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Purpose – The purpose of this paper is to examine the relationships between foreign direct investment (FDI), wages and productivity in China. The direction of causality among these variables is also to be emphasized. Design/methodology/approach – The authors develop a system of equations and test the relationships based on a vector autoregressive regression (VAR) model and two‐step generalized method of moments (GMM)‐type estimation approach. They use a panel data set of China's provinces for a 20‐year time period, 1988‐2007, and also distinguish between the coastal and inland provinces. Findings – The result confirms the cheap labor argument for China, although this particularly true for inland provinces. In the coastal provinces, FDI inflow influences the wage rates upwards. FDI also has a positive effect on productivity, particularly in the coastal provinces, but does not act as a significant determinant of FDI. Research limitations/implications – Factors other than wage rates and labor productivity are also important determinants of FDI. This paper focuses on the interplay of these three variables, while assuming other factors constant. Practical implications – Cheap labor as an attraction of FDI is a short term policy. Improvements in productivity should be the focus both in the coastal and the inland provinces. A conducive business environment, a suitable education policy and incentives for greater R&D contribute toward improving labor productivity, which in turn attracts greater FDI inflow. Originality/value – The paper provides empirical evidence on the direction of causality between FDI inflow, wages rates and labor productivity in one system of equations.

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China ;  International investments ;  Pay structures ;  Productivity rate

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《当代中国经济改革教程》的一个重要增补，是加强了对“双轨制”及其经济和社会－政治影响的分析，并据此对中国进一步改革的必要措施和可能前景作出了估量。中国经济改革是一个庞大的叙事。如何向《当代中国经济改革教程》的读者提供一个清晰的理论线索和分析框架是一件颇费思量的事情。这是因为，经济转型虽然是通过若干这样或那样的政策措施来实现的，但它有一根主线，这就是从计划制度到市场制度的变革。既然是制度变革，所有的改革势必是经历了不同利益取向的人群之间反复博弈之后的产物。

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This paper evaluates the extent to which the American Customer Satisfaction Index (ACSI) acts as a determining variable of the US consumption function. Results show that the ACSI is a significant self-predictor of personal consumption expenditure, as well as a potent policy variable even when income and wealth are controlled for.

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Now in its third edition, this respected and widely used book provides an essential introduction to financial accounting and reporting for today's international business student. Written very much from the user' rather than the preparer' accounting perspective, the book is ideally suited to international business and accountancy students. It offers a non-prescriptive a-national' approach, together with an excellent understanding of comparative differences in accountancy practices. The authors provide clear and comprehensive guidance to all the complex concepts and issues in accounting (including double-entry bookkeeping), together with explanation of the more technical aspects of accounting transactions. The book is highly international in focus, being based on IFRS GAAP but also using lots of real-life company accounts from a wide range of worldwide companies as examples, to enable students to see how the issues appear in practice. User-friendly tables, figures, and diagrams are extensively used throughout the commentary, to facilitate students' clear understanding of accountancy issues, and specific assignments are given at the end of every chapter (with solutions at the back) to aid rapid and independent learning. A free Companion Website accompanies the book, providing both students and instructors with a wide selection of enriched material.

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The links between existing regional trade agreements and international production networks in Asia/Pacific are explored in this book. New evidence is provided from selected sectors of certain Asian economies on the links between international production networks and regional trade agreements. The research project was part of a research programme of the Asia-Pacific Research and Training Network on Trade (ARTNeT). The project focused on three productive sectors in five Asian countries -- automotive, textiles and clothing, and electronics -- which have proven to be fruitful areas for the establishment of international production networks.

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Project management is as old as the universe, which is recorded in the Book of Genesis as a seven-step project. Perhaps the long history of project management makes it seem like an exercise in common sense. So why do so many projects fail to meet their deadlines, budgets or objectives? How can project management be improved? Here we offer a simple five-step methodology, with plenty of lighthearted wisdom thrown in along the way.

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Henkel, the German producer of such well-known brands as Persil detergent, Schwarzkopf hair products, Dial soap, Pritt Stick and Sellotape, is one of those companies dealing with the drop in consumer demand. To talk about this and other topics and trends affecting business leaders today, IESE Prof. Jaume Ribera interviewed Kasper Rorsted, CEO of Henkel Management, during a recent visit to IESE.

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Chinese oil transportation security is evaluated based on the multi-step fuzzy comprehensive evaluation approach. The results show that Chinese oil transportation lines are in the optimal order: Kazaks tan-China, South America-China, Middle East-China, West Africa-China, and Russia-China. Finally some suggestions on Chinese regional cooperation are made to ensure oil transportation security.

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fuzzy set theory ;  goods distribution ;  petroleum industry ;  security ;  transportation