Global Strategy Journal最新文献_第2页

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

Common ownership and competitive dissimilarity: A global perspective on competition and institutional ownership 共同所有权与竞争差异性：竞争与机构所有权的全球视角

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2025-02-08 DOI: 10.1002/gsj.1519

Philip J. Steinberg, Jan C. Hennig, Jana Oehmichen, Judith Heigermoser

Research Summary

Research highlights that common institutional ownership (an investor owning publicly traded shares in two rival firms) can reduce rivals' incentives to compete. So far, this literature focused on domestic market competition. However, competition also arises in global markets, and common owners invest outside their home countries. We integrate the perspectives of global market competition and cross-national distance into a model of shared principals with rival agents and argue for a positive effect of common ownership on rivals' competitive dissimilarity in global markets. Moreover, we argue that the competitive intensity in joint regions amplifies, and the cross-national distance between common owners and their firms mitigates this effect. We find support for our theorizing using a multi-industry dataset with 1574 of the largest firms worldwide.

Managerial Summary

When investors hold shares in two competing companies, it can reduce how aggressively those rivals compete. To avoid direct competition, these companies often adopt divergent strategic actions. Our research shows that this dynamic extends to how competitors behave in international markets. We also identify key boundary conditions to this effect: The effect weakens when competition within shared markets decreases and when the distance between the owned rivals and their common investor increases. For managers of globally operating companies, this highlights the need to consider not just competitors' strategies but also their ownership structure. Overlapping ownership could significantly influence competitive dynamics in global markets by shaping competitors' strategic approaches.

研究强调，共同的机构所有权（投资者拥有两家竞争对手的公开交易股票）可以降低竞争对手的竞争动机。到目前为止，这些文献主要集中在国内市场竞争。然而，全球市场也出现了竞争，共同所有者在本国以外进行投资。我们将全球市场竞争和跨国距离的观点整合到一个与竞争代理人共享委托人的模型中，并论证了共同所有权对竞争对手在全球市场上的竞争差异性的积极影响。此外，我们认为联合地区的竞争强度会被放大，而共同所有者与其企业之间的跨国距离会缓解这种效应。我们使用全球1574家最大公司的多行业数据集来支持我们的理论。当投资者持有两家竞争公司的股票时，可以降低竞争对手的激烈程度。为了避免直接竞争，这些公司往往采取不同的战略行动。我们的研究表明，这种动态延伸到竞争对手在国际市场上的行为方式。我们还确定了这种效应的关键边界条件：当共享市场内的竞争减少，以及拥有的竞争对手与其共同投资者之间的距离增加时，这种效应就会减弱。对于全球运营公司的管理者来说，这突显出不仅需要考虑竞争对手的战略，还需要考虑它们的所有权结构。重叠所有权可以通过塑造竞争对手的战略方法，显著影响全球市场的竞争动态。

{"title":"Common ownership and competitive dissimilarity: A global perspective on competition and institutional ownership","authors":"Philip J. Steinberg, Jan C. Hennig, Jana Oehmichen, Judith Heigermoser","doi":"10.1002/gsj.1519","DOIUrl":"10.1002/gsj.1519","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Research highlights that common institutional ownership (an investor owning publicly traded shares in two rival firms) can reduce rivals' incentives to compete. So far, this literature focused on domestic market competition. However, competition also arises in global markets, and common owners invest outside their home countries. We integrate the perspectives of global market competition and cross-national distance into a model of shared principals with rival agents and argue for a positive effect of common ownership on rivals' competitive dissimilarity in global markets. Moreover, we argue that the competitive intensity in joint regions amplifies, and the cross-national distance between common owners and their firms mitigates this effect. We find support for our theorizing using a multi-industry dataset with 1574 of the largest firms worldwide.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>When investors hold shares in two competing companies, it can reduce how aggressively those rivals compete. To avoid direct competition, these companies often adopt divergent strategic actions. Our research shows that this dynamic extends to how competitors behave in international markets. We also identify key boundary conditions to this effect: The effect weakens when competition within shared markets decreases and when the distance between the owned rivals and their common investor increases. For managers of globally operating companies, this highlights the need to consider not just competitors' strategies but also their ownership structure. Overlapping ownership could significantly influence competitive dynamics in global markets by shaping competitors' strategic approaches.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 1","pages":"94-129"},"PeriodicalIF":4.7,"publicationDate":"2025-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1519","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143633013","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

Communalizing private costs: Ownership concentration, institutions, and corporate environmental performance 公有化私人成本：所有权集中、制度和公司环境绩效

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2024-12-29 DOI: 10.1002/gsj.1518

Punit Arora, Tanusree Jain, Ajai Gaur

Research Summary

We extend the property rights theory to show that stronger ownership control incentivizes owners to push for communalizing private environmental costs unless counterbalancing internal and external governance mechanisms are prevalent. Using a sample of 16,286 observations for 3275 firms across 43 countries between 2008 and 2017, we find robust evidence for a negative effect of ownership concentration on corporate environmental performance (CEP). However, we find that ownership concentration has a diametrically opposite effect in strong and weak governance contexts. In the presence of strong external (regulatory institutions) and internal (high board independence) governance, ownership concentration improves CEP. In contrast, it has the opposite effect in the presence of weak regulatory institutions and low board independence. We contribute to the open system logic of corporate governance for environmental sustainability.

Managerial Summary

Our study shows that ownership concentration negatively impacts corporate environmental performance in the form of increased resource usage, emissions, and ESG controversies. This finding implies that there is a tussle over who bears environmental costs (i.e., privatized to the firms or communalized to the larger stakeholder bodies). However, we find that this negative performance outcome can be successfully mitigated by the quality of external (regulatory institutions) and internal governance (high board independence) mechanisms. Our study informs policymakers regarding the governance mechanisms through which the interests of the environment can be sincerely safeguarded in the face of short-term value-maximizing pressures from investors. These results also inform other stakeholders on how to nudge delinquent firms toward improving their CEP.

我们扩展了产权理论，表明除非存在平衡的内部和外部治理机制，否则更强的所有权控制会激励所有者推动私人环境成本的公有化。利用2008年至2017年间对43个国家3275家公司的16286份观察样本，我们发现了强有力的证据，证明股权集中度对企业环境绩效（CEP）存在负面影响。然而，我们发现，在强治理和弱治理环境下，所有权集中度具有截然相反的效果。在强大的外部（监管机构）和内部（高度独立的董事会）治理存在的情况下，所有权集中度改善了CEP。相反，在监管机构薄弱和董事会独立性较低的情况下，它会产生相反的效果。我们为环境可持续性的公司治理的开放系统逻辑做出贡献。我们的研究表明，股权集中度以增加资源使用、排放和ESG争议的形式对企业环境绩效产生负面影响。这一发现表明，在谁承担环境成本的问题上存在争论（即，是私有化给公司，还是公有化给更大的利益相关者）。然而，我们发现这种负面的绩效结果可以通过外部（监管机构）和内部治理（高度董事会独立性）机制的质量成功缓解。我们的研究为政策制定者提供了关于治理机制的信息，通过这种机制，环境利益可以在面对投资者短期价值最大化的压力时得到真正的保护。这些结果也为其他利益相关者提供了如何推动违约公司改善其CEP的信息。

{"title":"Communalizing private costs: Ownership concentration, institutions, and corporate environmental performance","authors":"Punit Arora, Tanusree Jain, Ajai Gaur","doi":"10.1002/gsj.1518","DOIUrl":"10.1002/gsj.1518","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We extend the property rights theory to show that stronger ownership control incentivizes owners to push for communalizing private environmental costs unless counterbalancing internal and external governance mechanisms are prevalent. Using a sample of 16,286 observations for 3275 firms across 43 countries between 2008 and 2017, we find robust evidence for a negative effect of ownership concentration on corporate environmental performance (CEP). However, we find that ownership concentration has a diametrically opposite effect in strong and weak governance contexts. In the presence of strong external (regulatory institutions) and internal (high board independence) governance, ownership concentration improves CEP. In contrast, it has the opposite effect in the presence of weak regulatory institutions and low board independence. We contribute to the open system logic of corporate governance for environmental sustainability.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Our study shows that ownership concentration negatively impacts corporate environmental performance in the form of increased resource usage, emissions, and ESG controversies. This finding implies that there is a tussle over who bears environmental costs (i.e., privatized to the firms or communalized to the larger stakeholder bodies). However, we find that this negative performance outcome can be successfully mitigated by the quality of external (regulatory institutions) and internal governance (high board independence) mechanisms. Our study informs policymakers regarding the governance mechanisms through which the interests of the environment can be sincerely safeguarded in the face of short-term value-maximizing pressures from investors. These results also inform other stakeholders on how to nudge delinquent firms toward improving their CEP.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 3","pages":"417-446"},"PeriodicalIF":4.7,"publicationDate":"2024-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1518","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145129477","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

Managers and internationalization decisions: An affect-enacted model 管理者和国际化决策：影响制定的模型

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2024-12-19 DOI: 10.1002/gsj.1516

Marica Grego, Peter J. Buckley, Surender Munjal, Hinrich Voss, Elizabeth Yi Wang

Research Summary

This paper identifies a critical gap in foundational assumptions between traditional International Business (IB) theories (e.g., internalization theory and Uppsala model) and empirical individual-level research. Traditional theories, rooted in assumptions of bounded rationality, tend to overlook the influence of affective cognition in shaping managerial decisions. In contrast, our systematic review of individual-level IB research reveals that empirical studies recognize the influence of affective cognition in decision-making but have only extended mainstream theories in fragmented ways, leaving room for a comprehensive theoretical revision. We propose an affect-enacted model of internationalization decision-making, showing how affective cognition critically shapes IB decisions. Our findings have important implications for IB theorization, advocating for the integration of both affective and non-affective cognition into a unified framework.

Managerial Summary

Managers assess risks as part of their decision-making process for firm internationalization. Traditional theories suggest that managers, as boundedly rational actors, are imperfect agents influenced primarily by analytical considerations. However, our systematic review of over two decades of empirical research reveals instead that managers are complex agents that rely on both affective and non-affective processes to inform their judgments. We present an affect-enacted model of internationalization decisions, showing how these processes combine to shape knowledge, experience, attitudes, and risk evaluations, ultimately guiding their internationalization decisions. Contrary to the traditional view, our findings suggest that internationalization decisions are deeply influenced by affective cognition reflecting a complex interplay of intra- and interpersonal dynamics.

本文指出了传统国际商务（IB）理论（如内部化理论和乌普萨拉模型）与实证个人层面研究之间在基本假设上的关键差距。植根于有限理性假设的传统理论往往忽视了情感认知在形成管理决策中的影响。相比之下，我们对个人层面IB研究的系统回顾表明，实证研究认识到情感认知对决策的影响，但只是以碎片化的方式扩展了主流理论，为全面的理论修正留下了空间。我们提出了一个国际化决策的情感制定模型，显示情感认知如何关键地塑造IB决策。我们的研究结果对IB理论化具有重要意义，提倡将情感和非情感认知整合到一个统一的框架中。管理者评估风险是企业国际化决策过程的一部分。传统理论认为，管理者作为有限理性行为者，是主要受分析性考虑影响的不完美行为体。然而，我们对二十多年的实证研究的系统回顾表明，管理者是复杂的代理人，依赖于情感和非情感过程来为他们的判断提供信息。我们提出了一个国际化决策的影响制定模型，展示了这些过程如何结合起来形成知识、经验、态度和风险评估，最终指导他们的国际化决策。与传统观点相反，我们的研究结果表明，国际化决策受到情感认知的深刻影响，反映了内部和人际动态的复杂相互作用。

{"title":"Managers and internationalization decisions: An affect-enacted model","authors":"Marica Grego, Peter J. Buckley, Surender Munjal, Hinrich Voss, Elizabeth Yi Wang","doi":"10.1002/gsj.1516","DOIUrl":"10.1002/gsj.1516","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This paper identifies a critical gap in foundational assumptions between traditional International Business (IB) theories (e.g., internalization theory and Uppsala model) and empirical individual-level research. Traditional theories, rooted in assumptions of bounded rationality, tend to overlook the influence of affective cognition in shaping managerial decisions. In contrast, our systematic review of individual-level IB research reveals that empirical studies recognize the influence of affective cognition in decision-making but have only extended mainstream theories in fragmented ways, leaving room for a comprehensive theoretical revision. We propose an affect-enacted model of internationalization decision-making, showing how affective cognition critically shapes IB decisions. Our findings have important implications for IB theorization, advocating for the integration of both affective and non-affective cognition into a unified framework.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Managers assess risks as part of their decision-making process for firm internationalization. Traditional theories suggest that managers, as boundedly rational actors, are imperfect agents influenced primarily by analytical considerations. However, our systematic review of over two decades of empirical research reveals instead that managers are complex agents that rely on both affective and non-affective processes to inform their judgments. We present an affect-enacted model of internationalization decisions, showing how these processes combine to shape knowledge, experience, attitudes, and risk evaluations, ultimately guiding their internationalization decisions. Contrary to the traditional view, our findings suggest that internationalization decisions are deeply influenced by affective cognition reflecting a complex interplay of intra- and interpersonal dynamics.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 3","pages":"317-345"},"PeriodicalIF":4.7,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1516","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145129164","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

Foreign competition and business diversification options 国外竞争和企业多元化选择

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2024-12-14 DOI: 10.1002/gsj.1517

Netanel Drori, Daniel S. Andrews, Stav Fainshmidt, Le Xu

Research Summary

We examine reallocation in a firm's business portfolio amid foreign competition in its primary business. We argue that firms will tend to exit unrelated industries and reallocate resources to related ones, reducing option breadth but increasing the value of narrower options due to synergies that contribute to building defensive moats against encroachment by foreign competition. This sequential process is strengthened among firms with greater absorptive capacity who are especially adept at identifying these changes and reallocation opportunities. Data on 2,582 US firms from 1997 to 2019 provide support for these arguments. Our study advances scholarly understanding of real options under uncertainty. It introduces the option of “flight to nearby places,” demonstrating how firms may seek to maintain competitiveness in the face of foreign competition.

Managerial Summary

As firms manage heightened foreign competition in their primary business, research suggests that reallocating resources within corporate portfolios is critical for maintaining competitiveness. In this context, we propose that firms are likely to streamline operations by exiting unrelated industries and reinforcing related ones. This move narrows options but can drive synergies and enhance the efficacy of defensive strategies against foreign competition. Data from 2,582 US firms provide insights for managers, emphasizing the importance of both option breadth and complementarity among options. Considering the challenges of managing increasingly competitive global markets, we show how firms may convert pressures into nearby opportunities to build defensive moats and maintain competitiveness.

我们研究了一家公司在其主营业务面临外国竞争时业务组合的重新配置。我们认为，企业将倾向于退出不相关的行业，并将资源重新配置到相关的行业，这减少了选择的广度，但增加了更窄选择的价值，因为协同效应有助于建立抵御外国竞争侵蚀的防御性护城河。这种顺序过程在吸收能力更强的公司中得到加强，这些公司特别善于识别这些变化和重新分配机会。1997年至2019年2582家美国公司的数据为这些论点提供了支持。我们的研究促进了对不确定性下实物期权的学术理解。它引入了“飞往附近地区”的选项，展示了企业在面对外国竞争时如何寻求保持竞争力。随着公司在其主要业务中管理日益激烈的外国竞争，研究表明，在公司投资组合中重新分配资源对保持竞争力至关重要。在此背景下，我们建议企业可能通过退出不相关的行业并加强相关行业来简化运营。这一举措缩小了选择范围，但可以推动协同效应，增强防御战略对抗外国竞争的效力。来自2582家美国公司的数据为管理人员提供了见解，强调了期权广度和期权之间互补性的重要性。考虑到管理竞争日益激烈的全球市场的挑战，我们展示了企业如何将压力转化为附近的机会，以建立防御性护城河并保持竞争力。

{"title":"Foreign competition and business diversification options","authors":"Netanel Drori, Daniel S. Andrews, Stav Fainshmidt, Le Xu","doi":"10.1002/gsj.1517","DOIUrl":"10.1002/gsj.1517","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We examine reallocation in a firm's business portfolio amid foreign competition in its primary business. We argue that firms will tend to exit unrelated industries and reallocate resources to related ones, reducing option breadth but increasing the value of narrower options due to synergies that contribute to building defensive moats against encroachment by foreign competition. This sequential process is strengthened among firms with greater absorptive capacity who are especially adept at identifying these changes and reallocation opportunities. Data on 2,582 US firms from 1997 to 2019 provide support for these arguments. Our study advances scholarly understanding of real options under uncertainty. It introduces the option of “flight to nearby places,” demonstrating how firms may seek to maintain competitiveness in the face of foreign competition.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>As firms manage heightened foreign competition in their primary business, research suggests that reallocating resources within corporate portfolios is critical for maintaining competitiveness. In this context, we propose that firms are likely to streamline operations by exiting unrelated industries and reinforcing related ones. This move narrows options but can drive synergies and enhance the efficacy of defensive strategies against foreign competition. Data from 2,582 US firms provide insights for managers, emphasizing the importance of both option breadth and complementarity among options. Considering the challenges of managing increasingly competitive global markets, we show how firms may convert pressures into nearby opportunities to build defensive moats and maintain competitiveness.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 2","pages":"245-269"},"PeriodicalIF":4.7,"publicationDate":"2024-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143926182","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

Beacons not burdens: Business groups and corporate social performance around the world 灯塔而非负担：世界各地的企业集团和企业社会绩效

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2024-11-15 DOI: 10.1002/gsj.1515

Sorin M. S. Krammer, Vlad-Andrei Porumb, Yasemin Zengin-Karaibrahimoglu, Joel Bothello

Research Summary

Prior studies on business groups (BGs) have predominantly focused on the impact of group affiliation on financial performance. In contrast, we argue that BG affiliates will outperform standalone firms in terms of corporate social performance (CSP) and that this effect will be positively moderated by the strength of formal and informal institutions. Moreover, we examine also differences among BGs and hypothesize that diversification and hierarchy of the group will negatively affect the CSP of affiliates. Employing a panel of 4368 firms from 43 countries between 2003 and 2016 and a propensity score matching approach in our regressions, we find robust support for these predictions. Our findings advance two distinct strands of literature on BGs and, respectively, corporate social responsibility.

Managerial Summary

BG are a common organizational structure in many countries. Despite this, we still do not know much about them beyond their financial performance. In this study, we focus on examining the impact of BG affiliation on non-financial performance (i.e., CSP) in the light of growing societal grand challenges. Using an international dataset of several thousands of firms, we find out that BG affiliates exhibit superior CSP results compared to non-affiliated firms. These positive effects of affiliation are increased in environments with strong formal and informal institutions but reduced within groups that are more diversified and hierarchical. Our findings showcase the importance of BGs in tackling some of today's grand challenges and provide support for more nuanced approaches to study BGs across countries.

研究摘要以往关于企业集团（BGs）的研究主要集中于集团关联对财务业绩的影响。相比之下，我们认为企业集团关联公司在企业社会绩效（CSP）方面会优于独立公司，而且这种影响会受到正式和非正式机构实力的积极调节。此外，我们还研究了企业集团之间的差异，并假设集团的多元化和等级制度将对关联公司的 CSP 产生负面影响。通过对 2003 年至 2016 年间来自 43 个国家的 4368 家企业进行面板分析，并在回归中采用倾向得分匹配法，我们发现这些预测得到了有力的支持。我们的研究结果分别推进了有关企业集团和企业社会责任的两股不同的文献。经理人摘要 BG 是许多国家常见的组织结构。尽管如此，除了它们的财务表现之外，我们对它们的了解仍然不多。在本研究中，我们重点考察了企业集团隶属关系在日益严峻的社会挑战下对非财务绩效（即企业社会责任）的影响。通过使用一个包含数千家企业的国际数据集，我们发现，与非隶属企业相比，隶属于企业集团的企业表现出更优越的 CSP 结果。在拥有强大的正式和非正式机构的环境中，隶属关系的这些积极效应会增强，但在更加多元化和等级化的群体中，隶属关系的这些积极效应会减弱。我们的研究结果展示了企业集团在应对当今一些重大挑战方面的重要性，并为采用更细致的方法研究各国的企业集团提供了支持。

{"title":"Beacons not burdens: Business groups and corporate social performance around the world","authors":"Sorin M. S. Krammer, Vlad-Andrei Porumb, Yasemin Zengin-Karaibrahimoglu, Joel Bothello","doi":"10.1002/gsj.1515","DOIUrl":"10.1002/gsj.1515","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Prior studies on business groups (BGs) have predominantly focused on the impact of group affiliation on financial performance. In contrast, we argue that BG affiliates will outperform standalone firms in terms of corporate social performance (CSP) and that this effect will be positively moderated by the strength of formal and informal institutions. Moreover, we examine also differences among BGs and hypothesize that diversification and hierarchy of the group will negatively affect the CSP of affiliates. Employing a panel of 4368 firms from 43 countries between 2003 and 2016 and a propensity score matching approach in our regressions, we find robust support for these predictions. Our findings advance two distinct strands of literature on BGs and, respectively, corporate social responsibility.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>BG are a common organizational structure in many countries. Despite this, we still do not know much about them beyond their financial performance. In this study, we focus on examining the impact of BG affiliation on non-financial performance (i.e., CSP) in the light of growing societal grand challenges. Using an international dataset of several thousands of firms, we find out that BG affiliates exhibit superior CSP results compared to non-affiliated firms. These positive effects of affiliation are increased in environments with strong formal and informal institutions but reduced within groups that are more diversified and hierarchical. Our findings showcase the importance of BGs in tackling some of today's grand challenges and provide support for more nuanced approaches to study BGs across countries.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 4","pages":"709-753"},"PeriodicalIF":4.7,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1515","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142737470","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

Culture, international stakeholders, and crowdfunding 文化、国际利益相关者和众筹

IF 4.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2024-10-15 DOI: 10.1002/gsj.1514

Douglas J. Cumming, Ahmed Sewaid

Research Summary

International crowdfunding platforms present a unique opportunity for foreign entrepreneurs to attract stakeholders, typically from either the entrepreneur's home-country or the platform's host-country. We argue that success in mobilizing these stakeholders is culturally dependent. Specifically, cultural distance from the platform's host country can impede the mobilizing of home-country stakeholders. Conversely, while attracting host-country stakeholders may appear advantageous, these benefits are uncertain and limited for culturally-proximal entrepreneurs. This is because their offerings are seen as less distinct compared to host-country local offerings while introducing additional information asymmetries. Given these dynamics, we theorize that culturally-distant entrepreneurs have better fundraising prospects when attracting host-country backers, while culturally-proximal entrepreneurs are more successful when mobilizing home-country backers. Our analysis of 55,266 foreign projects on Kickstarter supports these arguments.

Managerial Summary

This study examines how cultural differences affect the success of entrepreneurs using non-local crowdfunding platforms. We find that entrepreneurs from countries that are culturally distant from the platform's host-country are more successful when they focus on attracting backers from the platform's host-country. In contrast, entrepreneurs from culturally similar countries do better when they mobilize supporters from their home country. For practitioners, this means that understanding cultural distance is key to successful crowdfunding. Entrepreneurs should tailor their outreach strategy based on their cultural distance from the platform's host country. Those from culturally-distant regions should prioritize backers from the platform's country, while those from culturally similar regions should focus on home-country supporters to maximize their fundraising success.

国际众筹平台为外国企业家吸引利益相关者提供了一个独特的机会，这些利益相关者通常来自企业家的母国或平台的东道国。我们认为，动员这些利益相关者的成功取决于文化。具体而言，与平台所在国的文化距离可能会阻碍本国利益相关者的动员。相反，虽然吸引东道国利益相关者似乎是有利的，但这些好处对文化接近的企业家来说是不确定和有限的。这是因为与东道国的本地产品相比，它们的产品被认为不那么独特，同时引入了额外的信息不对称。考虑到这些动态，我们推断文化距离较远的企业家在吸引东道国支持者时有更好的融资前景，而文化距离较近的企业家在动员母国支持者时更成功。我们对Kickstarter上55266个外国项目的分析支持了这些观点。本研究探讨文化差异如何影响企业家使用非本地众筹平台的成功。我们发现，当来自与平台所在国文化距离较远的国家的企业家专注于吸引来自平台所在国的支持者时，他们会更成功。相比之下，来自文化相似国家的企业家在动员本国支持者时做得更好。对于从业者来说，这意味着理解文化距离是众筹成功的关键。创业者应该根据自己与平台所在国的文化距离来调整推广策略。那些来自文化差异较大地区的人应该优先考虑来自平台所在国的支持者，而那些来自文化相似地区的人应该关注本国的支持者，以最大限度地提高他们的融资成功率。

{"title":"Culture, international stakeholders, and crowdfunding","authors":"Douglas J. Cumming, Ahmed Sewaid","doi":"10.1002/gsj.1514","DOIUrl":"10.1002/gsj.1514","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>International crowdfunding platforms present a unique opportunity for foreign entrepreneurs to attract stakeholders, typically from either the entrepreneur's <i>home-country</i> or the platform's <i>host-country</i>. We argue that success in mobilizing these stakeholders is culturally dependent. Specifically, cultural distance from the platform's host country can impede the mobilizing of home-country stakeholders. Conversely, while attracting host-country stakeholders may appear advantageous, these benefits are uncertain and limited for culturally-proximal entrepreneurs. This is because their offerings are seen as less distinct compared to host-country local offerings while introducing additional information asymmetries. Given these dynamics, we theorize that culturally-distant entrepreneurs have better fundraising prospects when attracting host-country backers, while culturally-proximal entrepreneurs are more successful when mobilizing home-country backers. Our analysis of 55,266 foreign projects on Kickstarter supports these arguments.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study examines how cultural differences affect the success of entrepreneurs using non-local crowdfunding platforms. We find that entrepreneurs from countries that are culturally distant from the platform's host-country are more successful when they focus on attracting backers from the platform's host-country. In contrast, entrepreneurs from culturally similar countries do better when they mobilize supporters from their home country. For practitioners, this means that understanding cultural distance is key to successful crowdfunding. Entrepreneurs should tailor their outreach strategy based on their cultural distance from the platform's host country. Those from culturally-distant regions should prioritize backers from the platform's country, while those from culturally similar regions should focus on home-country supporters to maximize their fundraising success.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 1","pages":"184-216"},"PeriodicalIF":4.7,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143632661","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