Pub Date : 2023-06-01DOI: 10.1108/mbr-03-2022-0045
José Piñera-Salmerón, Raquel Sanz-Valle, D. Jiménez-Jiménez
Purpose This paper aims to contribute to the understanding of the relationship between innovation and export performance by examining the effect of different types of innovation on export performance and testing the assumption underlying most studies in the field that competitive advantage mediates this relationship. Design/methodology/approach From the literature review, this paper proposes a research model that is estimated using a sample of 200 Spanish exporting manufacturing companies. Data for this study were collected with an ad hoc questionnaire, and the partial least squares structural equation modeling technique was chosen to analyze the data. Findings The results show that there is a positive relationship between product and business process innovation and export performance and that competitive advantage mediates this relationship, but only when it is based on costs, not on differentiation. Originality/value This paper provides evidence that product and business process innovation are positively related to export performance and that competitive advantage mediates these relationships, but only when the advantage is low cost. Unexpectedly, this paper finds that differentiation is neither related to export performance nor explains the relationship between innovation and export performance.
{"title":"Product and business process innovation, competitive advantage and export performance","authors":"José Piñera-Salmerón, Raquel Sanz-Valle, D. Jiménez-Jiménez","doi":"10.1108/mbr-03-2022-0045","DOIUrl":"https://doi.org/10.1108/mbr-03-2022-0045","url":null,"abstract":"\u0000Purpose\u0000This paper aims to contribute to the understanding of the relationship between innovation and export performance by examining the effect of different types of innovation on export performance and testing the assumption underlying most studies in the field that competitive advantage mediates this relationship.\u0000\u0000\u0000Design/methodology/approach\u0000From the literature review, this paper proposes a research model that is estimated using a sample of 200 Spanish exporting manufacturing companies. Data for this study were collected with an ad hoc questionnaire, and the partial least squares structural equation modeling technique was chosen to analyze the data.\u0000\u0000\u0000Findings\u0000The results show that there is a positive relationship between product and business process innovation and export performance and that competitive advantage mediates this relationship, but only when it is based on costs, not on differentiation.\u0000\u0000\u0000Originality/value\u0000This paper provides evidence that product and business process innovation are positively related to export performance and that competitive advantage mediates these relationships, but only when the advantage is low cost. Unexpectedly, this paper finds that differentiation is neither related to export performance nor explains the relationship between innovation and export performance.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47550103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-30DOI: 10.1108/mbr-09-2022-0149
Arindam Das
Purpose Although the integration of sustainability into business strategies and operations has received considerable scholarly attention, little is known about how sustainability initiatives across the extended value chain affect this integration. This study aims to analyze the impact of multinational corporations’ supply chain sustainability initiatives on their environmental, social and corporate governance (ESG) performance and the moderating role of the key country-level factors of the multinational’s headquarters. Design/methodology/approach This study analyzes data published by the top 201 multinationals among Fortune Global 500 companies over the period 2011–2021 on their attempts to integrate sustainability measures in extended supply chains and the resultant impact on their ESG scores. A fixed-effect model is used in the primary empirical study. Findings Results indicate that managerial interventions through a more robust supply chain policy framework, monitoring mechanisms, corrective actions and training initiatives lead to better ESG-environment pillar performance for multinationals. Additionally, the ESG-environment pillar performance is influenced by the socioeconomic model and country-level ESG risks of the nation where the multinational is headquartered. Originality/value The implications of this study are vital for understanding the criticality of sustainability initiatives in the supply chain for a firm’s overall ESG performance. To attain better levels of sustainable performance, multinationals must assume a stewardship position and deploy sustainability initiatives in their extended supply chain.
{"title":"Predictive value of supply chain sustainability initiatives for ESG performance: a study of large multinationals","authors":"Arindam Das","doi":"10.1108/mbr-09-2022-0149","DOIUrl":"https://doi.org/10.1108/mbr-09-2022-0149","url":null,"abstract":"\u0000Purpose\u0000Although the integration of sustainability into business strategies and operations has received considerable scholarly attention, little is known about how sustainability initiatives across the extended value chain affect this integration. This study aims to analyze the impact of multinational corporations’ supply chain sustainability initiatives on their environmental, social and corporate governance (ESG) performance and the moderating role of the key country-level factors of the multinational’s headquarters.\u0000\u0000\u0000Design/methodology/approach\u0000This study analyzes data published by the top 201 multinationals among Fortune Global 500 companies over the period 2011–2021 on their attempts to integrate sustainability measures in extended supply chains and the resultant impact on their ESG scores. A fixed-effect model is used in the primary empirical study.\u0000\u0000\u0000Findings\u0000Results indicate that managerial interventions through a more robust supply chain policy framework, monitoring mechanisms, corrective actions and training initiatives lead to better ESG-environment pillar performance for multinationals. Additionally, the ESG-environment pillar performance is influenced by the socioeconomic model and country-level ESG risks of the nation where the multinational is headquartered.\u0000\u0000\u0000Originality/value\u0000The implications of this study are vital for understanding the criticality of sustainability initiatives in the supply chain for a firm’s overall ESG performance. To attain better levels of sustainable performance, multinationals must assume a stewardship position and deploy sustainability initiatives in their extended supply chain.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43602994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-19DOI: 10.1108/mbr-12-2021-0169
Fernanda Steiner Perin, Julia Paranhos
Purpose This study aims to analyse how different types of public policies have supported the internationalisation of latecomer science-based firms, taking the case of large Brazilian pharmaceutical companies (LBPCs). Design/methodology/approach The methodology comprises a multiple case study and uses a literature review, fieldwork interviews and document analysis of eight LBPCs, five policymakers and three sector experts. Findings Direct and indirect policies differ in supporting LBPCs’ internationalisation motivation. The indirect policies created the necessary conditions to accumulate knowledge and capacity in the domestic market. LBPCs that adhere more to policies supporting production and technological capabilities development are internationalising as an extension of their innovative efforts. In contrast, LBPCs that have built productive capacities and have not yet reached a minimum level of technological capacity go abroad to exploit their production capabilities with the support of direct policies. Originality/value This study contributes to international business and evolutionary literature, demonstrating the channels through which public policies support latecomer science-based firms. The results show that direct and indirect policies assist firms’ internationalisation in different ways, according to actors’ perception: providing support to strengthen their domestic capabilities, which have become competitive advantages in the international market; or offering support to external expansion. It emphasises that industrial policies are relevant to support companies in creating the initial conditions (ownership advantages) to internationalise, and direct policies are important to help companies to design international strategies. This study also debates that policies supporting companies’ internationalisation depend on their adhesion to programmes and incentives and their routines and capabilities, which are specific to each company and lead to different motivations for international expansion.
{"title":"Policies to support the internationalisation of latecomer science-based firms: the experience of large Brazilian pharmaceutical companies","authors":"Fernanda Steiner Perin, Julia Paranhos","doi":"10.1108/mbr-12-2021-0169","DOIUrl":"https://doi.org/10.1108/mbr-12-2021-0169","url":null,"abstract":"\u0000Purpose\u0000This study aims to analyse how different types of public policies have supported the internationalisation of latecomer science-based firms, taking the case of large Brazilian pharmaceutical companies (LBPCs).\u0000\u0000\u0000Design/methodology/approach\u0000The methodology comprises a multiple case study and uses a literature review, fieldwork interviews and document analysis of eight LBPCs, five policymakers and three sector experts.\u0000\u0000\u0000Findings\u0000Direct and indirect policies differ in supporting LBPCs’ internationalisation motivation. The indirect policies created the necessary conditions to accumulate knowledge and capacity in the domestic market. LBPCs that adhere more to policies supporting production and technological capabilities development are internationalising as an extension of their innovative efforts. In contrast, LBPCs that have built productive capacities and have not yet reached a minimum level of technological capacity go abroad to exploit their production capabilities with the support of direct policies.\u0000\u0000\u0000Originality/value\u0000This study contributes to international business and evolutionary literature, demonstrating the channels through which public policies support latecomer science-based firms. The results show that direct and indirect policies assist firms’ internationalisation in different ways, according to actors’ perception: providing support to strengthen their domestic capabilities, which have become competitive advantages in the international market; or offering support to external expansion. It emphasises that industrial policies are relevant to support companies in creating the initial conditions (ownership advantages) to internationalise, and direct policies are important to help companies to design international strategies. This study also debates that policies supporting companies’ internationalisation depend on their adhesion to programmes and incentives and their routines and capabilities, which are specific to each company and lead to different motivations for international expansion.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42418054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-08DOI: 10.1108/mbr-09-2022-0132
Huda Khan, Nadia Zahoor, A. Arslan, Zaheer Khan
Purpose This study aims to understand the dynamics underpinning the exit and re-entry strategies adopted by multinational enterprises (MNEs) in an emerging market, Pakistan. Design/methodology/approach This study undertook an in-depth historical case study of Yamaha Motorcycles, which had initially entered Pakistan as a joint venture but had then exited and re-entered as a wholly owned subsidiary. Findings This study found that, despite its status as a market leader and one of the older players in the Pakistani market, changing market dynamics in the 2000s – especially the increased competition brought by more affordable (inexpensive) Chinese motorcycles and the weak enforcement of industrial policies – had pushed Yamaha Motorcycles to exit. Another factor that had contributed to its exit were differences in risk perception and strategies with its local joint venture partner (a Pakistani business group). Hence, both firm-level and institutional factors had played significant roles in Yamaha’s market exit. This study further found that re-entering in a wholly owned subsidiary operation mode had been beneficial for the firm, as it gained a significant market share due to its focus on innovation and on capturing a market niche, which had earlier not been its main focus. The findings also suggest that opportunity logics and multiple forms of learning can be important for a firm’s re-entry into a host market – such as experiential (i.e. learning from experience) and vicarious learning (i.e. learning from other organizations, including suppliers and competitors) in an emerging market context, in which institutions evolve amid political and policy uncertainty. Finally, this study found that exit and re-entry timing is an important factor for the development of competitive advantage in a host market. Originality/value This study is among the few to have investigated the exit and re-entry strategies of MNEs in emerging markets. The relatively short time during which Yamaha Motorcycles had been out of the market had benefited it on its re-entry, as the firm had been able to capitalize on its prior learning and ties to suppliers’ networks.
{"title":"Market exit and re-entry in a volatile emerging economy: a case study of Yamaha motorcycles in Pakistan","authors":"Huda Khan, Nadia Zahoor, A. Arslan, Zaheer Khan","doi":"10.1108/mbr-09-2022-0132","DOIUrl":"https://doi.org/10.1108/mbr-09-2022-0132","url":null,"abstract":"\u0000Purpose\u0000This study aims to understand the dynamics underpinning the exit and re-entry strategies adopted by multinational enterprises (MNEs) in an emerging market, Pakistan.\u0000\u0000\u0000Design/methodology/approach\u0000This study undertook an in-depth historical case study of Yamaha Motorcycles, which had initially entered Pakistan as a joint venture but had then exited and re-entered as a wholly owned subsidiary.\u0000\u0000\u0000Findings\u0000This study found that, despite its status as a market leader and one of the older players in the Pakistani market, changing market dynamics in the 2000s – especially the increased competition brought by more affordable (inexpensive) Chinese motorcycles and the weak enforcement of industrial policies – had pushed Yamaha Motorcycles to exit. Another factor that had contributed to its exit were differences in risk perception and strategies with its local joint venture partner (a Pakistani business group). Hence, both firm-level and institutional factors had played significant roles in Yamaha’s market exit. This study further found that re-entering in a wholly owned subsidiary operation mode had been beneficial for the firm, as it gained a significant market share due to its focus on innovation and on capturing a market niche, which had earlier not been its main focus. The findings also suggest that opportunity logics and multiple forms of learning can be important for a firm’s re-entry into a host market – such as experiential (i.e. learning from experience) and vicarious learning (i.e. learning from other organizations, including suppliers and competitors) in an emerging market context, in which institutions evolve amid political and policy uncertainty. Finally, this study found that exit and re-entry timing is an important factor for the development of competitive advantage in a host market.\u0000\u0000\u0000Originality/value\u0000This study is among the few to have investigated the exit and re-entry strategies of MNEs in emerging markets. The relatively short time during which Yamaha Motorcycles had been out of the market had benefited it on its re-entry, as the firm had been able to capitalize on its prior learning and ties to suppliers’ networks.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46919149","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-01DOI: 10.1108/mbr-02-2022-0030
C. Lakshman, Jorge Gonzalez
Purpose This study aims to theoretically explore the relationship between potential antecedents of business model innovation (BMI) in multinational enterprises (MNEs) and the paths through which BMI unfolds in such contexts. This study theorizes how multiculturalism in top management teams (TMTs) influences team-level cultural intelligence (CQ), which enhances firm strategic agility and helps develop BMI in MNEs. Design/methodology/approach This study’s cross-level theoretical framework describes the mediating role of CQ of TMTs in the relationship between team multiculturalism and strategic agility, which subsequently influences BMI. This study discusses contributions, limitations and future directions. Findings MNEs’ capability of developing and recombining disruptive knowledge from globally dispersed sources and integrating them to innovate is subject to the knowledge-sourcing paradox. Despite the importance of intra-member diversity in the form of multicultural individuals in multicultural teams, inter-member diversity is more prominent in the literature. Regardless, the applicability of a comprehensive conceptualization of diversity in multicultural teams to BMI has yet to be examined. This study’s theoretical model links multiculturalism in TMTs with BMI in MNEs through a cross-level framework. Originality/value This study contributes to the International Business literature by proposing a novel conceptualization of team multiculturalism and leverage theoretical underpinnings of the Dynamic Managerial Capabilities perspective to develop a cross-level model of factors influencing BMI in MNEs.
{"title":"From TMT multiculturalism to strategic agility: business model innovation in MNEs","authors":"C. Lakshman, Jorge Gonzalez","doi":"10.1108/mbr-02-2022-0030","DOIUrl":"https://doi.org/10.1108/mbr-02-2022-0030","url":null,"abstract":"\u0000Purpose\u0000This study aims to theoretically explore the relationship between potential antecedents of business model innovation (BMI) in multinational enterprises (MNEs) and the paths through which BMI unfolds in such contexts. This study theorizes how multiculturalism in top management teams (TMTs) influences team-level cultural intelligence (CQ), which enhances firm strategic agility and helps develop BMI in MNEs.\u0000\u0000\u0000Design/methodology/approach\u0000This study’s cross-level theoretical framework describes the mediating role of CQ of TMTs in the relationship between team multiculturalism and strategic agility, which subsequently influences BMI. This study discusses contributions, limitations and future directions.\u0000\u0000\u0000Findings\u0000MNEs’ capability of developing and recombining disruptive knowledge from globally dispersed sources and integrating them to innovate is subject to the knowledge-sourcing paradox. Despite the importance of intra-member diversity in the form of multicultural individuals in multicultural teams, inter-member diversity is more prominent in the literature. Regardless, the applicability of a comprehensive conceptualization of diversity in multicultural teams to BMI has yet to be examined. This study’s theoretical model links multiculturalism in TMTs with BMI in MNEs through a cross-level framework.\u0000\u0000\u0000Originality/value\u0000This study contributes to the International Business literature by proposing a novel conceptualization of team multiculturalism and leverage theoretical underpinnings of the Dynamic Managerial Capabilities perspective to develop a cross-level model of factors influencing BMI in MNEs.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45932992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-13DOI: 10.1108/mbr-06-2022-0091
Luis Miguel Bolívar, C. Casanueva, Ignacio Castro Abancéns
Purpose Multinational enterprises (MNEs) strive to expand into new markets either by exploiting their resource base or by gaining access to partner companies that own the required resources. Thus, companies face the compete–cooperate–coopete decision. The purpose of this study is to determine the effect of MNEs’ networks of interorganisational alliances, and their interaction with resource ownership, and market attractiveness, on the choice of international expansion modes, whether they are sole venture (competitive) or collaboration agreements (cooperative) or both (coopetitive). Design/methodology/approach A biprobit model is used to analyse more than 50,000 new international operations by 164 MNEs in a five-year window. A moderation analysis is carried out to reveal the interaction between network centrality, resource ownership and market size. Findings The results show the extent to which the competitive–collaborative contradictory forces attenuate each other in different market scenarios. This study’s contribution advances the resolution of the resource allocation dilemma by recognising the conditions for the selection of each expansion mode: sole venture, cooperation and coopetition. Originality/value Mainstream international business theory claims that firm’s own resources and transaction outcomes are generally sufficient to explain their international expansion decisions, whereas network and social capital theories focus on the role of relationships and network embeddedness. Both perspectives seem to neglect the fact that firms frequently develop both factors simultaneously. This study bridges these perspectives and reveals the interplay between resource ownership, alliance network centrality and market size for MNEs’ expansion mode choice.
{"title":"International alliance networks, expansion modes and coopetition","authors":"Luis Miguel Bolívar, C. Casanueva, Ignacio Castro Abancéns","doi":"10.1108/mbr-06-2022-0091","DOIUrl":"https://doi.org/10.1108/mbr-06-2022-0091","url":null,"abstract":"\u0000Purpose\u0000Multinational enterprises (MNEs) strive to expand into new markets either by exploiting their resource base or by gaining access to partner companies that own the required resources. Thus, companies face the compete–cooperate–coopete decision. The purpose of this study is to determine the effect of MNEs’ networks of interorganisational alliances, and their interaction with resource ownership, and market attractiveness, on the choice of international expansion modes, whether they are sole venture (competitive) or collaboration agreements (cooperative) or both (coopetitive).\u0000\u0000\u0000Design/methodology/approach\u0000A biprobit model is used to analyse more than 50,000 new international operations by 164 MNEs in a five-year window. A moderation analysis is carried out to reveal the interaction between network centrality, resource ownership and market size.\u0000\u0000\u0000Findings\u0000The results show the extent to which the competitive–collaborative contradictory forces attenuate each other in different market scenarios. This study’s contribution advances the resolution of the resource allocation dilemma by recognising the conditions for the selection of each expansion mode: sole venture, cooperation and coopetition.\u0000\u0000\u0000Originality/value\u0000Mainstream international business theory claims that firm’s own resources and transaction outcomes are generally sufficient to explain their international expansion decisions, whereas network and social capital theories focus on the role of relationships and network embeddedness. Both perspectives seem to neglect the fact that firms frequently develop both factors simultaneously. This study bridges these perspectives and reveals the interplay between resource ownership, alliance network centrality and market size for MNEs’ expansion mode choice.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42194597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-07DOI: 10.1108/mbr-02-2022-0035
L. Xu, Netanel Drori
Purpose The purpose of this paper is to examine the role of short sellers in foreign direct investment (FDI) decisions. Drawing on threat rigidity theory, the authors argue that short sellers pose a threat to chief executive officers (CEOs) by exerting downward pressure to target firms’ stock prices. That threat will evoke rigid managerial responses that hinder new FDI activities. The authors also posit that CEOs will be less reactive to short sellers’ threats when they are generalist CEOs who have extensive general work experience or when they serve as the board chair. Design/methodology/approach The authors collect data from S&P 1,500 firms, and the final sample consists of 717 firms and 6,930 firm-year observations from 1998 to 2016. The authors use an Arellano and Bond generalized method of moments static linear probability panel data model and an instrumental panel count data model to test the hypotheses. Findings The findings support the hypotheses and suggest that CEOs who are under more pressure from short sellers engage in fewer new FDI activities. The negative impact of short sellers on FDI decisions is less salient when CEOs have general work experience or are the chairperson of the board. Originality/value This study contributes to the international business research by stressing the need to consider the role of short sellers in firm internationalization decisions.
{"title":"Internationalization under attack: the external threat of short sellers","authors":"L. Xu, Netanel Drori","doi":"10.1108/mbr-02-2022-0035","DOIUrl":"https://doi.org/10.1108/mbr-02-2022-0035","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to examine the role of short sellers in foreign direct investment (FDI) decisions. Drawing on threat rigidity theory, the authors argue that short sellers pose a threat to chief executive officers (CEOs) by exerting downward pressure to target firms’ stock prices. That threat will evoke rigid managerial responses that hinder new FDI activities. The authors also posit that CEOs will be less reactive to short sellers’ threats when they are generalist CEOs who have extensive general work experience or when they serve as the board chair.\u0000\u0000\u0000Design/methodology/approach\u0000The authors collect data from S&P 1,500 firms, and the final sample consists of 717 firms and 6,930 firm-year observations from 1998 to 2016. The authors use an Arellano and Bond generalized method of moments static linear probability panel data model and an instrumental panel count data model to test the hypotheses.\u0000\u0000\u0000Findings\u0000The findings support the hypotheses and suggest that CEOs who are under more pressure from short sellers engage in fewer new FDI activities. The negative impact of short sellers on FDI decisions is less salient when CEOs have general work experience or are the chairperson of the board.\u0000\u0000\u0000Originality/value\u0000This study contributes to the international business research by stressing the need to consider the role of short sellers in firm internationalization decisions.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47401896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-24DOI: 10.1108/mbr-06-2022-0086
Hamza Aib, Jacques Liouville, Hemant Merchant
Purpose The purpose of this study is to demonstrate the effect of initial international joint ventures (IJV) structural conditions on two main equity-based instability facets: change of IJV ownership structure and acquisition of the IJV by one of the IJV partners. Drawing on the transaction cost theory, the authors examine three key initial structural conditions: IJV formation mode, number of partners and IJV’s ownership structure. Design/methodology/approach The authors apply the “Event history analysis” technique to test the hypotheses using a data set of 140 French-foreign JVs. Findings The findings show that the mode of an acquisitive IJV and unequal equity positions held by partners increase the likelihood of a change of IJV’s ownership structure and its eventual acquisition by one of the partners. In addition, the findings show that while an increase in the number of IJV partners is directly related to the change of IJV ownership structure, it has a statistically insignificant effect on IJV acquisition. Originality/value Drawing on “transaction costs” arguments, this study advances the literature by offering fine-grained results related to the effects of initial structural conditions on aspects of unintended instability in French-foreign JVs.
{"title":"Unintended change of ownership structure and acquisition of IJVs: the effect of initial structural conditions","authors":"Hamza Aib, Jacques Liouville, Hemant Merchant","doi":"10.1108/mbr-06-2022-0086","DOIUrl":"https://doi.org/10.1108/mbr-06-2022-0086","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to demonstrate the effect of initial international joint ventures (IJV) structural conditions on two main equity-based instability facets: change of IJV ownership structure and acquisition of the IJV by one of the IJV partners. Drawing on the transaction cost theory, the authors examine three key initial structural conditions: IJV formation mode, number of partners and IJV’s ownership structure.\u0000\u0000\u0000Design/methodology/approach\u0000The authors apply the “Event history analysis” technique to test the hypotheses using a data set of 140 French-foreign JVs.\u0000\u0000\u0000Findings\u0000The findings show that the mode of an acquisitive IJV and unequal equity positions held by partners increase the likelihood of a change of IJV’s ownership structure and its eventual acquisition by one of the partners. In addition, the findings show that while an increase in the number of IJV partners is directly related to the change of IJV ownership structure, it has a statistically insignificant effect on IJV acquisition.\u0000\u0000\u0000Originality/value\u0000Drawing on “transaction costs” arguments, this study advances the literature by offering fine-grained results related to the effects of initial structural conditions on aspects of unintended instability in French-foreign JVs.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44180100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-07DOI: 10.1108/mbr-10-2022-0158
André Sammartino, D. Merrett, Pierre van der Eng, S. Ville
Purpose This paper argues for the benefits to international business (IB) of taking a much longer view at the engagement by multinational enterprises (MNEs) with host locations. Design/methodology/approach The authors showcase a project tracking the engagement by MNEs with Australia over the past two centuries. Extensive archival work has been undertaken to identify and document modes of entry, home countries, industries, operational modes and company types among the MNEs operating in Australia. The authors also describe the shifting nature of Australia as a host location. Findings The authors demonstrate the historical and ongoing diversity of ways in which MNEs interact with a host. They show that different organisational forms have prevailed over time, and that considerable operational mode changes can best be observed when a long lens is adopted. The authors show how these mode changes interact with host country dynamics, and also the broader context of the MNE and its altering strategies. Research limitations/implications The authors urge IB scholars to embrace longer timeframes to capture the complexity of MNEs’ growth and adaptation more meaningfully. Originality/value By taking such a long-run perspective, the authors shed new light on the importance of moving beyond simple snapshots to analyse key IB constructs and phenomenon.
{"title":"Taking the long view of the multinational","authors":"André Sammartino, D. Merrett, Pierre van der Eng, S. Ville","doi":"10.1108/mbr-10-2022-0158","DOIUrl":"https://doi.org/10.1108/mbr-10-2022-0158","url":null,"abstract":"\u0000Purpose\u0000This paper argues for the benefits to international business (IB) of taking a much longer view at the engagement by multinational enterprises (MNEs) with host locations.\u0000\u0000\u0000Design/methodology/approach\u0000The authors showcase a project tracking the engagement by MNEs with Australia over the past two centuries. Extensive archival work has been undertaken to identify and document modes of entry, home countries, industries, operational modes and company types among the MNEs operating in Australia. The authors also describe the shifting nature of Australia as a host location.\u0000\u0000\u0000Findings\u0000The authors demonstrate the historical and ongoing diversity of ways in which MNEs interact with a host. They show that different organisational forms have prevailed over time, and that considerable operational mode changes can best be observed when a long lens is adopted. The authors show how these mode changes interact with host country dynamics, and also the broader context of the MNE and its altering strategies.\u0000\u0000\u0000Research limitations/implications\u0000The authors urge IB scholars to embrace longer timeframes to capture the complexity of MNEs’ growth and adaptation more meaningfully.\u0000\u0000\u0000Originality/value\u0000By taking such a long-run perspective, the authors shed new light on the importance of moving beyond simple snapshots to analyse key IB constructs and phenomenon.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47284351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-26DOI: 10.1108/mbr-06-2022-0088
Ralf Bebenroth, Kashif Ahmed
Purpose In this paper, the knowledge-based view of the firm is applied to theoretically elucidate and empirically examine the influence of target industry growth on premium payments in cross-border acquisitions. This study aims to extend internally driven Mergers and Acquisitions research efforts of acquirers to industry contingencies of targets by analyzing cross-border acquirers located within the group of seven (G7) countries. Design/methodology/approach This study’s investigation covers 209 cross-border acquisitions from 2012 to 2019 undertaken by firms located within the G7 countries. This paper used generalized estimation equations method to test the hypotheses applying Gaussian distribution for the dependent variable, an identity link function, exchangeable correlation structure and robust standard errors. Findings This study’s results reveal that target industry growth determines premiums. Furthermore, this study shows that acquirer industry growth, as well as acquirer slack, moderates this relationship. This study is built on the notion that industry contingencies influence premiums even when target firms are based in foreign countries. Originality/value To the best of the authors’ knowledge, unlike other studies, this is the first to explicitly focus on premiums for multiple cross-border acquisitions by hand selecting nine years of industry sale figures for 53 industries separately in each of the G7 nation countries (leading to 371 separate downloads of data samples). This study contends that industry growth of cross-border targets matters for premium payments.
{"title":"Influence of target industry growth on premiums in cross-border acquisitions","authors":"Ralf Bebenroth, Kashif Ahmed","doi":"10.1108/mbr-06-2022-0088","DOIUrl":"https://doi.org/10.1108/mbr-06-2022-0088","url":null,"abstract":"\u0000Purpose\u0000In this paper, the knowledge-based view of the firm is applied to theoretically elucidate and empirically examine the influence of target industry growth on premium payments in cross-border acquisitions. This study aims to extend internally driven Mergers and Acquisitions research efforts of acquirers to industry contingencies of targets by analyzing cross-border acquirers located within the group of seven (G7) countries.\u0000\u0000\u0000Design/methodology/approach\u0000This study’s investigation covers 209 cross-border acquisitions from 2012 to 2019 undertaken by firms located within the G7 countries. This paper used generalized estimation equations method to test the hypotheses applying Gaussian distribution for the dependent variable, an identity link function, exchangeable correlation structure and robust standard errors.\u0000\u0000\u0000Findings\u0000This study’s results reveal that target industry growth determines premiums. Furthermore, this study shows that acquirer industry growth, as well as acquirer slack, moderates this relationship. This study is built on the notion that industry contingencies influence premiums even when target firms are based in foreign countries.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, unlike other studies, this is the first to explicitly focus on premiums for multiple cross-border acquisitions by hand selecting nine years of industry sale figures for 53 industries separately in each of the G7 nation countries (leading to 371 separate downloads of data samples). This study contends that industry growth of cross-border targets matters for premium payments.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48069104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：