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Editura Universitara International Investment

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ISBN: 978-606-28-0315-5

DOI: 10.5682/9786062803155

Publisher year: 2015

Edition: III, revizuita si adaugita

Pages: 334

Publisher: Editura Universitara

Author: Georgeta Ilie

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In the structure of this paper, theoretical aspects of foreign direct investments are approached, doubled by numerous examples, case studies specific to the contemporary investment phenomenon. Thus, in eight chapters is presented in a logical order a succession of themes which are highlighted:
- the characteristics of foreign direct investments and of foreign portfolio investments,
- the defining elements of investments, such as time, risk and economic efficiency,
- a series of aspects regarding the quantification and registration of international investment flows,
- volatility as a specific feature of contemporary investment flows,
- divestment as a reversal of the investment process,
- the forms of implantation of business abroad through foreign direct investments (greenfield investments, company acquisitions, company mergers, joint ventures formed with a local partner, international strategic alliances, contractual arrangements and dynamic networks), - motivations of foreign investors expanding business beyond their national borders,
- trends in the evolution of international investment flows,
- geographical and sectoral distribution of foreign direct investment flows,
- investment performance of transnational corporations,
- expansion strategies through foreign direct investment specific to transnational corporations,
- the effects of foreign investments on the host and home economies,
- instruments of the promotion policy and of the policy of attracting foreign direct investments at the level of the host countries and of the countries of origin, as well as
- multilateral regulation of transactions specific to international investments.
GEORGETA ILIE

PREFACE / 9

CHAPTER 1 INTERNATIONAL INVESTMENT - GENERAL APPROACHES / 11
1.1 The place of international investments in international financial flows / 11
1.2 Foreign direct investment / 13
1.3 External portfolio investment / 16
1.4 Foreign direct investment versus foreign portfolio investment / 17
1.5 Defining elements of investment projects / 21
1.5.1 The influence of the time factor on the investment process / 21
1.5.2 Investment risk / 23
1.5.3 The influence of country risk on investments / 27
1.5.4 Economic efficiency of investment projects / 29
1.6 Volatility of international investment flows / 33
1.6.1 Volatility of international capital flows / 33
1.6.2 Measures to control the volatility of international capital flows / 36
1.7 Divestment decision / 37
1.7.1 Motivations and circumstances of the divestment decision / 37
1.7.2 Strategies for exiting a foreign direct investment / 40
1.8 Recording the flows generated by international investments / 43
1.8.1 Recording investment flows in the balance of external payments / 44
1.8.2 Other sources of cross - border investment registration / 51

CHAPTER 2 FOREIGN DIRECT INVESTMENTS - WAYS OF IMPLEMENTING BUSINESS ABROAD / 55
2.1 General approaches regarding the modalities of implanting the business abroad through foreign direct investments / 55
2.2 Direct ways of implantation abroad through foreign direct investments / 58
2.2.1 Greenfield investments / 58
2.2.2 International procurement / 59
2.2.3 Joint ventures consisting of an external investor and a local partner / 67
2.3 Indirect ways of implantation abroad through foreign direct investments / 71
2.3.1 International strategic alliances / 71
2.3.2 Contractual arrangements with the foreign investment component / 75
2.3.3 Dynamic networks / 78

CHAPTER 3 DYNAMICS OF INTERNATIONAL INVESTMENT FLOWS / 79
3.1 Brief history of the evolution of foreign direct investment flows / 79
3.2 Recent developments in foreign direct investment flows / 83
3.2.1 Foreign direct investment flows before the year 2000 / 83
3.2.2 Foreign direct investment flows after the year 2000 / 89
3.2.3 Foreign direct investment flows in the context of the global economic crisis of 2008-2009 / 93
3.3 The role of cross-border takeovers and mergers in the evolution of foreign direct investment flows / 99
3.4 The role of national policy liberalization in the evolution of foreign direct investment flows / 103
3.5 Megaregional integration initiatives with implications on foreign direct investment / 105
3.6 Geographical orientation of foreign direct investment flows / 108
3.6.1 Participation of developed countries in world investment flows / 110
3.6.2 Participation of developing countries in world flows of foreign direct investment / 118

CHAPTER 4 TRANSNATIONAL CORPORATIONS AND THEIR STRATEGIES FOR INTERNATIONALIZING BUSINESS BY INVESTMENT / 128
4.1 Transnational corporations - the main international investor / 128
4.2 Indicators for measuring the investment performance of transnational corporations / 131
4.3 Stages of the business internationalization process through investments / 142
4.4 Conceptual approaches regarding strategies and the value chain / 148
4.5 Organizing transnational corporations in order to make investments abroad / 153
4.5.1 Ethnocentric management and international strategy / 156
4.5.2 Polycentric management and multinational strategy / 157
4.5.3 Geocentric management and global strategy / 159
4.6 Foreign direct investment of transnational corporations according to geographical and product diversification / 165
4.7 Strategic competitive orientation in the decision to invest abroad / 170
4.8 Transnational corporate expansion strategy / 175

CHAPTER 5 MOTIVATIONS OF TRANSNATIONAL CORPORATIONS TO MAKE INTERNATIONAL INVESTMENTS / 185
5.1 General approaches regarding the motivations of investors abroad / 185
5.2 Elements specific to the decision to invest abroad / 187
5.3 Determinants of foreign direct investment / 191
5.3.1 General factors regarding the general opportunity to make a foreign direct investment / 191
5.3.2 Specific factors in making the decision to invest abroad / 195
5.4 Motivations of investors conducting international business / 199
5.4.1 Foreign direct investments pursuing access to resources / 199
5.4.2 Foreign direct investment in search of markets / 204
5.4.3 Foreign direct investment in search of efficiency / 210
5.4.4 Foreign direct investment in search of strategic assets / 213
5.4.5 Other motivations for foreign direct investment / 215
5.5 Determining factors of foreign portfolio investments / 217
5.5.1 Factors specific to host countries / 218
5.5.2 Portfolio investor strategies / 219

CHAPTER 6 EFFECTS OF FOREIGN DIRECT INVESTMENT ON NATIONAL ECONOMIES / 222
6.1 Effects of foreign direct investment on host economies / 222
6.1.1 General considerations regarding the impact of foreign direct investments on the host economies / 222
6.1.2 Effects of foreign direct investment on the external payment balances of the host countries / 225
6.1.3 Impact of foreign direct investment on the financial resources of the host countries / 228
6.1.4 The effects deriving from the transfers of technology, knowledge and abilities on the productive resources / 230
6.1.5 The effects of foreign direct investments on the activity of domestic companies / 234
6.1.6 Effects of foreign direct investment on the labor market / 237
6.1.7 Effects of foreign direct investment on the services sector / 239
6.1.8 Impact of foreign direct investment on the level of competitiveness and the development process / 243
6.1.9 Economic and political implications of foreign direct investment flows on economies in transition / 245
6.2 Effects of foreign direct investment on investors' home savings / 248
6.2.1 Impact of FDI outflows on financial resource flows and external balance of payments / 250
6.2.2 Impact of FDI outflows on domestic investments / 253
6.2.3 Impact of FDI outflows on foreign trade / 254
6.2.4 Impact of FDI outflows on employment / 256

CHAPTER 7 INSTRUMENTS SPECIFIC TO INVESTMENT POLICIES / 259
7.1 Coordinates of investment policies at macroeconomic level / 259
7.2 Trends in the evolution of investment policies worldwide / 261
7.3 The role of foreign investment promotion agencies in investment policies / 262
7.3.1 General aspects regarding foreign investment promotion agencies / 262
7.3.2 Bulgarian Investment Promotion Agency / 266
7.3.3 Hungarian Investment and Trade Promotion Agency / 269
7.4 Measures to promote investments initiated by the countries of origin of investors / 273
7.5 Measures initiated by the countries of origin of foreign direct investment through international agreements / 282
7.6 Generalities regarding the policy of attracting foreign investments / 284
7.7 Incentives for investments - instrument of the policy of attracting foreign investments / 288
7.7.1 Incentives for investments - general aspects / 288
7.7.2 General legal framework regarding state support measures for foreign investments in Romania / 291
7.8 Investment tax incentives / 293
7.8.1 Fiscal holidays / 293
7.8.2 Accelerated depreciation / 295
7.8.3 Free zones / 297
7.9 The role of the business environment in stimulating foreign direct investment / 299
7.9.1 General aspects regarding the business environment / 299
7.9.2 Analysis of the Romanian business environment from the foreign investment perspective / 302

CHAPTER 8 MULTILATERAL REGULATION OF FOREIGN DIRECT INVESTMENTS / 307
8.1 The role of the Organization for Economic Cooperation and Development in regulating foreign direct investment / 307
8.2 World Association of Foreign Investment Promotion Agencies (WAIPA) / 309
8.3 Multilateral Investment Guarantee Agency (MIGA) / 310
8.4 Computer network of foreign investment promotion agencies (IPANET) / 312
8.5 Agreement on Trade-Related Investment Measures (TRIMs) / 314

KNOWLEDGE EVALUATION / 320

BIBLIOGRAPHY / 327

In an era in which international financial flows represent one of the most dynamic components of the world economy, the participation of economic agents in these flows, and especially in investment ones, presupposes the knowledge of their determining elements, as well as the adaptation of a specialized management in international affairs. to effectively leverage business opportunities.
This paper is addressed primarily to students, but also to all those interested in foreign direct investment and aims to contribute to understanding the international investment phenomenon and strengthening the ability to analyze investment decisions abroad in terms of its impact and effects on host countries. but also of the countries of origin of the investment.
In the structure of this paper, theoretical aspects of foreign direct investments are approached, doubled by numerous examples, case studies specific to the contemporary investment phenomenon. Thus, in eight chapters is presented in a logical order a succession of themes which are highlighted:
- the characteristics of foreign direct investments and of foreign portfolio investments,
- the defining elements of investments, such as time, risk and economic efficiency,
- a series of aspects regarding the quantification and registration of international investment flows,
- volatility as a specific feature of contemporary investment flows,
- divestment as a reversal of the investment process,
- the forms of implantation of business abroad through foreign direct investments (greenfield investments, company acquisitions, company mergers, joint ventures formed with a local partner, international strategic alliances, contractual arrangements and dynamic networks), - motivations of foreign investors expanding business beyond their national borders,
- trends in the evolution of international investment flows,
- geographical and sectoral distribution of foreign direct investment flows,
- investment performance of transnational corporations,
- expansion strategies through foreign direct investment specific to transnational corporations,
- the effects of foreign investments on the host and home economies,
- instruments of the promotion policy and of the policy of attracting foreign direct investments at the level of the host countries and of the countries of origin, as well as
- multilateral regulation of transactions specific to international investments.

November 2015
Georgeta Ilie

www.editurauniversitara.ro

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