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【International Financial Management, 6th Edition】 Cheol Eun, Bruce ResnickMg,,H/Ir..n | 2011 | ISBN:
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International Financial Management is written based on two distinct parts: emphasis on the basics and emphasis on a managerial perspective. As capital markets of the world become more integrated, a solid understanding of international finance has become essential for astute corporate decision making. International Financial Management, Sixth Edition, provides students with a foundation for analysis that will serve them well in their careers ahead. The decision-making process is presented through the text with the goal of teaching students how to make informed managerial decisions in an evolving global financial landscape. International Financial Management has been completely updated with the most current data tables and statistics in the field today.
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INTERNATIONAL MANAGEMENT
Photo by: photo-dave
During the 1990s and early 2000s, many companies took advantage of a world
market that was increasingly open to international expansion and trade.
Obstacles to free trade were eased through the
General Agreement on Tariffs and Trade (GATT), the North American Free
Trade Agreement (NAFTA), and the Association of South East Asian Nations
Economies opened, and due to technological developments in communication,
transportation, and finance, there were fewer difficulties with the
practical issues of conducting business across national borders.
Communications technology showed exponential growth, including innovations
that facilitated doing business anywhere at anytime, such as remote access
and net conferencing.
As shown in Table 1, the number of Internet users in the world grew from
30 million to over 562 million over six years, and by 2002 almost 10
percent of the world population used the Internet.
Internet Users
Internet Users (millions)
Internet Users a Percentage of World Population
Accompanying all of these changes was an increase in need for
international management for people who understand business and cultural
issues well enough to manage and grow an international business
effectively. Among those issues are:
Business Structure
Competition
Political and economic environments
Finance and business issues such as contracts, taxation, intellectual
property, and risk
Employment and leadership
Cultural norms and values
Technology
BUSINESS STRUCTURE
An international manager has the task of reopening business in a radically
different environment. He or she must determine the overall structure of
the business and its workflow. In a functional-based business (i.e., the
new location needs to be able to perform standardized tasks that comply
with overall corporate practices), skilled labor and ability to perform
these tasks is key.
Technological infrastructure could be a crucial factor. For an area-based
business, location is key, and detailed knowledge of the country and its
culture is critical. Products may have to be adapted to the host market.
A global-based structure may have a varied set of product lines, each of
which can be made and marketed across locations. These approaches can be
mixed, but choosing the structure of the business should support the
firm's primary goals.
Many businesses start by first establishing the new office or facility as
an "export division" that falls under the umbrella of
Operations or Marketing—which may eventually become an
"International Division." How this new entity best fits
within the parent organization's overall structure depends on the
purpose for the new location and how much the parent company plans to grow
the business.
Other options include opening a wholly-owned subsidiary or an overseas
joint venture, contracting from an international company (IC) to
manufacture products to specification, or purchasing supplies and/or
materials from an IC manufacturer.
Other considerations include the additional costs of globalization, such
as international freight, insurance, packing (up to 12 percent of
manufacturing prices), sales terms, import duties, broker's fees,
inventory costs, and international travel.
COMPETITION
Competition in the global marketplace continues to grow, particularly
between the United States, the European Union, and Asian nations. For this
reason, companies need to evaluate the competitive landscape of the host
country. First, it is helpful to understand that the nature of competition
varies by region and industry. Some nations support an atmosphere of pure
for example, there may be any number of sellers, each with
relatively small market share, with competition based solely on price.
Others may be more monopolistic. Understanding the type of environment in
which a firm will participate in its host country ensures the use of
appropriate business practices.
More specific threats to companies comes from existing competitors, new
competitors who may also enter the market, and the bargaining power of
suppliers and buyers in the host country or region. Also, some
countries' business environments make entering the marketplace
harder than others. For example, foreign businesses find it hard to
compete with industry in Japan, where groups of firms are connected
financially
and rarely do business outside of that group (called
"keiretsu").
When investigating the competitive climate, it is also helpful to
understand the power wielded by many of the world's transnational
corporations (TNCs). Many of the world's top TNCs earn more in
revenues each year than most nations, as shown in Table 2. While this does
not mean other companies cannot compete with the products and services
offered by these companies, it helps to know that these TNCs are involved
in establishing direction, lobbying industry, and other activities that
have direct impact on the laws and regulations that affect entire
industries and how smaller companies can conduct international business.
Top Revenue Earners from theGlobal Fortune 500 (in billions of US$)
Nations/States vs. Transnational Corporations
Source: Compiled by Wendy H. Mason, Data from Fortune's
Global 500, June 2004
2003 Total Revenues
United States (Total of 189 companies), $5,841
Japan (82), $2,181
Germany (34), $1,363
France (37), $1,246
Britain (35), $1,079
Netherlands (12), $388
Switzerland (12), $382
China (15), $358
Italy (8), $300
South Korea (11), $266
Wal-Mart Stores (U.S.), $263
Britain/Netherlands (2), $250
BP (Britain), $232.5
Exxon Mobil (U.S.), $222.8
Royal Dutch/Shell Group (Britain/Netherlands), $201.7
General Motors (U.S.), $195.3
Canada (13), $185
Ford Motor Co.(U.S.), $164.5
Spain (7), $162
Daimler Chrysler (Germany), $156.6
Toyota Motor (Japan), $153.1
General Electric (U.S.), $134.1
Finally, understanding of international anti-trust laws and when they are
enforced is critical to assessing the risks to an international business.
The United States is the toughest nation in regard to anti-trust, even
trying to enforce laws outside the country. The European Union is lax on
enforcing anti-trust laws, but does use them as a means to levy fines on
cartels. In Japan, enforcement of anti-trust legislation, which was
enacted only under great pressure from outside the country, is weak at
best, and usually nonexistent. Learning how "fair
competition" is viewed in foreign business environments better
prepares a manager to protect his or her own business.
ENVIRONMENTAL FACTORS
Both the economic and political environments of countries and regions have
great impact on the managing of international operations. A few of the
economic factors that impact international business are:
Host nation's economy: free-market vs. centrally planned, or
Gross Domestic Product (GDP), Gross National Product (GNP), and per
capita income—all are gauges to consumer buying power.
Spending patterns of host population.
Variation in degree of development or industrialization.
Infrastructure and technology available to business.
Differences in available education and health care.
Some economies are less hospitable to job creation than others. For
example, in Western Europe high minimum wages, healthy unemployment
benefits, and employment protection laws are significant barriers to
companies hoping to produce job growth in this part of the world. This and
other issues also have an impact on finding employees to help staff and
manage international operations.
The political environment plays a large role in determining how
international companies will be able to manage business operations.
Examples of political forces affecting international corporations include:
Governments, political parties, and ideological beliefs (communism,
capitalism, socialism, liberal, conservative, etc.).
Nature of government-business relationships.
Laws and attitude toward business.
Tariffs and quotas.
Currency controls (limits on the amount of money entering or leaving a
All businesses must abide by the laws, regulations, and bureaucracy in the
host nation, including the United States and other capitalist countries.
Examples of the obstacles an international corporation may encounter
include complying with government restrictions on regulated professions
and industries such as law, medicine, banking, insurance, transportation,
and utilities. State and local governments may
also require specific licenses for business and restrict foreign use of
buildings. For all of these, proper compliance takes knowledge, time to
learn, and expense.
While all of the above factors have significant impact on multi-national
corporations, perhaps the most important factor for an international
manager is awareness of the degree of risk associated with various
political forces in the host region. In addition to weighing the stability
of the established government in the region in which it conducts business,
governments can seize property owned by foreigners within its borders.
This is known as expropriation in cases where the government follows up
with quick, adequate compensation for former owners of the property.
However, some governments may confiscate property, meaning former owners
do not receive proper compensation.
When parties representing different nations enter into a contract, dispute
resolution becomes especially complicated. The United Nations (UN)
Convention on Contracts for the International Sale of Goods (CISG)
established legal rules for international sales contracts, including
rights and obligations for both buyer and seller. Unless the parties to
the contract expressly exclude the CISG, it applies to all contracts
signed by companies from the countries that ratified the Convention. In
the European Union (EU), the Rome Convention (1991) also applies to
contracts formed between EU residents. Outside of these two agreements,
companies must rely on private solutions and arbitration (which is used
with increasing frequency).
INTELLECTUAL PROPERTY
Intellectual property is well protected in the United States, with
patents, trademarks, and copyrights. But when companies engage in business
with other countries, they take risks. For example, product
counterfeiting, common in Asia, costs industries more than $200 billion
worldwide, according to the U.S. Department of Commerce.
Other risks to business included trade secrets and industrial espionage.
Most often, competitive information is obtained from inside the company,
from published business materials, customers, competitor employees, and
sometimes through direct observation.
Each nation has its own laws to protect intellectual property, but which
products those laws protect differs as well. The UN's World
Intellectual Property Organization (WIPO) was created to administer
international property treaties, as was TRIPS, a World Trade Organization
(WTO) agency.
The United States adopted its Foreign Corruption Practices Act (FCPA),
which unfortunately acts as a barrier to United States companies. The FCPA
was not adopted in Europe, or elsewhere, and compliance with the FCPA
means American exporters lose business. Most importantly, international
managers need to be aware piracy and counterfeiting, particularly in
certain markets, and take steps to protect proprietary corporate
information.
Product liability is a much bigger issue in the United States than in
other countries. For example, the United States is the only country that
conducts jury trials or pays punitive damages in cases of product
liability. There was a principle of strict liability adopted in Europe,
but company defense is strong and some countries cap damages.
The United States places many burdens upon its own companies, which
impacts how well American companies can conduct business internationally
and what it costs them to do so. Like the FCPA, boycott legislation often
applies only to the United States. These become significant obstacles to
international competition when other countries do not follow suit.
Financial management of international corporations is particularly
challenging, as countries change in value in terms of each other based on
currency exchange rates. Companies must comply with financial laws and
regulations in the host country. International managers need to:
Understand how fluctuations in currency value change international
business transactions.
Learn about financial tools such as derivatives, hedges, payment timing,
exposure netting, price adjustments, balance sheet neutralizing, and
swaps, and how they affect business performance.
Meet, network, and cooperate with counterparts in other organizations to
protect and/or benefit the organization.
Learn when and how to pay exporters in fo buyers
frequently prefer payment rendered in the form of goods or services
(countertrade).
Differentiate between two types of currency: hard, convertible currency
is accepted around the wo soft, nonconvertible
currency is rarely of value outside the host country.
Use international finance centers as a resource—these accumulate
expertise and information to conduct financial transaction for
international company units most profitably and at the lowest cost.
EMPLOYMENT AND LABOR FORCES
Investigation of the available labor force should be performed before a
company chooses to expand its business to a given region. Managers should
determine whether there are enough people of the right skill level for a
company to run the business effectively, and whether or not they will want
to work for a foreign employer.
When staffing international operations, managers must be able to fill
positions from a pool of labor with the right education and skill to
maintain and grow the business. Hiring options include choosing from the
parent company, choosing people from the host country, or hiring from a
local subsidiary. Refugees are often pulled into operations. However, they
may lack the skills, health, or education to work. Guest workers may also
provide labor, and are particularly helpful in times of rapid
growth—when native workers are not willing or able to fill all
positions and they do not feel displaced. However, even in times of
growth, bringing in large numbers of guest workers (foreigners) often
causes friction with citizens of the host country.
Proper planning also helps a company to recognize other forces that cannot
be controlled (but must be managed) and plan accordingly. Managers of
international operations need to understand the effects of price and wage
controls, labor laws, and currency exchange in the host country. In
Europe, the government plays a very active role in legislating wages and
working conditions, particularly in Germany and France. In Japan, unions
align more with specific companies than with industry, so union members
have a stake in how well the company does and how much money it makes.
They often work with company management.
Understanding cultural issues is critical to international management in
general, but culture plays a particularly important role in building a
labor force outside the United States. Though U.S. businesses have come to
see women as part of the employment pool, women are less accepted as part
of the work-force in many other countries.
Another consideration is race, which is still a source of conflict and
discrimination in many areas, as is social status. Religious, tribal,
racial, and other cultural factors have an impact, not just on employment,
but on how an international company will be viewed by the host culture
(and how many people will buy products made by the company). However, if
managers are well informed and handle cultural issues properly, people
from different cultures, speaking different languages, and possessing
various abilities and levels of experience can strengthen the overall
management of an international company.
Many corporations have particular difficulty finding qualified executives
to effectively manage international companies. Successful leaders of
international companies need to understand motivation, leadership,
communication, conflict, and other behavioral issues that arise in
cross-national and cross-cultural context. The ability to address these
issues depends on an understanding of the host culture's values.
Other skills cited as keys to successful international management include:
Technical competence.
Ability to speak, or willingness to learn, the host language.
Tolerance for ambiguity and ability to manage uncertainty.
Nonjudgmental attitude.
Ability to emotionally connect with people from diverse cultures and
backgrounds, and to understand differing viewpoints.
Personal integrity.
Strong commitment to personal and company standards.
Inquisitive mindset/continuous learning.
Managers of international operations need to be adaptable and have a high
tolerance for change and ambiguity. They are most successful when given
autonomy and discretion in the workplace. Overall business savvy on the
part of executives helps to ensure an international company will run well.
Thorough understanding of both the company and industry is important,
along with an ability to leverage that understanding when planning,
organizing, and implementing ideas. On a more practical level,
international managers need to be able to manage accounting and auditing,
business plans, policies and procedures, information systems, and
corporate culture—all of which vary based on the infrastructure and
culture of the host country.
CULTURAL ISSUES
Defined as the body of beliefs, norms, and values shared by a group of
people, culture presents the biggest challenge to businesses working
internationally. It is a key factor in how all other areas of business
work together. As stated by Geert Hofstede, "Culture is more often
a source of conflict than of synergy. Cultural differences are a nuisance
at best and often
Hofstede's 5 Cultural Dimensions
Source: Adapted from Geert Hofstede Cultural Dimensions website,
http://www./
Value Dimension
Value Description
High Score
Power Distance Index (PDI)
The degree of equality, or inequality, between people in the
country's society
Indicates that inequalities of power and wealth have been allowed
to grow within the society. These societies are more likely to
follow a caste system that does not allow significant upward
mobility of its citizens.
Indicates the society de-emphasizes the differences between
citizen's power and wealth. In these societies equality and
opportunity for everyone is stressed.
Individualism (IDV)
Degree to which a society reinforces individual or collective
achievement and interpersonal relationships.
Indicates that individuality and individual rights are paramount
within the society. Individuals may tend to form a larger number
of looser relationships.
Typifies societies of a more collectivist nature with close ties
between individuals. Reinforce extended families and collectives
where everyone takes responsibility for fellow members of their
Masculinity (MAS)
Degree to which a society reinforces, or does not reinforce, the
traditional masculine work role model of male achievement,
control, and power
Indicates the country experiences a high degree of gender
differentiation. Males dominate a significant portion of the
society and power structure, with females being controlled by male
domination.
Indicates the country has a low level of differentiation and
discrimination between genders. Females are treated equally to
males in all aspects of the society.
Uncertainty Avoidance Index (UAI)
Level of tolerance for uncertainty and ambiguity. within the
society - i.e. unstructured situations.
Indicates the country has a low tolerance for uncertainty and
ambiguity Creates a rule-oriented society that institutes laws,
rules, regulations, and controls in order to reduce the amount of
uncertainty.
Indicates the country has less concern about ambiguity and
uncertainty and has more tolerance for a variety of opinions.
Reflected in a society that is less rule-oriented, more readily
accepts change, and takes more and greater
Long-Term Orientation (LTO)
Degree to which a society embraces, or does not embrace, long-term
devotion to traditional, forward thinking values.
Indicates the country prescribes to the values of long-term
commitments and respect for tradition. This is thought to support
a strong work ethic where long-term rewards are expected as a
result of today's hard work. However, business may take
longer to develop in this society, particularly for an
"outsider".
Indicates the country does not reinforce the concept of long-term,
traditional orientation. In this culture, change can occur more
rapidly as long-term traditions and commitments do not become
impediments to change.
a disaster." A summary of Hofstede's major factors impacting
international business relationships that also influence the practice of
international management are shown in Table 3.
Managers of international operations should be aware of the importance of
context in various countries. Context indicates the level in which
communication occurs outside of verbal discussion. High-context
communication depends heavily on gestures, body language, and other
nonverbal cues. Much of what is communicated is implicit, or unspoken, and
assumed to be understood through other cues. Low-context communication is
explicit and precise, relying little on nonverbal embellishment for
meaning. Many of these, and other cultural practices, is learned through
socialization.
Culture influences management practices as well, including negotiation
tactics, decision making, and
rewards and recognition programs. For example, when conducting business,
members of some cultures sit right down to business after shaking hands.
In other countries, it is considered rude to mention business at all until
after both parties have spent a significant amount of time establishing a
relationship. Other management soft skills, such as motivation, making
decisions, and rewarding employees, depend on cultural factors as well.
TECHNOLOGY
Technology is an important factor that can vary significantly, depending
on the purpose of foreign investment and how important it is for
technology to be standardized across business divisions. While some
business leaders may choose to expand internationally to take advantage of
cheaper labor or manufacturing costs, particularly in developing nations,
they may also need to plan for "intermediate and appropriate
technology."
The production processes used may vary from advanced to primitive,
depending on the economic, cultural, and political variables of the host
nation. Some governments urge investors to consider intermediate
technology rather than the highly-automated equipment and processes of
industrialized countries, in part because less advanced countries lack the
infrastructure to support such technology. Companies may respond by
searching for an appropriate technology that matches a country's
resources, or it may choose to invest elsewhere.
Technology has also contributed significantly to the spread of
globalization and international expansion. Advances in technology enable
international businesses to conduct international financial transactions,
purchase products, analyze data rapidly, make capital improvements, and
streamline communications, transportation, and distribution channels.
The summaries above are brief introductions to broad issues to which
entire semesters are devoted in business programs. International
management requires a broad knowledge base in many areas, as well as an
ability to adapt to working conditions in which the only constants are
change and a devotion to continuous learning.
Most critical to international management is the desire and ability to
work well with people of various cultures, interests, degrees of
education, and intelligence—from employees to colleagues to
government officials, with home country and host country, and across
national and industrial borders.
FURTHER READING:
Ball, Donald, et al.
International Business: The Challenge of Global Competition.
New York, NY: Irwin/McGraw-Hill, 2003.
Deresky, Helen.
International Management: Managing Across Borders and Cultures.
Upper Saddle River, NJ: Prentice-Hall, 2003.
"Geert Hofstede Cultural Dimensions." Available from
Harris, Philip R., and Robert T. Moran.
Managing Cultural Differences.
Houston, TX: Gulf Professional Publishing, 2000.
Hjelt, Paola. "The Fortune Global 500."
Holt, David H., and Karen Wiggington.
International Management.
Cincinnati, OH: Thomson South-Western, 2001.
Punnett, B.J., and D. Ricks.
International Business.
Cambridge, MA: Blackwell Publishers, 1997.
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