Global Strategy Journal最新文献

{"title":"Cultural dispersion and stock liquidity","authors":"John F. Zhang","doi":"10.1002/gsj.1472","DOIUrl":"10.1002/gsj.1472","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2023-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46333565","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}

{"title":"Externalities in global value chains: Firm solutions for regulation challenges","authors":"Peter J. Buckley,&nbsp;Peter W. Liesch","doi":"10.1002/gsj.1471","DOIUrl":"10.1002/gsj.1471","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1471","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45189471","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}

{"title":"Thank You to Referees","authors":"","doi":"10.1002/gsj.1470","DOIUrl":"https://doi.org/10.1002/gsj.1470","url":null,"abstract":"","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137868229","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}

{"title":"Digitalization of cross-border R&D alliances: Configurational insights and cognitive digitalization biases","authors":"Ricarda B. Bouncken,&nbsp;Viktor Fredrich,&nbsp;Noemi Sinkovics,&nbsp;Rudolf R. Sinkovics","doi":"10.1002/gsj.1469","DOIUrl":"10.1002/gsj.1469","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Firms implement digital technology for improving coordination and communication in cross-border R&amp;D alliances. However, there is great ambivalence regarding how digitalization influences cross-border knowledge transfers. Our analysis clarifies some of this ambivalence by providing different configurations of absorptive capacity in cross-border R&amp;D alliances. The fuzzy-set qualitative comparative analysis (fsQCA) reveals only low absorptive capacity achievement in most configurations of digital technology implementation. The findings indicate effects of cognitive digitalization biases, under which firms take the benefits of digital technology for granted while ignoring deep-level challenges rooted in the contextuality of international ties. However, high absorptive capacity is achievable when (1) allying with bigger and younger partners, (2) under technological similarity, and (3) coping with the associated digitalization biases.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Firms are eager to grasp the potential of digital technology. Within R&amp;D alliances, digital technology is deemed to facilitate better coordination and communication. However, advantages from digital transformation are not always realized, as firms may overestimate the ease and usability of the underpinning technologies. We find that learning and understanding of partner knowledge is improved when R&amp;D partnerships are forged between bigger and smaller partners, when partners feature technological similarities and both parties are similarly minded regarding technologies and do not take technology advantages for granted.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1469","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42579710","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}

{"title":"Board of director effectiveness and informal institutions: A meta-analysis","authors":"Angelo M. Solarino,&nbsp;Brian K. Boyd","doi":"10.1002/gsj.1468","DOIUrl":"10.1002/gsj.1468","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Board independence is central to corporate governance. Numerous theories espouse the value of the monitoring and advice provided by outside board members, and governance codes worldwide call for boards with more independent directors and for separating the roles of chief executive officer and chairman. However, neither original studies nor meta-analyses have found a substantial link between board independence and firm performance. We adopt an institutional logic perspective to argue that the relations between board independence and firm performance is moderated by the institutions of a country. Our analyses find that the strength of the informal institutions is a more important moderator than that of formal institutions. We employ country-level institutional moderators and apply meta-regression to a sample of 86 articles encompassing 40 nations. We offer suggestions for future governance research.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Board independence is widely considered to be a hallmark of good governance. However, prior research has been unable to connect independence with a firm's financial performance. We provide practical advice by demonstrating how national institutions shape the consequences of an independent board. Using a multi-country sample, we show that the effectiveness of the corporate governance practices, such as board independence, depends on the strength of the local institutions and that the strength of the informal institutions is more important in explaining the effectiveness of the board than the strengths of the formal institutions. Stronger informal institutions strengthen the board independence- firm performance relationship. We discuss the implication of our findings.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1468","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45370471","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}

{"title":"Resource dependence theory in international business: Progress and prospects","authors":"Han Jiang,&nbsp;Yadong Luo,&nbsp;Jun Xia,&nbsp;Michael Hitt,&nbsp;Jia Shen","doi":"10.1002/gsj.1467","DOIUrl":"10.1002/gsj.1467","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Resource dependence theory (RDT) has been widely applied in the context of international business (IB) over the past four decades. This study reviews and synthesizes the insights of RDT in IB literature accumulated over the past 40 years and derives an integrative addendum for future research. We highlight three critical dependence dimensions (i.e., locational, interorganizational, and intraorganizational dependencies) and three essential RDT themes (i.e., dependence solutions, dependence-managing outcomes, and macro environmental conditions of RDT) in the IB context. Our review concludes that the IB literature has reached a good level of conceptual and empirical consensus concerning how multinational corporations (MNCs) take a large array of resource dependence actions and manage their resource dependence in various situations. We also find a strong need for further extension of RDT in IB research, offering suggestions for future research, including additional theoretical integration, underlying processes, and new dynamics that change the course of cross-border interdependencies under the new global reality.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study systematically reviews the stock of knowledge over the past 40 years on how the logic of resource dependencies unfolds in IB practices (e.g., cross-border M&amp;As, alliances and joint ventures, global supply chains, corporate political strategies, headquarters-subsidiary relationships, and upper-echelon decisions). Our findings and conclusions offer a decision roadmap for IB practitioners to assess various resource dependence situations with external and internal stakeholders in IB operations and to effectively manage such interdependencies. We also elaborate on the important implications of MNCs' strategies for effectively managing their resource dependencies in international exchanges in the modern world, which is characterized by the coexistence of trends leading of both globalization and de-globalization.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45972821","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}

{"title":"International environmental complexity and the demand for generalists and specialists in executive selection","authors":"Tommaso Vallone,&nbsp;Stefano Elia,&nbsp;Peder Greve","doi":"10.1002/gsj.1463","DOIUrl":"10.1002/gsj.1463","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This study investigates the selection of generalists and specialists as an organizational response to the complexity of firms' international operations. Drawing on the concept of executive job demands, we identify institutional ambiguity and economic sophistication as two distinct sources of country environmental complexity resulting from a firm's foreign investment and predict how they affect the selection of new executives at multinational firms. Our hypotheses associate institutional ambiguity and economic sophistication with the appointment of executives with generalist and specialist backgrounds, respectively. We also examine how the two sources of environmental complexity interact and test multiple alternative specifications to enhance our understanding of environmental complexity as a determinant of executive job demands in the context of international business. Our empirical analyses are performed on a sample of 436 executive appointments occurring in 132 UK-based manufacturing firms, observed between 2008 and 2018. Findings show general support for our main hypotheses. We discuss the theoretical and practical implications of our findings as well as directions for future research.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study suggests that companies operating across different international environments through their subsidiary operations will be exposed to distinct demands that vary according to the type of environmental complexity. Our results reveal that companies tend to appoint top managers with specialist backgrounds when their focus is on economically sophisticated environments, whereas top managers with generalist backgrounds tend to be preferred in institutionally ambiguous environments. Our findings enhance our understanding of the demand for executive generalists and specialists in the international business context by showing that top managers' backgrounds are matched with the prevailing type of complexity deriving from the international operations of the firm, thus, questioning the widely held notion that executive generalists are generally preferred over specialists. Our study has important implications for the composition of top management teams and the shaping of executive career paths at multinational firms.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42514358","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}

{"title":"Digital sales channels and the relationship between product and international diversification: Evidence from going digital retail MNEs","authors":"Georgios Batsakis,&nbsp;Palitha Konara,&nbsp;Vasilis Theoharakis","doi":"10.1002/gsj.1465","DOIUrl":"10.1002/gsj.1465","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We argue that in the era of e-commerce, retail firms can simultaneously grow their product and international portfolio by adopting a multichannel strategy, that is, using digital and physical channels. Drawing on the resource bundling perspective, we argue that the previously advocated negative relationship between product and international diversification is mitigated by the retail firm's digital sales intensity. By separately examining product and international diversification across digital and physical channels, we find that while increased product diversification in physical channels relates negatively with international diversification in both physical and digital channels, increased product diversification in digital channels relates positively with international diversification in both channels. Our hypotheses are tested against a sample of 122 born physical - going digital retail MNEs over the period 2006–2016.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>The decision on how firm resources should be allocated for growing a firm's product and international scope has been a continuing debate in corporate strategy. While our research supports the conventional wisdom that product portfolio growth relates negatively to international market growth, we show that firms which increase their digital sales are able to mitigate the costs associated with this relationship. Based on longitudinal data of some of the world's largest retail MNEs, our research shows that retail firms with increased digital sales activity are more capable of mutually benefiting from simultaneously growing their product portfolio and international market presence. Therefore, if a retail firm aims at simultaneously growing its product portfolio and international market presence, it is advisable that they increase their proportion of digital sales (i.e., e-commerce activity).</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1465","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41706500","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}

{"title":"Offshore FDI, tax havens, and productivity: A network analysis","authors":"Soni Jha,&nbsp;Snehal Awate","doi":"10.1002/gsj.1466","DOIUrl":"10.1002/gsj.1466","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research summary</h3>\u0000 \u0000 <p>Multinational enterprises (MNEs) use tax havens to benefit from international tax arbitrage and increase their capital efficiency. These activities are purported to distort global financial markets, erode national corporate tax bases, and are singularly targeted in the media. Despite this, MNEs continue to increase the dispersion of their tax haven activities by investing in multiple tax havens. We study how this dispersion affects home and host country productivity. We model the inward and outward offshore foreign direct investment (FDI) networks using longitudinal data on 212 countries. We find that increasing dispersion leads to productivity losses at home but productivity gains in the host country. Further, increasing the prominence of home and host countries in the offshore network, by connecting with central, well-developed tax havens, improves their productivity.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial summary</h3>\u0000 \u0000 <p>Is offshore FDI routed through tax havens always unproductive to the MNEs' home and host countries? While governments attempt to contain such investments, MNE managers disperse them into multiple tax havens and continue benefitting from tax arbitrage. We show that all offshore FDI is not unproductive. As managers route their investments through multiple tax havens, their home countries may experience productivity losses, but the host countries receive productivity gains. Further, using central, well-established tax havens bring productivity gains to both home and host countries. We thus show that MNEs' home countries need to reassess their offshore FDI policies since several of them also host these investments. Our paper extends a multilateral perspective on offshore FDI and possible benefits attainable, particularly from central tax havens.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46118717","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}

{"title":"The future of global strategy","authors":"Gabriel R.G. Benito,&nbsp;Alvaro Cuervo-Cazurra,&nbsp;Ram Mudambi,&nbsp;Torben Pedersen,&nbsp;Steve Tallman","doi":"10.1002/gsj.1464","DOIUrl":"10.1002/gsj.1464","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Global strategy, that is, the analysis of strategy in an international context, has co-evolved with the dramatic changes in the global economy in the 21st century. Research advances have enabled a more sophisticated understanding of how firms develop strategies in an increasingly turbulent global environment in which societal expectations, technological advances, and political decisions are all in a state of continuous change. In this article, we reflect and provide suggestions for how the field may evolve on five key themes of global strategy: cooperation, coordination, governance, politics, and innovation. We also outline suggestions for future research on global issues that are gaining increasing centrality in business decisions: climate change, artificial intelligence, and geopolitics.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>The study of how the context affects firms' strategies has changed with the transformation of the world in the 21st century. Research has provided a better understanding of how managers create and implement strategies in response to changes in societal expectations, technological advances, and political decisions. In this article, we reflect and provide suggestions for future studies on five key themes of global strategy: cooperation, coordination, governance, politics, and innovation in multinationals. We also outline suggestions for analyzing the increasingly important grand challenges that affect business decisions: climate change, artificial intelligence, and geopolitics.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":null,"pages":null},"PeriodicalIF":7.6,"publicationDate":"2022-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1464","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44401242","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}