NY‐LON 2020: The changing relations between London and New York in corporate globalisation

Taylor, Peter J.; Derudder, Ben

doi:10.1111/tran.12498

Cited by 13 publications

(5 citation statements)

References 81 publications

(67 reference statements)

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“…In effect, the significance of the energy sector may in fact increase in the future in relation to the C & C function of cities. In addition, the ongoing process of globalization [56] is creating opportunities for development across the energy sectors of developing countries [57].…”

Section: Discussionmentioning

confidence: 99%

The Role of the Energy Sector in the Command and Control Function of Cities in Conditions of Sustainability Transitions

et al. 2021

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The largest companies that are part of the energy sector are defined by Forbes as those associated with the production of energy from nonrenewable sources and they play a very significant role in the world economy and in the generation of the command and control (C & C) function of cities. No comprehensive studies are available at the present time illustrating changes in financial performance in relation to the share of the largest firms in the energy sector in terms of their role in the generation of the C & C function. Thus, the aim of the paper is to show changes in financial performance and the impacts of energy sector companies on the C & C function of cities as well as to show spatial variances in the sector’s geography. The energy sector is developing most rapidly in Chinese cities, although it does not play a major role in the most important cities in the world via its impact on the C & C function—this may be due to rapid growth in other sectors of the economy. It is, however, very important in smaller cities. On the other hand, a large share of the energy sector involved in the development of renewable sources of energy may disturb the position of cities whose C & C function relies on energy sector companies. Thus, forecasts are needed for the sector and its impact on the command and control function of cities for the period of transition from nonrenewable sources to renewable ones. One new area of research is the formulation of methods that would allow the determination of the effects of economic recessions in the future on the financial health and C & C function impacts of the energy sector.

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Section: Discussionmentioning

confidence: 99%

The Role of the Energy Sector in the Command and Control Function of Cities in Conditions of Sustainability Transitions

et al. 2021

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“…Second, such comprehensive rankings may disguise that different cities perform different roles in the banking sector, which may in turn lead to typologies of banking centers. For example, London's wholesale global city centrality (Taylor and Derudder, 2022) goes hand in hand with a prominent role in a range of specialized banking services. Hall (2017Hall ( , 2021 described the development of offshore RMB markets in its financial district.…”

Section: European Cities As Banking Centers: Processes and Typologiesmentioning

confidence: 99%

Hierarchical tendencies, functional specializations, and (in)stability across European banking centers

Musschoot

Derudder

Dörry

2023

European Urban and Regional Studies

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Drawing on conceptual research exploring how evolving geographies of finance inform urban and regional change, we examine the size and functional scope of the presence of leading global banks across functional urban areas in Europe. Based on data for 100 major global banks, we find that their overall presence is proportional to (the square root of) the national gross domestic product. London and Luxembourg host far more banks than can be explained by their national gross domestic product, which can be traced back to their export of banking services. We also analyze the geographies of specialized banking services per city. Corporate and investment banking are mainly explained by national gross domestic product, with London emerging as the most prominent center. Private banking and securities services, in turn, are largely independent of national gross domestic product and rely on the importance of small and specialized economies such as Luxembourg and St Helier (Jersey). The stability of Europe’s banking centers is underpinned by their role as the national banking center and/or their specialization in international banking services, as well as manifested in specialized subnetworks of financial centers.

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“…Finally, although global interconnectedness is more important for GCs than belonging to a given economy (Goerzen et al, 2013) (as shown by the example of London and New York, which do not compete but complement each other, being a conglomerate of transoceanic services facilitating economic globalisation - Taylor & Derudder, 2022), it is difficult to completely exclude the factors of a country or a group of associated countries (e.g., within the European Union, the Eurasian Economic Union, or the North American Free Trade Agreement) for perceiving their attractiveness from the perspective of MNEs.…”

Section: Global Cities' Attractiveness For Mne Operationsmentioning

confidence: 99%

Global Cities and Multinational Enterprises: Integrating the Existing Concepts for Future Research Studies

Kola-Bezka

Kuzel

2023

BGSS

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Global Cities (GCs) and Multinational Enterprises (MNEs) belong to a group of entities that shape the modern world economy in the most distinct way. So far, both of them have been given a lot of attention in the literature, but few studies have been written linking these two important threads of deliberation remaining the aspects of relationships between GCs and MNEs relatively unexplored. This is surprising as GCs and MNEs are not sole players but symbionts in the world economy. Hence, the intention of the authors – and the aim of this paper – is to overview these issues and connect GC and MNE threads in order to provide a platform for future research studies. By adopting an evolutionary approach and integrating the perspectives of economic geography, urban studies and international business, the paper identifies several research areas that may be fundamental to the GC/MNE discussion. They have been grouped in the following five thematic categories: global trends, international and country-specific factors; heterogeneity and transformation of global cities; MNE internationalization motivations and different market entry modes; global cities and global value chains; outcomes of MNE activity.

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NY‐LON 2020: The changing relations between London and New York in corporate globalisation

Cited by 13 publications

References 81 publications

The Role of the Energy Sector in the Command and Control Function of Cities in Conditions of Sustainability Transitions

The Role of the Energy Sector in the Command and Control Function of Cities in Conditions of Sustainability Transitions

Hierarchical tendencies, functional specializations, and (in)stability across European banking centers

Global Cities and Multinational Enterprises: Integrating the Existing Concepts for Future Research Studies

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