دانلود رایگان مقاله قرار گرفتن در معرض خطر حفظ دارایی و ریسک عملیاتی در کسب و کار بین المللی – سال 2020
مشخصات مقاله:
عنوان فارسی مقاله:
ریسک کشور چند ملیتی: قرار گرفتن در معرض خطر حفظ دارایی و ریسک عملیاتی در کسب و کار بین المللی
عنوان انگلیسی مقاله:
Multinational country risk: Exposure to asset holding risk and operating risk in international business
کلمات کلیدی مقاله:
شرکت چند ملیتی، سرمایه گذاری، خطر، خطر کشور، دارایی، داراییهای عملیاتی
کلمات کلیدی انگلیسی:
Multinational enterprise – Investment – Risk – Country risk – Holding assets – Operating assets
مناسب برای رشته های دانشگاهی زیر:
حسابداری
مناسب برای گرایش های دانشگاهی زیر:
حسابداری مالی، حسابداری دولتی
وضعیت مقاله انگلیسی و ترجمه:
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فهرست مطالب:
Abstract
Keywords
1. Introduction
2. Country risk and the background literature
3. Conceptualization of country total risk
3.1. Country risk and returns
3.2. Country risk and diversification
3.3. Country risk and drivers
3.3.1. Stage of economic development and country risk
3.3.2. Stage of political development and country risk
3.3.3. Social development and country risk
3.3.4. The legal system, property rights development, and country risk
4. A model for the country total risk
5. Operationalization of the model and data
5.1. Total risk
5.2. The asset holding risk
5.3. The asset operating risk
5.4. The empirical analysis and data used in the study
6. Estimation of the model by quantile regression
6.1. Unique characteristics of quantile regression
7. Findings from demonstrative example and discussion
8. Managerial relevance
9. Conclusion
Declaration of Competing Interest
Appendix A
References
قسمتی از مقاله انگلیسی:
1. Introduction
The risks, rooted in country level factors, have been a critical part of internationalization practice and the literature. In fact, findings of meta studies designate country level risks as the most influential determinant of success in internationalization efforts (Zhao, Luo, & Suh, 2004). Plausibly, there are many reasons to prompt this. By investing abroad, multinational enterprise (MNE) managers expect a premium at least matching their capital’s second-best use. In return, they bear risks driven by a multitude of factors and concede to their hazards. The question is how and why they misjudge the conditions and sometimes fail to assess the adjunct risks. That is the central question in this study. Our empirical findings suggest that MNEs expose themselves to asset holding risk but also asset operating risks. In international business, operating risks are discretionary, and they are considered to be a random or near random effect across the companies under the conventional theory. This logic is based on thinking that the operating risk has the expected value of zero due to its diversifiability under strategic choices. If so, the firm perceives a lessened expected risk which reduces the required profit target (hurdle rate). The result is biased to incentivize market-entry. Also, a lesser foreignness risk understates the requisite investment, favoring non-equity entry modes. When a company enters an abroad market prompted by neglecting operating risks, understating entry hurdle, and moving in under-funded, the result is withdrawal from the market after a few years of struggle. Consider the case of Walmart incurring high sunk cost after each failure in Germany, South Korea and Japan (Aoyama, 2007; Christopherson, 2007). Similarly, Marks & Spencer’s of U.K. abruptly withdrew from the Canada and US market after a disappointing performance (Burt, Mellahi, Jackson, & Sparks, 2002; Jackson, Mellahi, & Sparks, 2005). Home Depot exited from China and Chile (Bianchi & Arnold, 2004; Bianchi & Ostale, 2006), and Carrefour’s failed in South Korea, Germany, and Japan (Aoyama, 2007; Christopherson, 2007); Best Buy failed in Turkey (Koc, 2016); Tesco in the U.S. Indeed, over the past 25 years, more than 100 companies left their host country only after staying in the foreign market in average of 4 to 6 years (Alexander, Quinn, & Cairns, 2005).
