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• Title Page
• Copyright
• Brief Contents
• Contents
• Preface
• About the Authors
• Atlas
• Part One: Background for International Business
• Chapter 1: Globalization and International Business
• Case: The Globalized Business of Sports
• The Why, What, and How of Studying International Business (IB)
• Why Study IB?
• What to Study in IB
• How to Study IB to Develop a Critical Set of Skills
• The Relationship Between Globalization and IB
• How Does IB Fit In?
• The Forces Driving Globalization and IB
• Factors in Increased Globalization
• The Criticisms of Globalization
• Threats to National Sovereignty
• Environmental Stress
• Growing Income Inequality and Personal Stress
• Point-Counterpoint Is Offshoring of Production a Good Strategy?
• Why Companies Engage in IB
• Sales Expansion
• Resource Acquisition
• Risk Reduction
• IB Operating Modes
• Merchandise Exports and Imports
• Service Exports and Imports
• Investments
• Types of International Business Organizations
• Why Do Companies’ External Environments Affect How They May Best Operate Abroad?
• Physical Factors
• Institutional Factors
• The Competitive Environment
• Looking to the Future Three Major Scenarios on Globalization’s Future
• Case: Transportation and Logistics: Dubai Ports World
• Part Two: Comparative Environmental Frameworks
• Chapter 2: The Cultural Environments Facing Business
• Case: Saudi Arabia’s Dynamic Culture
• Culture’s Importance in IB and Trickiness to Assess
• National Cultures as a Point of Reference
• The People Factor
• Building Cultural Awareness
• Shortcomings in Cultural Assessments
• Influences on Cultural Formation and Change
• Sources of Change
• Language as Both a Diffuser and Stabilizer of Culture
• Religion as a Cultural Stabilizer
• Major Behavioral Practices Affecting Business
• Issues in Social Stratification
• Work Motivation
• Relationship Preferences
• Risk-Taking Behavior
• Information and Task Processing
• Problems in Communicating Across Cultures
• Translation of Spoken and Written Language
• Silent Language
• Guidelines for Cultural Adjustment
• Host Society Acceptance
• Degree of Cultural Differences
• Ability to Adjust: Culture Shock
• Company and Management Orientations
• Strategies for Instituting Change
• Point-Counterpoint Does IB Lead to Cultural Imperialism?
• Looking to the Future Scenarios on the Evolvement of National Cultures
• Case: International Students and International Business
• Chapter 3: The Political and Legal Environments Facing Business
• Case: China: Big Opportunities, Complicated Risks
• Politics, Laws, and Operating Internationally
• The Political Environment
• Individualism
• Collectivism
• Political Ideology
• Democracy
• Totalitarianism
• The State of Freedom
• The Prevalence of Political Freedom
• Freedom Struggles
• The Allure of Authoritarianism
• Looking to the Future Political Ideology and MNEs’ Actions
• Political Risk
• Classifying Political Risk
• Point-Counterpoint Proactive Political Risk Management: The Superior Approach
• The Legal Environment
• Types of Legal Systems
• The Context of Legality
• The Basis of Rule: Legacies and Trends
• Implications to Managers
• Legal Issues Facing International Companies
• The Legality of Business Practices
• The Legality of Business Strategies
• Politics, Law, and Business
• Case: It’s a Knockoff World
• Chapter 4: The Economic Environments Facing Businesses
• Case: Emerging Economies: Comeback or Collapse?
• International Economic Analysis
• Making Choices, Navigating Challenges
• Who’s Who in the Global Business Environment
• Developed Economies
• Developing Economies
• Emerging Economies
• Economic Freedom
• The Value of Economic Freedom
• The Prevalence of Economic Freedom
• Economic Freedom by Type of Economic Environment
• The Paradox of Promise Versus Prevalence
• Looking to the Future State Capitalism: Detour or Destination?
• Types of Economic Systems
• The Market Economy
• The Command Economy
• The Mixed Economy
• Assessing Economic Development, Performance, and Potential
• Monetary Measures
• Improving Economic Analytics
• The Wildcard: The Shadow Economy
• Sustainability and Stability
• Sustainability
• Stability
• Point-Counterpoint Growth: Positive and Productive?
• Elements of Economic Analysis
• Integrating Economic Analysis
• Economic Freedom, Innovation, and Competitiveness
• Case The European Union’s Green Deal and Blueprint for a Circular Economy
• Chapter 5: Globalization and Society
• Case: The Battle of the Clothing Giants for Sustainable Manufacturing
• Stakeholder Trade-Offs
• The Economic Impact of the MNE
• Balance-of-Payments Effects
• Growth and Employment Effects
• The Foundations of Ethical Behavior
• Why Do Companies Care About Ethical Behavior?
• The Cultural Foundations of Ethical Behavior
• Relativism Versus Normativism
• The Legal Foundations of Ethical Behavior
• Legal Justification: Pro and Con
• Corruption and Bribery
• Corruption with a Global Twist
• The Consequences of Corruption
• What’s Being Done About Corruption?
• Ethics and the Environment
• What Is “Sustainability”?
• Global Warming and the Paris Agreement on Climate Change
• Ethical Dilemmas of Labor Conditions
• Point-Counterpoint Should MNEs Accept Full Responsibility for the Unethical Behavior of Their Employ
• What MNEs Can and Can’t Do
• Corporate Codes of Ethics: How Should a Company Behave?
• Motivations for Corporate Responsibility
• Developing a Code of Conduct
• Looking to the Future Dealing with Ethical Dilemmas in the Global Economy
• Case: Anglo American PLC in South Africa: How Can You Make a Difference in the Fight Against HIV/AID
• Part Three: Theories and Institutions: Trade and Investment
• Chapter 6: International Trade and Factor Mobility Theory
• Case: South Korea’s Success Story in the Post-WWII International Economy
• Why Do Policymakers and Managers Rely on International Trade and Factor Mobility Theories?
• Interventionist and Free Trade Theories
• Mercantilism
• Neomercantilism
• Free Trade Theories
• Theory of Absolute Advantage
• Theory of Comparative Advantage
• Free Trade Theories: Some Assumptions and Limitations
• Theories to Explain National Trade Patterns
• How Much Does a Country Trade?
• What Types of Products Does a Country Trade?
• With Whom Do Countries Trade?
• The Dynamics of Export Capabilities
• Product Life Cycle (PLC) Theory
• The Diamond of National Competitive Advantage
• The Theory and Major Effects of Factor Mobility
• Point-Counterpoint Should Nations Use Strategic Trade Policies?
• Why Production Factors Move
• Effects of Factor Movements
• The Relationship Between Trade and Factor Mobility
• Substitution
• Complementarity
• Looking to the Future Scenarios That May Change Trade Patterns
• Case: The Australian Beef Industry
• Chapter 7: Governmental Influence on Trade
• Case: Trade Disputes and Protectionist Measures for Strategic Materials: The Case of REEs
• Conflicting Outcomes of Trade Protectionism
• The Role of Stakeholders
• Economic Rationales for Governmental Trade Intervention and Outcome Uncertainties
• Fighting Unemployment
• Protecting “Infant Industries”
• Developing an Industrial Base
• Improving Comparative Economic Positions
• Noneconomic Rationales for Governmental Trade Intervention and Outcome Uncertainties
• Maintaining Essential Industries
• Promoting Acceptable Practices Abroad
• Point-Counterpoint Should Governments Impose Trade Sanctions?
• Maintaining or Extending Spheres of Influence
• Preserving National Culture
• Major Instruments of Trade Control
• Tariffs: Direct Price Influences
• Nontariff Barriers: Direct Price Influences
• Nontariff Barriers: Quantity Controls
• How Companies Deal with Import Competition
• Convincing Decision-Makers
• Preparing for Changes in the Competitive Environment
• Looking to the Future Dynamics and Complexity of Future World Trade
• Case: Doing Business in Singapore
• Chapter 8: Cross-National Cooperation and Agreements
• Case Regional Integration and the Different Modalities of a Custom Union Divorce
• Forms of Economic Integration
• The World Trade Organization—Global Integration
• GATT: Predecessor to the WTO
• What Does the WTO Do?
• Regional Economic Integration
• Bilateral Agreements
• Geography Matters
• The Effects of Integration
• Major Regional Trading Groups
• The European Union
• The U.S.-Mexico-Canada Agreement (USMCA)
• Regional Economic Integration in the Americas
• Regional Economic Integration in Asia
• Regional Economic Integration in Africa
• Point-Counterpoint Is Regional Economic Integration a Good Idea?
• The United Nations and Other NGOs
• Commodity Agreements
• Commodities and the World Economy
• Consumers and Producers
• The Organization of the Petroleum Exporting Countries (OPEC)
• Looking to the Future Will the WTO Overcome Bilateral and Regional Integration Efforts?
• Case: Unilever Goes East
• Part Four: World Financial Environment
• Chapter 9: Global Foreign-Exchange Markets
• Case: The Rise of Cryptocurrencies in Asia Pacific: The Philippines Case
• What Is Foreign Exchange, and Who Are the Major Players in the Market?
• Aspects of the Foreign-Exchange Market
• How to Trade Foreign Exchange
• Global OTC Foreign-Exchange Instruments
• Size, Composition, and Location of the Foreign-Exchange Market
• Foreign-Exchange Trades and Time Zones
• Major Foreign-Exchange Markets
• The Spot Market
• Forwards
• Options
• Futures
• The Foreign-Exchange Trading Process
• Banks and Exchanges
• Top Exchanges for Trading Foreign Exchange
• How Companies Use Foreign Exchange
• Cash Flow Aspects of Imports and Exports
• Other Financial Flows
• Point-Counterpoint Is It OK to Speculate on Currency?
• Looking to the Future Where Are Foreign-Exchange Markets Headed?
• Case: Do Yuan to Buy Some Renminbi?
• Chapter 10: The Determination of Exchange Rates
• Case: Venezuela’s Rapidly Changing Currency
• The International Monetary Fund
• Origin and Objectives
• The IMF Today
• The Role of the IMF in Global Financial Crises
• Evolution to Floating Exchange Rates
• Exchange-Rate Arrangements
• Three Choices: Hard Peg, Soft Peg, or Floating
• Hard Peg
• Soft Peg
• Floating
• The Euro
• Point-Counterpoint Should Africa Develop a Common Currency?
• Determining Exchange Rates
• Nonintervention: Currency in a Floating-Rate World
• Intervention: Currency in a Fixed-Rate or Managed Floating-Rate World
• Black Markets
• Foreign-Exchange Convertibility and Controls
• Exchange Rates and Purchasing Power Parity
• Exchange Rates and Interest Rates
• Other Factors in Exchange-Rate Determination
• Forecasting Exchange-Rate Movements
• Fundamental and Technical Forecasting
• Fundamental Factors to Monitor
• Business Implications of Exchange-Rate Changes
• Marketing Decisions
• Production Decisions
• Financial Decisions
• Looking to the Future Changes in the Relative Strength of Global Currencies
• Case: Welcome to the World of Sony—Unless the Falling Yen Rises (or Falls) Again
• Chapter 11: Global Capital Markets
• Case: The E-Giants and the European Union: New Economy Models and Traditional State Sovereignty
• The Finance Function
• The Role of the CFO
• Capital Structure
• Leveraging with Debt Financing
• Factors Affecting the Choice of Capital Structure
• Global Capital Markets
• Eurocurrencies and the Eurocurrency Market
• International Bonds
• Global Equity Markets
• Taxation of Foreign-Source Income
• International Tax Practices
• Taxing Branches and Subsidiaries
• Transfer Prices
• Double Taxation and Tax Credits
• Dodging Taxes
• Offshore Financing and Offshore Financial Centers
• What Is an OFC?
• Point-Counterpoint Should Offshore Financial Centers and Aggressive Tax Practices Be Eliminated?
• Looking to the Future The Growth of Capital Markets and the Drive by Governments to Reform Corporate
• Case: Open Sesame: Alibaba Isn’t Poor Anymore
• Part Five: Global Strategy, Structure, and Implementation
• Chapter 12: The Strategy of International Business
• Case: Zara’s Disruptive Vision: Data-Driven Fast Fashion
• Strategy in the MNE
• Getting Started: Vision and Mission
• Moving Onward: Strategic Planning
• Making Sense to Make Strategy
• The Role of Resources, Capabilities, and Competencies
• The Quest to Create Value
• The Cost Leadership Strategy
• The Differentiation Strategy
• The Integrated Cost Leadership-Differentiation Strategy
• Point-Counterpoint Is Strategic Planning Productive?
• Organizing Value Creation: The Value Chain
• Configuring the Value Chain
• Looking to the Future Digits, Widgets, and Changing Location Advantages
• Global Integration Versus Local Responsiveness
• The Potential for Standardization
• The Context of Consumer Behavior
• The Agenda of Institutional Agents
• Global Integration and Local Responsiveness: Mapping Their Interaction
• International Corporate-Level Strategies
• The International Strategy
• The Localization Strategy
• Global Strategy
• Transnational Strategy
• Case: The Multinational Enterprise of the Future: Leading Scenarios
• Chapter 13: Country Evaluation and Selection
• Case: Airbus: An Aerospace Giant Born International
• The Importance of Location
• Comparing Countries Through Scanning
• Why Is Scanning Important?
• Scanning Versus Detailed Analysis
• Opportunity and Risk Variables
• Opportunities: Sales Expansion
• Opportunities: Resource Acquisition
• Risks
• Analyzing and Relating the Opportunity and Risk Variables
• Sources and Shortcomings of Comparative Country Information
• Some Problems with Research Results and Data
• External Sources of Information
• Internally Generated Data
• Point-Counterpoint Should Companies Operate in and Send Employees to Violent Areas?
• Allocating Resources Among Locations
• Alternative Gradual Commitments
• Geographic Diversification Versus Concentration
• Reinvestment Versus Harvesting
• Noncomparative Location Decisions
• Looking to the Future Conditions That May Cause Prime Locations to Change
• Case: The LEGO Group Case
• Chapter 14: Export and Import
• Case: SpinCent: The Decision to Export
• Exporting: Principles and Practices
• Who Are Exporters?
• The Matter of Advantages
• Characteristics of Exporters
• Exporting: Motivation and Methods
• Profitability
• Productivity
• Diversification
• Export: Startup and Expansion
• Incremental Internationalization
• The Born-Global Phenomenon
• The Influence of Time and Place
• The Wildcard of Serendipity
• Approaches to Exporting
• Which Approach When?
• Point-Counterpoint Exporting E-waste: A Just Solution?
• Importing: Principles and Practices
• Characteristics of Importers
• Importing: Motivation and Methods
• Import Drivers
• Types of Importers
• Exporting and Importing: Problems and Pitfalls
• Operations Management
• Strategic Management
• Financial Management
• Government Regulation
• Trade Documentation
• Importing and Exporting: Resources and Assistance
• Public Agencies
• Private Agents
• Reconciling Opportunity and Challenge: An Export Plan
• Looking to the Future Technology Transforms International Trade
• Countertrade
• Costs
• Benefits
• Case: Amazon in India: Eyeing an Enormous Potential Market
• Chapter 15: Direct Investment and Collaborative Strategies
• Case: Meliá Hotels International
• Why Export and Import May Not Suffice
• When It’s Cheaper to Produce Abroad
• When Transportation Costs Too Much
• When Domestic Capacity Isn’t Enough
• When Products and Services Need Altering
• When Trade Restrictions Hinder Imports
• When Country of Origin Becomes an Issue
• Why and How Do Companies Make Wholly Owned FDI
• Reasons for Wholly Owned Foreign Direct Investment
• Acquisition Versus Greenfield
• Why Companies Collaborate
• General Motives for Collaborative Arrangements
• International Motives for Collaborative Arrangements
• Forms of and Choice of Collaborative Arrangements
• Some Considerations in Choosing a Form
• Point-Counterpoint Should Countries Limit Foreign Control of Key Industries?
• Licensing
• Franchising
• Management Contracts
• Turnkey Operations
• Joint Ventures (JVs)
• Equity Alliances
• Why Collaborative Arrangements Fail or Succeed
• Reasons for Failure
• Helping Collaborative Operations Succeed
• Looking to the Future Growth in Project Size and Complexity
• Case: The oneworld Airline Alliance
• Chapter 16: The Organization of International Business
• Case: From the Bamboo Network to the Technology-Driven Unicorns: Chinese Corporations in Southeast A
• The Idea of an Organization
• Classical Organization Structures
• Vertical Differentiation
• Horizontal Differentiation
• The Functional Structure
• Divisional Structures
• The Matrix Structure
• The Mixed Structure
• Neoclassical Structures
• The Challenge of Boundaries
• The Quest for Boundarylessness
• The Network Structure
• The Virtual Structure
• Neoclassical Structures: Practical Problems
• Point-Counterpoint The Hierarchical Structure: The Superior Format
• Coordination Systems
• Coordination by Standardization
• Coordination by Plan
• Coordination by Mutual Adjustment
• Control Systems
• Bureaucratic Control
• Market Control
• Clan Control
• Control Methods
• Which Control System When?
• Organizational Culture
• A Key Piece of the Performance Puzzle
• The Power of Common Cause
• Developing an Organizational Culture
• Looking to the Future Changing Times, Changing Skills, and Changing Organizations
• Case: Hyundai Motor Company: Expanding Through Organizational Excellence
• Part Six: Managing International Operations
• Chapter 17: Marketing Globally
• Case: Svendsen Sport: Marketing Globally for Healthy Business Development
• International Marketing Strategies: Orientations, Segmentation, and Targeting
• Marketing Orientations
• Segmenting and Targeting Markets
• Product Policies: Country Adaptation Versus Global Standardization
• Why Firms Adapt Products
• Alteration Costs
• The Product Line: Extent and Mix
• International Pricing Complexities
• Potential Obstacles in International Pricing
• Should Promotion Differ Among Countries?
• The Push–Pull Mix
• Some Problems in International Promotion
• International Branding Strategies
• Global Brand Versus Local Brands
• Point-Counterpoint Should Home Governments Regulate Their Companies’ Marketing in Developing Count
• Distribution Practices and Complications
• Deciding Whether to Standardize
• Internalization or Not?
• Distribution Partnership
• Distribution Challenges and Opportunities
• Gap Analysis: A Tool for Helping to Manage the International Marketing Mix
• Usage Gaps
• Product-Line Gaps
• Distribution and Competitive Gaps
• Aggregating Countries’ Programs
• Looking to the Future How Might International Market Segmentation Evolve?
• Chapter 18: Global Operations and Supply-Chain Management
• Case: Apple’s Global Supply Chain
• Global Supply-Chain Management
• What Is Supply-Chain Management?
• Global Supply-Chain and Operations Management Strategies
• Operations Management Strategy
• Global Sourcing
• Why Global Sourcing?
• Major Sourcing Configurations
• The Make-or-Buy Decision
• Point-Counterpoint Should Firms Outsource Innovation?
• Supplier Relations
• Conflict Minerals
• The Purchasing Function
• Information Technology and Global Supply-Chain Management
• Electronic Data Interchange (EDI)
• Enterprise Resource Planning/Material Requirements Planning
• Radio Frequency ID (RFID)
• E-commerce
• Quality
• Zero Defects
• Lean Manufacturing and Total Quality Management (TQM)
• Six Sigma
• Quality Standards
• Looking to the Future Uncertainty and the Global Supply Chain
• Case: Nokero: Lighting the World
• Chapter 19: International Accounting and Finance Issues
• Case: Parmalat: Europe’s Enron
• The Crossroads of Accounting and Finance
• What Are the Responsibilities of the Controller?
• Differences in Financial Statements Internationally
• Differences in the Content of Financial Information
• Factors Affecting Accounting Objectives, Standards, and Practices
• Cultural Differences in Accounting
• International Standards and Global Convergence
• Mutual Recognition Versus Reconciliation
• The First Steps in Establishing IFRS
• The International Accounting Standards Board
• Point-Counterpoint Should U.S. Companies Be Allowed to Use IFRS?
• Transactions in Foreign Currencies
• Recording Transactions
• Correct Procedures for U.S. Companies
• Translating Foreign-Currency Financial Statements
• Translation Methods
• International Financial Issues
• Capital Budgeting in a Global Context
• Internal Sources of Funds
• Global Cash Management
• Foreign-Exchange Risk Management
• Types of Exposure
• Exposure-Management Strategy
• Looking to the Future The Impact of Global Economic Forces on Accounting and Finance
• Case: H&M: The Challenges of Global Expansion and the Move to Adopt International Financial Reportin
• Chapter 20: International Human Resource Management
• Case: Globalizing Your Career
• International Human Resource Management
• The Strategic Role of IHRM
• IHRM’s Mission
• The Perspective of the Expatriate
• Who’s Who?
• Trends in Expatriate Assignments
• The Economics of Expatriates
• The Enduring Constant
• Staffing Frameworks in the MNE
• The Ethnocentric Framework
• The Polycentric Framework
• The Regiocentric Staffing Framework
• The Geocentric Staffing Framework
• Which Staffing Framework When?
• Expatriate Selection
• Technical Competence
• Self-Orientation
• Other-Orientation
• Resourcefulness
• Global Mindset
• Expatriate Preparation and Support
• Pre-Departure Preparation Programs
• In-Country Support Programs
• Family Matters
• Point-Counterpoint English: Destined to Be the Global Language?
• Expatriate Compensation
• Types of Compensation Plans
• Compensation Components
• Compensation Complications
• Expatriate Repatriation
• Repatriation Challenges
• Managing Repatriation
• Expatriate Failure
• The Costs of Failure
• The Wildcard
• Looking to the Future I’m Going Where? The Changing Geography of International Assignments
• Case: Tel-Comm-Tek: Selecting the Managing Director of Its Indian Subsidiary
• Endnotes
• Glossary
• Company and Trademark Index
• Name Index
• Subject Index