Buku Global Financial Perspectives

• Judul Buku: Global Financial Perspectives
• Penulis: Jagdish N Sheth – Abdolreza Eshghi
• Penerbit: Cincinnati: South-Western Pub. Co., 1989
• Bahasa: Inggris
• ISBN: 053880047X

Sinopsis Buku Global Financial Perspectives

International finance and global financial practices have become critical to corporate survival and profitability for a number of reasons.

First, private foreign investment by corporations has been steadily increasing on a worldwide basis. The equity positions in different countries require a significant amount of long-term commitment and often create exit barriers.

Consequently, a significant percentage of total capital is tied up in international operations. Furthermore, private foreign investment is not limited to less developed countries. It is now extended to advanced countries such as the U.S., Japan and those in Europe. As more offshore competitors invest in domestic capacities in other countries, the total capital portfolio with international investment rises dramatically.

For example, recently virtually all European countries and Japan have started investing heavily in the U.S. Similarly, many U.S. firms are continuing to invest in Europe and Japan.

Second, since the floating of the dollar and the liberalization of monetary flows across national boundaries, managing equity and debt capital portfolios on a global basis has become a specialized function that is critical to corporate performance: profits or losses of a corporation can be determined by currency fluctuations as well as stock market prices in various stock exchanges of the world.

This was clearly demonstrated in the stock market crash of 1987, during which New York, London and Tokyo stock exchanges were virtually reacting to each other on an hour-by- hour basis.

Third, the costs of capital and foreign investment incentives are becoming more and more diverse. For example, the traditional risk-return model of investment is breaking down as countries begin to provide unorthodox incentives, such as tax havens, countertrade, and capital repatriation in exported products or services. In short, international finance is becoming more and more context-driven and less and less investment-theory-driven.

Finally, the diversity of political risks associated with both investment and working capitals across national boundaries is increasing at an alarming rate. The traditional notion that there are high investment risks in less developed countries and virtually no risks in Western bloc nations are no longer so clear cut.

For example, when a country like the United States becomes the largest debtor nation in the world and is unable to reduce the biggest trade deficit in the world as well as federal budget deficit, it becomes less clear how the U.S. is structurally different from any less developed country such as Brazil, Argentina or India.

What we need, therefore, is a specialized understanding of corporate finance in the international context. International finance even affects companies not engaged in international business because global financial markets have an impact on their cost of capital, both short term and long term, as well as their offshore procurements of parts, materials and products.

This volume is designed to be a supplement to a textbook in the required finance courses at the M.B.A. level, as well as at the advanced undergraduate level. It is intended to fulfill the accreditation requirements of internationalizing the finance curriculum in the schools of business and management.

The volume is prepared to serve several educational needs in finance.

• It details the complexity of the international environment for financial decisions and practices. Special emphasis is placed on political risks, economic incentives and governmental control of flow of funds in the international arena.
• It provides a strategic and managerial perspective on international france through readings that are practical and contain good case histories as well a conceptual frameworks.
• It includes an annotated bibliography, which will facilitate self-study by students or encourage them to undertake special projects related to international finance

A number of criteria were used in the selection of articles included in this volume.

• They must have a managerial orientation, which makes them relevant to the practice of corporate finance.
• The authors must be well recognized for their contributions to the field
• The perspective on international finance should be worldwide rather thin limited to the U.S.

Although the volume is designed to supplement the required finance classes the M.B.A. and the advanced undergraduate level, it can also satisfy the needs Executive M.B.A. programs, as well as corporate executive education seminars international finance.

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