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• Ttile Page
• Copyright Page
• Brief Contents
• Contents
• Preface
• Acknowledgments
• About the Authors
• Part 1 Foundation Concepts
• 1 Introduction: What Is International Business?
• China Globalizes London’s Black Cabs
• What Are the Key Concepts in International Business?
• The Nature of International Trade
• The Nature of International Investment
• Services as Well as Products
• The International Financial Services Sector
• How Does International Business Differ from Domestic Business?
• The Four Risks in Internationalization
• Who Participates in International Business?
• Focal Firms in International Business
• Small and Medium-sized Enterprises
• Born Global Firms
• Governments and Nongovernmental Organizations
• Why Do Firms Internationalize?
• Why Study International Business?
• Facilitator of the Global Economy and Interconnectedness
• Contributor to National Economic Well-being
• A Competitive Advantage for the Firm
• You Can Do It | Recent Grad in IB: Mary Lyles
• A Competitive Advantage for You
• An Opportunity to Support Ethics, Sustainability, and Corporate Citizenship
• CKR Career Preparation Kit: Tangible Process Tools and Travel Abroad Preparation Checklist
• Closing Case: Internationalization at Vodafone
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 2 Globalization of Markets and the Internationalization of the Firm
• Skype: A “born Global” Business
• Phases of Globalization
• Market Globalization: Organizing Framework
• Driving Forces of Globalization
• Technological Advances and Globalization
• Information Technology
• Digitalization
• Communications
• Manufacturing
• Transportation
• Dimensions of Market Globalization
• Firm-Level Consequences of Market Globalization: Internationalization of the Firm’s Value Chain
• You Can Do It | Recent Grad in IB: Terrance Rogers
• Societal Consequences of Globalization
• Contagion: Rapid Spread of Monetary and Financial Crises
• Loss of National Sovereignty
• Offshoring
• Reshoring
• Effect on the Poor
• Effect on Sustainability and the Natural Environment
• Effect on National Culture
• Globalization and Africa
• Closing Case: A Debate on the Good and Harm of Globalization
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• Part 2 The Environment of International Business
• 3 The Cultural Environment of International Business
• Hallyu and the Rising Influence of the Korean Global Culture
• Culture and Cross-Cultural Risk
• What Culture Is Not
• Socialization and Acculturation
• Dimensions of Culture
• Values and Attitudes
• Manners and Customs
• Perceptions of Time
• Perceptions of Space
• Symbolic Productions
• Material Productions and Creative Expressions
• Education
• Social Structure
• Role of Language and Religion in Culture
• Verbal Language
• Nonverbal Communication
• Religion
• Culture’s Effect in International Business
• Models and Explanations of Culture
• Cultural Metaphors
• High-and Low-Context Cultures
• Hofstede’s Research on National Culture
• Deal Versus Relationship Orientation
• Managerial Implications of Culture
• Cultural Orientations
• How to Acquire Cross-Cultural Competence
• Closing Case: Hollywood Movies and Global Culture
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 4 Ethics, Corporate Social Responsibility, Sustainability, and Governance in International Business
• Improving the Lives of Bangladeshi Garments Factory Workers
• Ethical Behavior and Its Importance in International Business
• Components of Ethical Behavior
• Value of Ethical Behavior
• Unethical Behavior
• Ethical Standards and Dilemmas Around the World
• Relativism and Normativism
• Ethical Challenges in International Business
• Corruption
• Bribery
• Harmful Work Environment
• Unethical Business Practices
• Harmful Global Sourcing
• Illicit Products and Marketing
• Intellectual Property Infringement
• Corporate Social Responsibility
• Settings of Corporate Social Responsibility
• Successes and Failures of CSR
• Sustainability
• Company Role in Sustainability
• The Role of Corporate Governance
• Embracing Ethical Behavior
• Ethical Standard Approaches for Corporate Governance
• A Global Consensus
• Going Deep, Wide, and Local
• Benefits of Corporate Governance
• You Can Do It | Recent Grad in IB: Javier Estrada
• A Framework Tool for Making Ethical Decisions
• Closing Case: Scandal at Volkswagen
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 5 Theories of International Trade and Investment
• Apple’s Advantages in Global Competition
• Why Do Nations Trade?
• Classical Theories
• How Can Nations Enhance Their Competitive Advantage?
• The Competitive Advantage of Nations
• Determinants of National Competitiveness
• National Industrial Policy
• National Industrial Policy in Practice
• Why and How Do Firms Internationalize?
• Internationalization Process of the Firm
• Born Global Firms
• How Can Internationalizing Firms Gain and Sustain Competitive Advantage?
• FDI-Based Explanations
• Dunning’s Eclectic Paradigm
• Non-FDI-Based Explanations
• Closing Case: Unilever’s Comparative and Competitive Advantages
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 6 Political and Legal Systems in National Environments
• Galileo: Regional Disintegration and Its Consequences
• How Prevalent Is Country Risk?
• Political and Legal Environments in International Business
• Political Systems
• Authoritarianism
• Socialism
• Democracy
• National Governance and Economic Prosperity
• The Relationship Between Political Systems and Economic Systems
• Legal Systems
• Common Law
• Civil Law
• Religious Law
• Mixed Systems
• Participants in Political and Legal Systems
• Government
• International Organizations
• Regional Trade Organizations
• Special Interest Groups
• Competing Firms
• Types of Country Risk Produced by Political Systems
• Government Takeover of Corporate Assets
• Embargoes and Sanctions
• Boycotts Against Firms or Nations
• Terrorism
• War, Insurrection, and Violence
• Types of Country Risk Produced by Legal Systems
• Country Risk Arising from the Host-country Legal Environment
• Country Risk Arising from the Home-country Legal Environment
• You Can Do It | Recent Grad in IB: Christopher Johnson
• Managing Country Risk
• Proactive Environmental Scanning
• Strict Adherence to Ethical Standards
• Alliances with Qualified Local Partners
• Protection Through Legal Contracts
• Closing Case: The Global Biopharmaceutical Industry: Political, Legal, and Ethical Dilemmas
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 7 Government Intervention and Regional Economic Integration
• Tripartism: Singapore’s Key Competitive Advantage
• The Nature of Government Intervention
• Defensive Rationale
• Offensive Rationale
• Instruments of Government Intervention
• Tariffs
• Nontariff Trade Barriers
• Investment Barriers
• Subsidies and Other Government Support Programs
• Evolution and Consequences of Government Intervention
• How Firms Can Respond to Government Intervention
• Strategies for Managers
• You Can Do It | Recent Grad in IB: Ashley Lumb
• Regional Integration and Economic Blocs
• Levels of Regional Integration
• Leading Economic Blocs
• The European Union
• North American Free Trade Agreement (NAFTA)
• Advantages and Implications of Regional Integration
• Expand Market Size
• Achieve Scale Economies and Enhanced Productivity
• Attract Direct Investment from Outside the Bloc
• Acquire Stronger Defensive and Political Posture
• Closing Case: South Korean Industry Policy and Economic Modernization
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 8 Understanding Emerging Markets
• New Global Challengers: Top Firms from Emerging Markets
• Advanced Economies, Developing Economies, and Emerging Markets
• Advanced Economies
• Developing Economies
• Emerging Market Economies
• What Makes Emerging Markets Attractive for International Business?
• Emerging Markets as Target Markets
• Emerging Markets as Manufacturing Bases
• Emerging Markets as Sourcing Destinations
• Assessing the True Potential of Emerging Markets
• Per-Capita Income as an Indicator of Market Potential
• Middle Class as an Indicator of Market Potential
• Risks and Challenges of Emerging Markets
• Political Instability
• Weak Intellectual Property Protection
• Bureaucracy, Red Tape, and Lack of Transparency
• Poor Physical Infrastructure
• Partner Availability and Qualifications
• Likely Resistance from Family Conglomerates
• Success Strategies for Emerging Markets
• Customize Offerings to Unique Emerging Market Needs
• Partner with Family Conglomerates
• Target Governments in Emerging Markets
• You Can Do It | Recent Grads in IB: Andrew and Jamie Waskey
• Skillfully Challenge Emerging Market Competitors
• Corporate Social Responsibility, Sustainability, and the Crisis of Global Poverty
• Foster Economic Development
• Microfinance to Facilitate Entrepreneurship
• The Special Case of Africa
• Closing Case: Astra International: Building Successful International Business Around Shifting Nation
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• The European Union and the Euro
• 9 The International Monetary and Financial Environment
• The European Union and the Euro
• Exchange Rates and Currencies in International Business
• Convertible and Nonconvertible Currencies
• Foreign Exchange Markets
• Currency Risk
• How Exchange Rates Are Determined
• Economic Growth
• Inflation and Interest Rates
• Market Psychology
• Government Action
• Emergence of the Modern Exchange Rate System
• The Bretton Woods Agreement
• The Modern Exchange Rate System
• The Monetary and Financial Systems
• International Monetary System
• Global Financial System
• Key Players in the Monetary and Financial Systems
• The Firm
• National Stock Exchanges and Bond Markets
• Commercial Banks
• You Can Do It | Recent Grad in IB: Maria Petit
• Central Banks
• The Bank for International Settlements
• International Monetary Fund
• The World Bank
• The Global Debt Crisis
• Closing Case: Asian IFCs: Singapore and Hong Kong
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 10 Financial Management and Accounting in the Global Firm
• How a Small Firm Navigates Currency Risk
• Key Tasks in International Financial Management
• Choosing a Capital Structure
• Raising Funds for the Firm
• Financial Centers
• Sources of Funds for International Operations
• Managing Working Capital and Cash Flow
• Methods for Transferring Funds Within the Mne
• Multilateral Netting
• Performing Capital Budgeting
• Net Present Value Analysis of Capital Investment Projects
• Managing Currency Risk
• Three Types of Currency Exposure
• Foreign-Exchange Trading
• Types of Currency Traders
• Exchange-Rate Forecasting
• Managing Exposure to Currency Risk Through Hedging
• Hedging Instruments
• Best Practice in Minimizing Currency Exposure
• Managing the Diversity of International Accounting and Tax Practices
• Transparency in Financial Reporting
• Trends Toward Harmonization
• Consolidating the Financial Statements of Subsidiaries
• International Taxation
• Managing International Finance to Minimize Tax Burden
• Closing Case: International Financial Management at Tektronix
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• Ikea: Global Retailing Success Story
• Part 3 Strategy and Opportunity Assessment
• 11 Strategy and Organization in the International Firm
• IKEA: Global Retailing Success Story
• Strategy in International Business
• Efficiency
• Flexibility
• Learning
• Building the Global Firm
• Visionary Leadership
• Organizational Culture
• Organizational Processes
• The Distinction Between Multidomestic and Global Industries
• The Integration-responsiveness Framework
• Strategies Based on the Integration-responsiveness Framework
• Organizational Structure in International Business
• Centralized or Decentralized Structure?
• Organizational Structures for International Operations
• Foreign Market Entry Strategies
• Closing Case: Global Strategy at Lenovo
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 12 Global Market Opportunity Assessment
• Estimating Demand in Emerging Markets
• Analyzing Organizational Readiness to Internationalize
• Assessing the Suitability of Products and Services for Foreign Markets
• Screening Countries to Identify Target Markets
• Screening Countries for Exporting
• Country Screening for Foreign Direct Investment
• Country Screening for Manufacturing Competitiveness and Sourcing
• Assessing Industry Market Potential
• Data Sources for Estimating Industry Market Potential
• You Can Do It | Recent Grad in IB: Natasha Brown
• Choosing Foreign Business Partners
• Criteria for Choosing a Partner
• Searching for Prospective Partners
• Estimating Company Sales Potential
• Practical Approaches to Estimating Company Sales Potential
• In Conclusion
• Closing Case: Shifting Ice: Big Changes at Icebreaker
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• Part 4 Entering and Working in International Markets
• 13 Exporting and Global Sourcing
• Maersk and the Global Container Business
• Exporting as a Foreign Market Entry Strategy
• Service Sector Exports
• A Systematic Approach to Exporting
• Importing
• Managing Export-import Transactions
• Documentation
• Shipping and Incoterms
• Payment Methods in Exporting and Importing
• Financing
• Identifying and Working with Foreign Intermediaries
• Finding Foreign Intermediaries
• Working with Foreign Intermediaries
• When Intermediary Relations Go Bad
• Outsourcing, Global Sourcing, and Offshoring
• Decision 1: Outsource or Not?
• Decision 2: Where in the World Should Value-adding Activities Be Located?
• Global Sourcing
• Benefits, Risks, and Responsibilities of Global Sourcing
• Benefits of Global Sourcing
• Risks of Global Sourcing
• Reshoring and Nearshoring
• Corporate Social Responsibility
• Global Sourcing Strategies and Supply-chain Management
• Global Supply-Chain Management
• Closing Case: Inditex and Zara: A Tale of Comparative Advantages
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 14 Foreign Direct Investment and Collaborative Ventures
• Huawei Invests in Africa
• International Investment and Collaboration
• Volume of Foreign Direct Investment and Collaborative Ventures
• Most Active Firms in FDI
• Service Firms and FDI
• Leading Destinations for FDI
• Factors to Consider in Choosing FDI Locations
• Characteristics of Foreign Direct Investment
• Ethics, Social Responsibility, Sustainability, and FDI
• Motives for FDI and Collaborative Ventures
• Market-Seeking Motives
• Resource- or Asset-Seeking Motives
• Efficiency-Seeking Motives
• Types of Foreign Direct Investment
• Greenfield Investment Versus Mergers and Acquisitions
• The Nature of Ownership in FDI
• Vertical Versus Horizontal Integration
• International Collaborative Ventures
• You Can Do It | Recent Grad in IB: Jennifer Knippen
• Equity Joint Ventures
• Project-based, Nonequity Ventures
• Differences Between Equity and Project-based, Nonequity Ventures
• Consortium
• Cross-licensing Agreements
• Potential Risks in Collaboration
• Managing Collaborative Ventures
• The Experience of Retailers in Foreign Markets
• How Retailers Succeed in International Markets
• Closing Case: China’s “Going Out” Strategy
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 15 Licensing, Franchising, and Other Contractual Strategies
• How LEGO Built Global Value in the Toy Industry, Block by Block
• Contractual Entry Strategies
• Unique Aspects of Contractual Relationships
• Licensing as an Entry Strategy
• Trademark and Copyright Licensing
• Know-How Licensing
• The World’s Top Licensing Firms
• Advantages and Disadvantages of Licensing
• Advantages of Licensing
• Disadvantages of Licensing
• Franchising as an Entry Strategy
• Who Are the Top Global Franchisors?
• Advantages and Disadvantages of Franchising
• The Franchisor Perspective
• The Franchisee Perspective
• Managerial Guidelines for Licensing and Franchising
• Other Contractual Entry Strategies
• Turnkey Contracting
• Build-Operate-Transfer Arrangements (BOT)
• Management Contracts
• Leasing
• The Special Case of Internationalization by Professional Service Firms
• You Can Do It | Recent Grad in IB: Juanita Velez
• Infringement of Intellectual Property: a Global Problem
• Guidelines for Protecting Intellectual Property
• Closing Case: Subway and the Challenges of Franchising in China
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• Part 5 Functional Area Excellence
• 16 Marketing in the Global Firm
• Michael Kors: the Global Affordable Luxury Market
• Global Market Segmentation
• Standardization and Adaptation of International Marketing
• Standardization
• Adaptation
• Standardization and Adaptation: a Balancing Act
• You Can Do It | Recent Grad in IB: John Dykhouse
• Global Branding and Product Development
• Global Branding
• Global Product Development
• International Pricing
• Factors That Affect International Pricing
• Framework for Setting International Prices
• Managing International Price Escalation
• Managing Pricing Under Varying Currency Conditions
• Transfer Pricing
• Gray Market Activity (Parallel Imports)
• International Marketing Communications
• International Advertising
• International Promotional Activities
• International Distribution
• Global Account Management
• Closing Case: H&M: International Marketing Success Story
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• 17 Human Resource Management in the Global Firm
• Etisalat Egypt: Attracting and Maintaining the Best Employees
• The Strategic Role of Human Resources in International Business
• Differences Between Domestic and International HRM
• Key Tasks in International Human Resource Management
• International Staffing Policy
• Recruiting, Selecting, and Developing Talent
• Cultivating Global Mind-sets
• Cultural Intelligence
• Expatriate Assignment Failure and Culture Shock
• Preparation and Training of International Employees
• Preparing Employees for Repatriation
• Charting Global Careers for Employees
• Performance Appraisal and Compensation of International Employees
• Compensation
• International Labor Relations
• Distinctive Features of Labor Around the World
• Cost, Quality, and Productivity of Labor
• Workforce Reduction and Employee Termination
• International Labor Trends
• Firm Strategy in International Labor Relations
• Diversity in the International Workforce
• Women in International Business
• Success Strategies for Women Managers in International Business
• Closing Case: Sony’s Human Resource Strategies
• End-of-Chapter Review: Key Terms
• Summary
• Test Your Comprehension
• Apply Your Understanding
• globalEDGE™ Internet Exercises
• Endnotes
• Glossary
• Author Index
• Company Index
• Subject Index