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Multinational Enterprises and Foreign Direct Investments
Batsou, Maria; Athens University of Economics and Business, Department of Economics; Gatsios, Konstantinos
Last three decades will be perhaps be characterized by the dominance of global firms. This was of course due to revolutionary innovations, particularly in transportation and information technology, and its spread requirement innovation in management practices. Over the course of the 1990s, foreign direct investment (FDI) has rapidly become the most important source of earnings for multinational enterprises. Most countries have liberalized their investment regimes, and many provide costly fiscal incentives, in the expectation of the multiple benefits that are typically associated with foreign direct investments.This dissertation attempts to define the role, the functions, and the form a multinational enterprise has in combine with the foreign direct investments as a strategy of expansion.In the first chapter, we analyze why multinational enterprises choose to expand their production in other countries in order to raise their profits and to reduce their costs. In order to achieve that goal they can be horizontally integrated, vertically or both. We also review the structural models of multinational enterprises, which are the multinational, international, and global structure with their advantages and disadvantages. Furthermore, there is a reference in various strategies for international expansion, such as licensing, franchising, subcontracting, and foreign direct investments.Chapter 2, reviews the theories that have been developed about MNEs international expansion and which seek to explain why the MNE will choose to locate production abroad. Theories of the multinational enterprise gained momentum in the 1960’s with the comprehensive works of Hymer, Venron, Coase, Hennart, Buckley and Casson, Dunning and Porter.In chapter 3, we emphasize the importance of foreign direct investments. In a widely-held view, foreign direct investors are believed to increase domestic capital formation and to improve access to export markets and to a comparatively stable source of external financing. This chapter reviews the literature regarding the factors that motivate the firm to engage in production abroad and the factors that influence its choice of location. The literature on the determinants of MNE decisions and FDI location is quite substantial, though arguably still in its infancy. Our theoretical hypotheses come out of modelling firm-level decisions. A large body of literature takes these partial equilibrium predictions of a MNEs FDI decisions and examines how (exogenous) factors, such as taxes and exchange rates, affect these firm-level decisions. A more recent body of literature has begun to frame such MNE decisions in a general equilibrium framework and generates predictions of how fundamental country-level factors affect aggregate country- level FDI behaviour. Regardless of the approach used the interconnectedness of FDI behaviour with trade flows and the underlying motivation for MNE behaviour complicates the analysis. Many strands of the partial equilibrium FDI literature have largely ignored this issue, while the general equilibrium models have begun to grapple with it. In the final analysis, the empirical literature on determinants of FDI is still young enough, so that most hypotheses are still up for grabs. Thus, it is perhaps not surprising that Chakrabarti [2001] finds that most determinants of cross-country FDI are fairly fragile statistically. However, as this survey of the literature reveals, the issues are complicated enough, so that broad general hypotheses, such as taxes generally discourage FDI, simply should not be expected once one takes a closer look. The more insightful and innovative papers in the literature have developed hypotheses about when a factor should matter and when it should not matter, and then find creative ways to test these hypotheses in the data. The ever greater availability of micro-level data should also help in the future to clear some of the muddy waters. Again, the better papers in the literature have been cognizant of how data issues affect interpretation of their results, and this will be a key issue as the literature moves forward.Chapter 4, points out to the link between FDI and economic growth in developing countries. Positive growth effects of FDI in developing countries are anything but guaranteed. We reveal that FDI has a significant impact on home and host countries, especially host developing countries. Evidence has shown that FDI has contributed positively to the balance of payment, competiveness and industrial upgrading in home and host economies.Chapter 5 examines the relationship between environmental taxation and FDI. We analyse another form of taxation, the environmental taxation which is widely discussed nowadays. We find that the impact of FDI on strategic environmental tax policies seems to imply a tendency to higher environmental taxes. Finally chapter 6 briefly reviews the recent trends in FDI worldwide and in Greece especially. In addition, describes what the situation in Greece is and prospects for the future.
Political economy and international trade
Τσομίδης, Γεώργιος; Tsomidis, Georgios; Athens University of Economics and Business, Department of Economics; Chatzipanagiotou, Panagiotis; Vasilatos, Evangelos; Gatsios, Konstantinos
What is political economy and how does it interact with trade policy? This is the main question that this dissertation attempts to answer. The notions and concepts of this subject are presented through various economic models which elaborate classical Economic Theory, Theory of Political Economy as well as Game Theory. The analysis begins with a median-voter model, where the interaction of the lobbies interests and social welfare (the interest of the median voter-citizen)exert pressures on the government when choosing its trade policy. The government has to balance between these two sources of political pressure in order to secure its political future. The second model is the one of the campaign contributions approach. This model examines the consequences of the financial support the lobbies provide to a government and the economic benefits they enjoy in this way, and how these benefits affect the economic status of the average citizen. In all economic models of this dissertation, the trade policy that the government has chosen is expressed through tariffs and subsidies. The third economic model is the one that examines political contributions, where the competition among politicians is neglected and there a single incumbent government to chose the trade policy of the country. Again, the interests of the different lobby-groups and the welfare of the average citizen are in conflict. Afterwards, the analysis proceeds to the main theoretical pillar of political economy and trade policy, to the protection for sale model. In this model special attention is put on the fact that the government in order to secure political support protects its domestic industries from international competition by imposing tariffs and subsidies. This creates domestic political fluctuations, but the government is assumed to be more orientated towards the support it will receive from the different industrial lobbies rather than from the average voter. The two models that follow in the analysis, the endogenous lobbies model and protection across industries and countries model, elaborate different issues that stem from the protection from sale model analysis and in this way this dissertation provides completeness in notions and concepts. For example, in the endogenous lobbies’ model, the formation of the different lobbies is treated as endogenous and in the protection across industries and countries model there takes place a debate between multilateralism and bilateralism. Finally, the two country model provides a deeper theoretical insight on the trade agreements between two countries and their political implications on the domestic and international level, while the regional trade agreements model implements stricter constraints on these agreements’s framework.Political economy and trade policy is a fascinating and rather recent area of economic research and so far, it appears to be a very promising one.
Predatory pricing as entry barrier
(03/02/2018) Manta, Alexandra; Athens University of Economics and Business, Department of Economics; Zacharias, Eleftherios; Louri - Dendrinou, Eleni; Gatsios, Konstantinos
Predatory pricing is a strategy that is adopted by firms that hold a dominant position in the market. Although there is no precise definition of it, it is considered a practice in which the dominant firm charges abusively low prices, which are below cost for a specific period of time, and suffers short-term losses. The reason, of course, of this deliberate disclaimer of profits is because the dominant firm wishes to exclude its competitors from the market and to strengthen its market position in the long-run. These competitors may already exist in the market or they may be potential competitors. When its competitors are excluded from the market, the dominant firm will be able to set a price to its products close enough to the monopoly price and replenish or increase its profits.
Signaling and product quality
(Athens University of Economics and Business, 01-2008) Bampasidou, Maria; Vettas, Nikolaos; Gatsios, Konstantinos
Thesis - Athens University of Economics and Business. Postgraduate, Department of Economics

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