NOTE: THE DEADLINE FOR SUBMISSION TO THIS SPECIAL ISSUE HAS NOW BEEN
EXTENDED TO FRIDAY, FEBRUARY 12, 2010.
For more information this Special Issue, please see the Call for Papers
below or contact the JIBS Managing Editor (
managing-editor@jibs.net).
----------------
CALL FOR PAPERS
Special Issue of the Journal of International Business Studies
GLOBAL ECONOMIC CRISES AND INTERNATIONAL BUSINESS
Special issue in memory of John H. Dunning
Special Issue Editors
-Lemma W. Senbet, University of Maryland,
LSenbet@rhsmith.umd.edu
-Alain Verbeke, University of Calgary,
alain.verbeke@haskayne.ucalgary.ca
-Arjen van Witteloostuijn, University of Antwerp,
arjen.vanwitteloostuijn@ua.ac.be
-Srilata A. Zaheer, University of Minnesota,
szaheer@umn.edu
Deadline for submission: February 12, 2010
Tentative publication date: Winter 2011
Introduction
This Special Issue is motivated by and in memory of John H. Dunning
(Professor Emeritus, University of Reading and Rutgers University).
Professor Dunning was one of the founders of the modern field of
international business (IB) research, with a scholarly oeuvre spanning a
50-year period. His last public message, sent to the Academy of
International Business Fellows just before he passed away on January 29,
2009, recommended that JIBS prepare a Special Issue devoted to "the various
and unique causes and implications of the current world wide credit crunch
and economic slow down; and what might be done to avoid this happening
again." He suggested that, "Articles might range from viewing the slowdown
in an historical context, to considering a wholesale reconfiguration of
international financial organisation, to the need for a moral upgrading of
the institutions of global capitalism." His suggestion was triggered by the
"last two years [which] have brought about the most amazing chain of events
in the global market place that I can remember in my lifetime".
Special Issue Theme
This Call for Papers announces a Special Issue, designed around Dunning's
theme, and specifically focused on insights from IB research into the
current crisis of the global market economy. The global financial crisis,
which struck most of the world's national and regional economic systems in
2008, has led to calls for further reflection on the economizing and value
creating properties of both the micro-level and macro-level institutions of
capitalism at the heart of this economic crisis. Moreover, the current
crisis was preceded by earlier global financial crises, such as the 1997
Asian currency crisis, from which one might draw useful lessons for the
current crisis.
John Dunning has undoubtedly been the most important intellectual force in
IB research during the past half century. His eclectic paradigm represents
the core of modern IB theory and provides the intellectual foundation for
much of the research published in JIBS. The eclectic paradigm builds upon
three interrelated components: (1) Ownership (or firm-specific) advantages,
reflecting the resource-based view (RBV) related part of the framework. (2)
Location advantages, reflecting the main variables addressed by
international economics, political science and modern institutional theory.
(3) Internalization advantages, using Coasean foundations to explain the
existence and governance of MNEs, i.e., firms with value adding activities
in two or more countries. Dunning's joint focus on firm-level resources,
location characteristics (including macro-level institutions) and
internalization/de-internalization challenges provides the scholarly basis
for contemporary analysis of international business. In terms of Dunning's
eclectic paradigm, eight research questions are proposed for this Special
Issue:
1. Does MNE activity contribute to the severity of global economic crises or
does the multinational character of many firms, on the contrary, allow
mitigating some of the worst effects in terms of reducing firm bankruptcies,
lay-offs, capital destruction, etc.? For example, to the extent that
domestic MNE ownership advantages have been hollowed out because of poor
management (as in financial services and automobiles), does this lead to
societal spillover effects across borders and across large business
networks? Alternatively, does the existence of large, well-run foreign MNEs
allow the acquisition, absorption and redeployment across borders of
valuable knowledge assets that have been poorly managed?
2. Should MNEs reassess the relative attractiveness of alternative locations
for international business generally, and foreign direct investment
specifically, depending on the severity of global economic crises and the
appropriateness of policy responses in these locations? For example, a
number of economic and financial governance mechanisms, including the US
capital market, have been described as best practice, created location
advantages, to be emulated by other countries. Here, elements such as
stringent disclosure rules, sophisticated financial accounting controls,
relative absence of excessive government regulation impeding innovation and
more generally the resilience and adaptation capability of the governance
mechanisms involved, have been viewed as instrumental to a macro-level
platform for firm-level success. However, it now appears that the true
nature of many of these created location advantages has been misunderstood,
and that many economic actors have wrongly assessed the relative
attractiveness and risks associated with seemingly optimal locations.
3. How do global economic/financial crises affect the
internalization/de-internalization calculus of firms operating across
borders (e.g., entry mode choices), especially in terms of de-internalizing
activities previously conducted inside the firm, so as to improve
flexibility and facilitate internal network control? The effects of economic
and technological changes, as well as management innovations, on optimal
internalization levels are well understood in the IB field, as are the
implications of alternative policy regimes such as patent protection
systems, bilateral and regional trading systems, international accounting
standards, etc. However, the impact of a "black swan" catastrophic event on
firm-level boundaries, especially in the international sphere, deserves
special attention if it triggers needs for massive resource re-combinations
by MNEs, especially those with international networks.
4. How do global economic crises affect government, public and managerial
perceptions of the role of IB and MNEs in the world economy? How do global
crises affect MNE-state relations? Are they more likely to be characterized
by Dunning's optimistic, cooperative perspective or Vernon's pessimistic,
conflictual perspective? Does a global economic crisis increase the
legitimacy of stakeholder management models found in firms outside the
Anglo-Saxon world, rather than a shareholder management approach? Is there a
renewed appreciation for micro-level governance models built on far-reaching
cooperation between business firms and financial institutions, and between
the firm and its workforce? Does the global crisis trigger a reflection in
large MNEs on their moral obligations, if any, vis-à-vis hard-hit local
communities abroad where operations must be closed or downsized?
5. How do global crises affect corporate political (non-market) strategies?
What roles do firms engaged in international business play when faced with
contradictory demands for increased protectionism and improved
regional/multilateral cooperation, triggered by a global or regional
economic crisis? Any global crisis upsets existing competitive positions and
trajectories, with some firms becoming "winners" and others "losers". Which
types of firms are more likely to favor protectionism versus increased
policy coordination at the regional and multilateral levels? The related
question is how these firms will engage in the policy debate (e.g.,
firm-level versus industry-level lobbying, active intervention versus
funding external actors, focus on domestic governments versus international
organizations, etc.). How do MNEs shift the balance between their market and
non-market-based strategies in response to global crises?
6. How are the organization and management of the multinational enterprise
affected by global economic crises? How are intrafirm and interfirm
innovation and knowledge flows affected? Do global economic crises
encourage or discourage M&As and international strategic alliances? Are
global supply chains being redesigned as a result of these crises? How do
global economic crises affect MNE decisions such as the locus of R&D and
innovation (centralized/decentralized, location), human resources management
(e.g., revisiting the use of expatriates, trade-offs on global retrenchment
decisions) and international marketing (e.g., revisiting
standardization/customization and cutting or refocusing long-term branding
efforts) decisions? Do global crises encourage "wait-and-see", early mover
or faster exit strategies?
7. Since many global economic crises are launched by financial and/or
currency crises (e.g., the 1997 Asian currency crisis), of particular
interest are the international financial implications of global economic
crises, at the firm, country and international levels. From a firm-level
perspective, how is the international finance function within firms affected
(e.g., exchange rate management; management of various exposure types;
financial structure decisions; sourcing of financial resources, including
access to credit and capital markets; comparative corporate governance
issues from a finance perspective)? From a national and supra-national
perspective, what are the implications for the banking, financing, insurance
and accounting systems supporting international trade and investment (both
portfolio and foreign direct investment), as well as for international
financial markets in general and in emerging economies in particular?
8. From a macro-level perspective, how do global economic crises affect the
national and supra-national institutions of capitalism? What roles are
played by public international institutions (e.g., the IMF, World Bank,
WTO), regulating and rating agencies that affect international transactions
(e.g., BIS, IASB, Moody's), and international agreements (e.g., double tax
treaties, bilateral investment treaties, codes of conduct)? All economic
actors engaged in international business are affected by a variety of
macro-level institutions of capitalism, many of these representing exogenous
parameters for these actors. Each global economic crisis leads to societal
debate on the efficiency, effectiveness and distributive equity impacts of
these macro-level institutions, thereby potentially triggering large-scale
governance redesign and a new umbrella for micro-level IB transactions. Is
there a need for a "wholesale reconfiguration of international financial
organisation" or for a "moral upgrading of the institutions of global
capitalism", as suggested by Professor John Dunning?
Building upon the above, as IB scholars, we are particularly interested in
how the current crisis of the global market economy affects international
business through its impact on MNEs, including the entire range of
internationally active firms, from entrepreneurial start-ups to the largest,
global companies. We are equally interested in new forms of
business-government interaction in the context of international policy
coordination as well as renewed protectionism. Finally, we also want to gain
new insight on changes in the macro-level institutions of capitalism that
affect IB transactions. Here, we welcome creative thinking on the design of
new, macro-level institutions aimed to prevent future economic crises. From
a conceptual perspective, we do expect scholars submitting papers to
understand the foundations of modern international business theory, as laid
out by Professor Dunning, but do invite creative perspectives informed by
any relevant scholarly discipline. Papers may address the antecedents or
consequences of global economic/financial crises for international business,
the nature of crises as they unfold internationally, and/or the role of
international firms and markets in these crises, from both theoretical and
empirical viewpoints. Papers may also examine global economic crises and
consequences for firms from a comparative institutional or cultural
perspective. Moreover, papers may address policy responses to such crises
and formulate policy reforms of institutions and markets moving forward
based on sound theories and empirics.
The Special Issue Editors have intentionally kept the above list of
suggested topics short so as to stimulate creativity and thereby encourage
prospective authors to adopt a variety of perspectives in approaching this
subject. Key is that all submissions on global economic crises are viewed
from an IB perspective. All submissions must fit within the domain statement
of the journal and follow the JIBS policy statements including the Statement
of Editorial Policy, Information for Contributors, Style Guide and Code of
Ethics; see
http://www.jibs.net.
Submission Process
All manuscripts will be reviewed as a cohort for this Special Issue.
Manuscripts must be submitted in the window between January 4 and January
29, 2010, at
http://mc.manuscriptcentral.com/jibs. Please select the option
from the special issue drop-down menu in Manuscript Central that identifies
your paper as a submission for the "Global Economic Crises and International
Business" Special Issue, and include the words "Global Economic Crises and
IB Special Issue Submission" on your title page. All submissions will go
through the JIBS regular double-blind review process and follow the same
norms and processes. As manuscripts are accepted for publication, they will
be posted in the Advance Online Publication system on
http://www.jibs.net.
For more information about this Call for Papers, please contact the Special
Issue Editors or the JIBS Managing Editor (
managing-editor@jibs.net).
-------------------
Anne Hoekman
Managing Editor, Journal of International Business Studies
JIBS Editorial Office
Academy of International Business
Michigan State University
Tel: +1-517-432-1452
Fax: +1-517-432-1009
E-mail:
managing-editor@jibs.net
Web: www.jibs.net