Global Strategy Journal最新文献_第3页

Pioneering excellence or fleeing mediocracy? Why venture capital firms internationalize 追求卓越还是逃离平庸？为什么风险投资公司国际化

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

Global Strategy Journal

Pub Date : 2023-05-07 DOI: 10.1002/gsj.1482

Harald Kollmann, Jakob Müllner, Jonas Puck

引用次数: 1

R&D alliances and SMEs post-entry internationalization speed: The impact of alliance management capability and co-innovation ambidexterity 研发联盟与中小企业进入后国际化速度：联盟管理能力和协同创新能力的影响

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

Global Strategy Journal

Pub Date : 2023-04-20 DOI: 10.1002/gsj.1481

Nadia Zahoor, Omar Al-Tabbaa, Zaheer Khan

Research Summary

This study delves into the relationship between alliance management capability (AMC) and the post-entry internationalization speed of small-sized and medium-sized enterprises (SMEs). We develop a novel theoretical framework that illuminates the effect of co-innovation ambidexterity as a mechanism that unlocks AMC value in speeding up SME internationalization following entry into foreign markets. To validate our framework, we conduct an empirical investigation using a sample of 278 UK-based manufacturing SMEs. Our findings support the proposition that co-innovation ambidexterity is a crucial mediating mechanism through which AMC boosts the post-entry internationalization speed of SMEs. Therefore, this research sheds new light on the critical roles of AMC and co-innovation ambidexterity during the post-entry stage, which has far-reaching implications for the fields of international entrepreneurship and international strategic alliances.

Managerial Summary

Internationalizing SMEs are increasingly forming alliances with the aim of accessing and leveraging external knowledge to tackle the challenges they typically encounter during post-entry phase. However, these alliances are difficult to establish and manage, which results in high failure rates. To address this lacuna, we argue that AMC and co-innovation ambidexterity facilitate the post-entry internationalization speed of SMEs. Using data from 278 UK-based manufacturing SMEs, we show that AMC is an important capability that allows SMEs to leverage and harness the knowledge of their alliances for co-innovation ambidexterity, which, in turn, increases their post-entry internationalization speed. Together, these findings provide important insights for those SMEs' managers who aim to develop effective strategies for rapid internationalization via strategic alliances.

本研究探讨了联盟管理能力(AMC)与中小企业进入后国际化速度的关系。本文构建了一个新的理论框架，阐明了协同创新双元性作为一种机制，在加速中小企业进入国外市场后国际化进程中释放AMC价值的作用。为了验证我们的框架，我们使用278家英国制造业中小企业的样本进行了实证调查。本文的研究结果支持了协同创新双元性是协同创新促进中小企业进入后国际化速度的重要中介机制。因此，本研究揭示了AMC和共同创新双元性在进入后阶段的关键作用，对国际创业和国际战略联盟领域具有深远的启示意义。国际化的中小企业越来越多地结成联盟，目的是获取和利用外部知识，以应对它们通常在进入后阶段遇到的挑战。然而，这些联盟很难建立和管理，这导致了高失败率。为了弥补这一不足，我们认为AMC和共同创新的双元性促进了中小企业进入后的国际化速度。利用278家英国制造业中小企业的数据，我们表明，AMC是一种重要的能力，它使中小企业能够利用和利用其联盟的知识来实现共同创新的双重灵活性，从而提高其进入后的国际化速度。总之，这些发现为那些旨在通过战略联盟制定有效的快速国际化战略的中小企业管理者提供了重要的见解。

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引用次数: 1

The multifaceted ownership change of foreign subsidiaries: The diverse responses to different types of negative performance feedback 国外子公司多方面的所有权变更：对不同类型的负面绩效反馈的不同反应

IF 5.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-04-05 DOI: 10.1002/gsj.1480

Wen Helena Li, Bin Guo, Vikas Kumar, Jinlong Gu, Wentao Hu

Research Summary

By integrating performance feedback theory and ownership management literature, we examine how parent multinational companies (MNCs) evaluate their foreign subsidiaries' poor performance against various aspirations and make multifaceted ownership change decisions. Our results show that social aspirations matter more than historical aspirations in ownership change decisions. When a focal subsidiary is underperforming relative to industry peers or overseas subsidiary peers, its parent MNC tends to change its ownership of foreign subsidiaries and by a high degree. However, regarding the direction of ownership change, a foreign subsidiary with performance below industry peers tends to experience an ownership decrease, whereas the opposite is true when a subsidiary's performance is below overseas subsidiary peers. Overall, we extend existing theories that downplay the role of aspirations in ownership changes.

Managerial Summary

Effective ownership management in foreign subsidiaries is key to sustaining the global operations of MNCs. An important task for parent managers is to make sense of the poor performance of their foreign subsidiaries against various aspirations and respond in terms of ownership change decisions. We find that managers are more sensitive when their foreign subsidiary's performance is below its social peers than below its past performance. Specifically, parent managers tend to change ownership to a large extent when their foreign subsidiary is poorly performed compared with its industry peers as an external benchmark or overseas subsidiary peers as an internal benchmark. Moreover, parent managers tend to reduce ownership when the subsidiary's performance is below industry peers, while are more likely to increase ownership when the performance is below its overseas subsidiary peers.

研究摘要通过整合绩效反馈理论和所有权管理文献，我们研究了母公司跨国公司（MNCs）如何根据各种愿望评估其外国子公司的不良绩效，并做出多方面的所有权变更决策。我们的研究结果表明，在所有权变更决策中，社会期望比历史期望更重要。当一家重点子公司相对于同行业或海外子公司表现不佳时，其母公司跨国公司倾向于改变其对外国子公司的所有权，且改变程度较高。然而，就所有权变化的方向而言，当外国子公司的业绩低于行业同行时，其所有权往往会减少，而当子公司的业绩低于海外子公司同行时，情况则恰恰相反。总之，我们扩展了现有的理论，这些理论淡化了愿望在所有权变化中的作用。管理总结有效管理海外子公司的所有权是跨国公司维持全球运营的关键。母公司管理者的一项重要任务是根据各种愿望来判断其海外子公司的不良业绩，并做出所有权变更决策。我们发现，当外国子公司的业绩低于其社会同行而不是低于其过去的业绩时，管理者会更加敏感。具体来说，当外国子公司的业绩与作为外部基准的行业同行或作为内部基准的海外子公司同行相比表现不佳时，母公司管理者倾向于在很大程度上改变所有权。此外，当子公司的业绩低于行业同行时，母公司经理人倾向于减少所有权，而当子公司的业绩低于海外子公司同行时，母公司经理人更倾向于增加所有权。

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引用次数: 0

The role of institutional quality and industry dynamism in explaining firm performance in emerging economies 制度质量和行业活力在解释新兴经济体企业绩效中的作用

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

Global Strategy Journal

Pub Date : 2023-04-02 DOI: 10.1002/gsj.1479

Mario Kafouros, Murod Aliyev, Panagiotis Piperopoulos, Alan Kai Ming Au, Joanne Wing Yee Ho, Susanna Yee Na Wong

Research Summary

This study explains how heterogeneity in firm competitiveness and performance in emerging economies is influenced jointly by the institutional quality of countries and interindustry variations in technological and market dynamism. The analysis of 12,888 firms from 16 emerging economies shows that while the performance advantages of institutional quality are strengthened for firms in technologically dynamic industries, the opposite pattern emerges in high market-dynamism industries. The study advances the institution-based view by explaining the mechanisms through which such effects occur and why two industry-specific boundary conditions (technological and market dynamism) influence differently the relationship between institutional quality and firm performance.

Managerial Summary

This study investigates how the performance of firms in emerging economies is influenced by the quality of institutions in each country as well as by the technological and market dynamism in the industry in which each firm operates. To examine these relationships, the study analyzes a sample of 12,888 firms from 16 emerging economies. The results indicate that institutional quality enhances firm performance and that these positive effects are stronger in technologically dynamic industries than in industries that are less technologically dynamic. However, the opposite pattern of results emerges for market dynamism, indicating that the role of institutional quality in enhancing firm performance is weaker in industries that exhibit a high degree of market dynamism than in industries that are less volatile in market demand.

研究摘要本研究解释了新兴经济体企业竞争力和绩效的异质性如何受到国家制度质量以及行业间技术和市场活力差异的共同影响。对来自 16 个新兴经济体的 12 888 家企业的分析表明，制度质量的绩效优势在技术活跃行业的企业中得到加强，而在市场活跃度高的行业则出现了相反的模式。本研究解释了产生这种效应的机制，以及为什么两个特定行业的边界条件（技术和市场活力）会对制度质量与企业绩效之间的关系产生不同影响，从而推进了基于制度的观点。管理总结本研究探讨了新兴经济体企业的绩效如何受到各国制度质量以及企业所处行业的技术和市场活力的影响。为了研究这些关系，本研究分析了来自 16 个新兴经济体的 12 888 家企业样本。研究结果表明，制度质量能提高企业绩效，而且在技术活跃的行业中，这些积极效应要强于技术不那么活跃的行业。然而，在市场活力方面却出现了相反的结果，表明在市场活力较强的行业中，制度质量对提高企业绩效的作用弱于市场需求波动较小的行业。

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引用次数: 0

Global strategy collections: Multinationality and performance 全球战略集合:多国性和绩效

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

Global Strategy Journal

Pub Date : 2023-03-25 DOI: 10.1002/gsj.1478

Torben Pedersen, Stephen Tallman

Research Summary

In this second collection of articles relating to global strategy, we address the well-established but unresolved issue of the relationship between multinationality and performance among multinational firms. The M-P relationship has been the topic of many articles in many journals for many years, but its true nature is still not established. Both theory and empirical findings provide different and often opposed views, as can be seen in the articles collected here. We see two main perspectives on this issue. Some scholars suggest that differences in data and analytical tools have prevented consistent empirical results, and that more consistent and carefully chosen empirical modeling can yet establish the true M-P connection. Others believe that basic problems in theory and in building testable frameworks that are truly consistent with theory have made this an inherently intractable problem. The collection provides important articles that test the M-P relationship as well as critiques from both perspectives. We see considerable power in the view that individual firms are likely to have their own idiosyncratic optimal level of multinationaliation. We finish by calling for and suggesting new approaches to the issue, such as a micro-foundations approach, as opposed to simply using more sophisticated tools to test problematic models based on well-established but ultimately inadequate theory.

Managerial Summary

The relationship between the level of multinational diversification and performance in multinational firms is at the heart of global strategy. If operating at ever increasing levels in ever more countries does not provide reliably superior performance, why do firms continue to expand internationally? One view suggests that since firms continue to increase their international presence, there must be some ultimate benefits—difficult as they may be to establish. The opposing view suggests that since an equal amount of research finds no such benefits, it may be that no level of multinational diversification is generally optimal, but that depending on its particular resources and capabilities, experience, industry, and national portfolio, each multinational must discover its own optimal level of cross-border investment.

在与全球战略相关的第二篇文章中，我们解决了跨国公司中多国性与绩效之间的关系这一公认但尚未解决的问题。多年来，M-P关系一直是许多期刊上许多文章的主题，但其真正性质仍未确定。从这里收集的文章中可以看出，理论和实证研究结果都提供了不同的、经常是相反的观点。我们看到关于这个问题的两个主要观点。一些学者认为，数据和分析工具的差异阻碍了一致的实证结果，而更一致和精心选择的实证模型仍可以建立真正的M-P联系。其他人认为，理论和构建与理论真正一致的可测试框架的基本问题使这成为一个固有的棘手问题。该合集提供了检验M-P关系的重要文章，以及来自两个角度的批评。个别公司可能拥有自己独特的最佳跨国化水平，这一观点具有相当大的影响力。最后，我们呼吁并建议解决这个问题的新方法，比如微观基础方法，而不是简单地使用更复杂的工具来测试基于成熟但最终不充分的理论的有问题的模型。跨国公司多元化水平与业绩之间的关系是全球战略的核心。如果在越来越多的国家不断提高运营水平并不能提供可靠的卓越业绩，企业为什么还要继续在国际上扩张呢?一种观点认为，由于企业不断扩大其国际影响力，必然会有一些最终的利益——尽管这些利益可能很难确立。相反的观点认为，由于同等数量的研究没有发现这样的好处，可能没有跨国公司多样化的水平通常是最优的，但根据其特定的资源和能力、经验、行业和国家投资组合，每个跨国公司必须发现自己的最佳跨境投资水平。

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引用次数: 0

National innovation policies and knowledge acquisition in international alliances 国家创新政策与国际联盟中的知识获取

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

Global Strategy Journal

Pub Date : 2023-03-20 DOI: 10.1002/gsj.1477

Jens-Christian Friedmann, Torben Pedersen

Research summary

International alliances facilitate learning among firms by providing access to knowledge embedded in different countries, yet we do not know how the partnering firms' distinct national contexts shape their learning in alliances. This study brings together research on learning in alliances and research on national innovation systems to examine how innovation policies in the respective home countries of the focal firms and their partners can increase the effectiveness of knowledge acquisition in alliances. Our analyses indicate that supply-side innovation policies in the focal firms' home countries and demand-side policies in their partners' home countries increase the focal firms' knowledge acquisition from their partners.

Managerial summary

Firms engaging in alliances should consider their national innovation system as a strategic resource they can leverage not only to improve their own knowledge sourcing but also to become a more attractive partner in international alliances, potentially opening opportunities for engaging in reciprocal knowledge exchange. Managers can expect more learning opportunities when allying with foreign partners from countries with innovation policies that stimulate public technology purchasing or encourage public–private R&D collaboration. In turn, managers of firms from countries with innovation policies that provide funding and talent for R&D can capitalize on these resources to improve their firms' knowledge acquisition from foreign partners.

研究摘要国际联盟通过提供获取不同国家知识的途径，促进了企业间的学习，但我们并不知道合作企业不同的国情如何影响它们在联盟中的学习。本研究将有关联盟学习的研究与有关国家创新体系的研究结合起来，探讨重点企业及其合作伙伴各自母国的创新政策如何提高联盟中知识获取的有效性。我们的分析表明，重点企业母国的供应方创新政策和合作伙伴母国的需求方政策都能提高重点企业从合作伙伴那里获取知识的能力。管理总结参与联盟的企业应将本国的创新体系视为一种战略资源，它们不仅可以利用这种资源改善自身的知识来源，还可以成为国际联盟中更具吸引力的合作伙伴，从而为参与互惠知识交流创造机会。一些国家的创新政策会刺激公共技术采购或鼓励公私研发合作，因此管理者在与这些国家的外国合作伙伴结盟时，会有更多的学习机会。反过来，来自创新政策为研发提供资金和人才的国家的企业管理者也可以利用这些资源，提高企业从外国合作伙伴那里获取知识的能力。

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引用次数: 0

Subsidiary capability and charter change: Making Birkinshaw and Hood's framework actionable 子公司能力和章程变更:使伯金肖和胡德的框架具有可操作性

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

Global Strategy Journal

Pub Date : 2023-03-14 DOI: 10.1002/gsj.1476

Marlena Dzikowska, Jens Gammelgaard, Ulf Andersson

Research Summary

We provide a more granular and comprehensive approach to subsidiary evolution and enhance the understanding of the complexity of the subsidiary's evolution in the era of value chain fine-slicing. We extend Birkinshaw and Hood's model of general processes of subsidiary evolution into a model of functional evolutionary paths that represents nine configurations of charter and capability changes. We examine initiative, autonomy, and track record as determinants of 1455 functional evolutionary paths identified in 266 subsidiaries operating in the Polish and Swiss manufacturing sectors. Through a two-level multinomial logistic regression model, we learn that subsidiary initiative and track record are positively related to an increase in subsidiaries' charter and capability enhancement, respectively. Subsidiary autonomy though, is negatively related to charter increase and capability enhancement.

Managerial Summary

We consider subsidiaries' initiative, autonomy, and track record as factors shaping the changes in functional responsibilities and corresponding capabilities. Our results show that frequent and successful initiatives support a functional charter increase but do not necessarily enhance corresponding functional capabilities. Furthermore, a lower level of decision-making autonomy in efficiency-driven organizations does not translate into difficulties with a functional charter increase. A subsidiary can benefit from lower autonomy by focusing subsidiary-development efforts on areas aligned with the headquarters' interests. A proven track record does not translate into a functional charter increase; in some cases, it even increases the likelihood of charter depletion. Nonetheless, it increases the likelihood of enhancing functional capability.

我们提供了一种更细粒度、更全面的子公司演化方法，增强了对价值链细切片时代子公司演化复杂性的理解。我们将Birkinshaw和Hood的一般辅助进化过程模型扩展为一个功能进化路径模型，该模型代表了特许和能力变化的九种配置。我们研究了主动性，自主性和跟踪记录，作为在波兰和瑞士制造业的266家子公司中确定的1455个功能进化路径的决定因素。通过两级多项式logistic回归模型，我们发现子公司主动性和往绩分别与子公司宪章的增加和能力的增强呈正相关。然而，子公司自治与包机增加和能力提升呈负相关。我们认为子公司的主动性、自主性和业绩记录是影响职能职责和相应能力变化的因素。我们的结果表明，频繁和成功的计划支持功能章程的增加，但不一定增强相应的功能能力。此外，在效率驱动的组织中，较低水平的决策自主权不会转化为功能章程增加的困难。通过将子公司的发展重点放在与总部利益一致的领域，子公司可以从较低的自主权中受益。经过验证的业绩记录不会转化为职能章程的增加;在某些情况下，它甚至增加了租船耗尽的可能性。尽管如此，它增加了增强功能能力的可能性。

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引用次数: 3

Erratum to “Huang P, Madhavan R. Dumb money or smart money? Meta-analytically unpacking corporate venture capital” “黄P, Madhavan R.”的勘误。对企业风险投资的元分析

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

Global Strategy Journal

Pub Date : 2023-03-07 DOI: 10.1002/gsj.1475

Huang P, Madhavan R. (2023), Dumb money or smart money? Meta-analytically unpacking corporate venture capital. Global Strategy Journal, 13: 248–248. https://doi.org/10.1002/gsj.1453

The title in this published Corrigendum is incorrect and should be read as:

“Pedersen T, Tallman S. (2023), Global strategy collections: Emerging market multinational enterprises. Global Strategy Journal, 13: 248–248.

https://doi.org/10.1002/gsj.1453”

The title in the online version has now been amended.

We apologize for this error.

黄P, Madhavan R.(2023)，笨钱还是聪明钱?对企业风险资本进行元分析。全球战略学报，13(3):248-248。https://doi.org/10.1002/gsj.1453The在这个已发布的勘误表中的标题是不正确的，应该阅读为:“Pedersen T, Tallman S.(2023)，全球战略集合:新兴市场跨国企业。《全球战略学报》，13:248-248. https://doi.org/10.1002/gsj.1453”在线版本的标题现已修改。我们为这个错误道歉。

引用次数: 0

Boots on the ground: Foreign direct investment by born digital firms 脚踏实地：天生的数字公司的外国直接投资

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

Global Strategy Journal

Pub Date : 2023-02-27 DOI: 10.1002/gsj.1474

Maximilian Stallkamp, Liang Chen, Sali Li

Research Summary

Recent global strategy research on born digital firms (i.e., firms with digital products distributed through digital channels) has paid only limited attention to the role of foreign direct investment (FDI) in the internationalization of such firms. We argue that exploiting digital technologies requires a range of complementary, non-digital resources. Born digitals typically deploy FDI when large cultural and geographic distances limit the fungibility and scalability of such complementary resources, leading to a positive relationship between distance (cultural and geographic) and FDI. The positive distance effect is moderated by business model type. Using a sample of US-based born digital firms with over 800 FDIs, we find support for our hypotheses and contribute an important empirical baseline to recent discussions of digitalization in global strategy.

Managerial Summary

Companies selling digital products (e.g., software, cloud-based services) are theoretically able to offer their products in foreign markets through internet-based channels, without ever setting foot in a foreign country. And yet, many “born digital” firms establish a physical presence in foreign markets by undertaking foreign direct investment (FDI). This phenomenon remains insufficiently explained. We argue that FDI can supply important complementary resources that help exploit and monetize digital assets in foreign markets. Using data from over 800 FDI projects, we show that FDI is more likely to occur if the foreign market is far away or culturally very different from the company's home country, and that the strength of this relationship differs among B2C and B2B business models.

最近关于数字企业(即通过数字渠道销售数字产品的企业)的全球战略研究，对外国直接投资(FDI)在这些企业国际化中的作用关注有限。我们认为，利用数字技术需要一系列互补的非数字资源。当巨大的文化和地理距离限制了这种互补资源的可替代性和可扩展性时，天生的数字通常会部署FDI，从而导致距离(文化和地理)与FDI之间的正相关关系。正向距离效应受商业模式类型的调节。我们以拥有800多家外国直接投资的美国数字化公司为样本，发现我们的假设得到了支持，并为最近关于数字化在全球战略中的讨论提供了重要的经验基线。销售数字产品(如软件、基于云的服务)的公司理论上可以通过基于互联网的渠道在国外市场提供产品，而无需踏足国外。然而，许多“天生数字化”的公司通过外国直接投资(FDI)在国外市场建立了实体存在。这一现象仍然没有得到充分的解释。我们认为，外国直接投资可以提供重要的补充资源，有助于在国外市场上开发和货币化数字资产。通过对800多个FDI项目的数据分析，我们发现，如果外国市场距离公司所在国较远，或者在文化上与公司所在国差异很大，那么外国直接投资更有可能发生，而且这种关系的强弱在B2C和B2B商业模式中有所不同。

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引用次数: 2

HQ controls, agency costs, and procedural justice 总部控制、机构成本和程序公正

IF 5.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-02-27 DOI: 10.1002/gsj.1473

Erifili-Christina Chatzopoulou, Spyros Lioukas, Irini Voudouris

Research Summary

Monitoring, incentive alignment, and social controls are used to minimize the agency costs to headquarters (HQ) resulting from subsidiaries' opportunistic behaviors by aligning subsidiaries' behaviors and interests with those of the HQ. Subsidiaries' motivation to comply with these controls, however, is contingent on the social context that links the subsidiary to the HQ. In this context, we propose to identify procedural justice as a motivational contingency that shapes the conditions under which agency-driven controls can effectively minimize agency costs. Our results show that monitoring and social control reduce agency costs when procedural justice is high, whereas the use of incentive alignment mechanisms can have the opposite effect.

Managerial Summary

The headquarters (HQ) of multinational corporations use control mechanisms to ensure the alignment of their subsidiaries with the organization's interests and goals. However, these mechanisms do not always provide value to the corporation since subsidiaries may exhibit varying levels of motivation to comply with such controls, resulting in behaviors that range from resistance to compliance and ceremonial compliance to genuine compliance. We argue that the procedural justice applied by the HQ influences subsidiaries' motivation to comply with the controls implemented by the HQ. We find that in subsidiaries that operate in such a climate of fairness, monitoring based on rules, processes and procedures as well as social control can provide value, whereas the use of incentive alignment can lead to the opposite results.

研究摘要通过监督、激励调整和社会控制，使子公司的行为和利益与总部保持一致，从而将子公司的机会主义行为给总部造成的代理成本降至最低。然而，子公司遵守这些控制措施的动机取决于将子公司与总部联系在一起的社会环境。在此背景下，我们建议将程序正义视为一种动机权变，它决定了在何种条件下，代理驱动的控制能够有效地将代理成本降至最低。我们的研究结果表明，当程序公正性较高时，监督和社会控制会降低代理成本，而使用激励调整机制则会产生相反的效果。管理总结跨国公司的总部（HQ）使用控制机制来确保其子公司与组织的利益和目标保持一致。然而，这些机制并不总能为公司带来价值，因为子公司可能会表现出不同程度的遵守这些控制的动机，从而导致从抵制遵守、仪式性遵守到真正遵守的各种行为。我们认为，总部实施的程序正义会影响子公司遵守总部控制措施的动机。我们发现，在这种公平氛围下运营的子公司，基于规则、流程和程序以及社会控制的监督可以提供价值，而使用激励调整则会导致相反的结果。

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引用次数: 0