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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 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 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 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 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 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 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。
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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 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 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
Cultural dispersion and stock liquidity 文化分散与股票流动性
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2023-01-28 DOI: 10.1002/gsj.1472
John F. Zhang

Research Summary

This paper examines whether cultural dispersion of a multinational firm affects its stock trading in the market. The result shows that the stock liquidity negatively relates to the degree of cultural dispersion, suggesting it is costlier to trade stocks of culturally diverse firms. Among five measures of stock liquidity, Chae's (2005) turnover measure demonstrates the most consistent effect after addressing potential omitted variables and selection biases. A robustness test that extends our sample to include purely domestic firms confirms the main result of the negative effect of cultural dispersion. Furthermore, while the relation between cultural dispersion and stock liquidity may not be exactly linear, such a negative association overall holds. In addition, the influence of cultural dispersion on stock trading takes effects mainly through the agency and external information environment channels and is more pronounced for lower risk-taking multinationals.

Managerial Summary

This result has three practical implications for investment management. First, it is important to consider the internal cultural diversity when investing multinational firms. Second, the evaluation of firm liquidity goes beyond financial fundamentals or market mechanism. When a firm increase its degree of informational complexity and unfamiliarity, it tends to decrease its attractiveness to investors. Last but not least, when investing globally, cultural differences is an important consideration. Using stock liquidity as a research platform, this study suggests that the effect of cultural difference is indeed material.

研究摘要 本文研究了跨国公司的文化分散是否会影响其在市场上的股票交易。结果表明,股票流动性与文化离散程度呈负相关,这表明交易文化离散公司的股票需要付出更高的成本。在五种衡量股票流动性的指标中,Chae(2005)的成交量指标在解决了潜在的遗漏变量和选择偏差后,显示出了最一致的效果。我们将样本扩大到纯粹的国内企业,这一稳健性检验证实了文化分散的负面影响这一主要结果。此外,虽然文化分散与股票流动性之间的关系可能并不完全是线性的,但这种负相关关系总体上是成立的。此外,文化离散对股票交易的影响主要通过代理和外部信息环境渠道产生,并且对风险承担能力较低的跨国公司的影响更为明显。 管理总结 这一结果对投资管理有三个实际意义。首先,在投资跨国公司时必须考虑内部文化的多样性。其次,对企业流动性的评估不仅仅局限于财务基本面或市场机制。当企业的信息复杂度和陌生度增加时,往往会降低对投资者的吸引力。最后但并非最不重要的一点是,在进行全球投资时,文化差异是一个重要的考虑因素。本研究以股票流动性为研究平台,表明文化差异的影响确实是实质性的。
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引用次数: 0
Externalities in global value chains: Firm solutions for regulation challenges 全球价值链中的外部性:应对监管挑战的坚定解决方案
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2022-11-28 DOI: 10.1002/gsj.1471
Peter J. Buckley, Peter W. Liesch

Research summary

Negative externalities in global value chains (GVCs) create challenges for regulation. We establish conditions under which firms are more likely to adapt their GVCs to rectify negative externalities that occur at global scale. Firms in GVCs vary in relation to their active involvement in attending to negative externalities in a predictable way, according to their awareness (A) of these externalities, motivation (M) to address them, and the capability (C) to do so. Firms in GVCs can self-correct imperfections by strategy changes, or new firms can be recruited into the GVC with the awareness, motivation, and the capability to attend to negative externalities. National governments may find these externalities to be a significant policy challenge, particularly when they extend across national jurisdictions.

Managerial summary

Private mechanisms, through firm strategy or new entrants into an industry, can address negative externalities created in GVCs. The agency of GVC members is crucial in self-correction via awareness, driven by GVC integration; motivation to act, driven by GVC accountability; and the capability to implement the necessary changes, driven by GVC leadership. GVCs with more exchanges of knowledge and information among members will be more aware of the costs they generate on third parties. GVCs with members who are more involved with stakeholders and who prioritize CSR will have greater motivation to attend to their externalities, and larger GVCs that span national borders, dominated by a strong member, may be more capable of having greater influence on the externalities the GVC creates.

全球价值链的负外部性给监管带来挑战。我们建立了企业更有可能调整其全球价值链以纠正全球范围内发生的负外部性的条件。根据企业对这些外部性的认识(a)、解决这些外部性的动机(M)和解决这些外部性的能力(C),全球价值链中的企业以可预测的方式积极参与负面外部性的程度各不相同。全球价值链中的企业可以通过战略变化自我纠正缺陷,或者可以招募具有负面外部性的意识、动机和能力的新企业加入全球价值链。各国政府可能会发现这些外部性是一项重大的政策挑战,特别是当它们跨越国家管辖范围时。通过企业战略或行业新进入者,私人机制可以解决全球价值链产生的负面外部性。在全球价值链整合的驱动下,全球价值链成员的代理在通过意识进行自我纠正方面至关重要;在全球价值链问责制的推动下采取行动的动机;以及在全球价值链领导的推动下实施必要变革的能力。全球价值链成员之间的知识和信息交流越多,就越能意识到其对第三方产生的成本。如果全球价值链的成员与利益相关者的关系更密切,并且优先考虑企业社会责任,那么全球价值链将更有动力关注其外部性,而由强大成员主导的跨越国界的更大的全球价值链,可能更有能力对全球价值链产生的外部性产生更大的影响。
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Global Strategy Journal
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