Browsing by Issue Date, starting with "2008-12"
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- Partner selection for international strategic alliances in emerging economiesPublication . Li, Dan; Ferreira, Manuel PortugalRepeated partnerships in international strategic alliances (ISAs) should mitigate the effects of an under-established institutional framework, lower transaction costs, and create the conditions for the exploitation of firm-specific capabilities by multinational corporations (MNCs). However, to the best of our knowledge, no research has investigated MNCs’ preference about prior partners for ISA projects in emerging economies. This is surprising, given the high risks characterizing ISAs and the potential for reducing transactional hazards by engaging repeatedly with the same partner. Our analyses of 286 ISAs between a US MNC and a local firm in emerging economies reveal that US MNCs forming ISAs requiring higher extent of technological commitments are more likely to select their prior partners. Equity-based governance structure is a substitutive mechanism of alliancing with prior partners for MNCs to address potential opportunisms in ISAs. We also find that US MNCs are more likely to select prior partners for ISAs when there is a larger institutional distance between the partners’ countries of origin.
- Immigration and pension system in PortugalPublication . Santos, Tânia Cristina Simões de Matos dos; Domínguez Fabián, InmaculadaThe Portuguese Pension System is submitted to two risks. Over the period 2005-2050, a decrease of workforce and an increase of old-age persons are eminent, which provide for the doubling of the dependency rate. As a result the system is not financially sustainable in the medium and long terms and it is expected that the system will enter in a growing deficit in 2015, when expenditures will overcome its revenues. Hence, the system is subject to a demographic risk (associated with the reduction of the fertility rates, the augmentation of the life expectancy and the increase of the dependency rate) and to a financial insolvency risk (motivated by the lack of equatorial correspondence of expenditures and revenues). Immigration could be a solution to the unsustainability of Pension Systems. This paper examines the role of immigration on resolving these two risks. We investigate, based on the European Economy (2006) projections about the impact of ageing on the public expenditure for the period 2005-50, the required immigrant flows that maintain the old-age dependency rate observed in 2004 and we calculate also the number of immigrants required to promote a null result for the Portuguese Pension System. We conclude that the number of immigrants that guarantees a null financial result is much lower than one that eliminates the demographic risk. Still, compared with forecasts of the European Economy (2006), these figures are substantially higher and show an upward trend during the period under review, therefore, contrary to the expected trend announced by that European entity. (JEL: H55, J11, J26)
- Turismo e gastronomiaPublication . Oliveira, Simão