How Institutional Development News Moves an Emerging Market

2019 ◽  
Author(s):  
Alexander Guzman ◽  
Vikas Mehrotra ◽  
Randall K. Morck ◽  
María-Andrea Trujillo
Keyword(s):  
Emerging Market ◽  
Institutional Development ◽  
Development News

How institutional development news moves an emerging market

2020 ◽  
Vol 112 ◽  
pp. 300-319
Author(s):  
Alexander Guzmán ◽  
Vikas Mehrotra ◽  
Randall Morck ◽  
María-Andrea Trujillo
Keyword(s):  
Emerging Market ◽  
Institutional Development ◽  
Development News

Investments by Emerging-Market Multinationals in Other Emerging Markets

2018 ◽  
pp. 630-656
Author(s):  
Jing Li ◽  
Daniel Shapiro
Keyword(s):  
Sustainable Development ◽  
Corporate Governance ◽  
Emerging Economies ◽  
Multinational Enterprises ◽  
Emerging Market ◽  
Institutional Development ◽  
Spillover Effects ◽  
Investment Strategy ◽  
Future Research ◽  
Foreign Direct Investments

This chapter reviews the literature on foreign direct investments among emerging economies (E-E FDI), focusing on the motivations behind E-E FDI, country-specific advantages and firm-specific advantages associated with emerging-economy multinational enterprises (EMNEs), and spillover effects of E-E FDI on host-country economic and institutional development. We identify the following topics as posing important questions for future research: EMNEs’ ability to leverage home-government resources and diplomatic connections to promote investment in other emerging economies; nonmarket strategies of EMNEs in emerging economies; ownership and corporate governance affecting investment strategy and performance of EMNEs; E-E FDI contributions to sustainable development in host countries. Future studies should also consider potential heterogeneity among EMNEs by integrating insights from institutional theory, network theory, political science, corporate governance, corporate social responsibility, and sustainable-development research.

scholarly journals The Systematic Risk and Leverage Effect in the Corporate Sector of Pakistan

2000 ◽  
Vol 39 (4II) ◽  
pp. 951-962
Author(s):  
Muhammad Nishat
Keyword(s):  
High Risk ◽  
Stock Returns ◽  
Risk Premium ◽  
Emerging Market ◽  
Systematic Risk ◽  
Institutional Development ◽  
Relative Price ◽  
Accounting Earnings ◽  
Stock Volatility ◽  
Market Portfolio

Poor corporate financing policies, non-competitive role of institutional development, a tendency towards the underpricing of initial offering resulted in high levered stocks in Karachi stock market (KSE). The KSE is termed as high risk high return emerging market where investors seek high risk premium Nishat (1999). The leverage is the most important factor which determines the firms risk premium [Zimmer (1990)]. Hamada (1969) and Bowman (1979) have demonstrated the theoretical relationship between leverage and systematic risk. Systematic risk of the leverage firm is equal to the without leverage systematic risk of the firm times one plus the leverage ratio (debt equity). Bowman (1979) established that systematic risk is directly related to leverage and the accounting beta (covariability of a firms’ accounting earnings with the accounting earnings of the market portfolio). One explanation of time-varying stock volatility is that leverage changes as the relative price of stocks and bonds change. Schwert (1989) demonstrated how a change in the leverage of the firm causes a change in the volatility of stock returns. Haugen and Wichern (1975) analysed the relationship between leverage and relative stability of stock value based on actuarial science1 and found that the duration of the debt is an important attribute in assessing the effect of leverage on stock volatility. If the leverage is persistent, or changing over time due to the issuance of additional debt, or if the firms are trying to return back the debt, this will change the risk of holding common stock. Kane, Marcus, and McDonald (1985) argued that a well defined metric for the advantage of debt financing is the difference in rates of return earned by optimally levered and unlevered firms, net of a return premium to compensate for potential bankruptcy costs.

scholarly journals Internationalization and innovation performance of emerging market enterprises: The role of host-country institutional development

2016 ◽  
Vol 51 (2) ◽  
pp. 251-263 ◽  
Author(s):  
Jie Wu ◽  
Chengqi Wang ◽  
Junjie Hong ◽  
Panagiotis Piperopoulos ◽  
Shuaihe Zhuo
Keyword(s):  
Host Country ◽  
Emerging Market ◽  
Institutional Development ◽  
Innovation Performance

scholarly journals Inflation targeting challenges in emerging market countries: The case of Serbia

2015 ◽  
Vol 60 (204) ◽  
pp. 7-30 ◽  
Author(s):  
Dejan Soskic
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Emerging Market ◽  
Institutional Development ◽  
Policy Framework ◽  
Fiscal Discipline ◽  
Emerging Market Countries ◽  
Monetary Regime ◽  
Developed Nations ◽  
Monetary Policy Framework

In the past two decades Inflation targeting has been the monetary policy framework of choice for many developed nations around the world. A significant number of emerging market countries have gradually subscribed to the same monetary regime, but with different levels of success. Certain differences among emerging markets in terms of overall macroeconomic environment, strength of basic monetary policy tools, and institutional development have had an effect on the performance of inflation targeting. This paper focuses on the fulfilment of basic preconditions for implementation of inflation targeting in emerging market countries, and on results and challenges of inflation targeting implementation in Serbia more than six years after its introduction. Special attention is paid to high dollarization (euroization), which poses a serious challenge for inflation targeting, and to modification of the Taylor rule for dollarized economies. For inflation targeting in Serbia to be more effective, a (gradual) decrease in overall dollarization (euroization), fiscal discipline and sustainability, and an increase in the independence and capacity of the central bank are needed, among other things.

scholarly journals Emerging-market firms’ dynamic capabilities and international performance: The moderating role of institutional development and distance

2019 ◽  
Vol 28 (6) ◽  
pp. 101593 ◽  
Author(s):  
Ismail Gölgeci ◽  
Shahin Assadinia ◽  
Olli Kuivalainen ◽  
Jorma Larimo
Keyword(s):  
Dynamic Capabilities ◽  
Emerging Market ◽  
Institutional Development ◽  
International Performance ◽  
Emerging Market Firms ◽  
Moderating Role

scholarly journals Political Connections, Home Formal Institutions, and Internationalization: Evidence from China

2016 ◽  
Vol 12 (01) ◽  
pp. 103-133 ◽  
Author(s):  
Xingqiang Du ◽  
Jin-hui Luo
Keyword(s):  
Local Governments ◽  
Resource Dependence ◽  
Emerging Market ◽  
Institutional Development ◽  
Resource Dependence Theory ◽  
Foreign Firms ◽  
Political Connections ◽  
Formal Institutions ◽  
Emerging Market Firms ◽  
At Home

ABSTRACTThis study draws on the resource dependence theory and institution-based view to examine political connections in the home market and home formal institutions for their impact on the internationalization of emerging market firms in the context of China. The results suggest that political connections at home may prevent emerging market firms from implementing internationalization strategies by reducing the dependence constraints imposed by local governments and foreign firms, whereas home formal institutional development may promote the strategy transition of emerging market firms from building political connections to international expansion and also reduce the negative impact of political connections. Overall, our findings indicate that political connections and formal institutions at home play an important role in shaping emerging market firms’ strategies of outward internationalization.

Child development news

1973 ◽  
Keyword(s):  
Child Development ◽  
Development News
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