Bargaining Power, Ownership, and Profitability of Transnational Corporations in Developing Countries
As the bargaining power of the transnational corporations (TNCs) in the sample increased relative to the bargaining power of the host country, and as the desire of the TNCs for a high level of equity ownership increased, the percent equity ownership of the TNCs in their subsidiaries increased. The relationship between percent equity ownership and subsidiary success from the TNCs' viewpoint, however, was J-shaped. High and low levels of equity ownership were associated with high levels of success. Control of critical operational variables by the TNC was directly related to success.
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.