Peters, 1994; Birkinshaw and Hood, 1997, 1998) and those that highlight the importance of human capital (Bartel and Lichtenberg, 1987; Narula and Marin, 2003) and R&D activities (Cohen and Levinthal, 1989, 1990) for technology absorption and creation. It was also found (the second empirical application) that the asset-seeking motivation played a more important role in attracting investors to Ireland than to Portugal and that subsidiaries based in Ireland tend to display greater education and R&D intensities than those based in Portugal.

Thesis (M. Com. (Economics)) -- University of Limpopo, 2018 / Many developing countries are trying to make their business environment more attractive to foreign investors. They try this by relaxing rules regarding market entry and foreign ownership; improving infrastructure and making other efforts to enhance their chances of becoming a destination country for foreign direct investment (FDI). Among the characteristics of globalisation is the unrestricted capital flow and access to world market. Global FDI stocks have been on the increase and many more African countries are becoming more open to FDI, even though it still remains low. Therefore, the main objective of this study is to provide an analysis of the driving factors towards foreign direct investment in South Africa. The ARDL approach is used to investigate drivers of international investment decisions in South Africa using quarterly data from 2007Q1 to 2017Q1. The bounds cointegration method was chosen to analyse the long and the short run relationship amongst the variables of interest. In addition, the Granger Causality test was used to determine causal relationships between FDI and other variables. The study found that household income level had an effect in the stock of FDI. It also found that labour productivity increased the total output of goods and services and therefore impacted on the stock of FDI in the country. Public infrastructure investment and interest rates are also among the important factors that determine FDI inflow. Furthermore, the dummy variable has a significant negative effect and it shows that labour strikes and unrests affect FDI negatively. Although South Africa has implemented strategies to attract more FDI, recent political instability and labour disputes has left investor weary of the future of the economy therefore a refinement of some of these policies is needed if the country is to be successful in this regard. The county should also focus on developing and maintaining quality infrastructures in terms of, roads, telephones, internet access, water and electricity supply.

L’attractivité des pays est aujourd’hui une composante importante de la politique économique ; elle est au centre des politiques de promotion, d’aménagement et de développement. Avec la mondialisation de l’économie où la réduction des coûts de transport et de télécommunications a anéanti les distances, les firmes désireuses de s’implanter à l’étranger font monter les enchères quant à leur sélection et choix d’implantation ; les pays se retrouvent en situation de concurrence et mettent tout en œuvre, non seulement pour attirer les investissements mais aussi pour les retenir. Les Etats deviennent ainsi les promoteurs de leurs propres territoires afin de séduire les firmes multinationales dans un contexte de surenchère puisque les projets d’investissement sont en nombre limité et que la liste des territoires candidats à leur accueil ne cesse de s’allonger.De par la signature de l’Accord d’association avec l’Union Européenne et des négociations en vue de son adhésion à l’Organisation Mondiale du Commerce (OMC), l’Algérie vise la libéralisation de son économie et son ancrage dans l’économie internationale. Dans cette libéralisation interviennent les investissements directs étrangers (IDE). L’intérêt de l’Algérie est dans les retombées tant managériales, économiques que sociales sur son économie. Pour cela, l’Algérie a prévu un certain nombre de textes et de lois régissant les fondements de sa politique d’investissement qui donne des garanties et des avantages certains aux investisseurs. Dans son processus de transition d’une économie centralisée à une économie de marché déclenché des la fin de l’année 1988, le gouvernement algérien s’est imposé une politique de réformes structurelles qui a permis de rétablir les équilibres macro-économiques, la libéralisation de l'économie, sa dotation en infrastructures modernes et la diminution du risque-pays. Ces réformes ont permis l’accroissement des flux d’IDE vers l’Algérie. Cependant, ces résultats restent en deçà du potentiel d'investissement du pays : l’Algérie n’attire pas suffisamment de firmes étrangères comparativement aux pays voisins. Bien que l'Algérie ait enregistré des résultats positifs dans certains secteurs tels que les hydrocarbures, les télécommunications, la sidérurgie et la pharmacie ; les réformes introduites depuis les années 90 se sont révélées insuffisantes. Et la politique de promotion et d’attraction des IDE menée n’a pas réalisé les objectifs escomptés. De même, les recettes des exportations d’hydrocarbures n’ont pas permis de créer un tissu industriel compétitif et de permettre à l’investissement productif de jouer un rôle plus important dans l’économie du pays. L’essentiel de l’effort productif privé est orienté vers l’économie spéculative au détriment d’une économie productive. Les IDE que l’ouverture de l’économie algérienne et son important potentiel devaient attirer, demeurent faibles. Pourtant, le dispositif juridique mis en place en Algérie donne des avantages et des garanties certains aux investisseurs étrangers. / The attractiveness of the country is now an important component of economic policy; it is the center of political promotion, planning and development. With the globalization of the economy where cost reduction of transport and telecommunications annihilated distance, firms wishing to establish themselves abroad are upping the ante on their selection and choice of location , the country found in competition and make every effort not only to attract investment but also to retain them. And states become promoters of their own territories to attract multinational firms in the context of escalation as investment projects are limited and that the list of candidates to their home territories continues to grow. By the signing of the Association Agreement with the European Union and negotiations for its accession to the World Trade Organization (WTO ), Algeria aims to liberalize its economy and its roots in the international economy. Involved in the liberalization of foreign direct investment (FDI). The interest of Algeria in both managerial benefits, economic and social impact on its economy. To do this, Algeria has provided a number of texts and laws governing foundations of its investment policy that guarantees and advantages to investors.It is around the elements of the problem mentioned above that will focus our research in attempting to answer the following key questions : What determines the choice of multinational firms in the location of their investment, in other words what are the ex ante determinants of FDI ? What are the main instruments of economic and financial policy or the means used by governments to encourage and attract foreign investment ? What are the effects of these policies on FDI flows ?What about Algeria and its policy of promoting investment ? What are the effects of this policy, including the legal framework set up on FDI in Algeria? This device is sufficient to attract foreign investors?In its transition from a centralized to a market economy triggered the end of the 1988 economy , the Algerian government has imposed a policy of structural reforms that helped restore macroeconomic balances , liberalization economy, its modern infrastructure and staffing reduction of country risk . These reforms have increased FDI flows to Algeria. However, these results remain below the investment potential of the country: Algeria does not attract enough foreign firms compared to neighboring countries. Although Algeria has recorded positive results in certain sectors such as hydrocarbons , telecommunications, steel and pharmacy reforms introduced since the 90s have proved insufficient . And policy promotion and attraction of FDI led has not achieved the desired objectives. Similarly, revenues from hydrocarbon exports have failed to create a competitive industrial structure and allow for productive investment to play a more important role in the economy. Most of the private productive effort is directed toward the speculative economy at the expense of a productive economy . FDI that the opening of the Algerian economy and its great potential would attract, remain weak. However, the legal framework set up in Algeria provides some benefits and guarantees to foreign investors.