Global Strategy Journal最新文献

Governing sustainability in multinational companies: Headquarter-subunit strategic alignment and control mechanisms 跨国公司的可持续性管理：总部-子单位战略一致性和控制机制

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2026-01-17 DOI: 10.1002/gsj.70007

Stefano Franco, Alfredo Valentino, Valentina Marano, Matteo Caroli

Research Summary

We contribute to extant research on subunit sustainability governance by introducing the concept of sustainability-specific strategic alignment, that is, the pre-implementation degree of similarity in importance assigned by headquarters (HQ) and subunits to sustainability issues. We theorize and find that subunit-perceived divergence between HQ's and local stakeholders' priorities undermines alignment, clarifying why early attention alignment can stall sustainability diffusion even without implementation frictions. We furthermore examine the moderating effect of three HQ's control mechanisms (i.e., monitoring, direct management, and resource control), and find that direct management attenuates alignment loss even in high divergence contexts, whereas monitoring and resource control often fall short or backfire. Findings show that control mechanisms are not uniformly effective and must be tailored to subunits' agency problems and local contexts.

Managerial Summary

We argue that effective sustainability governance requires headquarters (HQ) and subunits to similarly prioritize sustainability issues. Our research shows that this sustainability-specific alignment depends, in part, on the extent to which HQs' sustainability priorities reflect those of local stakeholders. When this perceived divergence is high, alignment suffers. We examine how HQ can respond through three control mechanisms: monitoring, direct management, and resource control. We find that only direct management supports alignment under high divergence. These findings highlight that not all control tools are equally effective and that multinational companies need to carefully manage sustainability goals across borders to ensure coherent and credible sustainability efforts across their subunits' networks.

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引用次数: 0

Imitation of location choices for rare foreign ventures: Tax-motivated relocations of headquarters 稀有外资企业选址的模仿：税收驱动的总部搬迁

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-11-25 DOI: 10.1002/gsj.70003

Aleksi Eerola, Arjen H. L. Slangen, Rene Belderbos

Research Summary

Peer firms tend to imitate each other's location choices for foreign subsidiaries. We examine whether they also engage in location choice imitation when undertaking rare, high-stakes foreign ventures in the form of tax-motivated relocations of headquarters. Although location choices for such relocations will likely be made meticulously, we propose that these choices are nevertheless subject to imitation among compatriots, and particularly among domestic rivals. Applying organizational institutionalism, we argue that by imitating these peers, relocating firms reduce the uncertainty they perceive and partly legitimize their relocation. We also predict moderating effects of relocating firms' presence in a location and of their subnational home region's cultural tightness. We find support for these ideas studying the location choices announced by US relocating firms between 1996 and 2017. Our study extends global strategy research on location choice imitation to the corporate level, revealing that such imitation even occurs among firms undergoing international transformations.

Managerial Summary

Similar companies, or “peers,” often follow each other to the same location when setting up operations abroad. We examine whether peers also imitate each other's location choices when relocating their headquarters abroad for tax reasons. While firms making this rare and bold move will likely choose a destination carefully, we argue that they nevertheless tend to imitate their compatriots' and especially their domestic rivals' location choices, so as to reduce the uncertainty they experience about countries' attractiveness and justify their relocation domestically. We also propose that a firm's tendency to imitate peers' most popular location choices depends on the firm's knowledge of foreign locations and the strength of social norms in its subnational home region. We find support for these ideas in a study of US firms that announced relocations between 1996 and 2017. Firms thus even engage in location choice imitation when undergoing international transformations.

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引用次数: 0

Protecting CSR-based reputation abroad: Intra-firm trade as a governance mechanism 保护基于企业社会责任的海外声誉：作为治理机制的企业内部贸易

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-11-11 DOI: 10.1002/gsj.70002

Jae Chul Jung, Yoonjeoung Heo, Unjung Whang

Research Summary

This study investigates how multinational enterprises' (MNEs') commitment to corporate social responsibility (CSR) affects intra-firm trade in international subsidiaries. While CSR-committed MNEs need to protect their reputation, intra-firm trade can facilitate monitoring and coordinating the behavior of MNEs' international subsidiaries. Such governance functions help these MNEs mitigate challenges related to bounded rationality and reliability, ultimately reducing governance costs. Thus, we expect CSR-committed MNEs to be more likely to engage in intra-firm trade in their international subsidiaries. We further predict that the positive relationship is contingent upon host country corruption and MNE alliance experience, which may amplify or mitigate the levels of bounded rationality and reliability, respectively. We tested our theories using Korean MNE data during the 2006–2013 period and found empirical support.

Managerial Summary

While MNEs are increasingly embracing CSR, CSR's impact on MNE governance choices (particularly in international subsidiaries) is not fully understood. This study proposes that intra-firm trade serves as both formal and informal governance mechanisms which protect the CSR-built reputation of MNEs internationally. Our analysis of Korean MNE data shows that MNEs' CSR commitment increases intra-firm trade in international subsidiaries. This effect is pronounced in corrupt host countries but is attenuated in MNEs with more alliance experience. Our findings suggest that MNEs' CSR-built reputation should be protected by preventing irresponsible behavior in their international subsidiaries. Additionally, this study underscores that intra-firm trade plays a pivotal role as a governance tool for MNEs.

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引用次数: 0

Ownership discrimination and outward FDI by China's privately-owned enterprises 所有制歧视与中国民营企业对外直接投资

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-11-07 DOI: 10.1002/gsj.70001

Hongbin Tan, Zhaowei Chen, Bin Hao, Andrew Delios

Research Summary

We introduce the concept of ownership discrimination to better understand the outward FDI (OFDI) of privately owned enterprises (POEs) from transition economies. In a transition economy, POEs may perceive ownership-based discrimination and thus suffer disadvantages in domestic market competition. Such perceived ownership-based discrimination could motivate POEs to engage in OFDI as a strategic response to the resulting disadvantages. We test this idea using a sample of POEs from 31 provinces in China. We find a positive relationship between perceived ownership discrimination and POEs' engagement in OFDI. This relationship is weaker for POEs with membership in political organizations that help them obtain benefits that counter the negative impact of ownership discrimination.

Managerial Summary

Firms may face institutional misalignment and, consequently, competitive disadvantages in their home country. Our study helps managers identify an important type of institutional misalignment for POEs in transition economies, which we call ownership-based discrimination. We argue that POEs can engage in OFDI as a strategic response to address the disadvantages in their domestic market caused by ownership discrimination. Based on the experiences and decisions of POEs in China, we see how such ownership-based discrimination leads to more OFDI by these firms. One action POEs can take is to develop stronger connections in the local market through membership in political organizations, which helps counter the negative impact of ownership-based discrimination.

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引用次数: 0

Subsidiary-level performance comparisons with external versus internal peers and subsidiary termination decisions: The role of host country experience 子公司与外部与内部同行的绩效比较与子公司终止决策：东道国经验的作用

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-09-18 DOI: 10.1002/gsj.1527

Jung-Hyun Suh, Shige Makino

Research Summary

We examine how a subsidiary's host country experience affects the way in which multinational corporations' (MNCs) subsidiary termination decisions are geared toward subsidiary-level social performance comparisons. For a subsidiary, social comparisons can be made against external peer subsidiaries (in the same industry and country but under different parents) and internal peer subsidiaries (in the same industry, country, and parent) whose performance levels constitute external social aspirations (ESA) and internal social aspirations (ISA), respectively. Using unpublished survey data on Japanese MNCs that offer subsidiary-level performance data, we found that a subsidiary's below-ESA performance is a stronger predictor of subsidiary termination than below-ISA performance. However, as a subsidiary's host country experience increases, the effect of below-ISA performance is amplified and even surpasses the effect of below-ESA performance.

Managerial Summary

A subsidiary's performance relative to comparable peers serves as a critical criterion for MNC managers when evaluating the subsidiary's efficacy. However, little is known about how MNC managers' subsidiary termination decisions are geared toward subsidiary-level performance comparisons against different reference groups and under what conditions these decisions vary. Using data on Japanese MNCs, we found that a subsidiary is at greater risk of termination when it underperforms relative to external peer subsidiaries (in the same industry and country but under different parents) than to internal peers (in the same industry, country, and parent). However, a subsidiary's host country experience amplifies MNC managers' sensitivity to underperformance relative to internal peers, while having less effect on their sensitivity to underperformance relative to external peers.

我们研究了子公司所在国的经验如何影响跨国公司（MNCs）终止子公司决策的方式，这些决策是针对子公司层面的社会绩效比较的。对于子公司，可以与外部同行子公司（同一行业和国家，但母公司不同）和内部同行子公司（同一行业、国家和母公司）进行社会比较，其绩效水平分别构成外部社会愿望（ESA）和内部社会愿望（ISA）。利用未发表的日本跨国公司的调查数据，我们发现子公司低于esa的绩效比低于isa的绩效更能预测子公司的终止。但是，随着子公司所在国经验的增加，低于国际收支标准绩效的影响被放大，甚至超过低于国际收支标准绩效的影响。子公司相对于同类公司的绩效是跨国公司管理者评估子公司效率的关键标准。然而，对于跨国公司经理的子公司终止决策是如何与不同参照组进行子公司绩效比较的，以及在什么条件下这些决策会有所不同，我们知之甚少。利用日本跨国公司的数据，我们发现，当子公司相对于外部同行子公司（同一行业和国家，但母公司不同）表现不佳时，子公司被终止的风险更大，而不是相对于内部同行（同一行业、国家和母公司）。然而，子公司所在国的经历放大了跨国公司经理相对于内部同行对业绩不佳的敏感性，而对其相对于外部同行对业绩不佳的敏感性的影响较小。

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引用次数: 0

Not so generous after all? Foreign ownership and CSR overspending in emerging markets 不是那么慷慨吗？新兴市场的外资所有权和企业社会责任超支

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-09-02 DOI: 10.1002/gsj.70000

Pooja Thakur-Wernz, Olga Bruyaka

Research Summary

Is foreignness a liability or an asset when firms decide on CSR spending? We examine how foreign ownership influences CSR overspending, defined as spending that exceeds legally mandated thresholds, in emerging markets. Using data from 320 publicly listed firms in India (2015–2023), we find that higher foreign ownership is associated with lower CSR overspending, challenging the assumption that foreign firms are more generous CSR spenders. This relationship is moderated by the ESG reputation of the foreign owner; owners recognized for “doing good” tend to reduce overspending, while those linked to controversies increase it. Our contingency-based perspective suggests that whether foreignness acts as a liability or an asset depends on firm-specific characteristics, complementing research that emphasizes institutional-level explanations for foreign firm behavior in emerging markets.

Managerial Summary

Foreign firms operating in emerging markets often invest in corporate social responsibility (CSR) initiatives within their host countries. However, do they always need to spend more than legally required? Our study examines 320 companies in India between 2015 and 2023 and finds that firms with higher foreign ownership tend to spend less beyond the legal CSR requirement, especially when their foreign owners already have a strong reputation for doing good. On the other hand, if those owners have ESG-related controversies, the firms are more likely to overspend on CSR to repair their image. These findings suggest that foreignness can be a strategic asset, not a liability, if supported by a positive reputation. Firms should align their CSR strategy with both ownership structure and reputational risks.

当企业决定企业社会责任支出时，外来性是负债还是资产？我们研究了外资所有权如何影响新兴市场企业社会责任超支（定义为超出法律规定阈值的支出）。利用来自印度320家上市公司（2015-2023）的数据，我们发现，较高的外资所有权与较低的企业社会责任超支有关，这挑战了外国公司更慷慨的企业社会责任支出的假设。这种关系受到外国所有者的ESG声誉的调节；被认为“做好事”的老板往往会减少超支，而那些与争议有关的老板则会增加超支。我们基于权变的观点表明，外国企业是负债还是资产取决于企业的具体特征，这是对强调在制度层面解释新兴市场外国企业行为的研究的补充。在新兴市场经营的外国公司经常投资于东道国的企业社会责任（CSR）倡议。然而，他们是否总是需要花费比法律要求更多的钱？我们的研究对2015年至2023年间印度的320家公司进行了调查，发现外资持股比例较高的公司往往在法律规定的企业社会责任要求之外的支出较少，尤其是当它们的外资所有者已经在做好事方面享有良好声誉时。另一方面，如果这些所有者有esg相关的争议，公司更有可能在CSR上超支以修复其形象。这些发现表明，如果得到良好声誉的支持，外国国籍可以成为一种战略资产，而不是一种负担。企业应将其企业社会责任战略与所有权结构和声誉风险结合起来。

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引用次数: 0

Foreign takeover protection and corporate social responsibility 外资收购保护与企业社会责任

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-08-06 DOI: 10.1002/gsj.1528

Dennis Wajda, Fengdian Yang, Wei Shi, Ruth V. Aguilera

Research Summary

This study examines the impact of foreign takeover protection on firms' corporate social responsibility (CSR) following the enactment of investment screening laws worldwide. Drawing on research on intertemporal trade-offs in managerial investment decisions, we argue that foreign takeover protection encourages protected firms to improve CSR by expanding managerial investment horizons and increasing the motivation for long-term investments. This effect is stronger in countries with long-term-oriented national cultures and among firms with higher levels of long-term institutional ownership. Using a sample of 5353 firms across 72 countries from 2001 to 2018, we find support for our arguments. Our study provides a behavioral account of foreign takeover protection's impact and highlights its positive implications for firm CSR.

Managerial Summary

Managers are often under pressure to boost their firm's share price or run the risk of a foreign takeover. In this study, we argue that when countries enact foreign takeover protection through investment screening laws, this short-term performance pressure on domestic managers can be alleviated, enabling them to adopt a longer investment horizon. As a result, managers may become more motivated to invest in corporate social responsibility (CSR). We find empirical support for this argument. Furthermore, we show that a country's temporal cultural orientation and the investment horizons of a firm's owners further shape managers' motivation to engage in CSR.

本研究考察了在全球投资审查法律颁布后，外国收购保护对企业社会责任（CSR）的影响。通过对管理投资决策中的跨期权衡的研究，我们认为外国收购保护鼓励受保护企业通过扩大管理投资范围和增加长期投资动机来改善企业社会责任。这种效应在具有长期导向民族文化的国家和长期机构所有权水平较高的公司中更为强烈。使用2001年至2018年72个国家的5353家公司的样本，我们发现支持我们的论点。我们的研究提供了外资收购保护影响的行为解释，并强调了其对企业社会责任的积极影响。经理们常常承受着提高公司股价的压力，否则就会面临被外国收购的风险。在本研究中，我们认为，当国家通过投资筛选法制定外国收购保护时，可以缓解国内管理者的这种短期绩效压力，使他们能够采取更长的投资期限。因此，管理者可能会更有动力投资于企业社会责任（CSR）。我们为这一论点找到了实证支持。此外，我们还表明，一个国家的时间文化取向和企业所有者的投资视野进一步塑造了管理者参与企业社会责任的动机。

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引用次数: 0

Legitimacy in flux: A moderated mediation model of the liability of foreignness in global IPO markets 流变中的合法性：全球IPO市场中外资责任的调节中介模型

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-06-26 DOI: 10.1002/gsj.1526

You-Xiang Song

Research Summary

Foreign initial public offerings (IPOs) play a significant role in global stock markets. This paper aims to elucidate why foreign IPOs suffer from the liability of foreignness in capital markets (CMLOF) and how they overcome this liability. Building on international business research and the legitimacy perspective, I develop a moderated mediation model demonstrating that (1) media sentiment variability mediates the effect of IPO firms' foreignness on the delisting hazard, and (2) the firm's geographic diversification moderates this mediated effect. This paper advances IPO research by addressing the crucial yet understudied area of foreign IPO firm survival and empirically examining the sources and remedies of the CMLOF in the context of foreign IPOs.

Managerial Summary

Foreign IPOs often face significant challenges in gaining legitimacy and stability in new markets, leading to higher risks and potential failure. This study highlights the role of media coverage as a mediator in this process, where higher uncertainty increases the likelihood of delisting. However, geographic diversification can mitigate these risks by enhancing legitimacy and reducing volatility. Managers can improve the success rates of foreign IPOs by adopting strategies that reduce media sentiment variability, such as diversifying operations across multiple regions to spread risk and demonstrate resilience. These international strategies are helpful in stabilizing stock prices, maintaining investor confidence, and ultimately improving the survival chances of foreign IPOs.

国外首次公开募股（ipo）在全球股票市场中发挥着重要作用。本文旨在阐明外资ipo遭受资本市场异质性负担的原因以及如何克服这一负担。在国际商业研究和合法性视角的基础上，笔者建立了一个有调节的中介模型，证明：(1)媒体情绪可变性中介了IPO公司的外部性对退市风险的影响，(2)公司的地域多元化调节了这种中介效应。本文通过解决国外IPO公司生存这一重要但研究不足的领域，并在国外IPO的背景下实证考察CMLOF的来源和补救措施，来推进IPO研究。外国ipo在获得新市场的合法性和稳定性方面往往面临重大挑战，从而导致更高的风险和潜在的失败。本研究强调了媒体报道在这一过程中的中介作用，其中较高的不确定性增加了退市的可能性。然而，地域多样化可以通过提高合法性和减少波动性来减轻这些风险。管理人员可以通过采取减少媒体情绪变化的策略来提高海外ipo的成功率，例如在多个地区分散业务，以分散风险并展示韧性。这些国际化策略有助于稳定股价，维护投资者信心，并最终提高外国ipo的生存机会。

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引用次数: 0

Global expansion and executive promotion of state-owned enterprises 国有企业的全球扩张和高管晋升

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-05-13 DOI: 10.1002/gsj.1525

Jiayan Yan, Ziliang Deng, Klaus E. Meyer

Research Summary

Executives in state-owned enterprises (SOEs) are promoted differently from those in private firms due to the broader objectives of SOEs, which include non-economic considerations. Research on SOEs often attributes executive promotions to firms' economic performance, without sufficient attention to the role of political performance. We find that executives of SOEs aligned with a government's globalization mandate, especially those investing in countries with political affinity, are more likely to be promoted as these investments further the government's political objectives and enhance executives' legitimacy with the bureaucratic system. The study broadens the literature on executive compensation by arguing that political alignment with government objectives matters. It also enriches institutional theory by suggesting a state-firm-executive legitimacy transmission.

Managerial Summary

When executives of SOEs align with a government's globalization goals and focus their investments in specific industries and countries, they often find more significant opportunities for career growth. Our detailed analysis, centered on SOEs directly overseen by the Chinese central government, supports our findings. This research offers valuable insights for the global strategy of SOEs. It suggests that while these investments can enhance the chances of advancing SOE executives who align with the state's political vision, promoting them based solely on political alignment, without considering long-term project performance, may lead to challenges, underscoring the need for a balanced approach.

由于国有企业更广泛的目标（包括非经济考虑），国有企业高管的晋升方式与私营企业高管不同。对国有企业的研究往往将高管晋升归因于企业的经济绩效，而对政治绩效的作用没有给予足够的重视。我们发现，与政府全球化任务一致的国有企业高管，尤其是那些投资于具有政治亲和力的国家的国有企业高管，更有可能获得晋升，因为这些投资进一步推动了政府的政治目标，并增强了高管在官僚体系中的合法性。该研究拓宽了有关高管薪酬的文献，认为政治上与政府目标保持一致很重要。它还通过提出一种国有企业-行政合法性的传递，丰富了制度理论。当国企高管与政府的全球化目标保持一致，并将投资重点放在特定的行业和国家时，他们通常会找到更重要的职业发展机会。我们对中国中央政府直接监管的国有企业进行了详细的分析，支持了我们的发现。本研究为国有企业的全球战略提供了有价值的见解。这表明，虽然这些投资可以增加晋升与国家政治愿景一致的国有企业高管的机会，但仅仅基于政治联盟而不考虑长期项目绩效来提拔他们，可能会带来挑战，强调了平衡方法的必要性。

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引用次数: 0

Board effectiveness and internalization benefits: Theory and evidence from value creation in cross-border acquisitions 董事会有效性与内部化收益：来自跨国收购中价值创造的理论与证据

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-05-09 DOI: 10.1002/gsj.1524

Tao Han, Xavier Martin

Research Summary

We examine how the value created by technological and marketing intangible assets in foreign direct investment (FDI) varies with board effectiveness conditions. Synthesizing internalization and agency theories, we theorize that a firm can better leverage intangibles and create value through acquisitive FDI if its board setup enables effective monitoring and advising. Empirically, we operationalize the “quad” elements of board effectiveness—independence, expertise, bandwidth, and motivation—and account for multiple selectivity related to disclosure decisions and mode choice. Analyzing 675 cross-border acquisitions by U.S. public firms (1998–2016), we quasi-replicate and extend internalization results linking intangibles with abnormal returns upon FDI announcement. Advancing internalization research through corporate governance insights, our findings show that board effectiveness moderates the value-creating effects of intangibles in multinational enterprises' foreign expansion.

Managerial Summary

Why do some multinational enterprises achieve superior returns in their foreign investments while others do not? Our research shows that firms can maximize value from cross-border acquisitions by capitalizing on their technology- and marketing-related intangible assets, such as R&D capabilities or strong brands, provided they have an effective board of directors. Key board attributes of high independence, relevant expertise, sufficient time, and ownership-based incentives significantly enhance the value-creating potential of these assets. This study underscores the importance of board governance in facilitating successful international expansion. It also addresses how to explicitly model the strategic disclosure of intangibles-related information and the foreign expansion mode decision while examining performance outcomes.

本文研究了外商直接投资（FDI）中技术和营销无形资产所创造的价值如何随董事会有效性条件的变化而变化。综合内部化和代理理论，我们认为，如果公司的董事会设置能够有效地监督和建议，公司可以更好地利用无形资产并通过收购性FDI创造价值。根据经验，我们将董事会有效性的“四要素”——独立性、专业知识、带宽和动机——操作化，并解释了与披露决策和模式选择相关的多重选择性。我们对1998-2016年美国上市公司的675起跨境收购进行了分析，拟复制并扩展了对外直接投资公告时无形资产与异常回报之间的内部化结果。通过公司治理视角推进内部化研究，我们的研究结果表明，董事会有效性调节了跨国企业对外扩张中无形资产的价值创造效应。为什么有些跨国企业在海外投资中获得了丰厚的回报，而另一些却没有？我们的研究表明，企业可以通过利用其技术和营销相关的无形资产（如研发能力或强大的品牌）实现跨境收购的价值最大化，前提是他们拥有一个有效的董事会。高度独立性、相关专业知识、充足的时间和基于所有权的激励等关键董事会属性显著增强了这些资产创造价值的潜力。这项研究强调了董事会治理在促进成功的国际扩张中的重要性。本文还探讨了如何在考察绩效结果的同时，对无形相关信息的战略披露和对外扩张模式决策进行明确建模。

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引用次数: 0