Banks and Capital Markets

This chapter summarizes the findings of the extant literature – rather than conducting new empirical work – and considers how far these findings conform to the main theories and frameworks in international business or challenge them. Boston Consulting Group nevertheless internationalized almost immediately, based on acquisitions in what appeared more marginal and probably less competitive markets, namely Italy and Japan in 1965 and 1966 respectively, followed by a joint venture in London in 1968. In audit and accounting a first wave of internationalization occurred in the late nineteenth century as British accountants expanded into the US, partially following British investors. Many consultants initially followed their clients abroad – as the international business literature would suggest. Western consultants assisted in privatization efforts and then encouraged their Western clients to enter the markets, often through acquisitions, resulting in pressure on local firms to quickly become more competitive – creating additional opportunities for the consultants.