By Usha C. V. Haley, Frank-Jürgen Richter
A decade in the past, a author from Fortune journal wrote within the preface to Kim Woo Chong's e-book, each highway is Paved with Gold, that Kim, the Daewoo empire's founder, "personifies the force and mind's eye that makes East Asia a dynamic middle of monetary growth." Kim fled South Korea in overdue 1999, presently after his empire crashed. From his preliminary exile put up in Frankfurt, he submitted his resignation from all of the Daewoo group's businesses. He has left no clue approximately his whereabouts considering the fact that then.Kim Woo Chong's meteoric upward thrust as one in all Asia's strongest tycoons, and his both wonderful fall, represent the Asian miracle and the lengthy predicament that threatended to spoil it in 1997 and that also hangs over the industrial panorama. The system's flaws grew to become obvious in mid-1999, while Kim stated that his businesses, which had obtained an international succeed in in a debt-fueled growth binge, couldn't pay their collectors. by the point the banks that took over the Daewoo workforce had calculated $80 billion in liabilities, Kim used to be altering addresses in Europe. For Asia, classes from the obstacle point out that conventional tools of operation via debt financing and over-investing will fail. This lesson and others are explored in Asian Post-Crisis Management.Contributers: Usha C.V. Haley • Masaaki Kotabe & Shruti Gupta • Yasuhiro Arikawa & Hideaki Miyajima • George T. Haley • Brij N. Kumar, Yunshi Mao & Susanne Birgit Ensslinger • Nancy E. Landrum & David M. Boje • Xue Li, John Kidd, & Frank-J?rgen Richter • Malcolm Cooper • Yi Feng & Baizhu Chen • Howard V. Perlmutter • Sek Hong Ng & Malcolm Warner • Thomas Clarke • Keun Lee • Caroline Benton & Yoshiya Teramoto • Fred Robins • Michael A. Santoro & Chang-su Kim • Beverly Kitching • Hock-Beng Cheah & Melanie Cheah
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Extra resources for Asian Post-Crisis Management: Corporate and Governmental Strategies for Sustainable Competitive Advantage
The first section of this chapter analyses historical trends of FDI into China. The ensuing section estimates various risks associated with doing business in China including market potential, copyright violations, political manoeuvrings and corruption. The final section offers some suggestions for effective strategies by multinationals Post-crisis Management Strategies in Asia 13 operating in China in the new millennium. Chapter 16 by Fred Robins examines how the crisis has influenced the Asian model of economic development sometimes referred to as Asian Capitalism.
Before the slump, Oxy had commanded 81 per cent of the closet dehumidifier market with its Thirsty Hippo model. Now instead of losing sales, Oxy boosted its market share to 94 per cent at the expense of its rivals. Increase local procurement Many foreign companies operating in Asian countries tend to procure certain crucial components and equipment from their parent companies. Now that Asian currencies depreciated precipitously, those foreign companies are faced with those imported components and equipment whose prices have gone up enormously in local currencies.
Take for example, the German pharmaceutical company, Bayer, which has been hit hard by the crisis. Even though its Asian sales declined by 14 per cent, it continues to sustain its commitment in Asia. According to Dieter Becher, board member of Bayer, the company’s policy is based on mid-term and long-term demand projections, which demonstrate the company’s confidence in the region (Young, 1999). Pull-out Pulling out of the market is an easy way out, at least financially, in the short run. Immediately after Indonesia’s rupiah depreciated by almost 80 per cent in a couple of months, J.