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2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864114
AbstractThe applied economics of international business (IB) has been successful in explaining foreign direct investment, the existence and growth of multinational enterprises (MNEs) and in integrating new concepts such as trust in the analysis of joint ventures. It now needs to face challenges in fully integrating culture into the rubric and into a comprehensive analysis of the varied phenomena of globalisation.
2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864115
AbstractEntrepreneurship studies is a booming area of research, but, as previous commentators have noted, the literature has become pluralistic and diffuse. There is a profusion of concepts, many of them ill defined. Theory and empiricism are only weakly linked. There is a distinct lack of historical perspective. It is proposed that entrepreneurship studies get “back to basics” and develop the theoretical tradition established by the early literature. This will involve greater use of formal models and greater attention to cognition and information processing. It will lead to a more rigorous and relevant body of theory and to more meaningful empirical research.
2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864117
AbstractThe notion of “capability” has long been influential in management research as an approach to address firm-level heterogeneity and heterogeneity in competitive outcomes. I discuss how recent advances in economics may allow for a more rigorous understanding and measurement of capability that take organizational practices into account. However, economists may also learn from work on capabilities in management research.
2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864124
AbstractThere have been important contributions to the literature on franchising in recent years, but many interesting questions have received less attention than they deserve. In this paper, I briefly highlight four of these: (i) the existence of master franchising and multi-unit ownership, (ii) the differences in the intensity of franchising across sectors, (iii) international franchising, and (iv) the problems surrounding the adoption of new technologies and adaptation in franchised chains. While not exhaustive, this set of topics illustrates the variety of potential franchise-related research topics.
2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864125
AbstractThis paper considers two paradoxes concerning the relationship between capital investment decisions and competition. First, conventional capital budgeting methods imply that substantial infra-marginal surpluses are attained above the cost of capital, but this is inconsistent with the premise that returns on capital equal the cost of capital in competitive markets. Second, contrasts in the pharmaceutical industry between high reported returns on capital invested, the accounting treatment of research and development outlays, and inter-firm competition in research and development are explored.
2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864493
AbstractThe first supply and demand experiments in the 1950s converged more strongly and quickly than people thought likely. Equally surprising, the first asset market experiments in the 1980s converged far less strongly and rapidly than expected. The economic crisis in 2008 brought a re-thinking of these old discoveries, motivated new experimental exercises and led to new insights.
2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864119
Since at least the early 1990s, researchers have criticized the antitrust authorities’ method for assessing the possible anticompetitive effects of mergers. Despite this, only recently, a method with a more sound economic foundation was included in the merger guidelines. We discuss how a sound economic foundation was developed and finally applied to merger control.
2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864491
AbstractThis paper charts some key milestones in the empirical developments in Industrial Organization, focusing on the types of questions examined and the empirical approaches adopted, specifically contrasting the structural and quasi-experimental approaches. Both have strengths and weaknesses, and both involve some art as well as science. The questions asked have become narrower but better specified.
2014 International Journal of the Economics of Business
doi: 10.1080/13571516.2013.864492
AbstractPeriodically, the question of whether there ought to be a substantially closer connection between the disciplines of industrial organization (IO) and finance has been a topic of conversation within the IO discipline. After documenting three such initiatives that ultimately failed to have lasting effects, this article argues that a goal of a close interweaving of IO and finance is a chimera – but that more modest interactions have been and continue to be possible.
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