ROYAL HOLLOWAY, UNIVERSITY OF LONDON
SCHOOL OF MANAGEMENT
MN321: ASIA PACIFIC MULTINATIONALS IN EUROPE
2012
Lecturers
Dr Robert Fitzgerald (course leader): r.fitzgerald@rhul.ac.uk
Dr Huaichauan Rui: huaichauan.rui@rhul.ac.uk
Ms Weijia Zhu: weijia.zhu.2010@rhul.ac.uk
Course Objectives
This course focuses on foreign direct investment by Asia Pacific companies in their key markets of
Europe and their importance in relation to worldwide operations; it looks at the leading role of
Japanese multinationals, and at the activities of firms from Korea, China and Taiwan; and it compares
the strategies and organization of Asian international business and other nations.
Students should understand:

The characteristics and capabilities of Japan’s multinational enterprises generally, including
the influence of home and host country factors

The role of Japanese multinationals in European markets, compared to Asia and North
America

The characteristics and capabilities of Korean MNEs, the influence of home and host country
factors, and their activities in Europe and key markets

The characteristics of MNEs from mainland China, the differing influences of home and host
country factors, and their strategic and organizational objectives

The strategies, organization and capabilities of multinationals from Taiwan and the Asia
Pacific generally


The similarities and differences of MNEs from Asia Pacific nations
The global strategies of Asian MNEs, and their impact on Europe and host economies


The forces of economic internationalization and cross-border integration
Theories of international business and their relation to the practical cases of leading Japanese,
Korean and Chinese multinationals.
Important Requests
The course offers all students the chance to ask questions of leading international business executives.
You are invited to seize this rare opportunity. We encourage you to participate and contribute, but
request too that your questions are brief, not over-prepared, and to the point.
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We would particularly emphasize:

the importance of arriving for the guest lectures on time (better, in fact, if a little early)

the importance of not talking during the lecture, or carrying out some other activity other
than listening or asking questions (for example, texting during the lecture is obviously
rude);

the importance of not disrupting the session by leaving and entering the lecture theatre
during any part of the presentation and discussion;

and, because the course is designed as bridge between your student studies and your future
professional life, the importance of showing a high level of professionalism to visiting VIPs
and guests.
The School of Management would expect these standards of behaviour on any course and during
any lecture, but they become even more important when we have visiting lecturers. And an early
‘thank you’, too, to the great majority who do cooperate.
You may be able to converse with our visiting business executives after the lecture, but we would
make two further very important requests.
a) The first is to bear in mind that our schedules are often tight, and that both guest and home lecturers
often have duties after the lectures. Please be quick to respect and respond to requests by organizers
and the home lecturers to end conversations when indicated.
b) The second request is NOT to ask our guest lecturers to assist with course work or dissertations. We
value the participation of our guest lecturers, but you must appreciate that there is only so much that
we can ask of them. They are busy executives who give up their free time, and, to ensure their
continued participation in our programme, we have to act reasonably and limit our demands.
Course Organization

The course is based on lectures given by the leading executives of major Japanese, Korean
and Chinese multinationals

It is a unique opportunity to meet leading business executives and to reflect on their real-life
experiences and knowledge

Lectures are based on two-hour sessions, including questions and answers, which is your
chance to participate and investigate issues in depth

The lectures are supported by seminars, in which you will be guided on the aims of the course,
using theory to explain the corporate and industry cases; discuss home, local and cross-border
sources of competitive advantage; compare and understand the cases; and assignment and the
examinations.

Students are supplied with readings before the lectures and seminars, plus a bibliography, and
they are expected to undertake weekly study and preparation.
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Students will be given material to read each week in preparation for the teaching sessions. Guest
lecturers from leading Asian multinationals in Europe and government officials will speak about
their experiences and objectives. The resident lecturer will then oversee a discussion session in
which all students will be asked to contribute. When there is no external speaker, students will be
offered lectures on the Japanese economy, Japanese patterns of foreign direct investment, Chinese
multinationals, Korean multinationals, and comparisons between Japanese, Korean and Chinese
firms. Links to management literature and theory will be explored.
Lectures
The lecture will take normally place between 4pm and 6pm on Thursdays in the Moore Building
Lecture Theatre Please be there by 3.55pm. On occasion, as informed beforehand, we may begin at
3pm.
There may also be adjustments both to the date and the time, so you asked to take note of
announcements in class, by email, or by posting on Moodle, and to check email and Moodle on a
regular and frequent basis.
As indicated, key readings will be made available. You will be asked to follow the reading schedule
for each week, and to prepare for each lecture and seminar.
Students are expected to attend at all times and participate in discussion. It is, therefore, essential
that that they read the handouts as preparation; that they consult the bibliography; and that they
read widely and critically during the course.
Speakers: Management of Asia Pacific Multinationals: 2012
The speakers this year include senior trade diplomats from Japan and Korea, the world’s largest car
company, Japan’s biggest trading firm and a key member of its largest business group, Korea’s
number one multinational and a global technological leader, one of Japan’s most important
investment banks, a major conglomerate from Taiwan, Japan’s engineering and electronics giant, and
China’s most successful multinational.
Mr Jun Arima, Director General, Japan Export and Trade Organization (JETRO), London
Mr Graham Smith, CBE, Senior Vice President, Toyota Motors Europe
Mr Steve Suk-Ho Lee, Deputy Director General, Korea Trade-Development Promotion Agency
(KOTRA), London
Mr Paul Lyon, Executive Director, Head of Communications and Marketing, Daiwa Securities
Europe
Mr Hans Daems, Group Public Affairs Director, Chairman, Hitachi Europe
Mr Eric Kan, Managing Director, TECO Group UK
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Mr Tim Watkins, Vice President, Western Europe, Huawei Technologies
Mr Dan Saunders, Head of Content Services, Samsung Electronics Europe
Lecture, Seminar and Presentation Schedule
Date: 2012
Week 1
Lecture:
Seminars:
Thursday, MBLT, plus in some A: Monday, 9-11am, WOL351
weeks Wednesday, MBLT
B: Wednesday, 5-7pm, WOL351
C: Thursday, 9-11am, WIN0-02
No lecture
No seminars
Week 2
Thursday, 19th January, 3-6pm
No seminars
1. Multinational Enterprise and
Japanese
Business
Strategies:
R.Fitzgerald
2. The Theory of FDI and the Asian
Multinational: R.Fitzgerald
Week 3
Thursday, 26th January, 3-6pm
No seminars
3. The Emergence of the Chinese
Multinational: H.Rui
4. Asian Multinationals: Cases and
Comparisons: R.Fitzgerald
Week 4
Week 5
Week 6
5. Asia Pacific Multinationals:
Strategies
and
Capabilities:
R.Fitzgerald
Thursday, 2nd February, 4-6pm
Monday 30th January, Wednesday 1st February, &
Thursday 2nd February
6. Japanese Automobile Industry:
Toyota
1. Introduction to the course. General study advice.
Mr Graham Smith CBE, Senior Vice Details on key themes of course.
President, External Affairs, Toyota Corporate Cases and Applying the Theory of the
Motor Europe
Multinational
H Rui & R Fitzgerald
Thursday, 9th February, 4-6pm
No seminars.
7. Japan Export and Trade
Organisation (JETRO)
Mr Jun Arima, Director General,
JETRO London
Thursday, 16th February, 4-6pm
Monday 13th, Wednesday 15th, & Thursday 16th
February
8. Banking: Daiwa Securities
Mr Paul Lyon, Executive Director, 2. Japanese Multinationals: Strategy and
Head
of
Communication
& Capabilities
Marketing, Daiwa Capital Markets
H.Rui & R Fitzgerald
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Week 7
Wednesday, 22nd February, 5-7pm
NB Two
lectures this
week
9. Mr Hans Daems, Group Public
No seminars
Affairs Director, Hitachi Europe
Thursday, 23rd February, 4-6pm
10.
Korea
Trade-Investment
Promotion Agency
Mr Steve Suk-Ho Lee, Deputy
Director General, KOTRA London
Week 8
Thursday, 1st March, 4-6pm
Monday 27th February, Wednesday 29th February,
& Thursday 1st March
11. Electronics: Samsung Electronics
Mr Dan Saunders, Head of Content
3. Korean and Chinese Multinationals: Strategy
Services, Samsung Electronics Europe and Capabilities
Assignment advice
H Rui and R Fitzgerald
Week 9
Thursday, 8th March, 4-6pm
No seminars.
12. Electrical, Machinery and
Services: TECO Group
Mr Eric Kan, Managing Director,
TECO Group UK
Week 10
Thursday, 15th March, 4-6pm
Monday 12th, Wednesday 14th & Thursday 15th
March
13. Telecommunications: Huawei
Technologies
Mr Tim Watkins, Vice President,
Western Europe, Huawei
Technologies
Week 11
4. Examination advice and revision.
No lecture
No seminars
Assignment Due
Thursday, 22nd March 2012. NB 30% of course
marks
23rd March 2012
End of Term
Assessment
End of Year Examination: 70%
Assignment: 30%
The examination will consist of a 2-hour paper in which students will be invited to answer two
questions. The assignment will be between 2000-2500 words.
Marks will be awarded for structure, insight, depth of analysis, and perspective and context. Students
will have to demonstrate an ability to combine information from the guest lecturers, written empirical
information, and management theory and ideas. They will have to show wide reading, and
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demonstrate insight through precise analysis, critical perspective, and clarity in the understanding of
the key issues.
Assignment Question
How can we account for the rise and growing role of multinational enterprises from the Asia
Pacific in the global economy and in Europe in particular? Specify your reasons using corporate
cases of multinationals from different industries and different countries of origin.
Please note that when you are analyzing, for example, Japanese multinationals in the electronics
industry, your comparisons do not have to be limited to Japanese rivals. Comparisons with Asia
Pacific and European multinationals may be more apt and useful. The same point applies to Korea,
Chinese and Taiwanese firms.
Consider a number of perspectives, including the aims of Japanese multinationals in relation to global
strategies; the aims of Korean and Chinese multinationals and international business strategies;
differences between industries and types of business; the degree of global versus regional control, and
changes in operational control over time; the competitive advantages of these multinationals
compared to those of rivals; variations in management, organization, and operations between home
country and host nations; the ability of Japanese, Korean and Chinese multinationals to compete in
Europe, Asia and North America, and their ability to adapt to changes in policy and markets; and the
policies of host governments and the relevance of the EU.
Bibliography
*indicates initial reading or recommended for overview and case material
*D J Kim, Newly Industrializing Economies and International Competitiveness: market power and
Korean electronics multinationals (2006)
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(2006)
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the global economy (2010)
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W K Liang, Knowledge transfer and entry strategies of Taiwan multinationals, in DP Sullivan & JD
Daniels, Multinational Enterprises and the Emerging Challenges of the 21st Century (2007)
N K Kim, Globalization and regional integration in Europe and Asia (2009)
K P Sauvant and W A Maschek, Foreign direct investments from emerging markets: the challenges
ahead (2010)
*S.K.Vogel, Japan Remodeled: how government and industry are reforming Japanese capitalism
(2006). Useful survey of implications of recent trends in the Japanese economy.
*J.Dunning and S M Lundan, Multinational Enterprises and the Global Economy (Elgar 2008). Look
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for the latest edition.
* M A Witt, Changing Japanese Capitalism: Societal Coordination and Institutional Adjustment
(2008)
T.Elger and C.Smith, Assembling Work: remaking factory regimes in Japanese multinationals in
Britain (OUP, 2005)
S.Urata, Overseas R&D Activities and Intra-Firm Technology Transfer: the Case of Japanese
Multinationals (E.Elgar, 2003)
RA Belderbos and MLG Heijtjes, ‘The determinants of expatriate staffing by Japanese multinationals
in Asia: control, learning and vertical business groups’, Journal of International Business Studies,
May 2005
* A Gorzen and S Makino, ‘Multinational corporation internationalization in the service sector: a
study of Japanese trading companies’, Journal of International Business Studies, Dec 2007
* T Roehl and A Bird, Japanese Firms in Transition: Responding to the Globalization Challenge
(Advances in International Management, vol. 17, Amsterdam and San Diego: Elsevier, 2005)
E Cleeve, ‘Japanese Foreign Direct Investment in the UK Electronic Industry: The Eclectic
Approach’, Asia Pacific Business Review, Apr 2007, Vol. 13 Issue 2, pp183-200
J. Jaussaud and J Schaaper, ‘European and Japanese Multinational Companies in China: Organization
and Control of Subsidiaries’ , Journal of Asian Business & Management, Sep 2007, Vol. 6 Issue 3,
pp.223-245
Y. Yamazaki and D C Kayes, ‘Expatriate learning: exploring how Japanese managers adapt in the
United States’, International Journal of Human Resource Management, Aug 2007, Vol. 18, Issue 8,
pp.1373-1395
D Tan and J T Mahoney, ‘The Dynamics of Japanese Firm Growth in U.S. Industries: The Penrose
Effect’, Management International Review, 2007, Vol. 47 Issue 2, pp259-279
J Jaussaud and J Schaper, ‘European and Japanese Multinational Companies in China: Organization
and Control of Subsidiaries’, Journal of Asian Business & Management, Sep 2007, Vol. 6, Issue 3,
pp.223-245
A Cross and S A Horn, Japanese Multinationals in China 2007 (Routledge, 2007)
B Andreosso-O'Callaghan, J-P Bassino, S Dzever, J Jaussaud, The Economic Relations Between Asia
and Europe : Organization, Control and Technology (Oxford Chandos, 2007)
J.C.Ableggen, 21st Century Japanese Management – New System, Lasting Values (2006)
* S J Kewley, Toyota’s French Connection: Trends in Japanese European Automotive Relations
(RIIA 2002)
K W Radtke and M Wiesebron, eds, Competing for Integrations: Japan, Europe, Latin America, and
Their Strategic Partners (2002).
T.Malcom, ed., The Internationalization of Japanese Business: European and Japanese Perspectives
(Westview Press, 1987).
J E Hunter and S Sugiyama, eds, Japan’s International Relations 1600-2000, vol4, Economic and
Business Relations (2002)
T D Keeley, International Human Resource Management in Japanese Firms: their greatest challenge
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(2001)
* P W Beamish, A Delios, and S Makins, Japanese Subsidiaries in the New Global Economy (2001)
*T Kono and S Clegg, Trends in Japanese Management: Continuing Strengths, Current Problems
and Changing Priorities (2001). Useful survey and cases on changes in Japanese management.
V Franicevic and H Kimura, eds, Globalization, Democratization and Development: European and
Japanese Views of Change in South East Europe (Zagreb 2003)
* R Busser and Y Sado, eds, Production Networks in Asia and Europe: skill formation and technology
transfer in the auto industry (2003)
S Jacoby, The Embedded Corporation (2004)
P. Wickens, The Road to Nissan: Flexibility, Quality and Teamwork (Macmillan, 1987).
S. Thomsen and P. Nicolaides, The Evolution of Japanese Direct Investment in Europe (Harvester
Wheatsheaf, 1991).
Yoshitomi Masaru et. al., Japanese Direct Investment in Europe: Motives, Impact and Policy
Implication (Aldershot: Avebury, n.d.).
N. Oliver and B. Wilkinson, The Japanization of British Industry (Oxford, 1992).
Jonathan Morris, Working for the Japanese: The Economic and Social consequences of Japanese
Investment in Wales (Athlone Press, 1993).
*T. Elger and C. Smith (eds), Global Japanization ?: The Transnational Restructuring of the Labour
Process (Routledge, 1994). Implications and meanings of ‘Japanization’ and globalization.
* M. Mason and D. Encarnation, Does Ownership Matter? : Japanese Multinationals in Europe
(Oxford University Press, 1994).
Dayanand Arora, Japanese Financial Institutions in Europe: Securities Companies (Elsevier, 1995)
Jonathan Klavens, Foreign Direct Investment in Central and Eastern Europe: A Survey (World Bank,
1995).
* F. Sachwald, ed., Japanese Firms in Europe (Harwood Academic Publishers, 1995).
* J. Darby, ed., Japan and the European Periphery (Macmillan, 1996).
*Mark Mason, Europe and the Japanese Challenge: The Regulation of Multinationals in
Comparative Perspective (Oxford University Press, 1997). Thorough survey of Japanese MNEs in
Europe.
UNCTAD, Sharing Asia’s Dynamism: Asian Direct Investment in the European Union (United
Nations Publications, 1997).
Harukiyo Hasegawa and Glenn D. Hook, Japanese Business Management: Restructuring for Low
Growth and Globalization (Routledge, 1998).
Carl Aaron, The Political Economy of Japanese Foreign Direct Investment in the UK and the US:
Multinationals, Subnational Regions and the Investment Location (Macmillan, 1999).
Roger Farrel, A Yen for Real Estate: Japanese Real Estate Investment Abroad: From Boom to Bust
(Edward Elgar, 2000)
*G.Jones, The Evolution of International Business (1995). Valuable survey of development of MNEs
generally.
*M.Mason, Japanese Multinationals in the Changing Context of Globalisation (1994). Thorough
8
survey of Japanese industry cases.
S.Young, Europe and the Multinationals (1992)
J.L.Muccielli, Multinationals and Europe: Strategies for the Future (1992)
J.H.Dunning, Multinationals and the European Community (1988)
*J.H.Dunning, Multinational Enterprises and the Global Economy (1995). Classic, unrivalled
analysis of MNEs. Updated 2008.
E.Abe and T.Gourvish, Japanese Success? British Failur?e (1997)
*T.Yuzawa, ed., Japanese Business Success (1994). Useful case studies.
R.Strange, Japanese Manufacturing Investment in Europe (Routledge, 1993)
W.Carl Kester, Japanese Takeovers: the Global Contest for Corporate Control (1992)
T.Kono, Strategic Management in Japanese Companies (1992)
J.Ableggen and R.Stalk, Kaisha (1985)
M.Trevor, Japan’s Reluctant Multinationals: Japanese Management at Home and Abroad (1983)
Y.C.Kim, Japanese Inward Investment in UK Car Manufacturing (1999)
M.Trevor, International Business and the Management of Change: European-Asian Perspectives
(1991)
J.Ritchie, East Asian Direct Investment in Britain (1999)
F.Chesnais, European Internationals and Global Corporate Strategy (2000)
J.Slater, Business Relationships with East Asia: the European Experience (1997)
F.Burton, International Business and Europe in Transition (1996)
M E Porter, Can Japan Compete? (2000)
K Yamamura, The End of Diversity? Prospects for German and Japanese Capitalism (2003)
W Pascha, Systematic Changes in the German and Japanese Economies (2004)
K Tsai and S Pekkanen, Japan and China in the World Political Economy (2005)
*W. Mark Fruin, The Japanese Enterprise System (1993). Classic study of the reasons why Japanese
firms developed unique characteristics.
E. Abe and R. Fitzgerald, eds., The Origins of Japanese Industrial Power (1995)
R Fitzgerald, ed., The Competitive Advantages of Far Eastern Business (1994)
R Fitzgerald, ed, The State and Economic Development (1995)
R Fitzgerald and E Abe, ed., Development of Corporate Governance in Britain and Japan (2004)
A.D.Chandler, (ed.), Big Business and the Wealth of Nations, (1998)
*K Ando, Japanese Multinationals in Europe (2004). Up to date survey of two Japanese industries.
D J Encarnation, Japanese Multinationals in Asia (1999)
* A Girond, et. al., Multinationals in Asia (2005)
*A M Rugman and T L Brewer, eds, Oxford Handbook of International Business (2001). Invaluable
place to begin study of MNEs and Japanese FDI.
J Crystal, Unwanted Company: foreign investment in American industries (2003)
G G Hamilton and R C Feenstra, Competing Business Networks in East Asia (2006)
P. Garrahan and P. Stewart, Nissan Enigma (1992) [331.04292 GAR]
S Learmont, Corporate Governance: what can be learned from Japan? (2002)
9
C Min, Chen, Asian Management Systems: Chinese, Japanese and Korean styles of business
(Thomson, 2004). Useful textbook.
M Aoki and R Dore, The Japanese Main Bank System (1994) [332.10952]
G Thompson, Economic Dynamism in the Asia Pacific (1998)
W M Fruin, Knowledge Works (1997)
*G Jones, Multinationals and Global Capitalism (2005). Reworked and useful survey of
development of MNEs.
*A M Rugman, The Regional Multinationals (2005). Empirical analysis and challenge to notion of
globalization.
P.Dicken, Global Shift: the Internationalisation of Economic Activity (2003)
*H Horaguchi and K Shimokawa, eds, Japanese Foreign Direct Investment and the East Asian
Industrial System (2002). Useful business functional surveys.
J T Thoburn, Foreign Investment in China under the Open Door Policy (1990)
R Strange, The EU and ASEAN (2000)
N Campbell and F Burton, Japanese Multinationals (1994)
D F Simon, Corporate Strategies in the Pacific Rim (1995)
*A M Rugman and R M Hodgetts, International Business (2003). Highly useful textbook, containing
information on Japan and Japanese MNEs.
A.H. Amsden and T. Hikino, `Staying behind, stumbling back, sneaking up, soaring ahead: late
industrialization in historical perspective', in W.J. Baumol etal., Convergence of Productivity:
Cross-national Studies and Historical Evidence (1994)
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(2001) 338.091724 AMS
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AMS]
* J-S. Shin, The Economics of the Latecomers (Routledge, 1996) [SL 338.06 SHI]
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Eastern Business, vol.1 (1994)
G G Hamilton and R C Feenstra, Competing Business Networks in East Asia (2006)
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(1997), 338.753 HUM
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Middle-Class Revolution. London, Routledge. 301.4412 NEW
*Lasserre, P. and Schütte, H. (1999) Strategies for Asia Pacific: Beyond the Crisis. London,
Macmillan. 338.88 LAS. Useful case studies on international business in East Asia.
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Thompson, G. (ed) (1998) Economic Dynamism in the Asia-Pacific. London: Routledge. Chapters 2
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* S J Chang, Financial Crisis and the Transformation of Korean Business Groups (2003)
* E M Graham, Reforming Korea’s Industrial Conglomerates (2003)
D Kirk, Korean Crisis (2000)
S H Jwa and I K Lee, Competition and Corporate Governance in Korea (2004)
C Horne, The Korean Economy (2004)
* Y Zhang, China’s Emerging Global Businesses (2003)
* J Cherry, Korean Multinationals in Europe (2000)
E T Gomez and H H M Hsiao, Chinese Enterprise, Transnationalism, and Identity (2004)
M Webber, M Wang, and Z Ying, China’s Transition to a Global Economy (2001)
* F Sachwald, Going Multinational: the Korean experience of direct investment (2001)
* P Athukoraige, Multinational Enterprises in Asia Development (2007)
* J K Kim and P B Ruffini, Corporate Strategies in the Age of Regional Integration (2007)
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* Zeng, M., & Williamson, P. J. (2003, October). The hidden dragon. Harvard Business Review, pp.
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Useful Websites
The following are useful sources of on-line information, statistics, and national surveys.
All students should ensure that they refer to this website in particular:
Japan Corporate News: http://www.japancorp.net
Others will also be highly useful:
Japan official statistics: http://www.stat.go.jp/english/index/official/211.htm#6
Ministry of Economy, Trade and Industry: http://www.meti.go.jp/english/statistics/index.html
United Nations – Statistics Division: www.unstats.un.org/unsd/snaama/Introduction
United Nations Conference on Trade and Development: www.unctad.org/Templates/StartPage
United Nations Centre on Transnational Corporations: www.unctc.unctad.org/aspx.index.aspx
World Bank: www.worldbank.org
International Monetary Fund: www.imf.org
Organization of Economic Cooperation and Development: www.oecd.statsportal
Central Intelligence Agency: www.odci.gov/cia/publications/factbook
Institute of Management Development: www.imd.ch/wccc
World Economic Forum: www.weforum.org
N.B. Please ensure that you keep all course outlines as they will prove valuable in obtaining
exemptions for postgraduate qualifications, e.g. CIMA, in supplying information to future
employers. Note that the department retains only the previous year's outlines for a limited
period.
Current outlines and other course materials are available from the School of Management
website - http://www.ms.rhbnc.ac.uk/courses/index.html
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