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•  Enhanced eText—Keeps students engaged in learning on their own time, while helping them achieve greater conceptual understanding of course material. The worked examples bring learning to life, and algorithmic practice allows students to apply the very concepts they are reading about. Combining resources that illuminate content with accessible self-assessment, MyLab with Enhanced eText provides students with a complete digital learning experience—all in one place. •  MediaShare for Business—Consisting of a curated collection of business videos tagged to learning outcomes and customizable, auto-scored assignments, MediaShare for Business helps students understand why they are learning key concepts and how they will apply those in their careers. Instructors can also assign favorite YouTube clips or original content and employ MediaShare’s powerful repository of tools to maximize student accountability and interactive learning, and provide contextualized feedback for students and teams who upload presentations, media, or business plans. • Writing Space—Better writers make great learners who perform better in their courses. Designed to help you develop and assess concept mastery and critical thinking, the Writing Space offers a single place to create, track, and grade writing assignments, provide resources, and exchange meaningful, personalized feedback with students, quickly and easily. Thanks to auto-graded, assisted-graded, and create-your-own assignments, you decide your level of involvement in evaluating students’ work. The auto-graded option allows you to assign writing in large classes without having to grade essays by hand. And because of integration with Turnitin®, Writing Space can check students’ work for improper citation or plagiarism. •  Branching, Decision-Making Simulations—Put your students in the role of manager as they make a series of decisions based on a realistic business challenge. The simulations change and branch based on their decisions, creating various scenario paths. At the end of each simulation, students receive a grade and a detailed report of the choices they made with the associated consequences included. Engage, Assess, Apply •  Learning Catalytics™—Is an interactive, student response tool that uses students’ smartphones, tablets, or laptops to engage them in more sophisticated tasks and thinking. Now included with MyLab with eText, Learning Catalytics enables you to generate classroom discussion, guide your lecture, and promote peer-to-peer learning with real-time analytics. •  LMS Integration—You can now link from Blackboard Learn, Brightspace by D2L, Canvas, or Moodle to MyManagementLab. Access assignments, rosters, and resources, and synchronize grades with your LMS gradebook. For students, single sign-on provides access to all the personalized learning resources that make studying more efficient and effective. •  Reporting Dashboard—View, analyze, and re.

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• Enhanced eText—Keeps students engaged in learning on their own time, while helping them achieve greater conceptual understanding of course material. The worked examples bring learning to life, and algorithmic practice allows students to apply the very concepts they are reading about. Combining resources that illuminate content with accessible self- assessment, MyLab with Enhanced eText provides students with a complete digital learning experience—all in one place. • MediaShare for Business—Consisting of a curated collection of business videos tagged to learning outcomes and customizable, auto- scored assignments, MediaShare for Business helps students understand why they are learning key concepts and how they will apply those in their careers. Instructors can also assign favorite YouTube clips or original content and employ MediaShare’s powerful repository of tools to maximize student accountability and interactive learning, and provide contextualized feedback for students and teams who upload presentations, media, or business plans.
• Writing Space—Better writers make great learners who perform better in their courses. Designed to help you develop and assess concept mastery and critical thinking, the Writing Space offers a single place to create, track, and grade writing assignments, provide resources, and exchange meaningful, personalized feedback with students, quickly and easily. Thanks to auto-graded, assisted- graded, and create-your-own assignments, you decide your level of involvement in evaluating students’ work. The auto-graded option allows you to assign writing in large classes without having to grade essays by hand. And because of integration with Turnitin®, Writing Space can check students’ work for improper citation or plagiarism. • Branching, Decision-Making Simulations—Put your students in the role of manager as they make a series of decisions based on a realistic business challenge. The simulations change and branch based on their decisions, creating various scenario paths. At the end of each simulation, students receive a grade and a detailed report of the choices they made with the associated consequences included. Engage, Assess, Apply • Learning Catalytics™—Is an interactive, student response tool that
uses students’ smartphones, tablets, or laptops to engage them in more sophisticated tasks and thinking. Now included with MyLab with eText, Learning Catalytics enables you to generate classroom discussion, guide your lecture, and promote peer-to-peer learning with real-time analytics. • LMS Integration—You can now link from Blackboard Learn, Brightspace by D2L, Canvas, or Moodle to MyManagementLab. Access assignments, rosters, and resources, and synchronize grades with your LMS gradebook. For students, single sign-on provides access to all the personalized learning resources that make studying more efficient and effective. • Reporting Dashboard—View, analyze, and report learning outcomes clearly and easily, and get the information you need to keep your students on track throughout the course with the new Reporting Dashboard. Available via the MyLab Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner. • Accessibility (ADA)—Pearson works continuously to ensure our products are as accessible as possible to all students. The platform team for our Business MyLab products is working toward achieving WCAG
2.0 Level AA and Section 508 standards, as expressed in the Pearson Guidelines for Accessible Educational Web Media. Moreover, our products support customers in meeting their obligation to comply with the Americans with Disabilities Act (ADA) by providing access to learning technology programs for users with disabilities. The following information provides tips and answers to frequently asked questions for those using assistive technologies to access the Business MyLab products. As product accessibility evolves continuously, please email our Accessibility Team at [email protected] for the most up-to-date information. A L W A Y S L E A R N I N G with MyManagementLab® mailto:[email protected] International Business Environments & Operations New York, NY John D. Daniels
University of Miami Lee H. Radebaugh Brigham Young University Daniel P. Sullivan University of Delaware Sixteenth Edition Vice President, Business Publishing: Donna Battista Director of Portfolio Management: Stephanie Wall Portfolio Manager: Daniel Tylman Editorial Coordinator: Linda Albelli Vice President, Product Marketing: Roxanne McCarley Director of Strategic Marketing: Brad Parkins Strategic Marketing Manager: Deborah Strickland Product Marketer: Becky Brown Field Marketing Manager: Lenny Ann Kucenski Product Marketing Assistant: Jessica Quazza Vice President, Production and Digital Studio, Arts and Business: Etain O’Dea Director of Production, Business: Jeff Holcomb Managing Producer, Business: Ashley Santora Operations Specialist: Carol Melville Creative Director: Blair Brown Manager, Learning Tools: Brian Surette Content Developer, Learning Tools: Lindsey Sloan Managing Producer, Digital Studio, Arts
and Business: Diane Lombardo Digital Studio Project Manager: Darren Cormier Digital Studio Project Manager: Alana Coles Full-Service Project Management and Composition: Integra Software Services Pvt. Ltd. Interior Designer: Integra Software Services Pvt. Ltd. Cover Designer: Integra Software Services Pvt. Ltd. Cover Art: Maksim Pasko/Fotolia Printer/Binder: RRD Willard Cover Printer: Phoenix Copyright © 2018, 2015, 2013 by Pearson Education, Inc. or its affiliates. All Rights Reserved. Manufactured in the United States of America. This publication is protected by copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise. For information regarding permissions, request forms, and the appropriate contacts within the Pearson Education Global Rights and Permissions department, please visit www.pearsoned.com/permissions/. Acknowledgments of third-party content appear on the appropriate page within the text. PEARSON, ALWAYS LEARNING, and MYMANAGEMENTLAB® are exclusive trademarks owned by Pearson Education, Inc. or its affili- ates in the U.S. and/or other countries. Unless otherwise indicated herein, any third-party trademarks,
logos, or icons that may appear in this work are the property of their respective owners, and any references to third-party trademarks, logos, icons, or other trade dress are for demonstrative or descriptive purposes only. Such references are not intended to imply any sponsorship, endorsement, authorization, or promotion of Pearson’s prod- ucts by the owners of such marks, or any relationship between the owner and Pearson Education, Inc., or its affiliates, authors, licensees, or distributors. Library of Congress Cataloging-in-Publication Data Is Available On Request 10 9 8 7 6 5 4 3 2 1 ISBN 10: 0-13-420005-5 ISBN 13: 978-0-13-420005-7 http://www.pearsoned.com/permissions/ Preface xxii About the Authors xxix Part one: Background for International Business 1 1 Globalization and International Business 1 Part two: Comparative Environmental Frameworks 25 2 The Cultural Environments Facing Business 25 3 The Political and Legal Environments Facing Business 57 4 The Economic Environments Facing Business 93 5 Globalization and Society 129
Part three: Theories and Institutions: Trade and Investment 153 6 International Trade and Factor Mobility Theory 153 7 Governmental Influence on Trade 183 8 Cross-National Cooperation and Agreements 207 Part Four: World Financial Environment 235 9 Global Foreign-Exchange Markets 235 10 The Determination of Exchange Rates 257 11 Global Capital Markets 279 Part Five: Global Strategy, Structure, and Implementation 301 12 The Strategy of International Business 301 13 Country Evaluation and Selection 335 14 Export and Import 361 15 Direct Investment and Collaborative Strategies 397 16 The Organization of International Business 427 Part Six: Managing International Operations 461 17 Marketing Globally 461 18 Global Operations and Supply-Chain Management 493 19 International Accounting and Finance Issues 517 20 International Human Resource Management 545 Brief Contents iii Contents Preface xxii About the Authors xxix
• Part one: Background For international BuSineSS 1 1 Globalization and International Business 1 CASE: The Globalized Business of Sports 2 Introduction 4 Why Study About Globalization, IB, and Their Relationship? 5 How Does IB Fit In? 5 The Study of IB 5 The Forces Driving Globalization and IB 6 Factors in Increased Globalization 7 The Criticisms of Globalization 10 Threats to National Sovereignty 10 Environmental Stress 11 Growing Income Inequality and Personal Stress 11 Point-Counterpoint Is Offshoring of Production a Good Strategy? 12 Why Companies Engage in IB 14 Sales Expansion 14 Resource Acquisition 14 Risk Reduction 14 IB Operating Modes 15 Merchandise Exports and Imports 15 Service Exports and Imports 15 Investments 16 Types of International Organizations 16 Why do Companies’ External Environments Affect How they May Best Operate Abroad? 16
Physical Factors 17 Institutional Factors 17 The Competitive Environment 18 Looking to the Future Three Major Scenarios on Globalization’s Future 19 CASE: Carnival Cruise Lines 21 Endnotes 23 iv Contents v • Part two: comParative environmental FrameworkS 25 2 The Cultural Environments Facing Business 25 CASE: Saudi Arabia’s Dynamic Culture 26 Culture’s Importance in IB and Trickiness To Assess 29 National Cultures as a Point of Reference 29 The People Factor 30 Building Cultural Awareness 31 Shortcomings in Cultural Assessments 31 Influences on Cultural Formation and Change 32 Sources of Change 32 Language as Both a Diffuser and Stabilizer of Culture 32 Religion as a Cultural Stabilizer 34 Major Behavioral Practices Affecting Business 35
Issues in Social Stratification 35 Work Motivation 37 Relationship Preferences 40 Risk-Taking Behavior 40 Information and Task Processing 41 Problems in Communicating Across Cultures 42 Translation of Spoken and Written Language 42 Silent Language 43 Guidelines For Cultural Adjustment 45 Host Society Acceptance 45 Degree of Cultural Differences 45 Ability to Adjust: Culture Shock 46 Company and Management Orientations 46 Strategies for Instituting Change 47 Point-Counterpoint Does IB Lead To Cultural Imperialism? 48 Looking to the Future Scenarios on The Evolvement of National Cultures 50 CASE: Tesco PLC: Leveraging Global Knowledge 52 Endnotes 55 3 The Political and Legal Environments Facing Business 57 CASE: China: Big Opportunities, Complicated Risks 58 Politics, Laws, and Operating Internationally 60 The Political Environment 62 Individualism 62
vi Contents Collectivism 62 Political Ideology 63 Democracy 64 Totalitarianism 65 The State of Political Freedom 67 The Prevalence of Political Freedom 68 The Struggles of Political Freedom 68 The Allure of Authoritarianism 71 Looking to the Future Political Ideology and MNEs’ Actions 72 Political Risk 74 Classifying Political Risk 74 Point-Counterpoint Proactive Political Risk Management: The Superior Approach 76 The Legal Environment 78 Types of Legal Systems 79 The Foundation of Legality 80 Mapping the Basis of Law 81 Which Rule When? 82 Implications to Managers 84 Legal Issues Facing International Companies 84 Operational Concerns 85 Strategic Concerns 86 Politics, Law, and the Business Environment 88
CASE: It’s a Knockoff World 89 Endnotes 91 4 The Economic Environments Facing Businesses 93 CASE: Emerging Economies: Comeback or Collapse? 94 International Economic Analysis 95 Navigating Challenges 96 Who’s Who in the Global Business Environment 97 Developed Economies 97 Developing Economies 98 Economies in Transition 100 The Issue of Different Degrees of Development 101 Economic Freedom 103 The Value of Economic Freedom 105 The Prevalence of Economic Freedom 106 Economic Freedom and Type of Economic Environment 107 The Paradox of Promise Versus Prevalence 107 Contents vii Looking to the Future State Capitalism: Detour or Destination? 110 Types of Economic Systems 111 The Market Economy 111 The Command Economy 112 Mixed Economy 113 Assessing Economic Development, Performance, and Potential 114
Monetary Measures 114 Improving Economic Analytics 116 The Wildcard: The Shadow Economy 118 Sustainability and Stability 119 Sustainability 119 Stability 120 Point-Counterpoint Growth: Positive and Productive? 121 Elements of Economic Analysis 123 Integrating Economic Analysis 123 Economic Freedom, Innovation, and Competitiveness 125 CASE: Economic Environments of the West: Problems, Puzzles, and the 4th Industrial Revolution 126 Endnotes 128 5 Globalization and Society 129 CASE: Ecomagination and the Global Greening of GE 130 Introduction 132 Stakeholder Trade-Offs 132 The Economic Impact of the MNE 133 Balance-of-Payments Effects 134 Growth and Employment Effects 135 The Foundations of Ethical Behavior 136 Why Do Companies Care About Ethical Behavior? 137
The Cultural Foundations of Ethical Behavior 137 Relativism Versus Normativism 137 The Legal Foundations of Ethical Behavior 138 Legal Justification: Pro and Con 138 Corruption and Bribery 139 Petrobras: Corruption in Brazil with a Global Twist 140 The Consequences of Corruption 140 What’s Being Done About Corruption? 141 viii Contents Ethics and the Environment 142 What Is “Sustainability”? 142 Global Warming and The Paris Agreement on Climate Change 143 Ethical Dilemmas of Labor Conditions 144 Point-Counterpoint Should MNEs Accept Full Responsibility for the Unethical Behavior of Their Employees? 144 The Problem of Child Labor 146 What MNEs Can and Can’t Do 147 Corporate Codes of Ethics: How Should a Company Behave? 147 Motivations for Corporate Responsibility 147 Developing a Code of Conduct 147 Looking to the Future Dealing with Ethical Dilemmas in the Global Economy 148
CASE: Anglo American PLC in South Africa: What Do You Do When Costs Reach Epidemic Proportions? 149 Endnotes 151 • Part three: theorieS and inStitutionS: trade and inveStment 153 6 International Trade and Factor Mobility Theory 153 CASE: The Evolution of Taiwan’s International Trade 154 Introduction: Why Do Policymakers Rely on International Trade and Factor Mobility Theories? 156 Interventionist and Free Trade Theories 158 Mercantilism 158 Neomercantilism 158 Free Trade Theories 159 Theory of Absolute Advantage 159 Theory of Comparative Advantage 161 Theories of Specialization: Some Assumptions and Limitations 162 Theories to Explain National Trade Patterns 164 How Much Does A Country Trade? 164 What Types of Products Does A Country Trade? 166 With Whom Do Countries Trade? 167 The Dynamics of Export Capabilities 168 Product Life Cycle (PLC) Theory 168 The Diamond of National Competitive Advantage 170 The Theory and Major Effects of Factor Mobility 172
Contents ix Point-Counterpoint Should Nations Use Strategic Trade Policies? 172 Why Production Factors Move 174 Effects of Factor Movements 175 The Relationship between Trade and Factor Mobility 176 Substitution 176 Complementarity 176 Looking to the Future Scenarios That May Change Trade Patterns 177 CASE: Ecuador: A Rosy Export Future? 179 Endnotes 182 7 Governmental Influence on Trade 183 CASE: The U.S.–Vietnamese Catfish Dispute 184 Conflicting Outcomes of Trade Protectionism 186 The Role of Stakeholders 187 Economic Rationales for Governmental Trade Intervention and Outcome Uncertainties 187 Fighting Unemployment 187 Protecting “Infant Industries” 188 Developing an Industrial Base 189 Economic Relationships with Other Countries 190 Governments’ Noneconomic Rationales and Outcome
for Trade Intervention 192 Maintaining Essential Industries 192 Promoting Acceptable Practices Abroad 193 Point-Counterpoint Should Governments Impose Trade Sanctions? 193 Maintaining or Extending Spheres of Influence 195 Preserving National Culture 195 Major Instruments of Trade Control 195 Tariffs: Direct Price Influences 195 Nontariff Barriers: Direct Price Influences 196 Nontariff Barriers: Quantity Controls 198 How Companies Deal With Governmental Trade Influences 201 Tactics for Dealing with Import Competition 201 Convincing Decision-Makers 201 Involving the Industry and Stakeholders 201 Preparing for Changes in the Competitive Environment 202 Looking to the Future Dynamics and Complexity of Future World Trade 202 x Contents CASE: Should U.S. Imports of Prescription Drugs from Canada Be Widened? 203 Endnotes 205
8 Cross-National Cooperation and Agreements 207 CASE: Toyota’s European Drive 208 Forms of Economic Integration 209 The World Trade Organization—Global Integration 210 GATT: Predecessor to the WTO 210 What Does the WTO Do? 210 Regional Economic Integration 211 Bilateral Agreements 211 Geography Matters 211 The Effects of Integration 212 Major Regional Trading Groups 213 The European Union 214 The North American Free Trade Agreement (NAFTA) 218 Regional Economic Integration in the Americas 221 Regional Economic Integration in Asia 223 Regional Economic Integration in Africa 225 Point-Counterpoint Is Regional Economic Integration a Good Idea? 226 The United Nations and Other NGOs 227 Commodity Agreements 229 Commodities and the World Economy 229 Consumers and Producers 229 The Organization of the Petroleum Exporting Countries (OPEC) 230 Looking to the Future Will the WTO Overcome Bilateral and Regional Integration Efforts? 231
CASE: Walmart Goes South 232 Endnotes 234 • Part Four: world Financial environment 235 9 Global Foreign-Exchange Markets 235 CASE: Going Down to the Wire in the Money-Transfer Market 236 What is Foreign Exchange and Who are The Major Players in The Market? 237 Contents xi Some Aspects of The Foreign-Exchange Market 238 How to Trade Foreign Exchange 238 Global OTC Foreign-Exchange Instruments 239 Size, Composition, and Location of the Foreign-Exchange Market 239 Foreign-Exchange Trades and Time Zones 241 Major Foreign-Exchange Markets 243 The Spot Market 243 The Forward Market 244 Options 244 Futures 245 The Foreign-Exchange Trading Process 245 Banks and Exchanges 245 Top Exchanges for Trading Foreign Exchange 246 How Companies Use Foreign Exchange 247
Cash Flow Aspects of Imports and Exports 247 Other Financial Flows 248 Point-Counterpoint Is It OK to Speculate on Currency? 249 Looking to the Future Where Are Foreign-Exchange Markets Headed? 251 CASE: Do Yuan to Buy Some Renminbi? 252 Endnotes 255 10 The Determination of Exchange Rates 257 CASE Venezuela’s Rapidly Changing Currency 258 Introduction 259 The International Monetary Fund 260 Origin and Objectives 260 The IMF Today 260 The Role of the IMF in Global Financial Crises 261 Evolution to Floating Exchange Rates 261 Exchange-Rate Arrangements 262 Three Choices: Hard Peg, Soft Peg, or Floating Arrangement 262 Hard Peg 263 Soft Peg 263 Floating Arrangement 263 The Euro 263 Point-Counterpoint Should Africa Develop a Common Currency? 265 Determining Exchange Rates 266
Nonintervention: Currency in a Floating-Rate World 266 xii Contents Intervention: Currency in a Fixed-Rate or Managed Floating- Rate World 267 Black Markets 268 Foreign-Exchange Convertibility and Controls 268 Exchange Rates and Purchasing Power Parity 269 Exchange Rates and Interest Rates 271 Other Factors in Exchange-Rate Determination 272 Forecasting Exchange-Rate Movements 272 Fundamental and Technical Forecasting 272 Fundamental Factors to Monitor 272 Business Implications of Exchange-Rate Changes 273 Marketing Decisions 273 Production Decisions 274 Financial Decisions 274 Looking to the Future Changes in the Relative Strength of Global Currencies 274 Case: Welcome to the World of Sony—Unless the Falling Yen Rises (or Falls) Again 275 Endnotes 278 11 Global Capital Markets 279 CASE: Tax Wars: Pfizer Versus the U.S. Government 280
The Finance Function 281 The Role of the CFO 281 Capital Structure 282 Leveraging Debt Financing 282 Factors Affecting the Choice of Capital Structure 282 Global Debt Markets 284 Eurocurrencies and the Eurocurrency Market 284 International Bonds 285 Global Equity Markets 286 The Size of Global Stock Markets 287 Taxation of Foreign-Source Income 289 International Tax Practices 289 Taxing Branches and Subsidiaries 290 Transfer Prices 292 Double Taxation and Tax Credit 293 Dodging Taxes 294 Offshore Financing and Offshore Financial Centers 294 What is an OFC? 294 Contents xiii Point-Counterpoint Should Offshore Financial Centers and Aggressive Tax Practices Be Eliminated? 296 Looking to the Future The Growth of Capital Markets and the Drive by Governments to Capture More Tax Revenues by MNEs 297 CASE: Does the Devil Really Wear Prada? 298
Endnotes 300 • Part Five: gloBal Strategy, Structure, and imPlementation 301 12 The Strategy of International Business 301 CASE: Zara’s Disruptive Vision: Data-Driven Fast-Fashion 302 Strategy in the MNE 304 Getting Started: Vision and Mission 305 Moving Onward: Strategic Planning 307 Making Sense to Make Strategy 307 The Role of Resources, Capabilities, and Competencies 308 The Quest to Create Value 310 The Cost Leadership Strategy 310 The Differentiation Strategy 311 The Integrated Cost Leadership/Differentiation Strategy 312 Point-Counterpoint Is Strategic Planning Productive? 313 Organizing Value Creation: The Value Chain 314 Configuring the Value Chain 315 Looking to the Future Digits, Widgets, and Changing Location Advantages 319 Global Integration Versus Local Responsiveness 321 The Potential for Standardization 322 The Characteristics of Consumer Preferences 323 The Effect of Institutional Agents 324
Global Integration and Local Responsiveness: Mapping their Interaction 324 International Corporate-Level Strategies 326 The International Strategy 326 The Localization Strategy 328 Global Strategy 329 Transnational Strategy 330 xiv Contents CASE: The Multinational Enterprise of the Future: Leading Scenarios 332 Endnotes 334 13 Country Evaluation and Selection 335 CASE Burger King® 336 The Importance of Location 338 Comparing Countries Through Scanning 338 Why Is Scanning Important? 338 Scanning Versus Detailed Analysis 339 Opportuniity and Risk Variables 340 Opportunities: Sales Expansion 340 Opportunities: Resource Acquisition 341 Risks 343 Analyzing and Relating the Opportunity and Risk Variables 348 Sources and Shortcomings of Comparative Country Information 350
Some Problems with Research Results and Data 350 External Sources of Information 351 Internally Generated Data 352 Point-Counterpoint Should Companies Operate in and Send Employees to Violent Areas? 352 Alternatives for Allocating Resources among Locations 353 Alternative Gradual Commitments 353 Geographic Diversification Versus Concentration 354 Reinvestment and Harvesting 355 Noncomparative Location Decisions 356 Looking to the Future Conditions That May Cause Prime Locations to Change 356 CASE: Carrefour 357 Endnotes 360 14 Export and Import 361 CASE: SpinCent: The Decision to Export 362 Introduction 364 Exporting: Principles and Practices 365 Who are Exporters? 366 The Matter of Advantages 366 Characteristics of Exporters 367 Contents xv
Exporting: Motivation and Methods 368 Profitability 368 Productivity 369 Diversification 369 Export: Start-Up and Expansion 370 Incremental Internationalization 370 The Born-Global Phenomenon 371 The Influence of Time and Place 371 The Wildcard of Serendipity 372 Approaches to Exporting 372 Which Approach When? 373 Point-Counterpoint Exporting E-waste: A Fair Solution ? 374 Importing: Principles and Practices 378 Characteristics of Importers 378 Importing: Motivation and Methods 379 Import Drivers 379 Who Are Importers? 380 Importing and Exporting: Problems
and Pitfalls 380 Financial Risks 381 Customer Management 381 International Business Expertise 382 Marketing Challenges 382 Top Management Commitment 382 Government Regulation 383 Trade Documentation 384 Importing and Exporting: Resources and Assistance 385 Public Agencies 386 Private Agents 387 Reconciling Opportunity and Challenge: An Export Plan 390 Looking to the Future Technology Transforms International Trade 391 Countertrade 393 Costs 393
Benefits 394 CASE: The Borderfree Option: Going Global—Simplified 394 Endnotes 396 xvi Contents 15 Direct Investment and Collaborative Strategies 397 CASE: Meliá Hotels International 398 Introduction 401 Why Export and Import May Not Suffice 402 When It’s Cheaper to Produce Abroad 403 When Transportation Costs Too Much 403 When Domestic Capacity Isn’t Enough 403 When Products and Services Need Altering 403 When Trade Restrictions Hinder Imports 403 When Country of Origin Becomes an Issue 404 Why and How do Companies Make Wholly Owned FDI 404
Reasons for Wholly Owned Foreign Direct Investment 404 Acquisition Versus Greenfield 405 Why Companies Collaborate 406 General Motives for Collaborative Arrangements 406 International Motives for Collaborative Arrangements 408 Forms of and Choice of Collaborative Arrangements 409 Some Considerations in Choosing a Form 409 Point-Counterpoint Should Countries Limit Foreign Control of Key Industries? 410 Licensing 411 Franchising 412 Management Contracts 413 Turnkey Operations 413 Joint Ventures (JVs) 414 Equity Alliances 415 Why Collaborative Arrangements Fail or Succeed 415 Reasons for Failure 416 Helping Collaborative Operations Succeed 417
Looking to the Future Growth in Project Size and Complexity 420 CASE: The oneworld Airline Alliance 421 Endnotes 425 16 The Organization of International Business 427 CASE: Organizing Global Operations: The “Gore Way” 428 Introduction 430 Contents xvii Changing Times, Changing Organizations 430 Expanding Scope of IB 431 The Internet as a Design Standard 431 Managerial Standards 431 Social Contract 432 Change and Challenge: MNEs Respond 432
Classical Organization Structures 433 Vertical Differentiation 433 Horizontal Differentiation 435 The Functional Structure 435 Divisional Structures 436 Global Matrix Structure 439 Mixed Structure 440 Neoclassical Structures 440 The Challenge of Boundaries 440 The Goal of Boundarylessness 441 The Network Structure 442 Virtual Organization 443 Neoclassical Structures in Action 444 Pitfalls of Neoclassical Structures 444 Point-Counterpoint The Hierarchical Structure: The Superior Format 445 Coordination Systems 447 Coordination by Standardization 448 Coordination by Plan 449 Coordination by Mutual Adjustment 450 Control Systems 451
Bureaucratic Control 451 Market Control 451 Clan Control 452 Control Mechanisms 452 Which Control System When? 453 Organizational Culture 453 A Key Piece of the Performance Puzzle 453 The Power of Common Cause 454 Developing an Organizational Culture 455 Looking to the Future The Rise of Corporate Universities 456 CASE: Building a Magical Organization at Johnson & Johnson 458 Endnotes 460 xviii Contents • Part Six: managing international oPerationS 461
17 Marketing Globally 461 CASE: Tommy Hilfiger 462 International Marketing Strategies: Orientations, Segmentation, and Targeting 463 Marketing Orientations 464 Segmenting and Targeting Markets 466 Product Policies: Country Adaptation Versus Global Standardization 467 Why Firms Adapt Products 467 Alteration Costs 468 The Product Line: Extent and Mix 469 International Pricing Complexities 469 Potential Obstacles in International Pricing 469 Should Promotion Differ Among Countries? 472 The Push–Pull Mix 472 Some Problems in International Promotion 473 International Branding Strategies 475 Global Brand Versus Local Brands 476
Point-Counterpoint Should Home Governments Regulate Their Companies’ Marketing in Developing Countries? 477 Distribution Practices and Complications 479 Deciding Whether to Standardize 479 Internalization or Not? 480 Distribution Partnership 480 Distribution Challenges and Opportunities 481 Gap Analysis: A Tool for Helping to Manage the International Marketing Mix 482 Usage Gaps 483 Product-Line Gaps 484 Distribution and Competitive Gaps 484 Aggregating Countries’ Programs 484 Looking to the Future How Might International Market Segmentation Evolve? 485 CASE: Grameen Danone Foods in Bangladesh 486
Endnotes 491 Contents xix 18 Global Operations and Supply-Chain Management 493 CASE: Apple’s Global Supply Chain 494 Global Supply-Chain Management 496 What is Supply-Chain Management? 496 Global Supply-Chain and Operations Management Strategies 497 Operations Management Strategy 497 Global Sourcing 499 Why Global Sourcing? 501 Major Sourcing Configurations 501 The Make-or-Buy Decision 502 Point-Counterpoint Should Firms Outsource Innovation? 502 Supplier Relations 504
Conflict Minerals 504 The Purchasing Function 504 Information Technology and Global Supply-Chain Management 505 Electronic Data Interchange (EDI) 505 Enterprise Resource Planning/Material Requirements Planning 505 Radio Frequency ID (RFID) 505 E-commerce 506 Quality 507 Zero Defects 507 Lean Manufacturing and Total Quality Management (TQM) 508 Six Sigma 509 Quality Standards 509 Looking to the Future Uncertainty and the Global Supply Chain 511 CASE: Nokero: Lighting the World 511 Endnotes 516
19 International Accounting and Finance Issues 517 CASE: GPS Capital Markets: In the Market for an Effective Hedging Strategy? 518 The Crossroads of Accounting and Finance 520 What Does the Controller Control? 520 xx Contents Differences in Financial Statements Internationally 521 Differences in the Content of Financial Information 521 Factors Affecting Accounting Objectives, Standards, and Practices 522 Cultural Differences in Accounting 523 International Standards and Global Convergence 524 Mutual Recognition Versus Reconciliation 524 The First Steps in Establishing IFRS 525 The International Accounting Standards Board 525
Point-Counterpoint Should U.S. Companies Be Allowed to Use IFRS? 526 Transactions in Foreign Currencies 527 Recording Transactions 527 Correct Procedures for U.S. Companies 528 Translating Foreign-Currency Financial Statements 528 Translation Methods 529 International Financial Issues 531 Capital Budgeting in a Global Context 531 Internal Sources of Funds 533 Global Cash Management 534 Foreign-Exchange Risk Management 536 Types of Exposure 536 Exposure-Management Strategy 537 Looking to the Future Will IFRS Become the Global Accounting Standard? 539 CASE: H&M: The Challenges of Global Expansion and the Move to Adopt International Financial Reporting Standards 541
Endnotes 543 20 International Human Resource Management 545 CASE: Globalizing Your Career 546 International Human Resource Management 548 The Strategic Role of IHRM 550 IHRM’s Mission 551 The Perspective of the Expatriate 551 Who’s Who? 551 Trends in Expatriate Assignments 552 The Economics of Expatriates 554 The Enduring Constant 554 Staffing Frameworks in the MNE 554 The Ethnocentric Framework 555 Contents xxi The Polycentric Staffing Framework 556 The Geocentric Staffing Framework 558
Which Staffing Framework When? 559 Expatriate Selection 560 Technical Competence 560 Self-Orientation 560 Others-Orientation 561 Resourcefulness 561 Global Mindset 561 Expatriate Preparation and Development 562 Pre-Departure Preparation Programs 563 In-Country Development Programs 564 Family Matters 564 Point-Counterpoint English: Destined to Be the Global Language? 565 Expatriate Compensation 567 Types of Compensation Plans 568 Components of Expatriate Compensation 569 Compensation Complications 570 Expatriate Repatriation 570 Repatriation Challenges 571 Improving Repatriation 571
Expatriate Failure 572 The Costs of Failure 572 The Wildcard 573 Looking to the Future I’m Going Where? The Changing Locations of International Assignments 573 CASE: Tel-Comm-Tek: Selecting the Managing Director of its Indian Subsidiary 574 Endnotes 577 glossary 579 company index 589 name index 595 Subject index 614 This textbook is one of the best-selling U.S. and worldwide international business
(IB) textbooks. Widely used in both undergraduate and MBA level courses, this text has had authorized translations into Albanian, Chinese, Macedonian, Russian, Spanish, Korean, and Thai. Its first edition in 1976, according to many professors, defined the IB field. Its subsequent 14 editions have set the global standard for studying IB’s environments and operations. Students, faculty, and managers have praised our text for its compelling balance between rigorous, authoritative theory and meaningful practice within the context of a fresh, current analysis of IB. The elements of success that have driven this performance anchor our efforts to make this 16th edition the best version yet. We believe these efforts result in a textbook that provides you and your students the best possible understanding of what is happen- ing and is likely to happen in the world of business. WHAT’S NEW TO THE SixTEENTH EdiTiON? Ongoing trends and new development in the global business environment called for
us to rethink and revise our interpretations of the environments of operations of inter- national business. Incorporating the corresponding changes convinced the publishers and the authors of the usefulness of publishing a 16th edition. • Global Changes IB, probably more so than any other subject, needs updating because of the number of and rapidity of global changes. The period since our last edition was no exception. Among the many changes we have referenced in our text are the spread of mosquito- borne epidemics (Zika, Ebola, dengue fever, and yellow fever); changes in national borders (e.g., Crimea now a part of Russia rather than the Ukraine); the rise of ISIS and its extended terrorism; the expanding scale and scope of technology; oil technol- ogy that has altered global supply locations and prices; the evolving role of Bitcoins for international currency exchange and investment opportunities; the emergence of disruptive technologies such 3-D printers, robotics, and artificial intelligence; the
opening of U.S.–Cuban diplomatic exchanges; the advent of negative interest-rate policies in many Western markets; the termination of an embargo on Iran; the near breakup of certain countries (e.g., the United Kingdom and Spain); the use of cor- porate inversions to reduce taxes; ongoing ups and downs by prominent emerging markets; accelerating sophistication of communication systems; decreasing degrees of political and economic freedom throughout the world; greater agreement that the global climate is warming; the game changing implications of social media; an almost unprecedented refugee movement into Europe; and greater support in many coun- tries for more national sovereignty leading to the possible breakup of regional eco- nomic groups. • Theories and Evidence to Explain IB and Globalization It is now over 40 years since we started writing this text’s first edition. We can remem- ber when the Academy of International Business (AIB), the main IB academic orga-
nization, attracted fewer than 40 attendees for its annual meeting; now it routinely Preface xxii PrefaCe xxiii draws more than a thousand. Journals with an emphasis on international business were virtually nonexistent; thus the few people working directly in the field had to depend on discipline- and functional-based journals as outlets for their research. We all know how this has changed, which has, on the one hand, helped us to under- stand the global business environment in innovative, exciting ways. Nevertheless, the expanding scale of globalization and IB growth fuels such an abundance of published materials that academicians have had to specialize in narrower areas to stay abreast
of relevant research. The growth has also created a challenge for authors, such as us, to keep sufficiently up to date on the breadth of research being published on all the functional and disciplinary topics we cover in an introductory text. We are the first to admit that we cannot, but, at the same time, when we have revised for each new edi- tion, we have discovered work that goes well beyond a slight movement in existing knowledge frontiers. It is gratifying for us to delve deeper into emerging trends such as those we described above, and thus we have added significant new material to the 16th edition. • Reduced Length Over the years, we received sporadic objections to the length of our text. And com- plicating matters was the sense that as the text expanded, students increasingly preferred learning in shorter, focused bursts. Hence, we set a goal of reducing the text length by 200 pages without sacrificing content, coverage, or quality; we more
than met our goal. We did this partially by shifting end notes to an easily-accessed online location, removing all cartoons because they did not sufficiently enhance students’ learning, and reducing tables of data that quickly became obsolete. How- ever, to our surprise, our biggest reduction by far was from tightening our prose. Completing chapters very quickly to reach a deadline for a two- year cycle had caused us to be much too wordy and to lead us to undue redundancy among our chapters. We quickly learned that reducing 200 pages was more time consuming than adding 200, but we feel that the text is now far more engaging, interesting, and readable. • Improved In-Text Learning Aids 1. We aligned our objectives at each chapter’s opening with major headings within the chapters. This meant, in many cases, reorganizing the materi- als within the chapter. However, this should help students
master materials more effectively and efficiently. Further, the change has permitted the gen- erators of the corresponding test bank to key questions better with learning objectives. 2. We already had marginal notes to refer back to previous chapters. We expanded those considerably and now refer to the specific pages where students can find earlier materials. 3. We dropped the “Geography and International Business” feature. It had not appeared in all the chapters, and we incorporated the coverage into specific parts of the chapters. 4. We dropped the “Summary” and “Key Terms” sections from the end of our chapters. Our reasoning is that our marginal notes cover all the summary points in greater detail and next to the material being covered. All key terms
are shown in bold and included in the glossary, thus we eliminated this redundancy. xxiv PrefaCe 5. We updated all of our cases. In addition, we replaced seven cases with new ones as follows: Chapter 4: Economic Environments of the West: Problems, Puzzles, and the 4th Industrial Revolution Chapter 6: The Evolution of Taiwan’s International Trade Chapter 7: Should U.S. Imports of Prescription Drugs from Canada be Widened? Chapter 10: Venezuela’s Rapidly Changing Currency Chapter 11: Tax Wars: Pfizer Versus the U.S. Government Chapter 14: The Borderfree Option: Going Global—Simplified Chapter 16: Organizing Global Operations: The “Gore Way” • Improved Chapter Placements
Adopter feedback led to adjusting the sequence of chapters. Specifically, we repo- sitioned Chapter 11, Globalization and Society. Its new slot is Chapter 5, thereby effectively expanding our coverage of the environments of IB. • Limiting Authors’ Names Early on, we observed that students too often thought that they needed to memorize the names of all the authors who were cited. Thus, we have made it a point to cite only classic authors, such as Adam Smith. If students (or instructors) want to know the origin of materials, they can find this information in the end note section. Building on SucceSS For the record, fewer than one percent of textbooks reach 16 editions. The longevity of this text signifies its successful adaptation to the changing domain of globalization and IB. Indeed, sustainability has become a byword within the global economy. Sus- tainability, such as for a text, calls for building on what works well and eliminating
what does not. Here are some highlights of the 16th edition building blocks. FOcuSiNg ON BOTH MAcrO ANd MicrO PErFOrMANcE We have always, and steadfastly continue to present materials from a broader per- spective than company performance. First, although IB affects nearly all business, many students will be only tangentially involved. Second, knowledge of IB supports good citizenship, helping students interpret macro policies that affect their personal lives and career ambitions. rESPONdiNg TO uPdATEd LiTErATurE From the beginning, we have constantly assessed academic and practitioner pub- lications to stay abreast of relevant issues and events. We have made no exception for this edition. A review of our exhaustive endnotes shows a citation mix of classic treatises along with significant IB materials that have been published since the pre- ceding edition. Further, the companies cited in the “Company Index and Trademarks”
section come from a variety of industries—large and small, U.S. and non-U.S.—and the list continues to be comprehensive and contemporary. PrefaCe xxv rELAyiNg PErSONAL ExPEriENcES We regularly interact with IB stakeholders—managers, students, professors, and people affected by trade and other international events—through our teaching of degree-earning and executive students, attendance at academic and civic meetings, and foreign travel. For example, since the 15th text edition was published, we have traveled collectively to 25 countries, largely dealing with IB managers in each. These exchanges, taking place in every region of the world, provide insights and anecdotes that develop new materials and prioritize coverage via chapter content and cases. We believe no other textbook comes as close to effectively blending a comprehensive
review of international business theory with exhaustive attention to what happens in the many parts of the world. iNcOrPOrATiNg cASES We maintain the inclusion of a case to open and close each chapter. With few excep- tions, we wrote the cases ourselves. When we did not, we worked closely with the authors to assure that the focus of each fit precisely with chapters’ materials. These cases span the globe and engage an extensive range of topics from environmen- tal, institutional, country, industry, company, and individual perspectives. They also include a wide range of company perspectives, from large MNEs to small exporters, from old-line manufacturers to emergent cyber businesses, and from product manu- facturers to service providers. The opening cases set the stage for the chapters’ major issues, highlighting themes and ideas that are then covered throughout the chapter. These also include questions
to guide students to real situations as they read the chapters. The closing cases, also anchored with questions, integrate the ideas and tools presented in the chapter and call upon the students to analyze issues and propose actions. POiNT-cOuNTErPOiNT To reinforce our strong applications orientation, we carry on a feature in every chapter that brings to life a major debate in contemporary IB and globalization. We use a point-counterpoint style to highlight opposing viewpoints that managers and poli- cymakers face when trying to make sense of vital issues. The give and take between two sides reinforces this textbook’s effort to link theory and practice. LOOkiNg TO THE FuTurE As in previous editions, each chapter offers future scenarios that are important to managers, companies, or the world. The topic of each Looking to the Future feature alludes to the ideas discussed in the chapter in a way that prompts students to engage
their imagination about the future of the world. MAPS Geographic literacy is essential in international business. Thus, we have maintained an Atlas, now located immediately after this Preface. Not only does it show loca- tions, it includes the almost equally important pronunciations of the countries and xxvi PrefaCe territories that are included. In addition to the Atlas, we have an abundance of maps throughout that are visual presentations of materials, such as the major locations of a country’s export markets. ENgAgiNg iN-TExT LEArNiNg AidS To support students’ concentration on fundamental information and lessons, we introduce each new major term in bold. These terms are also included in a Glos-
sary to help them recall definitions when they see these terms in later chapters. We use marginal notes to summarize discussions, and we include marginal chapter review notes to lead students back to earlier material that helps them fathom later discussions. iNSTrucTOr SuPPLEMENTS Instructors can access the following downloadable supplemental resources by sign- ing into the Instructor Resource Center at www.pearsonhighered.com/educator. • Instructor’s Manual • Test Item File and TestGen® Computerized Test Bank— includes multiple choice, true/false, short answer, and essay questions that are tagged to Learning Objectives, Skill, Difficulty, Learning Outcomes, and AACSB Learning Standards to help measure whether students are grasping the course content that aligns with AACSB guidelines.
• PowerPoint Slides • Image Library Need help? Our dedicated Technical Support team is ready to assist instruc- tors with questions about the media supplements that accompany this text. Visit support.pearson.com/getsupport for answers to frequently asked questions and toll-free user-support phone numbers. AckNOWLEdgMENTS PiNPOiNTiNg Our rEviEWS Although we have always depended on outside reviewers to give us advice, the pro- cess had several shortcomings in terms of our recent needs. The most basic one is that instructors were asked to comment on the entire book, which led to responses that were too general to help us sufficiently, such as “I’ve used the book for sev- eral years and am happy with it.” Or, reviewers had never adopted the book, thus
the responses were obviously based on a mere scanning of materials without any specific substantive suggestions. There was a tendency to propose additions with- out eliminations that would compensate for them. In addition, some of the recom- mendations were made by users who to go into greater depth in an area without considering the breadth required for our book. Given that the reviews came to us anonymously, we could not speculate on the type of student market about which they were evaluating the text. For our present edition, we received early on three anonymous reviews, thus we cannot acknowledge them by name. We then solicited people who are well-known scholars to review only one chapter that corresponded to their major http://www.pearsonhighered.com/educator PrefaCe xxvii
expertise. We asked them to not only inform us of errors, but also to suggest important omissions. In addition, we needed their recommendations on where we could cut material in order to meet the demands of the market in terms of length. We cannot thank the following people enough for making thorough, practical, and insightful recommendations. Benjamin Bader, Lüneburg University (Germany) Mary Yoko Brannen, University of Victoria (Canada) F. Greg Burton, Brigham Young University (USA) Jean J. Boddewyn, Baruch College (USA) Fidel León Darder, Universitat de València (Spain) Tom Foster, Brigham Young University (USA) Simon Greathead, Brigham Young University (USA) Lichung Jen, National Taiwan University (Taiwan) Steve Katsaros, Founder and CEO of Nokero (USA) Jeffrey A. Krug, Bloomsburg University (USA) Sumit K. Kundu, Florida International University (USA) Shige Makino, Chinese University of Hong Kong (Hong Kong) Ali R. Manbeian, Managing Partner, GPS Capital Markets Inc. (USA)
Kurt Norder, University of Delaware (USA) Jon Jungbien Moon, Korea University (Korea) Terence Mughan, Royal Roads University (Canada) Daniel Rottig, Florida Gulf Coast University (USA) Manuel G. Serapio, University of Colorado Denver (USA) Saeed Samiee, University of Tulsa (USA) Cristina Villar, Universitat de València (Spain) Sharon Watson, University of Delaware (USA) In addition to the reviewers cited above, there have been countless individuals who have helped us through the years. Because this is the culmination of several previ- ous editions, we would like to acknowledge everyone’s efforts. However, many more individuals than we can possibly list have helped us. To those who must remain anonymous, we offer our sincere thanks. We would also like to acknowledge people whom we interviewed in writing cases. These are Brenda Yester (Carnival Cruise Lines); Omar Aljindi, Nora al Jundi, and Talah Tamimi (Saudi Arabia’s Dynamic Culture); Mauricio Calero (Ecuador: A Rosy Export
Future?); Raul Arguelles Diaz Gonzales and Francisco Suarez Mogollon (Walmart Goes South); Jonathan Fitzpatrick, Julio A. Ramirez, Arianne Cento, and Ana Miranda (Burger King); several executives at American Airlines and oneworld who wish to remain anonymous (The oneworld Airline Alliance); and Ali R. Manbien (GPS Capital Markets Inc). In addition, we would like to thank several people who authored or coauthored cases for us: Mary Yoko Brannen and Terence Mughan at the University of Victoria and Royal Roads University for Tesco PLC: Leveraging Global Knowledge (Chapter 2), various executives at Walmart for their assistance with Walmart Goes South (Chapter 8), Fidel León-Darder and Cristina Villar at Universitat de València for Meliá Hotels International (Chapter 15), Jon Jungbien Moon at Korea University for Grameen Danone Foods in Bangladesh (Chapter 17), and Manuel Serapio at the University of Colorado Denver and Steve Katsaros, founder and CEO of Nokero for Nokero: Lighting the World (Chapter 18); others who helped
with administrative and research matters include Ian G. Daniels, Maddison Daines, Lisa Curlee, Allison John- son, and Katie Cooper Redding. xxviii PrefaCe It takes a dedicated group of individuals to take a textbook from first draft to final manuscript. We would like to thank our partners at Pearson Education for their tireless efforts in bringing the 16th edition of this book to fruition. Our thanks go to Director of Portfolio Management, Stephanie Wall; Portfolio Manager, Daniel Tylman; Manag- ing Producer, Ashley Santora; Production Director, Jeff Holcomb; Managing Producer, Alison Kalil; Product Marketer, Becky Brown; Editorial Coordinator, Linda Albelli; Project Manager, Karin Williams; and Project Manager at Integra, Preetha Menon. Our sincerest thanks also go out to Lisa Cherivtch at Oakton
Community College, Mamoun Benmamoun at Saint Louis University, and Susan Leshnower at Midland College, as well as Meg O’Rourke and Emily Yelverton, for their contributions to the instructor resources and MyManagementLab content. Three respected and renowned scholars show your students how dynamic, how real, how interesting, and how important the study of international business can be. John d. daniels, the Samuel N. Friedland Chair of Executive Management emeri- tus at the University of Miami, received his BBA, MBA, and PhD respectively at the University of Miami, University of the Americas, and the University of Michigan. He also holds an honorary doctorate from UPAO in Peru. His dissertation won first place in the award competition of the Academy of International Business. Since then, he has been an active researcher and won a decade award from
the Journal of Interna- tional Business Studies. His articles have appeared in such leading journals as Academy of Management Journal, Advances in International Marketing, California Management Review, Columbia Journal of World Business, International Marketing Review, Interna- tional Trade Journal, Journal of Business Research, Journal of High Technology Management Research, Journal of International Business Studies, Management International Review, Multinational Business Review, Strategic Management Journal, Transnational Corpora- tions, and Weltwirtschaftliches Archiv. Professor Daniels has published 15 books, most recently Multinational Enterprises and the Changing World Economy (coedited with Ray Loveridge, Tsai-Mei Lin, and Alan M. Rugman), three volumes on Multinational Enterprise Theory, and three volumes on International Business and Globalization (all coedited with Jeffrey Krug). On its 30th anniversary, Management International Review referred to him as “one of the most prolific American IB scholars.” He served as presi-
dent of the Academy of International Business and dean of its Fellows. He also served as chairperson of the international division of the Academy of Management, which named him Outstanding Educator of the Year in 2010. Professor Daniels has worked and lived a year or longer in 7 different countries, worked shorter stints in approxi- mately 30 other countries on 6 continents, and traveled in many more. His foreign About the Authors From left to right: Daniel sullivan, John Daniels, and Lee radebaugh. xxix xxx about the authors work has been a combination of private sector, governmental, teaching, and research assignments. He was formerly a faculty member at Georgia
State University and The Pennsylvania State University, director of the Center for International Business Edu- cation and Research (CIBER) at Indiana University, and holder of the E. Claiborne Robins Distinguished Chair at the University of Richmond. lee h. radebaugh is the emeritus Kay and Yvonne Whitmore Professor of International Business and former Director of the Whitmore Global Management Center/CIBER at Brigham Young University. He received his MBA and DBA from Indiana University. He was a faculty member at The Pennsylvania State University from 1972 to 1980. He also has been a visiting professor at Escuela de Administración de Negocios para Graduados (ESAN) in Lima, Peru. In 1985, Professor Radebaugh was the James Cusator Wards visiting professor at Glasgow University, Scotland. His other books include International Accounting and Multinational Enterprises (John Wiley and Sons, 6th edition) with S. J. Gray and Erv Black; Introduction to Business: Interna-
tional Dimensions (South-Western Publishing Company) with John D. Daniels; and seven books on Canada–U.S. trade and investment relations, with Earl Fry as coedi- tor. He has also published several other monographs and articles on international business and international accounting in journals such as the Journal of Accounting Research, Journal of International Financial Management and Accounting, Journal of Inter- national Business Studies, and the International Journal of Accounting. He is the former editor of the Journal of International Accounting Research and area editor of the Journal of International Business Studies. His primary teaching interests are international busi- ness and international accounting. Professor Radebaugh has been an active member of the American Accounting Association, the European Accounting Association, the International Association of Accounting Education and Research, and the Academy of International Business, having served on several committees as the president of the International Section of the AAA and as the secretary
treasurer of the AIB. He is a member of the Fellows of the Academy of International Business. In 2007, Profes- sor Radebaugh received the Outstanding International Accounting Service Award of the International Accounting Section of the American Accounting Association, and in 1998, he was named International Person of the Year in the state of Utah and Outstanding International Educator of the International Section of the Ameri- can Accounting Association. In 2012, Lee was honored when the award for the top article published in the Journal of International Accounting Research in the past decade was named the Lee H. Radebaugh Notable Contribution to International Account- ing Research. daniel P. Sullivan, Professor of International Business at the Alfred Lerner College of Business of the University of Delaware, received his PhD from the University of South Carolina. He researches a range of topics, including globalization and busi-
ness, international management, global strategy, competitive analysis, and corporate governance. His work on these topics has been published in leading scholarly jour- nals, including the Journal of International Business Studies, Management International Review, Law and Society Review, and Academy of Management Journal. In addition, he has served on the editorial boards of the Journal of International Business Studies and Management International Review. Professor Sullivan has been honored for both his research and teaching, receiving grants and winning awards for both activities while at the University of Delaware and, his former affiliation, the Freeman School of Tulane University. He has been awarded numerous teaching honors at the under- graduate, MBA, and EMBA levels—most notably, he has been voted Outstanding about the authors xxxi
Teacher by the students of 18 different executive, MBA, and undergraduate classes at the University of Delaware and Tulane University. Professor Sullivan has taught, designed, and administered a range of in-class and online graduate, undergraduate, and nondegree courses on topics spanning globalization and business, international business operations, international management, strategic perspectives, executive leadership, and corporate strategy. In the United States, he has delivered lectures and courses at several university sites and company facilities. In addition, he has led courses in several foreign countries, including China, Hong Kong, Bulgaria, the Czech Republic, France, South Korea, Switzerland, Taiwan, and the United Kingdom. Finally, he has worked with many managers and consulted with several multina- tional enterprises on issues of international business. xxxii an atLas
An Atlas Satellite television transmission now makes it commonplace for us to watch events as they unfold in other countries. Transportation and communication advances and government- to-government accords have contributed to our increasing dependence on foreign goods and markets. As this dependence grows, updated maps are a valuable tool. They can show the locations of population, economic wealth, production, and markets; portray certain commonalities and differences among areas; and illustrate barriers that might inhibit trade. In spite of the usefulness of maps, a substantial number of people worldwide have a poor knowledge of how to interpret information on maps and even of how to find the location of events that affect their lives. We urge you to use the following maps to build your awareness of geography. Map 1 World View 2000, page xxxiii Map 2 Africa, page xxxiv
Map 3 Europe, page xxxv Map 4 Asia, page xxxvi Map 5 North America, page xxxvii Map 6 South America, page xxxviii Map 7 Oceania, page xxxix Map Index, pages xl–xliii atLas xxxiii Eq ua to r Tr op ic o f C
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e Ch an ne l Indian Ocean Lake Victoria Lake Malawi Lake Tanganyika Lake Chad Red Sea
M e d i t e r r a n e a n S e a At lant i c Ocean 0 0 250 500 km 250 500 mi MAHÉ I. NORTH I. SILHOUETTE I. PRASLIN I. LA DIGUE I. SANTO ANTÃO
BRAVA FOGO SÃO TIAGO MAIO BOA VISTA SÃO VICENTE SÃO NICOLAU SAL SANTA LUZIA An island nation o� the east coast of Madagascar. An archipelago in the Indian Ocean north- northeast of Madagascar. A cluster of islands that lie o� the coast of Mauritania and Senegal.
Port Louis Beira Blantyre Dar es Salaam Antananarivo AntsirabeBulawayo Harare Gaborone Serowe Francistown Windhoek Luanda Benguela
Lubango Huambo Lusaka Lilongwe Brazzaville Libreville Malabo Lagos Ibadan Bangui Ango Lisala Kisangani
Kinshasa Lubumbashi Moroni São Tome Abuja Victoria Mwanza Nairobi Mogadishu Berbera Dire Dawa Addis Ababa Kampala Kigali Bujumbura
El Obeid Omdurman Kassala Atbarah Port Sudan Sarh Douala Kaduna Kano Maiduguri Sekondi- Takoradi Casablanca Marrakech Constantine
Las Palmas Santa Cruz Meknès Bouaké Kankan Koudougou N’ Djamena Porto- Novo Lome Accra Monrovia Freetown Conakry
Bissau Banjul Dakar Nouakchott El Aaium Rabat Bamako Algiers Annaba Niamey Khartoum Djibouti Asmara Tripoli
Ouagadougou Yamoussoukro Tunis Benghazi Alexandria Al Minya Asyut Cairo Port ElizabethCape Town East London Durban Johannesburg Mbabane Maputo King Williams’s Town Pretoria
Bloemfontein Praia Tangier Timomoun Yaoundé Maseru M2 AFRICA MADAGASCAR ETHIOPIA KENYAUGANDA CENTRAL AFRICAN REPUBLIC DEMOCRATIC
REPUBLIC OF CONGO CONGO REP. CAMEROON RWANDA BURUNDI ANGOLA EQUATORIAL GUINEA GABON CABINDA (Angola) TANZANIA SÃO TOME & PRINCIPE
MAURITIUS MALAWI ZAMBIA NAMIBIA BOTSWANA MOZAMBIQUE SWAZILAND SOUTH AFRICA ZIMBABWE COMOROS SEYCHELLES CAPE VERDE DJIBOUTI ERITREA
SUDAN SOUTH SUDAN SOMALIA CHAD LIBYA NIGERIA MALI MAURITANIA SENEGAL GAMBIA GUINEA- BISSAU SIERRA LEONE
LIBERIA COTE D’IVOIRE GH AN A BURKINA FASO BENIN NIGER ALGERIA TUNISIA MOROCCO WESTERN SAHARA (Morocco)
EGYPT GUINEA CANARY ISLANDS (Spain) LESOTHO TO G O 4 A B C D
E F G H J 1 2 3 5 6 7 8 I atLas xxxv SERBIA Barent s Sea ICELAND
FINLAND NORWAY SWEDEN IRELAND UNITED KINGDOM DENMARK FRANCE SPAIN PORTUGAL SWITZERLAND ITALY GREECE
TURKEY BULGARIA ROMANIA MOLDOVA UKRAINE BELARUS LITHUANIA POLAND GERMANY LUXEMBOURG BELGIUM NETHERLANDS LATVIA
ESTONIA MACEDONIA ALBANIA AUSTRIA CZECH REP. HUNGARY SLOVENIA BOSNIA & HERZE- GOVINA R U S S I A LIECHTENSTEIN ANDORRA MALTA
RUS. CYPRUS VATICAN CITY SAN MARINO CROATIA SLO VAKIA Murmansk Kursk Orel Tula Smolensk Moscow
KostromaSt. Petersburg Tallinn Riga Helsinki StockholmOslo Göteborg Vilnius Minsk Homyel’ Lvov Kiev Chernivtsi Mykolayiv Dnipropetrovsk
Arad Timisoara Bucharest Chisinau Budapest Bratislava Berlin Dresden Leipzig Hamburg Gdansk Bydgoszcz Lódz Krakow
Wroclaw Brno Prague Odesa Kaliningrad Debrecen Malmo Vienna Linz Le Mans Le Havre Paris Liège
The Hague Brussels Amsterdam Essen Düsseldorf Bonn Frankfurt Stuttgart Munich Zurich London Birmingham Liverpool Manchester EdinburghGlasgow
Belfast Dublin Bergen Copenhagen Luxembourg Thessaloniki Piraiévs Athens Tirana Skopje Sofia Sarajevo Belgrade Rome
Palermo Messina Taranto Bari Naples Livorno Florence Turin Milan Padova Ljubljana Zagreb BernGeneva Barcelona Valencia A Coruña Madrid
Nîmes Marseille MONACO St. EtienneBordeaux Limoges Toulouse Istanbul Valetta Cartagena Granada Málaga Sevilla Porto Lisbon
VeniceLyon Genoa Warsaw Reykjavik De nm a r k S t r a i t Arc t i c Ocean Lake Ladoga Bal t i c
Sea Norwegian Sea Nor th Sea Irish Sea At lant i c Ocean Bay o f Bi s cay English Chan nel M e d i t e r r a n e a n S e a Tyrrhenian Sea Ionian
Sea Adriat i c Sea Black Sea Aegean Sea JAN MAYEN IS. (Denmark) FAEROE IS. (Den.) SHETLAND IS. (U.K.) ORKNEY IS. CORSICA SARDINIA BALE
ARI C I S. SICILY CRETE Strait of Gibraltar 0 0 300 km 300 mi Pristina KOSOVO A B
C D E F G H I J 1 2 3 4 5 6 7 8 M3 EUROPE EUROPE PORTION OF TURKEY ASIA PORTION OF TURKEY
MONTE- NEGRO xxxvi atLas 0 0 10 00 k m 10 00 m i M 4
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ST. KITTS & NEVIS GUADELOUPE (Fr.) ANTIGUA & BARBUDA ANGUILLA SAINT MARTIN EASTERN CARIBBEAN HAWAIIAN ISLANDS (U.S.) Las Vegas Corpus Cristi
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Lak e E rie L. DOMINICAN xxxviii atLas 0 0 2000 km 1000 mi Isla Grande de Tierra del Fuego Atlant i c Ocean
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Cuzco Callao Lima Trujillo Chiclayo Campo Grande Georgetown Port of Spain Rio de Janeiro FALKLAND ISLANDS (U.K.) CURAÇAO (Neth.) BONAIRE M6 SOUTH AMERICA
BOLIVIA CHILE ARGENTINA URUGUAY PARAGUAY PERU BRAZIL VENEZUELA COLOMBIA GUYANA SURINAME FRENCH GUIANA TRINIDAD & TOBAGO
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COUNTRY AND TERRITORY PRONUNCIATION MAP 1 MAPS 2–7 Afghanistan af-´gan-ə-,stan D7 Map 4, E3 Albania al-´bā-nē-ə C5 Map 3, I6 Algeria al-´jir-ē-ə D5 Map 2, C3 American Samoa ə-mer´i-kən sə-mṓ ə F9 Map 7, D9 Andorra an-´dȯr-ə — Map 3, H2 Angola Anguila an-´go an-´gwi-lə ¯-lə E5 E3 E3 Map 2, G4 Map 5 Antigua & Barbuda an-´tē-g(w)ə / bär-’büd-ə — Map 5, I3 Argentina ,,är-jen-´tē-nə G3 Map 6, G3
Armenia Aruba är-´me ə-ˈrü-bə ¯-ne-ə C6 Map 4, D2 Map 5, I7 Australia ȯ-´strāl-yə G8 Map 7, E4 Austria ´ȯs-trē-ə C5 Map 3, G5 Azerbaijan ´az-ər-´bı̄ -´jän D6 Map 4, D2 Bahamas bə-hä´-məz D3 Map 5, H7 Bahrain bä-´r ān — Map 4, E2 Bangladesh ´bänJ-glə-´desh D7 Map 4, F5 Barbados bär-´bād-əs — Map 5, J3 Belarus ´bē-lə-´rüs C5 Map 3, F6 Belgium ´bel-jəm C5 Map 3, F3 Belize bə-´lēz D2 Map 5, I6 Benin bə-´nin E5 Map 2, E3 Bermuda (´)bər-´myüd-ə — Map 5, G8 Bhutan bü-´tan D7 Map 4, F5 Bolivia bə-´liv-ē-ə F3 Map 6, E4 Bosnia & Herzegovina ´bäz-nē-ə / ´hert-sə-gō-´vē-nə D5 Map 3, H5
Botswana bät-´swän-ə F5 Map 2, I5 Brazil brə-´zil F3 Map 6, D6 Brunei brōo-nı̄ ´ E8 Map 4, G7 Bulgaria ´bəl-´gar-ē-ə D5 Map 3, H6 Burkina Faso bu˙r-´kē-nə-´fa˙-sō E5 Map 2, E2 Burundi bu˙-´rün-dē E6 Map 2, G6 Cambodia kam-´bd-ē-ə E7 Map 4, G6 Cameroon ´kam-ə-´rün E5 Map 2, F4 Canada ´kan-əd-ə C2 Map 5, E5 Cape Verde Islands ´vard — Map 2, G1 Central African Rep. E5 Map 2, E5 Chad ´chad E5 Map 2, D5 Chile ´chil-ē G3 Map 6, F3 China ´ch ı̄ -nə D8 Map 4, E5 Colombia kə-´ləm-bē-ə E3 — Map 6, B3 Map 2, G7 Congo (Democratic Republic) ´känJ(´)gō E5 Map 2, G5 Congo Republic ´känJ(´)gō E5 Map 2, F4 Costa Rica ´käs-tə-´rē-kə E2 Map 5, J7 Croatia krō-´ā-sh(ē)ə D5 Map 3, H5 Cuba ´kyü-bə E3 Map 5, H7
Curaçao ´k(y)ür-ə-´sō — Map 5, J1 Cyprus ´sı̄ -prəs D6 Map 4, D2 Czech Republic ´chek C5 Map 3, G5 Denmark ´den-´märk C5 Map 3, E4 Djibouti jə-´büt-ē E6 Map 2, E7 Dominica ´däm-ə-´nē-kə — Map 5, I3 Dominican Republic də-´min-i-kən E3 Map 5, H8 Ecuador ´ek-wə-´dȯ(ə)r E3 Map 6, C2 Egypt ´ē-jəpt D5 Map 2, C6 El Salvador el-´sal-və-´dȯ(ə)r E2 Map 5, I6 Equatorial Guinea ē-kwa´-tōr-ēal `gi-nē E5 Map 2, F4 Comoros kä-mə-̩ rōz atLas xli COUNTRY AND TERRITORY PRONUNCIATION MAP 1 MAPS 2–7 Ethiopia ´ē-thē-´ō-pē-ə E6 —
Map 2, E7 Falkland Islands ´fȯ(l)-klənd — Map 6, J4 Map 3, C2 Fiji ´fē-jē — Map 7, D8 Finland ´�n-lənd B5 Map 3, C6 France ´fran(t)s C5 Map 3, G3 French Guiana gē-´an-ə E3 Map 6, B5 Gabon ga-´bon¯ E5 Map 2, F4 Gambia ´gam-bē-ə E4 Map 2, E1 Georgia ´jȯr-jə C6 Map 4, D2 Germany ´jerm-(ə-)nē C5 Map 3, F4 Ghana ´gän-ə E5 Map 2, E2 Greece ´grēs D5 Map 3, I6 Greenland ´grēn-lənd A4 Map 5, B7 Grenada grə-nā´də — — Map 5, J3 Guatemala ´gwät-ə-´mäl-ə E2 Map 5, I6 Guinea ´gin-ē E4 Map 2, E1 Guinea-Bissau ´gin-ē-bis-´au˙ E4 Map 2, E1 Guyana gı̄ -´an-ə E3 Map 6, B4 Haiti ´hāt-ē E3 Map 5, H8
Honduras hän-´d(y)u˙r-əs E2 Map 5, I7 Hong Kong ´hänJ-´känJ — Map 4, F6 Hungary ´hənJ-g(ə)rē C5 Map 3, G5 Iceland ´ı̄ -slənd B4 Map 3, B1 India ´in-dê-ə D7 Map 4, F4 Indonesia ´in-də-´nē-zhə E8 Map 4, H7; Map 7, B3 Iran i-´rän D6 Map 4, E3 Iraq i-´räk D6 Map 4, D2 Ireland ´ı̄ (ə)r-lənd C5 Map 3, F1 Israel ´iz-rē-əl D6 Map 4, D2 Italy ´it-əl-ē D6 Map 3, H4 Ivory Coast (Cote D'Ivoire) ı̄ ´və-rē E5 Map 2, E2 Jamaica jə-´mā-kə E3 Map 5, I7 Japan jə-´pan D8 Map 4, D7 Jordan ´jȯrd-ən D6 Map 4, D2 Kazakhstan kə-´zak-´stan D7 Map 4, D4 Kenya ´ken-yə E6 Map 2, F7 Kiribati kîr-ì-bàs´ — Map 7, B8 Korea, North kə-´rē-ə D8 Map 4, D7 Korea, South kə-´rē-ə D8 Map 4, D7 Kosovo ´Ko-sō-vō C5 Map 3, H6 Kuwait kə-´wāt D6 Map 4, E2 Kyrgyzstan kîr-gē-stän´ D7 Map 4, D4
Laos ´lau˙s D7 Map 4, F5 Latvia ´lat-vē-ə C5 Map 3, E6 Lebanon ´leb-ə-nən D6 Map 4, D2 Lesotho lə-´sō-(´)tō F6 Map 2, J6 Liberia lı̄ -´bir-ē-ə E5 Map 2, F2 Libya ´lib-ē-ə D5 Map 2, C4 Liechtenstein lìk´tən-stı̄ n´ — Map 3, G4 Lithuania ´lith-(y)ə-´wā-nē-ə C5 Map 3, E6 Luxembourg ´lək-səm-´bərg C5 — Map 3, G3 Macao SAR Map 4, F6 Faroe Islands Guam mə- ´kau̇ ¯fer - ( ˌ)o Eritrea ´er-ə-´trē-ə E6 Map 2, D7 Estonia e-´stō-nē-ə C5 Map 3, D6
xlii atLas COUNTRY AND TERRITORY PRONUNCIATION MAP 1 MAPS 2–7 Malaysia mə-´lā-zh(ē-)ə E8 Map 4, G6 Maldives môl´d ı̄ vz — Map 4, H3 Mali ´mäl-ē D5 Map 2, D2 Malta ´mȯl-tə — Map 3, J5 Marshall Islands mär´shəl — Map 7, A8 Mauritania ´mȯr-ə-´tā-nē-ə D5 Map 2, D1 — Mauritius mȯ-´rísh´əs — Map 2, J8 Mexico ´mek-si-´kō D2 Map 5, I5 Micronesia mı̄ ´krō-nē´zhə — Map 7, A5 Moldova mäl-´dō-və D6 Map 3, G7 Mongolia män-´gōl-yə D8 Map 4, D5 Morocco mə-´räk-(´)ō D5 Map 2, B2 Mozambique ´mō-zəm-´bēk F6 Map 2, H6 Myanmar ´myän-´mär E7 Map 4, F5 Namibia nə-´mib-ē-ə F5 Map 2, I4
Naura nä´-ü-rü — Map 7, B7 Nepal nə-´pȯl D7 Map 4, F4 Netherlands ´neth-ər-lən(d)z C5 Map 3, F3 New Caledonia ´kal-ə-´dō-nyə — Map 7, E7 New Zealand ´zē-lənd G9 Map 7, H7 Nicaragua ´nik-ə-´räg-wə E3 Map 5, I7 Niger ´nı̄ -jər E5 Map 2, D4 Nigeria nı̄ -´jir-ē-ə E5 Map 2, E4 Norway ´nȯ(ə)r-´wā C5 Map 3, D4 Oman ō-´män E6 Map 4, F2 Pakistan ´pak-i-´stan D7 Map 4, E3 Palau pä-lou´ — Map 7, A3 Palestine pa-lə-´st ı̄ n — Map 4, D1 Panama ´pan-ə-´mä E3 Map 5, J8 Papua New Guinea ´pap-yə-wə F9 Map 7, C5 Paraguay ´par-ə-´gwı̄ F3 Map 6, E4 Peru pə-´rü F3 Map 6, D2 Philippines ´fil-ə-´pēnz E8 Map 4, F7 Poland ´pō-lənd D5 Map 3, F5 Portugal ´pōr-chi-gəl D5 Map 3, I1 Puerto Rico ´pōrt-ə-´rē(´)kō E3 Map 5, I2 Qatar ´kät-ər D6 Map 4, E2 Romania rō-´ā-nē-ə D5 Map 3, H6 Russia ´rəsh-ə C7 Map 3, D7;
Map 4, C5 Rwanda ru˙-´än-də E6 Map 2, F6 St. Kitts & Nevis ´kits / ´nē-vəs — Map 5, I3 St. Lucia St. Martin sānt-´lü-shə — Map 5, I3 Map 5,— St. Vincent and the Grenadines grèn´ə-dēnz´ — Map 5, J3 San Marino sàn mə-rē´nō — Map 3, H4 São Tomé and Príncipe soun tōə-mè´prēn´-sēpə — Map 2, F3 Saudi Arabia ´sau˙d-ē E6 Map 4, E2 Senegal ´sen-i-´g˙l E4 Map 2, D1 Serbia ´sər-bē-ə D5 Map 3, H6 Seychelles sā-shèlz´ — Map 2, J1 Sierra Leone sē-´er-ə-lē-´ōn E4 Map 2, E1 Singapore ´sinJ-(g)ə-´pō(ə)r — Map 4, H6 Slovakia slō-´väk-ē-ə C5 Map 3, G5 Slovenia slō-´vēn-ē-ə C5 Map 3, H5 Montenegro ə´män-t -´nē-grō sānt- ´mär- t n
Macedonia ´mas-ə-´dō-nyə D6 Map 3, H6 Madagascar ´mad-ə-´gas-kər F6 Map 2, I8 Malawi mə-´lä-wē F6 Map 2, H6 atLas xliii COUNTRY AND TERRITORY PRONUNCIATION MAP 1 MAPS 2–7 ´a-fri-kə F6 Map 2, J5 Spain South Africa South Sudan sü-´dan E6 Map 2, E6 ´spān C5 Map 3, I1 Sri Lanka (´)srē-´länJ-kə E7 Map 4, G4 Sudan sü-´dan E6 Map 2, E6 Suriname su˙r-ə-´näm-ə E3 Map 6, B5 Swaziland ´swäz-ē-´land F6 Map 2, I6 Sweden ´swēd-ən B5 Map 3, C5
Switzerland ´swit-sər-lənd C5 Map 3, G4 Syria ´sir-ē-ə D6 Map 4, D2 Taiwan ´tı̄ -´wän D8 Map 4, E7 Tajikistan tä-´ji-ki-´stan D7 Map 4, E4 Tanzania ´tan-zə-´nē-ə F6 Map 2, G6 Thailand ´tı̄ -land E8 Map 4, F5 Map 4, H8 Togo Timor Leste ´tō(´)gō E5 Map 2, E3 Tonga ´tän-gə — — Map 7, D9 Trinidad & Tobago ´trin-ə-´dad / tə-´bā-(´)gō — Map 5, J3 Tunisia t(y)ü-´nē-zh(ē-)ə D5 Map 2, B4 Turkey ´tər-kē D6 Map 4, D2 Turkmenistan tûrk´-men-i-stàn´ D6 Map 4, D3 Map 5, H8 Tuvalu tü´-vä-lü —
— Map 7, C9 Uganda (y)ü-´gan-də E6 Map 2, F6 Ukraine yü-´krān C6 Map 3, F7 United Arab Emirates yoo-nı̄ ´tid à r´əb i-mîr´its D6 Map 4, E2 United Kingdom king´dəm C5 Map 3, F2 United States yu˙-´nı̄ t-əd-´stāts D2 Map 5, F5 Uruguay ´(y)u˙r-ə-gwı̄ G3 Map 6, G5 Uzbekistan (´)u˙z-´bek-i-´stan C6 Map 4, D3 Vanuatu van-ə-´wät-(´)ü — Map 7, D7 Vatican City vàt´ ì-kən — — Map 3, H4 Venezuela ´ven-əz(-ə)-´wā-lə E3 Map 6, A4 Vietnam vē-´et-´näm E8 Map 4, G6 Western Sahara sə-hâr´ə D4 Map 2, C1 Map 5, Yemen ´yem-ən E6 Map 4, F2 Zambia ´zam-bē-ə F5 Map 2, H5 Zimbabwe zim-´bäb-wē F6 Map 2, H6
Turks and Caicos Islands Virgin Islands (U.S. - Br.) ¯tē-mor-´lesh- ´ tā t rks- nd- ´kā- k s Solomon Islands ´säl-ə-mən — Map 7, C6 Somalia sō-´mäl-ē-ə E6 Map 2, F8 This page intentionally left blank The world’s a stage; each plays his part, and takes his share. —Dutch proverb
MyManagementLab® Improve Your Performance When you see this icon , visit www.mymanagementlab.com for activities that are applied, personalized, and offer immediate feedback. Objectives After studying this chapter, you should be able to 1-1 Relate globalization and international business (ib) to each other and explain why their study is important 1-2 Grasp the forces driving globalization and ib 1-3 Discuss the major criticisms of globalization 1-4 Assess the major reasons companies seek to create value by engaging in ib 1-5 Define and illustrate the different operating modes for companies to accomplish their international objectives
1-6 Recognize why national differences in compa- nies’ external environments affect how they may best improve their ib performance background for international business PARt One chAPteR 1 Globalization and international business So ur ce : e br ax as /F ot ol
ia Marathon in Berlin, Germany. ▶ http://www.mymanagementlab.com Case The Globalized Business of sports tennis pros come from every inhabited continent. For 2017 the As- sociation of Tennis Professionals (ATP) sanctioned 68 tournaments in 33 countries. It also requires pros to compete in a certain number of events—and thus play in a number of countries—to maintain international rankings. Because no tennis pro can possibly play in every tournament, organizers compete for top draws to fill stadium seats and land lucrative TV contracts. Prizes can be extremely generous (about US $2.7 million for each of the 2016 Australian Open singles champions).
Tournaments earn money through ticket sales, corporate spon- sorship agreements, television contracts, and leasing of advertising space. The larger the stadium and TV audiences, the more backers and advertisers will pay to get their attention. Moreover, international broadcasts attract sponsorship from companies in various industries and countries. From National to International Sports Pastimes Some countries have legally designated a national sport as a means of preserving traditions; others effectively have one. Map 1.1 shows a sample of these. However, other sports have sometimes replaced national sports in popularity, such as cricket replacing field hockey as India’s most popular sport. Baseball was popular only in its North American birthplace for
most of its history, but the International Baseball Federation now has over 100 member countries. As TV revenues flattened in North America, Major League Baseball (MLB) broadened its fan base by broadcasting games to international audiences, which also showed youngsters all over the world how the game was played. The aver- age MLB clubhouse is now a bastion of multilingual camaraderie, with players and coaches talking baseball in Spanish, Japanese, Mandarin, and Korean as well as English. The WIde World oF TelevISed SPorTS Not surprisingly, other professional sports have expanded their global TV coverage (and marketing programs). Most viewers of Stanley Cup hockey watch from outside North America. Fans can watch NASCAR races (National Association for Stock Car Auto Racing) and
NBA games in most countries. TV isn’t the only means by which sports organizations are seek- ing foreign fan bases and players. The National Football League (NFL) of the United States underwrites football programs in Chinese schools and plays some regular games in Europe. The NBA is helping to build basketball youth leagues in India. Sports may be the world’s most globalized business.1 Fans demand to see the best, and “best” has become a global standard of com- petition. (The opening photo shows a marathon in Berlin, Germany that had runners from over 130 nations and more than a million spectators.) Satellite TV brings live events from just about anywhere in the world to fans just about anywhere else. This gives the key sports-business participants—athletes, team owners, league repre- sentatives, and sports associations—broadened audience exposure, expanded fan bases, and augmented revenues.
National sports federations’ sponsorship of international com- petitions are common, most notably the longstanding World Cup in football (soccer) and the Olympics. More national organizations par- ticipate in these events than there are United Nations (UN) members, and probably more people follow them than follow most of the UN’s activities. How do these international competitions relate to busi- ness? Cities and countries compete to host events to attract tourists and publicize their business opportunities. In turn, companies pay for marketing rights as sponsors. Finally, individual athletes, such as Michael Phelps in swimming, compete not only for medals, but also for lucrative contracts to endorse products. While the Olympics and the World Cup participations have long been global, the competitive location has been less so. This has re-
cently changed with the 2010 World Cup in South Africa, the 2016 Olympics in Brazil, and the 2022 World Cup in Qatar. The INTerNaTIoNal Job MarkeT The search for talent has become worldwide. Professional basket- ball scouts search remote areas of Nigeria for tall high-potential youngsters. Baseball agents provide live-in training camps for Do- minican Republic teenagers in exchange for a percentage of their future professional signing bonuses. However, assembling talent is necessary but insufficient for making a sports business successful. Shrewd marketing and financial management are crucial too. For instance, Fútbol Barcelona, one of recent years’ best professional soccer teams, turned to young business graduates to help reduce its financial problems.
Most of today’s top-notch athletes are willing to follow the money anywhere. About two-thirds of the players in England’s professional soccer league (Premiership) are from other countries, which helps improve the caliber of play and increase the TV fan base outside England. how the aTP Courts Worldwide Support You’ve probably noticed that individual sports professionals are globe hoppers. Take tennis. No country boasts enough fans to keep players at home for year-round competition, yet today’s top- flight Chapter 1 Globalization and International Business 3 BANGLADESH kabaddi (hadudu)
CANADA lacrosse (summer) hockey (winter) SRI LANKA volleyball SCOTLAND golf PAKISTAN field hockey NORWAY cross-country skiing NEW ZEALAND rugby JAPAN sumo GUYANA
cricket DOMINICAN REPUBLIC baseball COLOMBIA tejo RUSSIA bandy MaP 1.1 examples of National Sports Some 63 countries have either defined a national sport by law or de facto have a national sport. Some national sports are shared by more than one country, such as cricket by England and seven of its former colonies. Some others have been established to protect an historical heritage, such as tejo in Colombia and pato in Argentina. Note also that Canada has two designations, one for winter and one for summer. Source: The information on sports was taken from Wikipedia, http://en.wikipedia.org/wiki/National_sport (accessed March 18, 2016).
The Top-Notch Pro as Upscale brand Many top players are effectively global brands, such as U.S. tennis pro Serena Williams and Portuguese soccer forward Cristiano Ronal- do. Because of their sports success and charisma, companies within and outside the sports industry pay them handsomely for endorsing clothing, equipment, and other products. Promotion as Teamwork A few teams, such as the New York Yankees in baseball, the New Zealand All Blacks in rugby, and Manchester United (Man U) in soc- cer also have enough brand-name cachet to be global brands for selling clothing and other items. Just about every team can get something for the rights to use its logo, while some have enough name recognition to support global chains of retail outlets. Simi- larly, companies both sponsor and seek endorsements from well-
known teams, such as the placement of “Fly Emirates” on Real Madrid’s soccer jerseys. Still others pay for naming rights to arenas and other venues. Of course, teams themselves can be attractive international invest- ments. For instance, U.S. investors bought the Liverpool Football Club of the United Kingdom. The Upsides and downsides of Globalized Sports What does all this mean to a sports fan? Now that pro sports have become a global phenomenon, fans can enjoy a greater variety— and a higher level of competition—than any former generation. That’s the upside, but people don’t always take easily to another country’s sport. Despite many efforts, cricket, although popular in countries that were British colonies for centuries, is not popular elsewhere. Nor has American football gained much popularity out- side the United States. One possible reason is that rules for cricket and American football are so complicated. However, basketball
and soccer have traveled to new markets more readily because they are easier to understand and require little specialized equipment. Further, there is disagreement about the economic effect of suc- cessfully winning a bid to host big international competitions such as the World Cup and Olympics. On the one hand, they help spur tour- ism, foreign investment, infrastructure construction, and improve- ment of blighted areas that will speed future economic growth. On the other hand, in light of threats from global terrorism, the cost of security has skyrocketed, while hosts may have to spend on stadi- ums and facilities that have no use afterward. Many competitions http://en.wikipedia.org/wiki/National_sport 4 part 1 Background for International Business
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Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding
Digital Learning Solutions Engage Students and Assess Understanding

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  • 5. University of Miami Lee H. Radebaugh Brigham Young University Daniel P. Sullivan University of Delaware Sixteenth Edition Vice President, Business Publishing: Donna Battista Director of Portfolio Management: Stephanie Wall Portfolio Manager: Daniel Tylman Editorial Coordinator: Linda Albelli Vice President, Product Marketing: Roxanne McCarley Director of Strategic Marketing: Brad Parkins Strategic Marketing Manager: Deborah Strickland Product Marketer: Becky Brown Field Marketing Manager: Lenny Ann Kucenski Product Marketing Assistant: Jessica Quazza Vice President, Production and Digital Studio, Arts and Business: Etain O’Dea Director of Production, Business: Jeff Holcomb Managing Producer, Business: Ashley Santora Operations Specialist: Carol Melville Creative Director: Blair Brown Manager, Learning Tools: Brian Surette Content Developer, Learning Tools: Lindsey Sloan Managing Producer, Digital Studio, Arts
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  • 7. logos, or icons that may appear in this work are the property of their respective owners, and any references to third-party trademarks, logos, icons, or other trade dress are for demonstrative or descriptive purposes only. Such references are not intended to imply any sponsorship, endorsement, authorization, or promotion of Pearson’s prod- ucts by the owners of such marks, or any relationship between the owner and Pearson Education, Inc., or its affiliates, authors, licensees, or distributors. Library of Congress Cataloging-in-Publication Data Is Available On Request 10 9 8 7 6 5 4 3 2 1 ISBN 10: 0-13-420005-5 ISBN 13: 978-0-13-420005-7 http://www.pearsoned.com/permissions/ Preface xxii About the Authors xxix Part one: Background for International Business 1 1 Globalization and International Business 1 Part two: Comparative Environmental Frameworks 25 2 The Cultural Environments Facing Business 25 3 The Political and Legal Environments Facing Business 57 4 The Economic Environments Facing Business 93 5 Globalization and Society 129
  • 8. Part three: Theories and Institutions: Trade and Investment 153 6 International Trade and Factor Mobility Theory 153 7 Governmental Influence on Trade 183 8 Cross-National Cooperation and Agreements 207 Part Four: World Financial Environment 235 9 Global Foreign-Exchange Markets 235 10 The Determination of Exchange Rates 257 11 Global Capital Markets 279 Part Five: Global Strategy, Structure, and Implementation 301 12 The Strategy of International Business 301 13 Country Evaluation and Selection 335 14 Export and Import 361 15 Direct Investment and Collaborative Strategies 397 16 The Organization of International Business 427 Part Six: Managing International Operations 461 17 Marketing Globally 461 18 Global Operations and Supply-Chain Management 493 19 International Accounting and Finance Issues 517 20 International Human Resource Management 545 Brief Contents iii Contents Preface xxii About the Authors xxix
  • 9. • Part one: Background For international BuSineSS 1 1 Globalization and International Business 1 CASE: The Globalized Business of Sports 2 Introduction 4 Why Study About Globalization, IB, and Their Relationship? 5 How Does IB Fit In? 5 The Study of IB 5 The Forces Driving Globalization and IB 6 Factors in Increased Globalization 7 The Criticisms of Globalization 10 Threats to National Sovereignty 10 Environmental Stress 11 Growing Income Inequality and Personal Stress 11 Point-Counterpoint Is Offshoring of Production a Good Strategy? 12 Why Companies Engage in IB 14 Sales Expansion 14 Resource Acquisition 14 Risk Reduction 14 IB Operating Modes 15 Merchandise Exports and Imports 15 Service Exports and Imports 15 Investments 16 Types of International Organizations 16 Why do Companies’ External Environments Affect How they May Best Operate Abroad? 16
  • 10. Physical Factors 17 Institutional Factors 17 The Competitive Environment 18 Looking to the Future Three Major Scenarios on Globalization’s Future 19 CASE: Carnival Cruise Lines 21 Endnotes 23 iv Contents v • Part two: comParative environmental FrameworkS 25 2 The Cultural Environments Facing Business 25 CASE: Saudi Arabia’s Dynamic Culture 26 Culture’s Importance in IB and Trickiness To Assess 29 National Cultures as a Point of Reference 29 The People Factor 30 Building Cultural Awareness 31 Shortcomings in Cultural Assessments 31 Influences on Cultural Formation and Change 32 Sources of Change 32 Language as Both a Diffuser and Stabilizer of Culture 32 Religion as a Cultural Stabilizer 34 Major Behavioral Practices Affecting Business 35
  • 11. Issues in Social Stratification 35 Work Motivation 37 Relationship Preferences 40 Risk-Taking Behavior 40 Information and Task Processing 41 Problems in Communicating Across Cultures 42 Translation of Spoken and Written Language 42 Silent Language 43 Guidelines For Cultural Adjustment 45 Host Society Acceptance 45 Degree of Cultural Differences 45 Ability to Adjust: Culture Shock 46 Company and Management Orientations 46 Strategies for Instituting Change 47 Point-Counterpoint Does IB Lead To Cultural Imperialism? 48 Looking to the Future Scenarios on The Evolvement of National Cultures 50 CASE: Tesco PLC: Leveraging Global Knowledge 52 Endnotes 55 3 The Political and Legal Environments Facing Business 57 CASE: China: Big Opportunities, Complicated Risks 58 Politics, Laws, and Operating Internationally 60 The Political Environment 62 Individualism 62
  • 12. vi Contents Collectivism 62 Political Ideology 63 Democracy 64 Totalitarianism 65 The State of Political Freedom 67 The Prevalence of Political Freedom 68 The Struggles of Political Freedom 68 The Allure of Authoritarianism 71 Looking to the Future Political Ideology and MNEs’ Actions 72 Political Risk 74 Classifying Political Risk 74 Point-Counterpoint Proactive Political Risk Management: The Superior Approach 76 The Legal Environment 78 Types of Legal Systems 79 The Foundation of Legality 80 Mapping the Basis of Law 81 Which Rule When? 82 Implications to Managers 84 Legal Issues Facing International Companies 84 Operational Concerns 85 Strategic Concerns 86 Politics, Law, and the Business Environment 88
  • 13. CASE: It’s a Knockoff World 89 Endnotes 91 4 The Economic Environments Facing Businesses 93 CASE: Emerging Economies: Comeback or Collapse? 94 International Economic Analysis 95 Navigating Challenges 96 Who’s Who in the Global Business Environment 97 Developed Economies 97 Developing Economies 98 Economies in Transition 100 The Issue of Different Degrees of Development 101 Economic Freedom 103 The Value of Economic Freedom 105 The Prevalence of Economic Freedom 106 Economic Freedom and Type of Economic Environment 107 The Paradox of Promise Versus Prevalence 107 Contents vii Looking to the Future State Capitalism: Detour or Destination? 110 Types of Economic Systems 111 The Market Economy 111 The Command Economy 112 Mixed Economy 113 Assessing Economic Development, Performance, and Potential 114
  • 14. Monetary Measures 114 Improving Economic Analytics 116 The Wildcard: The Shadow Economy 118 Sustainability and Stability 119 Sustainability 119 Stability 120 Point-Counterpoint Growth: Positive and Productive? 121 Elements of Economic Analysis 123 Integrating Economic Analysis 123 Economic Freedom, Innovation, and Competitiveness 125 CASE: Economic Environments of the West: Problems, Puzzles, and the 4th Industrial Revolution 126 Endnotes 128 5 Globalization and Society 129 CASE: Ecomagination and the Global Greening of GE 130 Introduction 132 Stakeholder Trade-Offs 132 The Economic Impact of the MNE 133 Balance-of-Payments Effects 134 Growth and Employment Effects 135 The Foundations of Ethical Behavior 136 Why Do Companies Care About Ethical Behavior? 137
  • 15. The Cultural Foundations of Ethical Behavior 137 Relativism Versus Normativism 137 The Legal Foundations of Ethical Behavior 138 Legal Justification: Pro and Con 138 Corruption and Bribery 139 Petrobras: Corruption in Brazil with a Global Twist 140 The Consequences of Corruption 140 What’s Being Done About Corruption? 141 viii Contents Ethics and the Environment 142 What Is “Sustainability”? 142 Global Warming and The Paris Agreement on Climate Change 143 Ethical Dilemmas of Labor Conditions 144 Point-Counterpoint Should MNEs Accept Full Responsibility for the Unethical Behavior of Their Employees? 144 The Problem of Child Labor 146 What MNEs Can and Can’t Do 147 Corporate Codes of Ethics: How Should a Company Behave? 147 Motivations for Corporate Responsibility 147 Developing a Code of Conduct 147 Looking to the Future Dealing with Ethical Dilemmas in the Global Economy 148
  • 16. CASE: Anglo American PLC in South Africa: What Do You Do When Costs Reach Epidemic Proportions? 149 Endnotes 151 • Part three: theorieS and inStitutionS: trade and inveStment 153 6 International Trade and Factor Mobility Theory 153 CASE: The Evolution of Taiwan’s International Trade 154 Introduction: Why Do Policymakers Rely on International Trade and Factor Mobility Theories? 156 Interventionist and Free Trade Theories 158 Mercantilism 158 Neomercantilism 158 Free Trade Theories 159 Theory of Absolute Advantage 159 Theory of Comparative Advantage 161 Theories of Specialization: Some Assumptions and Limitations 162 Theories to Explain National Trade Patterns 164 How Much Does A Country Trade? 164 What Types of Products Does A Country Trade? 166 With Whom Do Countries Trade? 167 The Dynamics of Export Capabilities 168 Product Life Cycle (PLC) Theory 168 The Diamond of National Competitive Advantage 170 The Theory and Major Effects of Factor Mobility 172
  • 17. Contents ix Point-Counterpoint Should Nations Use Strategic Trade Policies? 172 Why Production Factors Move 174 Effects of Factor Movements 175 The Relationship between Trade and Factor Mobility 176 Substitution 176 Complementarity 176 Looking to the Future Scenarios That May Change Trade Patterns 177 CASE: Ecuador: A Rosy Export Future? 179 Endnotes 182 7 Governmental Influence on Trade 183 CASE: The U.S.–Vietnamese Catfish Dispute 184 Conflicting Outcomes of Trade Protectionism 186 The Role of Stakeholders 187 Economic Rationales for Governmental Trade Intervention and Outcome Uncertainties 187 Fighting Unemployment 187 Protecting “Infant Industries” 188 Developing an Industrial Base 189 Economic Relationships with Other Countries 190 Governments’ Noneconomic Rationales and Outcome
  • 18. for Trade Intervention 192 Maintaining Essential Industries 192 Promoting Acceptable Practices Abroad 193 Point-Counterpoint Should Governments Impose Trade Sanctions? 193 Maintaining or Extending Spheres of Influence 195 Preserving National Culture 195 Major Instruments of Trade Control 195 Tariffs: Direct Price Influences 195 Nontariff Barriers: Direct Price Influences 196 Nontariff Barriers: Quantity Controls 198 How Companies Deal With Governmental Trade Influences 201 Tactics for Dealing with Import Competition 201 Convincing Decision-Makers 201 Involving the Industry and Stakeholders 201 Preparing for Changes in the Competitive Environment 202 Looking to the Future Dynamics and Complexity of Future World Trade 202 x Contents CASE: Should U.S. Imports of Prescription Drugs from Canada Be Widened? 203 Endnotes 205
  • 19. 8 Cross-National Cooperation and Agreements 207 CASE: Toyota’s European Drive 208 Forms of Economic Integration 209 The World Trade Organization—Global Integration 210 GATT: Predecessor to the WTO 210 What Does the WTO Do? 210 Regional Economic Integration 211 Bilateral Agreements 211 Geography Matters 211 The Effects of Integration 212 Major Regional Trading Groups 213 The European Union 214 The North American Free Trade Agreement (NAFTA) 218 Regional Economic Integration in the Americas 221 Regional Economic Integration in Asia 223 Regional Economic Integration in Africa 225 Point-Counterpoint Is Regional Economic Integration a Good Idea? 226 The United Nations and Other NGOs 227 Commodity Agreements 229 Commodities and the World Economy 229 Consumers and Producers 229 The Organization of the Petroleum Exporting Countries (OPEC) 230 Looking to the Future Will the WTO Overcome Bilateral and Regional Integration Efforts? 231
  • 20. CASE: Walmart Goes South 232 Endnotes 234 • Part Four: world Financial environment 235 9 Global Foreign-Exchange Markets 235 CASE: Going Down to the Wire in the Money-Transfer Market 236 What is Foreign Exchange and Who are The Major Players in The Market? 237 Contents xi Some Aspects of The Foreign-Exchange Market 238 How to Trade Foreign Exchange 238 Global OTC Foreign-Exchange Instruments 239 Size, Composition, and Location of the Foreign-Exchange Market 239 Foreign-Exchange Trades and Time Zones 241 Major Foreign-Exchange Markets 243 The Spot Market 243 The Forward Market 244 Options 244 Futures 245 The Foreign-Exchange Trading Process 245 Banks and Exchanges 245 Top Exchanges for Trading Foreign Exchange 246 How Companies Use Foreign Exchange 247
  • 21. Cash Flow Aspects of Imports and Exports 247 Other Financial Flows 248 Point-Counterpoint Is It OK to Speculate on Currency? 249 Looking to the Future Where Are Foreign-Exchange Markets Headed? 251 CASE: Do Yuan to Buy Some Renminbi? 252 Endnotes 255 10 The Determination of Exchange Rates 257 CASE Venezuela’s Rapidly Changing Currency 258 Introduction 259 The International Monetary Fund 260 Origin and Objectives 260 The IMF Today 260 The Role of the IMF in Global Financial Crises 261 Evolution to Floating Exchange Rates 261 Exchange-Rate Arrangements 262 Three Choices: Hard Peg, Soft Peg, or Floating Arrangement 262 Hard Peg 263 Soft Peg 263 Floating Arrangement 263 The Euro 263 Point-Counterpoint Should Africa Develop a Common Currency? 265 Determining Exchange Rates 266
  • 22. Nonintervention: Currency in a Floating-Rate World 266 xii Contents Intervention: Currency in a Fixed-Rate or Managed Floating- Rate World 267 Black Markets 268 Foreign-Exchange Convertibility and Controls 268 Exchange Rates and Purchasing Power Parity 269 Exchange Rates and Interest Rates 271 Other Factors in Exchange-Rate Determination 272 Forecasting Exchange-Rate Movements 272 Fundamental and Technical Forecasting 272 Fundamental Factors to Monitor 272 Business Implications of Exchange-Rate Changes 273 Marketing Decisions 273 Production Decisions 274 Financial Decisions 274 Looking to the Future Changes in the Relative Strength of Global Currencies 274 Case: Welcome to the World of Sony—Unless the Falling Yen Rises (or Falls) Again 275 Endnotes 278 11 Global Capital Markets 279 CASE: Tax Wars: Pfizer Versus the U.S. Government 280
  • 23. The Finance Function 281 The Role of the CFO 281 Capital Structure 282 Leveraging Debt Financing 282 Factors Affecting the Choice of Capital Structure 282 Global Debt Markets 284 Eurocurrencies and the Eurocurrency Market 284 International Bonds 285 Global Equity Markets 286 The Size of Global Stock Markets 287 Taxation of Foreign-Source Income 289 International Tax Practices 289 Taxing Branches and Subsidiaries 290 Transfer Prices 292 Double Taxation and Tax Credit 293 Dodging Taxes 294 Offshore Financing and Offshore Financial Centers 294 What is an OFC? 294 Contents xiii Point-Counterpoint Should Offshore Financial Centers and Aggressive Tax Practices Be Eliminated? 296 Looking to the Future The Growth of Capital Markets and the Drive by Governments to Capture More Tax Revenues by MNEs 297 CASE: Does the Devil Really Wear Prada? 298
  • 24. Endnotes 300 • Part Five: gloBal Strategy, Structure, and imPlementation 301 12 The Strategy of International Business 301 CASE: Zara’s Disruptive Vision: Data-Driven Fast-Fashion 302 Strategy in the MNE 304 Getting Started: Vision and Mission 305 Moving Onward: Strategic Planning 307 Making Sense to Make Strategy 307 The Role of Resources, Capabilities, and Competencies 308 The Quest to Create Value 310 The Cost Leadership Strategy 310 The Differentiation Strategy 311 The Integrated Cost Leadership/Differentiation Strategy 312 Point-Counterpoint Is Strategic Planning Productive? 313 Organizing Value Creation: The Value Chain 314 Configuring the Value Chain 315 Looking to the Future Digits, Widgets, and Changing Location Advantages 319 Global Integration Versus Local Responsiveness 321 The Potential for Standardization 322 The Characteristics of Consumer Preferences 323 The Effect of Institutional Agents 324
  • 25. Global Integration and Local Responsiveness: Mapping their Interaction 324 International Corporate-Level Strategies 326 The International Strategy 326 The Localization Strategy 328 Global Strategy 329 Transnational Strategy 330 xiv Contents CASE: The Multinational Enterprise of the Future: Leading Scenarios 332 Endnotes 334 13 Country Evaluation and Selection 335 CASE Burger King® 336 The Importance of Location 338 Comparing Countries Through Scanning 338 Why Is Scanning Important? 338 Scanning Versus Detailed Analysis 339 Opportuniity and Risk Variables 340 Opportunities: Sales Expansion 340 Opportunities: Resource Acquisition 341 Risks 343 Analyzing and Relating the Opportunity and Risk Variables 348 Sources and Shortcomings of Comparative Country Information 350
  • 26. Some Problems with Research Results and Data 350 External Sources of Information 351 Internally Generated Data 352 Point-Counterpoint Should Companies Operate in and Send Employees to Violent Areas? 352 Alternatives for Allocating Resources among Locations 353 Alternative Gradual Commitments 353 Geographic Diversification Versus Concentration 354 Reinvestment and Harvesting 355 Noncomparative Location Decisions 356 Looking to the Future Conditions That May Cause Prime Locations to Change 356 CASE: Carrefour 357 Endnotes 360 14 Export and Import 361 CASE: SpinCent: The Decision to Export 362 Introduction 364 Exporting: Principles and Practices 365 Who are Exporters? 366 The Matter of Advantages 366 Characteristics of Exporters 367 Contents xv
  • 27. Exporting: Motivation and Methods 368 Profitability 368 Productivity 369 Diversification 369 Export: Start-Up and Expansion 370 Incremental Internationalization 370 The Born-Global Phenomenon 371 The Influence of Time and Place 371 The Wildcard of Serendipity 372 Approaches to Exporting 372 Which Approach When? 373 Point-Counterpoint Exporting E-waste: A Fair Solution ? 374 Importing: Principles and Practices 378 Characteristics of Importers 378 Importing: Motivation and Methods 379 Import Drivers 379 Who Are Importers? 380 Importing and Exporting: Problems
  • 28. and Pitfalls 380 Financial Risks 381 Customer Management 381 International Business Expertise 382 Marketing Challenges 382 Top Management Commitment 382 Government Regulation 383 Trade Documentation 384 Importing and Exporting: Resources and Assistance 385 Public Agencies 386 Private Agents 387 Reconciling Opportunity and Challenge: An Export Plan 390 Looking to the Future Technology Transforms International Trade 391 Countertrade 393 Costs 393
  • 29. Benefits 394 CASE: The Borderfree Option: Going Global—Simplified 394 Endnotes 396 xvi Contents 15 Direct Investment and Collaborative Strategies 397 CASE: Meliá Hotels International 398 Introduction 401 Why Export and Import May Not Suffice 402 When It’s Cheaper to Produce Abroad 403 When Transportation Costs Too Much 403 When Domestic Capacity Isn’t Enough 403 When Products and Services Need Altering 403 When Trade Restrictions Hinder Imports 403 When Country of Origin Becomes an Issue 404 Why and How do Companies Make Wholly Owned FDI 404
  • 30. Reasons for Wholly Owned Foreign Direct Investment 404 Acquisition Versus Greenfield 405 Why Companies Collaborate 406 General Motives for Collaborative Arrangements 406 International Motives for Collaborative Arrangements 408 Forms of and Choice of Collaborative Arrangements 409 Some Considerations in Choosing a Form 409 Point-Counterpoint Should Countries Limit Foreign Control of Key Industries? 410 Licensing 411 Franchising 412 Management Contracts 413 Turnkey Operations 413 Joint Ventures (JVs) 414 Equity Alliances 415 Why Collaborative Arrangements Fail or Succeed 415 Reasons for Failure 416 Helping Collaborative Operations Succeed 417
  • 31. Looking to the Future Growth in Project Size and Complexity 420 CASE: The oneworld Airline Alliance 421 Endnotes 425 16 The Organization of International Business 427 CASE: Organizing Global Operations: The “Gore Way” 428 Introduction 430 Contents xvii Changing Times, Changing Organizations 430 Expanding Scope of IB 431 The Internet as a Design Standard 431 Managerial Standards 431 Social Contract 432 Change and Challenge: MNEs Respond 432
  • 32. Classical Organization Structures 433 Vertical Differentiation 433 Horizontal Differentiation 435 The Functional Structure 435 Divisional Structures 436 Global Matrix Structure 439 Mixed Structure 440 Neoclassical Structures 440 The Challenge of Boundaries 440 The Goal of Boundarylessness 441 The Network Structure 442 Virtual Organization 443 Neoclassical Structures in Action 444 Pitfalls of Neoclassical Structures 444 Point-Counterpoint The Hierarchical Structure: The Superior Format 445 Coordination Systems 447 Coordination by Standardization 448 Coordination by Plan 449 Coordination by Mutual Adjustment 450 Control Systems 451
  • 33. Bureaucratic Control 451 Market Control 451 Clan Control 452 Control Mechanisms 452 Which Control System When? 453 Organizational Culture 453 A Key Piece of the Performance Puzzle 453 The Power of Common Cause 454 Developing an Organizational Culture 455 Looking to the Future The Rise of Corporate Universities 456 CASE: Building a Magical Organization at Johnson & Johnson 458 Endnotes 460 xviii Contents • Part Six: managing international oPerationS 461
  • 34. 17 Marketing Globally 461 CASE: Tommy Hilfiger 462 International Marketing Strategies: Orientations, Segmentation, and Targeting 463 Marketing Orientations 464 Segmenting and Targeting Markets 466 Product Policies: Country Adaptation Versus Global Standardization 467 Why Firms Adapt Products 467 Alteration Costs 468 The Product Line: Extent and Mix 469 International Pricing Complexities 469 Potential Obstacles in International Pricing 469 Should Promotion Differ Among Countries? 472 The Push–Pull Mix 472 Some Problems in International Promotion 473 International Branding Strategies 475 Global Brand Versus Local Brands 476
  • 35. Point-Counterpoint Should Home Governments Regulate Their Companies’ Marketing in Developing Countries? 477 Distribution Practices and Complications 479 Deciding Whether to Standardize 479 Internalization or Not? 480 Distribution Partnership 480 Distribution Challenges and Opportunities 481 Gap Analysis: A Tool for Helping to Manage the International Marketing Mix 482 Usage Gaps 483 Product-Line Gaps 484 Distribution and Competitive Gaps 484 Aggregating Countries’ Programs 484 Looking to the Future How Might International Market Segmentation Evolve? 485 CASE: Grameen Danone Foods in Bangladesh 486
  • 36. Endnotes 491 Contents xix 18 Global Operations and Supply-Chain Management 493 CASE: Apple’s Global Supply Chain 494 Global Supply-Chain Management 496 What is Supply-Chain Management? 496 Global Supply-Chain and Operations Management Strategies 497 Operations Management Strategy 497 Global Sourcing 499 Why Global Sourcing? 501 Major Sourcing Configurations 501 The Make-or-Buy Decision 502 Point-Counterpoint Should Firms Outsource Innovation? 502 Supplier Relations 504
  • 37. Conflict Minerals 504 The Purchasing Function 504 Information Technology and Global Supply-Chain Management 505 Electronic Data Interchange (EDI) 505 Enterprise Resource Planning/Material Requirements Planning 505 Radio Frequency ID (RFID) 505 E-commerce 506 Quality 507 Zero Defects 507 Lean Manufacturing and Total Quality Management (TQM) 508 Six Sigma 509 Quality Standards 509 Looking to the Future Uncertainty and the Global Supply Chain 511 CASE: Nokero: Lighting the World 511 Endnotes 516
  • 38. 19 International Accounting and Finance Issues 517 CASE: GPS Capital Markets: In the Market for an Effective Hedging Strategy? 518 The Crossroads of Accounting and Finance 520 What Does the Controller Control? 520 xx Contents Differences in Financial Statements Internationally 521 Differences in the Content of Financial Information 521 Factors Affecting Accounting Objectives, Standards, and Practices 522 Cultural Differences in Accounting 523 International Standards and Global Convergence 524 Mutual Recognition Versus Reconciliation 524 The First Steps in Establishing IFRS 525 The International Accounting Standards Board 525
  • 39. Point-Counterpoint Should U.S. Companies Be Allowed to Use IFRS? 526 Transactions in Foreign Currencies 527 Recording Transactions 527 Correct Procedures for U.S. Companies 528 Translating Foreign-Currency Financial Statements 528 Translation Methods 529 International Financial Issues 531 Capital Budgeting in a Global Context 531 Internal Sources of Funds 533 Global Cash Management 534 Foreign-Exchange Risk Management 536 Types of Exposure 536 Exposure-Management Strategy 537 Looking to the Future Will IFRS Become the Global Accounting Standard? 539 CASE: H&M: The Challenges of Global Expansion and the Move to Adopt International Financial Reporting Standards 541
  • 40. Endnotes 543 20 International Human Resource Management 545 CASE: Globalizing Your Career 546 International Human Resource Management 548 The Strategic Role of IHRM 550 IHRM’s Mission 551 The Perspective of the Expatriate 551 Who’s Who? 551 Trends in Expatriate Assignments 552 The Economics of Expatriates 554 The Enduring Constant 554 Staffing Frameworks in the MNE 554 The Ethnocentric Framework 555 Contents xxi The Polycentric Staffing Framework 556 The Geocentric Staffing Framework 558
  • 41. Which Staffing Framework When? 559 Expatriate Selection 560 Technical Competence 560 Self-Orientation 560 Others-Orientation 561 Resourcefulness 561 Global Mindset 561 Expatriate Preparation and Development 562 Pre-Departure Preparation Programs 563 In-Country Development Programs 564 Family Matters 564 Point-Counterpoint English: Destined to Be the Global Language? 565 Expatriate Compensation 567 Types of Compensation Plans 568 Components of Expatriate Compensation 569 Compensation Complications 570 Expatriate Repatriation 570 Repatriation Challenges 571 Improving Repatriation 571
  • 42. Expatriate Failure 572 The Costs of Failure 572 The Wildcard 573 Looking to the Future I’m Going Where? The Changing Locations of International Assignments 573 CASE: Tel-Comm-Tek: Selecting the Managing Director of its Indian Subsidiary 574 Endnotes 577 glossary 579 company index 589 name index 595 Subject index 614 This textbook is one of the best-selling U.S. and worldwide international business
  • 43. (IB) textbooks. Widely used in both undergraduate and MBA level courses, this text has had authorized translations into Albanian, Chinese, Macedonian, Russian, Spanish, Korean, and Thai. Its first edition in 1976, according to many professors, defined the IB field. Its subsequent 14 editions have set the global standard for studying IB’s environments and operations. Students, faculty, and managers have praised our text for its compelling balance between rigorous, authoritative theory and meaningful practice within the context of a fresh, current analysis of IB. The elements of success that have driven this performance anchor our efforts to make this 16th edition the best version yet. We believe these efforts result in a textbook that provides you and your students the best possible understanding of what is happen- ing and is likely to happen in the world of business. WHAT’S NEW TO THE SixTEENTH EdiTiON? Ongoing trends and new development in the global business environment called for
  • 44. us to rethink and revise our interpretations of the environments of operations of inter- national business. Incorporating the corresponding changes convinced the publishers and the authors of the usefulness of publishing a 16th edition. • Global Changes IB, probably more so than any other subject, needs updating because of the number of and rapidity of global changes. The period since our last edition was no exception. Among the many changes we have referenced in our text are the spread of mosquito- borne epidemics (Zika, Ebola, dengue fever, and yellow fever); changes in national borders (e.g., Crimea now a part of Russia rather than the Ukraine); the rise of ISIS and its extended terrorism; the expanding scale and scope of technology; oil technol- ogy that has altered global supply locations and prices; the evolving role of Bitcoins for international currency exchange and investment opportunities; the emergence of disruptive technologies such 3-D printers, robotics, and artificial intelligence; the
  • 45. opening of U.S.–Cuban diplomatic exchanges; the advent of negative interest-rate policies in many Western markets; the termination of an embargo on Iran; the near breakup of certain countries (e.g., the United Kingdom and Spain); the use of cor- porate inversions to reduce taxes; ongoing ups and downs by prominent emerging markets; accelerating sophistication of communication systems; decreasing degrees of political and economic freedom throughout the world; greater agreement that the global climate is warming; the game changing implications of social media; an almost unprecedented refugee movement into Europe; and greater support in many coun- tries for more national sovereignty leading to the possible breakup of regional eco- nomic groups. • Theories and Evidence to Explain IB and Globalization It is now over 40 years since we started writing this text’s first edition. We can remem- ber when the Academy of International Business (AIB), the main IB academic orga-
  • 46. nization, attracted fewer than 40 attendees for its annual meeting; now it routinely Preface xxii PrefaCe xxiii draws more than a thousand. Journals with an emphasis on international business were virtually nonexistent; thus the few people working directly in the field had to depend on discipline- and functional-based journals as outlets for their research. We all know how this has changed, which has, on the one hand, helped us to under- stand the global business environment in innovative, exciting ways. Nevertheless, the expanding scale of globalization and IB growth fuels such an abundance of published materials that academicians have had to specialize in narrower areas to stay abreast
  • 47. of relevant research. The growth has also created a challenge for authors, such as us, to keep sufficiently up to date on the breadth of research being published on all the functional and disciplinary topics we cover in an introductory text. We are the first to admit that we cannot, but, at the same time, when we have revised for each new edi- tion, we have discovered work that goes well beyond a slight movement in existing knowledge frontiers. It is gratifying for us to delve deeper into emerging trends such as those we described above, and thus we have added significant new material to the 16th edition. • Reduced Length Over the years, we received sporadic objections to the length of our text. And com- plicating matters was the sense that as the text expanded, students increasingly preferred learning in shorter, focused bursts. Hence, we set a goal of reducing the text length by 200 pages without sacrificing content, coverage, or quality; we more
  • 48. than met our goal. We did this partially by shifting end notes to an easily-accessed online location, removing all cartoons because they did not sufficiently enhance students’ learning, and reducing tables of data that quickly became obsolete. How- ever, to our surprise, our biggest reduction by far was from tightening our prose. Completing chapters very quickly to reach a deadline for a two- year cycle had caused us to be much too wordy and to lead us to undue redundancy among our chapters. We quickly learned that reducing 200 pages was more time consuming than adding 200, but we feel that the text is now far more engaging, interesting, and readable. • Improved In-Text Learning Aids 1. We aligned our objectives at each chapter’s opening with major headings within the chapters. This meant, in many cases, reorganizing the materi- als within the chapter. However, this should help students
  • 49. master materials more effectively and efficiently. Further, the change has permitted the gen- erators of the corresponding test bank to key questions better with learning objectives. 2. We already had marginal notes to refer back to previous chapters. We expanded those considerably and now refer to the specific pages where students can find earlier materials. 3. We dropped the “Geography and International Business” feature. It had not appeared in all the chapters, and we incorporated the coverage into specific parts of the chapters. 4. We dropped the “Summary” and “Key Terms” sections from the end of our chapters. Our reasoning is that our marginal notes cover all the summary points in greater detail and next to the material being covered. All key terms
  • 50. are shown in bold and included in the glossary, thus we eliminated this redundancy. xxiv PrefaCe 5. We updated all of our cases. In addition, we replaced seven cases with new ones as follows: Chapter 4: Economic Environments of the West: Problems, Puzzles, and the 4th Industrial Revolution Chapter 6: The Evolution of Taiwan’s International Trade Chapter 7: Should U.S. Imports of Prescription Drugs from Canada be Widened? Chapter 10: Venezuela’s Rapidly Changing Currency Chapter 11: Tax Wars: Pfizer Versus the U.S. Government Chapter 14: The Borderfree Option: Going Global—Simplified Chapter 16: Organizing Global Operations: The “Gore Way” • Improved Chapter Placements
  • 51. Adopter feedback led to adjusting the sequence of chapters. Specifically, we repo- sitioned Chapter 11, Globalization and Society. Its new slot is Chapter 5, thereby effectively expanding our coverage of the environments of IB. • Limiting Authors’ Names Early on, we observed that students too often thought that they needed to memorize the names of all the authors who were cited. Thus, we have made it a point to cite only classic authors, such as Adam Smith. If students (or instructors) want to know the origin of materials, they can find this information in the end note section. Building on SucceSS For the record, fewer than one percent of textbooks reach 16 editions. The longevity of this text signifies its successful adaptation to the changing domain of globalization and IB. Indeed, sustainability has become a byword within the global economy. Sus- tainability, such as for a text, calls for building on what works well and eliminating
  • 52. what does not. Here are some highlights of the 16th edition building blocks. FOcuSiNg ON BOTH MAcrO ANd MicrO PErFOrMANcE We have always, and steadfastly continue to present materials from a broader per- spective than company performance. First, although IB affects nearly all business, many students will be only tangentially involved. Second, knowledge of IB supports good citizenship, helping students interpret macro policies that affect their personal lives and career ambitions. rESPONdiNg TO uPdATEd LiTErATurE From the beginning, we have constantly assessed academic and practitioner pub- lications to stay abreast of relevant issues and events. We have made no exception for this edition. A review of our exhaustive endnotes shows a citation mix of classic treatises along with significant IB materials that have been published since the pre- ceding edition. Further, the companies cited in the “Company Index and Trademarks”
  • 53. section come from a variety of industries—large and small, U.S. and non-U.S.—and the list continues to be comprehensive and contemporary. PrefaCe xxv rELAyiNg PErSONAL ExPEriENcES We regularly interact with IB stakeholders—managers, students, professors, and people affected by trade and other international events—through our teaching of degree-earning and executive students, attendance at academic and civic meetings, and foreign travel. For example, since the 15th text edition was published, we have traveled collectively to 25 countries, largely dealing with IB managers in each. These exchanges, taking place in every region of the world, provide insights and anecdotes that develop new materials and prioritize coverage via chapter content and cases. We believe no other textbook comes as close to effectively blending a comprehensive
  • 54. review of international business theory with exhaustive attention to what happens in the many parts of the world. iNcOrPOrATiNg cASES We maintain the inclusion of a case to open and close each chapter. With few excep- tions, we wrote the cases ourselves. When we did not, we worked closely with the authors to assure that the focus of each fit precisely with chapters’ materials. These cases span the globe and engage an extensive range of topics from environmen- tal, institutional, country, industry, company, and individual perspectives. They also include a wide range of company perspectives, from large MNEs to small exporters, from old-line manufacturers to emergent cyber businesses, and from product manu- facturers to service providers. The opening cases set the stage for the chapters’ major issues, highlighting themes and ideas that are then covered throughout the chapter. These also include questions
  • 55. to guide students to real situations as they read the chapters. The closing cases, also anchored with questions, integrate the ideas and tools presented in the chapter and call upon the students to analyze issues and propose actions. POiNT-cOuNTErPOiNT To reinforce our strong applications orientation, we carry on a feature in every chapter that brings to life a major debate in contemporary IB and globalization. We use a point-counterpoint style to highlight opposing viewpoints that managers and poli- cymakers face when trying to make sense of vital issues. The give and take between two sides reinforces this textbook’s effort to link theory and practice. LOOkiNg TO THE FuTurE As in previous editions, each chapter offers future scenarios that are important to managers, companies, or the world. The topic of each Looking to the Future feature alludes to the ideas discussed in the chapter in a way that prompts students to engage
  • 56. their imagination about the future of the world. MAPS Geographic literacy is essential in international business. Thus, we have maintained an Atlas, now located immediately after this Preface. Not only does it show loca- tions, it includes the almost equally important pronunciations of the countries and xxvi PrefaCe territories that are included. In addition to the Atlas, we have an abundance of maps throughout that are visual presentations of materials, such as the major locations of a country’s export markets. ENgAgiNg iN-TExT LEArNiNg AidS To support students’ concentration on fundamental information and lessons, we introduce each new major term in bold. These terms are also included in a Glos-
  • 57. sary to help them recall definitions when they see these terms in later chapters. We use marginal notes to summarize discussions, and we include marginal chapter review notes to lead students back to earlier material that helps them fathom later discussions. iNSTrucTOr SuPPLEMENTS Instructors can access the following downloadable supplemental resources by sign- ing into the Instructor Resource Center at www.pearsonhighered.com/educator. • Instructor’s Manual • Test Item File and TestGen® Computerized Test Bank— includes multiple choice, true/false, short answer, and essay questions that are tagged to Learning Objectives, Skill, Difficulty, Learning Outcomes, and AACSB Learning Standards to help measure whether students are grasping the course content that aligns with AACSB guidelines.
  • 58. • PowerPoint Slides • Image Library Need help? Our dedicated Technical Support team is ready to assist instruc- tors with questions about the media supplements that accompany this text. Visit support.pearson.com/getsupport for answers to frequently asked questions and toll-free user-support phone numbers. AckNOWLEdgMENTS PiNPOiNTiNg Our rEviEWS Although we have always depended on outside reviewers to give us advice, the pro- cess had several shortcomings in terms of our recent needs. The most basic one is that instructors were asked to comment on the entire book, which led to responses that were too general to help us sufficiently, such as “I’ve used the book for sev- eral years and am happy with it.” Or, reviewers had never adopted the book, thus
  • 59. the responses were obviously based on a mere scanning of materials without any specific substantive suggestions. There was a tendency to propose additions with- out eliminations that would compensate for them. In addition, some of the recom- mendations were made by users who to go into greater depth in an area without considering the breadth required for our book. Given that the reviews came to us anonymously, we could not speculate on the type of student market about which they were evaluating the text. For our present edition, we received early on three anonymous reviews, thus we cannot acknowledge them by name. We then solicited people who are well-known scholars to review only one chapter that corresponded to their major http://www.pearsonhighered.com/educator PrefaCe xxvii
  • 60. expertise. We asked them to not only inform us of errors, but also to suggest important omissions. In addition, we needed their recommendations on where we could cut material in order to meet the demands of the market in terms of length. We cannot thank the following people enough for making thorough, practical, and insightful recommendations. Benjamin Bader, Lüneburg University (Germany) Mary Yoko Brannen, University of Victoria (Canada) F. Greg Burton, Brigham Young University (USA) Jean J. Boddewyn, Baruch College (USA) Fidel León Darder, Universitat de València (Spain) Tom Foster, Brigham Young University (USA) Simon Greathead, Brigham Young University (USA) Lichung Jen, National Taiwan University (Taiwan) Steve Katsaros, Founder and CEO of Nokero (USA) Jeffrey A. Krug, Bloomsburg University (USA) Sumit K. Kundu, Florida International University (USA) Shige Makino, Chinese University of Hong Kong (Hong Kong) Ali R. Manbeian, Managing Partner, GPS Capital Markets Inc. (USA)
  • 61. Kurt Norder, University of Delaware (USA) Jon Jungbien Moon, Korea University (Korea) Terence Mughan, Royal Roads University (Canada) Daniel Rottig, Florida Gulf Coast University (USA) Manuel G. Serapio, University of Colorado Denver (USA) Saeed Samiee, University of Tulsa (USA) Cristina Villar, Universitat de València (Spain) Sharon Watson, University of Delaware (USA) In addition to the reviewers cited above, there have been countless individuals who have helped us through the years. Because this is the culmination of several previ- ous editions, we would like to acknowledge everyone’s efforts. However, many more individuals than we can possibly list have helped us. To those who must remain anonymous, we offer our sincere thanks. We would also like to acknowledge people whom we interviewed in writing cases. These are Brenda Yester (Carnival Cruise Lines); Omar Aljindi, Nora al Jundi, and Talah Tamimi (Saudi Arabia’s Dynamic Culture); Mauricio Calero (Ecuador: A Rosy Export
  • 62. Future?); Raul Arguelles Diaz Gonzales and Francisco Suarez Mogollon (Walmart Goes South); Jonathan Fitzpatrick, Julio A. Ramirez, Arianne Cento, and Ana Miranda (Burger King); several executives at American Airlines and oneworld who wish to remain anonymous (The oneworld Airline Alliance); and Ali R. Manbien (GPS Capital Markets Inc). In addition, we would like to thank several people who authored or coauthored cases for us: Mary Yoko Brannen and Terence Mughan at the University of Victoria and Royal Roads University for Tesco PLC: Leveraging Global Knowledge (Chapter 2), various executives at Walmart for their assistance with Walmart Goes South (Chapter 8), Fidel León-Darder and Cristina Villar at Universitat de València for Meliá Hotels International (Chapter 15), Jon Jungbien Moon at Korea University for Grameen Danone Foods in Bangladesh (Chapter 17), and Manuel Serapio at the University of Colorado Denver and Steve Katsaros, founder and CEO of Nokero for Nokero: Lighting the World (Chapter 18); others who helped
  • 63. with administrative and research matters include Ian G. Daniels, Maddison Daines, Lisa Curlee, Allison John- son, and Katie Cooper Redding. xxviii PrefaCe It takes a dedicated group of individuals to take a textbook from first draft to final manuscript. We would like to thank our partners at Pearson Education for their tireless efforts in bringing the 16th edition of this book to fruition. Our thanks go to Director of Portfolio Management, Stephanie Wall; Portfolio Manager, Daniel Tylman; Manag- ing Producer, Ashley Santora; Production Director, Jeff Holcomb; Managing Producer, Alison Kalil; Product Marketer, Becky Brown; Editorial Coordinator, Linda Albelli; Project Manager, Karin Williams; and Project Manager at Integra, Preetha Menon. Our sincerest thanks also go out to Lisa Cherivtch at Oakton
  • 64. Community College, Mamoun Benmamoun at Saint Louis University, and Susan Leshnower at Midland College, as well as Meg O’Rourke and Emily Yelverton, for their contributions to the instructor resources and MyManagementLab content. Three respected and renowned scholars show your students how dynamic, how real, how interesting, and how important the study of international business can be. John d. daniels, the Samuel N. Friedland Chair of Executive Management emeri- tus at the University of Miami, received his BBA, MBA, and PhD respectively at the University of Miami, University of the Americas, and the University of Michigan. He also holds an honorary doctorate from UPAO in Peru. His dissertation won first place in the award competition of the Academy of International Business. Since then, he has been an active researcher and won a decade award from
  • 65. the Journal of Interna- tional Business Studies. His articles have appeared in such leading journals as Academy of Management Journal, Advances in International Marketing, California Management Review, Columbia Journal of World Business, International Marketing Review, Interna- tional Trade Journal, Journal of Business Research, Journal of High Technology Management Research, Journal of International Business Studies, Management International Review, Multinational Business Review, Strategic Management Journal, Transnational Corpora- tions, and Weltwirtschaftliches Archiv. Professor Daniels has published 15 books, most recently Multinational Enterprises and the Changing World Economy (coedited with Ray Loveridge, Tsai-Mei Lin, and Alan M. Rugman), three volumes on Multinational Enterprise Theory, and three volumes on International Business and Globalization (all coedited with Jeffrey Krug). On its 30th anniversary, Management International Review referred to him as “one of the most prolific American IB scholars.” He served as presi-
  • 66. dent of the Academy of International Business and dean of its Fellows. He also served as chairperson of the international division of the Academy of Management, which named him Outstanding Educator of the Year in 2010. Professor Daniels has worked and lived a year or longer in 7 different countries, worked shorter stints in approxi- mately 30 other countries on 6 continents, and traveled in many more. His foreign About the Authors From left to right: Daniel sullivan, John Daniels, and Lee radebaugh. xxix xxx about the authors work has been a combination of private sector, governmental, teaching, and research assignments. He was formerly a faculty member at Georgia
  • 67. State University and The Pennsylvania State University, director of the Center for International Business Edu- cation and Research (CIBER) at Indiana University, and holder of the E. Claiborne Robins Distinguished Chair at the University of Richmond. lee h. radebaugh is the emeritus Kay and Yvonne Whitmore Professor of International Business and former Director of the Whitmore Global Management Center/CIBER at Brigham Young University. He received his MBA and DBA from Indiana University. He was a faculty member at The Pennsylvania State University from 1972 to 1980. He also has been a visiting professor at Escuela de Administración de Negocios para Graduados (ESAN) in Lima, Peru. In 1985, Professor Radebaugh was the James Cusator Wards visiting professor at Glasgow University, Scotland. His other books include International Accounting and Multinational Enterprises (John Wiley and Sons, 6th edition) with S. J. Gray and Erv Black; Introduction to Business: Interna-
  • 68. tional Dimensions (South-Western Publishing Company) with John D. Daniels; and seven books on Canada–U.S. trade and investment relations, with Earl Fry as coedi- tor. He has also published several other monographs and articles on international business and international accounting in journals such as the Journal of Accounting Research, Journal of International Financial Management and Accounting, Journal of Inter- national Business Studies, and the International Journal of Accounting. He is the former editor of the Journal of International Accounting Research and area editor of the Journal of International Business Studies. His primary teaching interests are international busi- ness and international accounting. Professor Radebaugh has been an active member of the American Accounting Association, the European Accounting Association, the International Association of Accounting Education and Research, and the Academy of International Business, having served on several committees as the president of the International Section of the AAA and as the secretary
  • 69. treasurer of the AIB. He is a member of the Fellows of the Academy of International Business. In 2007, Profes- sor Radebaugh received the Outstanding International Accounting Service Award of the International Accounting Section of the American Accounting Association, and in 1998, he was named International Person of the Year in the state of Utah and Outstanding International Educator of the International Section of the Ameri- can Accounting Association. In 2012, Lee was honored when the award for the top article published in the Journal of International Accounting Research in the past decade was named the Lee H. Radebaugh Notable Contribution to International Account- ing Research. daniel P. Sullivan, Professor of International Business at the Alfred Lerner College of Business of the University of Delaware, received his PhD from the University of South Carolina. He researches a range of topics, including globalization and busi-
  • 70. ness, international management, global strategy, competitive analysis, and corporate governance. His work on these topics has been published in leading scholarly jour- nals, including the Journal of International Business Studies, Management International Review, Law and Society Review, and Academy of Management Journal. In addition, he has served on the editorial boards of the Journal of International Business Studies and Management International Review. Professor Sullivan has been honored for both his research and teaching, receiving grants and winning awards for both activities while at the University of Delaware and, his former affiliation, the Freeman School of Tulane University. He has been awarded numerous teaching honors at the under- graduate, MBA, and EMBA levels—most notably, he has been voted Outstanding about the authors xxxi
  • 71. Teacher by the students of 18 different executive, MBA, and undergraduate classes at the University of Delaware and Tulane University. Professor Sullivan has taught, designed, and administered a range of in-class and online graduate, undergraduate, and nondegree courses on topics spanning globalization and business, international business operations, international management, strategic perspectives, executive leadership, and corporate strategy. In the United States, he has delivered lectures and courses at several university sites and company facilities. In addition, he has led courses in several foreign countries, including China, Hong Kong, Bulgaria, the Czech Republic, France, South Korea, Switzerland, Taiwan, and the United Kingdom. Finally, he has worked with many managers and consulted with several multina- tional enterprises on issues of international business. xxxii an atLas
  • 72. An Atlas Satellite television transmission now makes it commonplace for us to watch events as they unfold in other countries. Transportation and communication advances and government- to-government accords have contributed to our increasing dependence on foreign goods and markets. As this dependence grows, updated maps are a valuable tool. They can show the locations of population, economic wealth, production, and markets; portray certain commonalities and differences among areas; and illustrate barriers that might inhibit trade. In spite of the usefulness of maps, a substantial number of people worldwide have a poor knowledge of how to interpret information on maps and even of how to find the location of events that affect their lives. We urge you to use the following maps to build your awareness of geography. Map 1 World View 2000, page xxxiii Map 2 Africa, page xxxiv
  • 73. Map 3 Europe, page xxxv Map 4 Asia, page xxxvi Map 5 North America, page xxxvii Map 6 South America, page xxxviii Map 7 Oceania, page xxxix Map Index, pages xl–xliii atLas xxxiii Eq ua to r Tr op ic o f C
  • 126. 3 2 1 A B C D E F G H KO S. xxxiv atLas Gulf o f Guinea At lant i c Ocean M oz am bi qu
  • 128. M e d i t e r r a n e a n S e a At lant i c Ocean 0 0 250 500 km 250 500 mi MAHÉ I. NORTH I. SILHOUETTE I. PRASLIN I. LA DIGUE I. SANTO ANTÃO
  • 129. BRAVA FOGO SÃO TIAGO MAIO BOA VISTA SÃO VICENTE SÃO NICOLAU SAL SANTA LUZIA An island nation o� the east coast of Madagascar. An archipelago in the Indian Ocean north- northeast of Madagascar. A cluster of islands that lie o� the coast of Mauritania and Senegal.
  • 130. Port Louis Beira Blantyre Dar es Salaam Antananarivo AntsirabeBulawayo Harare Gaborone Serowe Francistown Windhoek Luanda Benguela
  • 132. Kinshasa Lubumbashi Moroni São Tome Abuja Victoria Mwanza Nairobi Mogadishu Berbera Dire Dawa Addis Ababa Kampala Kigali Bujumbura
  • 133. El Obeid Omdurman Kassala Atbarah Port Sudan Sarh Douala Kaduna Kano Maiduguri Sekondi- Takoradi Casablanca Marrakech Constantine
  • 136. Ouagadougou Yamoussoukro Tunis Benghazi Alexandria Al Minya Asyut Cairo Port ElizabethCape Town East London Durban Johannesburg Mbabane Maputo King Williams’s Town Pretoria
  • 143. E F G H J 1 2 3 5 6 7 8 I atLas xxxv SERBIA Barent s Sea ICELAND
  • 155. VeniceLyon Genoa Warsaw Reykjavik De nm a r k S t r a i t Arc t i c Ocean Lake Ladoga Bal t i c
  • 156. Sea Norwegian Sea Nor th Sea Irish Sea At lant i c Ocean Bay o f Bi s cay English Chan nel M e d i t e r r a n e a n S e a Tyrrhenian Sea Ionian
  • 157. Sea Adriat i c Sea Black Sea Aegean Sea JAN MAYEN IS. (Denmark) FAEROE IS. (Den.) SHETLAND IS. (U.K.) ORKNEY IS. CORSICA SARDINIA BALE
  • 158. ARI C I S. SICILY CRETE Strait of Gibraltar 0 0 300 km 300 mi Pristina KOSOVO A B
  • 159. C D E F G H I J 1 2 3 4 5 6 7 8 M3 EUROPE EUROPE PORTION OF TURKEY ASIA PORTION OF TURKEY
  • 215. 1 A B C D E F G H T U RK EY P AR T IN E U RO PE
  • 216. atLas xxxvii M5 NORTH AMERICA San Juan Santo Domingo Port of Spain DOMINICAN REPUBLIC BARBADOS TRINIDAD & TOBAGO GRENADA ST VINCENT & THE GRENADINES
  • 217. ST LUCIA DOMINICA PUERTO RICO ARUBA (Neth.) MARTINIQUE (Fr.) VIRIN ISLANDS (U.S. & Br.) MONTSERRAT (Br.) BONAIRE (Neth.) CURAÇAO (Neth.)
  • 218. ST. KITTS & NEVIS GUADELOUPE (Fr.) ANTIGUA & BARBUDA ANGUILLA SAINT MARTIN EASTERN CARIBBEAN HAWAIIAN ISLANDS (U.S.) Las Vegas Corpus Cristi
  • 220. Helena Minneapolis Winnipeg Bismarck Omaha Kansas City Boulder Salt Lake City Denver St. Louis Wichita Tulsa Oklahoma CityAlbuquerqueLos Angeles San Francisco Tijuana
  • 221. San Diego Phoenix Tucson Ciudad Juárez San Antonio Houston ShreveportFort Worth Dallas Little Rock Milwaukee Chicago Des Moines Indianapolis Cincinnati Louisville Mobile Jackson
  • 225. Mexico City Puebla Guatemala Acapulco Managua Tegucigalpa San José Panama Belmopan CANADA HAITI CUBA BAHAMAS REPUBLIC
  • 226. JAMAICA WEST INDIES MEXICO GUATEMALA BELIZE HONDURAS NICARAGUA EL SALVADOR COSTA RICA PANAMA UNITED STATES GREENLAND BANKS I. VICTORIA I.
  • 227. PARRY IS. BAFFIN I. ELLESMERE I. NEWFOUNDLAND BERMUDA Turks and Caicos Is lands 0 0 2000 km 2000 mi A B C
  • 228. D E F G H I J 1 2 3 4 5 6 7 8 C a r i b b e a n Great Salt Lake Davi s Strait Gulf
  • 230. Sea Arc t i c Sea Gulf of St. Lawrence At lant i c Ocean Pacic Ocean Lake L ak e M ich ig an Lake
  • 231. Lak e E rie L. DOMINICAN xxxviii atLas 0 0 2000 km 1000 mi Isla Grande de Tierra del Fuego Atlant i c Ocean
  • 232. At lant i c Ocean Paci�c Ocean Caribbean Sea San Cristóbal Córdoba Corrientes La Plata Bahia Blanca San Juan Santiago del Estero
  • 233. San Miguel de Tucumán Río Cuarto Santa Fe Paraná Rosario Buenos Aires Montevideo Stanley Santiago Mendoza Temuco Concepción Rancagua Valdivia
  • 234. Talcahuano Valparaíso Viña del Mar Rio Grande Pelotas Ponta Grossa Pôrto Alegre Santa Maria Posadas Curitiba Asunción Itabuna Uberlândia Belo Horizonte
  • 235. Juiz dé Fora PetrópolisBauru Araraquara Campinas São Paulo Salvador Brasilia Goiânia Uberaba Niterói Santos Manaus Teresina São Luís
  • 239. Cuzco Callao Lima Trujillo Chiclayo Campo Grande Georgetown Port of Spain Rio de Janeiro FALKLAND ISLANDS (U.K.) CURAÇAO (Neth.) BONAIRE M6 SOUTH AMERICA
  • 275. 10 00 m i 9 8 7 6 5 4 3 2 1 A B C D E F G H xl atLas
  • 276. COUNTRY AND TERRITORY PRONUNCIATION MAP 1 MAPS 2–7 Afghanistan af-´gan-ə-,stan D7 Map 4, E3 Albania al-´bā-nē-ə C5 Map 3, I6 Algeria al-´jir-ē-ə D5 Map 2, C3 American Samoa ə-mer´i-kən sə-mṓ ə F9 Map 7, D9 Andorra an-´dȯr-ə — Map 3, H2 Angola Anguila an-´go an-´gwi-lə ¯-lə E5 E3 E3 Map 2, G4 Map 5 Antigua & Barbuda an-´tē-g(w)ə / bär-’büd-ə — Map 5, I3 Argentina ,,är-jen-´tē-nə G3 Map 6, G3
  • 277. Armenia Aruba är-´me ə-ˈrü-bə ¯-ne-ə C6 Map 4, D2 Map 5, I7 Australia ȯ-´strāl-yə G8 Map 7, E4 Austria ´ȯs-trē-ə C5 Map 3, G5 Azerbaijan ´az-ər-´bı̄ -´jän D6 Map 4, D2 Bahamas bə-hä´-məz D3 Map 5, H7 Bahrain bä-´r ān — Map 4, E2 Bangladesh ´bänJ-glə-´desh D7 Map 4, F5 Barbados bär-´bād-əs — Map 5, J3 Belarus ´bē-lə-´rüs C5 Map 3, F6 Belgium ´bel-jəm C5 Map 3, F3 Belize bə-´lēz D2 Map 5, I6 Benin bə-´nin E5 Map 2, E3 Bermuda (´)bər-´myüd-ə — Map 5, G8 Bhutan bü-´tan D7 Map 4, F5 Bolivia bə-´liv-ē-ə F3 Map 6, E4 Bosnia & Herzegovina ´bäz-nē-ə / ´hert-sə-gō-´vē-nə D5 Map 3, H5
  • 278. Botswana bät-´swän-ə F5 Map 2, I5 Brazil brə-´zil F3 Map 6, D6 Brunei brōo-nı̄ ´ E8 Map 4, G7 Bulgaria ´bəl-´gar-ē-ə D5 Map 3, H6 Burkina Faso bu˙r-´kē-nə-´fa˙-sō E5 Map 2, E2 Burundi bu˙-´rün-dē E6 Map 2, G6 Cambodia kam-´bd-ē-ə E7 Map 4, G6 Cameroon ´kam-ə-´rün E5 Map 2, F4 Canada ´kan-əd-ə C2 Map 5, E5 Cape Verde Islands ´vard — Map 2, G1 Central African Rep. E5 Map 2, E5 Chad ´chad E5 Map 2, D5 Chile ´chil-ē G3 Map 6, F3 China ´ch ı̄ -nə D8 Map 4, E5 Colombia kə-´ləm-bē-ə E3 — Map 6, B3 Map 2, G7 Congo (Democratic Republic) ´känJ(´)gō E5 Map 2, G5 Congo Republic ´känJ(´)gō E5 Map 2, F4 Costa Rica ´käs-tə-´rē-kə E2 Map 5, J7 Croatia krō-´ā-sh(ē)ə D5 Map 3, H5 Cuba ´kyü-bə E3 Map 5, H7
  • 279. Curaçao ´k(y)ür-ə-´sō — Map 5, J1 Cyprus ´sı̄ -prəs D6 Map 4, D2 Czech Republic ´chek C5 Map 3, G5 Denmark ´den-´märk C5 Map 3, E4 Djibouti jə-´büt-ē E6 Map 2, E7 Dominica ´däm-ə-´nē-kə — Map 5, I3 Dominican Republic də-´min-i-kən E3 Map 5, H8 Ecuador ´ek-wə-´dȯ(ə)r E3 Map 6, C2 Egypt ´ē-jəpt D5 Map 2, C6 El Salvador el-´sal-və-´dȯ(ə)r E2 Map 5, I6 Equatorial Guinea ē-kwa´-tōr-ēal `gi-nē E5 Map 2, F4 Comoros kä-mə-̩ rōz atLas xli COUNTRY AND TERRITORY PRONUNCIATION MAP 1 MAPS 2–7 Ethiopia ´ē-thē-´ō-pē-ə E6 —
  • 280. Map 2, E7 Falkland Islands ´fȯ(l)-klənd — Map 6, J4 Map 3, C2 Fiji ´fē-jē — Map 7, D8 Finland ´�n-lənd B5 Map 3, C6 France ´fran(t)s C5 Map 3, G3 French Guiana gē-´an-ə E3 Map 6, B5 Gabon ga-´bon¯ E5 Map 2, F4 Gambia ´gam-bē-ə E4 Map 2, E1 Georgia ´jȯr-jə C6 Map 4, D2 Germany ´jerm-(ə-)nē C5 Map 3, F4 Ghana ´gän-ə E5 Map 2, E2 Greece ´grēs D5 Map 3, I6 Greenland ´grēn-lənd A4 Map 5, B7 Grenada grə-nā´də — — Map 5, J3 Guatemala ´gwät-ə-´mäl-ə E2 Map 5, I6 Guinea ´gin-ē E4 Map 2, E1 Guinea-Bissau ´gin-ē-bis-´au˙ E4 Map 2, E1 Guyana gı̄ -´an-ə E3 Map 6, B4 Haiti ´hāt-ē E3 Map 5, H8
  • 281. Honduras hän-´d(y)u˙r-əs E2 Map 5, I7 Hong Kong ´hänJ-´känJ — Map 4, F6 Hungary ´hənJ-g(ə)rē C5 Map 3, G5 Iceland ´ı̄ -slənd B4 Map 3, B1 India ´in-dê-ə D7 Map 4, F4 Indonesia ´in-də-´nē-zhə E8 Map 4, H7; Map 7, B3 Iran i-´rän D6 Map 4, E3 Iraq i-´räk D6 Map 4, D2 Ireland ´ı̄ (ə)r-lənd C5 Map 3, F1 Israel ´iz-rē-əl D6 Map 4, D2 Italy ´it-əl-ē D6 Map 3, H4 Ivory Coast (Cote D'Ivoire) ı̄ ´və-rē E5 Map 2, E2 Jamaica jə-´mā-kə E3 Map 5, I7 Japan jə-´pan D8 Map 4, D7 Jordan ´jȯrd-ən D6 Map 4, D2 Kazakhstan kə-´zak-´stan D7 Map 4, D4 Kenya ´ken-yə E6 Map 2, F7 Kiribati kîr-ì-bàs´ — Map 7, B8 Korea, North kə-´rē-ə D8 Map 4, D7 Korea, South kə-´rē-ə D8 Map 4, D7 Kosovo ´Ko-sō-vō C5 Map 3, H6 Kuwait kə-´wāt D6 Map 4, E2 Kyrgyzstan kîr-gē-stän´ D7 Map 4, D4
  • 282. Laos ´lau˙s D7 Map 4, F5 Latvia ´lat-vē-ə C5 Map 3, E6 Lebanon ´leb-ə-nən D6 Map 4, D2 Lesotho lə-´sō-(´)tō F6 Map 2, J6 Liberia lı̄ -´bir-ē-ə E5 Map 2, F2 Libya ´lib-ē-ə D5 Map 2, C4 Liechtenstein lìk´tən-stı̄ n´ — Map 3, G4 Lithuania ´lith-(y)ə-´wā-nē-ə C5 Map 3, E6 Luxembourg ´lək-səm-´bərg C5 — Map 3, G3 Macao SAR Map 4, F6 Faroe Islands Guam mə- ´kau̇ ¯fer - ( ˌ)o Eritrea ´er-ə-´trē-ə E6 Map 2, D7 Estonia e-´stō-nē-ə C5 Map 3, D6
  • 283. xlii atLas COUNTRY AND TERRITORY PRONUNCIATION MAP 1 MAPS 2–7 Malaysia mə-´lā-zh(ē-)ə E8 Map 4, G6 Maldives môl´d ı̄ vz — Map 4, H3 Mali ´mäl-ē D5 Map 2, D2 Malta ´mȯl-tə — Map 3, J5 Marshall Islands mär´shəl — Map 7, A8 Mauritania ´mȯr-ə-´tā-nē-ə D5 Map 2, D1 — Mauritius mȯ-´rísh´əs — Map 2, J8 Mexico ´mek-si-´kō D2 Map 5, I5 Micronesia mı̄ ´krō-nē´zhə — Map 7, A5 Moldova mäl-´dō-və D6 Map 3, G7 Mongolia män-´gōl-yə D8 Map 4, D5 Morocco mə-´räk-(´)ō D5 Map 2, B2 Mozambique ´mō-zəm-´bēk F6 Map 2, H6 Myanmar ´myän-´mär E7 Map 4, F5 Namibia nə-´mib-ē-ə F5 Map 2, I4
  • 284. Naura nä´-ü-rü — Map 7, B7 Nepal nə-´pȯl D7 Map 4, F4 Netherlands ´neth-ər-lən(d)z C5 Map 3, F3 New Caledonia ´kal-ə-´dō-nyə — Map 7, E7 New Zealand ´zē-lənd G9 Map 7, H7 Nicaragua ´nik-ə-´räg-wə E3 Map 5, I7 Niger ´nı̄ -jər E5 Map 2, D4 Nigeria nı̄ -´jir-ē-ə E5 Map 2, E4 Norway ´nȯ(ə)r-´wā C5 Map 3, D4 Oman ō-´män E6 Map 4, F2 Pakistan ´pak-i-´stan D7 Map 4, E3 Palau pä-lou´ — Map 7, A3 Palestine pa-lə-´st ı̄ n — Map 4, D1 Panama ´pan-ə-´mä E3 Map 5, J8 Papua New Guinea ´pap-yə-wə F9 Map 7, C5 Paraguay ´par-ə-´gwı̄ F3 Map 6, E4 Peru pə-´rü F3 Map 6, D2 Philippines ´fil-ə-´pēnz E8 Map 4, F7 Poland ´pō-lənd D5 Map 3, F5 Portugal ´pōr-chi-gəl D5 Map 3, I1 Puerto Rico ´pōrt-ə-´rē(´)kō E3 Map 5, I2 Qatar ´kät-ər D6 Map 4, E2 Romania rō-´ā-nē-ə D5 Map 3, H6 Russia ´rəsh-ə C7 Map 3, D7;
  • 285. Map 4, C5 Rwanda ru˙-´än-də E6 Map 2, F6 St. Kitts & Nevis ´kits / ´nē-vəs — Map 5, I3 St. Lucia St. Martin sānt-´lü-shə — Map 5, I3 Map 5,— St. Vincent and the Grenadines grèn´ə-dēnz´ — Map 5, J3 San Marino sàn mə-rē´nō — Map 3, H4 São Tomé and Príncipe soun tōə-mè´prēn´-sēpə — Map 2, F3 Saudi Arabia ´sau˙d-ē E6 Map 4, E2 Senegal ´sen-i-´g˙l E4 Map 2, D1 Serbia ´sər-bē-ə D5 Map 3, H6 Seychelles sā-shèlz´ — Map 2, J1 Sierra Leone sē-´er-ə-lē-´ōn E4 Map 2, E1 Singapore ´sinJ-(g)ə-´pō(ə)r — Map 4, H6 Slovakia slō-´väk-ē-ə C5 Map 3, G5 Slovenia slō-´vēn-ē-ə C5 Map 3, H5 Montenegro ə´män-t -´nē-grō sānt- ´mär- t n
  • 286. Macedonia ´mas-ə-´dō-nyə D6 Map 3, H6 Madagascar ´mad-ə-´gas-kər F6 Map 2, I8 Malawi mə-´lä-wē F6 Map 2, H6 atLas xliii COUNTRY AND TERRITORY PRONUNCIATION MAP 1 MAPS 2–7 ´a-fri-kə F6 Map 2, J5 Spain South Africa South Sudan sü-´dan E6 Map 2, E6 ´spān C5 Map 3, I1 Sri Lanka (´)srē-´länJ-kə E7 Map 4, G4 Sudan sü-´dan E6 Map 2, E6 Suriname su˙r-ə-´näm-ə E3 Map 6, B5 Swaziland ´swäz-ē-´land F6 Map 2, I6 Sweden ´swēd-ən B5 Map 3, C5
  • 287. Switzerland ´swit-sər-lənd C5 Map 3, G4 Syria ´sir-ē-ə D6 Map 4, D2 Taiwan ´tı̄ -´wän D8 Map 4, E7 Tajikistan tä-´ji-ki-´stan D7 Map 4, E4 Tanzania ´tan-zə-´nē-ə F6 Map 2, G6 Thailand ´tı̄ -land E8 Map 4, F5 Map 4, H8 Togo Timor Leste ´tō(´)gō E5 Map 2, E3 Tonga ´tän-gə — — Map 7, D9 Trinidad & Tobago ´trin-ə-´dad / tə-´bā-(´)gō — Map 5, J3 Tunisia t(y)ü-´nē-zh(ē-)ə D5 Map 2, B4 Turkey ´tər-kē D6 Map 4, D2 Turkmenistan tûrk´-men-i-stàn´ D6 Map 4, D3 Map 5, H8 Tuvalu tü´-vä-lü —
  • 288. — Map 7, C9 Uganda (y)ü-´gan-də E6 Map 2, F6 Ukraine yü-´krān C6 Map 3, F7 United Arab Emirates yoo-nı̄ ´tid à r´əb i-mîr´its D6 Map 4, E2 United Kingdom king´dəm C5 Map 3, F2 United States yu˙-´nı̄ t-əd-´stāts D2 Map 5, F5 Uruguay ´(y)u˙r-ə-gwı̄ G3 Map 6, G5 Uzbekistan (´)u˙z-´bek-i-´stan C6 Map 4, D3 Vanuatu van-ə-´wät-(´)ü — Map 7, D7 Vatican City vàt´ ì-kən — — Map 3, H4 Venezuela ´ven-əz(-ə)-´wā-lə E3 Map 6, A4 Vietnam vē-´et-´näm E8 Map 4, G6 Western Sahara sə-hâr´ə D4 Map 2, C1 Map 5, Yemen ´yem-ən E6 Map 4, F2 Zambia ´zam-bē-ə F5 Map 2, H5 Zimbabwe zim-´bäb-wē F6 Map 2, H6
  • 289. Turks and Caicos Islands Virgin Islands (U.S. - Br.) ¯tē-mor-´lesh- ´ tā t rks- nd- ´kā- k s Solomon Islands ´säl-ə-mən — Map 7, C6 Somalia sō-´mäl-ē-ə E6 Map 2, F8 This page intentionally left blank The world’s a stage; each plays his part, and takes his share. —Dutch proverb
  • 290. MyManagementLab® Improve Your Performance When you see this icon , visit www.mymanagementlab.com for activities that are applied, personalized, and offer immediate feedback. Objectives After studying this chapter, you should be able to 1-1 Relate globalization and international business (ib) to each other and explain why their study is important 1-2 Grasp the forces driving globalization and ib 1-3 Discuss the major criticisms of globalization 1-4 Assess the major reasons companies seek to create value by engaging in ib 1-5 Define and illustrate the different operating modes for companies to accomplish their international objectives
  • 291. 1-6 Recognize why national differences in compa- nies’ external environments affect how they may best improve their ib performance background for international business PARt One chAPteR 1 Globalization and international business So ur ce : e br ax as /F ot ol
  • 292. ia Marathon in Berlin, Germany. ▶ http://www.mymanagementlab.com Case The Globalized Business of sports tennis pros come from every inhabited continent. For 2017 the As- sociation of Tennis Professionals (ATP) sanctioned 68 tournaments in 33 countries. It also requires pros to compete in a certain number of events—and thus play in a number of countries—to maintain international rankings. Because no tennis pro can possibly play in every tournament, organizers compete for top draws to fill stadium seats and land lucrative TV contracts. Prizes can be extremely generous (about US $2.7 million for each of the 2016 Australian Open singles champions).
  • 293. Tournaments earn money through ticket sales, corporate spon- sorship agreements, television contracts, and leasing of advertising space. The larger the stadium and TV audiences, the more backers and advertisers will pay to get their attention. Moreover, international broadcasts attract sponsorship from companies in various industries and countries. From National to International Sports Pastimes Some countries have legally designated a national sport as a means of preserving traditions; others effectively have one. Map 1.1 shows a sample of these. However, other sports have sometimes replaced national sports in popularity, such as cricket replacing field hockey as India’s most popular sport. Baseball was popular only in its North American birthplace for
  • 294. most of its history, but the International Baseball Federation now has over 100 member countries. As TV revenues flattened in North America, Major League Baseball (MLB) broadened its fan base by broadcasting games to international audiences, which also showed youngsters all over the world how the game was played. The aver- age MLB clubhouse is now a bastion of multilingual camaraderie, with players and coaches talking baseball in Spanish, Japanese, Mandarin, and Korean as well as English. The WIde World oF TelevISed SPorTS Not surprisingly, other professional sports have expanded their global TV coverage (and marketing programs). Most viewers of Stanley Cup hockey watch from outside North America. Fans can watch NASCAR races (National Association for Stock Car Auto Racing) and
  • 295. NBA games in most countries. TV isn’t the only means by which sports organizations are seek- ing foreign fan bases and players. The National Football League (NFL) of the United States underwrites football programs in Chinese schools and plays some regular games in Europe. The NBA is helping to build basketball youth leagues in India. Sports may be the world’s most globalized business.1 Fans demand to see the best, and “best” has become a global standard of com- petition. (The opening photo shows a marathon in Berlin, Germany that had runners from over 130 nations and more than a million spectators.) Satellite TV brings live events from just about anywhere in the world to fans just about anywhere else. This gives the key sports-business participants—athletes, team owners, league repre- sentatives, and sports associations—broadened audience exposure, expanded fan bases, and augmented revenues.
  • 296. National sports federations’ sponsorship of international com- petitions are common, most notably the longstanding World Cup in football (soccer) and the Olympics. More national organizations par- ticipate in these events than there are United Nations (UN) members, and probably more people follow them than follow most of the UN’s activities. How do these international competitions relate to busi- ness? Cities and countries compete to host events to attract tourists and publicize their business opportunities. In turn, companies pay for marketing rights as sponsors. Finally, individual athletes, such as Michael Phelps in swimming, compete not only for medals, but also for lucrative contracts to endorse products. While the Olympics and the World Cup participations have long been global, the competitive location has been less so. This has re-
  • 297. cently changed with the 2010 World Cup in South Africa, the 2016 Olympics in Brazil, and the 2022 World Cup in Qatar. The INTerNaTIoNal Job MarkeT The search for talent has become worldwide. Professional basket- ball scouts search remote areas of Nigeria for tall high-potential youngsters. Baseball agents provide live-in training camps for Do- minican Republic teenagers in exchange for a percentage of their future professional signing bonuses. However, assembling talent is necessary but insufficient for making a sports business successful. Shrewd marketing and financial management are crucial too. For instance, Fútbol Barcelona, one of recent years’ best professional soccer teams, turned to young business graduates to help reduce its financial problems.
  • 298. Most of today’s top-notch athletes are willing to follow the money anywhere. About two-thirds of the players in England’s professional soccer league (Premiership) are from other countries, which helps improve the caliber of play and increase the TV fan base outside England. how the aTP Courts Worldwide Support You’ve probably noticed that individual sports professionals are globe hoppers. Take tennis. No country boasts enough fans to keep players at home for year-round competition, yet today’s top- flight Chapter 1 Globalization and International Business 3 BANGLADESH kabaddi (hadudu)
  • 299. CANADA lacrosse (summer) hockey (winter) SRI LANKA volleyball SCOTLAND golf PAKISTAN field hockey NORWAY cross-country skiing NEW ZEALAND rugby JAPAN sumo GUYANA
  • 300. cricket DOMINICAN REPUBLIC baseball COLOMBIA tejo RUSSIA bandy MaP 1.1 examples of National Sports Some 63 countries have either defined a national sport by law or de facto have a national sport. Some national sports are shared by more than one country, such as cricket by England and seven of its former colonies. Some others have been established to protect an historical heritage, such as tejo in Colombia and pato in Argentina. Note also that Canada has two designations, one for winter and one for summer. Source: The information on sports was taken from Wikipedia, http://en.wikipedia.org/wiki/National_sport (accessed March 18, 2016).
  • 301. The Top-Notch Pro as Upscale brand Many top players are effectively global brands, such as U.S. tennis pro Serena Williams and Portuguese soccer forward Cristiano Ronal- do. Because of their sports success and charisma, companies within and outside the sports industry pay them handsomely for endorsing clothing, equipment, and other products. Promotion as Teamwork A few teams, such as the New York Yankees in baseball, the New Zealand All Blacks in rugby, and Manchester United (Man U) in soc- cer also have enough brand-name cachet to be global brands for selling clothing and other items. Just about every team can get something for the rights to use its logo, while some have enough name recognition to support global chains of retail outlets. Simi- larly, companies both sponsor and seek endorsements from well-
  • 302. known teams, such as the placement of “Fly Emirates” on Real Madrid’s soccer jerseys. Still others pay for naming rights to arenas and other venues. Of course, teams themselves can be attractive international invest- ments. For instance, U.S. investors bought the Liverpool Football Club of the United Kingdom. The Upsides and downsides of Globalized Sports What does all this mean to a sports fan? Now that pro sports have become a global phenomenon, fans can enjoy a greater variety— and a higher level of competition—than any former generation. That’s the upside, but people don’t always take easily to another country’s sport. Despite many efforts, cricket, although popular in countries that were British colonies for centuries, is not popular elsewhere. Nor has American football gained much popularity out- side the United States. One possible reason is that rules for cricket and American football are so complicated. However, basketball
  • 303. and soccer have traveled to new markets more readily because they are easier to understand and require little specialized equipment. Further, there is disagreement about the economic effect of suc- cessfully winning a bid to host big international competitions such as the World Cup and Olympics. On the one hand, they help spur tour- ism, foreign investment, infrastructure construction, and improve- ment of blighted areas that will speed future economic growth. On the other hand, in light of threats from global terrorism, the cost of security has skyrocketed, while hosts may have to spend on stadi- ums and facilities that have no use afterward. Many competitions http://en.wikipedia.org/wiki/National_sport 4 part 1 Background for International Business