Global Strategy Journal最新文献

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 Using unpublished survey data on Japanese MNCs that offer subsidiary-level performance data, we found that a subsidiary's below-ESA performance is a stronger predictor of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。

{"title":"Subsidiary-level performance comparisons with external versus internal peers and subsidiary termination decisions: The role of host country experience","authors":"Jung-Hyun Suh, Shige Makino","doi":"10.1002/gsj.1527","DOIUrl":"https://doi.org/10.1002/gsj.1527","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 4","pages":"553-584"},"PeriodicalIF":4.7,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1527","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145487054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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。

{"title":"Not so generous after all? Foreign ownership and CSR overspending in emerging markets","authors":"Pooja Thakur-Wernz, Olga Bruyaka","doi":"10.1002/gsj.70000","DOIUrl":"https://doi.org/10.1002/gsj.70000","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 4","pages":"449-486"},"PeriodicalIF":4.7,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145486638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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。

{"title":"Foreign takeover protection and corporate social responsibility","authors":"Dennis Wajda, Fengdian Yang, Wei Shi, Ruth V. Aguilera","doi":"10.1002/gsj.1528","DOIUrl":"https://doi.org/10.1002/gsj.1528","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 4","pages":"487-523"},"PeriodicalIF":4.7,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1528","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145486996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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。

{"title":"Legitimacy in flux: A moderated mediation model of the liability of foreignness in global IPO markets","authors":"You-Xiang Song","doi":"10.1002/gsj.1526","DOIUrl":"https://doi.org/10.1002/gsj.1526","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 4","pages":"524-552"},"PeriodicalIF":4.7,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1526","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145486820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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。

{"title":"Global expansion and executive promotion of state-owned enterprises","authors":"Jiayan Yan, Ziliang Deng, Klaus E. Meyer","doi":"10.1002/gsj.1525","DOIUrl":"10.1002/gsj.1525","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 3","pages":"346-376"},"PeriodicalIF":4.7,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145129091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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。

{"title":"Board effectiveness and internalization benefits: Theory and evidence from value creation in cross-border acquisitions","authors":"Tao Han, Xavier Martin","doi":"10.1002/gsj.1524","DOIUrl":"10.1002/gsj.1524","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 3","pages":"377-416"},"PeriodicalIF":4.7,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1524","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145128999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Leveraging the interplay of digitalization and mobile resources to promote MNE entrepreneurship 利用数字化和移动资源的相互作用，促进跨国企业创业

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-04-21 DOI: 10.1002/gsj.1522

Shaker Zahra, Ram Mudambi

Research Summary

Powerful geopolitical, demographic, cultural, and technological forces are reshaping MNEs' markets, compelling them to be entrepreneurial in order to successfully adapt and grow. We argue that MNEs can leverage digital technologies to exploit their resources, especially mobile resources, to fuel and infuse entrepreneurship throughout their operations. By leveraging and exploiting mobile resources, digital technologies make it possible for MNEs to cultivate their entrepreneurial activities to create new knowledge, build valuable organizational capabilities, and develop new businesses. These arguments contribute to ongoing conversations about the growing role of entrepreneurship in MNEs, the value of mobile resources as a source of competitive advantage, the transformative role of digital technologies in the global marketplace, and IB theories on the sources of MNEs' competitive advantage in dynamic markets.

Managerial Summary

In today's rapidly changing global business environment, multinational enterprises (MNEs) face unprecedented challenges from geopolitical shifts, demographic changes, cultural evolution, and technological disruption. To thrive amidst these transformations, MNEs must embrace entrepreneurship throughout their global operations. This research demonstrates how MNEs can strategically use digital technologies to unlock the value of their mobile resources—including talent, knowledge, and capabilities that can be deployed across locations—to foster entrepreneurship enterprise-wide. By effectively leveraging these mobile resources through digital platforms, MNEs can:

Generate new knowledge across geographic boundaries
Build distinctive organizational capabilities that competitors cannot easily replicate
Develop innovative business models and ventures that create value in dynamic markets

Our findings offer practical guidance for multinational executives seeking to enhance their firms' entrepreneurial capacity in a digital era. By intentionally combining mobile resource deployment with digital enablement, MNEs can create sustainable competitive advantages even as markets continue to evolve rapidly. This approach represents a crucial adaptation strategy for multinational firms navigating today's complex global business landscape.

强大的地缘政治、人口、文化和技术力量正在重塑跨国公司的市场，迫使它们具有创业精神，以成功适应和发展。我们认为，跨国公司可以利用数字技术开发其资源，特别是移动资源，在其整个运营过程中推动和注入创业精神。通过利用和开发移动资源，数字技术使跨国公司能够培养其创业活动，以创造新知识、建立有价值的组织能力和发展新业务。这些论点促成了关于企业家精神在跨国公司中日益重要的作用、移动资源作为竞争优势来源的价值、数字技术在全球市场中的变革性作用以及关于跨国公司在动态市场中竞争优势来源的IB理论的持续讨论。在当今瞬息万变的全球商业环境中，跨国企业（MNEs）面临着地缘政治变化、人口变化、文化演变和技术颠覆等前所未有的挑战。为了在这些变革中茁壮成长，跨国公司必须在其全球业务中贯彻企业家精神。这项研究展示了跨国公司如何战略性地利用数字技术来释放其移动资源的价值，包括可以跨地点部署的人才、知识和能力，以促进整个企业的创业精神。通过数字平台有效利用这些移动资源，跨国公司可以：产生跨越地域界限的新知识建立竞争对手无法轻易复制的独特组织能力开发在动态市场中创造价值的创新商业模式和企业我们的研究结果为寻求增强公司实力的跨国公司高管提供了实用指导数字时代的创业能力。通过有意地将移动资源部署与数字化实现相结合，跨国公司可以在市场持续快速发展的情况下创造可持续的竞争优势。这种方法代表了跨国公司在当今复杂的全球商业环境中导航的关键适应策略。

{"title":"Leveraging the interplay of digitalization and mobile resources to promote MNE entrepreneurship","authors":"Shaker Zahra, Ram Mudambi","doi":"10.1002/gsj.1522","DOIUrl":"10.1002/gsj.1522","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Powerful geopolitical, demographic, cultural, and technological forces are reshaping MNEs' markets, compelling them to be entrepreneurial in order to successfully adapt and grow. We argue that MNEs can leverage digital technologies to exploit their resources, especially mobile resources, to fuel and infuse entrepreneurship throughout their operations. By leveraging and exploiting mobile resources, digital technologies make it possible for MNEs to cultivate their entrepreneurial activities to create new knowledge, build valuable organizational capabilities, and develop new businesses. These arguments contribute to ongoing conversations about the growing role of entrepreneurship in MNEs, the value of mobile resources as a source of competitive advantage, the transformative role of digital technologies in the global marketplace, and IB theories on the sources of MNEs' competitive advantage in dynamic markets.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <div>In today's rapidly changing global business environment, multinational enterprises (MNEs) face unprecedented challenges from geopolitical shifts, demographic changes, cultural evolution, and technological disruption. To thrive amidst these transformations, MNEs must embrace entrepreneurship throughout their global operations. This research demonstrates how MNEs can strategically use digital technologies to unlock the value of their mobile resources—including talent, knowledge, and capabilities that can be deployed across locations—to foster entrepreneurship enterprise-wide. By effectively leveraging these mobile resources through digital platforms, MNEs can:\u0000 <ul>\u0000 \u0000 <li>Generate new knowledge across geographic boundaries</li>\u0000 \u0000 <li>Build distinctive organizational capabilities that competitors cannot easily replicate</li>\u0000 \u0000 <li>Develop innovative business models and ventures that create value in dynamic markets</li>\u0000 </ul>\u0000 </div>\u0000 \u0000 <p>Our findings offer practical guidance for multinational executives seeking to enhance their firms' entrepreneurial capacity in a digital era. By intentionally combining mobile resource deployment with digital enablement, MNEs can create sustainable competitive advantages even as markets continue to evolve rapidly. This approach represents a crucial adaptation strategy for multinational firms navigating today's complex global business landscape.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 2","pages":"289-314"},"PeriodicalIF":4.7,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143926064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Resilience in times of war: How Ukrainian exporting SMEs enhance relational factors with foreign partners 战争时期的恢复力：乌克兰出口中小企业如何加强与外国合作伙伴的关系因素

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-04-12 DOI: 10.1002/gsj.1523

Oksana Kantaruk Pierre, Raluca Mogos Descotes, José Pla-Barber

Research Summary

This study explores how relational capital fosters Ukrainian exporters resilience through anticipation, coping, and pre-adaptation during wartime. Motivated by the limited understanding of how SMEs face extreme crises, we conducted 19 in-depth interviews with Ukrainian exporters and seven follow-up interviews a year later. Our findings reveal a gap in risk assessment and contingency planning, underscoring the need for proactive crisis strategies. Communication, mutual commitment, and trust emerge as key relational mechanisms that enable exporters to manage cross-border challenges effectively in high-risk environments. Cooperation serves both as a coping mechanism and a driver of strategic adaptation, enabling firms to adjust business models, enter new markets, and sustain competitiveness despite ongoing conflict. This study highlights the critical role of international partnerships in resilience-building for SMEs.

Managerial Summary

This study offers key insights for managing crises in war-affected areas, providing practical guidance for researchers, policymakers, and practitioners. It emphasizes the importance of a structured approach, including anticipation, coping, and adaptation, to enhance resilience and strategic responses during conflicts. Critical to the anticipation stage is integrating risk management strategies with proactive planning and balancing trust with foreign partners, which prepares organizations to address potential challenges effectively. During the coping stage, prioritizing transparent communication and adopting flexible strategies while honoring commitments are crucial for maintaining operational continuity. The pre-adaptation stage focuses on developing long-term strategies and robust partnerships, essential for facilitating strategic transformation. Collectively, these stages form a comprehensive framework for dealing with the complexities of war-induced crises.

本研究探讨关系资本如何通过战时的预期、应对和预适应来促进乌克兰出口商的弹性。由于对中小企业如何面对极端危机的理解有限，我们对乌克兰出口商进行了19次深度访谈，并在一年后进行了7次后续访谈。我们的研究结果揭示了风险评估和应急计划方面的差距，强调了积极主动的危机战略的必要性。沟通、相互承诺和信任成为出口商在高风险环境中有效管理跨境挑战的关键关系机制。合作既是应对机制，也是战略适应的驱动力，使企业能够调整商业模式，进入新市场，并在持续冲突的情况下保持竞争力。这项研究强调了国际伙伴关系在中小企业韧性建设中的关键作用。本研究为管理受战争影响地区的危机提供了重要见解，为研究人员、政策制定者和从业人员提供了实用指导。它强调了结构化方法的重要性，包括预测、应对和适应，以增强冲突期间的复原力和战略反应。预测阶段的关键是将风险管理战略与前瞻性规划相结合，并平衡与外国合作伙伴的信任，这为组织有效应对潜在挑战做好了准备。在应对阶段，优先进行透明的沟通，在履行承诺的同时采取灵活的战略，对于保持业务连续性至关重要。适应前阶段的重点是制定长期战略和强有力的伙伴关系，这对促进战略转型至关重要。总的来说，这些阶段构成了一个处理战争引起的危机的复杂性的全面框架。

{"title":"Resilience in times of war: How Ukrainian exporting SMEs enhance relational factors with foreign partners","authors":"Oksana Kantaruk Pierre, Raluca Mogos Descotes, José Pla-Barber","doi":"10.1002/gsj.1523","DOIUrl":"10.1002/gsj.1523","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This study explores how relational capital fosters Ukrainian exporters resilience through anticipation, coping, and pre-adaptation during wartime. Motivated by the limited understanding of how SMEs face extreme crises, we conducted 19 in-depth interviews with Ukrainian exporters and seven follow-up interviews a year later. Our findings reveal a gap in risk assessment and contingency planning, underscoring the need for proactive crisis strategies. Communication, mutual commitment, and trust emerge as key relational mechanisms that enable exporters to manage cross-border challenges effectively in high-risk environments. Cooperation serves both as a coping mechanism and a driver of strategic adaptation, enabling firms to adjust business models, enter new markets, and sustain competitiveness despite ongoing conflict. This study highlights the critical role of international partnerships in resilience-building for SMEs.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study offers key insights for managing crises in war-affected areas, providing practical guidance for researchers, policymakers, and practitioners. It emphasizes the importance of a structured approach, including anticipation, coping, and adaptation, to enhance resilience and strategic responses during conflicts. Critical to the anticipation stage is integrating risk management strategies with proactive planning and balancing trust with foreign partners, which prepares organizations to address potential challenges effectively. During the coping stage, prioritizing transparent communication and adopting flexible strategies while honoring commitments are crucial for maintaining operational continuity. The pre-adaptation stage focuses on developing long-term strategies and robust partnerships, essential for facilitating strategic transformation. Collectively, these stages form a comprehensive framework for dealing with the complexities of war-induced crises.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 2","pages":"219-244"},"PeriodicalIF":4.7,"publicationDate":"2025-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1523","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143925941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The long-term domestic dominance of the multinational enterprise 长期在国内占主导地位的跨国企业

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-03-17 DOI: 10.1002/gsj.1521

Aleksey Korniychuk, Marcus M. Larsen, Christian G. Asmussen

Research Summary

Like all companies, multinational enterprises (MNEs) recombine their activities in search of efficient business solutions. While these ideas have been widely acknowledged in the global strategy literature, there is limited understanding of how internationalization affects the outcomes of such boundedly rational search. In this paper, we develop a computational model of search that allows for an essential property of the MNE—distributiveness of performance across multiple geographies—and show that, in a given market, MNEs can outperform more specialized domestic companies long term. More broadly, our work illustrates that adjusting general theories of bounded rationality to the specifics of global strategy can deepen our understanding of value creation across borders.

Managerial Summary

This study shows how MNEs can outperform domestic firms by leveraging their global presence in local markets. While domestic firms have deep local insights, MNEs benefit from their ability to adapt across markets, allowing them to enhance local responsiveness over time without sacrificing global integration. This way, MNEs can better understand local customer needs than domestic competitors. This highlights the value of appointing leaders with international experience for new market entries, as they bring a broader perspective critical to long-term success. For global managers, these insights emphasize global operations as a pathway to strengthening local competitiveness.

与所有公司一样，跨国企业（MNEs）重组其活动以寻求有效的业务解决方案。虽然这些观点在全球战略文献中得到了广泛认可，但对于国际化如何影响这种有界理性搜索的结果，人们的理解有限。在本文中，我们开发了一个搜索计算模型，该模型考虑了跨国公司的一个基本属性——跨多个地区的业绩分布——并表明，在给定的市场中，跨国公司可以长期优于更专业化的国内公司。更广泛地说，我们的研究表明，调整有限理性的一般理论以适应全球战略的具体情况，可以加深我们对跨境价值创造的理解。本研究展示了跨国公司如何通过利用其在当地市场的全球影响力来超越国内公司。虽然国内公司对当地有深刻的了解，但跨国公司受益于它们的跨市场适应能力，使它们能够在不牺牲全球一体化的情况下增强对当地的响应能力。通过这种方式，跨国公司可以比国内竞争对手更好地了解当地客户的需求。这凸显了任命具有国际经验的领导者进入新市场的价值，因为他们带来了对长期成功至关重要的更广阔的视角。对于全球管理者来说，这些见解强调全球运营是加强本地竞争力的途径。

{"title":"The long-term domestic dominance of the multinational enterprise","authors":"Aleksey Korniychuk, Marcus M. Larsen, Christian G. Asmussen","doi":"10.1002/gsj.1521","DOIUrl":"10.1002/gsj.1521","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Like all companies, multinational enterprises (MNEs) recombine their activities in search of efficient business solutions. While these ideas have been widely acknowledged in the global strategy literature, there is limited understanding of how internationalization affects the outcomes of such boundedly rational search. In this paper, we develop a computational model of search that allows for an essential property of the MNE—distributiveness of performance across multiple geographies—and show that, in a given market, MNEs can outperform more specialized domestic companies long term. More broadly, our work illustrates that adjusting general theories of bounded rationality to the specifics of global strategy can deepen our understanding of value creation across borders.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study shows how MNEs can outperform domestic firms by leveraging their global presence in local markets. While domestic firms have deep local insights, MNEs benefit from their ability to adapt across markets, allowing them to enhance local responsiveness over time without sacrificing global integration. This way, MNEs can better understand local customer needs than domestic competitors. This highlights the value of appointing leaders with international experience for new market entries, as they bring a broader perspective critical to long-term success. For global managers, these insights emphasize global operations as a pathway to strengthening local competitiveness.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 2","pages":"270-288"},"PeriodicalIF":4.7,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1521","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143926185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of ownership on global strategy: Owner diversity and non-financial objectives 所有权对全球战略的影响：所有者多样性和非财务目标

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-03-06 DOI: 10.1002/gsj.1520

Alvaro Cuervo-Cazurra, Anna Grosman, Michael J. Mol, Geoffrey Wood

Research Summary

In this special issue introduction, we analyze how a firm's international ownership affects its global strategy. We reinterpret the literature by grouping dominant owners into four categories: (1) individuals (entrepreneurs and families), (2) labor (managers and employees), (3) state (national and subnational governments), and (4) institutions (pension funds, mutual funds, hedge funds, private equity, venture capital, and impact investors). We argue that although all seek financial returns from their investments, they differ markedly in their non-financial objectives, resulting in differences in strategies for expanding abroad. We also propose that the home country context modifies the impact of ownership on global strategy, directly by influencing the prevalence of owner types, and indirectly by affecting owners' incentives and constraints in their pursuit of non-financial objectives.

Managerial Summary

Although all firms' owners search for financial returns from their investments, differences across dominant owners in their non-financial objectives result in significant diversity in the global strategies of invested firms. We clarify these differences by grouping owners into four categories: (1) individuals (entrepreneurs and families), (2) labor (managers and employees), (3) state (national and subnational governments), and (4) institutions (pension funds, mutual funds, hedge funds, private equity, venture capital, and impact investors). We explain how their specific non-financial objectives influence the global strategies of invested firms. We also discuss how the characteristics of the home country affect both the prevalence of types of owners and owners' strategies. The special issue articles illustrate some of these ideas.

在这期专题导论中，我们分析了一家公司的国际所有权如何影响其全球战略。我们通过将占主导地位的所有者分为四类来重新解释文献：(1)个人（企业家和家庭），(2)劳动力（经理和员工），(3)国家（国家和地方政府），以及(4)机构（养老基金，共同基金，对冲基金，私募股权，风险资本和影响投资者）。我们认为，尽管他们都从投资中寻求财务回报，但他们在非财务目标上存在显著差异，从而导致海外扩张战略的差异。我们还提出，母国背景会改变所有权对全球战略的影响，直接影响所有者类型的普遍程度，间接影响所有者在追求非财务目标时的激励和约束。尽管所有公司的所有者都从他们的投资中寻求财务回报，但主要所有者在非财务目标上的差异导致了被投资公司全球战略的显著差异。我们通过将所有者分为四类来澄清这些差异：(1)个人（企业家和家庭），(2)劳动力（经理和员工），(3)国家（国家和地方政府），以及(4)机构（养老基金，共同基金，对冲基金，私募股权，风险资本和影响投资者）。我们解释了他们具体的非财务目标如何影响被投资公司的全球战略。我们还讨论了母国的特征如何影响所有者类型的流行和所有者的策略。特刊文章说明了其中的一些观点。

{"title":"The impact of ownership on global strategy: Owner diversity and non-financial objectives","authors":"Alvaro Cuervo-Cazurra, Anna Grosman, Michael J. Mol, Geoffrey Wood","doi":"10.1002/gsj.1520","DOIUrl":"10.1002/gsj.1520","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>In this special issue introduction, we analyze how a firm's international ownership affects its global strategy. We reinterpret the literature by grouping dominant owners into four categories: (1) individuals (entrepreneurs and families), (2) labor (managers and employees), (3) state (national and subnational governments), and (4) institutions (pension funds, mutual funds, hedge funds, private equity, venture capital, and impact investors). We argue that although all seek financial returns from their investments, they differ markedly in their non-financial objectives, resulting in differences in strategies for expanding abroad. We also propose that the home country context modifies the impact of ownership on global strategy, directly by influencing the prevalence of owner types, and indirectly by affecting owners' incentives and constraints in their pursuit of non-financial objectives.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Although all firms' owners search for financial returns from their investments, differences across dominant owners in their non-financial objectives result in significant diversity in the global strategies of invested firms. We clarify these differences by grouping owners into four categories: (1) individuals (entrepreneurs and families), (2) labor (managers and employees), (3) state (national and subnational governments), and (4) institutions (pension funds, mutual funds, hedge funds, private equity, venture capital, and impact investors). We explain how their specific non-financial objectives influence the global strategies of invested firms. We also discuss how the characteristics of the home country affect both the prevalence of types of owners and owners' strategies. The special issue articles illustrate some of these ideas.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 1","pages":"3-33"},"PeriodicalIF":4.7,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1520","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143632759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0