Thesis (Ph. D.)--University of Connecticut, 1987. / Includes bibliographical references (leaves 118-126).

Thesis (Ph. D.)--University of Oregon, 2006. / Typescript. Includes vita and abstract. Includes bibliographical references (leaves 116-124). Also available for download via the World Wide Web; free to University of Oregon users.

This study argues that governments with sustained GDP growth, open markets, low country risk, high levels and low standard deviation of government performance, and few or no occurrences of war, will see larger levels of foreign direct investment (FDI) over time. Scholarship on the determinants of FDI variously argues the influence of GDP growth, the openness of a country's economy, a government's level of political capacity, the level of country risk, and the negative effects of inter-, intra- and extrastate conflict. These studies on the various effects on FDI, while providing insightful and substantial statistical results, fail to capture the simultaneous effects of macroeconomic, government performance, country risk, and war variables. The present study attempts to resolve this gap in the literature on FDI by proposing a multi-dimensional model of the combined effects of un-weighted macroeconomic, political, country risk, and war variables on FDI flows over time. The empirical results confirm the expected multi-dimensional nature of FDI flows over time and provide insight into the macroeconomic and political effects on regional and country-level yearly flows of FDI, as well as yielding some unexpected and counter-intuitive results of the role war plays on FDI flows over time.

Thesis (MComm (Business Management))--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: The increase in globalisation and integration of world financial markets has seen a significant enhancement in the amount in foreign investments. This coupled with the downfall of the apartheid regime has given rise to an opportunity for companies to diversify their investment and operational portfolios internationally. Furthermore world foreign direct investment has reached a high during recent years. This indicates that companies are undertaking more opportunities to invest internationally. This study was undertaken from the perspective of South African companies who may be considering to invest abroad. This is due to the fact that a clear research gap regarding their perspective has been found. The gap was found because most studies chose to focus on countries such as the United States of America, China and Japan, while none focused on the point of view of South African companies to the best of the available knowledge. The second factor was that studies did not only focus on the financial considerations, but instead included social and political factors. This study, due to the research gap found, chose to focus on the financial considerations of South African companies when considering making capital investments abroad. The top 50 companies in South Africa were chosen according to the Financial Mail’s Top Companies issue. It was decided that 30 of these companies would be sufficient as the research sample for the study. A questionnaire was drawn up and used as an aide memoire in personal interviews with these executives of the relevant companies. This allowed an opportunity to explore their perceptions and opinions regarding the factors that were selected as important from the literature study. In addition to this the executives provided company information that would be used in the sensitivity analysis. It was found that there are a number of company- and country-specific factors that need be contemplated when considering capital investments abroad. The company-specific factors include the profitability, cash flow, liquidity, solvency and future long-term growth characteristics of the prospective investment opportunity. This should be done in comparison with the host country to ensure that it will be worthwhile to increase the company’s risk factors. The country-specific factors include any restrictions placed on the cross-border movement of capital, the taxation legislation, and the availability of reliable information regarding the foreign market. The availability of foreign financing, availability of foreign exchange hedging instruments, investment incentives and the availability of labour and capital in order to apply the correct operating leverages are also important. The company-specific and country-specific factors need be considered in conjunction with each other. Furthermore all factors need be compared between the home and host countries in order to ascertain whether the advantages of entering into the foreign market are large enough. / AFRIKAANSE OPSOMMING: Die toename in globalisering en integrasie van finansiele markte in die wêreld het ‘n beduidende toename in die hoeveelheid buitelandse investerings na vore gebring. Tesame met die ondergang van apartheid het dit geleenthede aan maatskappye gebied om hul investerings en operasionele portefeuljes internasionaal te diversifeer. Verder het globale buitelandse direkte investering ‘n hoogtepunt in die onlangse jare bereik. Dit toon dat maatskappye meer geleenthede onderneem om internasionaal te investeer. Die studie was onderneem vanuit die perspektief van Suid-Afrikaanse maatskappye wat dit moontlik oorweeg om in die buiteland te investeer. ‘n Duidelike navorsingsgaping is gevind op grond van die verskille tussen die maatskappye se perspektiewe. Die gaping het ontstaan aangesien meeste studies gefokus het op lande soos die Verenigde State van Amerika, China en Japan, met so ver bekend geen studie wat fokus vanuit Suid-Afrikaanse maatskappye se perspektief nie. Die tweede faktor was dat die studies nie slegs op finansiele inagnemings gefokus het nie, maar ook sosiale en politieke faktore ingesluit het. As gevolg van die navorsingsgaping wat gevind is, fokus hierdie studie op die finansiele oorgewings vir Suid- Afrikaanse maatskappye wanneer hulle kapitaalinvesterings in die buiteland oorweeg. Die 50 top maatskapye in Suid-Afrika was gekies volgens die “Financial Mail” se uitgawe van vooraanstaande maatskappye. Daar is besluit dat 30 van hierdie maatskappye ‘n voldoende navorsingsteekproef vir die studie sal wees. ‘n Vraelys was saamgestel om as hulpmiddel te dien vir die persoonlike onderhoude wat met die senior bestuurders gevoer is. Dit het die geleentheid geskep om hul perspektiewe en opinies rakende die belangrike faktore wat uit die literatuurstudie geidentifiseer is, te verken. Die uitvoerende beamptes het ook maatskappy-inligting verskaf wat in die sensitiwiteitsanalise gebruik sou word. Daar was gevind dat ‘n aantal maatskappy- en land-spesifieke faktore bestaan waaroor besin moet word wanneer buitelandse kapitaalinvesterings oorweeg word. Die maatskappy-spesifieke faktore sluit in winsgewendheid, kontantvloei, likiditeit, solvabiliteit en toekomstige langtermyn groei-eienskappe van die voornemende investeringsgeleentheid. Dit moet gedoen word in vergelyking met die land waarin geinvesteer gaan word on te verseker dat dit die moeite werd sal wees om die maatskappy se risikofaktore te verhoog. Die land-spesifieke faktore sluit in enige beperkings wat geplaas word op die beweging van kapitaal oor grense, die belasting-wetgewing, en die beskikbaarheid van betroubare inligting rakende die buitelandse mark. Die beskikbaarheid van buitelandse finansiering, beskikbaarheid van verskansingsinstrumente vir buitelandse valuta, investeringsaansporingsmaatreels en die beskikbaarheid van arbeid en kapitaal om die korrekte bedryfshefboomwerking toe te pas is ook belangrik. Die maatskappy-spesifieke en landspesifieke faktore moet gesamentlik oorweeg word. Verder moet alle faktore tussen die tuisland en die land waarin geinvesteer gaan word, vergelyk word om vas te stel of dit voordelig sal wees om die buitelandse mark te betree.

No description available.

Intensificadas pelo processo de globalização, as transformações no direito internacional ganharam novo impulso ao longo do último século, sobretudo a partir de sua segunda metade. A criação e, em seguida, extensão das atividades das organizações internacionais fazem parte desse processo. No caso do Grupo Banco Mundial, nascido como uma única organização, esse processo tomou proporções extraordinárias, seja pelo seu desenvolvimento funcional, seja estrutural. Obviamente, mudanças de tais proporções causam impactos inevitáveis sobre o direito. Nesse trabalho, essas transformações são visualizadas através de um instrumento bastante peculiar: o financiamento de projetos (project finance). Importado da economia, essa mecânica de financiamento tem feições jurídicas ainda um tanto opacas. Quanto ao Banco Mundial, ele intervém nesse processo de inúmeras maneiras: através da concessão de empréstimos, garantias, até mesmo resolvendo conflitos. O desenvolvimento dessa gama de atividades inevitavelmente levou a adquirir competências de regulador que originalmente não possuía. / Globalization has intensified the transformations within International Law during the last century, especially its second half. The international organizations creation and, afterwards activities development are important parts of this process. Concerning the World Bank Group, which had been born as a single institution, this process took extraordinary proportions in both senses through its structural and functional development. Obviously, such changes cause inevitable impacts on law. Within this work, we approach these changes through a very peculiar instrument: project finance. Imported from economics, this mechanism has very uncertain legal features yet. Concerning the World Bank, it intervenes within this process in different ways: according loans, guarantees or even resolving conflicts. The development of this broad agenda inevitably gave it some regulatory powers it hadnt originally had.

Partant du premier constat selon lequel, le continent africain a été et reste encore aujourd’hui, celui dont les habitants sont les plus pauvres du monde, nous nous sommes assigné comme objectif d’essayer d’en identifier les tenants et les aboutissants. A la lumière des avancées en matière de théorie de la croissance, nous avons énumérés les deux principaux mécanismes convoyeurs de croissance économique, à savoir l’accumulation des facteurs de production et le progrès technique. Ensuite comme second constat, nous avons remarqué qu’à la fois le taux d’investissement et le niveau de progrès technique était plus faible sur le continent africain, qu’ailleurs. Conscient également de cet état des choses, les instances dirigeantes de ces pays, ont entrepris d’attirer le plus d’investissements étrangers possible, considérés d’une part comme un moyen de contourner le déficit d’investissements productifs et d’autre part comme un mode d’adoption de nouvelles technologies. C’est pourquoi, l’impact des investissements directs étrangers sur la croissance économique des pays en voie de développement et africains en particuliers, a constitué l’objet de notre étude. Nous avons décelé dans notre étude, comme dans la littérature sur le sujet, un impact des IDE sur l’investissement local en Afrique neutre, soutenant l’hypothèse que ces investissements augmentent au moins le stock de capital physique par tête des pays africains de notre échantillon. Ce faisant, les IDE vont influer sur le revenu par tête des pays de notre échantillon, dans des proportions différentes mais selon le même principe que les investissements dits nationaux. On a constaté que les investissements directs étrangers, ont eu un impact moyen positif supérieur sur le niveau de revenu par tête de long terme (22% de hausse quinquennale moyenne), à celui des investissements domestiques (0,5% de hausse quinquennale moyenne). Cependant, nous n’avons pas enregistré d’effets d’externalités de productivités positives au sein de ces pays, liées à la présence d’entreprise étrangères. Au sein d’un échantillon plus large cette fois-ci, comprenant aussi bien des pays développés, en voie de développement et africains, nous avons trouvé que les IDE deviennent significatifs pour le processus de rattrapage technologique, via des externalités de productivité, quand le ratio de productivité totale des facteurs du pays hôte par rapport à celui des Etats-Unis, est supérieur ou égal à 0,47. Donc, pour bénéficier au maximum de la présence de multinationales sur leur territoire, les pays africains doivent mettre au préalable en place, de bonnes conditions politiques, économiques et sociales, leur permettant d’améliorer leurs capacités d’absorption (écart raisonnable de productivité vis-à-vis des Etats-Unis). / Starting with the first observation that the African continent has been and still is, one whose inhabitants are the poorest in the world, we have assigned a target to try to identify the ins and outs. In light of advances in growth theory, we have listed the two main mechanisms conveyors of economic growth, namely the accumulation of factors of production and technical progress. As second observation, we noticed that both the investment rate and the level of technical progress was lower on the African continent than elsewhere. Also aware of this situation, the governments of these countries have begun to attract more foreign investment as possible, on the one hand considered as a way to circumvent the lack of productive investment and secondly as a mode of adoption of new technologies. Therefore, the impact of FDI on economic growth in developing countries and in Africa in particular, has been the object of our study. We found in our study, as in the literature on the subject, that the impact of FDI on domestic investment in Africa is neutral, supporting the assumption that these investments increase at least the stock of physical capital per head of our African sample. In doing so, the FDI will affect the per capita income of countries in our sample, in different proportions but according to the same principle as the national investments. We found that foreign direct investment, had an average positive upper impact on the long-term level of per capita income (22% average increase every five-year) than domestic investment (0.5% average increase every five-year) . However, we have not registered positives productivity externalities in these countries, due to the presence of foreign business. Within a larger sample this time, including as well developed countries, developing countries and African countries, we found that FDI becomes significant for the process of technological catching-up, by productivity externalities when the ratio of total factor productivity in the host country compared to the United States is greater than or equal to 0.47. So to get the most from the presence of multinationals in their territory, African countries must first establish, good political, economic and social conditions, enabling them to improve their absorptive capacity (reasonable productivity gap vis -à-vis the United States).

As inovações tecnológicas em um mundo globalizado estão alterando o papel do Estado e as relações sociais. As relações jurídicas brasileiras também sofrem consequências de uma economia cada vez mais internacional. De outra banda, toda regulação econômica do Brasil deve observar a Constituição Federal. A Constituição brasileira possui diversos princípios, trabalha com conceitos que devem ser interpretados em seus contextos e mirando os objetivos constitucionais. Não há na Constituição palavras inúteis e a alteração promovida pela Emenda Constitucional n.º 85/2015 busca harmonizar a regulação com a nova economia baseada na inovação que mitiga a importância das distâncias geográficas na economia global e respeita as liberdades individuais. De todos os temas da economia internacional o que mais estressa a relação entre Estado e empresas é o investimento estrangeiro, cuja escala tem exigido novas respostas regulatórias. O Brasil determina que toda a regulação dos investimentos estrangeiros seja disciplinada com base no interesse nacional, de modo que este conceito precisa ser definido juridicamente. O presente trabalho tem por objetivo estudar a estrutura regulatória do Estado brasileiro, o que é essa nova economia, a relação desta com a regulação estatal, a regulação dos investimentos estrangeiros, para que ao final, consigamos propor um conceito de interesse nacional que deve nortear as leis que disciplinam o investimento estrangeiro no Brasil, com um recorte especial para essa contexto da nova economia que surge com mudanças bastante significativas comparadas a outras eras econômicas. Nesse contexto, entendemos que o interesse nacional deve ser identificado da seguinte forma: observados os princípios da administração pública, os princípios que regem as relações internacionais, os princípios da ordem econômica, e o dever de fomentar a inovação inclusive nas empresas, e respeitando as liberdades individuais garantidas constitucionalmente e os respectivos deveres, interesse nacional é a soma dos interesses dos nacionais nas suas buscas individuais ao desenvolvimento econômico e à vida digna, em uma sociedade livre, justa e solidária, visando erradicar a pobreza e reduzir as desigualdades, promovendo o bem de todos sem nenhuma forma de discriminação. / Technological innovations in globalized world have been changing State role and social relations. Brazilian legal relations have been suffering consequences from an each time more international economy. In other perspective, every Brazilian economic regulation must observe it´s Federal Constitution. Brazilian Constitution have many principles and works with concepts that shall be interpret within contexts and aiming constitutionals goals. There are no useless word in Constitutional text, and Constitutional Amendment n. º 85/2015 pursuit harmonizing the innovation based new economy that mitigate geographical distances relevance in global economy and respect individual liberties. From all international economy subjects, the one that most stress State-companies relations its foreign investment, what has been requiring new regulatory answers. Brazil set that all foreign investment regulation shall be based under national interest, requiring this concept definition. This text aims research regulatory structure of Brazilian administration, what is this new economy, this new economy relation with public regulation, foreign investment regulation, so that, at the end, it can be settle national interest concept that shall guide foreign investment regulation in Brazil in an new economy context that upraised significant changes comparing to other economic eras. In this context, we understand that national interest shall be identified as: observed public administration principles, international relations principles, economic order principles and the legal duty to promote innovation (also in companies), and observing individual liberties constitutionally guaranteed and its counterparties duties, national interest is the sum of interests of national citizens in theirs individual pursuits of economic development, dignity in life, in a fair, solidarity and free society, seeking to end poverty and reduce inequalities, promoting the well being for all without any form of discrimination.

Esta pesquisa tem como objetivo discutir o processo de produção do espaço litorâneo a partir da espacialização e regionalização dos meios de hospedagem, procurando identificar as diferentes tipologias presentes, bem como a sua incidência ao longo dos 275 municípios litorâneos, do Amapá ao Rio Grande do Sul. São estudadas e inventariadas as segundas residências, as redes hoteleiras nacionais e internacionais, os resorts e os empreendimentos turísticos imobiliários, frutos da associação entre segundas residências e resorts. A intenção, além de verificar a espacialização de tais empreendimentos, é compreender a participação do capital internacional neste processo de produção. Para tanto, parte-se da premissa da existência de circuitos de transferência de capital para o ambiente construído e da associação de agentes imobiliários locais com o capital estrangeiro que, avalizados por políticas públicas e incentivos fiscais, têm contribuído fortemente para a concretização de investimentos turísticos relacionados à hospedagem espalhados ao longo da costa. A liberalização e desregulamentação financeira dos anos 90, associadas ao forte papel interventor do Estado expresso, sobretudo, a partir da implantação da primeira Política Nacional de Turismo, na mesma década, perfazem o cenário que ora se apresenta, propiciando uma intensa ocupação do litoral brasileiro, uma significativa presença do capital nacional e uma diferenciação de incidência tipológica dos meios de hospedagem entre as regiões brasileiras. / This research aims to discuss the process of coastline geographical distribution and regionalization of lodging facilities through the identification of different typologies and their incidence along the 275 coastal towns from Amapa to Rio Grande do Sul. The focus is on national and international hotel chains, resorts and real estate ventures, which is an association between second homes and resorts. The main idea is to understand the role of international capital in the production process as well as to verify the places where these enterprises are located. Therefore, it is supposed that are transfer circuits of capital to built space and it there is an association between local real estate agents and the foreign capital helped by public policies and taxes incentives that strongly help the concretion of tourist investments in hotels all along the coastlines. The financial liberalization and deregulation in the 90\'s as well as the strong intervention of Brazilian State specially after the edition of the first Tourism National Policy in the same decade, is the scenario presented here, providing an intense occupation of the Brazilian coast, a significant presence of the national capital and a focus typological differentiation of types of accommodation between the regions.

Esta pesquisa tem como objetivo discutir o processo de produção do espaço litorâneo a partir da espacialização e regionalização dos meios de hospedagem, procurando identificar as diferentes tipologias presentes, bem como a sua incidência ao longo dos 275 municípios litorâneos, do Amapá ao Rio Grande do Sul. São estudadas e inventariadas as segundas residências, as redes hoteleiras nacionais e internacionais, os resorts e os empreendimentos turísticos imobiliários, frutos da associação entre segundas residências e resorts. A intenção, além de verificar a espacialização de tais empreendimentos, é compreender a participação do capital internacional neste processo de produção. Para tanto, parte-se da premissa da existência de circuitos de transferência de capital para o ambiente construído e da associação de agentes imobiliários locais com o capital estrangeiro que, avalizados por políticas públicas e incentivos fiscais, têm contribuído fortemente para a concretização de investimentos turísticos relacionados à hospedagem espalhados ao longo da costa. A liberalização e desregulamentação financeira dos anos 90, associadas ao forte papel interventor do Estado expresso, sobretudo, a partir da implantação da primeira Política Nacional de Turismo, na mesma década, perfazem o cenário que ora se apresenta, propiciando uma intensa ocupação do litoral brasileiro, uma significativa presença do capital nacional e uma diferenciação de incidência tipológica dos meios de hospedagem entre as regiões brasileiras. / This research aims to discuss the process of coastline geographical distribution and regionalization of lodging facilities through the identification of different typologies and their incidence along the 275 coastal towns from Amapa to Rio Grande do Sul. The focus is on national and international hotel chains, resorts and real estate ventures, which is an association between second homes and resorts. The main idea is to understand the role of international capital in the production process as well as to verify the places where these enterprises are located. Therefore, it is supposed that are transfer circuits of capital to built space and it there is an association between local real estate agents and the foreign capital helped by public policies and taxes incentives that strongly help the concretion of tourist investments in hotels all along the coastlines. The financial liberalization and deregulation in the 90\'s as well as the strong intervention of Brazilian State specially after the edition of the first Tourism National Policy in the same decade, is the scenario presented here, providing an intense occupation of the Brazilian coast, a significant presence of the national capital and a focus typological differentiation of types of accommodation between the regions.