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QuestionAnswer
Legal system Rules of the game on how a country’s laws are enacted and enforced
Democracy System in which citizens elect representatives to govern the country on their behalf
Totalitarianism (dictatorship) System in which one person or party exercises absolute political control over the population
Institutions “rules of the game”
Institutional transitions Fundamental and comprehensive changes introduced to formal and informal rules of the game that affect firms as players
Institution-based view success and failure of firms are enabled and constrained by institutions
Institutional framework Formal and informal institutions governing individual and firm behavior
Formal institutions Laws, regulations, and rules - may be imposed by home countries and host countries
Norms Values, beliefs, and actions
Regulatory pillar Coercive power of governments
Normative pillar How values, beliefs, and actions of other relevant players influence behavior of focal individuals and firms
Cognitive pillar Internalized, or taken for-granted, values and beliefs that guide individual and firm, or group, behavior
Transaction costs Costs associated with economic transactions or, the costs of doing business
Opportunism Act of seeking self-interest with guile
Political system Rules of the game on how a country is governed politically
Political risk Risk associated with political changes that may negatively impact domestic and foreign firms
Civil law Comprehensive statutes and codes as a primary means to form legal judgments
Common law English origin, shaped by precedents and traditions from previous judicial decisions
Theocratic law Based on religious teachings
Property rights Legal rights to use an economic property (resource) and derive income and benefits from it
Patent Legal rights awarded by government authorities to inventors of new products or processes
Copyright Exclusive legal rights of authors and publishers to publish and disseminate their work
Trademark Exclusive legal rights of firms to use specific names, brands, and designs to differentiate their products from others
Ethnocentrism To perceive one’s own culture, ethics, and norms as “natural, rational, and morally right.”
Context The underlying background upon which social interaction takes place
Low-context cultures Communication is usually taken at face value without much reliance on unspoken context
High-context cultures Communication relist a lot on the underlying unspoken context, which is as important as the words used
Cluster Countries that share similar cultures
Ronen and Shenkar clusters Influential set of clusters proposed by management Professors Simcha Ronen and Oded Shenkar
GLOBE clusters Influential set of clusters named after the Global Leadership and Organizational Behavior Effectiveness project led by management professor Robert House
Foreign Corrupt Practices Act (FCPA) A US law enacted in 1977 that bans bribery of foreign officials
Resource-based view Certain resources and capabilities specific to one company are not shared by competitors.
Outsourcing Turning over an organizational activity to an outside supplier that will perform it on behalf of the focal firm.
Captive sourcing Setting up subsidiaries abroad so that the work done is in-house but the location is foreign. Also known as foreign direct investment (FDI).
Offshoring Oursourcing to an international or foreign firm.
Inshoring Outsourcing to a domestic firm
VRIO Framework Resource-based view focusing on the value (V), rarity (R), imitability (I), and organizational (O) aspects of resources and capabilities
Original equipment manufacturer (OEM) Firm that executes design blueprints provided by Western firms
Original design manufacturer (ODM) Firm that executes manufacturing based on their own design blueprints
Original brand manufacturer (OBM) Firm that executes manufacturing based on their own design blueprints and sells the product under their own brand name
Classical trade theories (1) Mercantilism (2) Absolute Advantage (3) Comparative advantage
Modern trade theories (1) Product Life Cycles (2) Strategic trade (3) “Diamond”
Voluntary export restraint (VER) Exporting countries voluntarily agree to restrict their exports
Multinational enterprise (MNE) Firms that engage in FDI
Foreign portfolio investment (FPI) Holding securities, such as stocks and bonds, of companies in countries outside one’s own but does not entail the active management of foreign assets
Horizontal FDI Producing the same products or offering the same services in a host country as firms do at home
Vertical FDI Firm moves upstream or downstream in different value chain stages in a host country through FDI
OLI advantages Quest for ownership (O) advantages, location (L) advantages, and internalization (I) advantages
International Monetary Fund (IMF) An international organization established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements
Purchasing power parity (PPP) Conversion that determines the equivalent amount of goods and services different currencies can purchase
Global economic integration Efforts to reduce trade and investment barriers around the globe
Trade-Related Aspects of Intellectual Property Rights (TRIPS) WTO agreement governing intellectual property rights
Monetary union A group of countries that use a common currency
Free trade area (FTA) Group of countries that remove trade barriers among themselves
Created by: bmrolan
 

 



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