Inward and outward flow of FDI and portfolio investment, inward and outward flow of royalty payments associated with technological transfer.
Specific industry globalisation refers to the degree to which a company's competitive position within that industry in one country is interdependent with that in another country. The more global an industry, the greater is the advantage that a company can derive from leverage technology, manufacturing prowess, brand name and capital across countries.
Globalise industries tend to be dominated in every market by the same set of global companies, which coordinates their strategic actions across countries. Key indicators of the globalisation of an industry are the extent of cross-border investment as a ratio of total capital invested in the industry and the proportion of industry revenue accounted for by companies that compete in all major regions. (Vijay and Anil 2000).
Another definition from the world economic outlook (May 1 2000) by Kola Odunbanjo define it as the rapid integration of economies of the world through the flow of technological spillages, networks and cross cultural currents. The globalising economy of today is characterised by remarkable structural organisation of the world's trade and investment relationship and this has brought economical, technological and even political changes it has being made possible by the revolution of the information technology and telecommunication. Cited from (http://www.cibnigeria.org/research/bankglobaliz.htm).
Other definition put Globalization a process of the intensification of economic, political, social and cultural relations across international boundaries. It is principally aimed at the transcendental homogenization of political and socio-economic theory across the globe. It is equally aimed at "making global being present worldwide at the world stage or global arena-. It deals with the "increasing breakdown of trade barriers and the increasing integration of World market (Fafowora, 1998:5).