Post on 14-Dec-2015
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International Dimensions of Management
Course Objectives
The course is designed to provide a comprehensive and up-to-date overview of the main issues managers are facing within European multinational corporations.
After a brief identification of the strategic issues of internationalisation,
we will focus on the difficulties and practical dilemmas professionals are confronted with, while organizing, controlling and managing a Multinational Corporation.
Course Organization ( 8 x3 hours)
1. Internationalisation why ? Illusions and myths about globalization The rationales for developing business
aboard. 2. The decision of developing foreign
operations The different steps toward
internationalisation3. How Multinational should Your
Organization be ? Ethnocentric policy Polycentric policy Regiocentric policy Geocentric policy4. Relations between headquarter and
subsidiaries-Main difficulties-Techniques and tactics-Management Accounting-Human Resources
5. Building teams for global operations 6. Managing change in the multinational
company7. Mergers, Acquisitions8. International Joint ventures and alliances
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Special Report
The 400 Best Big Companies12.22.08, 06:00 PM EST
Food Drink & TobaccoIndustry is :
NAME 5-YEAR TOTAL RETURN % SALES ($BIL) NET INCOME ($MIL) INDUSTRY
Andersons 9.6 3.5 90 Food Drink & Tobacco
Archer Daniels 15.5 78.1 2,411 Food Drink & Tobacco
Brown-Forman 6.0 2.6 446 Food Drink & Tobacco
Bunge 9.4 54.1 1,519 Food Drink & Tobacco
Campbell Soup 7.0 8.1 1,155 Food Drink & Tobacco
Coca-Cola 2.8 32.1 6,026 Food Drink & Tobacco
Corn Products Intl 10.8 3.9 266 Food Drink & Tobacco
Flowers Foods 20.4 2.3 109 Food Drink & Tobacco
General Mills 9.9 14.1 1,284 Food Drink & Tobacco
Hain Celestial Group -7.4 1.1 37 Food Drink & Tobacco
Hormel Foods 1.5 6.8 286 Food Drink & Tobacco
Kellogg 6.3 12.7 1,145 Food Drink & Tobacco
Kraft Foods -0.1 41.8 3,323 Food Drink & Tobacco
McCormick & Co 2.8 3.1 261 Food Drink & Tobacco
PepsiAmericas 3.1 4.9 231 Food Drink & Tobacco
PepsiCo 5.3 42.9 5,685 Food Drink & Tobacco
Ralcorp Holdings 16.2 2.8 168 Food Drink & Tobacco
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Food consumer products : REVENUES PROFITS
Rank Company Global 500 rank $ millions % change from 2006 $ millions% change from
2006
1 Nestlé 57 89,630 12 8,875 21
2 Unilever 122 55,006 8 5,322 -11
3 PepsiCo 184 39,474 12 5,658 0
4 Kraft Foods 195 37,241 0 2,590 0
5 Groupe Danone 423 20,128 14 5,721 237
Classement mondial des entreprises
(Source : Fortune, june 2008)
Beverage : REVENUES PROFITS
Rank Company Global 500 rank $ millions% change from
2006 $ millions% change from
2006
1 Coca-Cola 275 28,857 20 5,981 18
2 Coca-Cola Enterprises 403 20,936 6 711 0
3 Inbev 431 19,751 18 3,009 70
4 Heineken Holding
491 17,197 16 553 -27
5 SABMiller 493 17,057 15 2,023 23
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Food production : REVENUES PROFITS
Rank Company Global 500 rank $ millions % change from 2006 $ millions
% change from 2006
1 Archer Daniels Midland 158 44,018 20 2,162 65
2 Bunge 191 37,842 44 778 49
3 Tyson Foods 298 26,900 5 268
Food services : REVENUES PROFITS
Rank Company Global 500 rank $ millions % change from 2006 $ millions% change from
2006
1 McDonald's 359 23,231 8 2,395 -32
2 Compass Group 401 20,950 -5 1,014 98
3 Sodexo 473 17,673 13 458 16
Classement mondial des entreprises
source : Fortune, june 2008.
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Food and drug stores :REVENUES PROFITS
Rank Company Global 500 rank $ millions % change from 2006 $ millions % change from 2006
1 Carrefour 33 115,585 15 3,147 11
2 Tesco 51 94,703 18 4,253 20
3 Metro 56 90,267 20 1,129 -15
4 CVS Caremark 80 76,330 74 2,637 93
5 Kroger 87 70,235 6 1,181 6
6 Walgreen 125 53,762 13 2,041 17
7 Royal Ahold 137 50,739 -11 4,012 256
8 Groupe Auchan 139 50,465 15 1,317 41
9 Seven & I Holdings 141 49,768 9 1,130 -1
10 AEON 154 44,707 8 380 -23
11 Supervalu 157 44,048 18 593 31
12 Safeway 164 42,286 5 888 2
13 J. Sainsbury 208 35,797 10 660 7
14 Woolworths 228 33,442 18 1,016 34
15 George Weston 254 30,559 8 524 392
16 Coles Group 293 27,556 0 594 -32
17 Delhaize Group 306 26,113 7 561 27
18 William Morrison Supermarkets 310 25,960 12 1,109 141
19 Rite Aid 328 24,418 40 -1,079 -4122
20 Alliance Boots 340 23,812 10 20 -97
21 Publix Super Markets 360 23,194 6 1,184 8
22 Migros 445 18,915 15 666 11
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For a particular country, what is a “foreign company” ? Foreign shareholders : 20%, 50% ? Foreigners among the top managers ? Headquarter localization ? Research Localization ? Taxation policy ? Image ? Political influence ?
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L’usine Akaï d’Honfleur dépose son bilan (Le Monde, 16
janvier 1997)
Crée en 1982 avec d’importante subventions publiques et une protection douanière, l’usine Akaï d’Honfleur était un modèle social… Elle comptait 700 employés en 1993.
1993 : La direction fait savoir qu’elle ne sollicite plus pla prime d’aménagement du territoire de 5, 25 millions de francs pour un investissement de 65 millions avec 300 nouveaux emplois à la clef.
Avril 1995 : La marque Japonaise Akaï est absorbée par la multinationale asiatique “Semi-Tech”.
1996 : 180 licenciements à Honfleur. Baisses de salaires allant jusqu’à 40% pour les autres.
Juin 1996 : Semi-Tech revend l’usine à une société Chinoise, “ Omin Present“ dont le siège est à Hong-Kong pour un prix très bas : 392 000 Frs (pour une usine dont le chiffre d’affaires est en 1995 de 576 millions de F (et une perte annuelle de 22 millions).
Septembre 1996 : Il reste 312 salariés dans l’usine, plus personne ne paie leurs salaires et on ne sait plus qui est le propriétaire de cette entreprise : il n’y a plus personne pour payer les indemnités de licenciements, les dettes aux fournisseurs et pour procéder à la liquidation.
Les pouvoirs publics français, qui ont largement subventionné l’implantation de l’usine, vont devoir encore supporter le coût de son démantellement.
Pour la ville de Honfleur, le projet de développement tourne au fiasco.
Pour la conception de politiques industrielles, c’est un exemple à méditer…
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For a particular company, what means being international ? Foreing sales as a % of total sales Foreing products diversity Age of foreing operations Number of countries where the company is
operating % of third countries nationals among
employees % of expatriates among employees Type of foreing operations : exportation,
production, research, Type of organization , company culture and
strategy.
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WHY COMPANIES ENGAGE IN FOREIGN OPERATIONS?Phatak Arvind V. International Dimensions of Management. PWS Kent Publishing Company, 1992.
To achieve efficiency by locating a function in that country which has a comparative advantage in providing the factors required to
perform it (scale economies) ex: labor cost, cost of capital. by sharing investments and costs across more products, markets and businesses ( scope economies ) ex: research laboratories
To manage risks currency wage-rate Growth rates differences between countries.
To be more innovative, to learn, to adapt Technology transfer marketing intelligence benchmarking research: "In the US, all great engineers want to work on product innovation; in Asia, the best guys want to
work on improving the production process" To make easy money
To take advantage of cross-exchange rates between currencies To avoid strict laws and high taxation
For leadership attack or counterattack against competitors power relations with clients power relations with suppliers power relations with nation-states
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Who’s got the Profits ?
Germany
An Item is manu-Factured at a costOf $80.It is then soldto an Irish Subsidiary for $80
Taxe Rate : 48%Taxe Paid : $0
Ireland
The subsidiaryTurns around andResells the item at$150 to a U.S. sub-Sidiary earning a$70 profit.
Taxe rate : 4%Tax Paid : $ 2,80
United StatesThe U.S. subsidiarysells the item atcost, for $150.No profit is earned.The Irish subsidiarythen lends moneyto the U.S. companyfor future expansion
Tax Rate : 34%Tax Paid : $0.
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WHY INTERNATIONAL COMPANIES ENGAGE IN FOREIGN PRODUCTION?
To maintain a market position abroad despite tariff and non-tariff barriers
To reduce high transportation costs To take advantage of cheap labor or cheap
supply. To meet the demand of fast growing
market. To meet the demand for the product quickly To builds good relations with customers
and the host government To take advantage of incentives offered for
direct investments
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Taux de croissance de divers pays en 2009 ( année de crise)• 1 Macau, China 13.2
2009 est.• 2 Qatar 9.5 2009 est.• 3 Azerbaijan 9.3 2009 est.• 4 China 8.7 2009 est.• 5 Ethiopia 8 2009 est.• 6 India 8.8 2010 est.• 7 Poland 7.3 2009 est.• 8 Lebanon 7 2009 est.• 11 Congo, Republic of the6.6 2009 est.• 12 Uganda 6.6 2009 est.• 13 Djibouti 6.4 2009 est.• 14 Laos 6.4 2009 est.• 15 Niue 6.2 2003 est.• 26 Turks and Caicos Islands4.9
2000 est.• 31 Bermuda 4.6 2004 est.• 32 Gambia, The 4.5 2009 est.• 33 Indonesia 4.5 2009 est.• 34 Zambia 4.5 2009 est.• 35 Iraq 4.3 2009 est.• 70 Iran 2.6 2009 est.
• United States Virgin Islands2 2002 est.• Australia 3.3 2010 est.• Saudi Arabia0.2 2009 est.• Brazil -0.2 2009 est.• Norway -1 2009 est.• France -2.2 2009 est.• United States-2.4 2009 est.• Argentina -2.5 2009 est.• Canada -2.5 2009 est.• European Union -4 2009 est.• Italy -4.8 2009 est.• United Kingdom -4.8 2009 est.• Bulgaria 4.9 2009 est.• Germany -5 2009 est.• Japan -5.3 2009 est.• Turkey -5.6 2009 est.• Mexico -6.5 2009 est.• Russia -7.9 2009 est.
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How to organize the multinational
corporation ? Key questions
How to encourage a predominantly domestic organization to take full advantage of growth opportunities abroad ?
How to blend product knowledge and geographic area knowledge most efficiently in coordinating worldwide business ?
How to coordinate the activities of foreign units in many countries while permitting each to retain its own identity ?
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Area for formulation of global corporate objectives :
Profitability Level of profits Return on assets investment equity,
sales Yearly profit growth Yearly earnings per share growth
Marketing Total sales volume Market share –worldwide, region,
country Growth in sales volume Growth in market share Integration of country markets for
marketing efficiency and effectiveness. Production
Ratio of foreign to domestic production volume
Economics of scale via international production integration
Quality and cost control Introduction of cost efficient
production methods Doing or buying
Finance Financing of foreign affiliates Local borrowing Taxation : minimizing tax burden globally Optimum capital structure Foreign exchange management- minimizing
losses from foreign fluctuations Technology
Type of technology to be transferred aboard; Adaptation of technology to local needs and
circumstances Host Gouvernent Relations
Adapting affiliate plans to host governement developmental plans
Adherence to local laws, costums and ethical standards
Personnel Development of managers with global
orientation Management development of host country
nationals Research and Development
Innovation of patentable products Innovation of patentable production
technology Geographical dispersion of research and
development laboratories.
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Possible evolutions of a corporation toward internationalization :
Foreign Inquiry
Export department and direct sales
Sales Branches or Subsidiaries
Production abroad
Integration of Foreign affiliates
Alliance andJoint ventures
AcquisitionOf foreigncompanies
Merger with othercorporations
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The Stopford and Wells Model of MNC Organizations
GlobalOr transnational
WorldwideProductDivision
Geographic AreaDivision
Internationaldivision
ForeignProductDiversity
Foreign Sales as Percentage of Total Sales
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Integration & Differenciation Three Basic integrative mechanisms :
Centralization Formalization Normative integration
Differentiation :
measured for each company as the ratio of the number of its “fit” to its “misfits” subsidiaries.
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Des modèles d’organisation plus ou moins adaptés selon les secteurs :(organizational fit)
Secteurs Caractéristiques du secteur
Condition de
La compétitivité
Modèle d’organisation
adapté
??Des exigences
différentes selon
Les pays
Adaptabilité
locale
Multinational,
Style de management polycentrique
?Coûts de R&D élevés, exigences différentes selon les pays
Diffusion des compétences
International
Style de management ethnocentrique
?Un marché mondial homogène, des opportunités d’économie d’échelle
Effets d’echelle,
Production et distribution de masse
Modèle global
Style de management geocentrique
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Research by Gates and Egelhoff, 1986, « Centralization In Headqharters-subsidiary relations »,
Journal of International Business Studies
If a subsidiary has to face à more dynamic environment :
rapid product change rapid competitive climate change
then, more autonomy.
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Decision problems as perceived by international affiliates CEO
1. Reaching a decision takes too long because we must get approval from headquarters
2. There is too much bureaucracy in the organization3. Too much paperwork has to be send to headquarters4. Headquarters staff and subsidiary management differ about
which problems are important5. Headquarters tries to control its subsidiaries too tightly6. The subsidiary is too dependant on headquarters for new
product development7. Headquarters makes decisions without through knowledge of
marketing conditions in the subsidiary’s country8. The company doesn’t have a good training program for its
international managers9. The company has an inadequate procedure for sharing
information among its subsidiaries10. There is very little cross-fertilization with respect to ideas and
problems solving among functional groups within the company11. Headquarter is too home-country oriented
12. Headquarter managers are not truly multinational personnel
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The globalization processGeorge S. Yip, 1989, “Global strategy in a world of Nations ? Sloan Management Review,N°29 Fall
1989.
Home country Step 1:Develop coreBusiness strategy
Step 2: InternationalizeThe strategy
Step 3:Globalize the Strategy
Country A B C D
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Limits of globalisationpositionnement
product
marque
emballage
tarif
publicité
Promotion commerciale
distribution
GLOBAL NON GLOBAL
Non
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Stratégie d’expansion à
l’international : Produit
12 3 4 5
Pays 1
X X X
2 X X3 X x X4 X5 X6 X X7 X
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Réduction des risques dans une stratégie de croissance internationale :
pays Segments
de clientèle
Produits actuels
Produits nouveau
x
actuel actuel 1 3
actuel nouveau 2 4
nouveau actuel 5 7
nouveau nouveau 6 8
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Different types of multinationals companies
GlobalHigh
Global CoordinationIntegration
National
Low
Low National differentiation responsiveness
Multinational
High
Transnational Ethnocentric attitude Geocentric attitude
Polycentric attitude
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Organization or culture ? “The formal organization chart is a poor representation
of how an organization really operate.” Organization is a set of relationships among
individuals, groups, units and very different relationship patterns can flourish within the same formal structure.
formal
informal
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Four style of management for the multinational companyH.V. Perlmutter and D.A. Heeman, "How Multinational Should Your Organization Be? HBR, November-December 1974.
Ethnocentric attitude "Our culture is better than Yours, we will
teach You how to do " Polycentric attitude
"Stay home, and do it your own Way" Regiocentric attitude
"By international and let us rule the company"
Geocentric attitude "Believe us, we will be global soon. Nationally
will make no differences between us"
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Modèle multinational, très décentralisé, polycentrique, Le siège considère le groupe comme un
portefeuille d’entités indépendantes Les filiales sont autonomes et dotées de
ressources stratégiques L’intégration minimum est assurée par des
relations personnalisées entre dirigeants et un système de reporting léger.
Siège mondial
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Polycentric policy As many policy as subsidiaries. Few rules and guidelines (except finance
management). CEO of Subsidiaries are host country
nationals with no career opportunity aboard Strategic decisions are centralized and
operational decisions at the subsidiary level The CEO of a subsidiary is autonomous as
long as he as good financial results. Headquarters interventions are limited.
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Polycentric policy Advantages/disadvantages CEOs are close to
the subsidiary they are leading
The task of the headquarters is simple
Chameleon strategy to face nationalism and cultural particularities
Lack of control Management of change
is difficult Poor international co-
ordination Managers do not have
an international perspective
careers are limited lack of loyalty,
segregation difficulty to negotiate
at an international level with clients or suppliers
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Modèles international, ethnocentrique ou encore “global” Le siège considère les filiales comme des
extensions de l’activité domestique. Les filiales sont dotées d’importantes ressources
mais fortement contrôlées par le siège. Il existe un système sophistiqué de planification
et de contrôle.
Siège mondial
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Ethnocentric policy
Parent country - is the reference - provide the leaders - keep control Expatriates rules the subsidiaries Great privileges and advantages for expatriates Centralized decisions Careers managed by the headquarters Foreigners does not belong to the "family" Headquarters does not help very much. He is
controlling.
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Ethnocentric PolicyAdvantages/Disadvantages
Uniformity of subsidiaries
Cultures Technology transfers Secrecy Ethnic conflicts avoided Prestige of the parent
country Response to xenophobia International reactivity Multi divisional
organization is possible at a word while scale
Expensive Centralization may
face rebellion Decisions not
adapted to the countries
Permanent conflicts between expatriates and host country nationals
Second class citizens are discouraged
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The global corporation : a myth ? Myth, utopia, ideal ? Equal opportunity for all managers around the word No nationalist bias in the decision making process Competition among subsidiaries to develop and promote
internationally recognized solutions to technical problems good co-operation among managers from different
nationalities
Advantages/disadvantages ? This policy match the global challenge very expensive managers becomes nomads in reality the myths does not work perfectly well Internationals managers consider themselves as an elite and may
become arrogant
Ex: Shell, Unilever , Nestlé, Hewlett-Packard, Schlumberger...
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Regiocentric policy Three level organization: -World while Headquarters -Regional Headquarters (Europe, Asia, Middle
East) -National Subsidiaries Ex: IBM, Texas Instrument, Dow Chemical,
Eastman Kodak before 1985. Parents country nationals keep the top positions
at the world headquarters High international mobility among managers of
the same region. Career of third country nationals ended at the
regional headquarters.
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The regiocentric policy Advantages/Disadvantages
Good relations between subsidiaries in the same area
Manager mobility develop an international culture
A lot of international managers are available
Expatriates are well accepted by host country colleagues and subordinates
International opportunities for young managers
To Expensive Foreigners are second
class citizens Foreigners lives the
company when they have been trained as international managers.
Regional diversity is high and regional policy are not adapted to the different markets
To many hierarchical levels, bureaucracy.
Decision process is slow ,complicated and conflictual.
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Le modèle transnationalRéférence : Christopher A. Bartlett and Sumantra Ghoshal, 1989, Managing Across Borders, The Transnational solution, Harvard Business School Press,
Les actifs de l’entreprise sont dispersés géographiquement, spécialisés et interdépendants.
Chaque filiale nationale doit contribuer, de manière différenciée à une stratégie définie de manière intégrée au niveau mondial.
Les compétences sont développées conjointement par l’ensemble des entités et partagées au niveau mondial.
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Dans le modèle transnational :4 rôles possibles pour une filiale :
Importancestratégiquedu marchélocal
Niveau de compétence de la filiale locale
-
+
+
TROU NOIR
EXECUTANT
LEADERSTRATEGIQUE
CONTRIBUTEUR
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STRATEGY IMPLEMENTATION AND MANAGEMENT OF CHANGE in the multinational corporationBibliography
Recommended books Bartlett Christopher A., Ghoshal Sumantra. Transnational management :
text, cases, and readings in cross-border management. Homewood, IL, Irwin, 1992.
Kotter, John P. Leading Change. Harvard Business School Press, Boston,MA, 1996.
Complementary readings : Adler Nancy J. International Dimensions of Organizational Behavior. Kent
Publishing Company, 1991. pages 126-142. Bartlett Christopher A. Ghoshal Sumantra. Managing Across Borders. The
Transnational Solution. Harvard Business School Press, 1989. Bartlett Christopher A., Ghoshal Sumantra. Transnational management :
text, cases, and readings in cross-border management. Homewood, IL, Irwin, 1992.
Bogan Christopher E. English J. Benchmarking for best Practices. Mc Graw Hill, New York.
Borg-Warner Chemicals case. Wim Broekhuysen. 1993. Brown Shona L., Eisenhardt Kathleen M., Competing on the edge :
stratégy as structured chaos, Havard Business School Press, Boston, MA, 1998.
Brunsson N, The Irrational Organization. Irrationality as a Basis for Organizational Change. John Wiley, 1985.
Champy James A. and Hammer Michael, Reengineering the Corporation : A Manifesto for Business Revolution. Harper Collins PUblishers, New York. 1993.
Collins Timothy M. Doorley Thomas L. Teaming up for the 90s. Business One Irwin, Homewood, USA.
Crosby Philip B. Quality is Free. The Art of Making Quality Certain. Mac Graw hill, New York, 1980.
Drissi Amar, It’s Impossible, so We’ll Do It. Business Life Seminar, Session of 8 April 1994, Ecole de Paris du Management. France.
Duck Jeanie Daniel. Managing Change : the Art of Balancing. Harvard Business Review. November-December 1993.
Evans Paul, Doz Yves and Laurent André, Human Resource Management in International Firms. Change, Globalization, Innovation. Macmillan, 1989
Evans Paul, Doz Yves and Laurent André, Human Resource Management in International Firms. Change, Globalization, Innovation., Macmillan, 1989
Gates Stephen R. Egelhoff William G. Centralisation in Headquarters-subsidiary relationships. Journal of International Business Studies. Summer 1986.
Ghoshal Sumantra and Bartlett Christopher A. Changing the Role of Top Management. Harvard Business Review, January-February 1995.
Ghoshal Summantra. Nohria Nitin, Horses for Courses : Organizational Forms for Multinational Corporations. Sloan Management Review. Winter 1993.
Hamill Jim, Pan-Europeanisation: Myth or Reality- CMB Packaging. European Management Journal, Vol 10 N°4 December 1992.
Haspeslagh P.C. and Jemison D.B. Managing Acquisition, Free Press, 1991.
Kanter R.M. The change Masters, Simon and Schuster, 1984. Kelly F.J. and H.M. What they really teach you at the Harvard Business
School, Warner Books, New York, 1986.
Kotter, John P. Leading Change. Harvard Business School Press, Boston, MA, 1996
Kotter, John, P, Organizational Dynamics : diagnosis and intervention, Addison-Wesley, Reading, MA, 1978.
Latour Bruno. Aramis. La Découverte, Paris, 1992. Marsick Victoria J. Turner Ernie and Cederholm Lars, International
managers as team leaders. Management Review, March 1989. Midler Christophe. Twingo, L'Auto qui n'existait pas. Inter-édition,
Paris, 1994. Mills D. Quinn. The Decline and Rise of IBM.. Sloan Management
Review. Summer 1996. Mills, D. Quinn, Friesen, G. Bruce, Broken promises : an
unconventional view of what went wrong at IBM. Harvard Business School Press, Boston, MA,1996.
Mitzberg H. Rise and Fall of Strategic Planning, Free Press, 1993. Mumford E. and Pettigrew A., Implementing Strategic Decisions,
Longman Group, 1975. Muzyka Daniel, Breuninger Hans, Rossell Gerda, The Secret of New
Growth in Old German « Mittelstand » Companies, European Management Journal, Vol 15, N°2 April 1997.
Nissan Motor CO. Europe case. Insead, Fontainebleau, France, Revised 1993.
Nohria Nitin, Ghoshal Sumantra, The differentiated network : organizing multinational corporations for value creation. Jossey-Bass Publishers, San Francisco, 1997.
Nohria Nitin, Ranjay Gulati, What is the Optimum Amount of Organizational Slack ? A study of the relationship between slack and innovation in multinational firms. European Management Journal, Vol 15 N°6, December 1997.
Permutter H.V. and Heeman D.A. How Multinational Should Your Organization be ? HBR, November-December 1974.
Pettigrew A., The Awakening Giant. Continuity and Change in ICI, Blackwell,Oxford,1985..
Pettigrew Andrew, The Management of Stragegic Change, Basil Blackwell, 1988.
Phatak Arvind V. International Dimensions of Management. PWS Kent Publishing Company, 1992.
Sadler Philip, Designing Organisations : the foundation for excellence, Kogan Page, London, 1998.
Schein E.H. Organizational Culture and Leadership, Jossey Bass, 1986.
Stalk G. Hout. T. Competing against Time. The Free Press, New York, 1990.
Strebel Paul. New Contracts : The Key to Change. European Management Journal. Vol 11 N°4 December 1993.
Yip George S. Global Strategy in a word of Nations ? Sloan Managemnet Review, Fall 1989.