Global Strategy Journal最新文献_第5页

Digital sales channels and the relationship between product and international diversification: Evidence from going digital retail MNEs 数字化销售渠道与产品与国际多元化的关系——来自数字化零售跨国公司的证据

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-10-12 DOI: 10.1002/gsj.1465

Georgios Batsakis, Palitha Konara, Vasilis Theoharakis

Research Summary

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.

Managerial Summary

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).

我们认为，在电子商务时代，零售企业可以通过采用多渠道战略，即使用数字和实体渠道，同时扩大其产品和国际投资组合。从资源捆绑的角度来看，我们认为之前所提倡的产品与国际多元化之间的负相关关系被零售公司的数字销售强度所缓解。通过分别考察数字和实体渠道的产品和国际多元化，我们发现，实体渠道产品多元化的增加与实体渠道和数字渠道的国际多元化负相关，而数字渠道产品多元化的增加与两个渠道的国际多元化正相关。我们的假设是在2006年至2016年期间对122家出生的实体数字零售跨国公司的样本进行测试的。关于如何分配公司资源以扩大公司产品和国际范围的决定一直是公司战略中一个持续的争论。虽然我们的研究支持了产品组合增长与国际市场增长负相关的传统观点，但我们表明，增加数字销售的公司能够减轻与这种关系相关的成本。基于一些世界上最大的零售跨国公司的纵向数据，我们的研究表明，数字销售活动增加的零售公司更有能力从同时增长的产品组合和国际市场占有率中相互受益。因此，如果一家零售公司的目标是同时增加其产品组合和国际市场占有率，建议他们增加数字销售的比例(即电子商务活动)。

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引用次数: 2

Offshore FDI, tax havens, and productivity: A network analysis 离岸外国直接投资、避税天堂和生产率：网络分析

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-10-09 DOI: 10.1002/gsj.1466

Soni Jha, Snehal Awate

Research summary

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.

Managerial summary

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.

研究摘要跨国企业（MNEs）利用避税港进行国际税收套利，提高资本效率。据称，这些活动扭曲了全球金融市场，侵蚀了各国的企业税基，是媒体争相报道的对象。尽管如此，跨国企业仍通过在多个避税地投资来增加其避税地活动的分散性。我们将研究这种分散性如何影响母国和东道国的生产力。我们利用 212 个国家的纵向数据，对流入和流出的离岸外国直接投资（FDI）网络进行建模。我们发现，分散度的增加会导致母国的生产率下降，但东道国的生产率会提高。此外，通过与发达的中央避税港连接，提高母国和东道国在离岸网络中的突出地位，也能提高它们的生产率。管理总结通过避税港进行的离岸外国直接投资是否总是对跨国企业的母国和东道国无益？当政府试图遏制此类投资时，跨国企业经理却将其分散到多个避税地，继续从税收套利中获益。我们的研究表明，并非所有离岸外国直接投资都是无益的。由于管理者通过多个避税港进行投资，其母国可能会遭受生产率损失，但东道国却能获得生产率收益。此外，利用中心的、成熟的避税港还能为母国和东道国带来生产率收益。因此，我们表明，跨国企业的母国需要重新评估其离岸外国直接投资政策，因为有几个母国也是这些投资的东道国。我们的论文拓展了离岸外国直接投资的多边视角，以及可能获得的利益，尤其是来自中央避税港的利益。

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引用次数: 0

The future of global strategy 全球战略的未来

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-09-21 DOI: 10.1002/gsj.1464

Gabriel R.G. Benito, Alvaro Cuervo-Cazurra, Ram Mudambi, Torben Pedersen, Steve Tallman

Research Summary

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.

Managerial Summary

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.

全球战略，即在国际背景下的战略分析，随着21世纪全球经济的剧烈变化而共同演变。研究的进步使我们对企业如何在日益动荡的全球环境中制定战略有了更复杂的理解，在这种环境中，社会期望、技术进步和政治决策都处于不断变化的状态。在本文中，我们就全球战略的五个关键主题(合作、协调、治理、政治和创新)对该领域的发展进行了反思并提出了建议。我们还概述了未来对全球问题的研究建议，这些问题在商业决策中越来越重要:气候变化、人工智能和地缘政治。关于环境如何影响企业战略的研究随着21世纪世界的变革而发生了变化。研究提供了更好的理解管理者如何创建和实施战略，以应对社会期望、技术进步和政治决策的变化。在本文中，我们对跨国公司全球战略的五个关键主题:合作、协调、治理、政治和创新进行了反思并提出了建议。我们还概述了分析影响商业决策的日益重要的重大挑战的建议:气候变化、人工智能和地缘政治。

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引用次数: 8

Locational strategy: Understanding location in economic geography and corporate strategy 区位战略:了解经济地理学和企业战略中的区位

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-09-12 DOI: 10.1002/gsj.1456

Richard Florida, Patrick Adler

Research Summary

Drawing on key concepts from management theory, corporate strategy, and economic geography, we argue that the time has come for “Locational Strategy.” Locational strategy is a framework for understanding how the locational decisions of organizations fit into broader corporate strategy. Locational strategy is particularly relevant given rise of knowledge and talent as key factors of productions and the fact that these inputs are so clustered in space. We lay out several principles to guide further work in this area, and briefly anticipate the role for locational strategy in the post-pandemic economy. Such an approach is well suited to the study of the sprawling modern firm, the footloose geography of talent, and the hyper-competitive field of regional economic policy.

Managerial Summary

Management needs to consider locational strategy as a key element of broader corporate strategy. This is because location and firm location decisions are ever more central to firm strategy. We review key ideas from the academic literature that bear on how managers can get the best access to talent, knowledge, and customers. Access to talent and embeddedness in complex knowledge systems is a defining feature of Locational strategy over and above simple input cost concerns. Furthermore, firms need to consider the actions and reactions of jurisdictions as they decide how to locate and deploy resources across in places across the world. Management training typically does not feature the geographic considerations of location strategy. The authors have refined their approach while teaching students in their course on The City and Business in the MBA program at the University of Toronto's Rotman School.

基于管理理论、企业战略和经济地理学的关键概念，我们认为“区位战略”的时代已经到来。位置战略是一个框架，用于理解组织的位置决策如何适应更广泛的公司战略。考虑到知识和人才作为生产的关键因素的兴起，以及这些投入如此集中在空间中的事实，区位战略尤为重要。我们提出了指导这一领域进一步工作的若干原则，并简要预测了区位战略在大流行后经济中的作用。这种方法非常适合于研究不断扩张的现代企业、自由流动的人才地理以及竞争激烈的区域经济政策领域。管理需要把定位战略作为更广泛的企业战略的一个关键要素来考虑。这是因为地理位置和企业地理位置决策对企业战略来说越来越重要。我们回顾了学术文献中的关键观点，这些观点与管理者如何获得人才、知识和客户的最佳途径有关。在复杂的知识系统中获得人才和嵌入性是超越简单的投入成本问题的区位战略的一个决定性特征。此外，公司在决定如何在世界各地定位和部署资源时，需要考虑司法管辖区的行动和反应。管理培训通常不具有地理位置战略的特点。作者在多伦多大学罗特曼商学院(University of Toronto’s Rotman School)的MBA课程《城市与商业》(The City and Business)上教授学生时，改进了他们的方法。

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引用次数: 2

Rethinking intrapreneurship in the established MNE 对老牌跨国公司内部创业的再思考

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-08-30 DOI: 10.1002/gsj.1461

Alain Verbeke, Wenlong Yuan

Research Summary

We show significant variation in the ways mainstream international business strategy (IBS) theories have addressed the discovery and pursuit of entrepreneurial opportunities in the established multinational enterprise (MNE). We adopt an extended “individual—opportunity nexus” perspective and suggest a fourfold repositioning of IBS research on MNE intrapreneurship. First, by acknowledging opportunities in activity types not historically considered as the subject of intrapreneurship, such as imposed resource reconfigurations as well as acquisitions and divestitures. Second, by paying more attention to how bundles of opportunities emerge over time, and to their sequence. Third, by recognizing more systematically different opportunity types, ranging from incremental to radical. Fourth, by analyzing more thoroughly the origins of opportunities, including those that arise from MNE weaknesses.

Managerial Summary

International business strategy (IBS) theories can help managers in multinational enterprises (MNEs) to better understand the unfolding of intrapreneurship. First, business decisions typically considered as merely cost-driven, including resource reconfigurations, acquisitions, and divestitures, can involve major intrapreneurial opportunities. Second, opportunities do not just appear randomly and in isolation: it is typically bundles of opportunities that emerge over time and in a particular sequence, and these bundles are closely intertwined with the MNE's own strategy that may unearth these opportunities. Third, MNE executives need to recognize more systematically different opportunity types, ranging from incremental to radical because each will require different managerial practices. Fourth, it is not only an MNE's strengths but also its weaknesses that can drive intrapreneurial action.

我们发现，主流国际商业战略(IBS)理论在解决已建立的跨国企业(MNE)中发现和追求创业机会的方式上存在显著差异。我们采用了一种扩展的“个人-机会关系”视角，并建议将IBS对跨国公司内部创业的研究重新定位四倍。第一，承认在历史上不被认为是内部创业主题的活动类型中的机会，例如强加的资源重新配置以及收购和剥离。第二，更多地关注机会是如何随着时间的推移而出现的，以及它们的顺序。第三，通过更系统地认识不同的机会类型，从渐进式到激进式。第四，更彻底地分析机会的来源，包括那些来自跨国公司弱点的机会。国际商业战略(IBS)理论可以帮助跨国企业(MNEs)的管理者更好地理解内部创业的展开。首先，通常被认为仅仅是成本驱动的商业决策，包括资源重组、收购和资产剥离，可能涉及重大的内部创业机会。其次，机会并非随机和孤立地出现:它通常是随着时间和特定顺序出现的一系列机会，这些机会与跨国公司自己可能发掘这些机会的战略密切相关。第三，跨国公司高管需要更系统地认识到不同的机会类型，从渐进式到激进式，因为每种类型都需要不同的管理实践。第四，不仅是跨国公司的优势，也有其弱点，可以推动内部创业行动。

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引用次数: 4

A wider-aperture lens for global strategic management: The multinational enterprise in a bifurcated global economy 全球战略管理的大口径镜头:全球经济分化中的跨国企业

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-08-21 DOI: 10.1002/gsj.1462

David J. Teece

Research Summary

The growth of China and President Xi's policies have transformed the global economy in ways that global strategy and international business (IB) scholars have yet to reflect fully in their research. The global economy is increasingly bifurcated between a China-centered authoritarian system and a market-oriented democratic system, generating complications and perils largely unknown since the end of the Cold War. The global business environment now bears faint resemblance to existing models in IB. To properly analyze the new reality, global strategy and IB scholars need to adopt a wider-aperture, systems-theoretic view that will require the cross-fertilization of ideas and collaboration with other disciplines such as international political economy. This engagement will allow the development of more broadly based frameworks, theories, and models that can assist decision makers in the private and public sectors.

Managerial Summary

Strategic rivalry between China and the West requires managers to face a new reckoning. China remains the world's factory, but it has a tenuous relationship to even-handed rules of law, both domestically and internationally. China leverages access to its market and has aligned with other autocratic countries to reshape the world order. Many firms have straddled the divide and tried to play by two sets of rules. This is not viable longer term. The strategic decisions of Western firms, particularly those involved with advanced and, especially, dual-use technologies, are consequential to the future of democracy. A systemic view of the long-term health of the enterprise may reveal the need to choose. Choosing democracy means, at minimum, guarding intellectual property, enhancing organizational capabilities, coordinating with peers, and protecting national security.

全球经济在以中国为中心的威权体制和以市场为导向的民主体制之间日益分化，产生了自冷战结束以来基本未知的复杂性和危险。现在的全球商业环境与现有的IB模型有微弱的相似之处。为了正确地分析新的现实，全球战略和IB学者需要采用更广泛的、系统理论的观点，这将需要思想的交流和与其他学科(如国际政治经济学)的合作。这种参与将有助于发展基础更广泛的框架、理论和模型，以帮助私营和公共部门的决策者。中国和西方之间的战略竞争要求管理者面对新的清算。中国仍然是世界工厂，但无论是在国内还是在国际上，它与公平的法律规则的关系都很脆弱。中国利用其市场准入，并与其他专制国家结盟，以重塑世界秩序。许多公司跨越了这一界限，并试图按照两套规则行事。从长远来看，这是不可行的。西方公司的战略决策，特别是那些涉及先进技术，特别是军民两用技术的公司，对民主的未来至关重要。对企业长期健康状况的系统看法可能会揭示选择的必要性。选择民主，至少意味着保护知识产权，增强组织能力，与同行协调，保护国家安全。

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引用次数: 16

How the country context shapes firms' competitive repertoire complexity 国家背景如何塑造企业的竞争曲目复杂性

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-08-19 DOI: 10.1002/gsj.1458

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

Research Summary

Recent research has shown that firms' ability to employ complex competitive repertoires can create long-term competitive advantages. Since research on its determinants has focused on the firm level, we lack an understanding of how country-level factors impact firms' implementation of complex competitive repertoires. Our cross-country study addresses this gap by integrating a model of country-level competitiveness factors with insights from the literature on competitive dynamics and portable governance. We argue that a country context with high-quality competitiveness factors enables firms to implement complex competitive repertoires. In addition, we hypothesize that firms with foreign investors from countries with high-quality competitiveness factors can partially compensate for low-quality factors in firms' domestic context. We found support for our hypotheses in an unbalanced sample containing 1,340 firms from 32 countries.

Managerial Summary

Employing complex competitive repertoires (i.e., diverse and dynamic arrays of competitive actions), such as price reductions or new product introductions, can help firms outcompete their competition. We argue and empirically show that firms' domestic country context, specifically high-quality governance, factor and demand conditions, related and supporting industries, and strong context for rivalry drive their ability to implement complex repertoires. Moreover, we find that ownership by foreign investors from favorable country backgrounds can partly compensate for firms' weak conditions at home by serving as enabling bridges. Managers who aim to improve their firms' repertoire complexity but are restricted by their domestic country context may consider attracting foreign investors from countries that have what their countries lack.

最近的研究表明，企业运用复杂竞争技能的能力可以创造长期的竞争优势。由于对其决定因素的研究主要集中在企业层面，我们缺乏对国家层面因素如何影响企业实施复杂竞争策略的理解。我们的跨国研究通过将国家层面的竞争力因素模型与有关竞争动态和可移植治理的文献见解相结合，解决了这一差距。我们认为，具有高质量竞争力因素的国家背景使企业能够实施复杂的竞争策略。此外，我们假设拥有高质量竞争力因素的外国投资者的公司可以部分补偿公司国内环境中的低质量因素。我们在包含来自32个国家的1340家公司的不平衡样本中发现了对我们假设的支持。采用复杂的竞争手段(即多样化和动态的竞争行动)，如降价或推出新产品，可以帮助企业在竞争中胜出。我们论证并实证表明，公司的国内国家背景，特别是高质量的治理、因素和需求条件、相关和支持行业，以及竞争的强烈背景，推动了它们实施复杂剧目的能力。此外，我们发现，来自有利国家背景的外国投资者的所有权可以作为促进桥梁，部分弥补公司在国内的疲弱状况。那些旨在提高公司业务复杂性但受本国背景限制的经理人，可能会考虑吸引那些拥有本国所缺乏的东西的国家的外国投资者。

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引用次数: 3

Friends, foes, or “frenemies”: Intercountry relations and cross-border acquisitions 朋友、敌人或“朋友”：跨国关系和跨境收购

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-08-14 DOI: 10.1002/gsj.1460

Tsvetomira V. Bilgili, Hansin Bilgili, David G. Allen, Holly Loncarich, Ben L. Kedia, Jonathan L. Johnson

Research Summary

We draw on the political institutions approach and relational embeddedness perspective to advance a relational theory of policy risk. We argue that policy risk negatively affects acquisition completion, but the strength of the effect is dependent on home-host country relations. Home-host country relations underpin host governments' motivation to commit to policies and influence foreign acquirers' perceptions of the credibility of such commitments. Using longitudinal event data on intercountry interactions, we measure the valence and strength of home-host country relations and examine the relationship between policy risk and cross-border acquisition (CBA) completion under cooperative, conflictive, and ambivalent relations. In a sample of 26,124 CBAs, we find that the relationship is negative and strong under conflictive relations, weaker under cooperative relations, and weakest under ambivalent relations.

Managerial Summary

We examine whether acquirers can use intercountry relations to infer and predict host governments' credibility of commitment to policies and evaluate the risk of arbitrary or opportunistic policy changes. Results show that policy risk decreases the likelihood of CBA completion, but the effect depends on home-host country relations. The negative effect of policy risk is strongest under conflictive intercountry relations, weaker under cooperative relations, and weakest under ambivalent relations. Executives' evaluations of home-host country relations in high policy risk environments can help assess the risk associated with completing CBAs and develop appropriate strategies to address potential issues.

本文借鉴政治制度理论和关系嵌入理论，提出了政策风险的关系理论。我们认为，政策风险对并购完成产生负向影响，但这种影响的强弱取决于东道国与东道国之间的关系。东道国与东道国的关系巩固了东道国政府承诺政策的动机，并影响了外国收购者对这些承诺可信度的看法。利用国家间相互作用的纵向事件数据，我们测量了家-东道国关系的效价和强度，并研究了在合作、冲突和矛盾关系下政策风险与跨境收购(CBA)完成之间的关系。在26124个cba的样本中，我们发现在冲突关系下，cba与cba的关系是负向的，且在冲突关系下，cba与cba的关系是强的，在合作关系下，cba与cba的关系较弱，在矛盾关系下，cba与cba的关系最弱。我们研究了收购方是否可以利用国家间关系来推断和预测东道国政府对政策承诺的可信度，并评估武断或机会主义政策变化的风险。结果表明，政策风险降低了CBA完成的可能性，但效果取决于东道国与东道国之间的关系。政策风险的负向效应在冲突关系下最强，在合作关系下较弱，在矛盾关系下最弱。行政人员对高政策风险环境中东道国与东道国关系的评价有助于评估与完成国别信任评估有关的风险，并制定适当的战略来解决潜在问题。

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引用次数: 5

Leviathan as a financial godfather: Debt advantages of wholly state-owned enterprises 金融教父利维坦：国有独资企业的债务优势

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-08-06 DOI: 10.1002/gsj.1457

Mauricio Jara, Aldo Musacchio, Rodrigo Wagner

Research Summary

We examine the debt advantages of wholly owned state-owned enterprises (WSOEs), due to an implicit sovereign insurance against default. Our model explains conditions that increase those advantages in bond yields. In our global sample of bonds, we find that bond issues of WSOEs, have a 57 bps discount in their yield to maturity vis-à-vis comparable corporations. The effect is even larger when we benchmark against partial state-owned firms—an effect large enough to overcome the liability of foreignness. This cheaper debt finance is stronger during crises yet disappears for sovereigns with low creditworthiness. This lower cost of debt “inflates” the profits of the median WSOE by 13%.

Managerial Summary

We examine if wholly owned state-owned enterprises (WSOEs) enjoy a lower cost of capital vis-à-vis their private counterparts when issuing bonds due to the perception that their debt is implicitly insured against default. We develop a model and undertake empirical tests to show that bond issues of WSOEs enjoy a 57 bps discount relative to private issues. This discount is large even relative to the premia companies pay when issuing bonds abroad. We also find that during crises the discount is larger as investors value the implicit insurance even more, but that it disappears for bond issues of governments with low creditworthiness. We estimate that for the median WSOE in our sample, the lower cost of capital inflates profits by 13%.

研究摘要我们研究了国有独资企业（WSOE）因隐含的主权违约保险而具有的债务优势。我们的模型解释了增加债券收益率优势的条件。在我们的全球债券样本中，我们发现国有独资企业发行的债券到期收益率比可比公司低 57 个基点。当我们以部分国有企业为基准时，这种影响甚至更大--这种影响大到足以克服外资企业的责任。这种较低的债务融资成本在危机期间更为强劲，但对于信用度较低的主权国家来说却消失了。较低的债务成本使中位数全资国有企业的利润 "膨胀 "了 13%。管理总结我们研究了国有独资企业（WSOE）在发行债券时，是否会因为认为其债务有违约隐性保险而享有比私营企业更低的资本成本。我们建立了一个模型并进行了实证检验，结果表明全资国有企业发行的债券相对于私营企业发行的债券享有 57 个基点的折扣。即使与公司在海外发行债券时支付的溢价相比，这一折扣也是很大的。我们还发现，在危机期间，由于投资者更看重隐性保险，这种折扣会更大，但对于信用度低的政府发行的债券，这种折扣会消失。我们估计，对于样本中的中位 WSOE 来说，较低的资本成本使利润增加了 13%。

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引用次数: 0

Government policy, filial piety, and foreign direct investment 政府政策、孝道和外国直接投资

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2022-08-02 DOI: 10.1002/gsj.1459

Pengcheng Ma, Lin Cui, Meitong Dong, Yi-Chuan Liao

Research Summary

This study investigates formal institutional pressure from government policy, informal institutional pressure from filial piety, and their interaction effect on firms' internationalization strategy. We argue that, while influenced by independent policy and cultural effects, firms also exercise agency when responding to these competing institutional pressures. We find empirical support for the influence of policy and cultural effects on firms' foreign direct investment (FDI). We also find that, in making decisions about FDIs, state-owned enterprises are more sensitive to government policy, whereas family businesses are more sensitive to filial piety.

Managerial Summary

This study reveals that firms' strategies in complex institutional environments are influenced by their needs for formal and informal institutional legitimacy. Managers can exercise agency by weighing the importance of formal and informal legitimacy differently and therefore vary in their responses to institutional pressures. However, managerial agency is bound by firm ownership type. Managers of state-owned firms prioritize formal institutional legitimacy, while their family business counterparts attend more to informal institutional legitimacy. Policymakers should be aware of this important difference between types of firms, which allows them to address noncompliance in a culturally sensitive and ultimately more effective way.

本研究考察了来自政府政策的正式制度压力和来自孝道的非正式制度压力，以及它们对企业国际化战略的交互作用。我们认为，在受到独立的政策和文化影响的同时，企业在应对这些相互竞争的制度压力时也行使能动性。我们发现政策和文化效应对企业对外直接投资(FDI)影响的实证支持。我们还发现，国有企业在外商直接投资决策中对政府政策更为敏感，而家族企业对孝道更为敏感。本研究揭示了企业在复杂制度环境中的战略受到其正式和非正式制度合法性需求的影响。管理者可以通过不同地衡量正式和非正式合法性的重要性来行使代理，因此他们对制度压力的反应也会有所不同。然而，管理代理受公司所有权类型的约束。国有企业的管理者优先考虑正式的制度合法性，而家族企业的管理者则更重视非正式的制度合法性。政策制定者应该意识到不同类型公司之间的这一重要差异，这使他们能够以一种文化敏感的、最终更有效的方式解决不合规问题。

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引用次数: 2