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1、1. Differences in legal systems: COMMON LAW is based on the cumulative wisdom of judges decisions on individual cases through history. These cases create legal precedents, which other judges use to decide similar cases. For example, the United States of America, the United Kingdom, Canada CIVIL LAW
2、is based on a codification, or detailed listing, of what is and is not permissible. For example, French, GermanOne important difference between common law and civil law systems is apparent in the roles of judges and lawyers. In a common law system, the judge serves as a neutral referee, ruling on va
3、rious motions by the opposing parties lawyers. These lawyers are responsible for developing their clients case and choosing which evidence to submit on their clients behalf. In civil law system, the judge takes on many of the task of the lawyers, determining, for example, the scope of evidence to be
4、 collected and presented to the court. RELIGIOUS LAW is based on the officially established rules governing the faith and practice of a particular religion. Theocracy. For example, Iran BUREAUCRATIC LAW is whatever the countrys bureaucrats say it is, regardless of the formal law of the land. Contrac
5、ts can be made or broken at the whim of those in power. 2. Laws directed against foreign firms: Nationalization: Often when leftist governments obtain power, they choose to transfer ownership of resources from the private to the public sector. Expropriation: The transfer that when the host governmen
6、t compensates the private owners for their losses. Confiscation: The transfer that when the host government offers no compensation. Privatization: The conversion of state-owned property to privately owned property. Constraints on foreign ownership: to avoid having their economies or key industries c
7、ontrolled by foreigners. Repatriate: Countries can also constrain foreign MNCs by imposing restrictions on their ability to repatriate (return to their home countries) the profits earned in the host country.3. Political risks Political risk is divided into macropolitical risk (affects all firms in a
8、 country) and micropolitical risk (affects only a specific firm or firms within a specific industry).Examples of political risks:TYPE IMPACT ON FIRMSexpropriationLoss of future profitsConfiscationLoss of assets; loss of future profitsCampaigns against foreign goodsLoss of sales; increased costs of p
9、ublic relations efforts to improve public imageMandatory labor benefits legislationIncreased operating costsKidnappings, terrorist threats, and other forms of violenceDisrupted production; increased security costs; increased managerial costs; lower productivityCivil warsDestruction of property; lost
10、 sales; disruption of production; increased security costs; lower productivityInflation Higher operating costsRepatriation Inability to transfer funds freelyCurrency devaluationsReduced value of repatriated earningsIncreased taxationLower after-tax profits4. Elements of cultureLanguage; communicatio
11、n; religion; values and attitudes; social structure5. Low-context culture: the words used by the speaker explicitly convey the speakers message to the listener, such as German, Canadian, British, American.High-context culture: the context in which a conversation occurs is just as important as the wo
12、rds that are actually spoken, and cultural clues are important in understanding what is being communicated, such as Chinese, Korean, Japanese.6. Hofstedes five dimensions of national cultureSocial orientation: individualism-America; collectivism-JapanPower orientation: power respect-Asia; power tole
13、rance-AmericaUncertainty orientation: uncertainty acceptance-the United States, Hong Kong of China, Singapore; uncertainty avoidance-Austria, Japan, Italy, FranceGoal orientation: aggressive goal behavior-USA, British, German; passive goal behavior-SwedenTime orientation: long-term outlook-Japan, Ho
14、ng Kong of China, Taiwan of China; short-term outlook-Pakistan, Philippines7. What is international strategic management and whats the aim of international strategic management?International strategic management is a comprehensive and ongoing management planning process aimed at formulating and impl
15、ementing strategies that enable a firm to compete effectively internationally.8. Strategic alternatives The home replication strategy: The firm uses the core competency or firm-specific advantage it developed at home as its main competitive weapon in the foreign marks that it enters. the the The mul
16、tidomestic strategy: The firm views itself as a collection of relatively independent operating subsidiaries, each of which focuses on a specific domestic market. the gThe global strategy: The firm views the world as a single marketplace and its primary goal is to create standardized goods and services that will address the needs of customers worldwide.
