CJFA_1_2015_przed_drukiem.pdf 65 Jaworek M., Kuzel M. (2015). Transnational Corporations in the World Economy: Formation, De- velopment and Present Position. Copernican Journal of Finance & Accounting, 4(1), 55–70. http:// dx.doi.org/10.12775/CJFA.2015.004 * Nicolaus Copernicus University MARCIN KUZEL** Nicolaus Copernicus University TRANSNATIONAL CORPORATIONS IN THE WORLD ECONOMY: FORMATION, DEVELOPMENT AND PRESENT POSITION Keywords: transnational corporations (TNCs), multinational firms, international busi- ness, foreign direct investment (FDI), global economy. J E L Classification: F21, F23. Abstract: The following article attempts to answer the question about the role trans- national corporations (TNCs) play in the modern world. The issues discussed in this article have been presented in two main parts. The first part focuses on the world’s largest TNCs according to the following criteria: the value of the revenues, market capi- talization and foreign assets. The discussion in the second part focuses on defining the role that transnational corporations play in the world economy. A number of different characteristics ref lecting the economic potential of TNCs have been used in this article such as: asset value, employment rate, sales volume and research and development po- Date of submission: December 10, 2014; date of acceptance: February 13, 2015. * Contact information: Malgorzata.Jaworek@umk.pl, Department of Investment and Real Estate, Faculty of Economic Sciences and Management, Nicolaus Copernicus ** Contact information: Marcin.Kuzel@umk.pl, Department of Investment and Real The authors are grateful to the anonymous referees for their helpful comments and constructive suggestions in strengthening this article. 56 tential, which are linked to selected parameters describing the volume of international production. The analysis of TNC development and their present position has been pre- sented from a historical perspective, which made it possible to identify the conditions of as well as the major changes in the process of enterprise internationalisation. The following article highlights the dynamic development of corporations in developing co- untries and the ever more common phenomenon of state-owned enterprises or enter- prises with a state’s capital playing a role on the international stage. Embarking on international business ventures is not a new phenomenon. Some researchers suggest that examples of early transnational corporations (TNCs) can already be found in the history of colonial expansion of the ancient Phoeni- cians and Romans (Dunning 1993, 96; Moore, Lewis 2000, 17–42), and other ancient civilizations before them (Moore, Lewis 2009). Others look for prede- cessors of modern transnational corporations in the Middle Ages (Dunning, Lundan 2008, 146–148) and the Renaissance period, linking the colonial conqu- ests to the development of famous British and Dutch trading companies (Car- los, Nicholas 1988, 398–419; Robins 2012a; Robins 2012b, 12–26). It was not, however, until the Industrial Revolution of the late 18th and early 19th centu- ry that new opportunities in terms of the organization of production processes emerged and changes in the existing patterns of production took place, which led to the emergence of economic organizations resembling modern enterpri- ses. It was mainly because of the above changes that the emergence of modern corporations, sharing a number of characteristics with the TNCs operating to- day, is usually believed to have originated in the second half, or more specifical- ly, in the last three decades of the 19th century (Dunning 1993, 99; Castro 2000, 7; Wilkins 2001, 4; Dunning, Lundan 2008, 154–175). The dynamic growth of international production, however, falls predomi- - ed States, a corporate economy model emerged, based on large enterprises no longer managed by their owners but by hired qualified professionals (Langlois 2007, 1). At that time, basic legal and ownership forms (public limited compa- nies) were established and improved on as well as organisational solutions pro- posed (divisional structures), which prepared corporations from highly devel- oped countries for the global conquest (Zorska 2007, 84). The conquest became possible only after the war and intensified in the 1960s and 1970s, after which TRANSNATIONAL CORPORATIONS IN THE WORLD ECONOMY… 57 the corporations acquired a nickname cosmocorps. It was then recognized that the largest corporations can control or even dominate many business ar- eas as well as perform roles previously reserved for state structures (Calliess 2011, 601–615; Irogbe 2013, 223). At this time, mainly thanks to S. Hymer and Ch.P. Kindleberger, there was also a wider interest in explaining the nature of multinational corporation activity using theoretical concepts (such as the theo- ry of ownership-specific advantages). It was R. Vernon who made the first ever attempt at estimating the number of corporations, identifying 396 parent com- panies and their 28,318 foreign affiliates (Cox 1997, 9–46). international business activity and the f low of foreign direct investment (FDI), - al Corporations. It is this organization that introduced the term “transnational corporation” into the international nomenclature, which along with the tradi- tional term “multinational corporation” has become a widely used term for en- terprises engaging in foreign direct investment and holding or controlling pro- duction or services companies operating in more than one country (Dunning 1993, 3, 11; Zorska 2007, 10). Rapid technological progress, liberalization of trade, capital f lows and the global development of capital markets as well as the processes associated with privatisation, deregulation and de-monopolisation (Thomsen 2000, 3) brought a spectacular increase in business activity as well as the number of transna- tional corporations in the 1980s and 1990s. In 1982, the total global value of type of investment reached $1,786 billion, while the number of corporations was estimated at about 30,000 and the number of TNC foreign affiliates at 150,000 (Dunning ed. 1993, vii). The years that followed saw further dynamic growth of TNC international expansion (table 1). Table 1. Outward FDI stocks and the numbers of TNCs, 1995–2010 ($ Millions) Item 1995 2000 2005 2010 Outward FDI stocks 3,769,042 8,008,434 12,563,770 21,288,584 Number of parent corporations 38,541 63,459 69,727 103,786 Number of foreign affiliates 251,450 689,520 690,391 892,114 58 - org (accessed: 10.11.2014). N o t e s : Estimated data; the numbers of parent corporations and foreign affiliates given in 1995, 2000, and 2005 based on particular economies evidence from the latest available year. The changes that are shaping today’s world economy (technological advanc- es, liberalization of trade and capital f lows, etc.), which are enabling TNCs to grow, have made it possible for entirely new corporations to emerge, for which large scale operations and substantial capital resources were no longer a pre- requisite for the internationalization of their business activity. More and more small and medium-sized enterprises were transforming into transnational cor- porations of which international new ventures have become the most telling phenomenon (Aggarwal, Berrill, Hutson, Kearney 2011, 557–577). It was not simply the scale and the scope of their business activity that became crucial for determining the specific nature of transnational corporations but, more impor- tantly, their organizational skills providing them with a better configuration of distributed resources and coordination of their processes on a global scale. Today TNCs are defined as organisations consisting of a parent company and borders (not necessarily very many) and is organized, integrated and coordinat- ed by the headquarters operating in the home country (Zorska 2007, 10). In 2010, the value of global FDI exceeded $21,288.5 billion, the number of transnational corporations was estimated at over 100,000 and the number of TNC foreign affiliates at over 890,000 (table 1). It seems that multinational corporations have become an important, if not central, element of the global economy and their importance seems to continue to grow. This article presents a description of these organisations and attempts to answer the burning ques- tion about the role that transnational corporations play in the modern world. Determining the importance of transnational corporations for the world eco- nomy is neither easy nor obvious. The majority of authors dealing with the sub- ject of TNCs take their significant role in forming international economic rela- tions for granted, without attempting to specify it any further (e.g. Birkinshaw, Ghoshal, Markides, Stopford, Yip 2003; Ietto-Gillies 2005). At the same time, TRANSNATIONAL CORPORATIONS IN THE WORLD ECONOMY… 59 there is still a shortage of studies based on factual documentation, statistical data or research findings which could illustrate the real role that TNCs play in the world economy. Some of the few publications in that field include work by such authors as J. Kleinert (2004), A. Zorska (2007), J.H. Dunning and S.M. Lun- dan (2008), M. Gasz (2012) or W. Karaszewski (2004; 2013). This article aims to at least partially bridge this gap. The aim of this paper is to present the world’s largest transnational corpo- rations and to indicate the role that TNCs play in the global economy. That is why the paper has been divided into two main parts. The first part will dem- onstrate a leading group of TNC-type organisations, which have been classified in terms of their: revenues, which made it possible to define the largest “trading powers”; market capitalization value, which made it possible to define the “capital powers”; TNC foreign assets, which made it possible to define a group of compa- nies with most capital invested outside their home country. To determine a leading TNC group, periodical rankings have been used pub- - of largest companies presented in the journal. The second part of this article is an attempt to define the role that TNCs play could be used to define that role. Therefore, in order to assess the role transna- tional corporations play in the world economy, data showing the economic po- tential of TNCs has been used, in particular the description of their foreign af- filiates business activity, including the value of their assets, revenue, exports, the number of employees and value added. The article also presents the TNC affiliate value of revenue and their value of exports against world exports as well as compares the affiliate added value to global GDP. It also points out the research and development potential of selected TNCs, as measured by the vol- ume of research and development (R&D) expenditure. The choice of economic parameters presented below and the related param- eter formulas proposed by the authors are based on preliminary research of academic publications included in the canon of the literature on the subject as well as available rankings of transnational corporations and the authors’ own conclusions. The methods of comparative analysis, the diachronic analysis and the method of induction have been used in this study. 60 Since 1994 the magazine has presented an annual classification of en- terprises according to their value of revenue ranking 500 corporations – the biggest global trading powers. In 2013, these 500 largest companies had a to- tal revenue of $31.1 trillion. Their profit had increased by 27%, reaching nearly of $476,294 million and the profit of $16,022 million. The top ten also included and three from China (table 2). Table 2. The world’s top 10 TNCs, ranked by revenues, 2013 ($ Millions) Corporation Home economy Revenues Profits Wal-Mart Stores United States 476,294 16,022 Royal Dutch Shell United Kingdom / Nether- lands 459,599 16,371 Sinopec Group China 457,201 8,932 China National Petroleum China 432,008 18,505 Exxon Mobil United States 407,666 32,580 BP United Kingdom 396,217 23,451 State Grid China 333,387 7,982 Volkswagen Germany 261,539 12,072 Toyota Motor Japan 256,454 18,198 Glencore Switzerland 232,694 -7,402 S o u r c e : Fortune Global 500 (2014), http://fortune.com/global500 (accessed: 27.10.2014). This TNC classification according to their market capitalization value is prepared by PwC. It includes 100 of the most valuable companies in the world. Market capitalization of all the companies included in the 2014 rank- ing amounted to $15,020 billion ($8,403 billion in 2009), of which only 29 com- panies had a market value of less than $100 billion. The list included 47 TNCs TRANSNATIONAL CORPORATIONS IN THE WORLD ECONOMY… 61 - tion value of $469 billion. Among the first 10 TNCs with the largest market val- Switzerland (table 3). Table 3. The world’s top 10 TNCs, ranked by market capitalisation, 2014 ($ Billions) Corporation Home economy 31 March 2014 31 March 2009 Rank Market Capitalisation Rank Market Capitalisation Apple United States 1 469 33 94 Exxon Mobil United States 2 416 1 337 Google United States 3 409 22 110 Microsoft United States 4 318 6 163 Berkshire Hathaway United States 5 286 12 134 Roche Holding Switzerland 6 266 18 119 Johnson & Johnson United States 7 261 8 145 General Electric United States 8 256 24 107 Wells Fargo & Co. United States 9 244 55 60 Nestle Switzerland 10 244 15 129 S o u r c e : PwC (2014), Global Top 100 Companies by Market Capitalisation, http://www.pwc.com (accessed: 27.10.2014). Classification of transnational corporations with the largest foreign as- sets includes the most significant and specific attribute of TNC business activ- ity, which, according to the researchers, is the capital invested outside their home country. The list of the world’s 100 largest companies with the largest The total value of foreign assets of the 100 largest non-financial TNCs amount- was 64.5%, with Nestle from Switzerland having the highest rate at 97.1% and ranking 15th on the list. 62 It is important to note the ever more significant role of transnational cor- porations from developing countries. Among the top 100 world’s largest cor- porations at the end of 2013 there were as many as 10 TNCs from developing countries. A state-owned corporation from Hong Kong – Hutchison Whampoa 2014a). Table 4. The world’s top 10 non-financial TNCs, ranked by foreign assets, 2013 ($ Millions) Corporation Home economy Assets TNIa (percent) Foreign Total General Electric United States 331,160 656,560 48.8 Royal Dutch Shell United Kingdom / Netherlands 301,898 357,512 72.8 Toyota Motor Japan 274,380 403,088 58.6 Exxon Mobil United States 231,033 346,808 62.6 Total SA France 226,717 238,870 79.5 BP United Kingdom 202,899 305,690 69.7 Vodafone Group United Kingdom 182,837 202,763 88.9 Volkswagen Germany 176,656 446,555 58.6 Chevron Corp. United States 175,736 253,753 59.3 Eni SpA Italy 141,021 190,125 71.2 N o t e s : aTNI, the Transnationality Index, is calculated as the average of the following three ra- tios: foreign assets to total assets, foreign sales to total sales and foreign employment to total em- ployment. While presenting the world’s largest TNCs, it is worth mentioning the state- owned TNCs (SO-TNCs). Even though they form a small fraction of transnation- al corporations, SO-TNCs have a significant number of foreign branches and as- and their total foreign assets are estimated at over $2 trillion. These enterpris- A French corporation GDF Suez topped the list of the largest SO-TNCs with the value of foreign assets at $175 billion (table 5). TRANSNATIONAL CORPORATIONS IN THE WORLD ECONOMY… 63 Table 5. The world’s top 10 non-financial state-owned TNCs, ranked by foreign assets, 2012 ($ Billions) Corporation Home economy State share (percent) Assets TNIa Foreign Total GDF Suez France 36 175 272 0.59 Volkswagen Germany 20 158 409 0.58 Eni SpA Italy 26 133 185 0.63 Enel SpA Italy 31 132 227 0.57 EDF SA France 84 103 331 0.31 Deutsche Telekom AG Germany 32 96 143 0.58 CITIC Group China 100 72 515 0.18 Statoil ASA Norway 67 71 141 0.29 General Motors United States 16 70 149 0.47 Vattenfall AB Sweden 100 54 81 0.72 N o t e s : aTNI, the Transnationality Index (see the notes in table 4). Determining the role TNCs play in the world economy requires taking many aspects of their functioning into account. There is no single synthetic indicator that would directly ref lect the role TNCs play in the world economy. Numerous characteristics outlined below prove the importance of the organisations fe- aturing in this article. TNCs have greater economic potential than many national economies around the globe and they take strategic decisions and actions, which are to a certain extent independent of the interests of the countries in which they op- erate. To fully understand the economic power of these enterprises in today’s global economy they are often compared to national economies. Such a com- parison was made in 2000 (Anderson, Cavanagh 2000, 9), and then repeated - racies. The list of the world’s 100 largest economic powers drafted at that time included 29 corporations and 71 countries (table 6). 64 Table 6. The world’s top TNCs vs. economies in 2000 ($ Billions) Rank Corporation / Economy Value Added/ GDPa Rank Corporation / Economy Value Added/ GDPa 1 United States 9.810 46 Pakistan 62 2 Japan 4.765 47 General Motors 56b 3 Germany 1.866 … … … 4 United Kingdom 1.427 54 Hungary 46 5 France 1.294 55 Ford Motor 44 6 China 1.080 56 DaimlerChrysler 42 7 Italy 1.074 57 Nigeria 41 8 Canada 701 58 General Electric 39b … … … 59 Toyota Motor 38b 28 Poland 158 60 Kuwait 38 … … … 61 Romania 37 42 Columbia 81 62 Royal Dutch Shell 36 43 Philippines 75 63 Morocco 33 44 Chile 71 64 Ukraine 32 45 Exxon Mobil 63b 65 Siemens 32 N o t e s : aGDP for countries and value added for TNCs. Value added is defined as the sum of sala- ries, pre-tax profits, depreciation and amortisation; bValue added is estimated by applying the 30 percent share of value added in the total sales, 2000, of 66 manufacturers for which the data was available. The importance of transnational corporations in the world economy can be proven by the characteristics relating to the value of TNC foreign affiliate as- sets, employment rate, value added and export volumes, which grew steadily in the period 1982–2013. A 47-fold increase has been observed with respect to the asset value. The role of TNCs in the world economy can also be seen by looking at the indicators relating to the foreign affiliates’ share of sales and export in the world exports of products and services. At the end of 2013, for- eign affiliates’ export accounted for over 30% of world exports and their sales were 1.5 times higher than the global exports (table 7). J. Kleinert (2004, 26– 28) also indicates that the role TNCs play in forming international trade f lows TRANSNATIONAL CORPORATIONS IN THE WORLD ECONOMY… 65 is even bigger. He estimates that TNCs participate in around 80% of all interna- tional trade, while approximately a third takes place within TNCs themselves (intra-firm trade), of which over half are indirect goods (materials, parts, com- ponents). Table 7. Selected indicators of international production, 1982–2013 ($ Billions) Item 1982 1990 2000 2010 2013 Total assets of foreign affiliates 2,036 3,893 21,102 78,631 96,625 Employment by foreign affiliates (thousands) 19,864 20,625 45,587 63,043 70,726 Value added (product) of foreign affiliates 623 881 3,167 5,735 7,492 Exports of foreign affiliates 635 1,498 3,572 7,436 7,721 Sales of foreign affiliates 2,530 4,723 15,680 22,574 34,508 Value added (product) of foreign affiliates to global GDP ratio 0.05 0.04 0.10 0.09 0.10 Exports of foreign affiliates to global exports of goods and services ratio 0.27 0.36 0.51 0.39 0.33 Sales of foreign affiliates to global exports of goods and services ratio 1.06 1.15 2.23 1.19 1.49 - vestment Report 2009, Transnational Corporations, Agricultural Production and Development, Nations, New York and Geneva, xviii. A crucial aspect of the role TNCs play in the world economy is their partici- pation in research and development work around the globe. In 2002, 700 lead- ing corporations allocated approximately $310 billion to R&D activity, which was equivalent to 46% of the total global R&D expenditure and as much as 69% of the funds spent on R&D by the whole business sector (OECD 2002, 103). It should also be noted that in some countries the TNCs’ share in the financing of - ed States, two from Switzerland and one from Japan, South Korea and Germany were among the top 10 TNCs in terms of R&D expenditure. Volkswagen from 66 Germany spent most on R&D. Their research and development expenditure of $13.5 billion accounted for 4.6% of the corporation’s total sales (table 8). The highest R&D expenditure in relation to their sales volume was achieved 2014). Table 8. The world’s top 10 R&D spenders, 2014 ($ Billions) Corporation Home economy Industry R&D Spend Volkswagen Germany Automotive 13.5 Samsung South Korea Computing and electronics 13.4 Intel United States Computing and electronics 10.6 Microsoft United States Software and Internet 10.4 Roche Switzerland Healthcare 10.0 Novartis Switzerland Healthcare 9.9 Toyota Japan Automotive 9.1 Johnson & Johnson United States Healthcare 8.2 Google United States Software and Internet 8.0 Merck United States Healthcare 7.5 S o u r c e : Strategy& (2014), The Global Innovation 1000 Study: The Top Innovators and Spen- ders, http://www.strategyand.pwc.com (accessed: 10.11.2014). Substantial spending on research and development (the most active cor- 2005, 120), the ability to implement cost-intensive innovation projects and gen- erate innovative organisational solutions form the basis for the global compet- itiveness of TNCs. The result is impressive profits (table 2), which allow even greater accumulation of capital and further intensive international expansion through the implementation of large scale and impressive range investment projects (Karaszewski 2013, 227–240). This phenomenon results in a signifi- cant concentration of resources at the disposal of a limited number of compa- nies, which leads to continuously growing disparities in the use of the world’s knowledge, skills and technology (Karaszewski 2004, 400–402). TRANSNATIONAL CORPORATIONS IN THE WORLD ECONOMY… 67 Although researchers cannot fully agree on the origins of the structures that gave rise to the emergence of transnational corporations, it is clear that the dynamic growth of these companies dates back to the second half of the twen- tieth century, and in particular to its last two decades and the first decade of the 21st century. Between 1995 and 2010 the number of TNCs increased more than 2.5-fold, and the number of their foreign affiliates – over 3.5-fold (table 1). In 2013, TNC foreign affiliates employed a total of 70,726,000 employees, the value of their assets was estimated at $96,625 billion and the scale of their busi- ness activity accounted for 10% of global GDP. TNC affiliates’ sales at that time amounted to $34,508 billion and were nearly 1.5 times higher than total world exports. The value of their export sales stood at $7,721 billion and accounted for 30% of total world exports (table 7). The economic potential of transnational corporations can be proven by the leaders’ performance in the various categories analyzed in this study. In 2013 alone, the world’s 500 largest trading powers among TNCs generated a total revenue of $31.1 trillion, and their profits were estimated at $2 trillion (For- tune Global 500 in 2014). Market capitalization of the 100 most valuable TNCs amounted to as much as $15,020 billion as of March 2014 (PwC 2014). Their considerable investment outside their home countries can be seen by looking at the value of their foreign assets, which in the case of the world’s 100 largest non-financial TNCs totalled $8,103,862 million in 2013. An average value for - TAD 2014a). All TNC characteristics presented in this paper confirm the great econom- ic power of these companies. It is so impressive that they are often compared to national economies. The list of the world’s 100 biggest economic powers also play an important role in research and development work. R&D spend- ing among the most active corporations can be larger than that of medium- sized countries. In 2014, the top ten R&D spenders allocated $100.3 billion to research and development projects (Strategy& 2014). The rankings presented here highlight the importance of the world’s larg- est corporations, which stand out in terms of trade, capital, investment and research. It should be noted, however, that although these enterprises utilize considerable resources, and hence also attract the attention of the world, they 68 ref lect achievements of a relatively small number of organisations which be- long to a wide and diverse category of TNCs. It is a small fraction of a commu- nity of over 100,000 companies. One should keep in mind the growing num- ber of small and medium-sized enterprises, which now form a sizeable part of transnational corporations and which to a large extent shape the landscape of the modern world and play a significant role in the world economy even if they do not top the rankings presented in this paper. There has recently been a rap- id increase in the quantity and strength of corporate capital from developing countries, in particular from countries in South Asia, East Asia and South-East Asia, including China and Hong Kong, South Korea, Taiwan and India. More and more state enterprises or enterprises with state capital can also be seen in the international space. If we consider the tendency outlined above, it can be concluded that the changes that have been observed in the processes of formation and interna- tional expansion of TNCs suggest that this historically rooted process of in- ternational business growth, shaped mainly by large private companies from developed countries, is now increasingly complemented and enriched by the dynamic growth of corporations in developing countries. These are often smaller than the world’s leading corporations, though not necessarily small in themselves, but with similarly high international, if not global, aspirations. 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