This report considers emerging market multinational enterprise (MNE) maturity paths, with particular reference to firms with a South African origin and the choice of location for the corporate headquarters. A generalised model describing the internationalisation of globalised Emerging Market multinational enterprises is developed, describing three possible trajectories. That is, headquarter relocation, acquisition by another MNE or remaining independent in the country of origin. It is argued that Emerging Markets have offered less location advantage than Developed Markets to multinational enterprise headquarters. Using factor data for 46 nations, significant evidence is found to support this argument. Further, two arguments are built on this conjecture: that Emerging Market multinational enterprises have relocated headquarters to Developed Markets, not to other Emerging Markets, and that firm behaviour was predicted by concentration of private shareholding, levels of state ownership and levels of foreign business interest. Using a firm level sample of 61 South African companies, some evidence was found to support these arguments in this specific context. The implications of the results are considered for policy makers as well as managers, and recommendations for further research are made. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

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Following up with China¡¦s WTO entry, China without doubt has become the ¡¥Must-go¡¦ place for any Taiwanese enterprise which is keen to turn its operation to be international or global. However, entering Chinese market would never be a promise to lead to a subsequent successful ¡¥going-global¡¦ story without taking account of certain points as follows. How Taiwanese enterprises enter Chinese market strategically? How to efficiently as well as effectively manage the subsidiaries following their entries? How to maintain and accumulate their ownership advantage afterwards? All of these questions have become the major challenges these days faced by those Taiwanese enterprises that attempt to enter the giant China. In today¡¦s knowledge-driven economy, for the capital-, technology-, as well as knowledge- intense pharmaceutical industry, it would be even more critical to effectively link foreign subsidiaries¡¦ organizational management and coordination to the foreign investment entry modes. Consequently, Taiwanese pharmaceutical enterprises are chosen as the samples in this current research.¡@Qualitative research is conducted for this current research using case study research method. Through in-depth interviews, data are gathered from two Taiwanese pharmaceutical enterprises, representing large and small scale enterprise respectively. Finally, findings obtained of this research as the following attempts to make some contributions to Taiwanese pharmaceutical enterprises¡¦ future investment in China. 1. Enterprise¡¦s characteristics, including business scale, years of China¡¦s investment, and internationalization experience, have influence on the ownership, location, and internalization advantage. 2. Features of pharmaceutical industry in China have influence on the development of the investment advantages in China. 3. Enterprise¡¦s characteristics and China¡¦s investment advantages have influence on the subsidiary¡¦s integration and control as well as the value chain activities.

目前，中國大陸最熱門的兩大經濟區域為長江三角洲與珠江三角洲，此兩地吸引眾多外商至當地投資。究竟此兩區域具有何區位優勢能吸引眾多外資，以及此兩地區的優勢有何差異，成為本論文重心所在。本論文主要探討三個主題： 一﹑這兩區域自改革開放以來，區位優勢的消長如何，才造成今日長江三角洲吸引外商投資金額超越珠江三角洲。 二﹑這兩區域有何區位優勢，才能吸引眾多外商至當地投資。 三﹑這兩區域與中國大陸整體平均水準的區位優勢作比較，究竟這兩區域相較於中國大陸整體平均水準具有何優勢，使外商特別關注此兩大地區。 以上問題運用中國統計年鑑的數據資料，以複回歸模型分析各地區的外商投資數據，以得出各項主題的結果。 / Yangtze River Delta and Pearl River Delta are both the most famous economic areas in Mainland China nowadays, attracting many foreign capitals to invest. The purpose of this thesis is to investigate what are the advantages in these two areas that attract foreign direct investment, and what are the differences between them. Three subjects are discussed in the present study. First, how did the location advantages rise and fall between Yangtze River Delta and Pearl River Delta, thus now there are more foreign investment enterprises located in Yangtze River Delta than in Pearl River Delta since the beginning of China’s ‘Open Door’ Policy. Second, what are the location advantages in these two areas that attract so many foreign investment enterprises to locate in these two areas. Third, what are the unique location advantages in these two areas compared with the average level of Mainland China, so that many foreign investment enterprises pay especially high attention to this two areas. Data of Statistical Yearbook of China are used in the present study, and multiple regression model is adopted to analyze the data in order to obtain the results.