Context and the role of policies to attract foreign R&D in Europe

This paper explores the effectiveness of policies ‘in’ attracting the foreign research and development (R&D) of multinational enterprises (MNEs) to specific countries in Europe. We develop a macroeconomic investigation covering 29 European countries during the period between 1990 and 2012 in order to address: (a) whether the provision of direct financial support for business R&D is effective for the attraction of foreign R&D; (b) whether direct support is more effective than indirect support for this purpose and (c) whether the link between direct financial support for business R&D and the foreign R&D of MNEs is conditioned by the context within which the support is provided. The results of the analysis show that, first, the provision of direct financial support is generally effective for the attraction of foreign R&D by MNEs. Second, direct support for business R&D is more effective for this purpose than indirect support. Third, the provision of direct financial support for business R&D yields greater returns in contexts that are more socio-economically suitable for knowledge-intensive, innovative activity.     

Foreign Banking in China: A Study of 279 Branch Units in 32 Cities

Two China-based geographers examine the gradual relaxation of restrictions on the activity of foreign banks in China as a prelude to a more focused investigation of the concentrated locational pattern of foreign banking in that country. The study, which embraces 32 Chinese cities, emphasizes the factors that have attracted foreign banks to particular cities and regions of China, including the existence of special banking opportunities, the so-called "follow-the customer" strategy, externalities associated with major financial centers such as Beijing and Shanghai, relaxed banking regimes in particular urban centers and special economic zones, and exposure to international trade and to a variety of foreign business enterprises. The locational preferences of foreign banks in relation to their countries of origin are addressed in some detail.     

Against the wind – new factories of Russian manufacturing subsidiaries of Western multinational corporations

Using a series of interviews with the heads of Russian subsidiaries of Western multinational corporations and a unique database registering the openings of their new manufacturing plants in Russia during 2014–2015, we trace the changing demography, geography, and economics of foreign direct investments in industrial assets in Russia. We demonstrate that foreign companies in general were capable of overcoming the adverse economic conditions of 2015 and were able to complete their projects of installation of new factories that were launched in 2012–2013. More importantly, economic sanctions caused accelerated completion of previously started industrial works. Such new and upgraded factories not only target current opportunities and market niches in consumer markets but also aim at exploring possibilities in core industrial markets, including mining equipment, transportation equipment, and other types of industrial equipment. We also highlight the emergence of a new type of industrial project known as “fenced field projects,” which are new manufacturing facilities within the existing industrial sites of successful Russian firms. This new type is particularly attractive for companies in the machine-building and chemical industries. Fenced field projects can be either wholly owned subsidiaries or joint ventures, but the main feature of such projects is the active use of the developed physical and business infrastructure of the “hosting” Russian company. We demonstrate not only the changes in the geographic distribution of foreign direct investments in Russia but also the impact on medium-sized industrial towns (200,000–400,000 inhabitants), the most frequent location for industrial projects by foreign multinationals.     

Financialization of hotel corporations in Spain

One of the cutting-edge topics being currently debated in social sciences is the impact of financialization on corporations and on different geographical contexts. Surprisingly enough, there have been very few studies that have explicitly dealt with this issue within tourism studies. In this paper, the issue of financialization within tourism is addressed through an analysis of hotel corporations. Taking a case-study approach, it is argued that Spanish hotel chains are increasingly becoming financialized since a minimization of the impact of global financial crisis on these corporations is urgently required. The argument is not that hotel corporations’ financialization is necessarily new, but rather that the impact of the global financial crisis has led to an intensification of this very process. Taking as case studies the three largest Spanish hotel corporations (Meliá Hotels International, NH Hoteles and Grupo Barceló), the current crisis-led hotel financialization is dealt through four interrelated spheres: (1) built environment (hotel buildings property becoming controlled by financial funds), (2) actors (emergence of new agents as a result of hotel corporations intertwining with financial corporations), (3) hotel profit extraction (reliance on the secondary circuit of capital), (4) financial engineering instruments (forms of fictitious capital that are new in the context of hotel corporations). The article shows how the process of financialization of hotel corporations illustrates broad trends of both financialization and capital accumulation. Specifically, the main findings are on one hand, that financialization not only fixes capital on the ground, but also creates liquidity. On the other hand, that the selling of property titles is an increasing profit niche with differentiated geographical locations. The last significant finding is that financialization helps to improve profitability of non-financia corporations such as hotel chains.     

Inter‐Indigenous development aid: markets,corporations, and biases

The Canadian government and the Meadow Lake Tribal Council sponsored a forest extraction corporation in eastern Nicaragua that restructured 16 Miskitu and Mayangna villages and transformed local human‐environment interactions. The Central American aid project demonstrated paternalistic and interventionist tendencies and exposed biases in inter‐Indigenous aid that rendered it inseparable from conventional aid. This case encourages reflection on social and ecological impacts from the marketing of collective resources, the creation of Indigenous development corporations, and the decision‐making criteria and processes driving foreign aid. The case study demonstrates how foreign aid programs targeting Indigenous Peoples may actually thwart the self‐determination that they set out to encourage. Aid agencies and business partners, who had limited knowledge of local cultures and institutions, created externally defined rules that instigated resource conflicts and undermined the authority of customary leaders without resolving poverty or uneven development.     

Environmental Regulations and Multinational Corporations' Foreign Market Entry Investments

In this study, we examine how differences in environmental regulation characteristics are linked to multinational corporations' (MNCs) foreign market entry (FME) investments decisions around the world. We rely on a data set with 29,303 observations from 94 European Fortune Global 500 companies operating across 77 countries during the period 2001–2007. We found that MNCs are more likely to enter countries with more certain—i.e., clearer and more stable—environmental regulations than those of their home countries. Results also suggest that there is a higher level of MNC entry into foreign countries with environmental regulations that are more stringent than those of their home countries. This finding challenges the controversial but commonly held view that more stringent environmental regulations deter MNCs' FME investments. Notably, the magnitude of the regulatory certainty relationship with MNCs' FME investments is larger than that of regulatory stringency. Findings also indicate that the increased tendency of MNCs to enter countries with more stringent environmental regulations is higher in more democratic countries and for cleaner industry firms.     

Independence and Corporations in Pre‐Reform Freeman Boroughs: A Case Study – Newcastle‐under‐Lyme in the 1810s

This article draws on a wide range of evidence – corporation records, pollbooks, newspapers, squibs and broadsides, and private correspondence and accounts – to put forward some significant revisions to the electoral history of the borough of Newcastle‐under‐Lyme in the early 19th century. In the process, the article contributes to our understanding of the conflict between ‘oligarchy’ and ‘independence’ which characterised politics in this and other freeman boroughs. The independent party in the town emerges as a powerful force in its own right, one which came to monopolise access to the ‘rhetoric of independence’, rather than being a mere vehicle for ambitious candidates. The ability of the corporation to influence events by manipulation of the voting roll is also reassessed, and is seen to have been less significant than has been supposed.     

Defending harmful tax practices: mining companies’ responses to the Australian Senate Inquiry into tax avoidance

This article examines the Australian Senate’s 2015–2017 inquiry into corporate tax avoidance to illuminate the tax strategies used by the multinational corporations (MNCs) most targeted by tax justice campaigners, versus those of particular relevance in an Australian context: mining companies. Using documentary analysis, we examine how these companies discursively defended their tax avoidance strategies. Despite differences in the context in which the issue of tax minimisation has risen to prominence, we show that in Australia, MNCs’ legitimacy in paying lower levels of tax has been challenged in a similar manner to that of MNCs in other industry sectors that were held responsible for post-global financial crisis austerity measures in states like the US and UK. This suggests that history and context matter not in and of themselves, but for the impact they have on the discursive power of the actors involved, depending on the visibility and salience of the issue associated with them.     

美国史学界关于美国建国初期商业组织的研究

美国建国初期的商业组织不仅推动了经济发展,而且对社会民主化进程产生了重要影响。在过去一百多年间,美国史学界涌现出众多研究美国建国初期商业组织的论著。美国史学家围绕商业组织的政策制度、思想意识以及商业组织发展中的社会冲突展开讨论。随着研究的不断深入,学者们将商业组织的发展转变看做一个综合体,涉及社会各层面与领域的因素。在这个意义上,经济史变成了政治史和社会史。政治精英的态度、大股东活动与平民百姓生活都融入商业组织发展转变的叙述中,展现了一个时代的发展。