IDEAS home Printed from https://ideas.repec.org/a/kap/asiapa/v32y2015i2p335-362.html
   My bibliography  Save this article

FDI motives, market governance, and ownership choice of MNEs: A study of Malaysia and Thailand from an incomplete contracting perspective

Author

Listed:
  • Jisun Yu
  • Seung-Hyun Lee
  • Kunsoo Han

Abstract

The ownership choice between full and shared ownership in MNEs’ foreign affiliates is complex, especially when they confront various institutional conditions. Drawing on the theory of incomplete contracts, we hypothesize and empirically show that the influence of host country institutions on ownership choice arises differentially between market-seeking and resource-seeking affiliates. In particular, we use the relative importance of an MNE’s versus a local partner’s non-contractible investments derived from the theory of incomplete contracts as a primary ownership determinant in explaining these differential effects. Using data from 547 MNE affiliates in Malaysia and Thailand, we demonstrate that MNEs are more likely to choose shared ownership, as compared to full ownership, in both market-seeking and resource-seeking affiliates due to the amplified impact of local idiosyncrasies across all value chain activities. However, we find that in a relatively more institutionally developed environment (i.e., with stronger market governance), this tendency for an MNE to choose shared ownership is reduced in resource-seeking affiliates, whereas the tendency is further strengthened in market-seeking affiliates, consistent with our hypotheses based on the focal theory. Copyright Springer Science+Business Media New York 2015

Suggested Citation

  • Jisun Yu & Seung-Hyun Lee & Kunsoo Han, 2015. "FDI motives, market governance, and ownership choice of MNEs: A study of Malaysia and Thailand from an incomplete contracting perspective," Asia Pacific Journal of Management, Springer, vol. 32(2), pages 335-362, June.
    • Handle: RePEc:kap:asiapa:v:32:y:2015:i:2:p:335-362
    DOI: 10.1007/s10490-015-9412-5
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10490-015-9412-5
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10490-015-9412-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Erin Anderson & Hubert Gatignon, 1986. "Modes of Foreign Entry: A Transaction Cost Analysis and Propositions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 17(3), pages 1-26, September.
    2. Edward J. Zajac & Cyrus P. Olsen, 1993. "From Transaction Cost To Transactional Value Analysis: Implications For The Study Of Interorganizational Strategies," Journal of Management Studies, Wiley Blackwell, vol. 30(1), pages 131-145, January.
    3. Arjen H L Slangen & Sjoerd Beugelsdijk, 2010. "The impact of institutional hazards on foreign multinational activity: A contingency perspective," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(6), pages 980-995, August.
    4. Michael D. Whinston, 2001. "Assessing the Property Rights and Transaction-Cost Theories of Firm Scope," American Economic Review, American Economic Association, vol. 91(2), pages 184-188, May.
    5. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
    6. Andrew Delios & Witold J. Henisz, 2003. "Political hazards, experience, and sequential entry strategies: the international expansion of Japanese firms, 1980–1998," Strategic Management Journal, Wiley Blackwell, vol. 24(11), pages 1153-1164, November.
    7. Ricardo G Flores & Ruth V Aguilera, 2007. "Globalization and location choice: an analysis of US multinational firms in 1980 and 2000," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(7), pages 1187-1210, December.
    8. Woodruff, Christopher, 2002. "Non-contractible investments and vertical integration in the Mexican footwear industry," International Journal of Industrial Organization, Elsevier, vol. 20(8), pages 1197-1224, October.
    9. Williamson, Oliver E., 2010. "Transaction Cost Economics: The Natural Progression," Journal of Retailing, Elsevier, vol. 86(3), pages 215-226.
    10. Margarethe F. Wiersema & Harry P. Bowen, 2009. "The use of limited dependent variable techniques in strategy research: issues and methods," Strategic Management Journal, Wiley Blackwell, vol. 30(6), pages 679-692, June.
    11. Charles W. L. Hill & Peter Hwang & W. Chan Kim, 1990. "An eclectic theory of the choice of international entry mode," Strategic Management Journal, Wiley Blackwell, vol. 11(2), pages 117-128, February.
    12. Jan Johanson & Jan-Erik Vahlne, 2009. "The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(9), pages 1411-1431, December.
    13. Saul Estrin & Delia Baghdasaryan & Klaus E. Meyer, 2009. "The Impact of Institutional and Human Resource Distance on International Entry Strategies," Journal of Management Studies, Wiley Blackwell, vol. 46(7), pages 1171-1196, November.
    14. Jean-François Hennart, 2009. "Down with MNE-centric theories! Market entry and expansion as the bundling of MNE and local assets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(9), pages 1432-1454, December.
    15. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    16. Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2007. "Governance Matters VI: Aggregate and Individual Governance Indicators, 1996-2006," Policy Research Working Paper Series 4280, The World Bank.
    17. Gomes-Casseres, Benjamin, 1989. "Ownership structures of foreign subsidiaries : Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 11(1), pages 1-25, January.
    18. Michael Carney, 2004. "The Institutions of Industrial Restructuring in Southeast Asia," Asia Pacific Journal of Management, Springer, vol. 21(1_2), pages 171-188, March.
    19. Jing Li & Changhui Zhou & Edward J. Zajac, 2009. "Control, collaboration, and productivity in international joint ventures: theory and evidence," Strategic Management Journal, Wiley Blackwell, vol. 30(8), pages 865-884, August.
    20. Oxley, Joanne E., 1999. "Institutional environment and the mechanisms of governance: the impact of intellectual property protection on the structure of inter-firm alliances," Journal of Economic Behavior & Organization, Elsevier, vol. 38(3), pages 283-309, March.
    21. Jaideep Anand & Andrew Delios, 1997. "Location Specificity and the Transferability of Downstream Assets to Foreign Subsidiaries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 28(3), pages 579-603, September.
    22. Saliola, Federica & Zanfei, Antonello, 2009. "Multinational firms, global value chains and the organization of knowledge transfer," Research Policy, Elsevier, vol. 38(2), pages 369-381, March.
    23. Philippe Aghion & Richard Holden, 2011. "Incomplete Contracts and the Theory of the Firm: What Have We Learned over the Past 25 Years?," Journal of Economic Perspectives, American Economic Association, vol. 25(2), pages 181-197, Spring.
    24. Steven Globerman & Daniel Shapiro, 2003. "Governance infrastructure and US foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 34(1), pages 19-39, January.
    25. Desislava Dikova & Arjen van Witteloostuijn, 2007. "Foreign direct investment mode choice: entry and establishment modes in transition economies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(6), pages 1013-1033, November.
    26. Keith D Brouthers, 2002. "Institutional, Cultural and Transaction Cost Influences on Entry Mode Choice and Performance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 33(2), pages 203-221, June.
    27. Jan Johanson & Jan-Erik Vahlne, 1977. "The Internationalization Process of the Firm—A Model of Knowledge Development and Increasing Foreign Market Commitments," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 8(1), pages 23-32, March.
    28. Lilach Nachum & Srilata Zaheer, 2005. "The persistence of distance? The impact of technology on MNE motivations for foreign investment," Strategic Management Journal, Wiley Blackwell, vol. 26(8), pages 747-767, August.
    29. Srilata Zaheer & Elaine Mosakowski, 1997. "The Dynamics Of The Liability Of Foreignness: A Global Study Of Survival In Financial Services," Strategic Management Journal, Wiley Blackwell, vol. 18(6), pages 439-463, June.
    30. Michael D. Whinston, 2003. "On the Transaction Cost Determinants of Vertical Integration," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 19(1), pages 1-23, April.
    31. Daniel Kaufmann, 2004. "Corruption, Governance and Security: Challenges for the Rich Countries and the World," Public Economics 0411009, University Library of Munich, Germany.
    32. Gatignon, Hubert & Anderson, Erin, 1988. "The Multinational Corporation's Degree of Control over Foreign Subsidiaries: An Empirical Test of a Transaction Cost Explanation," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 4(2), pages 305-336, Fall.
    33. Daphne Yiu & Shige Makino, 2002. "The Choice Between Joint Venture and Wholly Owned Subsidiary: An Institutional Perspective," Organization Science, INFORMS, vol. 13(6), pages 667-683, December.
    34. Hicheon Kim & Heechun Kim & Robert E Hoskisson, 2010. "Does market-oriented institutional change in an emerging economy make business-group-affiliated multinationals perform better? An institution-based view," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(7), pages 1141-1160, September.
    35. Anoop Madhok, 1997. "Cost, Value And Foreign Market Entry Mode: The Transaction And The Firm," Strategic Management Journal, Wiley Blackwell, vol. 18(1), pages 39-61, January.
    36. Shige Makino & Paul W Beamish, 1998. "Performance and Survival of Joint Ventures with Non-Conventional Ownership Structures," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 29(4), pages 797-818, December.
    37. Keith D. Brouthers & Lance Eliot Brouthers, 2003. "Why Service and Manufacturing Entry Mode Choices Differ: The Influence of Transaction Cost Factors, Risk and Trust," Journal of Management Studies, Wiley Blackwell, vol. 40(5), pages 1179-1204, July.
    38. Rajneesh Narula & John Dunning, 2000. "Industrial Development, Globalization and Multinational Enterprises: New Realities for Developing Countries," Oxford Development Studies, Taylor & Francis Journals, vol. 28(2), pages 141-167.
    39. Zaheer, Srilata, 2002. "The liability of foreignness, redux: a commentary," Journal of International Management, Elsevier, vol. 8(3), pages 351-358.
    40. Lance Eliot Brouthers & Yan Gao & Jason Patrick McNicol, 2008. "Corruption and market attractiveness influences on different types of FDI," Strategic Management Journal, Wiley Blackwell, vol. 29(6), pages 673-680, June.
    41. Shige Makino & Chung-Ming Lau & Rhy-Song Yeh, 2002. "Asset-Exploitation Versus Asset-Seeking: Implications for Location Choice of Foreign Direct Investment from Newly Industrialized Economies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 33(3), pages 403-421, September.
    42. John H Dunning, 1995. "Reappraising the Eclectic Paradigm in an Age of Alliance Capitalism," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 26(3), pages 461-491, September.
    43. Francine Lafontaine & Margaret Slade, 2007. "Vertical Integration and Firm Boundaries: The Evidence," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 629-685, September.
    44. Reinhardt, Nola, 2000. "Back to Basics in Malaysia and Thailand: The Role of Resource-Based Exports in Their Export-Led Growth," World Development, Elsevier, vol. 28(1), pages 57-77, January.
    45. Sea-Jin Chang & Arjen van Witteloostuijn & Lorraine Eden, 2010. "From the Editors: Common method variance in international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(2), pages 178-184, February.
    46. Jean-François Hennart, 1991. "The Transaction Costs Theory of Joint Ventures: An Empirical Study of Japanese Subsidiaries in the United States," Management Science, INFORMS, vol. 37(4), pages 483-497, April.
    47. Andrew Delios & Paul W. Beamish, 1999. "Ownership strategy of Japanese firms: transactional, institutional, and experience influences," Strategic Management Journal, Wiley Blackwell, vol. 20(10), pages 915-933, October.
    48. Klaus E. Meyer & Saul Estrin & Sumon Kumar Bhaumik & Mike W. Peng, 2009. "Institutions, resources, and entry strategies in emerging economies," Strategic Management Journal, Wiley Blackwell, vol. 30(1), pages 61-80, January.
    49. John H Dunning, 1988. "The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(1), pages 1-31, March.
    50. Ang, James B., 2008. "Determinants of foreign direct investment in Malaysia," Journal of Policy Modeling, Elsevier, vol. 30(1), pages 185-189.
    51. Christian Schwens & Julia Eiche & Ruediger Kabst, 2011. "The Moderating Impact of Informal Institutional Distance and Formal Institutional Risk on SME Entry Mode Choice," Journal of Management Studies, Wiley Blackwell, vol. 48(2), pages 330-351, March.
    52. Paul W Beamish & John C Banks, 1987. "Equity Joint Ventures and Theory of the Multinational Enterprise," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 18(2), pages 1-16, June.
    53. Williamson, Oliver E, 1983. "Credible Commitments: Using Hostages to Support Exchange," American Economic Review, American Economic Association, vol. 73(4), pages 519-540, September.
    54. Klaus E Meyer, 2001. "Institutions, Transaction Costs, and Entry Mode Choice in Eastern Europe," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 32(2), pages 357-367, June.
    55. Sanjeev Agarwal & Sridhar N Ramaswami, 1992. "Choice of Foreign Market Entry Mode: Impact of Ownership, Location and Internationalization Factors," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 23(1), pages 1-27, March.
    56. Hongxin Zhao & Yadong Luo & Taewon Suh, 2004. "Transaction cost determinants and ownership-based entry mode choice: a meta-analytical review," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 35(6), pages 524-544, November.
    57. Tailan Chi & Thomas W. Roehl, 1997. "The Structuring of Interfirm Exchanges in Business Know-How: Evidence from International Collaborative Ventures," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 18(4), pages 279-294.
    58. Ilya RP Cuypers & Xavier Martin, 2010. "What makes and what does not make a real option? A study of equity shares in international joint ventures," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(1), pages 47-69, January.
    59. Glenn Hoetker, 2007. "The use of logit and probit models in strategic management research: Critical issues," Strategic Management Journal, Wiley Blackwell, vol. 28(4), pages 331-343, April.
    60. Henisz, Witold J, 2000. "The Institutional Environment for Multinational Investment," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 16(2), pages 334-364, October.
    61. DeYoung, Robert & Nolle, Daniel E, 1996. "Foreign-Owned Banks in the United States: Earning Market Share or Buying It?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 622-636, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Osama Sam Al-Kwifi & Allam K. Abu Farha & Wael S. Zaraket, 2020. "Competitive Dynamics Between Multinational Companies and Local Rivals in Emerging Markets," FIIB Business Review, , vol. 9(3), pages 189-204, September.
    2. Canan Mutlu & Wu Zhan & Mike Peng & Zhiang Lin, 2015. "Competing in (and out of) transition economies," Asia Pacific Journal of Management, Springer, vol. 32(3), pages 571-596, September.
    3. Yameng Li & Ruosu Gao & Jingyi Wang, 2021. "Determinants of EMNEs’ Entry Mode Decision with Environmental Volatility Issues: A Review and Research Agenda," JRFM, MDPI, vol. 14(10), pages 1-22, October.
    4. APJM Editorial Team, 2020. "Making contributions beyond theory-based studies: From the APJM editorial team," Asia Pacific Journal of Management, Springer, vol. 37(1), pages 1-6, March.
    5. Jiangyong Lu & Seong-jin Choi & Alfredo Jiménez & Secil Bayraktar, 2023. "Bribery in emerging economies: an integration of institutional and non-market position perspective," Asia Pacific Journal of Management, Springer, vol. 40(1), pages 205-242, March.
    6. Jane Wenzhen Lu & Wen Li & Aiqi Wu & Xueli Huang, 2018. "Political hazards and entry modes of Chinese investments in Africa," Asia Pacific Journal of Management, Springer, vol. 35(1), pages 39-61, March.
    7. Nakul Parameswar & Sanjay Dhir & Sushil, 2020. "Interpretive Ranking of Choice of Interaction of Parent Firms Post-International Joint Venture Termination using TISM-IRP," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 21(1), pages 1-16, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Liedong, Tahiru Azaaviele & Peprah, Augustine Awuah & Amartey, Abednego Okoe & Rajwani, Tazeeb, 2020. "Institutional voids and firms' resource commitment in emerging markets: A review and future research agenda," Journal of International Management, Elsevier, vol. 26(3).
    2. Anil, Ibrahim & Tatoglu, Ekrem & Ozkasap, Gaye, 2014. "Ownership and market entry mode choices of emerging country multinationals in a transition country: evidence from Turkish multinationals in Romania," Journal of East European Management Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 19(4), pages 413-452.
    3. Gooris, Julien & Peeters, Carine, 2014. "Home–Host Country Distance in Offshore Governance Choices," Journal of International Management, Elsevier, vol. 20(1), pages 73-86.
    4. Mehmet Demirbag & Martina McGuinness & Hüseyin Altay, 2010. "Perceptions of Institutional Environment and Entry Mode," Management International Review, Springer, vol. 50(2), pages 207-240, April.
    5. Surdu, Irina & Mellahi, Kamel, 2016. "Theoretical foundations of equity based foreign market entry decisions: A review of the literature and recommendations for future research," International Business Review, Elsevier, vol. 25(5), pages 1169-1184.
    6. Slangen, Arjen H.L. & van Tulder, Rob J.M., 2009. "Cultural distance, political risk, or governance quality? Towards a more accurate conceptualization and measurement of external uncertainty in foreign entry mode research," International Business Review, Elsevier, vol. 18(3), pages 276-291, June.
    7. Larimo, Jorma & Arslan, Ahmad, 2013. "Determinants of foreign direct investment ownership mode choice: Evidence from Nordic investments in Central and Eastern Europe," Journal of East European Management Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 18(2), pages 232-263.
    8. Zdolsek, Daniel & Kolar, Iztok, 2013. "Management disclosure practices for disaggregated (financial) information in Slovenian unlisted companies," Journal of East European Management Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 18(2), pages 232-263.
    9. Trąpczyński, Piotr & Halaszovich, Tilo F. & Piaskowska, Dorota, 2020. "The role of perceived institutional distance in foreign ownership level decisions of new MNEs," Journal of Business Research, Elsevier, vol. 108(C), pages 435-449.
    10. Canabal, Anne & White III, George O., 2008. "Entry mode research: Past and future," International Business Review, Elsevier, vol. 17(3), pages 267-284, June.
    11. Wrona, Thomas & Trąpczyński, Piotr, 2012. "Re-explaining international entry modes – Interaction and moderating effects on entry modes of pharmaceutical companies into transition economies," European Management Journal, Elsevier, vol. 30(4), pages 295-315.
    12. Jan Hendrik Fisch & Bjoern Schmeisser, 0. "Phasing the operation mode of foreign subsidiaries: Reaping the benefits of multinationality through internal capital markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 0, pages 1-33.
    13. De Villa, Maria A. & Rajwani, Tazeeb & Lawton, Thomas, 2015. "Market entry modes in a multipolar world: Untangling the moderating effect of the political environment," International Business Review, Elsevier, vol. 24(3), pages 419-429.
    14. Demirbag, Mehmet & Tatoglu, Ekrem & Glaister, Keith W., 2009. "Equity-based entry modes of emerging country multinationals: Lessons from Turkey," Journal of World Business, Elsevier, vol. 44(4), pages 445-462, October.
    15. Hernández, Virginia & Nieto, María Jesús, 2015. "The effect of the magnitude and direction of institutional distance on the choice of international entry modes," Journal of World Business, Elsevier, vol. 50(1), pages 122-132.
    16. Julien Gooris & Carine Peeters, 2012. "Home-Host Country Distance and Governance Choices in Service Offshoring," Working Papers ECARES ECARES 2012-007, ULB -- Universite Libre de Bruxelles.
    17. Jan Hendrik Fisch & Bjoern Schmeisser, 2020. "Phasing the operation mode of foreign subsidiaries: Reaping the benefits of multinationality through internal capital markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(8), pages 1223-1255, October.
    18. Jae C. Jung & Paul W. Beamish & Anthony Goerzen, 2010. "Dynamics of Experience, Environment and MNE Ownership Strategy," Management International Review, Springer, vol. 50(3), pages 267-296, June.
    19. Fuentelsaz, Lucio & Garrido, Elisabet & Maicas, Juan P., 2020. "The effect of informal and formal institutions on foreign market entry selection and performance," Journal of International Management, Elsevier, vol. 26(2).
    20. Mehmet Demirbag & Ekrem Tatoglu & Keith W. Glaister, 2008. "Factors affecting perceptions of the choice between acquisition and greenfield entry: The case of Western FDI in an emerging market," Management International Review, Springer, vol. 48(1), pages 5-38, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:asiapa:v:32:y:2015:i:2:p:335-362. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.