Management and Marketing - Research Publications
Permanent URI for this collection
Search Results
1 - 9 of 9
-
ItemNo Preview AvailableTaking the long view of the multinational(EMERALD GROUP PUBLISHING LTD, 2023-03-20)Purpose This paper argues for the benefits to international business (IB) of taking a much longer view at the engagement by multinational enterprises (MNEs) with host locations. Design/methodology/approach The authors showcase a project tracking the engagement by MNEs with Australia over the past two centuries. Extensive archival work has been undertaken to identify and document modes of entry, home countries, industries, operational modes and company types among the MNEs operating in Australia. The authors also describe the shifting nature of Australia as a host location. Findings The authors demonstrate the historical and ongoing diversity of ways in which MNEs interact with a host. They show that different organisational forms have prevailed over time, and that considerable operational mode changes can best be observed when a long lens is adopted. The authors show how these mode changes interact with host country dynamics, and also the broader context of the MNE and its altering strategies. Research limitations/implications The authors urge IB scholars to embrace longer timeframes to capture the complexity of MNEs’ growth and adaptation more meaningfully. Originality/value By taking such a long-run perspective, the authors shed new light on the importance of moving beyond simple snapshots to analyse key IB constructs and phenomenon.
-
ItemWas It Possible to Stabilise the Price of Wool? Organised Wool Marketing 1916 to 1970(Wiley, 2019-07)Wool is the only Australian commodity for which there has been an attempt to organise price stability through a buffer stock scheme (1970–91). Growers pressed for the introduction of a scheme since the early 1920s. We test the veracity of claims that the sale of the stockpiles optimised growers' returns. We also simulate the likely outcomes of the reserve price schemes (RPS) proposed in 1925 and 1952, respectively. Our findings are that post‐war stockpile disposals did not optimise wool growers' incomes, the undercapitalised proposed RPS of the 1920s would have collapsed in the depression, and that the post‐1952 RPS would have been in considerable difficulty.
-
ItemCounting the cost: the reserve price scheme for wool 1970‐2001(Wiley, 2019-10-01)This paper provides a policy commentary on the collapse in 1991 of the Australian Reserve Price Scheme for wool. A key cause of the collapse in the Scheme was a change in the RPS's governance arrangements, which led to increased political pressures to raise prices to unsustainable levels. In addition, in this paper an estimation has been made of the direct, upfront costs of the operation of the scheme, drawing on the financial accounts of the various agencies operating the RPS and subsequent wool stockpile. This was undertaken to determine the scale of the policy failure.
-
ItemThe Making of Australia's Supermarket Duopoly, 1958–2000(Wiley, 2020-11-01)Australian supermarkets had one of the highest levels of concentration among developed economies by 2000. This paper explores the making of a duopoly comprising Coles and Woolworths. We present historical data on market shares in Australia and international comparisons for around 2000. We identify the evolution of their dynamic capabilities through the lens of Teece, Pisano and Shuen's positions, paths and processes (1997). The industrial organisation literature stresses interaction become rivals, notably pre-emptive strategies including sunk costs (Lee and Ng 2007; Sutton 1991). We argue that the development of dynamic capabilities enabled the execution of various pre-emptive strategies.
-
ItemUnderpricing in a developing capital market: Australian equity issuances, 1920-39†(WILEY, 2021-08)Abstract Developing capital markets generally lack the regulatory safeguards and rich informational sources that assist investors in judging new equity issues in modern markets. Focusing on the early stage capital market in interwar Australia, we calculate the success (underpricing and percentage raised) of 786 new equity issues, comparing initial public offerings, seasoned equity offerings, and rights issues. We examine whether the use of underwriters and the choice of security (ordinary or preference shares) affected the success of the equity issue. We find that certification by underwriters had no effect on capital‐raising success once we controlled for firm‐specific factors in the multivariate regressions, while underpricing and percentage raised varied by type of shares offered to investors.
-
ItemHidden in Plain Sight: Correspondent Banking in the 1930s(Taylor & Francis (Routledge), 2019)We present novel quantitative evidence on the number and location of correspondent banking relationships in the 1930s, a neglected area of international banking. Our data, collected from Thomas Skinners’ Bankers’ Almanac, captures over 2000 correspondent banking connections primarily based on London and New York and a smaller cohort of multinational banks. We draw on the new institutional economics and international business literature to explain the relative ubiquity of correspondent banking and the relative scarcity of multinational banks. Our argument that bilateral trade flows drive correspondent banking is tested empirically using an instrumental Poisson pseudo-maximum likelihood estimation.
-
ItemFinancing Growth: New Issues by Australian Firms, 1920-1939(Cambridge University Press (CUP), 2009)
-
ItemIndustry associations as facilitators of social capital: The establishment and early operations of the Melbourne Woolbrokers Association(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2008)
-
ItemSugar and copper: Postcolonial experiences of Australian multinationals(HARVARD BUSINESS SCHOOL, 2007-01-01)Between 1973 and 2002, three of Australia's largest multinational companies exited from postcolonial Fiji and Papua New Guinea. Although neither host government wished the companies to leave, the tensions that arose during the course of decolonization made their departure inevitable. Prior to independence, conflicts between Fijians and Indians and decisions about grants of land and mineral rights to foreign firms had been mediated by colonial administrators. After independence, these contentious issues were resolved through domestic political processes. Ultimately, the companies were unable to overcome the limitations of their shared administrative heritage, based on nationalistic chauvinism, that desensitized them to the importance of race relations and communal rights to land within their host countries.