the interplay of national distances and regional networks private equity investments in emerging markets integrating social network theory with the literature on national distance we examine how the investment strategy followed by a private equity pe firm in an emerging market is affected by the interplay between two important types of national distances institutional and geographic and the firm s centrality in the regional syndication network covering over 5 000 investment transactions we use a dataset of more than 500 pe firms based in both developed and emerging markets targeting three emerging market regions latin america southeast asia and eastern europe from 1996 to 2011 the results show that depending on the level of centrality of pe firms in regional syndication networks institutional and geographic distances can have differing effects both in magnitude and direction on their investment strategies in emerging markets moreover these effects are contingent on whether the pe firm is from a developed market or an emerging market we conclude that different types of national distances can operate in dissimilar ways depending on 1 firm level factors defined at the regional level such as centrality in the regional syndication network and 2 the developed market or emerging market nature of the pe firm

national cultural distance and cross border acquisition performance previous theoretical research has argued that national cultural distance hinders cross border acquisition performance by increasing the costs of integration this article tests the alternative hypothesis that national cultural distance enhances cross border acquisition performance by providing access to the target s and or the acquirer s diverse set of routines and repertoires embedded in national culture using a multi dimensional measure of national cultural distance and controlling for other effects we examine a sample of 52 cross border acquisitions that took place between 1987 and 1992 and find a positive association between national cultural distance and cross border acquisition performance

national and organizational culture differences and international joint venture performance this study examines the effect of dimensions of national and organizational culture differences on international joint venture ijv performance based on data from a survey of executives from joint ventures between indian partners and partners from other countries we found that the presumed negative effect from culture distance on ijv performance originates more from differences in organizational culture than from differences in national culture

a two player competitive discrete location model with simultaneous decisions in this paper we will describe and study a competitive discrete location problem in which two decision makers players will have to decide where to locate their own facilities and customers will be assigned to the closest open facilities we will consider the situation in which the players must decide simultaneously unsure about the decisions of one another and we will present the problem in a franchising environment most problems described in the literature consider sequential rather than simultaneous decisions in a competitive environment most problems consider that there is a set of known and already located facilities and new facilities will have to be located competing with the existing ones in the presence of more than one decision maker most problems found in the literature belong to the class of stackelberg location problems where one decision maker the leader locates first and then the other decision maker the follower locates second knowing the decisions made by the first these types of problems are sequential and differ significantly from the problem tackled in this paper where we explicitly consider simultaneous non cooperative discrete location decisions we describe the problem and its context propose some mathematical formulations and present an algorithmic approach that was developed to find nash equilibria some computational tests were performed that allowed us to better understand some of the features of the problem and the associated nash equilibria among other results we conclude that worsening the situation of a player tends to benefit the other player and that the inefficiency of nash equilibria tends to increase with the level of competition

conceptualizing and measuring cultures and their consequences a comparative review of globe s and hofstede s approaches this paper explains why globe used a set of cultural values and practices to measure national cultures we show why there is no theoretical or empirical basis for hofstede s criticism that globe measures of values are too abstract or for his contention that national and organizational cultures are phenomena of different order we also show why hofstede has a limited understanding of the relationship between national wealth and culture furthermore we explain why hofstede s reanalysis of the globe data is inappropriate and produces incomprehensible results we also show the validity of managerial samples in studying leadership finally we explain why hofstede s claim that globe instruments reflect researchers psycho logic reveals ignorance of psychometric methodologies designed to ensure scale reliability and construct validity

analysis of the residential location choice and household energy consumption behavior by incorporating multiple self selection effects abstract it is expected that the residential location choice and household energy consumption behavior might correlate with each other besides due to the existence of self selection effects the observed inter relationship between them might be the spurious result of the fact that some unobserved variables are causing both these concerns motivate us to 1 consider residential location choice and household energy consumption behavior for both in home appliances and out of home cars simultaneously and 2 explicitly control self selection effects so as to capture a relatively true effect of land use policy on household energy consumption behavior an integrated model termed as joint mixed multinomial logit multiple discrete continuous extreme value model is presented here to identify the sensitivity of household energy consumption to land use policy by considering multiple self selection effects the model results indicate that land use policy do play a great role in changing beijing residents energy consumption pattern while the self selection effects cannot be ignored when evaluating the effect of land use policy based on the policy scenario design it is found that increasing recreational facilities and bus lines in the neighborhood can greatly promote household s energy saving behavior additionally the importance of soft policy and package policy is also emphasized in the context of beijing

the principle of minimum differentiation holds under sufficient heterogeneity the so called principle of minimum differentiation stated by hotelling has been challenged by many authors this paper restores the principle by showing that n firms locate at the center of the market and charge prices higher than the marginal cost of production when heterogeneity in consumers tastes is large enough

uncertain outcomes of foreign investment determinants of the dispersion of profits after large acquisitions when u s firms make large international acquisitions the unpredicted component of their profits over the next five years increases with the relative size of the acquired firm degree of product diversification and reliance on r d assets the unpredicted component declines with the acquirer s size experience and previous profits transitory and longer run unpredicted components are distinguished

household biomass energy choice and its policy implications on improving rural livelihoods in sichuan china abstract it is widely known that a switch from traditional biomass energy to modern clean safe and efficient energy could improve local rural livelihoods by enhancing the access to high quality energy and reducing the negative impacts of traditional biomass energy on health environment and living standards hence in this paper we used alternative specific conditional logit model asclm to examine the rural household energy choice behaviors in sichuan province of china from the perspective of revealed and stated preferences the results show that the fuel switching in our study region is not a simple unidirectional process from traditional biomass energy to modern fuels as incomes improve household energy choice behaviors could be not only affected by energy specific characteristics such as fuel price smoky level and safety risk but also influenced by household specific factors such as income level age and educational level of the decision maker household demographic structure number of people frequently eating at home distance to the nearest biomass collecting spot and household location suggesting that government should attach more importance to simultaneously improve energy quality control energy price and enhance household socio economic status

housing choice hindrances and urban spatial structure evidence from matched location and location preference data in chinese cities abstract in a monocentric city with a well functioning residential market pareto efficient spatial equilibrium entails the sorting of residents according to their bid rent gradient in descending order away from city center violation of this sorting condition creates opportunities for pareto improving trading of locations and can be sustained only if the market is hindered we propose a simple ordered location choice model using matched location and location preference data of individual households to examine violations of the pareto efficient spatial sorting condition in so doing we are able to identify population groups facing housing choice hindrances we find in a sample of chinese cities undergoing housing market liberalization that poor marketability of the previously state provided homes inadequate provision of housing finance and spatial mismatch between job market and housing market opportunities contribute to a pareto inefficient spatial structure

managers gender role attitudes a country institutional profile approach in this paper we use the country institutional profile to investigate how selected cognitive normative and regulative aspects of various countries relate to traditional gender role attitudes of managers from these countries our cross level analyses using hierarchical linear modeling control for a number of individual characteristics i e age education gender and social class results support our hypotheses that managers traditional gender role attitudes relate positively to nation level uncertainty avoidance and power distance moreover the results support our predictions that gender egalitarian normative institutions degree of regulation and degree of educational development are negatively related to managers traditional gender role attitudes however results reject our hypotheses regarding nation level religiosity assertiveness and masculinity not showing the proposed relationship with managers traditional gender role attitudes implications for research and practice are discussed

effects of inward investment on outward investment the venture capital industry worldwide 1985 2007 we identify inward investment as an important impetus to outward investment supplemental to the impetuses depicted in conventional internationalization frameworks by incorporating both the spillover and competition effects of foreign entrants we develop an integrated framework of the inward outward investment relationship for different investment modes and different home country and host country pairs our analysis of venture capital vc investments worldwide from 1985 to 2007 shows a positive spillover effect on outward investment for inward co investments and a negative competition effect on outward investment for inward standalone investments we find the strongest effects when the host country is a laggard in the vc industry and the home country is a leader

the determinants and consequences of abandoned takeovers takeover activity has attracted a great deal of academic attention over the past three decades much of this interest has focused on the study of completed takeovers with a particular interest in seeking to understand the impact of takeover activity on the wealth of both shareholders in acquired and bidding firms unlike their completed counterparts abandoned takeovers have received relatively little academic attention this is surprising since a significant proportion of takeover bids are unsuccessful this paper seeks to address the imbalance by providing a comprehensive survey of the takeover failure literature the paper focuses on two aspects of the literature first we discuss and review the factors likely to influence takeover outcome second we examine the consequences of takeover abandonment from the perspective of targets and bidders we also identify a number of areas where future research may seek to improve further our understanding of the causes and consequences of takeover abandonment copyright 2001 by blackwell publishers ltd

interpreting empirical findings journal of international business studies 2006 doi i0 1057 palgrave jibs 8400217 in my role of department editor at jibs i have seen over 100 empirical manuscripts overall i have been impressed with the degree to which tests match the theory and the choice of statistical technique given the nature of the data however there is a systematic behavior that i would encourage us as a field to remedy we should reconsider how we interpret empirical findings in our work the current norm for interpreting empirical results rests almost exclusively on highlighting the number of s next to coefficient estimates in the tables

the determinants of failed takeovers in the banking sector deal or country characteristics abstract the consolidation process which characterized the banking industry in the last decades has been widely analyzed but very few studies have investigated the reasons which bring a number of announced deals to failure we fill this gap in the literature analyzing the characteristics of failed m a operations in a large sample including all the major domestic and cross border deals in the banking sector announced worldwide between 1992 and 2010 the results show that the most important factors which determine the failure of an announced operation are deal specific characteristics in particular the hostility of the bidder and the presence of multiple potential acquirers moreover lengthier negotiations have a lower probability of success contrary to expectations cross border operations are more likely to be successfully completed than domestic ones

cross border acquisition abandonment and completion the effect of institutional differences and organizational learning in the international business service industry 1981 2001 based on the concepts of north s 1990 political economy of national institutions and economic behavior we investigate how formal and informal institutional features influence the likelihood that a cross border acquisition deal will be completed as well as the time taken for its completion after announcement additionally we study how past experience with completed acquisition deals moderates the effects of institutional differences we focus on a relatively new context the pre completion stage of acquisition processes we test our hypotheses using data from 2389 announced cross border acquisition deals in the international business service industry 1981 2001 we find that differences in national formal and informal institutions explain part of the variation in the likelihood that an announced cross border acquisition deal will be completed as well as the duration of the deal making in addition organizational learning moderates the effects of institutional distance past experience with completed cross border acquisition deals increases the likelihood of a subsequent deal completion in institutionally closer environments but shortens the deal duration in institutionally distant environments

a bibliometric review energy consumption and greenhouse gas emissions in the residential sector residential sector has been one key sector for reducing its greenhouse gas emissions due to its significant contribution to global warming researchers in different countries have studied household energy consumption patterns and greenhouse gas emissions in order to promote low carbon lifestyles however few review papers have been published in this regard leading to a lack of systematic understanding on the related research achievements hence by using a bibliometric approach this paper aims to review the existing literature and examine the evolution of such a field so that the research trends can be uncovered including popular research methods citation analysis is performed to assess the influence of most productive journals countries territories and authors network analysis is also conducted to evaluate the relationship among different countries territories authors and keywords research outcomes of this paper present a comprehensive research picture on residential energy consumption and corresponding greenhouse gas emissions ree related papers published from 1997 to 2016 the most productive journals countries territories authors are also analyzed based on citation analysis and network analysis in addition results also revealed that behavioral analysis input output analysis life cycle assessment and cost benefit analysis are the most commonly used methods in this field results obtained from this study can provide valuable information for researchers interested in the ree related field

the costs of antimerger lawsuits abstract this paper presents tests of the hypothesis that the relief imposed in antimerger cases is costly for defendant firms stockholders previous research on this subject suggests that defendants case related losses are due entirely to legal expenses and the disruption of productive activity in this paper it is shown that two out of five portfolios of defendant firms earn abnormal losses when final decisions in antimerger cases are announced these losses are consistent with the imposition of costly constraints on some defendants by government antitrust enforcers the tests also show that when acquisitions are canceled following antimerger complaints the losses to the target firms are substantial and completely offset the gains generated when the acquisitions are proposed

an econometric model of health care utilization and health insurance in switzerland abstract this paper presents a preliminary econometric analysis on how different alternative plans affect the utilization of health care services in switzerland the data come from the 1992 1993 swiss health survey shs we briefly describe some institutional aspects of the swiss health system which prevailed at the time of the shs with particular emphasis on health insurance plans and payment system of providers we estimate a simultaneous two equation model containing latent variables in order to compare the probability of having at least one inpatient stay given that the insured has used some medical treatment for those who have purchased only a basic insurance plan and those who have purchased a supplemental insurance

environmentally sustainable household consumption from aggregate environmental pressures to priority fields of action unsustainable consumption patterns of the north or rather of the global affluent consumers class have been identified by agenda 21 as one of the key driving forces behind the unsustainable development however neither accounting based on the system of national accounts sna nor household economics provide the proper instruments to assess the environmental impact of household decision making eco efficiency assessments as familiar in the business sector provide no appropriate tool for households as an alternative an environmental space based assessment scheme is suggested covering the major pressures on the environment caused by household decisions the methodology is used twice once to analyse the environmental relevance of the main activity clusters of household consumption and once to identify the dominant acts of consumption within each cluster the latter provide the basis for deriving environmental performance indicators a rough analysis of household influence potentials permits to identify housing eating and mobility as the three priority fields for action for minimising the environmental impact of households extending the influence analysis actor matrixes are derived allocating influence and thus responsibility for environmental pressures to different groups of economic agents

self selection and the earnings of immigrants this paper analyzes the way in which the earnings of the immigrant population may be expected to differ from the earnings of the native population because of the endogeneity of the decision to migrate the empirical study shows that differences in the u s earnings of immigrants with the same measured skills but from different home countries are attributable to variations in political and economic conditions in the countries of origin at the time of migration excerpt

incompatible strategies in international mergers the failed merger between telia and telenor the aim of this paper is to explore the problems of incompatible strategies in international mergers studying a failed merger between the two state owned scandinavian telecom corporations we examine how the parties strategies were incompatible we find that the parties strategies were incompatible in three distinctive areas and study how the companies tried to resolve these incompatibilities owing to national governance structures established to protect national interests the parties were unable to resolve these strategic incompatibilities

energy saving behaviours development of a practice based model financial pressure and concern for the environment has meant many consumers are aware of the need to reduce their consumption of many resources including energy which is the focus of the present study while potential energy use deterrents in the form of access constraints and price increases are forms of extrinsic control it is not clear how effective these are at reducing consumption and indeed it is not clear if such measures are consistent with people s underlying energy saving motivations beyond behavioural motivations people s desires to reduce energy can be thwarted barriers and or supported by a variety of factors some within their control while others are perhaps less so using a practice based framework and a qualitative focus group approach this study presents an exploratory study of these issues policy suggestions for overcoming barriers as well suggestions as to how energy saving behaviours can be supported are offered

competitive location production and market selection abstract this paper investigates how firms should select their production sites capacities and quantities under rivalry there are assumed to be a finite number of discrete potential location sites and a finite number of discrete markets which may or may not coincide firms first decide either simultaneously or sequentially whether and where to establish a production site the fixed cost of opening a facility and the marginal cost of production both depend on where the facility is located firms then choose capacity and a production quantity for each market prices in each market are determined by the total quantity available at that location via the cournot mechanism this formulation thus addresses multi market oligopolistic spatial competition with heterogeneity in production and logistics costs we then analyze the nash equilibria of the entry game and provide sufficient conditions for the existence of equilibria in the simultaneous entry game at equilibrium firms may not produce for all markets and may have limited market areas however these areas may overlap so that there are multiple suppliers in any market in general there may not be a first mover advantage and early entrants may earn lower profits than later entrants

perception and information in a competitive location model this paper considers a situation in which two competitors locate one facility each at the vertices of a tree their decisions are based on the capture of demands at the vertices of the tree as opposed to the usual models it is assumed that the true demands are unknown and that each competitor has its own perception of them the paper investigates a facility planner s advantage that results from knowledge concerning his competitor s perception stackelberg solutions are analyzed as well as possible advantages to the competitor who locates first

extending the internationalization process model increases and decreases of mne commitment in emerging economies the internationalization process model suggests that firms internationalize by building positions in foreign markets and networks following iterative cycles of learning and changes in commitment however as subsidiaries evolve commitments may be decreased as well as increased a phenomenon that has rarely been studied moreover it remains an open question why strategic intentions at the outset of an investment project differ from the actual operations established we address these questions by extending the model and combining it with mintzberg and waters framework of strategy formation specifically we suggest that commitment decisions correspond to statements of intended strategy while network positions correspond to realized strategies the processes of learning opportunity creation and trust building triggered by commitment decisions are however moderated by institutional influences that lead to divergences between realized and intended strategies we test propositions derived from this framework on a survey data set of subsidiaries of multinational enterprises in hungary lithuania and poland and find that institutional voids and institutional uncertainty affect subsidiary strategy implementation but in opposing directions under high institutional uncertainty investors prefer low commitment but flexible modes that enable later commitment increases whereas institutional voids increase up front information search and adaptation costs that reduce the likelihood of early post entry adjustments our analysis reinforces the need for more differentiated theoretical analyses of how institutions affect business strategies over time

mitigating risk in international mergers and acquisitions the role of contingent payouts previous internationalization studies have focused on the entry modes employed by multinational firms but have not considered the contractual heterogeneity that underlies each mode it is important to examine these contractual details as the firm may be able to obtain some of the benefits typically associated with one entry mode while selecting another in the case of international mergers and acquisitions m as a key contractual variable is whether the parties agree to a performance contingent payout structure which can mitigate the risk of adverse selection in this paper we examine the antecedents of contingent payouts in the form of earnouts and stock payments the results indicate that firms lacking international and domestic acquisition experience turn to contingent payouts when purchasing targets in high tech and service industries firms tend to avoid contingent payouts in host countries with problems with investor protection and legal enforceability

energy use and appliance ownership in ireland abstract this paper examines household energy use and appliance ownership in ireland logit regression analyses on a large micro dataset reveal how household characteristics can help explain the ownership of energy using appliances using ols regression models we explore the factors affecting residential energy demand conditional on appliance ownership results suggest that the methods of space and water heating employed by a household are even more important than electrical appliances in explaining domestic energy usage however the stock of appliances must be included in such models so that results will not be biased the methods employed in this paper can be easily adopted for studies of household energy use in other countries where household expenditure survey data are available

bertrand competition when rivals costs are unknown the conclusions of the bertrand model of competition are substantially altered by the presence of asymmetric information about rivals costs asymmetric information eliminates the discontinuity in the bertrand model and significantly alters the properties of the market equilibrium in the bertrand nash equilibrium when rivals costs are unknown firms price above marginal cost and have positive expected profit the analysis is extended to franchise competition the market equilibrium is sensitive to market structure and yields incentives for entry copyright 1995 by blackwell publishing ltd

the construct of institutional distance through the lens of different institutional perspectives review analysis and recommendations this paper presents a review and critique of the 20 year old literature on institutional distance which has greatly proliferated we start with a discussion of the three institutional perspectives that have served as a theoretical foundation for this construct organizational institutionalism institutional economics and comparative institutionalism we use this as an organizing framework to describe the different ways in which institutional distance has been conceptualized and measured and to analyze the most common organizational outcomes that have been linked to institutional distance as well as the proposed explanatory mechanisms of those effects we substantiate our qualitative review with a meta analysis which synthesizes the main findings in this area of research building on our review and previous critical work we note key ambiguities in the institutional distance literature related to underlying theoretical perspectives and associated mechanisms distance versus profile effects and measurement we conclude with actionable recommendations for improving institutional distance research

representing in home and out of home energy consumption behavior in beijing abstract it is expected that in home and out of home energy consumption behavior in a household might be correlated with each other probably due to the existence of household budget constraints ownership and usage of energy saving technologies for in home appliances or vehicles might lead to the increase in out of home or in home energy consumption it is therefore necessary to jointly represent in home and out of home energy consumption in the same modeling framework with this consideration we first build a new type of energy consumption model based on the multiple discrete continuous extreme value mdcev modeling framework next we conducted a questionnaire survey in beijing in 2009 and successfully collected the information about households energy consumption ownership usage of in home appliances and vehicles and households and their members attributes from 1014 households throughout an empirical analysis it is confirmed that the mdcev model is effective to simultaneously describe the in home and out of home energy consumption behavior in addition it is revealed that a set of household and personal attributes affect the ownership and usage of in home appliances and vehicles furthermore it is shown that the unobserved factors play a much more important role in explaining energy consumption behavior than the observed attributes of households and their members

understanding the spectrum of residential energy consumption a quantile regression approach abstract residential energy consumption accounts for 22 of the total energy consumption in the us however the impacts of local planning policies such as increasing density and changing the housing type mix on residential energy consumption are not well understood using residential energy consumption survey data from the energy information administration quantile regression analysis was used to tease out the effects of various factors on entire distribution on the energy consumption spectrum instead of focusing on the conditional average results show that while housing size matters for space conditioning housing type has a more nuanced impact self reported neighborhood density does not seem to have any impact on energy use furthermore the effects of these factors at the tails of the energy use distribution are substantially different than the average in some cases differing by a factor of six some not all types of multifamily housing offer almost as much savings as reduction in housing area by 100 m 2 compared to single family houses

why are different services outsourced to different countries the tradability revolution in services has led to a dramatic expansion of offshore outsourcing of services allowing firms to take advantage of lower production costs in foreign countries however production costs alone cannot explain the location determinants of offshore outsourcing of services in this paper we argue that minimizing transaction costs is also an important determinant of the location of offshore outsourcing of services we empirically analyze characteristics of services and characteristics of foreign countries that may impact on transaction costs in an outsourcing relationship and hence determine where services will be outsourced offshore we derive measures of service characteristics routineness complexity and interactiveness based on the tasks required to provide them further we posit that there are interaction effects between service and country characteristics using bureau of economic analysis data on us service outsourcing across 11 types of services to 31 countries between 1992 and 2005 we find that 1 services that are more routine less complex or less interactive are outsourced more to foreign countries 2 services are outsourced more to countries with higher institutional quality and greater cultural proximity 3 non routine complex and interactive services are outsourced relatively more to countries with a better institutional quality