"R&D investment, efficiency and shareholder value creation of foreign subsidiaries in the UK"

2016 ◽  
Vol 2016 (1) ◽  
pp. 13854
Author(s):  
Nicholas O'Regan ◽  
Gerhard Kling ◽  
Abby Ghobadian
Author(s):  
Harald J. Amberger ◽  
Kevin S. Markle ◽  
David M. P. Samuel

Using a global sample of multinational corporations (MNCs) and their foreign subsidiaries, we find that repatriation taxes impair subsidiary-level investment efficiency. Consistent with internal agency conflicts between the central management of the MNC and the manager of the foreign subsidiary being the driver, we show that this effect is concentrated in subsidiaries with high information asymmetry and in subsidiaries that are weakly monitored. Quasi-natural experiments in the UK and Japan establish a causal relationship for our findings and suggest that a repeal of repatriation taxes increases subsidiary-level investment efficiency while reducing the level of investment. Our paper provides timely empirical evidence to inform expectations for the effects of a recent change to the U.S. international tax law that eliminated repatriation taxes from most of the future foreign earnings of U.S. MNCs.


Author(s):  
Ioannis Bournakis ◽  
Sushanta Mallick ◽  
David Kernohan ◽  
Dimitrios A. Tsouknidis

2018 ◽  
Vol 6 (1) ◽  
pp. 39-49 ◽  
Author(s):  
Stefan Zimonjić ◽  
Milan Gavrilović ◽  
Miloš Roganović

Author(s):  
Wilson Ozuem ◽  
Nicole Sarsby

Previous research has documented cultural heterogeneity within project teams, but still attention mainly centres on project managers who transfer internationally to manage teams of a different culture from their own, or more recently from those who manage virtual teams. Existing literature does not discuss the readiness to manage culturally diverse teams as a result of large-scale EU migration and wider immigration in the UK projectised environments. The objectives of this contribution are: 1) to investigate the factors that influence effective value creation in heterogeneous cultural environments, in both inter- and intra-organisational learning and knowledge creation in the UK project team-based environments, and 2) to illuminate issues of value creation in heterogeneous cultural environments in both public and private team-based project environments. This chapter adds to extant studies of organisational diversity and innovation by elucidating the overwhelming key aspects of cultural heterogeneity and thus explains how challenging it is to affect change in the prevailing praxis, ideas, and values in team-based management.


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