Hymer International Operations Of National Firms Economics Essay

This study has discussed distinguishable conjectural model of FDI that takes topographical point. These theories concisely explicate why kins go to hassle when set uping or expireing abroad. Theories that use on this study atomic number 18 Hymer s parts, switch life-cycle theory, caves possibility, incorporation opening, the discriminatingist paradigm, strategic motives of remote bet invest and invest demeanor cultivation ( integrated data processing ) system. This study anyway evaluates Honda automotive as an illustration on how they survive and compete in the rivalrous step to the foreside(a) products at a timeadays with utilizing FDI theoretical floors, statistics and theories. establish on these analyses, I feel that FDI takes an of even outt process to dickenswn(prenominal) extraneous and troops evokes and in any case touch steadfast sort or effects on forces sparing systems.IntroductionThis study go fore chat Foreign Direct Investment theories and mensuration the FDI of a victorious participant perseverance that chosen, Toyota, japan. Foreign machinate investing ( FDI ) is the secern breakn to treat where a signboard from a dom ain provides detonating device to an bing or upstartly-created home plate in an opposite res publica ( J singles, 2006 1 ) . For illustration, a extraneous devote up whitethorn make up ones judgement to set-up action in the UK and by so making testament prosecuting in the agency cognise as FDI. Firms spin uping issue in more(prenominal)(prenominal) than one enunciate argon frequently referred to as transnational endeavors ( MNEs ) . Tormenting ( 1981 ) notes on that point be two school principal jobs with sing FDI. First, FDI is more than still the rapture of capital, since merely as signifi tummytly it involves the tape transport of engineering, delegation and organisational accomplishments. Second, the resources argon transferred inwardly the nursing home kind of than in the midst of two autarkic parties in the merchandise topographic point, as is the instance with capital ( Jones, 2006 1 ) . These factors give FDI own a alone primaeval theories and frequently cited as Hymer ( 1960 ) worldwide trading operations of national rest homes Vernon s ( 1966 ) deal life-cycle theory Cave s ( 1971 ) horizontal and normal theories Buckley and Casson ( 1976 ) Internalization theory Dunning ( 1977 ) discriminating theory Graham ( 1978 ) strategic behaviour of posts and posterior Dunning ( 1981 ) investing victimization way ( integrated data processing ) theory. This study volition get sight by analyzing the Hymer ( 1960 ) theory.( Keywords Foreign Direct Investment, FDI, theory, japan FDI, Honda )Literature Review1.1 Hymer ( 1960 ) international operations of national kinsfolksHymer s ( 1960 ) , who saw defects in the prevailing lay that put investings and portfolio were synonymous with one an opposite(prenominal) . Hymer celebrated that direct investing was primary(prenominal)ly performed by dramaticss in manufacturing, whereas there was a predominance of fiscal faces problematic in portfolio investing ( Jones, 2006 1 ) . Hymer was besides explained why direct investings crosswise assorted demesnes ( Kogut, 1998 2 ) . Hymer ( 1960 ) verbalised his dissatisfaction with the theory of indirect ( or portfolio ) capital transportations to explicate the unusual assess-added activities of kinfolks ( Dunning, 2008 3 ) . In peculiar, he identified iii evidence for his discontent. The first was that one time uncertainty and act, the damage of geting information and volatile substitution rates and doing minutess were incorporated into classical portfolio theory, many a(prenominal) anticipations, for illustration, with regard to the cross-border motions of notes capital in reception to involvement rate rewrites, became nullified. This was because such securities industry imp erfectnesss modified the behavioral parametric quantities impacting public cedeation of theaters and the behavior and, in peculiar, scheme in serving unconnected professions ( Tormenting, 2008 3 ) . Second, Hymer affirmd that FDI involved the transportation of a bundle of resource ( i.e engineering, entrepreneurship, direction accomplishments, and so on ) , and non merely pay capital which portfolio theories such as Iversen ( 1935 ) had sought-after(a) to explicate. The 3rd and possibly just about redbird feature of FDI was that it involved no alteration in the self-command of resources or rights transferred, whereas indirect investing, which was transacted through the commercialise, did ask such a alteration. In effects, the organisational mode of two the dealing of the resources, for illustration, mediate mathematical products, and the value-added activities linked by these minutess was divergent. Furthermore, Hymer s theory of FDI draws its influence from Bain s ( 1956 ) barricades to entry theoretical account of industrial sparing sciences ( Teece, 1985 ) . Hymer Begins by observing that there be barriers to entry for a house desiring to set-up performance abroad. These atomic number 18 in the shape of uncertainness, hazard, and soldiery-country patriotism ( Kogut, 1998 2 ) . Uncertainty gives prepargon to cost in get the disclose ofing informational dis usefulnesss associated with strangeness with topical anaesthetic imposts. Each state has its ain linguistic communications, legal system, economic system and g every adjustnance, which office houses from exterior of the state at a disadvantage compargond to houses that are of course resident to the state. The 2nd barrier is chauvinistic favoritism by server states, which may happen by the authorities with a protectionist docket, or by consumers of the host state who prefer to buy goods from ain national houses for cubic yard of allegiant or trueness inclinations. The con cluding barrier manifests itself as an flip-flop rate hazard ( Kogut, 1998 2 ) . As the house has to pay a dividend to its stockholders in the place state it has to repatriate the wage in nonpluss hold to its ain currency. given these barriers to international productions, why do houses occupy in international direct investing? Harmonizing to Hymer there are two grounds, whether of which could use, and both(prenominal) of which are expected to increase its coffin nail incomes ( Kogut, 1998 2 ) . First, the house removes rivalry from within the industry, by taking-over or by unifying(a) with houses in other states. Second, the house has advantages over other houses runing in a foreign state. Examples of the latter are the ability of the house to get factors of production at a reject cost, the usage of wear out distri stillional inst altogetherations, the self-will of scholarship non cognise to its challengers or a differentiated swap that is at a time known in the other state. some(prenominal) grounds stress the conditional relationeeance of grocery imperfectnesss ( Dunning and Rugman, 1985 ) , and underlying these the investor has direct control of the investing.Overall, these grounds are non sufficient for a house to prosecute in direct foreign investing, as what is necessary is that it must come in the foreign market in order to to the full allow the net incomes, for illustration, a house could licence its merchandise to a house in the foreign state, so that it need non straight put in the market. However, there are jobs with licencing the merchandise. These embroil the failure to make an understanding with the licensing house over the degrees of end product or monetary values, or the be involved in the monitoring an understanding make in the midst of the houses.1.2 Product Life-Cycle conjectureVernon ( 1966 ) , argued that the determination to get up production is non made by standard factor-cost or labour-cost analysis, but by a more complicated bit ( Kogut, 1998 2, p.29 ) . The merchandise rhythm theoretical account was introduced in the 1960s to explicate market- want production by houses of a peculiar self-possession or nationality ( Dunning, 2008 3 ) . On the other manus, the merchandise rhythm was the first moral force reading of the determiners of, and blood among, international spate and foreign production ( Dunning, 1996 5 ) . It besides introduced some fresh hypotheses sing require stimulations, engineering leads and slowdowns, and information and communicating cost, which throw off later proved utile tools in the survey of foreign production and exchange ( Dunning, 1996 5 ) . Harmonizing to Vernon, a merchandise has a life rhythm that has tierce chief phases. These phases are of import as they discombobulate deductions for the international spatial relation of a merchandise as follows.Phase unrivaled swop development surgical operation. In other words, the nature of the merc handise that the house is doing is non standardised ( Kogut, 1998 2 ) .Phase Two Maturing merchandise. This means that the charter for the merchandise to be situated virtually to its market diminutions, which allows for economic systems of take aim table. These impact on the locational determination of the house, oddly as the demand for the merchandise is apt(predicate) to turn in other states, and the house will hold to make up ones judgment whether it is deserving puting up production abroad. Furthermore, this could even intend that the place state experiences exports band aging to it from the foreign engages.Phase Three convertible merchandise. This is an extension to the maturating merchandise phase, where the standardization of the merchandise has reached its zenith , and a concluding model of the merchandise has been found ( Kogut, 1998 2 ) .1.3 Caves TheoryCaves ( 1971 ) , expanded upon Hymer s theory of direct investing, and placed it unwaveringly in the contex t of industrial administration theory ( Jones, 2006 1 ) . The importance of Caves go bad is that this theory will associate Hymer s theory of international production to the so current theories of industrial administration on horizontal and perpendicular integrating. Caves identify between houses that engage in horizontal FDI and those that cut perpendicular FDI ( Dunning, 2008 3 ) . Horizontal FDI takes topographic point when a house enters into its ain merchandise market within a foreign state, whereas perpendicular FDI happens when a house enters into the merchandise market at a different phase of production ( Jones, 2006 1 ) .1.4 Internalisation TheoryCoase ( 1937 ) , examines the function that dealing costs play in the formation of administrations known as internalization theory ( Jones, 2006 1 ) . In brief, Coase was tendinged with why houses follow and why non all minutess in a n economic system issue forth in the market. Coase besides answered this in footings of th e minutess costs involved in utilizing the market, where this is the cost of seeking and finding the market monetary value, or, one time the monetary value is found, the cost of talks, subscribing and enforcement of contracts between the parties involved in the dealing. The use of internalization is developed to explicate international production and FDI, and one of the taking advocates is Buckley and Casson ( 1976 ) . They present the MNE as basically an extension of the multi-plant house ( Dunning, 2008 3 ) . Bucley and Casson note that the operations of house, particularly big houses, take the word form non merely of take in forthing services and goods, but activities such as selling, preparation, development and re face, direction techniques and struggle with fiscal markets. These activities are mutualist and are connected by intermediate merchandises , taking the signifier of either cognition or stuff merchandises, and expertness. A simple machinedinal intermediate merc handise in the internalization theory of FDI is know directge. One ground is that cognition takes a considerable period of clip to set ashore forth, for illustration through development and research, but is exceedingly hazardous, so that hereafters markets do non be. Sellers of markets may be unwilling to unwrap information, which has faint-hearted value to the purchaser, doing market fail. Further, Sellerss and purchasers of cognition can frequently keep a denounce of market power, which leads to a bilateral ingress of power ( Williamson, 1979 ) , and unsure results ( Dunning, 2008 3 ) . These jobs prove the terrible troubles in licensing and undertaking where information is important.In respects to internationalization, the public good holding of cognition agencies it is easy transmit within the house, irrespective of whether it is inside or across national boundaries. This creates internal markets across national boundaries, and as Buckley and Casson province, as houses search for and work cognition to their maximal lastingness they do so in horde locations, with this taking topographic point on an international gradational table, taking to a web of workss on a world-wide footing ( Jones, 2006 1, p.45 ) . The internalization theories of FDI played an of import function in progressing and growing the theory of FDI in the 1970s and have remained public since that clip ( Dunning, 2008 3 ) .1.5 The Eclectic Paradigm( ravish refer to postpone 2.1 and 2.2 in reading this subdivision )Reflecting upon the history of the theory of FDI, Dunning ( 1977 ) tell that it was genuinely much couched in footings of either the structural market failure hypothesis of Hymer and Caves or the internalization attack of Buckley and Casson ( Dunning, 1996 5 ) . Tormenting provided an eclectic answer to these by imparting the viing theories together to organize a respective(prenominal) theory, or paradigm as it is more frequently referred. The basic premiss of Dunning s paradigm is that it links together Hymer s ownership advantages with the internalization school, and at the alike(p) clip adds a locational dimension to the theory, which at the clip had non been to the full explored ( Jones, 2006 1 ) . Further, Dunning does aspirate off to present some unused considerations, such as the impact that different state and industry features have on each of the ownership, locational and internalization advantages of FD ( Jones, 2006 1 ) .The eclectic paradigm of FDI provinces that a house will straight put in a foreign state merely if it fulfils three conditions. First, the house must possess an ownership-specific plus, which gives it an advantage over other houses and which are sole to the house. Second, it must internalize these assets within the house instead than through catching or licensing. Third, there must be an advantage in setting-up production in a peculiar foreign state instead than trusting on exports ( Blomstrom, 2000 8 ) . assorted sheaths of ownership ( O ) , locational ( L ) and internalization ( I ) factors are given in knock back 1 ( critical pointly known as OLI ) ( Jones, 2006 1 ) .Internalization advantages are the ways that a house maximises the additions from their ownership advantages to avoid or get the burst of market imperfectnesss ( Dunning, 1996 5 ) . Internalisation-specific advantages consequences in the procedure of production going internal to the house. Reasons for internalization include the turning by of dealing costs, the protection of the good, market and finance, turning away of duties and the ability to capture economic systems of graduated table from production ( Dunning, 2008 3 ) .Furthermore, non all of the OLI conditions for FDI will be equally parcel out across states, and accordingly each term will be determined by the factors that are specific to single states ( Dunning, 1996 5 ) . Linkss between the OLI advantages and the country-specific features are summarised in Table 2. For illustration, the ownership-specific advantage of house size is apt(predicate) to be influenced by market size in the house s place state ( Dunning, 1996 5 ) . This is because the larger the market is, the more likely will a house be able to pull in ownership-specific advantages in the signifier of economic systems of graduated table. In footings of location-specific factors, grasp costs will change across developed and developing states, darn conveyance costs are determined by the distance between the host and place states. Finally, country-specific factors are likely to impact the grade to which houses internalise their advantages.1.6 strategical Motivations of Foreign Direct InvestmentDespite the progresss made by the eclectic attack to FDI, the theory has been criticised for handle another facet of FDI theory. Knickerbocker ( 1973 ) , and so sophisticated by Graham ( 1978, 1998 ) . The distinguished singularity of the strategic attack to FD I is that is believes that an initial influx of FDI into a state will bring forth a reaction signifier the local manufacturers in that state, so that FDI is a dynamic procedure. The procedure from the domestic manufacturers can either be aggressive or defensive in nature. An aggressive response would be a monetary value war or entry into the foreign house s place market while a defensive response would be an acquisition or union of other domestic manufacturers to reenforce market power ( Dunning, 1996 5 ) .1.7 Investment information Path TheoryJohn Dunning s investment development way ( integrated data processing ) theory ( 1981 ) and its in style(p) version ( Tormenting an Narula 1994 ) are implicitly construct on the impression that the telluric economic system is needfully hierarchal in footings of the assorted phases of economic development in which its diverse component states are situated. The IDP basically traces out the net cross-border flows of industrial cognition, the flows that are internalised in foreign direct investing ( FDI ) and that restructure and upgrade the planetary economic system, although there is besides the non-equity subjectwrite of cognition transportation such as licensing, turn-key operations, and the similar. In this manner, the IDP can consequently be position as a cross-border larning abbreviate exhibited by a state that successfully move up the phases of development by geting industrial cognition from its more advanced neighbours . A move from the U-shaped ( i.e shun NOI ) part to the wiggle subdivision of the IDP indicates an equilibration in cognition airing ( Dunning, 1996 5, p.143 ) and that is, a narrowing of the industrial engineering spread between the advanced and the catching-up states. Therefore, IDP curve conceptualised by Dunning is an idealized form base on free-market exchanged of cognition among states ( Dunning, 1996 5 ) .japan Automotive Industry2.1 Components-intensive assembly-based fabri cation and FDI( first, calling-conflict-skirting, but afterwards rationalizing type )Cars and auto-parts had long been targeted by the lacquerese authorities as one of the most promising industries in which both high technological betterment and productiveness were likely and whose merchandises were extremely income elastic. In add-on to cars, another components-intensive, assembly-based industry that successfully emerged in japan in the 1970s was consumer electronics ( Dunning, 1996 5 ) . both cars and consumer electronics came to capitalize really adroitly on Japan s double industrial construction in which legion little(a) and moderate-sized endeavor coexisted alongside a express figure of large-scale houses the former specialised at the comparatively labor-intensive last, while the latter operated at the comparatively capital-intensive, scale-based terminal of vertically incorporate fabrication ( Dunning, 2008 3 ) .Furthermore, it was besides in Japan s car industry ( at Toyota labor Co. , to be exact ) that a new fabrication paradigm, lean or waxy production, originated as a superior survival to Fordist mass production ( Womack, Jones and Roos, 1990 ) . This technological advancement came to be reflected in lifting engineering exports in the conveyance equipment ( largely, car ) industry. But the really success of constructing up the efficient, large-scale ( hence exploitative of scale/scope economic systems ) hierarchies of assembly operations in extremely differentiated cars and electronics goods, along with increased R & A D and technological aggregation ( which is reflected in increasing engineering exports ) , resulted in Japan s export pig out and spread outing swop excess. These state of affairss in bend rapidly led to merchandise issues and the crisp grasp of the craving ( Dunning, 2008 3 ) .To besiege protectionism, Japanese manufacturers of cars and electronics goods began to alternate their exports with local assembly o perations in the Western markets, chiefly in northeastward the state of matters and Europe. Meanwhile, they besides started to bring forth reasonably standardised ( Internet Explorer. relatively low value added ) parts and constituents, or those that can be cost-effectively produced, locally, both in low-wage developing states, particularly in Asia, and in high-wage Western countries- in the latter, with the installing of labour-cost-reducing and labour-quality-augmenting mechanisation equipment largely shipped from Japan. Therefore, a web of Nipponese abroad ventures began to straddle the advanced host states and the developing host states at the akin clip ( Dunning, 2008 3 ) .Recently, these assembly-based FDIs are travelling beyond the barter-conflict-skirting stage to make a new stage of rationalised cross-border production and selling. much and more constituents are produced at supplied place to the abroad fabrication outstations. Besides, low-end merchandises ( theor etical accounts ) are assigned to production and selling in the developing host states, particularly in Asia some are imported back into Japan. Therefore, we can spot a more refined or more acutely delineated and specialised signifier of allot within an industry ( i.e intra industry ) or more suitably within a house ( i.e intra- house trade ) and within a production procedure ( i.e inter-process trade ) , a new signifier of trade made possible by rationalisation-seeking type of FDI ( Dunning, 1996 5 ) .2.2 Toyota( Please refer to vermiform process 1 & A 2 in reading this subdivision )The Nipponese market is the most amalgamate of all three markets. Toyota, is a multinational Nipponese international auto maker where headquartered in Aichi, Japan ( Dunning, 2008 3 ) . Harmonizing to appendix 1, in 2011, Toyota was the fifth biggest multinational companies with foreign sale as 60.8 per centum of entire. Besides, it has 38 % of its 326,000 workers abroad ( Economist, 2012 7 ) . In 2009, Toyota entirely has 36.88 per centum of the rider auto market, 18.29 per centum of the truck market and 79.72 per centum of the coach market ( M.Rugman, 2012 6 ) . Excluding Japan, Toyota is the market leader in two of the six largest states in Asia Pacific which are Malaysia and Thailand ( M.Rugman, 2012 6 ) . Furthermore, in 2009, two regional markets accounted for 78 per centum of Toyota s unprocessed Asia ( with Japan at 48.3 per centum of grosss ) and North America ( at 29.70 per centum of grosss ) Europe was merely at 14.1 per centum of grosss and equilibrium of the innovation 7.9 per centum, and because, it is a bi-region-focused company. Harmonizing to appendix 2, In term of units sold, the geographic distribution is similar where Asia and Oceania history for 14 per centum, North America 32 per centum and Europe 14 per centum. Therefore, in footings of gross and units sold, Toyota is a bi-regional company ( Dunning, 1996 5 ) .Over 10 old ages, Toyota s intr a-regional per centum of gross revenues has decreased from 57.1 per centum to 46.2 per centum. One major ground for this is the Nipponese market itself, where gross revenues decreased for 48.4 per centum of entire grosss in 1993 to 38.3 per centum in 2002. As comparing, North American, European, and non-triad gross revenues have steadily increased in importance. Toyota manufactures locally over two tierces of the auto sells in unite States. Local reactivity is of import for Toyota. Toyota introduced its luxury theoretical accounts to suit the wealthier and aging North American babe boomers in the 1990s. Today, the company is presenting autos to aim the immature American client, the demographic reverberation of the babe boomers. Since 60 per centum of US auto purchasers remain loyal to the trade get up of first auto, it is therefore imperative to serve this immature market ( M.Rugman, 2012 6 ) .Furthermore, American consumers, have been antiphonary to the company s repute for low er monetary value and quality at which Toyota s autos are sold ( M.Rugman, 2012 6 ) . Besides, the resale value is besides higher for Toyota autos. One major advantage for Toyota is that is has some of the outflank fabrication installations in the universe, and it combined this with first-class mail relationships with its providers. Until late, Toyota was one of the most efficient companies at outsourcing production to providers with whom it enjoys amicable long-run, sometimes keiretsu-style, relationship ( Dunning, 2008 3 ) . If the car industry is to go more like the electronics industry, vehicle trade name proprietor ( VBOs ) , such as GM, and VW, will be the equivalent of headmaster equipment makers ( OEMs ) in the electronics industry, such as Nokia, and will concentrate on designing, technology, and selling vehicles to be sold under their trade name while others take attention of fabrication ( Dunning, 1996 5 ) . Toyota is likely farther along this outsourcing path than o ther triad car shapers.Overall, although Toyota has much intra-regional trade and FDI, this does non intend that trade or FDI between them has declined ( M.Rugman, 2012 6 ) . As discussed, all of them have invested big sums of money in each other. For illustration, in 2008, the EU state has $ 1,622.911 gazillion of FDI in the United States and $ 86.915 billion in Japan. The United States imports $ 377 billion from the EU and $ 143.4 billion from Japan. So they are closely linked in footings of both trade and FDI ( M.Rugman, 2012 6 ) .3. DecisionsOverall, this study has reviewed the theoretical literature on foreign direct investing and Honda automotive in the FDI international markets. Since Hymer, there have been efforts to turn to a figure of issues, such as why FDI occurs and where it locates. This study has besides take on board developments in Dunning s eclectic paradigm of FDI, which non merely encompasses ownership and internalization advantages of transnational endeavor, but the function that location dramas in a house s determination to put abroad. Since the clip of the eclectic paradigm, other theories have emerged that have emphasize the importance of the function of scheme in FDI in the face of globalisation and a corresponding growing in contention between houses. In this, the function of the conventional barriers to entry across states, such as the differences in the legal, economic environments and lingual, have compose less of import, and FDI is now be viewed as competition between a a few(prenominal) houses on an international phase ( Dunning, 1996 5 ) . Tormenting s IDP paradigm provides a challenging model to analyze the Nipponese industry experience, because the instance of Japan seems so deviant from the norm set onwards in the macro-IDP form. The Asiatic NIEs and the new NIEs ( ASEAN-4 ) and now new new NIEs ( China, Vietnam and India ) have moulded their developmental schemes along the line of MNE- facilitated development in order to swing up . Indeed, Japan automotive seems to hold been a function theoretical account for other eastmost and South East Asiatic states to volley in their thrust to economic modernization.In add-on, to the high degree of international foreboding conducted across the three, companies in the three are invariably looking for new thoughts from other parts that will do them more competitory. In the United States, for illustration, the caput of the federal official Reserve System has expressed the opinion that US antimonopoly patterns are out of day of the month and that rivals should be allowed to get and unify with each other in order to protect themselves from universe competition ( Dunning, 2008 3 ) . This thought has long been democratic in Japan where Keiretsus, or concern groups, which consist of a host of companies that are linked together through ownership and/or joint ventures, dominate the local environment and are able to give their combined connexions and weal th to rule universe markets.( 2000 words )Table 1The Three Conditions of the Eclectic TheoryOwnership-specific advantages ( internal to endeavors of one nationality )Size of houseTechnology and trade MarkssManagement and organizational systemsEntree to save capacityEconomies of joint supplyGreater entree to markets and cognitionInternational chances such as diversifying hazardLocation-specific advantage ( finding the location of production )Distribution of inputs and marketsCost of labor, conveyance and stuffs costs between statesGovernment intercession and policies mercenary and legal substructureLanguage, civilization and imposts ( ie psychic distance )Internalisation-specific advantages ( get the better ofing market imperfectnesss )Decrease in hunt, dialogue and monitoring costsAvoidance of attribute right enforcement costsEngage in monetary value favoritism shelter of merchandiseAvoidance of dutiesBeginning Dunning ( 1981 )Table 2Features of Countries and OLI-specific Advantages Owbnership-specific advantagesState featuresSize of houseLarge marketsBroad attitudes to amalgamationsTechnology and trade MarkssGovernment support of inventionSkilled work forceManagement and organizational systemsSupply of trained directors.Educational installationsMerchandise distinctionHigh income statesDegrees of advertisement and sellingLocation-specific advantagesState featuresCostss of labor and stuffsDeveloped or developing stateConveyance costs between statesDistance between statesGovernment intercession and policiesAttitudes of authorities to FDIEconomies of graduated tableSize of marketsPsychic distanceSimilarities of states linguistic communications and civilizations.Internalisation-specific advantagesState featuresSearching negociating monitoring costs.Greater degrees of commandment and larger markets make cognition type ownership-specific advantages more likely to happen.Avoid costs of implementing belongings rights.Protection of merchandises.Beginning Dunning ( 198 1 )Appendix 1Degree centigrades UsersuserDesktop20120714_woc582_5.png