Multinational enterprises (MNEs) are central drivers behind neo-liberal globalisation. These enterprises are usually centred in developed countries, with competitive operations in developing countries. The literature on MNEs and foreign direct investment usually focus on the motivation for investment, decisions on expansion, the structure of ownership of investment, the mode of entry, and the perception of risk. Fluctuation in the exchange rate is a source of uncertainty that affects MNEs' and other enterprises' market values. Enterprises' exposure to changes in the exchange rate has increased with the adoption of floating exchange rates and more intensive involvement in international trade. The conventional belief is that competition in the export market is positively related to a depreciation of the exchange rate, which will in turn be advantageous to the stock market, while the opposite is true for an appreciation of the exchange rate. If the contribution of import or intermediate imported inputs to the final production were quite large, an appreciation of the exchange rate will have a positive effect on input costs and the stock market. This study investigates the exchange rate exposure of multinational enterprises in South Africa to the bilateral exchange rate of the rand against the US dollar and the nominal effective exchange rate of the rand. It presents evidence on the direction and magnitude of currency exposure. From the empirical results presented in this study it can be concluded that the majority of MNEs are not significantly exposed to either one of the exchange rate changes. It has also been found that the majority of enterprises lose market value when their local currency depreciate against the US dollar, while the majority of South African enterprises are positively related to changes in the nominal effective exchange rate of the rand. MNEs that are not significantly exposed to changes in exchange rates could be subject to three possibilities. (1) The most obvious reason is that enterprises are not exposed to changes in the exchange rate. Enterprises in liberated (or •open") countries are more exposed to exchange rate movements as opposed to those in closed countries, such as the USA. (2) Enterprises could be engaged in on and off balance sheet hedging activities, which would reduce exchange rate exposures. (3) The methodology used in a study does not present the correct exposure results. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2005.

Multinational enterprises (MNEs) are central drivers behind neo-liberal globalisation. These enterprises are usually centred in developed countries, with competitive operations in developing countries. The literature on MNEs and foreign direct investment usually focus on the motivation for investment, decisions on expansion, the structure of ownership of investment, the mode of entry, and the perception of risk. Fluctuation in the exchange rate is a source of uncertainty that affects MNEs' and other enterprises' market values. Enterprises' exposure to changes in the exchange rate has increased with the adoption of floating exchange rates and more intensive involvement in international trade. The conventional belief is that competition in the export market is positively related to a depreciation of the exchange rate, which will in turn be advantageous to the stock market, while the opposite is true for an appreciation of the exchange rate. If the contribution of import or intermediate imported inputs to the final production were quite large, an appreciation of the exchange rate will have a positive effect on input costs and the stock market. This study investigates the exchange rate exposure of multinational enterprises in South Africa to the bilateral exchange rate of the rand against the US dollar and the nominal effective exchange rate of the rand. It presents evidence on the direction and magnitude of currency exposure. From the empirical results presented in this study it can be concluded that the majority of MNEs are not significantly exposed to either one of the exchange rate changes. It has also been found that the majority of enterprises lose market value when their local currency depreciate against the US dollar, while the majority of South African enterprises are positively related to changes in the nominal effective exchange rate of the rand. MNEs that are not significantly exposed to changes in exchange rates could be subject to three possibilities. (1) The most obvious reason is that enterprises are not exposed to changes in the exchange rate. Enterprises in liberated (or •open") countries are more exposed to exchange rate movements as opposed to those in closed countries, such as the USA. (2) Enterprises could be engaged in on and off balance sheet hedging activities, which would reduce exchange rate exposures. (3) The methodology used in a study does not present the correct exposure results. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2005.

Master-Arbeit Univ. St. Gallen, 2008.

Previous research concludes that multinational enterprises can gain operational space in foreign institutions by utilising their foreignness. This conclusion is made with an assumption that subunits act with intentionality and insight in their response to institutional demands. To investigate this assumption, we research whether individual MNE managers are reflexive and if they utilise their foreignness deliberately. It was explored by managers individual practical work and social skill, by qualitative interviews with five Swedish MNE managers in the host market Dubai. The analysis revealed that managers are reflexive and form answers to institutional demands in terms of deviation, conformity and mutual adaptation. Mutual adaptation has not been emphasised in previous literature, which makes us conclude that managers utilisation of foreignness is not as superficial as previous research suggest. Finally, our thesis contributes to organisational institutionalism and international business research, by investigating managers practical perspective in the host market Dubai, United Arab Emirates.

We explore some empirical properties of Austria's "Investment Development Path" (IDP) on the macro level as well as on the structural and the bilateral level. Three dimensions are analyzed, namely the growth, the stability, and the sign of the Net Outward Investment Position (NOIP). While the NOIP on the macro level has been negative throughout the last two decades, there is considerable variation on the industry and the bilateral level. Given the small domestic market size, the NOIP of Austria does not reflect the high level of development in terms of GDP. Several explanations for the below-average NOIP of Austria are provided. / Series: Department of Economics Working Paper Series

This dissertation focuses on the influences of the presence of multinational enterprises (MNEs) on the overall level of corporate social responsibility (CSR) in host countries or regions through the joint effects of the presence of MNEs and the local institutional environment. It resides in the intersection of international business (IB) literature and corporate social responsibility (CSR) literature with the purpose of shedding new light on both literatures by combining and expanding both literatures. There are three essays. The first essay is a conceptual study to comprehensively examine the antecedents of CSR activities, emphasizing the factors of the presence of MNEs and the increased globalization (i.e., the increased interconnections and interdependence among individuals and countries). We propose an integrated theoretical model based on a combined theoretical lens of institutional theory, stakeholder theory and social cognitive theory. We argue that the antecedents of CSR can be framed at multiple levels (i.e., societal level, organizational level and individual level), and firms not only reactively respond to social pressures but also proactively initiate CSR practices. In order to further emphasize the effects of the presence of MNEs, two empirical studies (i.e., the second essay and the third essay) are conducted. The second essay examines the influence of the variant presence of MNEs on host countries’ institutions and the joint influence of these two factors on host countries’ overall CSR. The findings largely support our arguments that the presence of foreign MNEs positively influences overall CSR across host countries directly and indirectly via national level institutions. The third essay further exemplifies the effect of the heterogeneous presence of MNEs on local CSR across regions within an emerging economy, namely China, partially through the mediation effects of Chinese regional institutions. The findings largely support our arguments that the presence of foreign MNEs positively influences indigenous firms’ involvement in CSR-related activities directly and indirectly via regional institutions. The contributions, limitations and implications are discussed.

This research offers an insightful view of Entrepreneurial Orientation (EO), its relation to Internationalisation and Performance of Multinational Enterprises (MNEs) in three Emerging Markets; China, Malaysia and South Africa. 21 MNEs are reviewed, seven from each emerging market, over the research timeframe of 2005 to 2010. The issue at hand revolves around a thorough review of the internationalisation modes of the selected MNEs into various regions around the world and measuring their performance variables. The internationalisation modes were analysed against MNE EO, and the relation between their EO and their internationalisation. The method of the data collection utilised was mixed, obtaining all results from published MNE annual reports over the period of review and utilised both qualitative and quantitative data analysis in the research. Qualitative data was thematically analysed and coded for quantitative statistical analysis, whilst the financial data was statistically analysed accordingly. EO is highly interlinked with MNE internationalisation, as the very least on a construct level. EO strategies have shown support in correlating with MNE performance measures, but have differed between the emerging markets reviewed. It has shown that MNE focus with regard to EO strategy and internationalisation differs, with varying effects on their success. This is an area of academic research that has received very little, if any, review prior to this research. It offers bountiful opportunities to build on, and insightful findings that may be further reviewed.

Title: Selection of Local and Expatriate Managers of MNEs in the Post-Entry Phase Authors: Rebecka Nilsson and Tilda Nithenius Level: Master thesis, 30 HP Keywords: Post-Entry Phase, Managerial Selection Strategy, Foreign Activities, Multinational Enterprises, Local Manager, Expatriate Manager     Background: The internationalization of companies contributes to competitive advantage as well as challenges for the companies. In foreign activities enterprises exist in different phases, which might have an impact on the management requirements. This makes the strategy of managerial selection relevant because it will ease the overall foreign activities.     Research Question: Which are the underlying factors that influence the selection of host-country managers in the post-entry phase?   Purpose:The purpose of this study is to develop the understanding for companies’ managerial selection strategies in the post-entry phase. In addition, the purpose of this study is to develop a model that will work as a theoretical guideline for managerial selections.   Theoretical Framework:Theories of firms’ internationalization process, different phases for companies that operate internationally and challenges for companies operating abroad, are presented. Further theories of managerial selection, international human resource management and management of international companies are discussed.     Methodology:This study is made with a qualitative research method and a multiple case-study design, with an abductive approach. Eight Swedish companies operating in China were interviewed through semi-structured and low standardized interviews. The respondents from the companies are top managers operating in China.   Findings:There are three underlying factors; trust, knowledge gap and legitimacy, that influence the managerial selection of host-country managers in the post entry-phase. Each underlying factor is indirect influenced by different factors. The underlying factors are also all influenced by an overall factor, social capital. This study implies that the selection of managers, except top managers, changes in the post-entry phase compared to the entry-phase as they recruit host-country nationals.

<p> </p><p>Since the 1990s and the Swedish membership in the European Union in 1995, the presence of Multinational Enterprises (MNEs) has increased radically in the Swedish economy. The objective with this study is to analyze MNEs effects in different regions within the Swedish manufacturing industry in terms of productivity. Is a region with more MNEs, more pro-ductive than a region with a lower share of MNEs? The theory claims that productivity spillovers of MNEs occurs through three channels namely, via R&D, increased competi-tion and transmission of technology. By observing 81 regions which consists of all 290 municipals in Sweden and taking the average value of productivity and the explanatory variables trough 1997-2004, a cross-sectional analysis is conducted. The results evidently showed signs of productivity spillovers of MNEs on local firms in the manufacturing in-dustry. Findings suggest that (1) a regions with higher share of MNEs did face a higher re-gional productivity. However the spillovers was not successfully absorbed by regions with a industry structure that was not dominated by a the manufacturing industry. (2) Larger re-gions, in terms of population, tend to show a lower productivity level compared to the av-erage levels of the rest of the regions, since their structure was dominated by the service sector. (3) Regions with small technological difference compared to the MNEs, tends to hold the skills and knowledge needed to efficiently exploit the productivity spillovers, hence MNEs influence on regional productivity was greater in these regions than regions with a lower level of technical capability.</p><p> </p>

Thesis submitted in fulfilment of the requirements for the degree of (PhD) in the School of Law at the University of the Witwatersrand School of Law Faculty of Commerce, Law and Management University of the Witwatersrand, Johannesburg / Since the 1970s, when third world countries challenged the market-dominated international trade regime, the United Nations (UN) has been engaging without relent on how to fill the gap in business and human rights governance. The gap exists in countries with relaxed domestic regulatory regimes, where multinational corporations commit human rights violations without regional and institutional mechanisms to hold them accountable. From the draft codes, to the Global Compacts and the UN Draft Norms, the search failed to yield the desired result. In 2005, another move was made that produced a compendium of UN Guiding Principles on Business and Human Rights (UNGP) which was unanimously endorsed by the UN Human Rights Council (UNHRC) in May 2011. Although it has been argued that the endorsement fills the gap that has been missing in the quest for global corporate accountability, the search continues unabated at the UN forum albeit without the support of some powerful nations for a ‘binding international legal instrument’ that will regulate the activities of corporations with regard to human rights. However, while awaiting the outcome of the recent interrogation on the issue, the UNHRC passed a resolution that the implementation of the UNGP should commence. Since Africa is one of the continents greatly affected by this problem, this thesis considers how the African Union (AU) can develop a framework for corporate human rights responsibility and accountability in line with the UNGP. To this end this thesis proposes a mechanism that will engender a proper implementation of the UNGP; it argues that a new treaty process and implementation of the UNGP are simply different sides of the same coin and that they serve the same purpose. The thesis also considers the adequacy of the existing regulatory framework for corporate human rights accountability in Africa and explores the creation of an appropriate forum for the implementation of the UNGP. Choosing the AU as the suitable forum, this thesis endeavours to examine how some legal and policy-making institutions in the AU can be rejuvenated, overhauled and re-positioned in order to perform effective corporate accountability oversight to support the domestic and sub-regional systems. Furthermore, it attempts to provide possible remedies to victims of corporate human rights violations in Africa.