La présente thèse analyse les interactions entre les stratégies de ciblage d’inflation et leur contexte institutionnelau sein des économies émergentes. Plus précisément, les investigations empiriques menées dans le cadre de cettethèse visent à étudier le rôle du cadre institutionnel dans la conduite et l’efficacité de cette stratégie de politiquemonétaire. Pour cela, nous procédons en deux étapes. Dans un premier temps, nous considérons le cadreinstitutionnel comme exogène à l’adoption du ciblage d’inflation et analysons dans quelle mesure ce cadre a pujouer un rôle dans les performances macroéconomiques des pays émergents cibleurs inflation. Ainsi, après avoirposé les bases conceptuelles du ciblage d’inflation et mis en évidence le rôle des pré-requis économiques etinstitutionnels dans le choix des économies émergentes d’adopter cette stratégie de politique monétaire (chapitre1), nous montrons qu’un certain nombre de conditions institutionnelles ont pu renforcer l’efficacité du ciblaged’inflation en termes de stabilité des prix (chapitre 2). Puis, dans un second temps, nous nous plaçons postadoptionet considérons le cadre institutionnel comme endogène à l’adoption du ciblage d’inflation. L’objectifvisé est alors d’analyser la réponse des autorités des économies émergentes à l’adoption de ce cadre de politiquemonétaire. Nous montrons ainsi que l’adoption du ciblage d’inflation exerce un effet disciplinant sur la conduitede la politique budgétaire, en incitant notamment le gouvernement à intensifier ses efforts de mobilisation desrecettes publiques (chapitre 3). Enfin, nous analysons la politique de change des pays émergents cibleursd’inflation et montrons que la poursuite simultanée d’une cible officielle d’inflation et d’une cible implicite dechange peut être contreproductive en termes de performances macroéconomiques, surtout lorsque cette gestiondu change est motivée par des considérations de stabilité financière (chapitre 4). D’où l’importance pour lespays émergents souhaitant adopter une stratégie de ciblage d’inflation de conduire en amont des réformesstructurelles visant à développer leur marché bancaire et financier. / This thesis deals with the interactions between inflation targeting strategies and their institutional framework inemerging economies. More precisely, empirical investigations conducted in this thesis aim to study the role ofthe institutional framework in the conduct and efficiency of inflation targeting. To this end, we proceed in twosteps. First, we consider the institutional framework as exogenous to inflation targeting adoption and analyzewhether this framework has impacted macroeconomic performance of inflation targeting countries. Thus, afterlaying the conceptual background of inflation targeting and showing the importance of economic andinstitutional prerequisites in the choice of emerging countries of adopting this monetary policy strategy (chapter1), we show that some institutional conditions can strengthen the performance of inflation targeting countries interms of inflation level and volatility (chapter 2). Then, in a second step, we consider the institutionalframework as endogenous to inflation targeting and analyze the response of authorities to the adoption of thismonetary policy strategy. The first result that emerges is that the adoption of inflation targeting provides strongincentives to government for improving fiscal discipline, especially the collection of domestic tax revenue(chapter 3). Finally, we analyze the exchange rate policy of inflation targeting emerging economies and showthat the pursuit of two nominal targets, inflation and exchange rate, can be counterproductive in terms ofmacroeconomic performance, more particularly when this exchange rate management is motivated by financialstability considerations (chapitre 4). Hence the importance for inflation targeting candidates of conductingstructural reforms to increase financial development.

[pt] A globalização dos mercados financeiros das últimas décadas trouxe ao centro da discussão de finanças internacionais o conceito de risco-país. A importância do risco para a economia de um país está relacionada ao fato de que, em um ambiente de alta mobilidade de capital, ele acaba sendo um importante balizador da taxa de juros doméstica. Para que se possa compreender a evolução do risco de um país, medido pelo spread de seus títulos no mercado internacional, não basta entender a influência das características específicas dos países, mas é fundamental também avaliar o papel dos choques internacionais. Dentro deste arcabouço, o objetivo central desta dissertação é avaliar de maneira mais precisa o papel das variáveis externas na determinação dos spreads dos países emergentes. Mostraremos que para entender os choques externos sobre os spreads emergentes não basta observar os movimentos da taxa de juros livre de risco, como se supõe na literatura tradicional, mas também é preciso fazer considerações acerca da aversão ao risco dos investidores internacionais, e do contágio entre os países emergentes durante períodos de crise. / [en] The globalization in the financial markets during the last decades brought the concept of country risk to the center of the discussion in international finance. The importance of country risk is related to the fact that, in a high capital mobility environment, it becomes a important determinant of the domestic interest rate. To understand the evolution of the risk of a country, measured by the spread of its bonds in the international markets, it is important not only to comprehend the influence of its specific fundamentals, but also to evaluate the role of the external shocks. In this framework, the central goal of this dissertation is to evaluate more accurately the role of the external variables in the determination of the spreads of the emerging countries. It will be shown that to understand the external shocks it is not enough to observe only the movements of the free risk interest rate, as the traditional literature assume, but it is also necessary to take into account the risk aversion of the international investors, and the contagion between emerging economies during crisis time.

The so-called digital economy has been growing exponentially in the emerging economies and it is expected to continue growing around the globe. For this reason, many governments are funding support programmes (e.g. Start-up America in the USA, the UK’s Tech City, and Brazil Startup) to both encourage and facilitate the creation of Digital Start-ups (DSs), defined here as recentlycreated enterprises that produce solely digital products or services. Whilst in some regions there is some evidence that these efforts are starting to pay off, the majority of DSs that have grown to become global digital enterprises remain concentrated in the United States and Europe. In the case of Latin America, the digital economy already accounts for between 2-3.2% of GDP. Nonetheless, most e-commerce transactions occur through platforms based in the United States, with a scarcity of examples of Latin American DSs (LADSs) that have grown to become large digital firms. Despite this, the literature has paid little attention to the relationship that exists between the institutional environment and LADS’s agency. The few extant studies that do exist have focused on either institutional or infrastructure constraints and public policies, or business models and resource analysis. To address this knowledge gap, this research studied LADSs in the four largest Latin American countries (Brazil, Mexico, Argentina, and Colombia), representing three-quarters of the region’s GDP, in order to answer the following questions: How do environmental pressures influence the development of LADSs? How do LADSs respond to these pressures and seize potential business opportunities? The research followed a critical realist philosophical foundation and was operationalised through a qualitative exploratory field study of forty organisations, including DSs, accelerators, investors, government agencies, and not-for-profits. Geel’s (2014) Triple Embeddedness Framework (TEF) was chosen as the theoretical framework to guide this research and integrates constructs from the Lean Start-up method (LSM), which was widely adopted by the LADSs to develop their business models. This study provides empirical support for the constructs outlined in the TEF, identifies crucial shortcomings in LSM, and uncovers new constructs that are necessary to accommodate the DSs’ digital properties, which result in tensions between their embeddedness in the institutional environment, their hybrid embeddedness in a product-sector industry and a digital industry, and their embeddedness in a multi-level organisational field that creates a core-periphery relationship between Latin America and the United States. Therefore, a new framework, entitled DIME, is proposed to assist e-entrepreneurs when developing digital business models to achieve the right firm-environment-fit in Latin America. The findings of this study will also contribute to future research, and to guide policy makers interested in fostering the development of the digital economy in emerging economies.

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2016-08-25T13:11:13Z No. of bitstreams: 1 Luiz Felipe Jostmeier Vallandro_.pdf: 1279034 bytes, checksum: 2e83e11ab40a6df49542fe7525f4485f (MD5) / Made available in DSpace on 2016-08-25T13:11:13Z (GMT). No. of bitstreams: 1 Luiz Felipe Jostmeier Vallandro_.pdf: 1279034 bytes, checksum: 2e83e11ab40a6df49542fe7525f4485f (MD5) Previous issue date: 2016-06-14 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Este estudo investigou os fatores determinantes da direção da estratégia de diversificação de grupos empresariais no Brasil. Utilizando a teoria dos custos de transação (WILLIAMSON, 1975; 1979; 1985) e a teoria da agência (JENSEN e MECKLING, 1976) como pilares teóricos, o estudo se propôs a analisar a influência de um conjunto de fatores sobre a escolha da direção da estratégia de diversificação de grupos empresariais brasileiros, que ocorre no sentido de negócios relacionados ou não relacionados (diversificação relacionada X diversificação não-relacionada) à atividade principal do grupo. A estratégia empírica considerou uma amostra de 51 grupos empresariais identificados entre os 200 maiores grupos do Brasil entre 2009 e 2014, de acordo com a publicação do anuário Valor Grandes Grupos. A direção da diversificação tomou a forma de uma variável binária, com valor igual a 1 para a diversificação não-relacionada e zero para a diversificação relacionada. As variáveis utilizadas como os determinantes da direção da diversificação foram: lucratividade, endividamento, capex, risco, ativos físicos, ativos intangíveis, estrutura de propriedade considerando apenas um acionista controlador com ao menos 50% +1 das ações com direito a voto (Definido1), estrutura de propriedade formada por um grupo de acionistas compartilhando o controle (Definido2) e controle familiar. Duas variáveis de controle foram adicionadas: tamanho e oportunidades de crescimento. Os testes empíricos foram executados utilizando regressões probit painel para dados empilhados. As evidências sugerem que existe um conjunto de fatores que influencia a direção da estratégia de diversificação perseguida por grupos empresariais brasileiros. A principal conclusão é que fatores como endividamento, risco, capex e controle acionário exercido por um grupo de acionistas compartilhando o controle do grupo empresarial influenciam positivamente a probabilidade da escolha da diversificação não-relacionada. Por outro lado, fatores como ativos intangíveis e estrutura de propriedade considerando apenas um acionista controlador com ao menos 50% +1 das ações com direito a voto do grupo influenciam negativamente a probabilidade da escolha da diversificação não-relacionada. / This study investigated the determinants of the direction of diversification strategy of business groups in Brazil. Using both transaction costs theory (WILLIAMSON, 1975; 1979; 1985) and agency theory (JENSEN & MECKLING, 1976) as theoretical pillars, this study aimed to analyze the influence of a set of factors on the choice of the direction of diversification strategy of Brazilian business groups, that occurs towards related or unrelated businesses (related vs. unrelated diversification, respectively) to the main activity of the group. The empirical strategy considered a sample of 51 business groups identified among the 200 largest business groups in Brazil between 2009 and 2014, according to the publication of the yearbook Valor Grandes Grupos. The direction of diversification took the form of a binary variable, with the value of one for unrelated diversification, and zero for related diversification. The variables used as the determinants of the direction of diversification were: profitability, debt, capex, risk, physical assets, intangible assets, ownership structure considering only one shareholder holding at least 50% +1 of the shares with voting rights (Definido1), ownership structure formed by a group of shareholders sharing the control (Definido2), and family control. Two control variables were set: size and growth opportunities. Pooled probit panel regressions were used to run the empirical tests. The evidence suggest that a set of factors influences the direction of diversification strategy pursued by Brazilian business groups. The main conclusion is that factors like debt, risk, capex, and ownership structure formed by a group of shareholders sharing the control of the business group influence positively the probability of the choice of unrelated diversification. On the other hand, factors like intangible assets and ownership structure considering only one shareholder holding at least 50% +1 of the shares with voting rights influence negatively the probability of the choice of unrelated diversification.

This dissertation examines the strategic choices of multinational enterprises (MNEs) in host countries that become engaged in war. By combining the resource-based view and resource management theory, and drawing additional insights from research on real options and foreign strategic exit, I link the costs attributable to war to the strategic responses of the MNE at the subsidiary level in a novel firm-vulnerability framework. In particular, I develop theory regarding whether a subsidiary will exit from a host country, and if so, the timing (early or late) and mode (whole or partial) of exit. I test my hypotheses on a sample of 626 subsidiaries from 386 Japanese MNEs representing 51 industries in 23 countries at war, both interstate and civil, over the period 1988 to 2006. In analyzing the exit likelihood and timing decisions with time-varying covariates, I employ an extended Cox proportional hazard model, which allows for random-effects modeling of predictor variables at the subsidiary, parent MNE, and host country levels. To determine the exit mode of subsidiaries that choose exit over staying, I use binomial logit models. To correct for potential sample selection bias, I replicate my exit mode results with a Heckman probit model. My findings suggest that iv increasing strategic flexibility can counterbalance the potential disadvantages associated with leveraging strategically salient resources in high-risk locations. In examining war as a broad-based perturbation capable of destroying not only institutionalized values, but also the physical infrastructure and human capital of firms, this dissertation empirically demonstrates how political violence influences the strategies of MNEs. Furthermore, my interdisciplinary approach in integrating theoretical lenses from climate change and natural environment sustainability with existing management literatures to examine the effect of war on firms serves to enhance our understanding of individuals and collectives in extreme conditions.

International Business research overwhelmingly tends to focus on firms that are perceived as rising international stars. This study, on the other hand, is motivated by the desire to examine other types of business organizations as they navigate the globalization process. In particular, a holistic view of family business groups (FBGs) and mainstream internationalization models governed by the concept of firm-specific advantages (FSAs) are con­fronted with the empirical findings of actual business expansion via personal connections. This serves as the conceptual framework of the study when investigating the nature of competitiveness of FBGs. Thailand is chosen as the research setting because of its both distinct and relevant economic and cultural background. The analysis begins by quantitatively exploring the population of the 139 largest Thai FBGs. Then, more fine­grained explanations are developed as a series of comparative case studies are carried out. Overall, the findings shed light on the study of emerging multinational corporations (EMNCs) in general by detailing and probing the evolution of Thai FBGs. Focus is on the internationalization process(es) and the subsequent need for organiza­tional adjustments; the latter involving imposing a measure of discipline on family affairs as well as modernizing business operations. This adds to the hitherto established notion of latecoming EMNCs simply scaling the techno­logical ladder. In essence, the tension between the "easy" path of relying on connections (i.e., what here is termed "the bamboo network") and the more "difficult" path of building competitiveness (i.e., going beyond the bamboo network) is exposed and explained. This study thus contributes to our understanding of the firm internationalization process. / Diss. Stockholm : Handelshögskolan i Stockholm, 2011

Aujourd’hui les chercheurs du commerce international ne peuvent pas négliger la croissance significative et soutenue de l’investissement direct étranger (IDE), à la fois entrant et sortant, réalisé par des pays en voie de développement. Parmi ces pays, la Chine est en position de leader, en démontrant un fort élan en tant que récepteur d’IDE et investisseur, pas seulement dans des pays en voie de développement, mais aussi dans des pays développés. Les principaux acteurs derrière cette scène sont des entreprises multinationales (EMN) chinoises. Etant des retardataires en terme de l’internalisation, des EMN chinoises sont en train de concurrencer leurs compétiteurs plus établis, des EMN pionnières, dans le monde entier, y compris dans leurs marchés domestiques. Les études existantes sur l’internalisation de la Chine ne peuvent pas refléter la grandeur et la profondeur du processus d’internalisation de l’empire au milieu. Spécifiquement, des EMN chinoises démontrent des particularités bien distinctes qui méritent des études plus poussées et focalisées. A cet égard, la question souvent posée est si le processus d’internalisation des EMN chinoises peut être expliqué par les théories classiques dérivées des EMN pionnières, ou par les analyses effectuées dans les littératures sur des EMN retardataires. Dans cette thèse, nous répondons cette question en menant une étude sur les stratégies de Marketing des quatre EMN chinoises majores s’internationalisant dans des marchés développés, notamment l’Europe de l’ouest : Huawei, Haier, Lenovo et Geely, qui sont tous déjà leaders dans le marché domestique. En juxtaposant des propositions dérivées des stratégies des EMN chinoises avec les théories d’internalisation existantes (les théories classiques et alternatives), nous démontrons l’évolution et l’adaptation de ces théories dans le nouveau contexte de la globalisation, qui constitue aussi à une contribution managériale à la fois aux EMN retardataires et aux EMN pionnières. / Nowadays researchers of International Business could not possibly fail to notice the phenomenon that the FDI (Foreign Direct Investment) inflows and outflows of the world's developing countries keep increasing at a steady pace, and within this group, China continues to take the lead, showing great momentum both as a recipient of foreign investments and as an investor itself, not only in fellow developing countries, but in developed ones as well. And the main player and driver behind the scene is the country's MNEs (Multinational Enterprises) - latecomers in terms of internationalization, Chinese MNEs are competing their more established competitors, the MNE early-movers, all over the world, including in the home markets of the latter. Existing studies on China’s internationalization fail to reflect its scale and depth; Chinese MNEs as well as the social-economical situation of the country as a whole demonstrate distinct features, which deserve more-focused and case-specific studies. While questions often linger on whether the internationalization process of Chinese MNEs can be explained in terms of mainstream theories derived from early-movers, or in terms of the analyses that have so far been offered for latecomers, we decide to make a contribution to the solution of the question by having a focused examination on the Marketing strategies of four major Chinese MNEs internationalizing into developed country markets, notably West Europe: Huawei, Haier, Lenovo and Geely - all of which are already leaders in the domestic market and actively seeking a global leadership. By juxtaposing propositions derived from the strategic behaviors of Chinese MNEs with existing internationalization theories (both mainstream and alternative), we demonstrate how such theories could evolve in the new context of globalization, and make managerial contributions to both MNE latecomers and early-movers alike.

La presente investigación pretende analizar el efecto de la Sostenibilidad Corporativa a través del índice ESG (Ambiental, Social y de Gobernanza) que, agrupa las prácticas sociales, medioambientales y de gobernanza corporativa, sobre el valor de la firma para empresas de cinco economías emergentes tales como Brasil, Perú, Colombia, México y Chile (LATAM5). Las investigaciones relacionadas en torno a medir la efectividad de estas prácticas ESG son muy escasas para países en desarrollo. Asimismo, la literatura muestra que también son pocas las investigaciones que abordan las consecuencias de las tres dimensiones ESG en conjunto, incluso cuando se encuentran fuertemente entrelazadas debido a que abordan similares problemáticas y preocupaciones. En cuanto a los resultados, la evidencia muestra que la variable de interés, el índice ESG, no tiene efectos sobre el valor de la firma, mientras que el rendimiento de los activos y la ratio de gasto de capital sí impactan positivamente el valor de la firma para los países de LATAM5. Si bien la literatura empírica arroja resultados mixtos sobre el índice ESG y el valor de la firma, se espera que en los próximos años más empresas divulguen periódicamente sus prácticas de ESG en Latinoamérica y, a su vez, que esta información sea absorbida oportunamente por el mercado y sea verdaderamente apreciado por las partes interesadas, de modo que se compense el buen desempeño de gestión de las compañías. / This research aims to analyze the effect of Corporate Sustainability through the ESG (Environmental, Social and Governance) index that groups together social, environmental and corporate governance practices on the value of the firm for five emerging economies such as Brazil, Peru, Colombia, Mexico and Chile (LATAM5). Research related to measuring the effectiveness of these ESG practices is very scarce for developing countries. Furthermore, the literature shows that there is also little research that addresses the consequences of the three ESG dimensions together, even when they are strongly linked because they address similar issues and concerns. Regarding the results, the evidence shows that the variable of interest, the ESG index, has no effects on firm value, while the return on assets and the capital expenditure ratio do positively affect the firm value for LATAM5 countries. Although the empirical literature shows mixed results on the ESG index and firm value, it is expected that in the coming years more companies will periodically disclose their ESG practices in Latin America and, in turn, that this information will be absorbed in the market and it becomes valuable information for stakeholders, so that the good management performance of companies is compensated. / Trabajo de investigación

Ce travail doctoral s’intéresse aux choix du mode d’entrée des PME de service d’ingénierie souhaitant s’implanter sur les marchés émergents. Le contexte est à un double titre : un pays d’économie en transition, la Russie, et une PME du type Born Global de services à forte intensité de connaissances (SFIC), secteur parapétrolier. Notre recherche porte sur la détermination des facteurs qui permettent de franchir avec succès les barrières à l’entrée dans ce contexte. Nous avons procédé à la collecte des données empiriques primaires sur le terrain en conduisant une analyse qualitative exploratoire longitudinale d’étude de cas unique sur la période 2006-2013. L’étude de cas a été privilégiée afin de valider nos propositions de recherche issues des travaux scientifiques identifiés tel que les théories concernant les modes d’entrée, les PME Born Global, l’internationalisation des activités de services aux entreprises, les réseaux relationnels. Les résultats obtenus montrent que les PME SFIC du type Born Global se développe à l’international en suivant leurs clientèles, en s’appuyant sur le marketing relationnel et sur leur réseau comme un outil d’accès à une information fiable dans une espace volatile, à la différenciation de l’offre et à la rapidité de réaction pour exploiter une stratégie de niche. La nature d’activité des SFIC nécessite pour convaincre les clients, d’exploiter les capacités rhétoriques du personnel en contact, faire attention à l’image projetée et de gérer les relations et les interactions avec les clients centraux. Nos résultats font apparaître l’importance de l’étape pré-export pour la réussite du projet d’implantation dans ce contexte de marché. / This research work focuses on the entry mode choices that best fit the needs of SMEs of engineering services which set up their business into emerging markets. The context is twofold: a country with transition economy, Russia, and the so-called « Born Global » SME of knowledge intensive business services (KIBS), operating in the oilfield sector. Our study tries to identify factors that may help successfully overcome the entry barriers in this particular context. To conduct this research, we used an empirical approach of primary data collected directly from the field. Our exploratory qualitative analysis has been carried out longitudinally and involves data collection of single case study over the period 2006-2013. The method of single case study was privileged in order to validate our research proposals that emerged from the theoretical background related to the works about: entry mode, « Born Global » SME, the internationalization of professional business service, networks. Our descriptive results indicate that « Born Global » KIBS firms attempt to set up their business by following their clients, through relationship marketing and networks approach as a tool to get an access to reliable information in the turbulent environment, reinforced by the offer differentiation, reactivity and a niche strategy. The work and the outcomes of KIBS cannot be immediately evaluated, which require to convince customers through the management of rhetorical skills of contact persons, image production and interactions with central clients. Moreover, our results show the importance of pre-export phase to perform better the set up project in the context of emerging market.

Text in English with abstract in English, Northern Sotho and Xhosa / This study investigated the determinants of expansion strategies that are adopted by MNCs that invest in African emerging economies. Literature suggests that expansion strategies have received little research attention, especially in the African context. Previous studies suggest that MNCs initiate their internationalisation process through exportation, and then explore other resource-committed expansion strategies (FDIs) at a later stage. A number of theories have been used to explain the behaviour and decisions of MNCs in this regard. One of the prominent theories in this regard is Dunning‘s OLI paradigm that has been the most influential and widely used, but this study was premised on internationalisation theory. For the purposes of this study, two expansion strategies of MNCs were identified as greenfield foreign direct investment (FDI) and exports. The study sampled six top African emerging countries rated by the stock size and volume of FDI inflow they had attracted. The study utilised the cross-sectional time-series data for period spanning 1996 to 2016. The data were accessed from statistical records of African Development indicators (ADI), a statistical arm of the World Bank. This quantitative research employed econometrics estimation technique to achieve its objectives, namely OLS regression. The study relied on Durbin-Watson statistics contained in ordinary least squares (OLS) regression to attend to issues of autocorrelation. To establish long run relationship, Johansen‘s cointegration approach was employed. / Thutelo ye e nyakišitše ditšhupo tša maano a katološo ao a amogetšwego ke dikhamphani tše di dirago dinageng tše ntši (diMNC) tšeo di beeleditšego ka go diekonomi tše di golago tša Afrika. Dingwalo di šišinya gore maano a katološo a filwe šedi ye nnyane ya dinyakišišo, gagolo kemong ya Afrika. Dithutelo tše di šetšego di dirilwe di šišinya gore diMNC di thome tshepedišo ya go oketša tiro ya feme boemong bja boditšhabatšhaba ka mokgwa wa kišontle, gomme ka morago di hlohlomiše maano a mangwe a katološo a boikemišetšo go fa ditlakelo le thušo tše di nyakegago go fihlelela dinepo tše di filwego tša feme nakong ye e tlo latelago. Diteori tše mmalwa di dirišitšwe go hlaloša mokgwa wa go dira le diphetho tša diMNC malebana le se. Ye nngwe ya diteori tše bohlokwa malebana le se, gape yeo e bego e le ye e nago le khuetšo ye kgolo gape e dirišitšwego ka bophara, ke dikgopolo ka ga ka moo dilo di šomago tša OLI go ya ka Dunning, eupša thutelo ye e begilwego bjalo ka matseno go teori ya kgodišo ya difeme gore di dire dinageng tše dingwe. Ka lebaka la morero wa thutelo ye, maano a katološo a mabedi a diMNC a šupilwe bjalo ka peeletšo thwi ge motho a hloma khamphani nageng e šele (FDI) le kišontle. Thutelo e tšeere dinaga tše tshela tša boemo bja godimo tšeo di golago tšeo di lekantšwego ka bogolo bja thoto le bolumo ya ditseno tša FDI tšeo di di tlišitšego. Thutelo ye e dirišitše tshedimošo yeo e hweditšwego ka go lemoga dinomoro tšeo di kgobokeditšwego dinakong tše di fapanego dinakong ka sebaka sa nako seo se lekanago pakeng ya nako ya 1996 go iša go 2016. Tshedimošo e hweditšwe go tšwa direkhotong tša Dipalopalo tša African Development Indicators (ADI), lekala la Dipalopalo la Panka ya Lefase. Nyakišišo ka go kgoboketša le go sekaseka datha yeo e hweditšwego methopong ye e fapanego e dirišitše dithekniki tša dipalopalo go kwešiša ditaba tša ekonomi le diteori tša teko go fihlelela maikemišetšo a yona, e lego tswalano go OLS. Thutelo e theilwe go Dipalopalo tša Durbin-Watson tšeo di lego ka tekanyo ya tswalano ka go fokotša palo ya go fapana ga disekwere gare ga dipalo tše di lemogilwego le tšeo di akantšwego go lebelela ditlhagišo tša nyalanyo Go hlola ditswalanyo tša nako ye telele, mokgwatebelelo wa Johansen wa tatelano ya dikhutlo tša datha ya dinomoro ka go latelana ga tšona o dirišitšwe / Esi sifundo siphande izinto ezilawula amacebo okwandisa enziwa ngamaqumrhu amazwe ngamazwe (MNCs) natyala imali kumazwe aseAfrika anoqoqosho oluntshulayo. Uluncwadi olukhoyo luthi amacebo okwandisa awanikwa ngqwalasela yaneleyo kuphando, ngakumbi kwiimeko zaseAfrika. Izifundo ezidluleyo ziveze ukuba iiMNCs ziyiqala ngokuthumela iimveliso zazo inkqubo yokufaka la mazwe kushishino lwamazwe ngamazwe. Emva koko zizama ukuncedisa ngezixhobo nemithombo yokusebenza njengecebo lokwandisa. Ziliqela iingcingane ezisetyenzisiweyo xa kuchazwa indlela yokwenza nezigqibo zeeMNCs ngalo mbandela. Enye yeengcingane eziphambili nesetyenziswe kakhulu kulo mba yekaDunning, neyaziwa ngokuba yiOLI paradigm, nangona esakhe isifundo sasisekele kwingcingane yokudibanisa amazwe ngamazwe. Kwesi sifundo kuchongwe amacebo okwandisa amabini asetyenziswe ziiMNCs. La macebo kukutyala ngqo imali nemithombo (greenfield foreign direct investment - FDI) nokuthumela iimveliso zazo kuloo mazwe. Esi sifundo sikhethe amazwe aseAfrika amathandathu naphambili xa kubalwa izinto anazo la mazwe, nomyinge wemali nezixhobo ezifakiweyo. Isifundo sisebenzise iinkcukacha ezingamaqela amanani anqumlezanayo (cross-sectional time-series data) kwixesha elisukela kunyaka we-1996 ukuya kowama-2016. Ezi nkcukacha zafunyanwa kwiingxelo ezigciniweyo zeZalathisi Zophuhliso LwaseAfrika (African Development Indicators - ADI), kwicandelo lezobalo kwiBhanki Yehlabathi. Olu phando lusekelwe kumanani, lusebenzise indlela yokusebenza ngokuqikelela nekuthiwa yieconometrics estimation technique ukuze siphumeze iinjongo zaso zobalo olwaziwa ngokuba yiOLS regression. Esi sifundo saxhomekeka kwizibalo zikaDurbin-Watson ezifumaneka kubalo lweordinary least squares (OLS) regression ukuze lujongane nemiba yokuzilungisa. Ukuze simisele ulwalamano oluqhuba ixesha elide, kwasetyenziswa indlela yokuhlanganisa iinkcukacha zikaJohansen. / Business Management / M. Com. (Business Management)