Observe a special needs childs activity (autistic child) when the Essay

Both home country and host country in FDI

Both home nation and host nation in FDI The remarkable development of multinationals is because of the idea of globalization which has no limits or cutoff points. For the most part inside countrys economy there are streams of products, capital and innovation. This prompts high rivalry in the business and normally organizations will in general extend their business so as to make due in the worldwide field. The nations utilize Foreign Direct Investment as a key to internationalize their business. So as to comprehend the full significance of FDI, let us see the definition. FDI is characterized as the procurement abroad of physical resources, for example, plant and gear, with operational control at last dwelling with the parent organization in the nation of origin (Buckley, p.35, 1996).In the previous 25 years, FDI is developing at an a lot quicker rate than exchange and both of these have become quicker than world yield (Kozul-Wright and Rowthorn, 1998). There are numerous variables adding to the improvement of FDI. Some of t hem are Internet, innovative headway, adaptable principles and guidelines of the nation and lesser correspondence costs. FDI animates rivalry, capital, innovative and administrative aptitudes which positively affects both host and home countrys financial development. The significance given to FDI by other nation is surprising. One such model is US which has a different office called Bureau of Economic Analysis. The office screens FDI inflows and surges and present FDI fascination plans for victories. (Graham Spaulding, 2005).This paper examinations different expenses and advantages to home nation and host nation with appropriate confirmations. Expenses and Benefits Let us talk about the expenses and advantages of FDI to both home nations and host nations. Advantages of FDI to the host nation Slope (2005) recommended that there are three principle advantages to the host nation inferred out of FDI. They are asset move impacts, business impacts and parity of installment impacts. At whatever point an organization puts resources into an outside firm, the assets are capital, innovation and administrative abilities. As far as capital, the host nation will have a higher money related status than the nation of origin. The adjustment in innovation and administrative aptitudes will drastically affect the tasks completed by the organization. In the host nation due to FDI, it makes numerous business openings through which the residents of that specific nation would be profited. The equalization of installments keeps tracks of FDI inflow and surges through two sorts of records, current record and capital record. The present record is a record of a countrys fare and import of products (Hill, 2005) and the capital record keep up buy or deal subtleties of benefits by the nation. By utili zing FDI, the nation can accomplish a present record overflow (where fares are more noteworthy than imports) and decrease current record shortage (where imports are more prominent than sends out). (Slope, 2005) Expenses of FDI to the host nation The negative impacts are named as expenses. There are likewise huge impacts which influences the host nation. At the point when a remote firm builds up with the unrivaled innovative aptitudes which can create quality things at less expensive rates, it antagonistically influences the local makers. Equalization of installments are additionally influenced by internal FDI by two sources. When there is an underlying capital inflow there must be ensuing capital surge and this will be recorded as charges on capital record. The subsequent source is because of import of products from different nations which will be recorded as charges in current record. The outside firm can change the monetary steadiness of a nation as they will be focussing just on the benefit. Inevitably all the occupants of the nation will have a mental episode to obvious loss of national sway. (Slope, 2005) Advantages of FDI to the nation of origin The advantage to the nation of origin additionally incorporates the variables like that of host nation. Regarding equalization of installments, what is charge to have nation is credit to home nation. The outward FDI likewise prompts production of new position showcase with extraordinary ability and important aptitudes. Invert asset move impact happens at whatever point assets like administrative aptitudes are moved back to the nation of origin. The benefit of the remote firm returns to the nation of origin not at all like residential makers which adds to their nation. The nation of origin is presented to make new piece of the pie and it is subject to make numerous later on. (Slope, 2005) Expenses of FDI to the nation of origin Due to FDI, the nation of origin is principally influenced by capital and work. Assume a nation A chooses to put resources into nation B, utilizing its capital and innovation there will be an expansion of monetary situation to the host nation than home nation. Indeed, even in future, if the nation A needs to make any headway, much center will be given to the organization in nation B and actualize changes. Therefore the creation in home nation diminishes and it now and again bring about closing down the entirety of its activities and totally focus on the host nation. This seriously influences the home countrys economy and work. (Slope, 2005) Outline of expenses and advantages To finish up the conversation of the advantages and expenses of FDI, focuses are arranged in Table 1 Table 1 Benefits and expenses of FDI Advantages Expenses Host nation Budgetary assets of MNEs Access to new innovation Preparing of neighborhood chiefs Occupation creation Capital inflows BOP credits from trades BOP credits from neighborhood creation of parts Rivalry of neighborhood makers BOP charges on repatriated income BOP charges on MNE imports on segments View of loss of national character Home nation BOP credits from income Production of occupations in higher ability classifications Presentation to new markets, administrative skill and innovation Ensures piece of the pie in rivalry with different MNEs Introductory speculation a capital surge BOP charges from contribution of minimal effort products Loss of fares for which FDI is a substitute Occupation misfortunes in low expertise regions Source: Hill (2005) The advantage of home nation is the expense of host nation and the other way around. Subsequent to inquiring about for a long time, market analysts have reached a resolution that have nation has a bigger number of advantages than home nation. This is a direct result of three fundamental reasons. The first is that they own advantages like innovation and brand name. Second it is exceptionally simpler to deliver in a nation where it will be advertised than creating in the nation of origin and trading as it spare expenses on transportation. It additionally precludes the issue of authorizing and taking care of superfluous weights on creation from the legislature. (World Trade Organization, 1996) The accompanying segments are representation of FDI expenses and advantages. Renault-Nissan Alliance The Renault-Nissan union in 1999 is the primary business-related and modern organization among France and Japan (www.renault.com). The partnership got an incredible consideration as they made an extremely large effect on the Japanese vehicle industry. Prior to the affiliation, Nissan was going to bankrupt and brought about an emotional loss of  ¥700 billion. At the point when it was taken over by Renault with another supervisory crew headed via Carlos Ghosn, a total rebuilding was finished. The worldwide work power was diminished by 10 percent, five plants were shut and Nissans shareholdings were sold. These were exceptionally high as indicated by Japanese guidelines (Paprzycki, 2006). The results were shocking as they recorded back to back benefit in the next years with high working edges and it was because of joined skill and innovation sharing (www.renault.com). The taking of piece of the overall industry from its opponents Honda, Mazda and Mitsubishi was an away from of its qui ckened improvement (Paprzycki, 2006). From this, it is evident that move of administrative abilities will have a gigantic effect in the accomplishment of the business. Mexican Maquiladores Maquiladores alludes to an American organization on the Mexican side of US-Mexico fringe. They are claimed by US, Japanese and European nations. The explanation behind these organizations to go to Mexico is because of cheap work and low expense (www.about.com). Numerous US organizations including GE, RCA, IBM, Coca-cola and Ford were the first to start creation in Mexico. Japanese and Korean firms likewise became significant financial specialists in 1982. Thus, it had a positive reflection on business. It rose from 100,000 of every 1982 to 500,000 out of 1992. The NAFTA usage further supported up to 1.3 million and the area detailed for 40 percent of complete Mexican fares. The measure of products sent out to US expanded from $42 billion of every 1993 to $166 billion of every 2000. Portages plant in Mexico turned into the third biggest remote possessed assembling activity in Latin America. (Jones, 2005) US - Malaysia FDI relationship The economy of Malaysia was gravely influenced by a few downturns like overall oil emergency and Asian financial emergency. Its economy again bounced back in 1999. FDI turned into a key factor in countrys improvement. Anderson (1993) proposed barely any variables that draw in FDI in Malaysia were underestimated money, minimal effort of work and genuinely low expansion rate. Despite the fact that there are numerous remote speculators, U.S. organizations positions first in FDI in Malaysia. The organizations like Boeing, General Electric, R.J. Reynolds and Bechtel were significant American financial specialists. The legislature gave ideal climatic conditions to American firms to work in Malaysia. The accompanying variables pulled in U.S. firms to put resources into Malaysia. The administration set up an Anti defilement Agency to forestall debasement in any structure. It has the equivalent legitimate structure so the speculators had extraordinary accommodation in dealing with their busin ess observing the principles and guidelines ordered by the legislature. Also there was no language issue as Malaysia is an English talking nation. The speculators got pulled in towards the motivating forces gave through assessment treatment and liberal value proprietorship. There were additionally a few issues looked by outside

An Overview of Lexapro for Mental Health Conditions

An Overview of Lexapro for Mental Health Conditions January 09, 2020 More in Social Anxiety Disorder Treatment and Therapy Social Skills Symptoms Diagnosis Coping Work and School Related Conditions In This Article Table of Contents Expand Uses Mechanism Efficacy Dosage Side Effects Precautions Discontinuation Lexapro is the trademark name for the generic drug escitalopram, which is a type of antidepressant medication. It belongs to a group of antidepressants called selective serotonin reuptake inhibitors (SSRI) that were first introduced in the 1980s. These medications are generally effective and have fewer side effects than some other antidepressants such as monoamine oxidase inhibitors (MAOIs).?? Verywell / JR Bee Use of Lexapro Lexapro was initially used only to treat depression. However, research began to show that it was also effective for other mood disorders as well as anxiety disorders. While it is currently only approved by the Food and Drug Administration (FDA) for the treatment of depression and generalized anxiety disorder (GAD), it is prescribed for many other conditions. Doctors sometimes prescribe Lexapro off-label for illnesses such as bipolar disorder, obsessive-compulsive disorder (OCD), panic disorder (with or without agoraphobia), post-traumatic stress disorder (PTSD), social anxiety disorder (SAD), migraines, and chronic pain.?? How It Works It is not known exactly how Lexapro works to reduce symptoms of depression and anxiety. However, we know that this medication has an effect on serotonin, which is a brain neurotransmitter involved in mood, sleep, and other bodily functions. It is thought that by taking Lexapro, serotonin levels in your brain become more balanced, which helps to reduce anxiety and enhance your mood.?? Efficacy Lexapro is an allosteric serotonin reuptake inhibitor, which differentiates it from other SSRIs. There is some evidence that it is more effective than a range of other antidepressants. It is often the first choice because of its efficacy and tolerability.?? How to Take It Dosage You may take Lexapro as tablets or an oral solution once daily, in the morning or evening, with or without food. The usual recommended daily dosage of Lexapro is 10 mg, but your doctor may begin at a lower dose. The dosage can be increased slowly to 20 mg or higher if needed. Doses higher than 20 mg are not approved by the FDA. Staying within the recommended dose helps to reduce the risk of side effects or adverse reactions.?? If you are experiencing the first episode of depression or anxiety, you may take Lexapro for a defined period such as between six months and one year. However, for individuals experiencing a chronic mental health condition, it may be necessary to take Lexapro for an extended period over many years. Missed Doses Missed doses should be taken as soon as you remember unless it is very close to your next dose, in which case you should take your regular dose instead. Never take two or more doses of Lexapro together at the same time. Taking your medication as prescribed will ensure that you experience its full effectiveness.?? How Long It Takes to Work It can take anywhere from one to four weeks to feel better once you start taking Lexapro, and you may not experience the full benefits of the medication until youve been following a recommended treatment plan for several months.?? Its important to recognize that you will not experience immediate relief from taking Lexapro. Side Effects The most common side effects of taking Lexapro are listed below. As your body adjusts to taking the medication, you should gradually notice that the side effects go away.?? If you notice that side effects are getting worse or are interfering with your quality of life, talk to your doctor about your concerns. Side effects can be minimized by carefully following the dosage directions given by your doctor and reporting any negative effects. Sleep disturbancesNauseaHeadachesBlurred visionDry mouthDiarrheaStomach painConstipationHeartburnLightheaded and faintnessIrritability and nervousnessDizzinessChanges in weight and appetiteFatigueExcessive sweatingFlu-like symptomsSexual side effects?? Serious Side Effects/Allergic Reactions Seek immediate help if you experience any of the following unusual side effects of Lexapro: Difficulty breathing or swallowingSwelling of the face, mouth, or tongueFeverStiff musclesFast heartbeatVomitingSeizuresRashConfusionHallucinationsSuicidal thoughts or behaviors  ?? Precautions There are many precautions involved when taking Lexapro. You can reduce potential risks by becoming aware of who should not take this medication, potential medication interactions, and the black box warning. Who Should Not Take Lexapro You should not take Lexapro if youre hypersensitive to escitalopram oxalate, meaning that you have a known allergy to the medication and experience symptoms listed in the allergic reactions in the section above such as difficulty breathing or swelling of the face, mouth, or tongue.The effectiveness of Lexapro for use with children younger than 18 years of age has not been established and its not generally recommended for kids under the age of 12.Use Lexapro with caution if youre pregnant or breastfeeding as the medication can be passed to your child. Your doctor should discuss this with you if you are pregnant or nursing a child; if not, be sure to ask about potential risks.??Finally, the side effects of the medication can be more severe in older adults. In this case, your doctor should monitor your dose and adjust as necessary to reduce the severity of side effects.?? Medication Interactions Caution should be used when taking Lexapro along with other medications. To help avoid any possible drug interactions, let your doctor know about any other prescribed and over-the-counter medications you are currently taking. Aspirin, warfarin, medication for seizures, anxiety, depression, or migraines, and nonsteroidal anti-inflammatory drugs  (NSAIDs) such as Motrin (ibuprofen) or Aleve (naproxen) can interact with Lexapro and should be used with caution. Lexapro should not be combined with monoamine oxidase inhibitors (MAOIs), and only used with tryptophan, other SSRIs, serotonin-norepinephrine reuptake inhibitors (SNRIs), and St. Johns wort with significant caution and close monitoring due to the potential for serotonin syndrome.?? Alcohol Try to avoid drinking alcohol when you are taking Lexapro, as it can reduce the effectiveness of the medication and also may increase its toxicity. Black Box Warning According to a black box warning (the strictest  warning  for prescription drugs by the Food and Drug Administration (FDA) related to a serious hazard), taking Lexapro can result in an increased risk of suicidal thoughts and behaviors, particularly in children, adolescents, and young adults. Close monitoring by your psychiatrist or doctor is important particularly if you are an adolescent or young adult taking Lexapro. Stopping Lexapro You should only discontinue taking Lexapro under the guidance of your doctor at an appropriate time (such as when symptoms have been stable for a certain period of time). If you stop taking this medication all of a sudden, you may notice withdrawal symptoms such as headaches, dizziness, excessive nervousness, or flu-like symptoms. Instead, your doctor will help to taper you off the medication in a safe and gradual way so as to minimize any withdrawal effects.?? If Lexapro is not effective for you, your doctor will work to find another medication that may help, such as another SSRI or a different class of antidepressant medication. You may also find psychotherapy helpful if that has not already been implemented. A Word From Verywell This article is meant to provide an overview of the use of Lexapro for mental health conditions and does not cover every possible outcome of taking this medication. If you have been prescribed this medication by your doctor, be sure to follow the instructions carefully. If you have additional questions, these are best answered by a medical professional.

Why Religion And Spirituality - 1160 Words

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However, as human knowledge and understanding continue to develop and provide technology that is able to gather data in order to make hypothesis and in some instances provide evidence based answers for some questions, our reliance o n religion for these answers seems to be waning. However, Mackay indicates that religion will continue to prosper due to key factors, among others, Mackay mentions a human’s needs to believe and their need to belong. This theme highlighted the significance that faith and a sense of belonging have in our society. Through reading Beyond Belief, I was drawn to reflect on the impact of faith in my personal life, and a yearning to belonging in my professional life. With reference toShow MoreRelatedWhat Purpose Does Religion Serve? Why Does Religion Continue1215 Words   |  5 PagesWhat purpose does religion serve? Why does religion continue to play an important role in human life? 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Cell Phone Comparisons - 1272 Words

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Mcdonald’s Five Forces Free Essays

M ATTRACTIVENESS IN THE DEVELOPING WORLD Mergers and acquisitions form the majority of FDI deals in the developed world, but remain relatively scarce as a mode of entry in the developing world. The infrequent use of M as a foreign direct investment (FDI) entry modality into developing regions has motivated this study. As a first step in exploring the M paradigm in developing markets this paper will classify and rank the M attractiveness of 117 developing economies. We will write a custom essay sample on Mcdonald’s Five Forces or any similar topic only for you Order Now Further, the distinction between FDI attractiveness and M attractiveness at a country and regional level will be illustrated. Mergers and acquisitions, as a mode of FDI are rare in developing countries. Only 26, 9 percent of the 11059 FDI developing economy deals documented in this study and concluded between 2004 and 2006 were cross border merger and acquisition deals, the remaining 73% of deals were all greenfield. Within the period 2002 to 2004, mergers and acquisitions made up a mere 19% of the total number foreign direct investment (FDI) deals concluded in developing economies. In contrast, cross- country mergers and acquisitions held far greater appeal in the developed world where M outnumbered greenfield FDI deals by making up 51% of the total FDI deals concluded over the same period 2002 to 2004 (UNCTAD, 2007). The clear preference for greenfield deals in the developing world indicates that there exist elements within locations attractive to M which are distinctive from those locations attracting greater greenfield activity. In order to understand these elements, M attractive and unattractive locations must first be identified and classified. M and greenfield are two distinct modes of entry with differing motivations and dissimilar host country effects. M involves the purchase of a controlling share of stock in an existing host country firm with production capacity (Raff et al, H. , Ryan, M. and Stahler, 2008) whereas 1 greenfield investments see the foreign firm building its own independent business, and sourcing all resources directly from the market (Nocke and Yeaple, 2007). The FDI attractiveness of economies has been well explored in the literature. However, research on the role of FDI in economic development is dominated by a generalised view of FDI where the separation of entry mode strategies was not central. Several authors have commented on the underreporting of M as a process distinct from the FDI umbrella in the literature; these same authors have begun to explore in greater depth the M concept (Kogut Singh, 1988; Raff et al, Ryan Stahler, 2005; Nocke Yeaple, 2007 Haller, 2008). The M literature is concentrated on the developed economies of the world as the greatest volume of M activity has historically occurred in developed regions. Much of the literature on M describes the increasing number of these deals and its importance in global FDI, often by referring to the global total (Haller, 2008; Bjorvatn, 2004; Horn Persson, 2001, Shimizu, Hitt, Vaidyanath, Pisano, 2004). None of these studies have referred to the relative scarcity in utilisation of M in the developing world relative to the developed regions of the globe. This paper aims to make a contribution not just to the emerging literature on M but also to its particular developing economy paradigm. The methodology of this study allows for the identification and ranking of FDI attractive economies, M attractive economies and for the distinction to be drawn between M attractive economies at the country level and M attractiveness at a regional level. At the country level M attractive economies are economies which attracted more M than greenfield deals internally i. e. economies attracting a greater ratio of M activity to greenfield investments. Regional M attractive economies were defined as economies which whilst attracting large volumes of M activity within a region were not attracting a greater number of 2 M deals internally. Greenfield deals continue to dominate these markets. In other words these countries were M attractive by virtue of being FDI attractive. FOREIGN DIRECT INVESTMENT IN DEVELOPED AND DEVELOPING ECONOMIES Understanding the distinction between developed and developing economies and foreign direct investment in these markets is fundamental to this study. Per capita income, an indicator of the wealth and potential of a market, is an important manifestation of the differences between developing and developed economies. Unfortunately however, developing economies are subject to frequent policy regime switches and growth rate volatility when compared against the group of developed economies (Aguiar and Gopinath, 2007). Productivity in emerging markets is unstable, here the cycle of political and economic shocks have become trends (Aguiar and Gopinath, 2007). The income inequality, higher poverty levels, governance, institutional contexts (North, 1994; Peng and Heath, 1996) and the level of economic and human development of developing economies is offset by the fact that since the early 1990’s these countries have also been the fastest growing market in the world for products and services (Khanna and Palepu, 2005). The strategic choices made by multinationals engaging in developing markets must necessarily be considered with respect to the above mentioned host country factors. Many developing economies which are characterised by an accelerated pace of economic development and a liberalisation or opening of their economies by the application of free market principles are termed emerging economies (Hoskisson, Eden, Lau, Wright, 2000). Other rapid growth countries included in this group are the transition economies of Eastern Europe which were historically planned economies but have now adopted free market principles (Hoskisson et al, 2000). 3 The literature is dominated by developed economy FDI. However, FDI patterns observed in developed countries cannot be generalized to transitional or developing economies (Pan, 2003). Blonigen and Wang (2005) have established that the factors determining the location of FDI â€Å"vary systematically† between developing and developed countries (Blonigen and Wang, 2005). In their paper, Phylatakis and Xia (2006) investigate the dynamics of global, country and industry effects in firm level returns between developed and emerging, markets. Their findings show that especially for emerging markets, country effects are more important than ndustry effects in explaining return variation for firms (Phylatakis and Xia, 2006). Sethi, Guisinger, Phelan and Berg (2003) believe that FDI flow should not only be studied at a firm level but additionally at a country level as country level factors affect the decisions of all firms over time (Sethi et al, 2003). In addition, not all of the hypothesized relationships in the literature on FDI (e. g. ex change rates and source country size) were supported in a study on the transitional economy of China (Pan, 2003). This suggests that the developed and developing region FDI paradigms should be studied as distinct entities. LOCATION FACTORS Encouraged by superior technology, faster and cheaper communications and motivated by intensifying competition, businesses are able to scour the globe in search of locations offering advantages which increase the competitiveness of the firm. Location advantages refer to the institutional and productive factors which are present in the particular geographic area chosen for FDI (Galan and Gonzalez-Benito, 2006). Dunning’s OLI theory explains a firm’s choice for a particular FDI destination. First the home based firm must possess an ability which it is able to 4 exploit abroad and which is portable. This is termed the ownership advantage (the O advantage) of the firm. The ‘L’, which is the focus of our research, refers to the location which must have desirable qualities and offer advantages to the firm. Examples of this would include large markets, production factors including cheap or skilled labour or natural resources. A locational advantage would enhance the profits of a firm. The ‘I’ refers to internalisation, which implies the firm has more to gain from the total control of the asset than by allowing control to rest with export agents or licensees (Dunning, 2001). Tong, Alessandri, Reur and Chintakananda (2008) find that country and industry effects and their interaction substantially influence firm performance. The authors advocate that industries with growth opportunities learn how to exploit country specific factors by locating operations there. Even though low labour costs are used by many developing economies to attract FDI (e. g. China and Vietnam) studies show that it is of far less consequence to FDI attraction than host market size and distance. Total costs of production taken together are however largely influential in the direction of FDI flows. High labour costs may be mitigated by the infrastructural spend on health and education which would result in a healthy, skilled and more efficient workforce which in turn acts to lower costs (Bellak, Leibrecht and Riedl, 2008). In understanding M attraction it is important to first mention the literature on FDI attraction, that is why firms go to foreign locations. According to Fontagne and Mayer (2005), firms will go to foreign locations if there exists sufficient demand in the country or region, total production costs incurred at the location are low, intense competition is not a threat, public policies are advantageous and institutions create productive and efficient economies in which to operate. Foreign locations may also be desirable in order to leverage economies of scale, take advantage of arbitrage opportunities involving factor costs, to diversify and reduce risk, exploit distinctive 5 dvantages to gain market and to escape from increasing home market competition (Rugman Li, 2007 and Rugman and Verbeke, 2001). Therefore we may expect that economies offering locational factors conducive specifically to M will display greater attractiveness values. In light of the statements above, host country demand amongst other factors is responsible for the decisions of firms to choose foreign locations it leads us to believe that market size or t he GDP of a country has an important role to play in M attraction. Therefore it may be expected that the larger a countries GDP the greater the M activity it will attract. First documented by Knickerbocker (1973) is an idiosyncrasy in the movement of firms. Firms follow into locations where other firms from their industry have already entered despite the increase in competitive intensity this generates. Therefore M attractiveness may also be related to the number of firms already functioning within the host market. This agglomeration tendency may be linked to supply chain and input-output linkages. Further by locating affiliates close to other multinational affiliates they may be able to benefit from absorbing technological spillovers. The effect of this would be the lowering of R costs and raising the firm’s competitiveness by enabling it to stay abreast of competitor strategy (Fontagne and Mayer, 2005). REGIONAL COUNTRY LEADER EFFECT Part of the focus of this paper is to explore a regional dimension of FDI and M. Much of the literature on regional leadership effects concerns Japanese FDI into the Asia-Pacific region. The ‘flying geese’ model by Ozawa describes the trend where mature products and industries are shifted from one country to another more peripheral lower cost destination within the region 6 (Ozawa, 2003 and Kojima, 2000). As the host country costs rise so it too moves toward higher value add products and the production of the good moves to the next low cost destination (Edgington and Hayter, 2000; Hart-Landsberg and Burkett, 1998). In this way advantages such as technology, employment, real incomes and innovation may cascade through a region (Clark, 1993). Several studies have shown that when MNC’s first plan to internationalise they choose geographically and culturally proximate regions, this is known as the ‘market familiarity principle’. In this way home based skills, advantages, management and resources may be leveraged to minimize transaction costs (Gomes and Ramaswamy, 1999). In ‘Regionalism and the Regionalisation of International Trade’, Gaulier, Sebastien and UnalKesenci (2004) explain the idea that regionalisation is a natural pattern and that the volume of inter-neighbour trade between countries is high due to the economic sense of trading over shorter distances. Various studies find that countries have the bulk of their foreign trade concentrated within a particular triad region (Gaulier, Sebastien and Unal-Kesenci, 2004; Rugman and Verbeke, 2004). In their study on 64 Japanese multinationals Collinson and Rugman (2008) found that only three operated globally with the remainder concentrating 80 % of their operations (sales assets) intra-regionally. More importantly, with implications for this study and the attraction of M, was the finding that region-specific regionalisation trends are linked to changes in infrastructure, information or cultural ties. Large regional trade agreements, especially when a custom union exists, were also shown to have positive effects on trade volume and created lucrative opportunities for foreign producers. The trade agreements allowed access to a large market from a single country, even if it was a smaller market than its neighbours (Gaulier, Sebastien and Unal-Kesenci, 2004). This paper 7 reinforces the importance of institutions in developing regional trade and mentions specifically that a positive â€Å"gravity† factor of regionalisation could be the swift acceleration of GDP growth of other countries within a region. Policy makers should take note that contractual relationships present significant risks to foreign MNE’s in host countries which have linguistic, legal and economic institutions systems vastly different from the home country (Clark, 1993). Promoting and facilitating corporate governance would have a positive impact on inter-company linkages with the resultant promotion of regional development. The ability to access risk finance and instruments make it critical for a firm to operate in an advantageous national location within a region (Clark, 1993). Pajunen (2008) reinforces the above idea of a MNE firm searching for the most advantageous location within a region. In order to access the rapidly expanding emerging economy market a firm may make a strategic decision to enter South America or South–East Asia and will then search for the most attractive location within that region to trade from (Pajunen, 2008). As we have seen in an earlier paragraph, the growing number of regional trade agreements allows the MNE to transact with minimal trade costs within a region. The regional leader attracts the most FDI in a region. This research asks the question who attracts the most M and why? This question may be answered by the findings of Qian, Li, Li and Qian (2008). Qian, Li, Li and Qian (2008) confirm that firms are regionally focused and also offer an explanation for the regional internationalisation of firms rather than a fully global expansion. They find that firms’ costs are lower intra-regionally and hence performance is enhanced. They add however that a threshold to performance is reached intra-regionally and that a developed country MNE may maximise performance by entering into a moderate number of developed country regions and a strictly limited number of developing regions as costs here are substantially 8 ifferent. They advocate the careful selection and allocation of resources in developing regions as over-diversification here will result in costs outweighing benefits (Qian et al, 2008). This reinforces the idea of a regional FDI leader in the developing country context that is a ‘safer’ haven for MNE resource allocation. Taking into ac count this evidence, it is possible to assume that as regional cooperation is enhanced so inter-regional trade is encouraged which results in greater amounts of FDI and M which will flow into a regional leader country with the safest reputation. MERGERS AND ACQUISITIONS An imperative of a foreign investment entry strategy is to minimise the cost of entry in order to render the venture more profitable. Cultural barriers and socio-political differences between the entrant and host raise the cost of transacting and thus the entry mode chosen will attempt to reduce this. M AND CAPABILITY SEEKING MULTINATIONALS Firms have capabilities in their own markets which are not necessarily internationally mobile, may not be useful in a foreign market or the firm may require a set of additional competencies to operate successfully in the foreign market (Anand and Delios, 2002). Anand and Delios (2002) offer a description of upstream capabilities which are described as fungible and portable; an example of this may be intangible technological know-how. By engaging in a cross-border M the firm is able to access the local knowledge and downstream capabilities of a local firm and use this to supplement its portable advantages in serving the new host market (Nocke and Yeaple, 2007). Examples of capabilities or advantages which the local firm may possess include brand, marketing and sales force knowledge, privileged access to 9 istribution channels, a capability to manoeuvre through local ‘institutional voids’ and challenges (Khanna and Palepu, 2005), emission rights for environmental pollution, landing slots at airports, scarce land or oil/mineral extraction rights amongst others (Horn and Persson, 2001). Fungible upstream capabilities are a stronger driver for acquisitions than downstream capabilities which are less fungible (Anand and Delios, 2002) . Developing countries are less likely to have superior technological capabilities than the potential developed country acquiring firm. The lower sophistication of the developing market would therefore limit the number of acquisition targets available for a developed country MNE. Acquisition targets for downstream capabilities (marketing, brand etc. ) would hold greater appeal in countries with large target markets. The number of M deals can therefore be expected to relate to market size (GDP) and market sophistication (represented by aspects like the level of human development and infrastructure). The number of M deals will also be related to the number of local acquisition targets available which in turn is dependent on the level of development of the country. ACQUISITION DRIVERS The initial choice to engage in FDI over export is dependent on how profitable the firm expects the greenfield or M to be. The second strategic choice of greenfield over M is related to the firm’s ownership of productive assets and varies both across and within industries (Raff, Ryan and Stahler, 2005). A cross border-merger provides access to a foreign market whilst a national merger relieves domestic competitive pressure. When trade costs are low however national mergers do not reduce competitive pressure and firms will seek access to foreign markets through a cross-border merger. Economic integration results in lowered trade costs and therefore increased competition which is likely to increase the profitability of acquisitions (Bjorvatn, 2004). The lowering of trade costs 10 which is dependent on host country regulations will therefore increase the level of cross-border M activity. The literature describes one of the main advantages of cross-border M to be the access which it provides to a foreign market (Horn and Persson, 2001) whilst within border mergers are generally attributed to relieving domestic competitive pressure (Bjorvatn, 2004). Raff et al (2008) explains that firms entering a foreign market will approach local firms with a merger and acquisition or joint venture proposal in order to enjoy the synergies of such a relationship. Raff et al (2008) maintain that a merger acquisition offer will be accepted by the local firm if the profitability and success of a greenfield investment by the multinational is likely and credible. Further, the greater the anticipated profitability of the greenfield investment the lower the merger acquisition price offered to the local firm. Hence M A would be preferred over greenfield as the entry costs would be lowered. The choice of greenfield over M will depend on the number of competitors in the market and the market potential as this affects the anticipated profitability of the greenfield venture or the cost of the M (Raff et al, 2007). This leads us to hypothesize that countries with greater market potential (GDP, GDP per capita and HDI) and fewer local competitors will result in a lowering of the cost of an M which in turn results in increased volumes of M. CULTURAL CHALLENGES AND THE ‘LIABILITY OF FOREIGNNESS’ Mergers and acquisitions and partially owned ventures offer the opportunity for a foreign MNE to access local assets such as brand, distribution networks and a client-base which is difficult to mobilise from home by working with local established companies (Petrou 2007). In instances where large cultural distances exist between home and host countries, Brouthers and Brouthers 11 (2000) advocate the use of acquisitions in order to confer legitimacy and cceptance on the foreign MNE. However, M involve greater costs when the cultural distance is high and therefore Chang and Rosenzweig, (2001) assert that firms would be more likely to choose greenfield entry to avoid the costs of integrating diverse company cultures. Greenfield investments offer total affiliate control and avoid post merger cultural difficulties but take a far longer time period to establish market presence and require substantial experience and know-how of local conditions (Chang and Rosenzweig, 2001). Most recently Slangen and Hennart (2008) have found that MNE’s will prefer acquisitions in culturally distant locations if they have little international experience or if they plan to grant the subsidiary autonomy in marketing. If they are internationally experienced or have no market related concerns then a greenfield is preferred in culturally distant locations. The entry choice is also industry-specific depending on the resource requirements of the firm. Manufacturing operations tend to favour greenfield deals whereas in advertising where brand and product are tailored to local tastes acquisitions are preferred as FDI entry strategies (Kogut and Singh, 1988). The above information alludes to the idea that M will tend to occur in the services industry as it confers on the MNE an understanding of, acceptance within and access to a foreign market. The information examined above dealt with the cultural challenges of M. The next section will broach the subject of institutional challenges in M deals especially in developing economies. M FAILURE 12 Approximately 70%-80% of all mergers fail (Bretherton, 2003) and KPMG reports only 17 % of cross border M s create value while 53% destroy value (Shimizu, Hitt, Vaidyanath, Pisano, 2004). These statistics may be part of the explanation for the lower volumes of M deals in developing economies where investor firms may be wary of entering into deals already known to have high failure rates and then compounding this in an environment fraught with challenges i. . developing regions. Therefore many organisations choose to enter into strategic alliances and joint ventures which allow them the benefits of searching for new market opportunities, sharing in innovation and technology, overcoming host regulatory requirements and developing new capabilities. Importantly however these alliances are easier and less costly for companies to enter and exit should the need arise. IMPORTANCE OF LEGAL AND FINANCIAL FRAMEWORKS TO SUPPORT MNE’S Market inefficiencies related to the resource profile and institutional profile of a host economy may be overcome by the entry strategy of the MNE. Chang and Rosenzweig (2001) assert that an acquisition is the quickest way for a firm to build a sizable presence in a foreign market. The challenges of this mode however involve the post acquisition cultural merge, the risk of overpaying and an inability to fully assess the value of the acquired assets (Chang and Rosenzweig, 2001). In a developing market context additional challenges to M include the scarcity or absence of legal, financial and institutional organisations and structures through which the deal could be investigated, formalised and protected and is further complicated by the existence of burdensome host country regulations relating to ownership (Khanna and Palepu, 2005). HYPOTHESIS 13 It is expected that M attractive economies in the developing world may be identified as a group distinct from FDI attractive economies depending on the context of the location factors of the host economies. It can therefore be hypothesised that M attractiveness does not equal FDI attractiveness and that varying levels of M attractiveness occur. RESEARCH DESIGN SAMPLE AND DATA SOURCES The World Bank and UNCTAD, through the annual World Investment Report and World Investment directory, publish data on over 210 economies which are divided into developed and developing economies. In this study data were assembled for 117 developing and transition economies. Blonigen and Wang (2004) in their examination of the FDI experiences of developed and developing economies conclude that the variation of data across these groups makes it inappropriate to pool data on them in empirical analyses. A further rationalisation for the isolation of developing economies from developed economies in this paper can be found in North (1994), he writes that the experiences of actors in highly developed modern economies may not be compared to that of individuals operating under conditions of uncertainty, political or economic. In order to identify regional FDI leaders, for the purpose of this study, the country data was divided into regional groupings (see table below) according to the United Nations Statistical Office as published in the UNCTAD World Investment Report classification for 2007. [Table 1 about here] VARIABLES AND MEASURES The analysis aims to separate FDI attractiveness from M attractiveness and to rank the attractiveness of developing countries to mergers and acquisitions. The data for value and volume 14 of M in the sample of developing economies was taken from the latest available M and greenfield data published by UNCTAD (based on data from Thomson Financial) over the period 2004 to 2006. Six variables were created. The table below describes, explains and shows the grouping of the variables. Group A in table 2 below represents country M attractiveness. Two measures numbers 1 and 2 were used to measure attractiveness at the country level. One is volume based; that is the number of deals in one country as a percentage of the country’s total deals, whilst two is value based that is the dollar value of deals which flowed into the respective country as a percentage of GDP. Thus the measure for country level M activity has two dimensions in this way the variable carries richer information and is less likely to be skewed by a single, large dollar value deal. As this measure is computed using per country total deals and per country GDP as the denominator, it is an intra-country measure. Group B in table 2 represents regional M attractiveness and contains 3 measures. Again both a volume and a dollar value were used to measure regional M activity for the same reasons listed above for country attractiveness. If for example a country attracted one very large dollar value deal, but no other deals, it may be read as an M attractive economy when in fact it only attracted a single deal. This regional group of variables is computed using the number of total regional M deals, the number of total regional FDI deals and the dollar value of the total regional FDI inflow as the denominators. Thus it measures the country’s M volume and value respective to the regional total. It is an intra- regional value. Group C in table 4 contains one measure for the FDI attractiveness of a country in a region. This measure includes all deals (greenfield and M) which a country attracts with respect to the total number of deals concluded in its geographic region. 15 [Table 2 about here] METHOD OF ANALYSIS The statistical challenge in this study was to find a method which would allow for the separation of FDI attractive economies from M attractive economies and of M attractive from M unattractive economies. Two statistical methods were utilised to test the variables. A cluster analysis allowed for countries with similarities based on the variables to be clustered together. A principal component analysis was performed in order to create an M attractiveness ranking of the sample countries. CLUSTER ANALYSIS INTRODUCTION TO CLUSTER THEORY A cluster analysis is a statistical tool which allows for the discovery of meaningful structures within data without explaining why they exist. This allows data to be sorted into groups or categories where the members of each group have a high degree of association with each other and a minimal association if they belong to another group. Thus this technique places the economies under study into clusters based on well defined similarity rules and finds the most significant groups of objects. (http://www. statsoft. com/textbook/stcluan. html) Clustering is the term used to describe the presence of separate and distinct groups in the data however if clustering is not recognized by failing to visually inspect the data (scatterplots or another graphing technique), the correlation coefficient may suggest that no relationship exists even though within each cluster a clear relationship may indeed exist (Siegel, 2000). As an initial exploratory step and in order to determine which of the variables listed in Table1 were most successful in dividing the economies a cluster analysis was performed. 16 The data for some variables such as GDP had a very different scale to the some of the smaller scale values e. g. Polcon 3 index. The data was thus standardized to allow each variable an equal opportunity to display significance in the cluster analysis and prevent any one variable dominating (Boudier-Bensebaa, 2008). A cluster analysis was run on the variables listed in table 2 above. A four cluster solution was accepted as all the clustering variables proved to be significant. PRINCIPAL COMPONENTS ANALYSIS A principal components analysis allows for the identification of underlying factors in the variables which account for the largest variance amongst the data set of 117 countries. Table 3 below shows the variables used in the principal component analysis grouped at the country and regional level. This analysis is undertaken in order to create an attractiveness value per country which allows the developing countries to be ranked based on their M attractiveness score. Understanding Principal Component Analysis The principal component analysis (PCA) is a data reduction technique that distils the essence of several variables into a smaller number of components which explain the variance in the data. The regional and country variables listed above showed correlations but rather than discard them they are rolled into a two factor composite M attractiveness value one factor for regional attractiveness and one factor for country attractiveness. The principle of parsimony (simplicity and reduction) is followed by creating an attractiveness value out of the variables, in this way more meaningful and richer measure is created and the dimensions of the data set become more manageable (Siegel, 2000 p586; Berenson Levine, 1986). 17 The Eigen analysis is the name of the mathematical technique used in PCA. Eigen values show the percentage of variance explained by each component, the largest Eigen value is the first principal component, the second largest Eigen value is the second principal component, and so on. (http://www. fon. hum. uva. nl/praat/manual/Principal_component_analysis. tml). The Eigen values for our study were determined; these values were then plotted on a scree plot to illustrate the importance of each of the components. A factor analysis was performed on the all the variables in table 3 above. The PC analysis will create factors by reducing the data into its underlying dimensions. These factors allow for an attra ctiveness score to be generated for each country. THE VARIABLE DENOMINATORS [Table 3 about here] The country level variables were expressed as percentages of per country GDP, per country FDI inward stock and total number of per country FDI deals. Therefore outcome values expressed are all calculated with respect to intra-country measures. The regional level variable denominators included the total FDI flows into a geographic region, the total number of M deals in a region and the total number of FDI deals in a region (e. g. Central America, North Africa etc) and are expressed as percentages. Therefore all values are calculated with respect to regional totals. By separating the variables a richer result is obtained, the analysis is able to pick out regional leaders and interesting countries which may not be FDI attractive but nevertheless are M attractive. If the analysis had not made the distinction between attractiveness at the country level 18 and regional level the interesting case of Libya where M deals predominate would have been lost as its total FDI is so small. RESULTS: THE FOUR CLUSTER SOLUTION, DESCRIPTIONS AND MEMBER COUNTRIES The results of the four cluster solution is summarised as a profile plot with the means percentages included in table 4 below. The premise that a country level and regional level group exist in the data was confirmed with the cluster analysis. All the countries in cluster 1 showed a high value for the intra-country number (or volume) of M deals respective to the other clusters. Cluster 1 countries are intra-country performers. They do not perform well at a regional level. Cluster 4 countries are country level performers like cluster 1 but perform better on M dollar sales value than on M volume. For the purpose of this study clusters 1 and 4 are both considered as country level performers, their distinction lies in a difference of measure that is volume of M deals versus value of M deals respectively. Cluster 2 displays a strong performance on the regional level M variables. Cluster 2 also displays the strongest regional FDI attraction. Cluster 2 countries are regional performers. [Table 4 about here] [Table 5 about here] [Figure 1 about here] Cluster 3 countries do not perform on any of the variables; they may be labelled poor M performers. Table 5 above lists the member countries of each cluster. In light of the descriptions defined above, each of the four clusters has displayed distinctive mean characteristics based on a regional and country distinction and on the strength of the M 19 ttraction. In order to illustrate each clusters level of attractiveness graphically, the clusters have been plotted onto the axes above (Figure 1), the y axis representing country attractiveness and the x axis representing regional attractiveness. PC ANALYSIS AND EIGEN VALUES: The PC analysis in table 6 below shows the reduction of the five variables into a two factor solution which explains 80, 3 % of the variance of the underlying variables. The Eigen value is the variance explained by each factor of the underlying variables. [Table 6 about here] The PC analysis onfirmed the premise held of there being both a regional and a country effect in the data by loading all the regional variables on factor 1 and the country variables on factor 2. Factor 1 is a regional M attractiveness factor and factor 2 is an intra- country M attractiveness factor. The 117 countries on the data table are run against these attractiveness values in order to obtain a regional and a country level attractiveness value for each. This is accomplished by multiplying each country’s variable score by the factors in the table. The regional PC factor value allows for the generation of a regional attractiveness value for each country whilst the intracountry PC value allows for the generation of an intra-country attractiveness value for each country. Two lists are thus created, a list of the 117 developing countries with regional attractiveness values and another containing the same 117 developing countries with intra-country attractiveness values. PER COUNTRY ATTRACTIVENESS VALUES AND RANKING: 20 In order to make sense of the country and regional attractiveness values each list was ranked and ordered so that the countries appear in order of attractiveness. The top quartile or quartile 1 (Q1) is the least attractive to M activity, the bottom quartile or quartile 4 (Q4) is the most attractive. Therefore the higher the ranking the more M attractive the country is. The following countries were not ranked as they had no M activity: Azerbaijan, Brunei Darussalam, Cameroon, Equatorial Guinea, Eritrea, Ethiopia, Guyana, Honduras, Myanmar, Nepal, Paraguay, Qatar, Senegal and Suriname. At the regional level the most M attractive economies were India, RSA and Brazil, Russia, Turkey and Mexico, Table 7 below lists and ranks the most regionally M attractive economies. Table 8 ranks the least attractive regional economies with Burkina Faso, Yemen and Albania being the most unattractive M economies regionally. The countries most attractive to M at the country level that is those countries attracting a greater number of intra-country M than greenfield deals are listed in Table 9, the top ranked countries are Mauritius, Burkina Faso, Bulgaria, Panama, and Ghana. The most unattractive country level economies for M activity are listed in Table 10, with the UAE as the most unattractive followed by Tanzania and Saudi Arabia. Table 7 about here] [Table 8 about here] [Table 9 about here] [Table 10 about here] [Figure 2 about here] 21 Figure 2 above is a scatter plot of the country level economies list on the ‘y’ axis and the regional level economies list on the ‘x’ axis. The most attractive country level economies (attract more M than greenfield internally) can be seen on the upper left section. The most attractive M economies on t he regional list can be seen on the lower right section of the plotted area. These economies attract the most M deals in their geographic regions. The line drawn through the origin recreates the M attractiveness axes shown in Figure 1 which can be superimposed over this plot. DISCUSSION For both sets of analyses the regional FDI leaders correlated. This list included the Cluster 2 countries and top ranked regional M attractive countries (India, RSA and Brazil, Russia, Turkey and Mexico). The large market sizes of these regional leader countries have several implications in terms of M attraction. First, large markets attract market seeking MNE’s, the literature shows that these firms are likely to utilise M as a mode of entry (Buch and De Long, 2001). The fact that they are economic hubs and attract greater volumes of FDI than other developing countries also results in an increased presence of foreign affiliates operating in their markets (Qian and Delios 2008; and Kolstad and Villanger, 2008). These affiliates are likely to be followed by service industry firms (following their domestic clients) into these foreign markets (Qian and Delios 2008) thereby creating a virtuous circle for increased FDI and M activity. These countries are FDI poster boys in their respective regions and are M attractive by virtue of being FDI attractive. A distinct group of countries emerged as country level M leaders in the PC analysis and as the members of clusters 1 and 4. These comprise an interesting and eclectic mix of countries which include amongst others Mauritius, Burkina Faso, Bulgaria, Panama, Ghana, Kyrgyzstan, Armenia, Croatia, Ukraine, Colombia, Yemen and Azerbaijan. They are not regional FDI leaders but 22 attracted a greater amount of M activity than greenfield activity. In these countries, M attractiveness is not distorted by the regional leader effect and associated FDI attractiveness; hence M host location attractiveness can be studied in a purer form. Differences exist between the regional leader group and the country level leader groups which make these groups unique. The Cluster 4 and top ranked country level M attractive economies must possess some interesting locational features considering that these are smaller economies which do not comprise the largest markets in the sample. Given that M are more frequently used as a mode of entry in developed countries, location features may exist in the country level attractive group which mimic certain developed market conditions. M attractiveness at the country level may be a marker for development. The cluster 2 and regional leader groups whilst attracting large volumes of M activity within a region were not attracting a greater number of M deals internally. Greenfield deals continue to dominate these markets. In other words, it is partly true that these countries were M attractive by virtue of being FDI attractive. Examining however the PC analysis at the country level of M attraction and the cluster 4 countries in the cluster analysis, we are able to identify true M attractive economies i. e. economies attracting a greater ratio of M activity to greenfield investments. It can now be stated that FDI attractiveness does not automatically mean M attractiveness as the analysis has isolated clear groups of countries which are FDI attractive and which attract more greenfield activity and those which are M attractive. Lipsey comments on the absence in the literature of the effects which FDI may have on a country’s consumers. Mergers and acquisitions may result in the consolidation of industries increasing the monopoly power of firms with resulting higher prices (Haller, 2008; Nocke and 23 Yeaple, 2007). Greenfield operations would have the opposite effect by reducing the power of local producer monopoly positions and increasing local competition. At the same time superior technology and innovation brought in by the acquiring firms may improve local production efficiencies thereby lowering the local cost of goods (Lipsey, 2002). The dissimilar spillover effects of greenfield versus M is a clear motivation for the two modes of entry to be analysed and understood as distinct entities, even though much of the literature on the developmental role of FDI treats FDI as a single entity (Dunning Narula, 1996; Dunning 2001; Rugman Li, 2007). The effects of M investment into developing regions, local linkages and their impact on growth and development in the host may also be areas of great interest especially to policy makers. Future research directions would be to identify exactly what the macro-economic markers of development are which attract M to certain developing economies. An understanding of location factors and macro-economic markers of development in developing countries may also be beneficial to MNC’s searching for optimal M locations in new global neighbourhoods. 24 REFERENCES Aguiar, M and Gopinath, G (2007), Emerging Market Business Cycles: The Cycle Is the Trend, Journal of Political Economy, Vol 115, and No. 1 Anand, J. and Delios, A. (2002) Absolute and relative resources as determinants of international acquisitions, Strategic Management Journal, Vol 23, p 119-134 Bellak, C. , Leibrecht, M. and Riedl, A. (2008) Labour costs and FDI flows into Central and Eastern European Countries: A survey of the literature and empirical evidence, Structural Change and Economic Dynamics, Vol 19, p 17–37 Bjorvatn, K. 2004) Economic Integration and the profitability of cross-border mergers and acquisitions, European Economic Review, Vol 48, p 1211-1226 Blonigen, B. 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(1993) Global interdependence and regional development: business linkages and corporate governance in a world of financial risk, Transactions of the Institute of British Geographers, New Series, Vol 18, No3, p309-325 Collinson, S. nd Rugman, A. M. (2008) The Regional nature of Japanese multinational business, Journal of International Business Studies, Vol 39, p 215-230 Dunning, J. H. and Narula, R (1996) Foreign Direct Investment and Governments, Catalysts for economic restructuring, Routledge, London, 1996. Dunning, J. H. (2001) The Eclectic (OLI) Paradigm of International Production: Past, Present and Future, International Journal of the Econom ics of Business, 2001, Vol 8, No 2, p173-190 Edgington, D. W and Hayter, R (2000) Foreign Direct Investment and the flying geese model: Japanese electronics firms in Asia – Pacific, Environment and Planning A, 2000, Volume 32, p281-304 EIU, (2007) Economist Investment Unit 25 Fontagne, L. and Mayer, T. (2005) Determinants of Location Choices by Multinational Firms: A Review of the Current State of Knowledge, Applied Economics Quarterly, Vol 51, p 9-34 ( Article requested directly from author, unavailable online) Galan, J. I. and Gonzalez-Benito, J. (2006) Distinctive determinant factors of Spanish foreign direct investment in Latin America, Journal of World Business, Vol 41, p 171–189 Gaulier, G. Jean, S. and Unal-Kesenci, D (2004) Regionalism and the Regionalisation of International Trade, Regionalisation No 2004 – 16, November, CEPII, Working Paper No 2004-16 Gomes, L. and Ramaswamy, K. (1999) An empirical examination of the Form of the Relationship between Multinationality and Performance, Journal of International Bus iness Studies, Vol 30, No1, (1st quarter, 1999), p 173-187 Hart-Landsberg, M and Burkett, P. (1998) Contradictions of Capitalist Industrialization in East Asia: A Critique of â€Å"Flying Geese† Theories of Development, Economic Geography, Vol. 4, No. 2 (Apr. , 1998), pp. 87-110 Haller, S. A. (2008) The impact of multinational entry on domestic market structure and investment, International Review of Economics and Finance, (2008), doi:10. 1016/j. iref. 2008. 02. 004 Horn, H and Persson, L (2001) The equilibrium ownership of an international oligopoly, Journal of International Economics, Vol 53, p 307-333 Hoskisson, R. E. , Eden, L. , Lao, C. M. and Wright, M. (2000) Strategy in Emerging Economies, Academy of Management Journal, Volume 43, No 3, 249-267 Khanna, T. nd Palepu, K. (2005) Strategies That Fit Emerging Markets, Harvard Business Review, June 2005. Knickerbocker, F. T. 1973. Oligopolistic reaction and the multinational enterprise. Cambridge MA Kogut, B. and Singh, H. (1988) The effect of national culture on the choice of entry mode, Journal of International Business Studies, Fall 1988 Nocke, V. and Yeaple, S. (2007), Cross- border mergers and acquisitions vs. Greenfield foreign direct investment: The role of firm heterogeneity, Journal of International Economics, Vol 72, p 336-365 North, D (1994) Economic performance through time, American Economic Review, 84 (3), 1994 Ozawa, T. (2003) Pax Americana-led macro-clustering and flying geese-style catch-up in East Asia: mechanisms of regionalized endogenous growth. Journal of Asian Economics Pajunen, K (2008) Institutions and inflows of foreign direct investment: a fuzzy- set analysis, Journal of International Business Studies, Vol 39, p 652-669 Pan, Y (2003) The inflow of foreign direct investment to China: the impact of country-specific factors, Journal of Business Research, Vol 56, p 829–833 6 Peng, M. W. , Wang, D. Y. L and Jiang, Y (2008) An institution- based view of international business strategy: a focus on emerging economies, Journal of International Business Studies, Vol 39, No 5, p 920-936. Petrou, A. (2007) Multinational banks from developing versus developed countries: competing in the same arena? Journal of International Management, Vol 13, p376–397 Phylatakis, K. and Xia, L (2006) Sour ces of firms’ industry and country effects in emerging markets, Journal of International Money and Finance, Vol 25, p 459-475 Qian, G. Li, L. , Li, J. and Qian, Z. ( 2008) Regional diversification and firm performance, Journal of International Business Studies, Vol 39, No2, p 197-214 Raff et al, H, Ryan, M. , and Stahler, F. (2008) The choice of market entry mode: Greenfield investment, M and joint venture, International Review of Economics and Finance (2008), doi:10. 1016/j. iref. 2008. 02. 006 Rugman, A. M. and Li, J. (2007) Will China’s Multinationals Succeed Globally or Regionally? , European Management Journal, Vol 25, No 5, p333-343 Rugman, A. M. and Verbeke, A. 2004) A perspective on regional and global strategy of multinational enterprises, Journal of International Business Studies, Vol 35, p3-18 Rugman, A. M. and Verbeke, A. (2008) The theory and practice of regional strategy: a response to Osegowitsch and Sammartino, Journal of International Business Studies, Vol 39, p 326-332 Sethi, D. , Guisinger, S. E. , Phelan, S. E and Berg, D. M. (2003) Trends in foreign direct investment flows: a theoretical and empirical analysis, Journal of International Business Studies, Vol 34, p 315-326 Shimizu, K. , Hitt, M. A. , Vaidyanath, D. and Pisano, V. 2004) Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future, Journal of International Management, Vol 10, Issue 3, p 307-353 Slangen, A. H. L. and Hennart, JF. (2008) Do multinationals really prefer to enter culturally distant countries through greenfields rather than through acquisitions? The role of parent experience and subsidiary autonomy, Journal of International Business Studies, Vol 39, No 3, p 472-490 Tong, T. W. , Alessandri, T. M. , Reur, J. and Chintakananda, A. (2008) How much does country matter? An analysis of firms’ growth options, Journal of International Business Studies, Vol 39, No 3, p 387-405 UNCTAD (2008) World Investment Report 2008, Transnational Corporations and the Infrastructure Challenge, Chapter 1 Global Trends, p 7-9 27 TABLE 1: REGIONAL DIVISIONS OF 117 ECONOMIES No. 1. 2. 3. 4. 5. 6. Regional Divisions North Africa West Africa Central Africa East Africa Southern Africa South America No. 7. 8. 9. 10. 11. 12. Regional Divisions Central America Middle East (West Asia) South Asia South-East Asia Southeast Europe CIS (Transition economies) 8 TABLE 2: EXPLANATION OF VARIABLES Variables for the Cluster Analysis Value Based or Volume Explanation of Variable Distinction A – Country level attractiveness variables 1 – M deals per country as a % of total number of country deals 2 – MA sales as % of GDP avg 2004-2006 volume based Examines the volume of per country M deals relative to the total number of FDI deals entering that country. The int ra- country proportion of M to FDI in terms of volume. Examines the value of per country M deals relative to the GDP of the same country. An intra-country measure of the proportion of M to GDP in terms of value. Examines the volume of per country M deals relative to the M deal volume of countries in the region. An inter-country but intra-regional measure. Examines the volume of per country M deals relative to the volume of total FDI deals (greenfield M) of countries in the region. An inter-country but intraregional measure. Examines the value in $’s of per country M sales relative to the value of all FDI inflows into the region showing the country’s share or proportion of M sales value in the region. Examines which country in a region attracts the most FDI deals in total (greenfield M) to show regional FDI leader. value based in US $’s B – Regional level attractiveness variables 1 – M deals per country as a % of total regional M’s 2004-2006 2 – no of per country MA deals as a % of all regional deals 2004-2006 3 – M sales per country as a % of total regional FDI inflow ( US$ millions) 20042006 no of deals per country as % of total regional deals 20042006 volume volume value in US $’s C – Overall FDI attractiveness variable volume 29 TABLE 3: PRINCIPAL COMPONENT VARIABLES Level attraction Country level of Combined Country Level And Regional Level Variables In Order To Create Component Attractiveness Values At The Country Level And At The Regional Level M sales per country as a % of FDI inward stock per country (US $millions) 2004 -2006 MA sales as % of GDP average 2004-2006 M deals per country as a % of total regional M’s 2004-2006 no of per country MA deals as a % of all regional deals 2004-2006 M sales per country as a % of total regional FDI inflow ( US$ millions) 20042006 Regional level 30 Table 1: profiles of cluster means for a 4 cluster solution 31 Table 5: CLUSTER COUNTRY MEMBERS Cluster 1 Belize Brunei Daruss Burkina Faso Congo Guatemala Kyrgyzstan Libya Macedonia, Mozambique Nicaragua Paraguay Qatar Rwanda Swaziland Zimbabwe Cluster 2 Brazil India Indonesia Malaysia Mexico Romania Russian Fed South Africa Thailand Turkey UAE Cluster 4 Armenia Bulgaria Colombia Croatia Ghana Mauritius Panama Ukraine Cluster 3 Albania Algeria Angola Arg entina Azerbaijan Bahrain Bangladesh Belarus Bolivia Bosnia Herz Botswana Cambodia Cameroon Chile Congo, DRC Costa Rica Cote d’ Ivoire Ecuador Egypt El Salvador Equatorial Guinea Eritrea Cluster 3 Ethiopia Gabon Georgia Guinea Guyana Honduras Iran Iraq Jordan Kazakhstan Kenya Kuwait Lao PDR Lebanon Madagascar Mali Mauritania Moldova Morocco Myanmar Namibia Nepal Cluster 3 Nigeria Oman Pakistan Peru Philippines Saudi Arabia Senegal Sierra Leone Sri Lanka Sudan Suriname Syria Tajikistan Tunisia Turkmenistan Uganda Tanzania Uruguay Uzbekistan Venezuela Viet Nam Yemen, Zambia 32 Table 6: Results of PC Analysis Level Of Attraction Country level Regional level Combined Country Level And Regional Level Variables In Order To Create Component Attractiveness Values At The Country Level And At The Regional Level. M sales per country as a % of FDI inward stock per country (US $millions) 2004 -2006 MA sales as % of GDP average 2004-2006 M deals per country as a % of total regional M’s 20042006 no of per country MA deals as a % of all regional deals 20042006 M sales per country as a % of total regional FDI inflow ( US$ millions) 2004-2006 Expl. Var Regional Attractiveness Factor 1 Intra-Country Attractiveness Factor 2 %Variance Explained Components by -0. 015066 0. 857492 0. 085347 0. 847898 0. 936657 0. 036875 0. 962411 0. 013174 0. 864350 2. 558174 0. 051764 1. 458437 80. 3 % 33 Table7: REGIONAL LEVEL ATTRACTIVENESS- most attractive ranking Regional Level M Attractiveness Quartile 4 -Most Attractive Rank Regional Attractiveness M Attractiveness Value Above Average India South Africa Brazil Russian Federation Turkey Mexico Indonesia Malaysia Thailand Romania Argentina UAE Egypt Bulgaria Ukraine Chile Colombia Peru Pakistan Philippines 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 4. 47456 3. 59947 3. 11423 2. 70295 2. 18032 2. 10503 1. 96844 1. 83932 1. 50218 1. 00295 0. 95504 0. 71507 0. 58127 0. 49219 0. 48130 0. 41931 0. 40345 0. 13893 0. 12567 0. 10631 34 Table 8: Regional level attractiveness- least attractive east attractive Regional Level M Attractiveness Quartile 1Least Attractive Rank Regional M Attractiveness Attractiveness Value Below Average Regional Level M Attractiveness Quartile 1Least Attractive2 Rank Regional M Attractiveness 2 Attractiveness Value Below Average 2 Burkina Faso Yemen Albania Tajikistan Belize Turkmenistan Lao PDR Gabon Sri Lanka Botswana Guinea Kuwait Cote d’ Ivoire K yrgyzstan Iran Swaziland Sierra Leone Mali Libyan Arab Jamahiriya Mauritania Armenia Algeria Bolivia Cambodia Moldova, Republic of Belarus Macedonia, TFYR Lebanon Nicaragua Congo, Republic of Angola Congo Democratic 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 -0. 81391 -0. 62301 -0. 59695 -0. 58134 -0. 56980 -0. 56586 -0. 55855 -0. 54206 -0. 53908 -0. 53824 -0. 53655 -0. 53403 -0. 53331 -0. 52797 -0. 52388 -0. 51088 -0. 51028 -0. 50993 -0. 50966 -0. 50856 -0. 50707 -0. 50669 -0. 50637 -0. 50389 -0. 50075 -0. 49762 -0. 49691 -0. 49085 -0. 48372 -0. 48345 -0. 48291 -0. 48068 Costa Rica El Salvador Rwanda Madagascar Syrian Republic Bangladesh Uzbekistan Georgia Iraq Viet Nam Bosnia Herzegovina Tanzania Kenya Mozambique Namibia Oman Bahrain Saudi Arabia Zimbabwe Zambia Ecuador Uganda Panama Sudan Venezuela Kazakhstan Mauritius Ghana Tunisia Nigeria Jordan Croatia and Arab 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 -0. 46264 -0. 46137 -0. 46100 -0. 45911 -0. 45391 -0. 45035 -0. 44220 -0. 42553 -0. 42284 -0. 41269 -0. 41006 -0. 40278 -0. 37712 -0. 37626 -0. 36841 -0. 35828 -0. 35541 -0. 35395 -0. 35140 -0. 34751 -0. 31359 -0. 31281 -0. 31113 -0. 30115 -0. 25848 -0. 22807 -0. 21374 -0. 21133 -0. 17359 -0. 13017 -0. 12656 -0. 09001 35 Uruguay Guatemala 33 34 -0. 46757 -0. 6471 Morocco 67 -0. 07754 Table 9: Country level M attractiveness- most attractive countries Country Level M Attractiveness Quartile 4 Most Attractive Rank Attractiveness Value Above Average Mauritius Burkina Faso Bulgaria Panama Ghana Kyrgyzstan Armenia Croatia Ukraine Colombia Yemen Romania Turkey Sudan Tunisia Uzbekistan Mauritania Peru Ecuador Indonesia Lao PDR South A frica Macedonia Pakistan Belize Kuwait 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 67 66 65 64 63 62 5. 44211 4. 67217 2. 45823 2. 04796 1. 89195 1. 06603 0. 90303 0. 87151 0. 82457 0. 81623 0. 78430 0. 77845 0. 71227 0. 65421 0. 2570 0. 36499 0. 32190 0. 26612 0. 24742 0. 23859 0. 20139 0. 10116 0. 04362 0. 04359 0. 03089 0. 01879 36 Table 10: Country level attractiveness- least attractive Country level M attractive Q1- least attractive UA E Tanzania Saudi Arabia Angola Libya Belarus Sri Lanka Algeria Guinea Iraq Iran Sierra Leone Mali Zimbabwe Cote d’ Ivoire Viet Nam Mozambique Bahrain Madagascar Oman Tajikistan Cambodia Congo Turkmenistan Mexico Zambia Lebanon Venezuela Congo Swaziland Rank Attractiveness value below average -0. 69652 -0. 68043 -0. 68009 -0. 67564 -0. 67419 -0. 66567 -0. 66410 -0. 66351 -0. 66076 -0. 66060 -0. 64409 -0. 3906 -0. 62707 -0. 62270 -0. 62038 -0. 61471 -0. 61461 -0. 59631 -0. 58028 -0. 57740 -0. 57596 -0. 56811 -0. 56112 -0. 555 55 -0. 55058 -0. 54445 -0. 53035 -0. 51967 -0. 50304 -0. 48027 Country level M attractive Q1- least attractive2 Rwanda Russian Fed Guatemala Philippines Gabon Brazil Bangladesh Uruguay Costa Rica Botswana India Moldova Bolivia Egypt Nigeria Argentina Thailand Namibia Albania Bosnia Herzeg Malaysia Kazakhstan Kenya Georgia Morocco Chile Uganda Nicaragua Jordan Syria El Salvador Rank2 Attractiveness value below average2 -0. 46953 -0. 46579 -0. 46387 -0. 45862 -0. 43042 -0. 40607 -0. 39852 -0. 8454 -0. 38399 -0. 33595 -0. 31087 -0. 30362 -0. 28460 -0. 28442 -0. 28428 -0. 25341 -0. 23769 -0. 22207 -0. 22091 -0. 22082 -0. 21129 -0. 18592 -0. 18396 -0. 16633 -0. 14784 -0. 09800 -0. 06308 -0. 03914 -0. 03806 -0. 01932 -0. 00700 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 37 Figure 1: M attractiveness axes -regional/country 38 Figure 2: REGIONAL LEVEL ATTRACTIVE NESS COUNTRIES PLOTTED ON ‘Y’ AXIS; COUNTRY LEVEL M ATTRACTIVE COUNTRIES PLOTTED ON ‘X’ AXIS. 39 APPENDIX 1-EXCLUDED DATA In addition to the developed economy data, the following economies were also excluded from the study: Caribbean and Oceania economies (many of these island economies were very small, atypical and had missing data); China (over 48 % of the total number of deals for South and SouthEast Asian region were concluded in China in order to avoid skewing the findings for the rest of the region, Chinese data was excluded); Hong Kong, Singapore, Taiwan and Korea (these economies exhibit higher levels of development and sophistication than the rest of the sample and exhibit FDI levels higher than the typical developing countries of the sample group of this study); St Helena, Guinea Bissau, Mayotte, Reunion, Falkland Islands, French Guiana, Palestinian Territory, Afghanistan, Bhutan, Maldives and Timor Leste (these 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Rhetorical Analysis of Benjamin Franklin free essay sample

Political, social, and economic factors shaped Franklins writing The political circumstances Benjamin Franklin was in greatly influenced his writing of the Declaration of Independence, America was in turmoil with Britain and hey wanted to separate from them. The Declaration of Independence Is well known as the document that declared the need of separation of the colonies from the King of England. He reflects the political times in Poor Richards Almanac as well. In the almanac there is direct examples of important dates at the time and population figures around the world.The need for a almanac of this sorts was important to the people it gave them information about the world around them such as political ideologies. At the time also Franklin was very Into politics when he wrote the almanac. Morgan) The American Identity Influenced political papers Including the Declaration of Independence and Poor Richards Almanac by reflecting peoples and the writers feelings at the time. We will write a custom essay sample on Rhetorical Analysis of Benjamin Franklin or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Social issues were arising around the time of the American Revolution. America was just beginning and the colonies which were a mix of culture and beliefs were uniting to fight against Britain. The Declaration of Independence reflected all of the people. (Background History) It had to not conflict with the thirteen colonies staying within their social norms while still bringing a convincing argument to the King. The Poor Richards Almanac was a description of social culture, it brought together witty statements, popular articles, and even horoscopes. (Morgan) It was widely read and influenced directly by the events happening at the time. The importance of social queues were greatly reflected in the content of Franklins writing.The Declaration of Independence and Poor Richards Almanac were both written at a time when the economy had everything to do with the troubles of early Americans. Taxation by England had caused revolts In the colonies and the Declaration of Independence was an answer to the the Revolutionary war and the impugning taxes that were put on them. The Poor Richards Almanac also was a direct reflection of economic factors at the time. The almanac included predictions that were important to farmers at the time which were a major part of the economy.People from all classes poor and rich could benefit from the almanac. Economic factors at the time of Revolution were expressed throughout Franklins writings. Ben]amyl Franklin was able to reflect and summarize so many peoples thoughts during the American Revolution. He takes great care in being relatable yet firm. The shaping of his writings led to the shaping of the world around him. Background, History, And The Beginning Of The Revolution. Was the American Revolution a Revolution? N. P. , n. D. Web. 15 Seep. 2014. PIP Digital I U. S. Department of State. Democratic Origins and Revolutionary Writer 1776-1820. N. P. , 10 cot. 2013. Web. 15 seep. 2014. Morgan, Lisa. The Pennsylvania Center for the Book Poor Richards Almanacs. The Pennsylvania Center for the Book Poor Richards Almanacs. N. P. , June 2008. Web. 15 seep. 2014. Shampoo Editorial Team. Benjamin Franklin in The American Revolution. Shampoo. Com. Shampoo University, Inc. , 11 Novo. 2008. Web. 15 Seep. 2014. Part II: Rhetorical Analysis Excerpt from Benjamin Franklins Autobiography It was about this time I conceived the bold and arduous project of arriving at moral perfection.I wished to live without committing any fault at any time; I would conquer all that either natural inclination, custom, or company might lead me into. As I knew, or thought I knew, what was right and wrong, I did not see why I might not always do the one and avoid the other. But I soon found I had undertaken a task of more fisticuff than I had imagined. While my care was employed in guarding against one fault, I was often surprised by another; habit took the advantage of inattention; inclination was sometimes too strong for reason.I concluded, at length, that the mere speculative conviction that it was our interest to be completely virtuous was not sufficient to prevent our slipping, and that the contrary habits must be broken, and good ones acquired and established, before we can have any dependence on a steady, uniform rectitude of conduct. For this purpose I therefore contrived the following method. In the various enumerations of the moral virtues I met in my reading, I found the catalogue more or less numerous, as different writers included more or fewer ideas under the same name.Temperance, for example, was by some confined to eating and drinking, while by others it was extended to mean the moderating every other pleasure, appetite, inclination, or passion, bodily or mental, even to our avarice and with fewer ideas annexed to each, than a few names with more ideas; and I included under thirteen names of virtues all that at that time occurred to me as necessary or ascribable, and annexed to each a short precept, which fully expressed the extent I gave to its meaning.These names of virtues, with their precepts were: Temperance Eat not to dullness; drink not to elevation. Silence Speak not but what may benefit others or yourself; avoid trifling conversation. Order Let all your things have their places; let each part of your business have its time. Resolution Resolve to perform what you ought; perform without fail what you resolve. Frugality Make no expense but to do good to others or yourself, I. E. , waste nothing. Industry Lose no time; be always employed in something useful; cut off all unnecessary actions. Sincerity. Use no hurtful deceit; think innocently and Justly, and, if you speak, speak accordingly. Justice Wrong none by doing injuries or omitting the benefits that are your duty. Moderation Avoid extremes; forbear resenting injuries so much as you think they deserve. Cleanliness Tolerate no uncleanness in body, clothes, or habitation. Tranquility Be not disturbed at trifles, or at accidents common or unavoidable. Chastity Rarely use veneer but for health or offspring, never to dullness, weakness, or the injury of your own or anothers peace or reputation.Humility Imitate Jesus and Socrates. My intention being to acquire the habituated of all these virtues, I Judged it would be well not to distract my attention by attempting the whole at once, but to fix it on one of them at a time, and, when I should be master of that, then to proceed to another, and so on, till I should have gone thro the thirteen; and, as the previous acquisition of some might facilitate the acquisition of certain others, I arranged them with that view, as they stand above.Temperance first, as it tends to procure that coolness and learners of head which is so necessary where constant vigilance was to be kept up, and guard maintained against the unremitting attraction of ancient habits and the force of perpetual temptations.This being acquired and established, Silence would be more easy; and my desire being to gain knowledge at the same time that I improved in virtue, and considering that in conversation it was obtained rather by the use of the ears than of the tongue, and therefore wishing to break a habit I was getting into prattling, punning, and Joking, which only made me acceptable to trifling many, I gave Silence the second place. This and the next, Order, I expected would allow me more time for attending to my project and my studies.Resolution, once because habitual, would keep me firm in my endeavors to obtain all the subsequent virtues; Frugality and Industry, freeing me from my remaining debt, and producing Justice, etc. , Conceiving, then, that, agreeably to the advice of Pythagoras in his Garden Verses, daily examination would be necessary, I contrived the following method for conducting that examination. Taken off of website: http:// www. Casuistry. Rig/Franklin/autobiography/page. HTML Benjamin Use of Rhetoric to Express His Values Advice has to be given in certain ways to certain people and the methods of how some choose to give advice are often varying.Benjamin Franklin takes his chance to write a self help book with his advice in the form of his autobiography, The Autobiography of Benjamin Franklin. In an excerpt from his book he effectively uses pithy statements, ethos, and pathos to reveal his values relating to life. The first advice he utilizes ethos. l wished to live without committing any fault at any time; I loud conquer all that either natural inclination, custom, or company might lead me into. He utilizes ethos in order to give himself not Just credibility but to give the reader an understanding of were he is coming from and a Judgment of his character.He uses words like natural and conquer which are strong and convincing to prove his worthiness of being a trusted writer. He takes the entire first two paragraphs to give himself credibility he uses reveals plenty to do with what he believes. He explains himself with lines like, l concluded, at length, that the mere evacuative conviction that it was our interest to be completely virtuous, this gives the reader a reason to trust what he has to say because he is self aware. Using ethos gives proofs to Benjamin Franklins values.The next 13 lines of the excerpt are wholly pithy statements one after the other. The revelation of his values are widely expressed through all of the statements such as Silence: Speak not but what may benefit others or yourself; avoid trifling conversation. and Resolution: Resolve to perform what you ought; perform without fail what you resolve. Which is also juxtaposition in itself. The thirteen lines also utilize parallelism by listing one word along which each statement as a title, which makes the entire excerpt easier to follow.Also in the last paragraph he takes the order he has used in the list and orders his paragraph in the same way. The use of parallelism and pithy statements revealed Franklins values uniformly and easy to follow. His use of pathos and relating to the audience is vital to Franklins writing. He takes the things he says and melds them into passionate and understanding statements such as, My intention Ewing to acquire the habituated of all these virtues, I Judged it would be well not to distract my attention by attempting the whole at once, but to fix it on one of them at a time. He is honest with his audience telling them what he wants them to pay attention to. The use of also within his pathos an allusion to Pythagoras in his Garden Verses this shows were he derives his ideals and how he chooses to outline with allusions gives Benjamin a strong sense of his own values. Benjamin Franklin has a solid sense of values throughout this excerpt. He uses rhetoric to his advantage and reveals his values perceptively.