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"Investments, Foreign Japan History."
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The Global City
This classic work chronicles how New York, London, and Tokyo became command centers for the global economy and in the process underwent a series of massive and parallel changes. What distinguishes Sassen's theoretical framework is the emphasis on the formation of cross-border dynamics through which these cities and the growing number of other global cities begin to form strategic transnational networks. All the core data in this new edition have been updated, while the preface and epilogue discuss the relevant trends in globalization since the book originally came out in 1991.
eBook
Impact of historical conflict on FDI location and performance
Historical relations between countries bring important explanatory power for foreign direct investment (FDI) decisions, yet little is known on whether a home–host country relation exhibits heterogeneous effects on FDI across the country’s subnational regions. In this study, we examine the long-term impact of historical conflict on FDI location choices and performance. Using a sample of 8,646 Japanese FDI in China, we show that civilian casualties in different provinces of China during the Second Sino–Japanese War exert deterring effects on Japanese FDI location choices. Furthermore, we demonstrate that civilian casualties negatively affect Japanese FDI performance and political capital accumulation strategies, in the forms of excessive tax payment and local employment, can reduce this negative effect. This study contributes to the discussion on how within-country differences of historical factors affect FDI location decisions and performance. The findings on firms’political capital accumulation strategies also provide important implications for FDI operation in an environment characterized by historical animosity.
Journal Article
Uncertainty, Imitation, and Plant Location: Japanese Multinational Corporations, 1990-1996
In a study of a sample of 2,705 international plant location decisions by listed Japanese multinational corporations across a possible set of 155 countries in the 1990-1996 period, we use neoinstitutional theory and research on political institutions to explain organizational entry into new geographic markets. We extend neoinstitutional theory's proposition that prior decisions and actions by other organizations provide legitimization and information to a decision marked by uncertainty, showing that this effect holds when the uncertainty comes from a firm's lack of experience in a market but not when the uncertainty derives from the structure of a market's policymaking apparatus.
Journal Article
Foreign Direct Investment in China’s Electrification: Between Colonialism and Nationalism, 1882–1952
This article traces the history of foreign direct investment in China’s electricity industry from 1882 to 1952 through the conflict between colonialism and nationalism. China’s electrification started with foreign direct investment in colonial enclaves: settlements, annexed territories, and leaseholds. Foreign direct investment contributed the majority of China’s power supply, but the penetration to China’s hinterland had faced the hurdle of nationalism on the part of both the Chinese government and the business community. Exceptions in Taiwan and Manchuria were related to Japanese colonialism, which peaked during the Sino-Japanese War (1937–1945). After World War II, domestication was implemented by the Chinese government. This article provides a new perspective on multinationals by delineating between inward and expatriate foreign direct investment in the Chinese context.
Journal Article
Investigating how exchange rates impact Japan's machinery exports since 1990
Japan exports sophisticated capital goods. Since the Global Financial Crisis (GFC), Japanese companies have offshored the production of lower-end goods and parts and components to Asian countries. Because of this, several researchers argued that a weaker yen no longer stimulates machinery exports much because an increase in Japanese exports increases parts and components imports from overseas Asian subsidiaries. This paper finds that, after the GFC, a weaker yen no longer increases Japanese machinery exports to Asia but continues to stimulate exports outside of Asia. Thus, the weaker yen since 2020 does not help Asian firms to import vital Japanese capital goods but does increase the profitability of Japanese manufacturers and their exports to non-Asian countries.
Journal Article
Measuring business-level expectations and uncertainty: survey evidence and the COVID-19 pandemic
Utilizing a unique firm-level survey in Japan that contains five-bin forecasts for sales, we document three findings. First, firm-level subjective uncertainty is highly and positively related to volatility of past firm growth. Second, there are substantial variations in subjective uncertainty across firms, with a long right tail with extremely high subjective uncertainty. In addition, firms that have exposure to international businesses either through international trade or foreign direct investment have both higher average expected sales and subjective uncertainty. Finally, the sudden escalation of the COVID-19 pandemic in January–February 2020 led to a substantial increase in firms’ subjective uncertainty. Our triple-difference estimation results show that this effect is especially large for firms that have direct exposure to China through international trade and foreign direct investment.
Journal Article
Transformation of university governance through internationalization
In order to strengthen their international presence, universities pursuing a world-class status are striving to increase their internationalization. Internationalization implies a transformation of university governance, especially for universities in a non-English-speaking system such as Japan's. This paper examines the challenges of internationalization for Japan's top universities as a transformation process of these universities' governance. First, the historical background of Japanese higher education as an early front-runner in Asia is discussed, along with the dynamics of national identity and global trends. Second, a series of government-funded programs for research and internationalization are examined from the viewpoint of governance reform. The construction of \"world-class\" universities not only implies concentrated financial investment but also a comprehensive transformation of university governance in a global context. The major challenges for top Japanese research universities in terms of maintaining and improving their international presence are also highlighted. This article suggests the importance of examining the historical and current context of university governance in East Asian higher education. (HRK / Abstract übernommen).
Journal Article
Ownership Matters: French Governments and Automotive Industrialists Facing the Japanese Challenge, 1974–1986
Between 1974 and 1986, the intervention of various French governments on both the right and the left—in addition to corporate maneuvering and increased focus on competitiveness and lean production—resulted in foreign direct investment, mergers, plant closures, and bankruptcies among struggling French automotive suppliers. This article will explore why these efforts were unsuccessful by revisiting the first Japanese attempts to enter the European automobile industry. It does so not only through the case of Nissan in the United Kingdom in 1984 but also through the essentially unfamiliar and contemporaneous example of French automotive suppliers.
Journal Article
Beyond our means
If the financial crisis has taught us anything, it is that Americans save too little, spend too much, and borrow excessively. What can we learn from East Asian and European countries that have fostered enduring cultures of thrift over the past two centuries? Beyond Our Means tells for the first time how other nations aggressively encouraged their citizens to save by means of special savings institutions and savings campaigns. The U.S. government, meanwhile, promoted mass consumption and reliance on credit, culminating in the global financial meltdown.
eBook