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Michel Villette Janvier 20091 International Dimensions of Management Michel Villette.

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1 Michel Villette Janvier 20091 International Dimensions of Management Michel Villette

2 Michel Villette Janvier 20092 International Dimensions of Management Course Objectives The course is designed to provide a comprehensive and up-to-date overview of the main issues managers are facing within European multinational corporations. After a brief identification of the strategic issues of internationalisation, we will focus on the difficulties and practical dilemmas professionals are confronted with, while organizing, controlling and managing a Multinational Corporation. Course Organization ( 8 x3 hours) 1. Internationalisation why ? Illusions and myths about globalization The rationales for developing business aboard. 2. The decision of developing foreign operations The different steps toward internationalisation 3. How Multinational should Your Organization be ? Ethnocentric policy Polycentric policy Regiocentric policy Geocentric policy 4. Relations between headquarter and subsidiaries -Main difficulties -Techniques and tactics -Management Accounting -Human Resources 5. Building teams for global operations 6. Managing change in the multinational company 7. Mergers, Acquisitions 8. International Joint ventures and alliances

3 Michel Villette Janvier 20093 Special Report The 400 Best Big Companies 12.22.08, 06:00 PM EST Industry is : NAME5-YEAR TOTAL RETURN %SALES ($BIL)NET INCOME ($MIL)INDUSTRY Andersons9.63.590Food Drink & Tobacco Archer Daniels15.578.12,411Food Drink & Tobacco Brown-Forman6.02.6446Food Drink & Tobacco Bunge9.454.11,519Food Drink & Tobacco Campbell Soup7.08.11,155Food Drink & Tobacco Coca-Cola2.832.16,026Food Drink & Tobacco Corn Products Intl10.83.9266Food Drink & Tobacco Flowers Foods20.42.3109Food Drink & Tobacco General Mills9.914.11,284Food Drink & Tobacco Hain Celestial Group-7.41.137Food Drink & Tobacco Hormel Foods1.56.8286Food Drink & Tobacco Kellogg6.312.71,145Food Drink & Tobacco Kraft Foods-0.141.83,323Food Drink & Tobacco McCormick & Co2.83.1261Food Drink & Tobacco PepsiAmericas3.14.9231Food Drink & Tobacco PepsiCo5.342.95,685Food Drink & Tobacco Ralcorp Holdings16.22.8168Food Drink & Tobacco

4 Michel Villette Janvier 20094 Food consumer products : REVENUESPROFITS RankCompanyGlobal 500 rank$ millions% change from 2006$ millions % change from 2006 1Nestlé5789,630128,87521 2Unilever12255,00685,322-11 3PepsiCo18439,474125,6580 4Kraft Foods19537,24102,5900 5Groupe Danone42320,128145,721237 From the July 21, 2008 issue Classement mondial des entreprises (Source : Fortune, june 2008) Beverage : REVENUESPROFITS RankCompanyGlobal 500 rank$ millions % change from 2006$ millions % change from 2006 1Coca-Cola27528,857205,98118 2 Coca-Cola Enterprises 40320,93667110 3Inbev43119,751183,00970 4 Heineken Holding 49117,19716553-27 5SABMiller49317,057152,02323

5 Michel Villette Janvier 20095 Food production : REVENUESPROFITS RankCompanyGlobal 500 rank$ millions% change from 2006$ millions % change from 2006 1 Archer Daniels Midland 15844,018202,16265 2Bunge19137,8424477849 3Tyson Foods29826,9005268 Food services : REVENUESPROFITS RankCompanyGlobal 500 rank$ millions% change from 2006$ millions % change from 2006 1McDonald's35923,23182,395-32 2Compass Group40120,950-51,01498 3Sodexo47317,6731345816 From the July 21, 2008 issue Classement mondial des entreprises source : Fortune, june 2008.

6 Michel Villette Janvier 20096 Food and drug stores : REVENUESPROFITS RankCompanyGlobal 500 rank$ millions% change from 2006$ millions% change from 2006 1Carrefour33115,585153,14711 2Tesco5194,703184,25320 3Metro5690,267201,129-15 4CVS Caremark8076,330742,63793 5Kroger8770,23561,1816 6Walgreen12553,762132,04117 7Royal Ahold13750,739-114,012256 8Groupe Auchan13950,465151,31741 9 Seven & I Holdings 14149,76891,130 10AEON15444,7078380-23 11Supervalu15744,0481859331 12Safeway16442,28658882 13J. Sainsbury20835,797106607 14Woolworths22833,442181,01634 15George Weston25430,5598524392 16Coles Group29327,5560594-32 17Delhaize Group30626,113756127 18 William Morrison Supermarkets 31025,960121,109141 19Rite Aid32824,41840-1,079-4122 20Alliance Boots34023,8121020-97 21 Publix Super Markets 36023,19461,1848 22Migros44518,9151566611

7 Michel Villette Janvier 20097 For a particular country, what is a “foreign company” ? Foreign shareholders : 20%, 50% ? Foreigners among the top managers ? Headquarter localization ? Research Localization ? Taxation policy ? Image ? Political influence ?

8 Michel Villette Janvier 20098 L’usine Akaï d’Honfleur dépose son bilan (Le Monde, 16 janvier 1997 ) Crée en 1982 avec d’importante subventions publiques et une protection douanière, l’usine Akaï d’Honfleur était un modèle social… Elle comptait 700 employés en 1993. 1993 : La direction fait savoir qu’elle ne sollicite plus pla prime d’aménagement du territoire de 5, 25 millions de francs pour un investissement de 65 millions avec 300 nouveaux emplois à la clef. Avril 1995 : La marque Japonaise Akaï est absorbée par la multinationale asiatique “Semi-Tech”. 1996 : 180 licenciements à Honfleur. Baisses de salaires allant jusqu’à 40% pour les autres. Juin 1996 : Semi-Tech revend l’usine à une société Chinoise, “ Omin Present“ dont le siège est à Hong- Kong pour un prix très bas : 392 000 Frs (pour une usine dont le chiffre d’affaires est en 1995 de 576 millions de F (et une perte annuelle de 22 millions). Septembre 1996 : Il reste 312 salariés dans l’usine, plus personne ne paie leurs salaires et on ne sait plus qui est le propriétaire de cette entreprise : il n’y a plus personne pour payer les indemnités de licenciements, les dettes aux fournisseurs et pour procéder à la liquidation. Les pouvoirs publics français, qui ont largement subventionné l’implantation de l’usine, vont devoir encore supporter le coût de son démantellement. Pour la ville de Honfleur, le projet de développement tourne au fiasco. Pour la conception de politiques industrielles, c’est un exemple à méditer…

9 Michel Villette Janvier 20099 For a particular company, what means being international ? Foreing sales as a % of total sales Foreing products diversity Age of foreing operations Number of countries where the company is operating % of third countries nationals among employees % of expatriates among employees Type of foreing operations : exportation, production, research, Type of organization, company culture and strategy.

10 Michel Villette Janvier 200910 WHY COMPANIES ENGAGE IN FOREIGN OPERATIONS? Phatak Arvind V. International Dimensions of Management. PWS Kent Publishing Company, 1992. To achieve efficiency by locating a function in that country which has a comparative advantage in providing the factors required to perform it (scale economies) ex: labor cost, cost of capital. by sharing investments and costs across more products, markets and businesses ( scope economies ) ex: research laboratories To manage risks currency wage-rate Growth rates differences between countries. To be more innovative, to learn, to adapt Technology transfer marketing intelligence benchmarking research: "In the US, all great engineers want to work on product innovation; in Asia, the best guys want to work on improving the production process" To make easy money To take advantage of cross-exchange rates between currencies To avoid strict laws and high taxation For leadership attack or counterattack against competitors power relations with clients power relations with suppliers power relations with nation-states

11 Michel Villette Janvier 200911 Who’s got the Profits ? Germany An Item is manu- Factured at a cost Of $80. It is then sold to an Irish Subsidiary for $80 Taxe Rate : 48% Taxe Paid : $0 Ireland The subsidiary Turns around and Resells the item at $150 to a U.S. sub- Sidiary earning a $70 profit. Taxe rate : 4% Tax Paid : $ 2,80 United States The U.S. subsidiary sells the item at cost, for $150. No profit is earned. The Irish subsidiary then lends money to the U.S. company for future expansion Tax Rate : 34% Tax Paid : $0.

12 Michel Villette Janvier 200912 WHY INTERNATIONAL COMPANIES ENGAGE IN FOREIGN PRODUCTION? To maintain a market position abroad despite tariff and non-tariff barriers To reduce high transportation costs To take advantage of cheap labor or cheap supply. To meet the demand of fast growing market. To meet the demand for the product quickly To builds good relations with customers and the host government To take advantage of incentives offered for direct investments

13 Michel Villette Janvier 200913

14 Michel Villette Janvier 200914 Taux de croissance de divers pays en 2009 ( année de crise) 1 Macau, China13.22009 est.Macau, China 2 Qatar9.52009 est.Qatar 3 Azerbaijan9.32009 est.Azerbaijan 4 China8.72009 est.China 5 Ethiopia82009 est.Ethiopia 6 India8.82010 est.India 7 Poland7.32009 est.Poland 8 Lebanon72009 est.Lebanon 11 Congo, Republic of the6.62009 est.Congo, Republic of the 12 Uganda6.62009 est.Uganda 13 Djibouti6.42009 est.Djibouti 14 Laos6.42009 est.Laos 15 Niue6.22003 est. 26 Turks and Caicos Islands4.92000 est. 31 Bermuda4.62004 est. 32 Gambia, The4.52009 est. 33 Indonesia4.52009 est. 34 Zambia4.52009 est. 35 Iraq4.32009 est. 70 Iran2.62009 est. United States Virgin Islands22002 est. Australia3.32010 est. Saudi Arabia0.22009 est. Brazil-0.22009 est. Norway-12009 est. France-2.22009 est. United States-2.42009 est. Argentina-2.52009 est. Canada-2.52009 est. European Union-42009 est. Italy-4.82009 est. United Kingdom-4.82009 est. Bulgaria4.92009 est. Germany-52009 est. Japan-5.32009 est. Turkey-5.62009 est. Mexico-6.52009 est. Russia-7.92009 est.

15 Michel Villette Janvier 200915 How to organize the multinational corporation ? Key questions How to encourage a predominantly domestic organization to take full advantage of growth opportunities abroad ? How to blend product knowledge and geographic area knowledge most efficiently in coordinating worldwide business ? How to coordinate the activities of foreign units in many countries while permitting each to retain its own identity ?

16 Michel Villette Janvier 200916 Area for formulation of global corporate objectives : Profitability Level of profits Return on assets investment equity, sales Yearly profit growth Yearly earnings per share growth Marketing Total sales volume Market share –worldwide, region, country Growth in sales volume Growth in market share Integration of country markets for marketing efficiency and effectiveness. Production Ratio of foreign to domestic production volume Economics of scale via international production integration Quality and cost control Introduction of cost efficient production methods Doing or buying Finance Financing of foreign affiliates Local borrowing Taxation : minimizing tax burden globally Optimum capital structure Foreign exchange management- minimizing losses from foreign fluctuations Technology Type of technology to be transferred aboard; Adaptation of technology to local needs and circumstances Host Gouvernent Relations Adapting affiliate plans to host governement developmental plans Adherence to local laws, costums and ethical standards Personnel Development of managers with global orientation Management development of host country nationals Research and Development Innovation of patentable products Innovation of patentable production technology Geographical dispersion of research and development laboratories.

17 Michel Villette Janvier 200917 Possible evolutions of a corporation toward internationalization : Foreign Inquiry Export department and direct sales Sales Branches or Subsidiaries Production abroad Integration of Foreign affiliates Alliance and Joint ventures Acquisition Of foreign companies Merger with other corporations

18 Michel Villette Janvier 200918 The Stopford and Wells Model of MNC Organizations Global Or transnational Worldwide Product Division Geographic Area Division International division Foreign Product Diversity Foreign Sales as Percentage of Total Sales

19 Michel Villette Janvier 200919 Integration & Differenciation Three Basic integrative mechanisms : Centralization Formalization Normative integration Differentiation : measured for each company as the ratio of the number of its “fit” to its “misfits” subsidiaries.

20 Michel Villette Janvier 200920 Des modèles d’organisation plus ou moins adaptés selon les secteurs :(organizational fit) Secteurs Caractéristiques du secteur Condition de La compétitivité Modèle d’organisation adapté ? Des exigences différentes selon Les pays Adaptabilité locale Multinational, Style de management polycentrique ? Coûts de R&D élevés, exigences différentes selon les pays Diffusion des compétences International Style de management ethnocentrique ? Un marché mondial homogène, des opportunités d’économie d’échelle Effets d’echelle, Production et distribution de masse Modèle global Style de management geocentrique

21 Michel Villette Janvier 200921 Research by Gates and Egelhoff, 1986, « Centralization In Headqharters-subsidiary relations », Journal of International Business Studies If a subsidiary has to face à more dynamic environment : rapid product change rapid competitive climate change then, more autonomy.

22 Michel Villette Janvier 200922 Decision problems as perceived by international affiliates CEO 1. Reaching a decision takes too long because we must get approval from headquarters 2. There is too much bureaucracy in the organization 3. Too much paperwork has to be send to headquarters 4. Headquarters staff and subsidiary management differ about which problems are important 5. Headquarters tries to control its subsidiaries too tightly 6. The subsidiary is too dependant on headquarters for new product development 7. Headquarters makes decisions without through knowledge of marketing conditions in the subsidiary’s country 8. The company doesn’t have a good training program for its international managers 9. The company has an inadequate procedure for sharing information among its subsidiaries 10. There is very little cross-fertilization with respect to ideas and problems solving among functional groups within the company 11. Headquarter is too home-country oriented 12. Headquarter managers are not truly multinational personnel

23 Michel Villette Janvier 200923 The globalization process George S. Yip, 1989, “Global strategy in a world of Nations ? Sloan Management Review,N°29 Fall 1989. Home country Step 1: Develop core Business strategy Step 2: Internationalize The strategy Step 3: Globalize the Strategy Country ABCD

24 Michel Villette Janvier 200924 Limits of globalisation positionnement product marque emballage tarif publicité Promotion commerciale distribution GLOBALNON GLOBAL Non

25 Michel Villette Janvier 200925 Stratégie d’expansion à l’international : Produit 12345 Pays 1 XXX 2 XX 3 XxX 4 X 5 X 6 XX 7 X

26 Michel Villette Janvier 200926 Réduction des risques dans une stratégie de croissance internationale : pays Segments de clientèle Produits actuels Produits nouveaux actuel 13 nouveau24 actuel57 nouveau 68

27 Michel Villette Janvier 200927 Different types of multinationals companies Global High Global Coordination Integration National Low National differentiation responsiveness Multinational High Transnational  Ethnocentric attitude  Geocentric attitude  Polycentric attitude

28 Michel Villette Janvier 200928 Organization or culture ? “The formal organization chart is a poor representation of how an organization really operate.” Organization is a set of relationships among individuals, groups, units and very different relationship patterns can flourish within the same formal structure. formal informal

29 Michel Villette Janvier 200929 Four style of management for the multinational company H.V. Perlmutter and D.A. Heeman, "How Multinational Should Your Organization Be? HBR, November-December 1974. Ethnocentric attitude "Our culture is better than Yours, we will teach You how to do " Polycentric attitude "Stay home, and do it your own Way" Regiocentric attitude "By international and let us rule the company" Geocentric attitude "Believe us, we will be global soon. Nationally will make no differences between us"

30 Michel Villette Janvier 200930 Modèle multinational, très décentralisé, polycentrique, Le siège considère le groupe comme un portefeuille d’entités indépendantes Les filiales sont autonomes et dotées de ressources stratégiques L’intégration minimum est assurée par des relations personnalisées entre dirigeants et un système de reporting léger. Siège mondial

31 Michel Villette Janvier 200931 Polycentric policy As many policy as subsidiaries. Few rules and guidelines (except finance management). CEO of Subsidiaries are host country nationals with no career opportunity aboard Strategic decisions are centralized and operational decisions at the subsidiary level The CEO of a subsidiary is autonomous as long as he as good financial results. Headquarters interventions are limited.

32 Michel Villette Janvier 200932 Polycentric policy Advantages/disadvantages CEOs are close to the subsidiary they are leading The task of the headquarters is simple Chameleon strategy to face nationalism and cultural particularities Lack of control Management of change is difficult Poor international co-ordination Managers do not have an international perspective careers are limited lack of loyalty, segregation difficulty to negotiate at an international level with clients or suppliers

33 Michel Villette Janvier 200933 Modèles international, ethnocentrique ou encore “global” Le siège considère les filiales comme des extensions de l’activité domestique. Les filiales sont dotées d’importantes ressources mais fortement contrôlées par le siège. Il existe un système sophistiqué de planification et de contrôle. Siège mondial

34 Michel Villette Janvier 200934 Ethnocentric policy Parent country - is the reference - provide the leaders - keep control Expatriates rules the subsidiaries Great privileges and advantages for expatriates Centralized decisions Careers managed by the headquarters Foreigners does not belong to the "family" Headquarters does not help very much. He is controlling.

35 Michel Villette Janvier 200935 Ethnocentric Policy Advantages/Disadvantages Uniformity of subsidiaries Cultures Technology transfers Secrecy Ethnic conflicts avoided Prestige of the parent country Response to xenophobia International reactivity Multi divisional organization is possible at a word while scale Expensive Centralization may face rebellion Decisions not adapted to the countries Permanent conflicts between expatriates and host country nationals Second class citizens are discouraged

36 Michel Villette Janvier 200936 The global corporation : a myth ? Myth, utopia, ideal ? Equal opportunity for all managers around the word No nationalist bias in the decision making process Competition among subsidiaries to develop and promote internationally recognized solutions to technical problems good co-operation among managers from different nationalities Advantages/disadvantages ? This policy match the global challenge very expensive managers becomes nomads in reality the myths does not work perfectly well Internationals managers consider themselves as an elite and may become arrogant Ex: Shell, Unilever, Nestlé, Hewlett-Packard, Schlumberger...

37 Michel Villette Janvier 200937 Regiocentric policy Three level organization: -World while Headquarters -Regional Headquarters (Europe, Asia, Middle East) -National Subsidiaries Ex: IBM, Texas Instrument, Dow Chemical, Eastman Kodak before 1985. Parents country nationals keep the top positions at the world headquarters High international mobility among managers of the same region. Career of third country nationals ended at the regional headquarters.

38 Michel Villette Janvier 200938 The regiocentric policy Advantages/Disadvantages Good relations between subsidiaries in the same area Manager mobility develop an international culture A lot of international managers are available Expatriates are well accepted by host country colleagues and subordinates International opportunities for young managers To Expensive Foreigners are second class citizens Foreigners lives the company when they have been trained as international managers. Regional diversity is high and regional policy are not adapted to the different markets To many hierarchical levels, bureaucracy. Decision process is slow,complicated and conflictual.

39 Michel Villette Janvier 200939 Le modèle transnational Référence : Christopher A. Bartlett and Sumantra Ghoshal, 1989, Managing Across Borders, The Transnational solution, Harvard Business School Press, Les actifs de l’entreprise sont dispersés géographiquement, spécialisés et interdépendants. Chaque filiale nationale doit contribuer, de manière différenciée à une stratégie définie de manière intégrée au niveau mondial. Les compétences sont développées conjointement par l’ensemble des entités et partagées au niveau mondial.

40 Michel Villette Janvier 200940 Le modèle transnational : un reseau d’exploitation de la diversité.

41 Michel Villette Janvier 200941 Dans le modèle transnational : 4 rôles possibles pour une filiale : Importance stratégique du marché local Niveau de compétence de la filiale locale - + + TROU NOIR EXECUTANT LEADER STRATEGIQUE CONTRIBUTEUR

42 Michel Villette Janvier 200942 STRATEGY IMPLEMENTATION AND MANAGEMENT OF CHANGE in the multinational corporation Bibliography Recommended books Bartlett Christopher A., Ghoshal Sumantra. Transnational management : text, cases, and readings in cross-border management. Homewood, IL, Irwin, 1992. Kotter, John P. Leading Change. Harvard Business School Press, Boston,MA, 1996. Complementary readings : Adler Nancy J. International Dimensions of Organizational Behavior. Kent Publishing Company, 1991. pages 126-142. Bartlett Christopher A. Ghoshal Sumantra. Managing Across Borders. The Transnational Solution. Harvard Business School Press, 1989. Bartlett Christopher A., Ghoshal Sumantra. Transnational management : text, cases, and readings in cross-border management. Homewood, IL, Irwin, 1992. Bogan Christopher E. English J. Benchmarking for best Practices. Mc Graw Hill, New York. Borg-Warner Chemicals case. Wim Broekhuysen. 1993. Brown Shona L., Eisenhardt Kathleen M., Competing on the edge : stratégy as structured chaos, Havard Business School Press, Boston, MA, 1998. Brunsson N, The Irrational Organization. Irrationality as a Basis for Organizational Change. John Wiley, 1985. Champy James A. and Hammer Michael, Reengineering the Corporation : A Manifesto for Business Revolution. Harper Collins PUblishers, New York. 1993. Collins Timothy M. Doorley Thomas L. Teaming up for the 90s. Business One Irwin, Homewood, USA. Crosby Philip B. Quality is Free. The Art of Making Quality Certain. Mac Graw hill, New York, 1980. Drissi Amar, It’s Impossible, so We’ll Do It. Business Life Seminar, Session of 8 April 1994, Ecole de Paris du Management. France. Duck Jeanie Daniel. Managing Change : the Art of Balancing. Harvard Business Review. November-December 1993. Evans Paul, Doz Yves and Laurent André, Human Resource Management in International Firms. Change, Globalization, Innovation. Macmillan, 1989 Evans Paul, Doz Yves and Laurent André, Human Resource Management in International Firms. Change, Globalization, Innovation., Macmillan, 1989 Gates Stephen R. Egelhoff William G. Centralisation in Headquarters- subsidiary relationships. Journal of International Business Studies. Summer 1986. Ghoshal Sumantra and Bartlett Christopher A. Changing the Role of Top Management. Harvard Business Review, January-February 1995. Ghoshal Summantra. Nohria Nitin, Horses for Courses : Organizational Forms for Multinational Corporations. Sloan Management Review. Winter 1993. Hamill Jim, Pan-Europeanisation: Myth or Reality- CMB Packaging. European Management Journal, Vol 10 N°4 December 1992. Haspeslagh P.C. and Jemison D.B. Managing Acquisition, Free Press, 1991. Kanter R.M. The change Masters, Simon and Schuster, 1984. Kelly F.J. and H.M. What they really teach you at the Harvard Business School, Warner Books, New York, 1986. Kotter, John P. Leading Change. Harvard Business School Press, Boston, MA, 1996 Kotter, John, P, Organizational Dynamics : diagnosis and intervention, Addison-Wesley, Reading, MA, 1978. Latour Bruno. Aramis. La Découverte, Paris, 1992. Marsick Victoria J. Turner Ernie and Cederholm Lars, International managers as team leaders. Management Review, March 1989. Midler Christophe. Twingo, L'Auto qui n'existait pas. Inter-édition, Paris, 1994. Mills D. Quinn. The Decline and Rise of IBM.. Sloan Management Review. Summer 1996. Mills, D. Quinn, Friesen, G. Bruce, Broken promises : an unconventional view of what went wrong at IBM. Harvard Business School Press, Boston, MA,1996. Mitzberg H. Rise and Fall of Strategic Planning, Free Press, 1993. Mumford E. and Pettigrew A., Implementing Strategic Decisions, Longman Group, 1975. Muzyka Daniel, Breuninger Hans, Rossell Gerda, The Secret of New Growth in Old German « Mittelstand » Companies, European Management Journal, Vol 15, N°2 April 1997. Nissan Motor CO. Europe case. Insead, Fontainebleau, France, Revised 1993. Nohria Nitin, Ghoshal Sumantra, The differentiated network : organizing multinational corporations for value creation. Jossey-Bass Publishers, San Francisco, 1997. Nohria Nitin, Ranjay Gulati, What is the Optimum Amount of Organizational Slack ? A study of the relationship between slack and innovation in multinational firms. European Management Journal, Vol 15 N°6, December 1997. Permutter H.V. and Heeman D.A. How Multinational Should Your Organization be ? HBR, November-December 1974. Pettigrew A., The Awakening Giant. Continuity and Change in ICI, Blackwell,Oxford,1985.. Pettigrew Andrew, The Management of Stragegic Change, Basil Blackwell, 1988. Phatak Arvind V. International Dimensions of Management. PWS Kent Publishing Company, 1992. Sadler Philip, Designing Organisations : the foundation for excellence, Kogan Page, London, 1998. Schein E.H. Organizational Culture and Leadership, Jossey Bass, 1986. Stalk G. Hout. T. Competing against Time. The Free Press, New York, 1990. Strebel Paul. New Contracts : The Key to Change. European Management Journal. Vol 11 N°4 December 1993. Yip George S. Global Strategy in a word of Nations ? Sloan Managemnet Review, Fall 1989.


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