Global Strategy Journal最新文献_第2页

Cross-border acquisitions by sovereign wealth funds: A legitimacy-based view 主权财富基金的跨境收购:基于合法性的观点

IF 7.6 2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-10-01 DOI: 10.1002/gsj.1496

Samuele Murtinu, Vittoria G. Scalera, Roger Strange

Research Summary

Drawing on institutional economics and the legitimacy-based view of political risk, we investigate the factors determining the realization of cross-border investments by sovereign wealth funds (SWFs), whose investments often suffer from a lack of legitimacy in host countries. Using matching models on all the realized and potential investments, we find that investments are more likely to materialize when the SWF home country and the host country enjoy cordial political relations or are involved in a trade agreement. Contrary to the theoretical predictions, SWF politicization does not per se represent an impediment to the realization of investments. Rather, it has a negative effect on the likelihood of an investment's realization only in the presence of trade agreements.

Managerial Summary

A recent trend in the global economy is the increasing cross-border investment activity undertaken by sovereign wealth funds (SWFs), large investment vehicles where financial and political goals often co-exist. On the grounds of possible financial or political destabilization, SWFs' cross-border investments attract scrutiny and suspicion in host countries, hindering their realization. We analyze SWF- and country-level factors that may determine the successful realization of SWFs' cross-border acquisitions. We suggest that managers ex ante select target firms and host countries by considering their fund's governance and degree of independence from home-country politics in interaction with bilateral (home-host country) political and economic relations, so as to secure legitimacy for their investments and maximize the chances that cross-border investment strategies may materialize.

基于制度经济学和基于合法性的政治风险观点，我们研究了决定主权财富基金(SWFs)跨境投资实现的因素，这些基金的投资往往在东道国缺乏合法性。通过对所有已实现和潜在投资的匹配模型，我们发现，当主权财富基金母国与东道国享有友好的政治关系或参与贸易协定时，投资更有可能实现。与理论预测相反，主权财富基金政治化本身并不构成投资实现的障碍。相反，只有在存在贸易协定的情况下，它才会对投资实现的可能性产生负面影响。全球经济最近的一个趋势是，主权财富基金(SWFs)进行的跨境投资活动日益增多。主权财富基金是金融和政治目标往往并存的大型投资工具。由于可能造成金融或政治不稳定，主权财富基金的跨境投资在东道国受到审查和怀疑，阻碍了它们的实现。我们分析了主权财富基金和国家层面的因素，这些因素可能决定主权财富基金跨境收购的成功实现。我们建议基金经理在选择目标公司和东道国时，应考虑其基金的治理状况以及在与双边(东道国)政治和经济关系的互动中对母国政治的独立程度，以确保其投资的合法性，并最大限度地提高跨境投资战略实现的机会。

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引用次数: 0

Networks of internationalizing digital platforms in physical place and digital space 物理场所和数字空间的国际化数字平台网络

IF 7.6 2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-09-21 DOI: 10.1002/gsj.1495

Tamara Galkina, Irina Atkova, Francesca Ciulli

Research Summary

The existing literature provides contradictory evidence on how digital platform firms establish network relations for internationalization. Some studies argue that they all but obviate the need for traditional relations in physical places. Others argue that these firms can suffer from overreliance on online interactions in digital space. We examine the coexistence of the network relations of international digital platform firms in physical place and digital space. Our multiple-case study identifies three coexistence mechanisms: reinforcement, separation, and simulation. These mechanisms are conditioned by three respective modes of bordering between physical place and digital space: soldering, interosculation, and division. We contribute to the network approach to internationalization and formulate implications for the concepts of location and borders in international business.

Managerial Summary

International digital platform firms establish traditional network relations in physical places and rely heavily on online interactions in digital space. However, how do they combine their networking activities in these two localities? We examine the coexistence of the network relations of international digital platform firms in physical place and digital space and identify three coexistence mechanisms: reinforcement, separation, and simulation. These mechanisms are conditioned by three respective modes of bordering between physical place and digital space: soldering, interosculation, and division. We show that international platform companies, despite being digital in nature, are well advised to pay attention to not only digital but also actual physical networking, and that they come to see these as mutually nurturing.

现有文献对数字平台企业如何建立国际化网络关系提供了相互矛盾的证据。一些研究认为，它们几乎消除了在物理场所建立传统关系的必要性。其他人则认为，这些公司可能会因过度依赖数字空间中的在线互动而遭受损失。我们研究了国际数字平台公司在物理场所和数字空间的网络关系共存。我们的多案例研究确定了三种共存机制:强化、分离和模拟。这些机制是由物理空间和数字空间之间的三种各自的边界模式所制约的:焊接、相互接触和分割。我们为国际化的网络方法做出了贡献，并为国际商业中的位置和边界概念制定了含义。国际数字平台公司在实体场所建立传统的网络关系，严重依赖数字空间中的在线互动。然而，他们如何将这两个地区的网络活动结合起来呢?我们研究了国际数字平台公司在物理场所和数字空间中的网络关系共存，并确定了三种共存机制:强化、分离和模拟。这些机制是由物理空间和数字空间之间的三种各自的边界模式所制约的:焊接、相互接触和分割。我们表明，尽管国际平台公司本质上是数字化的，但我们建议它们不仅要关注数字网络，还要关注实际的物理网络，并且它们将这两者视为相互促进的关系。

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引用次数: 0

Ownership, institutions, and the agency of M&A completion 并购的所有权、机构和代理完成

2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-09-13 DOI: 10.1002/gsj.1494

Thomas Lindner, Jakob Müllner, Harald Puhr

Abstract Research Summary In this paper, we study how variations in debt and equity ownership and the institutions that govern interactions between different types of principals and agents affect the completion likelihood of acquisitions. Using a sample of 55,722 acquisitions, our study finds that risk‐averse debtholders reduce the completion likelihood of acquisitions. When acquisitions cross borders, the acquiring capital providers become exposed to institutional environments that have evolved to prioritize different ideologies or principals because of the structure and customers of local capital markets. As a result, institutional duality in home and target countries reduces the completion likelihood of acquisitions. Our study integrates varieties of capitalism arguments and firm‐level agency conflicts and highlights the theoretical importance of capital markets and their concentration. Managerial Summary An acquisition is a highly consequential negotiation process between managers and capital providers of a firm. Based on their evaluation of a potential deal, managers propose acquisitions to capital providers who either accept it or pressure managers into withdrawing from the announced deal. This study considers firms' capital structure and cross‐national differences in the governing institutions to explain the resistance of capital providers against announced acquisitions. In particular, it points to the fear of capital providers losing control of their firms as a driver of their resistance against cross‐border acquisitions. However, when a favorable capital‐market structure in the target's home country alleviates the fears of capital providers, their resistance weakens.

摘要本文研究了不同类型的委托人和代理人之间的债务所有权和股权所有权的变化以及管理其相互作用的制度如何影响收购完成的可能性。通过对55,722宗收购的样本分析，我们的研究发现，风险厌恶型债权人降低了收购完成的可能性。当收购跨越国界时，收购资本提供者就会暴露在制度环境中，这些制度环境已经演变为优先考虑不同的意识形态或委托人，因为当地资本市场的结构和客户。因此，母国和目标国的制度二元性降低了收购完成的可能性。我们的研究整合了各种资本主义争论和企业层面的代理冲突，并强调了资本市场及其集中度的理论重要性。收购是公司管理者和资本提供者之间的一个非常重要的谈判过程。根据对潜在交易的评估，基金经理向资本提供者提出收购建议，资本提供者要么接受收购，要么向基金经理施压，要求他们退出已宣布的交易。本研究考虑了公司的资本结构和治理机构的跨国差异，以解释资本提供者对已宣布收购的抵制。特别是，它指出了对资本提供者失去对其公司控制权的恐惧，这是他们抵制跨境收购的一个驱动因素。然而，当目标国有利的资本市场结构缓解了资本提供者的担忧时，他们的阻力就会减弱。

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引用次数: 0

Complexity and multinationals 复杂性与跨国公司

IF 7.6 2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-09-04 DOI: 10.1002/gsj.1493

Marcus M. Larsen, Julian Birkinshaw, Yue Maggie Zhou, Gabriel R. G. Benito

The multinational corporation (MNC) is a typical example of a complex organization. In this essay, we employ an established body of literature on complexity in organizations to explore and discuss the nature and consequences of complexity for global strategy and MNCs. On that basis, we develop a simple organizing framework for complexity in global strategies emphasizing the source (external and internal complexity) and type (process and structural complexity) of complexity. We use this framework to structure and discuss the six research contributions in this Special Issue. We conclude by suggesting additional avenues of research on the interface between global strategy and complexity.Firms internationalize because they recognize business opportunities abroad and devise strategies to successfully exploit them. At the same time, managers face increasing complexity as MNCs expand internationally and engage in more unknown and dispersed operations. Not only do MNCs face considerable complexity by operating in diverse and uncertain environments, but also by managing and coordinating organizational tasks and activities spanning multiple countries. This essay discusses these challenges and corresponding strategies for MNC managers. It also provides an overview of the six research articles included in this Special Issue about complexity and MNCs.

跨国公司是复杂组织的典型代表。在这篇文章中，我们采用了关于组织复杂性的成熟文献来探索和讨论复杂性对全球战略和跨国公司的性质和后果。在此基础上，我们为全球战略中的复杂性开发了一个简单的组织框架，强调复杂性的来源(外部和内部复杂性)和类型(过程和结构复杂性)。我们用这个框架来组织和讨论本期特刊的六项研究贡献。最后，我们提出了关于全球战略和复杂性之间的界面的其他研究途径。公司国际化是因为他们认识到国外的商业机会，并制定战略来成功地利用它们。与此同时，随着跨国公司的国际扩张，以及从事更多未知和分散的业务，管理人员面临的复杂性日益增加。跨国公司不仅因在多样化和不确定的环境中运营而面临相当大的复杂性，而且还要管理和协调跨越多个国家的组织任务和活动。本文讨论了跨国公司管理者面临的这些挑战和相应的策略。它还概述了本期特刊中关于复杂性和跨国公司的六篇研究文章。

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引用次数: 1

When do investors see value in international environmental management certification of multinational corporations? A study of ISO 14001 certification after the Paris Agreement 投资者何时看到跨国公司国际环境管理认证的价值？《巴黎协定》后的ISO14001认证研究

IF 7.6 2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-08-08 DOI: 10.1002/gsj.1490

Irene Margaret, Frederiek Schoubben, Ernst Verwaal

Research Summary

Despite the prominence of International Organization for Standardization (ISO) 14001 certification as a global strategy instrument, there is persistent doubt about its effectiveness as a value-generating tool, especially for multinational corporations (MNCs). This study draws on institutional theory to explain the varying market valuations of international environmental management certification following a strongly binding multilateral environmental agreement. We submit that ISO 14001 certification increases the market value of MNCs more strongly following the institutional pressures exerted by the strongly binding Paris Agreement. This effect varies due to institutional country-of-origin effects and exposure to host countries with stringent environmental regulations. We provide empirical support using a difference-in-differences analysis of 3193 MNCs from 60 countries with pledged commitments to emission reductions in the Paris Agreement.

Managerial Summary

International Organization for Standardization (ISO) 14001 has been recognized as pivotal for achieving sustainable development goals. Nevertheless, managers continue to seek financial justifications for adopting this prominent global standard. Our study shows that ISO 14001 increases the market value of multinational corporations (MNCs) more strongly following the binding Paris Agreement, as the global standard reassures investors about corporate alignment with global climate goals. Although the financial impact of ISO 14001 appears to be greater for MNCs from emerging economies, owing to the lower expectations associated with institutional quality in emerging economies, investors correct the (economic) evaluation of ISO-certified MNCs according to their exposure to host countries with stringent environmental regulations. These findings inform managers of the importance of aligning corporate sustainability with geographical diversification strategies.

尽管国际标准化组织（ISO）14001认证是一项全球战略工具，但其作为价值创造工具的有效性一直存在疑问，尤其是对跨国公司而言。本研究利用制度理论来解释在一项具有强烈约束力的多边环境协议之后，国际环境管理认证的市场估值变化。我们认为，在具有强烈约束力的《巴黎协定》施加的制度压力下，ISO14001认证更有力地提高了跨国公司的市场价值。这种影响因原产国的制度影响和对环境法规严格的东道国的暴露而有所不同。我们通过对来自60个国家的3193家跨国公司的差异分析提供实证支持，这些跨国公司在《巴黎协定》中承诺减排。国际标准化组织（ISO）14001已被公认为实现可持续发展目标的关键。尽管如此，管理人员仍在寻求采用这一突出的全球标准的财务理由。我们的研究表明，随着全球标准向投资者保证企业与全球气候目标的一致性，ISO 14001在具有约束力的《巴黎协定》之后更有力地提高了跨国公司的市场价值。尽管ISO 14001对新兴经济体的跨国公司的财务影响似乎更大，但由于新兴经济体对机构质量的期望较低，投资者根据其在严格环境法规的东道国的敞口，纠正了对ISO认证跨国公司的（经济）评估。这些发现使管理者认识到将企业可持续性与地域多元化战略相结合的重要性。

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引用次数: 0

Are foreign-born CEOs held to a higher performance standard? The role of national origin in CEO dismissals 外国出生的ceo是否有更高的绩效标准?国籍在CEO解雇中的作用

IF 5.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-08-02 DOI: 10.1002/gsj.1491

Yannick Thams, Marketa Rickley

Research Summary

Foreign-born chief executive officers (CEOs) are increasingly common in US corporations. However, little is known about whether they are held to the same performance standard as native-born CEOs. We examine whether CEO national origin moderates the relationship between firm performance and CEO dismissal. Drawing on social identity and attribution theories, we argue that CEO foreignness becomes more salient when firm performance is poor, increasing foreign-born CEOs' dismissal likelihood. Using a large sample of US firms, we find that at low levels of performance, the dismissal probability for foreign-born CEOs is 15.96% compared to 4.02% for native-born CEOs. While the increase in foreign-born CEOs in US corporations may reflect the declining importance of national origin for C-suite appointments, boards' evaluations of these “elite migrants” may be biased.

Managerial Summary

Foreign-born leaders are increasingly common in US C-suites and currently manage several global firms, including Google, Microsoft, and Pepsi. But, once hired, are foreign- and native-born CEOs evaluated uniformly by corporate boards? Given that CEOs are more likely to be dismissed when firm performance is low, we compare dismissal likelihoods for foreign- and native-born CEOs when performance is subpar. Using a sample of 11,947 observations from firms in the Standard & Poor's 1500, we find significant disparities in the dismissal likelihoods between the two groups. At low levels of performance and ceteris paribus, the dismissal likelihood for a foreign-born CEO is 15.96% compared to 4.02% for a native-born CEO, highlighting biases relating to foreign origin in CEO evaluations.

外国出生的首席执行官(ceo)在美国企业中越来越普遍。然而，很少有人知道他们是否与本土ceo有相同的绩效标准。我们考察了CEO国籍是否调节了公司绩效与CEO离职之间的关系。根据社会认同和归因理论，我们认为当公司业绩不佳时，CEO的外国籍会变得更加突出，这增加了外国出生的CEO被解雇的可能性。通过对美国公司的大量样本研究，我们发现，在低绩效水平下，外国出生的ceo被解雇的概率为15.96%，而本土出生的ceo被解雇的概率为4.02%。虽然美国公司中外国出生的首席执行官的增加可能反映了国籍对高管任命的重要性下降，但董事会对这些“精英移民”的评估可能存在偏见。外国出生的领导者在美国越来越普遍，目前管理着几家全球性公司，包括bb0、微软和百事可乐。但是，一旦被聘用，公司董事会对外国和本土出生的首席执行官的评估是统一的吗?考虑到ceo在公司业绩不佳时更有可能被解雇，我们比较了外国和本土出生的ceo在业绩不佳时被解雇的可能性。通过对标准普尔1500指数中11947家公司的观察样本，我们发现这两组公司被解雇的可能性存在显著差异。在低绩效和其他条件相同的情况下，外国出生的CEO被解雇的可能性为15.96%，而本土出生的CEO被解雇的可能性为4.02%，这突出了在CEO评估中与外国出身有关的偏见。

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引用次数: 0

Deal completion in cross border acquisitions waves: The role of deal timing and pace 跨境收购浪潮中的交易完成：交易时机和速度的作用

IF 7.6 2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-08-02 DOI: 10.1002/gsj.1492

Mohammad Fuad, Ajai S. Gaur, Chinmay Pattnaik

Research Summary

Cross-border acquisitions (CBAs) exhibit a wave-like pattern, clustering temporally, industry-wise, and at the country level. We draw upon the bargaining power perspective and argue that CBA wave context alters the relative bargaining position between acquirer and target firms, which affects deal completion. Our findings suggest that acquisition wave deals have a lower likelihood of completion compared to non-wave deals. However, within a CBA wave, we find that acquirers that move early and with a high acquisition pace have a higher likelihood of deal completion. We test our arguments on a simulation-based dataset comprising 17,815 wave and non-wave deals identified between 1990 and 2012 across 13 acquirer and 21 target countries. We contribute to the CBA literature by differentiating between wave and non-wave environments and their impact on deal completion.

Managerial Summary

Cross-border acquisitions (CBAs) often happen in waves that emerge at the industry and country-levels. These waves are characterized by heightened level of acquisition activities such that the relative position of acquirer and target firms is different within waves as compared to outside of the waves. As a result, acquisition deals announced within waves are less likely to be completed than those announced outside of the waves. At the same time, acquiring firms that announce acquisitions at an early stage within a CBA wave and move with a faster speed to conduct more acquisitions are more likely to successfully close the deals than other firms.

跨境收购(cba)呈现出一种波浪式的模式，在时间上、行业上和国家层面上都具有集群性。本文运用议价能力视角，认为CBA浪潮背景改变了收购方与目标公司之间的相对议价地位，从而影响了交易的完成。我们的研究结果表明，与非收购浪潮交易相比，收购浪潮交易的完成可能性较低。然而，在一轮CBA浪潮中，我们发现，行动早、收购速度快的收购方完成交易的可能性更高。我们在一个基于模拟的数据集上测试了我们的论点，该数据集包括1990年至2012年间13个收购方和21个目标国家的17,815笔波浪和非波浪交易。我们通过区分波动和非波动环境及其对交易完成的影响，为CBA文献做出了贡献。跨境收购(cba)经常在行业和国家层面出现。这些浪潮的特点是收购活动水平的提高，使得收购方和目标公司的相对地位在浪潮内与在浪潮外是不同的。因此，在并购浪潮中宣布的收购交易完成的可能性低于在并购浪潮之外宣布的收购交易。与此同时，在CBA浪潮的早期阶段宣布收购并以更快的速度进行更多收购的收购公司比其他公司更有可能成功完成交易。

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引用次数: 1

The effect of political elections at home on the internationalization of state-owned multinationals from emerging countries 国内政治选举对新兴国家国有跨国公司国际化的影响

IF 7.6 2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-07-23 DOI: 10.1002/gsj.1489

Rodrigo B. DeMello, Marina Gama, Olivier Bertrand, Marie-Ann Betschinger

Research Summary

The literature on the internationalization of state-owned enterprises in emerging countries usually implicitly assumes continuity in the provision of key resources by home country governments. This assumption, however, does not necessarily hold in the presence of political elections in democratic emerging countries. Drawing from the resource dependence theory and the literatures on election-induced uncertainty and investment irreversibility, we study how political elections in emerging countries affect the internationalization of multinationals with state indirect ownership. Using a sample of 89 Brazilian multinationals from 2000 to 2012, we find that these state-owned multinationals are less likely to internationalize during elections than multinationals with fully private ownership. When they internationalize, they choose investments that provide them with more flexibility than those chosen by their private counterparts.

Managerial Summary

Political elections in democratic emerging countries regularly create considerable policy uncertainty and opportunism in policymaking. This affects the provision of government resources that state-owned enterprises (SOEs) depend on for their internationalization strategy. Our results show that Brazilian multinationals with state indirect ownership are less likely to internationalize in an election year, and when they do, they implement more flexible strategies than fully private multinationals. These findings suggest that SOEs need to include the timing of political elections in their long-term international strategic planning. Our study also stresses the pros and cons of the SOE-government relationship. Whereas the link to the state can offer SOEs a way to access valuable government resources, it may constrain their managerial autonomy in international strategy decisions during political elections.

研究摘要有关新兴国家国有企业国际化的文献通常隐含着母国政府提供关键资源的连续性假设。然而，这一假设在民主新兴国家发生政治选举时并不一定成立。借鉴资源依赖理论以及选举引发的不确定性和投资不可逆转性的相关文献，我们研究了新兴国家的政治选举如何影响国有间接所有制跨国公司的国际化。我们以 2000 年至 2012 年间 89 家巴西跨国公司为样本，发现这些国有跨国公司在选举期间国际化的可能性低于完全私有的跨国公司。与私营跨国公司相比，国有跨国公司在进行国际化时会选择更具灵活性的投资项目。管理总结新兴民主国家的政治选举经常会给政策制定带来相当大的不确定性和机会主义。这影响了国有企业（SOE）国际化战略所依赖的政府资源的提供。我们的研究结果表明，国有间接控股的巴西跨国公司在选举年进行国际化的可能性较小，即使进行了国际化，它们也会比完全私有的跨国公司实施更加灵活的战略。这些研究结果表明，国有企业需要将政治选举的时机纳入其长期国际战略规划中。我们的研究还强调了国有企业与政府关系的利弊。虽然与国家的联系可以让国有企业获得宝贵的政府资源，但在政治选举期间，这种联系可能会限制国有企业在国际战略决策中的管理自主权。

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引用次数: 0

Characteristics of digital artifacts in international endeavors of digital-based international new ventures 基于数字的国际新企业国际努力中的数字文物特征

IF 7.6 2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-05-29 DOI: 10.1002/gsj.1483

Arto Ojala, Sara Fraccastoro, Mika Gabrielsson

Research Summary

Current research on digital artifacts and international business reveals that digitalization is changing how firms enter international markets and operate within them. The unbounded nature of digital artifacts provides opportunities for entrepreneur-driven firms to rapidly launch and develop digital platforms for international markets. However, extant literature provides little guidance on leveraging the specific characteristics of digital artifacts and what entrepreneurs should do to facilitate internationalization. We conducted an extensive longitudinal case study spanning more than 10 years to garner data on digital-based INV pursuing internationalization. We aimed to conceptualize a theoretical model explaining the role of entrepreneurs in integrating, building, and reconfiguring their capabilities to leverage the characteristics of digital artifacts for platform development.

Managerial Summary

What actions should entrepreneurs take to leverage the characteristics of digital artifacts to support their firm's internationalization? This study offers entrepreneurs a model to pinpoint those actions and possible avenues for digital platform development in the international market context. The model demonstrates how firms can apply digital artifact characteristics during the phases of internationalization and how those characteristics can facilitate and accelerate the international development of a digital platform. The findings also reveal how different entrepreneurial resources and capabilities should be integrated, built, and reconfigured throughout the process.

目前关于数字产物和国际商业的研究表明，数字化正在改变企业进入国际市场并在其中运营的方式。数字产品的无界特性为企业家驱动的公司提供了快速推出和开发面向国际市场的数字平台的机会。然而，现有文献对利用数字工件的具体特征以及企业家应该做些什么来促进国际化提供的指导很少。我们进行了一项跨度超过10年的纵向案例研究，以收集基于数字的INV追求国际化的数据。我们的目标是概念化一个理论模型，解释企业家在整合、构建和重新配置他们的能力以利用数字工件的特征进行平台开发中的作用。企业家应该采取什么行动来利用数字产品的特征来支持他们公司的国际化?这项研究为企业家提供了一个模型，以确定在国际市场背景下数字平台发展的行动和可能的途径。该模型展示了企业如何在国际化阶段应用数字工件特征，以及这些特征如何促进和加速数字平台的国际发展。研究结果还揭示了如何在整个过程中整合、构建和重新配置不同的创业资源和能力。

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引用次数: 3

Foreign direct investment in the context of rising populism: The role of institutions and firm-level internationalization 民粹主义抬头背景下的外国直接投资:制度与企业层面国际化的作用

IF 7.6 2区管理学 Q1 Business, Management and Accounting

Global Strategy Journal

Pub Date : 2023-05-20 DOI: 10.1002/gsj.1488

Alfonso Carballo Perez, Margherita Corina

Research Summary

We investigate how the presence of populist rulers affects foreign direct investment in democratic countries. Our analysis sheds light on the mechanisms by which this political force impacts firms' decisions, considering the effect of institutions and internationalization strategies at the firm level in the global arena. We test our theory using instrumental variables with a panel dataset of US multinationals in 37 democratic countries between 1999 and 2020. Our findings suggest that the presence of a populist ruler at the helm of government seems to undermine firms' foreign investment and it is potentially moderated by country-level institutions and firm-level internationalization. Collectively, our results offer new insights on how populism affects multinationals' investment decisions, contributing to the literature that examines the relationship between political pressure and investment decisions.

Managerial Summary

Investing in countries with populist rulers poses a challenge for multinationals. Populist leaders constantly threaten to abruptly change the institutions that provide certainty for foreign investments. This study argues that the presence of a populist negatively affects firms' foreign investment, moderated by institutions and internationalization strategies. The adverse impacts of populism on investment are mitigated in countries with robust institutional frameworks. In such cases, the credibility of populists' promises to alter the established “rules of the game” is lower than in countries with weaker institutions. Additionally, by expanding their degree of internationalization, firms are better equipped to navigate the lack of information generated by populist rulers. Our research provides implications for managers in assessing the risks and opportunities associated with investing in such contexts.

研究摘要我们研究了民粹主义统治者的存在如何影响民主国家的外国直接投资。我们的分析揭示了这一政治力量影响企业决策的机制，同时考虑了全球舞台上企业层面的制度和国际化战略的影响。我们使用工具变量，通过 1999 年至 2020 年间美国跨国公司在 37 个民主国家的面板数据集来检验我们的理论。我们的研究结果表明，民粹主义统治者掌权似乎会削弱企业的对外投资，而国家层面的制度和企业层面的国际化可能会调节这种影响。总之，我们的研究结果为民粹主义如何影响跨国公司的投资决策提供了新的见解，为研究政治压力与投资决策之间关系的文献做出了贡献。管理总结在有民粹主义统治者的国家投资对跨国公司来说是一项挑战。民粹主义领导人经常威胁要突然改变为外国投资提供确定性的制度。本研究认为，民粹主义者的存在会对企业的对外投资产生负面影响，但会受到制度和国际化战略的调节。在制度框架健全的国家，民粹主义对投资的不利影响会得到缓解。在这种情况下，民粹主义者改变既定 "游戏规则 "的承诺的可信度低于制度薄弱的国家。此外，通过扩大国际化程度，企业能够更好地应对民粹主义统治者所带来的信息匮乏问题。我们的研究为管理者评估在这种情况下投资的风险和机遇提供了启示。

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