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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

Chapter 1 introduces the theme of this book, exchange rate risk for the exporters, by showing the sensitivity of corporate earnings and stock prices to exchange rate fluctuations. When the yen appreciates, corporate earnings and the Nikkei Index tend to fall. Faced with a long-run trend of yen appreciation, Japanese exporting firms have taken many countermeasures to lessen the exchange rate impact on their sales and profits. By invoicing in yen, they can avoid the exchange rate risk. However, importers suffer from exchange risk and have to absorb the change in import costs by changing their profit margins. Hence, which currency exports should be invoiced in depends on the nature of the products, the relationship between exporter and importer, and whether the exported goods are for the local market or for re-exporting after assembly. The chapter introduces these concepts and sets up the questions to be answered in later chapters.

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Young-Myon Lee and Bruce E. Kaufman

In order to contextualize Korean employment and industrial relations (EIR) in the field of EIR thought, a field largely dominated by Western ideas and experience, this chapter breaks down Korean EIR into its component parts using two particular frameworks: a union/labor management model and an employment relationship model. This structured approach brings to the fore often overlooked facts regarding Korean institutions, collective actors, socio-economic and political forces that have shaped its employment relations and industrial environment – namely, the preponderance of small to medium-sized enterprises, the highly politicized evolution of unions and employer associations and their connection to the besieged and suffering ‘haan’ mentality, the movement away from Confucian-system paternal relations and the preference for strong, centralized leadership. The chapter highlights key events that have driven a narrow labor/management bias in Korean EIR, especially the Great Labor Offensive, and examines the whole through Kaufman’s employment relations model.

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Patrizio Bianchi and Sandrine Labory

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Patrizio Bianchi and Sandrine Labory

This introductory chapter to the book reviews global trends in markets, focusing on globalisation and digitalisation. It is argued that the global economy seems to have entered a new phase after the financial crisis, whereby flows of goods no longer exponentially rise while data flows boom. This new phase can therefore be called ‘digital globalisation’, spurred by the fourth industrial revolution, the meaning and implications this book aims at analysing, especially regarding industry and industrial policy.

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Young-Myon Lee and Bruce E. Kaufman

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Cyril F. Chang, Howard P. Tuckman and Grace L. Chikoto-Schultz

Using a select set of literature, this chapter reviews the progress in the line of research focusing on nonprofit income diversity and issues of financial health. General consensus exists on the diversity of revenue dependence across nonprofit fields, revealing heavy dependence on commercial revenue by some, on private contributions by others and diversified sources by others. We also address recent developments in theory building and testing that help explain these patterns. Although the literature on revenue diversification reveal mixed results, the general pattern shows a positive association between diversification and financial stability. However, close attention to the composition of an income portfolio is needed. Conversely, revenue concentration is generally associated with financial growth, albeit tempered by an increasing recognition of the limits of persistently concentrated revenue portfolios. We conclude by addressing the merits and gaps in current research, including the quality of current data, its access, scope and specificity.

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Edited by Bruce A. Seaman and Dennis R. Young

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Dong-One Kim