Global Firms and Emerging Markets in an Age of Anxiety

Multinationals, as most people would know, recognize, admire, fear, and criticize, have been variously characterized for more than three decades. In the 1970s, an American, a British, or a European company that had subsidiaries in two or more countries was called a multinational corporation. In the 1980s, considering the history of foreign investment, a variety of nonmanufacturing companies—such as banks, insurance companies, and trading companies— also came to be recognized as multinational companies....
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Global Firms and Emerging Markets in an Age of Anxiety Global Firms andEmerging Markets in an Age of Anxiety S. Benjamin Prasad Pervez N. Ghauri Editors PRAEGERGlobal Firms and EmergingMarkets in an Age of AnxietyGlobal Firms andEmerging Markets in anAge of AnxietyEdited by S. Benjamin Prasad andPervez N. GhauriLibrary of Congress Cataloging-in-Publication DataGlobal firms and emerging markets in an age of anxiety / edited by S. Benjamin Prasad and Pervez N. Ghauri. p. cm. Includes bibliographical references and index. ISBN 1–56720–421–X (alk. paper) 1. International business enterprises—Management. 2. International businessenterprises—Cross-cultural studies. 3. Globalization. I. Prasad, Benjamin S., 1929– II.Ghauri, Pervez N., 1948–HD62.4.G5435 2004338.8 8—dc22 2003062256British Library Cataloguing in Publication Data is available.Copyright 2004 by S. Benjamin Prasad and Pervez N. GhauriAll rights reserved. No portion of this book may bereproduced, by any process or technique, without theexpress written consent of the publisher.Library of Congress Catalog Card Number: 2003062256ISBN: 1–56720–421–XFirst published in 2004Praeger Publishers, 88 Post Road West, Westport, CT 06881An imprint of Greenwood Publishing Group, Inc.www.praeger.comPrinted in the United States of AmericaThe paper used in this book complies with thePermanent Paper Standard issued by the NationalInformation Standards Organization (Z39.48–1984).10 9 8 7 6 5 4 3 2 1ContentsIllustrations viiPreface xiPart I Emerging Challenges 1Chapter 1 On Multinationals after 1989 3 S. Benjamin PrasadChapter 2 The Bald Eagle Cannot Find Its Way in the Rain Forest 13 Alvaro Cuervo-Cazurra and C. Annique UnChapter 3 Challenges for the European Auto Multinationals 37 Heike ProffChapter 4 Multinationals and Technology Development in Latin America and East Asia 61 Andres Lopez and Marcela Miozzo ´´Chapter 5 Supranational Rules on Strategy Context: Embraer and Brazil’s Aerospace Program 83 Thomas C. Lawton and Steven M. McGuirePart II Changing Contexts 103Chapter 6 Initial Trust of Joint Venture Partners in Emerging Nations 105 Kwong Chan, W. Harvey Hegarty, and Stewart R. Millervi ContentsChapter 7 Family Conglomerates: Key Features Relevant to Multinationals 121 Destan Kandemir, Daekwan Kim, and S. Tamer CavusgilChapter 8 International Joint Venture Control: An Integrated Framework 147 Yan Zhang and Haiyang LiChapter 9 An Analysis of Joint Venture Activities in Southeast Asia 171 Daniel C. Indro and Malika RichardsChapter 10 National Culture in China and Multinationals’ Performance 195 Ji LiChapter 11 Entering Emerging Markets: Ignorance and Discovery 207 Jan Johanson and Martin JohansonPart III Prospects for Global Firms 225Chapter 12 Strategies of Multinationals in Contemporary China 227 Peter EnderwickChapter 13 Rethinking MNE-Emerging Market Relationships: Some Insights from East Asia 251 Mo Yamin and Pervez N. GhauriChapter 14 Institutions and Market Reforms: A Logical Guide for MNE Investments 267 Ram Mudambi and Pietro NavarraChapter 15 On Economic Liberalization in India 285 Rose M. Prasad Looking toward 2010Part IV 305Chapter 16 A Look Ahead: Multinational Enterprises and Emerging Markets 307 Pervez N. GhauriSelected Bibliography 311Index 313About the Editors an ...