The liberalization of financial market
The liberalization of financial market, the lowering of international tariff barriers and the popularization of internationaliztion of businesses in general has created a need for firms all over to globalize and create a borderless world market (John, 2005; Robert et al, 2000; Ohmae, 1990, 1995). This need is has been further aided and fuled in recent times with the advent of computers, internet, and mobile technology. Some of the firms are in fact forced to look into the global market for survival with this trend.
However, with most of the company this need has to do more with a desire for global fame and recognition and needless to say more profits and perks (except of course in the case of the non-profit organizations) (Daniels et al, 2001). This chapter would present an analysis and review of the term ‘internationalization’ as given by various researchers. This would be followed by an in-depth study of internationalization processes, theories, strategies, challenges and its success determinants.
According to Daniels et al (2001), one of the major reasons various firms internationalize is a need to expand sales, and also to acquire resources both material and human, and finally to minimize risk. This is achieved by various investment modes such as sole ventures, joint venture schemes, licensing, franchising, foreign direct investments, and various other strategic alliances. These are discussed in detail in this chapter.
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