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Oecd Development Centre OECD DEVELOPMENT CENTRE Working Paper No. 262 STRENGTHENING PRODUCTIVE CAPACITIES IN EMERGING ECONOMIES THROUGH INTERNATIONALISATION: EVIDENCE FROM THE APPLIANCE INDUSTRY by Federico Bonaglia and Andrea Goldstein Research area: Policy Coherence and Productive Capacity Building July 2007 Strengthening Productive Capacities in Emerging Economies through Internationalisation DEV/DOC(2007)5 DEVELOPMENT CENTRE WORKING PAPERS This series of working papers is intended to disseminate the Development Centre’s research findings rapidly among specialists in the field concerned. These papers are generally available in the original English or French, with a summary in the other language. Comments on this paper would be welcome and should be sent to the OECD Development Centre, 2, rue André Pascal, 75775 PARIS CEDEX 16, France; or to [email protected]. Documents may be downloaded from: http://www.oecd.org/dev/wp or obtained via e-mail ([email protected]). THE OPINIONS EXPRESSED AND ARGUMENTS EMPLOYED IN THIS DOCUMENT ARE THE SOLE RESPONSIBILITY OF THE AUTHORS AND DO NOT NECESSARILY REFLECT THOSE OF THE OECD OR OF THE GOVERNMENTS OF ITS MEMBER COUNTRIES CENTRE DE DÉVELOPPEMENT DOCUMENTS DE TRAVAIL Cette série de documents de travail a pour but de diffuser rapidement auprès des spécialistes dans les domaines concernés les résultats des travaux de recherche du Centre de développement. Ces documents ne sont disponibles que dans leur langue originale, anglais ou français ; un résumé du document est rédigé dans l’autre langue. Tout commentaire relatif à ce document peut être adressé au Centre de développement de l’OCDE, 2, rue André Pascal, 75775 PARIS CEDEX 16, France ; ou à [email protected]. Les documents peuvent être téléchargés à partir de: http://www.oecd.org/dev/wp ou obtenus via le mél ([email protected]). LES IDÉES EXPRIMÉES ET LES ARGUMENTS AVANCÉS DANS CE DOCUMENT SONT CEUX DES AUTEURS ET NE REFLÈTENT PAS NÉCESSAIREMENT CEUX DE L’OCDE OU DES GOUVERNEMENTS DE SES PAYS MEMBRES Applications for permission to reproduce or translate all or part of this material should be made to: Head of Publications Service, OECD 2, rue André-Pascal, 75775 PARIS CEDEX 16, France © OECD 2007 2 © OECD 2007 OECD Development Centre Working Paper No. 262 DEV/DOC(2007)5 TABLE OF CONTENTS ACKNOWLEDGEMENTS.......................................................................................................................... 4 PREFACE ...................................................................................................................................................... 5 RÉSUMÉ........................................................................................................................................................ 7 ABSTRACT ................................................................................................................................................... 8 INTRODUCTION ........................................................................................................................................ 9 I. INTERNATIONALISATION BY EMERGING-MAKRKET MNE................................................... 12 Accelerated internationalisation........................................................................................................... 15 Organisational and strategic innovation............................................................................................. 15 Branding .................................................................................................................................................. 16 II. THE GLOBAL WHITE GOODS SECTOR ......................................................................................... 17 III. EMERGING MULTINATIONALS: MABE, ARÇELIK, HAIER.................................................... 20 IV. GENERAL FEATURES OF THE CASES .......................................................................................... 26 CONCLUSIONS......................................................................................................................................... 31 BIBLIOGRAPHY........................................................................................................................................ 34 OTHER TITLES IN THE SERIES/ AUTRES TITRES DANS LA SÉRIE.............................................. 38 © OECD 2007 3 Strengthening Productive Capacities in Emerging Economies through Internationalisation DEV/DOC(2007)5 ACKNOWLEDGEMENTS We thank Alice Amsden, Chiara Bentivogli, Simon Chadwick, Marco Cucculelli, Fabrizio Guelpa, Louka Katseli, John Mathews, Giacinto Micucci, Charles Oman, Lucia Piscitello and seminar participants at Banca d’Italia (Rome), Centro Studi Luca D’Agliano (Milano), MIT (Cambridge), OECD Development Centre (Paris), Università Politecnica delle Marche (Ancona), and Wits Business School (Johannesburg) for useful comments on earlier drafts. This paper builds on parallel research with John Matthews (Bonaglia, Goldstein and Mathews, 2007). The usual caveats apply. In particular, the opinions expressed are the sole responsibility of the authors and do not necessarily reflect those of the OECD, the OECD Development Centre or the governments of their member countries. 4 © OECD 2007 OECD Development Centre Working Paper No. 262 DEV/DOC(2007)5 PREFACE The emergence of new sources of international capital flows is one of the characterising features of the current phase of globalisation. That countries that were hitherto only receiving international investment are now home to multinational enterprises testify to the fact that globalisation is not a one-way street. These developments are generating social and political anxieties in OECD countries. Knowledge about this relatively new phenomenon, however, remains quite scarce and the risk of taking uninformed decisions based on scanty and shaky evidence is correspondingly high. Moreover, as multinational enterprises from developing countries now start to invest in other developing countries, the impact of their behaviour on the host economies becomes by itself worth of additional analysis, as it bears important consequences both for the private sector and policy makers in developed and developing countries alike. This paper, which is part of the on-going Development Centre’s programmes of work on export diversification and productive capacity-building in developing countries, contributes to this debate in two ways. Firstly, it presents an analytical framework for better understanding the internationalisation process of developing-country enterprises. Secondly, it applies that framework to analyse the experiences of three such enterprises. Although less studied than other industries that are often portrayed as epitomising globalisation – car, electronics or apparel, to name a few – manufacturing of household appliances is also increasingly moving towards emerging economies, either through off-shoring processes from OECD-based companies, or through the emergence and rapid internationalisation of original brand manufacturers in emerging countries themselves. The experiences reviewed here contribute towards a better understanding of the varieties of corporate strategies and of the drivers behind the internationalisation process. A staggering and distinctive characteristic of this new wave of internationalisation is the speed of the process and the ability of the latecomer firm to leverage on the opportunities for learning offered by a more interconnected economy. This phenomenon challenges the traditional view held about internationalisation strategies, based on ownership, location and internalisation advantages. Latecomer firms from emerging economies, the authors claim, internationalise to capture resources and build their competitive advantages – a reversal of the traditional perspective. The successful stories described here, while providing some encouraging evidence on the ability of developing-country firms to upgrade and expand their operations, also raise the question of sustainability. To what extent these strategies are sustainable and replicable by other firms? What upwards and downwards linkages do they establish with firms in the recipient economy? What are the implications of their behaviour for domestic firms in the home country, © OECD 2007 5 Strengthening Productive Capacities in Emerging Economies through Internationalisation DEV/DOC(2007)5 in terms of adoption of best practice technology and organisation structure? How effective are they proving as instigators of changes? Is there any notable difference in their behaviour compared to those of traditional OECD enterprises? Are these firms adopting entirely new strategies? Can’t it be that what we are currently observing is simply a transitory phenomenon, where emerging multinationals, leapfrogging the traditional steps, will eventually mature and converge towards a more conventional pathway? This paper and companion analysis being undertaken at the Development Centre on the internationalisation strategy of firms from emerging economies and other developing countries aim at providing some enlightenment to these crucial issues. Prof. Louka T. Katseli Director OECD Development Centre July 2007 6 © OECD 2007 OECD Development Centre Working Paper No. 262 DEV/DOC(2007)5 RÉSUMÉ L'émergence dans plusieurs secteurs industriels d'une « deuxième vague » d’entreprises multinationales (EMN) issues de pays en développement constitue une des caractéristiques de la mondialisation. Contrairement à leurs prédécesseurs,
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