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The Commercial Paper Funding Facility (CPFF) bought commercial paper from highly rated issuers of U.S. dollar commercial paper during the financial crisis of 2008 to 2009. This is the only study to analyze the accounting characteristics of both financial and non-financial firms participating and not participating in this $738 billion Federal Reserve program. In logistic regressions, CPFF participants and non-participants differed little in solvency or liquidity ratios. Thus, there is little evidence of adverse selection by financial firms. Nevertheless, CPFF participants were significantly more likely to receive capital injections from the TARP bailout, to pose greater systemic risks and be based in North America. JEL Classification: G01, G18, G2, G28 Keywords: ABCP, Asset Backed Commercial Paper, Bailout, Banks, Capital Purchase Program (CPP), Commercial Paper, Commercial Paper Funding Facility (CPFF), Emergency Lending, Federal Reserve, Multinational Firms, Section 13(3), Troubled Asset Relief Program (TARP), U.S. Treasury, Unsecured Commercial Paper, Unusual and Exigent Circumstances, I. Introduction The Federal Reserve, through its Commercial Paper Funding Facility (CPFF), made aggregate purchases of commercial paper of $738.3 billion between October 27, 2008, and February 1, 2010. This [...]

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Purpose: The field of international business (IB) formally welcomes and frequently calls for case study research, but the proportion of case study papers appearing in IB journals remains very small. This paper aims to support efforts to redress this imbalance by addressing an overlooked yet critical issue: the (mis)use of tenses when theorizing from case study findings. The authors reveal a pervasive use of the present tense and argue that this leads to decontextualization and, in turn, over-generalization. The paper also suggests ways in which this problem may be avoided in the future, thereby improving the credibility and status of case-based research and helping to de-marginalise it within IB. Design/methodology/approach: A qualitative content analysis was applied to all (2,627) papers published between 2011 and 2021 in four leading IB journals. In total, 171 case study papers were identified over these 11 years, and a deeper content analysis was then performed to measure the extent of decontextualization/over-generalization implied by the inappropriate use of the present tense in the discussion and theorisation of research findings. Findings: This study found that, out of 171 case study papers identified, 141 (82.5%) provided at least two instances of over-generalization as implied by the misuse of the present tense. However, some of these papers were found to feature statements that could be claimed to mitigate such inappropriate generalization. These mitigating factors included the repeated use of adverbial phrases denoting context and the use of a "propositional style" that clearly distinguished contextual findings from speculative, decontextualized generalizations. Nevertheless, 71 of the 171 (41.5%) papers still demonstrated inappropriate generalization, even after allowing for mitigating factors. Originality/value: This study reveals a problematic writing practice and one which has arguably significantly contributed to the "decontextualization" problem critiqued in IB and management studies more broadly. The study also offers further insights into how decontextualization might be avoided, arguing that this problem would be significantly reduced if tenses were used appropriately in discussing and theorizing case study findings. Additionally, the study highlights the continued marginalization of qualitative research methods in IB and reinforces calls to address it. [ABSTRACT FROM AUTHOR]

This paper examines trends, challenges and opportunities in terms of research methodologies in qualitative IB research. In particular, it examines trends for the dominant (positivism/(post)positivism) paradigm versus alternative paradigms (i.e., social constructivism, critical realism and interpretivism) and provides a comparative analysis of data collection and methods. Using mixed methods to collect and analyze data on qualitative articles published in International Business Review, Journal of International Business Studies, Journal of World Business, and Management International Review, we examine trends and differences between the dominant and alternative paradigms and use qualitative content analysis to investigate how alternative paradigm papers are conceptualized and presented. Moreover, we interview authors of non-positivist papers to gain in-depth understanding of the findings. We reveal differences across the paradigms and provide evidence of paradigmatic fit between methods and data collection techniques for the dominant paradigm, but more variation for alternative paradigms. Lastly, we provide prescriptions for IB scholars in terms of methodology diversity and how complex IB phenomena can be pursued vis-a-vis alternative paradigms. [ABSTRACT FROM AUTHOR]

This paper is a critical analysis of media discourse on a corporate restructuring case in the pulp and paper industry in Finland. The analysis indicates that discursive struggles over the legitimacy of corporate restructuring initiatives, especially industrial shutdowns, are highly contextual processes, deeply embedded in the socio-historical specificities of the locations where they occur. Legitimation of the various restructuring measures is a political and a fundamentally historical process. It is argued that analyses of legitimation strategies need to deploy a processual, historical approach to be able to effectively engage with the practice of legitimation. The importance of, and the differences in, nationalist discourses in securing or challenging the legitimacy for drastic restructuring measures is analysed in the specific context of Finland. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to provide a scene-setting viewpoint that critically examines various diversity, equity and inclusion (DEI) blind spots within the field of international business (IB). These include issues such as social justice, intersectionality, de-colonization, the co-creation of inclusive research practices in indigenous spaces, social dialogue and the gap between DEI rhetoric and reality. An additional aim of the viewpoint is also to contextualise the discussion of DEI blind spots in terms of the six papers which make up the first part of a two-part special issue on DEI in IB". Design/methodology/approach: The authors build on existing DEI overview works and comment on specific DEI blind spots. The authors also discuss the role of positionality as critical reflexive scholarship practice, which they see as an essential step in problematizing structural inequalities. The authors then discuss six specific areas where DEI blindspots persist within the IB literature and link their discussion to the six papers included in the first part of their DEI special issue. Findings: Addressing the contradictions between the business and social justice cases for DEI requires addressing the ontological contradictions between the two perspectives through problematizing structural inequalities. A key contribution of the paper is also the discussion around positionality in DEI research and the relevance of positionality statements as part of critical reflexive scholarship in support of a socially just DEI research agenda. Originality/value: The authors discuss the role DEI research plays and can play within the evolution of the IB discipline. The authors apply a critical management studies perspective to pervasive DEI issues, as well as engage with the topics in the special issue through a unique critical reflexive epistemology which includes their own positionality statements as guest editors and researchers. Their critical discussion and recommendations for future research serve as a kind of whetstone to sharpen IB's DEI research tools and in turn for IB to help sharpen DEI research's tools, supporting it to become more socially just. [ABSTRACT FROM AUTHOR]

Academic inquiry into theoretical positions on sustainable development in Africa have risen to prominence in recent times. This paper questions the traditional paradigms of thought on Africa's underdevelopment. It advances novel perspectives in rethinking resource governance by suggesting that an Induced Cumulative Causative Theory is key to understanding the proverbial 'box' in which Africans have to think out of to re-invent resource governance. The paper makes the connect between historical colonial antecedents of foreign resource control with the present proxy control of the same resources as a key structure that needs reinventing in the face of the 'New scramble for Africa'. The paper suggests that depreciating global resources has put Africa in the crosshairs global imperial forces making the control of Africa's resources by Africans a nearimpossible task. Policymakers will face the task of reinventing Africa's engagement with International corporations who are at the forefront the 'New Scramble'. The paper recommends that the control of African resources should be placed at the centre of the discourse on confronting the 'new scramble'. [ABSTRACT FROM AUTHOR]

Presents a comparative analysis of the U.S. Alien Tort Claims Act and the European Union's green paper on corporate social responsibility. Impact of multinational corporations on worldwide human rights standards; Analysis of the civil-liability movement in the U.S.; Strenghts and weaknesses of regulatory development focusing on the 2002 Green Paper.

This systematic review assessed the requirements and importance of intercultural communication competence (ICC) in human life in the 21st Century, focusing on its practical aspects and elements. The results reported in the current study are from a review of 45 papers published from 2000 to 2023 in 16 different Web of Science and SCOPUS-indexed journals. To record and select the related and required papers, an online search was done using two key terms, "intercultural competence" and "intercultural communication competence," and through the use of WoS and SCOPUS databases. A total of 87 items were recorded from the online search, and after a quick review of all records, 45 papers were selected and reviewed thoroughly. Based on the results from the reviewed papers, ICC is one of the main requirements of human life in today's globalized world, especially in modern education and international business. Findings indicate that the absence of ICC is a crucial reason for failure in many modern professionals. Based on the results, cultural awareness and intercultural sensitivity, language proficiency, empathy, flexibility, and some other traits and skills are among the main components of ICC. The results indicate that staying and studying in multicultural environments, participating in cultural programs, observing felling and emotions, flexibility, and other factors, discussed in the current work, help individuals improve their ICC. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach: This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings: The paper introduces articles in a special issue that discusses the role multinational enterprises play in contributing to and solving grand challenges. Originality/value: The briefing saves busy executives, strategists, and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format. [ABSTRACT FROM AUTHOR]

A list of economic research discussed in previous issues of the periodical "Asian-Pacific Economic Literature" is presented. They include a paper by Thee Kian Wie titled "Technology and Indonesia's Industrial Competitiveness" and another paper by Philippa Dee titled "Multinational Corporations and Pacific Regionalism" and another paper by Ross H. McLeod titled "Doing Business in Indonesia: Legal and Bureaucratic Constraints."

Scholars propose that future research on real options theory should shift attention away from option buying during the first investment stage and toward option execution after investment. Researchers maintain that it would be interesting to explore the circumstances under which investors decide to withdraw their investments, thereby exercising the option to abandon their investments. The present research seeks to fill the gap in the literature and investigate the applicability of real options theory when an organization enhances sustainability policies while focusing on disciplined capital allocation through exit strategies. With case study data on Natura &Co's divestment strategy for the Body Shop in November 2023, a real options analysis revealed the method's practical advantages and disadvantages. This paper investigates real options theory in the context of the divestments of foreign affiliates, providing unique viewpoints and enhancing the theory beyond previous knowledge while also increasing our understanding of the divestiture phenomenon. This study concludes with a review of this paper's theoretical contributions to real options theory, the managerial and practical/social implications of real options applications in general, and the valuation methods of abandonment options in particular, shedding light on the potential of future research. [ABSTRACT FROM AUTHOR]

Purpose: This paper systematically reviews and scrutinises the current development of studies concerning digital platform use in firms' internationalisation. It also provides a research agenda for future work. Despite more than two decades of research, the study of how traditional firms enter foreign markets using digital platforms remains in its infancy. This paper contributes insights into the academic and managerial relevance of this field. Design/methodology/approach: A systematic review of the literature based on content analysis was undertaken, drawing from peer-reviewed journal articles in international business, international marketing, information systems, and electronic commerce. The articles were published between 1999 and 2023, and the review employed a vote-counting method. Findings: This analysis of 61 papers indicates that research on digital platform use in firms' internationalisation is growing rapidly. However, the field itself is fragmented, and the research findings are inconsistent. This dynamic area reflects a growing trend, is dominated by several theories, relies primarily on survey data, and frequently uses China as a research context. Originality/value: In acknowledging the vibrancy and managerial importance of this field, the authors offer a comprehensive overview of the existing studies to serve as a repository of knowledge on digital platform use in internationalisation for both academics and practitioners. Based on the aforementioned analysis, this study develops a reconciling framework to address current research gaps and identify future study directions. [ABSTRACT FROM AUTHOR]

Purpose: The idea of the paper came from the observation that small wholesaler managed by Portuguese-Eurocash has been able to capture most of the segment of “mom-and-pop” and middle-sized Polish stores. Its sales have been growing when at the same time the global company MAKRO Cash & Carry, which as a first mover was very successful, is losing the market. So, the attempt has been made to analyze Eurocash success in the framework of existing theories of developing competitive advantage on international markets. Design/methodology/approach: The concepts of dynamic capabilities and entrepreneurship theory are shortly described due to the fact that they were found out as the most appropriate to discuss the issue of gaining competitive advantage on Polish wholesale market. The longitudinal case study, in which international strategies of MAKRO Cash & Carry and Eurocash are compared, is presented Findings: Dynamic capabilities are path dependent so when the company wants to sustain advantage on the foreign market characterized by a different structure than is prevailing in its other international markets it could face problems. Such a market is the chance for the entrepreneur which sees the market opportunities and could size them. Originality/value: Paper contributes to the theory of international entrepreneurship showing that that entrepreneurs could be successful on foreign emerging markets using knowledge learned when their domestics markets were exposed to similar changes. It shows how wholesalers and small shops could successfully compete on FMCG market in contemporary economy, characterized by the growing role of networks. [ABSTRACT FROM AUTHOR]

El artículo discurre sobre la empresa venezolana Manufacturas de Papel, también conocida como Manpa, la cual produce papel higiénico. Los autores comentan sobre la adquisición de Manpa por Kentucky Park Paper y Florida Consumer Goods, dos compañías multinacionales. También se considera el estado actual de la industria del papel.

Using an international panel data set of the European pulp and paper industry, we address the issue of a possible home-bias effect for real investments in plants with foreign and domestic locations. We find that there is no effect after controlling for firm effects and plant and firm size. These findings are rubust to a number of different econometric specifications, including a difference-in-difference approach. Our findings appear to be relevant for the debate on the effect of foreign takeovers. As far as we are aware, home-bias effects in real investments within multinational firms have not been studied previously. [ABSTRACT FROM AUTHOR]

Lists the papers which have been accepted for publication in the "European Financial Management" journal. "The Agency Cost of Overvalued Equity and the Current State of Corporate Finance," by Michael C. Jensen; "An Empirical Analysis of Finnish Mutual Fund Expenses and Returns," by Timo Korkeamaki and Thomas Smythe Jr.; "Multinational Diversification and Corporate Performance Evidence From European Firms," by Ike Mathur, Manohar Singh and Kimberly C. Gleason.

Purpose: This paper examines the role played by business cluster ecosystems and intellectual capital (IC) in achieving high-growth firm (HGF) status. Design/methodology/approach: We draw our insights from the knowledge-based perspective and economic geography as a theoretical lens, which combined offer a more unifying understanding of how business cluster ecosystems and IC foster high growth entrepreneurship. Findings: Drawing on a sample of 11,360 German incorporated firms across 80 clusters, we find that cluster ecosystems play a significant role in supporting firms to become HGFs. More specifically, being located in business clusters increases the likelihood of becoming HGFs by 2.2% to 4.49%. We also find that clusters with more productive firms in the ecosystems provide favorable conditions for member firms to achieve HGF status, while the impact of other cluster-specific conditions (high-tech cluster membership and multinational enterprise share in clusters) is less clear. Additional insights suggest that firm IC (investments in intangible assets) enables firms to achieve high growth status. Research limitations/implications: The findings of this paper hold theoretical and managerial relevance and shed more light on the impact of cluster-specific factors in the ecosystems and firm IC in achieving high growth entrepreneurship. Originality/value: This paper is among the first of its kind to bring together three distinct literatures (HGFs, business clusters and IC) and utilize insights from each to derive a conceptual framework that links them in explaining high-growth entrepreneurship. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to critically examine how dual-listed multinational enterprises (MNEs) that are embedded across multiple national contexts interact with other actors to shape the diversity, equality and inclusion (DEI) narrative, outcomes and the associated dynamics of social change in the mining industry. Design/methodology/approach: The authors use data from the publicly available sustainability reports of two global mining conglomerates with dual-listing structure, Rio Tinto and Anglo American, alongside prevalent DEI regulations in the UK, Australia and South Africa to understand how DEI discourse and practice and the corresponding role of key actors have evolved since 2015. The authors combine a case study approach with topic modelling and qualitative content analysis to critically analyse the linkage between actors' stated posture and actions in their DEI field and their impact upon various exchange relationships within the mining industry exchange field over the period 2015–2021. Findings: The analysis revealed three broad phases of evolution in the DEI involvement of the MNEs emphasizing on diversity, equality and inclusion, respectively. Both firms progressed at a different pace across the three phases highlighting the need for a systemic perspective when addressing DEI concerns. Originality/value: This paper is one of the earliest to adopt an issue and exchange field perspective towards examining the complexity of DEI. Taking a critical performative stance, the authors argue that for improving convergence between MNEs' DEI rhetoric and reality and to advance DEI in new ways organizations and policymakers must devise structural interventions in the DEI field that substantively impact MNEs' industry exchange field relationships. [ABSTRACT FROM AUTHOR]

Purpose: Using intersectionality and introducing newer developments from critical cross-cultural management studies, this paper aims to discuss how diversity is applicable to changing cultural contexts. Design/methodology/approach: The paper is a conceptual paper built upon relevant empirical research findings from critical cross-cultural management studies. Findings: By applying intersectionality as a conceptual lens, this paper underscores the practical and conceptual limitations of the business case for diversity, in particular in a culturally diverse international business (IB) setting. Introducing newer developments from critical cross-cultural management studies, the authors identify the need to investigate and manage diversity across distinct categories, and as intersecting with culture, context and power. Research limitations/implications: This paper builds on previous empirical research in critical cross-cultural management studies using intersectionality as a conceptual lens and draws implications for diversity management in an IB setting from there. The authors add to the critique of the business case by showing its failures of identifying and, consequently, managing diversity, equality/equity and inclusion (DEI) in IB settings. Practical implications: Organizations (e.g. MNEs) are enabled to clearly see the limitations of the business case and provided with a conceptual lens for addressing DEI issues in a more contextualized and intersectional manner. Originality/value: This paper introduces intersectionality, as discussed and applied in critical cross-cultural management studies, as a conceptual lens for outlining the limitations of the business case for diversity and for promoting DEI in an IB setting in more complicated, realistic and relevant ways. [ABSTRACT FROM AUTHOR]

The aim of this paper is not to address all the challenges that modern humanity faces, but rather to encourage further discussion. It is dedicated to a range of issues confronting the contemporary world, for which there are no coordinated, let alone implemented, solutions on a global scale. The paper will focus on several challenges, including the increasingly frequent mention of nuclear weapons, climate change and the need for a healthy and environmentally clean environment, artificial intelligence and general artificial intelligence, the problematic influence of multinational companies on local communities and global relations, as well as demographics and global migration. These topics influence global policies, shape international relationships, and affect the planet's future. Understanding their implications and how they interact with each other is crucial for creating effective solutions. [ABSTRACT FROM AUTHOR]