The Rise of Spanish Multinationals: European Business in the Global Economy

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September 2005



Since 1992, Spanish companies in a variety of industries have acquired a prominent presence in the global economy, especially in Latin America and Europe. Companies such as Telefonica, Banco Santander, Repsol-YPF and Inditex (the owner of the Zara brand) have catapulted themselves to become major international competitors, making Spain one of the world's ten largest foreign direct investors. Mauro Guillen offers not only an explanation of why this has happened, but also an assessment of the economic, financial, political and social consequences for Spain and for Europe. In this analysis, he also addresses the weaknesses of the Spanish multinationals, especially their lack of proprietary technology and their primary focus on Latin America. The book concludes with the argument that the Spanish multinational firms ought to consolidate their European positions through mergers and acquisitions, opening up new possibilities for further expansion in North America and Asia.


Preface; 1. Spanish firms come of age; 2. The nature of the multinational firm; Part I. The Process: 3. The family-controlled and worker-owned multinationals; 4. Deregulation, oligopolistic competition, and internationalization; 5. The Spanish banks go global; Part II. The Consequences: 6. Spain's new financial role in the global economy; 7. Foreign policy and international stature; 8. Spain's enduring image problem; 9. Public opinion, the labor unions, and the multinationals; 10. Europe, Spain, and the future of its multinational firms; Appendix: data and sources; Bibliography; Photographs; Index.


Mauro F. Guillen holds the Dr Felix Zandman Endowed Professorship in International Management at the Wharton School of the University of Pennsylvania, and the Fundacion Rafael del Pino Chair, which funded this research. An expert on globalization and on the multinational firm, he is a visiting faculty at Instituto de Empresa, Guggenheim fellow and Member in the Institute for Advanced Study, Princeton.


Review of the hardback: 'This fascinating book constitutes the best documented and richest analysis to date of the economic, social and political causes and repercussions for both Spain and Europe of the rise of the Spanish multinational firm. Of great value not just to readers interested in the Spanish economy but also to all those who want to better understand the process of globalization.' Jose Vinals, Director General, Bank of Spain Review of the hardback: 'A pioneering analysis of an important and recent development in the Spanish economy; comprehensive and grounded in solid analysis. Although some of Guillen's ideas will be controversial, the book sheds light on existing problems and raises new issues. An essential book in the field of multinational management.' Oscar Fanjul, former Chairman and CEO, Repsol, and Vice-Chairman, Omega Capital Review of the hardback: 'An outstanding blend of sociological and economic analysis: lively, insightful, very readable; it is both thought-provoking and well-argued.' Javier Santisco, Chief Economist for Latin America, Banco Bilbao Vizcaya Argentina Review of the hardback: 'Professor Guillen provides a very complete and insightful analysis of one of the most outstanding episodes in recent Spanish economic history. This book also constitutes a useful empirical counterpoint to the modern theory of the multinational enterprise.' Emilio Ontiveros, Universidad Autonoma de Madrid, and CEO of AFI (Analistas Financieros Internacionales) Review of the hardback: 'This is a rigorous history and analysis of the process of internationalization of Spanish firms. Their vigorous expansion abroad is a signal to the world that Spain possesses formidable organizational and managerial capabilities.' Alvaro Cuervo, Complutense University of Madrid, and board member, ACS-Dragados Review of the hardback: 'At a time when Spanish foreign direct investment levels have finally caught up with those for other high-income countries, Mauro Guillen takes a closer look at the quality as opposed to quantity of such investments. His provocative conclusions should be of interest not just in specific regard to Spanish firms investing overseas but in the broader context of the debate about late internationalization.' Pankaj Ghemawat, Harvard Business School Review of the hardback: 'Guillen offers a fascinating account of Spain's reversal of fortune over the last decade from buyout target to a visible player in the global economy together with an insightful analysis of how this new position is reshaping Spain's self image, its views toward globalization and big business, and its actions in the international arena.' Donald Lessard, MIT Sloan School of Management Review of the hardback: 'A well-researched and fascinating book that should be of great interest to any student of multinational enterprises.' Jose R. de la Torre, Dean, Chapman Graduate School of Business, Florida International University Review of the hardback: 'There is nothing more effective than good theory and good data to counter myth and challenge misleading popular belief. Guillen's masterful combination of theory and data about the recent history of Spanish multinationals offers the most compelling interpretation of the international expansion of the Spanish economy that is available. A must for anyone interested in the fascinating evolution of the Spanish economy.' Angel Cabrera, President, Thunderbird-The Garvin School of International Management
EAN: 9780521847216
ISBN: 0521847214
Untertitel: Sprache: Englisch.
Erscheinungsdatum: September 2005
Seitenanzahl: 268 Seiten
Format: gebunden
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