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FI.Chapter26 - .1a/1 fuE cEEtEer*tEcrc*E FEE?as'e*saE ffi...

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{/ /,)' ../1 ,.1a fuE cEEtEer*tEcrc*E FEE?as'e*saE ffi acr*s*EE?s:'it'r rom thc cnct of l'lorld lvar Il until tho 1970s, the United States ctominatc.l thc uorld economv Ho$.ever, that sihlatiorr and Jnpnn's ftvotn and Honda are all wa8- ing caInpaigns to be idcntified as Amcrican colnpanies th.lt emplov Americans, transl€r technobgy to America, and hclp lhe U.S. tr, i, h.rl,,r,r'. l., h An"eric, r', lr.'\ or ..,,! h.rl Ih.,..r-,r ,i$ n. he l(( A ., Ct L,en.r.1l EleLtric nanres in consumer electronics, or lhit l)hilips o\\ns Magna\.ox. 'l'he eDrerBencc of "r1,or1d companies" r.ri.\\,r h^\l ,,f !,ue-lrorr. i^r 8.,\"n,Ilrer,r.. For examPle, should doncsiic firms bc favorcll, rD does it make no difference u,hat ,' c,'r' p.I \ . r,.r.i^n,,lil\ i. d.lnnil r. it I r,. viclcs ilcDrestic jobs? Should a conpany nr.rl., .,r . ll,'r ,., ., ef ob. .n ir. r., Ie, ou,, ry ',.\,.,,1(l r. trodL.FB...J. ro -pr\i.,, whcrc costs arelowest? What nation contr(ts tLr( h\l, r.,l ,t) dc\e|,1\d b) ., m lrrr.,r'r,r,rl corporntion, particlrlarly if the tcchnologv can bc used in mjlitarv applications? MLrst a moltinatidlal conpanv adhcre to mles imposect in its homecoultr),with respect t(l its opcrations outsidc the home couitrv? K(, p tl',*, l,re'rroI' rn mllrd a" \,,u r".,d thr. , h,r!.r.r. \4 ll, n \,'u tIlll-l- rt. \ ,,1 ,1 .,u'J hn!,, her,rr,rfpr,Li.rlron oil^orh il,e p..1, 1, r1. J.r, irg d'\\ r n.rnFnl\ and l,e orllrL lll I'ur pr,,rir,)lr onfo'rJr't:r- ,. ,g m.r.r- agcrs ot D[r]lnrational conrpanies. no longer exists. Ra\a. materials, linished goods, serviccs, and money flow ireelv across nx)st naiioral boundafies, as do innovaiivc ideas ancl new iechnologies. World class U.S. (,'r"fr,'i,\ .,rc mdling bredLlhr,,ugh. i'r toroign labs, obtanrnrg capital fron loreign invcstors, and putinrg foreign enrployees on thc fast track to ihe top. Dozens of k)p U.S. nlanufacturers, including Dol{' Chemicil, Colgtlto-Pahnolive, H$vletiPackar.l, and XcR)x, sell more of iheir prcducts outsicle the tllilccl Stntcsthan they do at home. Ser.r'rcc firms arc not far belir]d, as Ctigroup, Disnc),, N4cDonjlcl's, and Time Warner a[ receivc nr('e thnn 20% of their revcnues ftom forcig sales. Succcssful jllobal conpanies must conlluct busincss in.{ifferent econonies, and they nrLrst be scnsiti!'e to the manv subtletics of differcnt clrltures and political svstcms. Accorclinglv, thev find it useiul to blen.l rnto thc forcign landscape to win product accep lancc aDd a\bid political problems. At tire salne iirne, forei8n-basecl nrulthir r 'r,,.)l- ., r ,,rrr\ Il)t or \re' .dr, .h,,r.- i.r evcr grcater numbcrs. Sh'eden's ABB, ihe Nothcrlalrds' Philips, France's Thornson, 'rhschopiebeiefledfromr,ehep.lPofesorRaycrum.fhel.rnvd6ryofFoddoordsubuVenkoturomoio{Moryonslontey
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930 Chopler 26 Mu iinotionol F noiciolMonogemeni M,lnagers of multinational companies must deal u'ith a wide rangc of issues ihat are not prcsert i{'hen a coNpany operates in a single country.In this chaptea rvc highlithl the kcy differenccs beh{een multinational and dorrestic corporatiors, anLl i{e discuss the effects these diflerences have on the financial managcment of muliinatidlal businesses.
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