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Abstract

The semiconductor industry was one of the chief beneficiaries and drivers of globalization in the 1990s. The competitive environment of that decade provided opportunities for multinational enterprises (MNEs) and domestic firms operating in the US marketplace.


The purpose of this paper is to identify whether there are relationships between certain business‐level strategies and firm‐level performance in the US semiconductor sector. Also, we investigate whether MNEs outperform their domestic‐oriented rivals.


Using objective measures, we uncover that a low‐cost strategy is associated with performance, while focus and differentiation strategies have negative relationships with performance. Also, firm size is strongly related to performance.


Our study contributes to our understanding of business‐level strategies with its development of new objective measures, while our findings question whether being a MNE is necessarily an advantage in the semiconductor industry.

Copyright © 2009 John Wiley & Sons, Ltd.

AbstractMultinational corporations (MNCs) are facing increasing pressure on two fronts – the demand for more transparency and disclosure and the need to implement good corporate governance practices. This paper develops several testable hypotheses that address these issues based on agency theory and stakeholder management approach arguments. As such, the relationship between corporate social responsibility (CSR) programs and firm‐level governance structures are discussed. CSR is measured using Transparency International's study on the disclosure practices of the world's largest MNCs. Links between board size, board independence, and duality are explored. The results indicate that board independence and board size are strongly and positively related to several CSR practices. In addition, extractive industries have a significant and positive impact on the level of CSR activities. Policy and managerial implications related to these findings are also discussed. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

ABSTRACTManuscript Type: EmpiricalResearch Question/Issue: The aim of this study is to uncover whether prescribed "western style" governance practices surface in the characteristics of board of directors in Turkish banks, and to see if these characteristics influence firm performance. Turkey is an emerging market drawing large amounts of foreign investment but board composition issues have rarely been analyzed.Research Findings/Results: This study investigates the association of board independence, CEO duality, board size, and board tenure with bank performance in Turkey. These relationships are examined for all 27 Turkish banks operating in the market between the years 2001–2004. Our findings suggest that the presence of insiders has a positive impact on return on assets, while duality and board tenure are negatively associated with performance.Theoretical Implications: Our study shows that Turkish banks are following a number of recommended governance practices, but the prevalence of some arrangements may exacerbate principal‐principal conflict. Whether this holds in other more closed sectors of the economy is an area worthy of further investigation.Practical Implications: The presence of duality in the form of duly empowered members/executive directors is very problematic, leading to potential principal‐principal conflict. Strategic investors and portfolio managers should challenge this arrangement before making sizable outlays in the Turkish financial sector.

AbstractThis article investigates whether firm‐level financial performance is positively associated with environmental, social, and governance (ESG) scores in emerging markets. The vast majority of extant research in this area has been conducted in developed countries, and in light of this research gap, our study examines these issues using a multi‐industry sample of firms located in 24 leading emerging markets. Using the stakeholder management and institutional theories, we develop and test our hypotheses by applying linear regression analyses on panel data from over 600 firms drawn from the Thompson Reuters Eikon database between the years 2014 and 2018. The results suggest that, after controlling for firm size and leverage, firms with higher ESG scores experience greater levels of profitability. A number of policy and managerial implications are explored based on these findings. This study adds to our further understanding of the relationship between ESG activities and firm performance in emerging markets.