International Business Review最新文献_第4页

Internationalization and Private Equity Partnerships: Legal Origin Heterogeneity and Fund Performance 国际化与私募股权合伙：法律渊源、异质性与基金绩效

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-09-05 DOI: 10.1016/j.ibusrev.2025.102509

Geoffrey Wood , Giorgos Papagiannakis , Marilou Ioakimidis , Jens Martin

This study examines the impact of heterogeneity in legal origin between partners on the performance of Private Equity (PE) funds. Using a dataset of 3658 buyouts from 2000 to 2016, we show that internationalized PE partnerships, where Limited Partners (LPs) and General Partners (GPs) are from different legal systems, underperform compared to those within a single legal regime. We attribute this effect to challenges in contract enforcement and monitoring. Interestingly, while GP experience does not mitigate this negative effect, LP experience seems to intensify it, possibly due to overconfidence. We further find that funds with civil law GPs and common law LPs perform worse in terms of IRRs and MOIC, whereas the opposite combination only shows a decrease in MOIC. We explore potential explanations for these patterns, including the role of institutional differences, and discuss their implications for theories of PE internationalization and avenues for future research.

本研究探讨合伙人法律来源的异质性对私募股权（PE）基金绩效的影响。利用2000年至2016年3658起收购交易的数据集，我们发现，与单一法律制度下的私募股权合伙企业相比，国际化私募股权合伙企业的表现较差，其中有限合伙人（lp）和普通合伙人（gp）来自不同的法律制度。我们将这种影响归因于合同执行和监督方面的挑战。有趣的是，虽然普通合伙人的经历并没有减轻这种负面影响，但有限合伙人的经历似乎加剧了这种负面影响，可能是由于过度自信。我们进一步发现，拥有大陆法系普通合伙人和普通法有限合伙人的基金在内部收益率和MOIC方面表现更差，而相反的组合只显示MOIC下降。我们探讨了这些模式的潜在解释，包括制度差异的作用，并讨论了它们对PE国际化理论的影响和未来研究的途径。

引用次数: 0

Foreign ownership and R&D networks: Geographic and organizational proximity in R&D cooperation 外资所有权与研发网络：研发合作的地理和组织接近性

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-09-03 DOI: 10.1016/j.ibusrev.2025.102506

Yingmin Wei , André Spithoven

Foreign direct investment (FDI) enables firms to leverage the extensive international networks of foreign investors, potentially gaining a competitive advantage over domestic-owned firms and assuming distinct roles in R&D cooperation. To explore the effect of foreign ownership on firms’ choice of R&D partners, this study focuses on two key dimensions of R&D cooperation—partners’ location and group membership—and two aspects of R&D networks—the breadth and depth. Partners’ location investigates the geographic proximity between cooperating partners, while a shared business group membership fits the concept of organizational proximity. Using the biennial R&D survey from 2001 to 2017 conducted in Belgium, we find that foreign-owned firms are more likely to engage in various configurations of R&D cooperation than domestic-owned firms and maintain more extensive R&D networks, with a particular preference for international and intra-group cooperation. The findings indicate that foreign ownership helps to transcend geographic proximity but constrains firms to organizational proximity in R&D cooperation, thus reshaping the R&D cooperation landscape for firms.

外国直接投资使公司能够利用外国投资者广泛的国际网络，潜在地获得比国内公司的竞争优势，并在研发合作中发挥独特的作用。为了探讨外资所有权对企业研发合作伙伴选择的影响，本研究主要关注研发合作的两个关键维度——合作伙伴的区位和团队成员，以及研发网络的两个方面——广度和深度。合作伙伴的位置考察了合作伙伴之间的地理邻近性，而共享的业务群组成员则符合组织邻近性的概念。利用2001年至2017年在比利时进行的两年一次的研发调查，我们发现外资企业比内外资企业更有可能参与各种形式的研发合作，并保持更广泛的研发网络，尤其倾向于国际和集团内合作。研究结果表明，外资所有权有助于超越地理邻近性，但限制了企业在研发合作中的组织邻近性，从而重塑了企业的研发合作格局。

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引用次数: 0

Navigating liabilities of foreignness in weak and challenging institutional environments: Strategies of established multinational enterprise subsidiaries in Cameroon 在薄弱和具有挑战性的制度环境中应对外国责任：在喀麦隆建立的跨国企业子公司的战略

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-08-20 DOI: 10.1016/j.ibusrev.2025.102505

Young Hoon An

This research article investigates the liability of foreignness confronting foreign firms operating in Africa and delineates strategies aimed at overcoming these challenges. While research to date have investigated the challenges experienced by firms in developed and emerging economies, our knowledge of liability of foreignness in weak and challenging environment is limited. The paper draws on in-depth interviews with executives, senior managers of sixteen multinational subsidiaries and local stakeholders in Cameroon to explore and explicate the different types of LOF that exist in Cameroon and the strategic responses in managing the liability of foreignness. Through empirical analysis, we uncover a spectrum of hurdles, and categorise different types of LOF; cognitive, normative and regulative. Facing these challenges, we find that MNE subsidiaries use Influence, Compromise and Avoid approaches to effectively mitigate the liabilities. The study contributes to both theoretical understanding and managerial practice, shedding light on the diverse challenges and actionable approaches for MNE subsidiaries in weak and challenging environments.

这篇研究文章调查了在非洲经营的外国公司所面临的外国责任，并描述了旨在克服这些挑战的战略。虽然迄今为止的研究已经调查了发达经济体和新兴经济体企业所面临的挑战，但我们对弱势和充满挑战的环境中的外国责任的了解有限。本文通过对喀麦隆16家跨国子公司的高管、高级管理人员和当地利益相关者的深入访谈，探讨和阐述了喀麦隆存在的不同类型的LOF以及管理外国责任的战略对策。通过实证分析，我们发现了一系列障碍，并对不同类型的LOF进行了分类；认知，规范和调节。面对这些挑战，我们发现跨国子公司采用“影响”、“妥协”和“避免”的方法来有效减轻负债。该研究有助于理论理解和管理实践，揭示了跨国公司子公司在脆弱和充满挑战的环境中面临的各种挑战和可操作的方法。

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引用次数: 0

International intensity, regional dispersion, and institutional distance: How a multinational configuration shapes capital structure 国际强度、区域分散与制度距离：跨国配置如何塑造资本结构

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-08-20 DOI: 10.1016/j.ibusrev.2025.102504

Samia Belaounia, Ghassen Bouslama

This study examines how international expansion shapes firms’ capital structure decisions. Going beyond traditional measures of internationalization, our multidimensional perspective distinguishes between the scale of foreign operations (international intensity), the breadth of geographic engagement (regional dispersion), and the institutional distance between home and host countries. Drawing on co-insurance theory and organizational institutionalism, we argue that these dimensions interact to influence firms’ leverage decisions. Using panel data from 215 listed firms across 16 European countries (2010–2020), we find that internationalization is associated with lower long-term debt levels. This negative effect is especially pronounced when firms operate across multiple global regions or in institutionally distant environments. These findings suggest that the risks and coordination challenges associated with regional dispersion and institutional heterogeneity outweigh potential diversification benefits, prompting firms to adopt more conservative capital structures. To address endogeneity, we apply a system GMM estimator and visualize key interaction effects using average marginal effects. The results underscore that, when assessing the financial consequences of global expansion, both practitioners and scholars must consider the structural configuration of a firm’s international footprint, not merely its intensity.

本研究探讨了国际扩张如何影响企业的资本结构决策。超越传统的国际化衡量标准，我们的多维视角区分了国外业务的规模（国际强度）、地理参与的广度（区域分散）以及母国和东道国之间的制度距离。利用共同保险理论和组织制度主义，我们认为这些维度相互作用，影响企业的杠杆决策。利用来自16个欧洲国家215家上市公司（2010-2020年）的面板数据，我们发现国际化与较低的长期债务水平相关。当公司在全球多个地区或在制度遥远的环境中运营时，这种负面影响尤为明显。这些发现表明，区域分散和制度异质性带来的风险和协调挑战超过了潜在的多元化收益，促使企业采取更保守的资本结构。为了解决内生性问题，我们应用了一个系统GMM估计器，并使用平均边际效应可视化关键交互效应。研究结果强调，在评估全球扩张的财务后果时，从业者和学者都必须考虑公司国际足迹的结构配置，而不仅仅是其强度。

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引用次数: 0

Effects of institutional (in)congruence between home and host countries on the ownership level of cross-border M&As 母国与东道国制度一致性对跨国并购所有权水平的影响

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-08-15 DOI: 10.1016/j.ibusrev.2025.102502

Yafei Hu , Yuanxu Li

Institutional (in)congruence between home and host countries plays an important role in cross-border mergers and acquisitions (M&As). Drawing upon prior research on the diversity strand from an institutional economics perspective, we explore the (in)congruence effects of both formal and informal institutions between home and host countries on the ownership level of cross-border M&As. Using a sample of 19352 deals in Belt and Road Initiative (BRI) countries in 2008–2020, we find empirical support for congruence and incongruence effects for both formal and informal institutions. Our research contributes to the institutional economics literature by introducing a typology of formal institutional congruence, formal institutional incongruence, informal institutional congruence, and informal institutional incongruence. It also contributes to the international business literature by highlighting the critical roles that both formal and informal institutional congruence between home and host countries play in determining the ownership percentage of cross-border M&As.

母国与东道国之间的制度一致性在跨国并购中起着重要作用。借鉴先前从制度经济学角度对多样性链的研究，我们探讨了母国和东道国之间正式和非正式制度对跨境并购所有权水平的一致性影响。利用2008-2020年“一带一路”沿线国家19352笔交易的样本，我们发现了正式制度和非正式制度的一致性和不一致性效应的实证支持。我们的研究通过引入正式制度一致性、正式制度不一致性、非正式制度一致性和非正式制度不一致性的类型学，为制度经济学文献做出了贡献。它还通过强调母国和东道国之间的正式和非正式制度一致性在决定跨境并购的所有权百分比方面发挥的关键作用，为国际商业文献做出了贡献。

引用次数: 0

Follow the mind or the heart? Asymmetric influences of affective versus cognitive country images on customer-service provider relationships 跟着头脑走还是跟着心走？情感国家形象与认知国家形象对客户服务提供者关系的不对称影响

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-08-14 DOI: 10.1016/j.ibusrev.2025.102503

Lin Ma , Xuemei Bian

The role of country affect, particularly in comparison to cognitive country predispositions, in driving customer services evaluation and behavior is generally overlooked in the international services marketing literature. Taking the lens of the theory of impression formation in social psychology, the current research develops a nomological framework that clarifies whether and when affective country image (ACI) or cognitive country image (CCI) takes precedence for distinct aspects of customer-service provider relationships. Moving beyond the prevailing notion of the prominent influence of CCI, one field survey and two experimental studies reveal that ACI dominates CCI in determining service marketing outcomes in general and in driving relational compared to transactional outcomes in particular. Moreover, this research demonstrates the moderating effects of service type (experience vs. credence) and customer information processing style (intuitive vs. analytical) on the impacts of ACI and CCI. The findings yield concrete managerial guidance on how to apply strategies appealing to customers’ “heart” or “mind” more effectively in specific service contexts.

在国际服务营销文献中，国家影响的作用，特别是与认知国家倾向相比，在推动客户服务评估和行为方面通常被忽视。以社会心理学印象形成理论为视角，本研究发展了一个法理学框架，阐明了情感国家形象（ACI）或认知国家形象（CCI）是否以及何时优先于客户服务提供者关系的不同方面。一项实地调查和两项实验研究表明，在决定服务营销结果方面，尤其是在推动关系结果（而不是交易结果）方面，ACI主导着CCI。此外，本研究还证明了服务类型（体验vs信任）和客户信息处理方式（直觉vs分析）对ACI和CCI的影响有调节作用。研究结果提供了具体的管理指导，说明如何在特定的服务环境中更有效地应用吸引客户“内心”或“思想”的策略。

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引用次数: 0

Corporate ownership types and internationalization strategies: The moderating role of home country capitalism 公司所有制类型与国际化战略：母国资本主义的调节作用

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-08-05 DOI: 10.1016/j.ibusrev.2025.102489

Israa Kishk , Rekha Rao-Nicholson

Despite widespread academic consensus that firm ownership impacts internationalization, there is disagreement on which ownership type increases internationalization. Also, the risk differentials of internationalization strategies need to be considered: sales internationalization (a low-risk strategy) and asset internationalization (a high-risk strategy). Furthermore, home-country capitalism can moderate these relationships – a relationship unexamined in such research. Using a sample of US, Western European, and emerging-market firms, this paper addresses these research gaps. It examines how five different firm-ownership types (government, family, institutional, managerial, and corporate) and home-country capitalism influence internationalization strategies. We find that government ownership reduces sales internationalization. Family and institutional ownership increases sales internationalization, whereas institutional, managerial, and corporate ownership increases asset internationalization. Higher home-country capitalism reduces the impact of institutional and corporate owners on sales internationalization while increasing the impact of all five ownership types on asset internationalization. Our findings have implications for corporate governance and internationalization literature and practice.

尽管学术界普遍认为企业所有权会影响国际化，但对于哪种所有权类型会促进国际化存在分歧。此外，还需要考虑国际化战略的风险差异：销售国际化（低风险战略）和资产国际化（高风险战略）。此外，母国资本主义可以缓和这些关系——这种关系在此类研究中尚未得到检验。本文以美国、西欧和新兴市场公司为样本，解决了这些研究空白。它考察了五种不同的公司所有权类型（政府、家族、机构、管理和公司）和母国资本主义如何影响国际化战略。我们发现，政府所有权降低了销售国际化。家族和机构所有权增加销售国际化，而机构、管理和公司所有权增加资产国际化。较高的母国资本主义降低了机构所有者和公司所有者对销售国际化的影响，同时增加了所有五种所有权类型对资产国际化的影响。我们的研究结果对公司治理和国际化的文献和实践具有启示意义。

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引用次数: 0

Technological content and institutional quality of FDI: Investigating the effects on the environment in Brazil 外国直接投资的技术含量和制度质量：调查对巴西环境的影响

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-30 DOI: 10.1016/j.ibusrev.2025.102500

Eduardo Polloni-Silva , Rosina Moreno , Herick Fernando Moralles

Research indicates that Foreign Direct Investment (FDI) can have both positive and negative effects on the host country's environment. However, the mechanisms underlying these contrasting outcomes remain unclear. This study investigates how the technological content of FDI influences the host region by analyzing regional data from the State of São Paulo, Brazil. In addition, drawing on insights from the institution-based view, the study considers the role of the origin of FDI and the institutional quality of the investors' home countries. The findings challenge the commonly applied ‘one-size-fits-all’ perspective on FDI. Both high- and low-technology investments can contribute to sustainable development in the host region. However, the source of the foreign investment plays a critical role: FDI from countries with weaker institutional frameworks can have harmful effects, regardless of the sector involved. These insights carry significant implications for policymakers and scholars, particularly in the context of emerging economies, suggesting that the assumed benefits of FDI warrant closer scrutiny.

研究表明，外国直接投资对东道国的环境既有积极的影响，也有消极的影响。然而，这些截然不同的结果背后的机制尚不清楚。本研究通过分析巴西圣保罗州的区域数据，探讨外商直接投资的技术含量如何影响东道国。此外，借鉴基于制度的观点，本研究考虑了外国直接投资来源国的作用和投资者本国的制度质量。研究结果挑战了普遍适用的“一刀切”FDI观点。高技术和低技术投资都可以促进东道国的可持续发展。然而，外国投资的来源起着至关重要的作用：来自体制框架较弱的国家的外国直接投资可能产生有害影响，无论涉及哪个部门。这些见解对政策制定者和学者具有重要意义，尤其是在新兴经济体的背景下，这表明，FDI的假定好处值得更仔细地审视。

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引用次数: 0

Corporate governance, finance, and global strategy 公司治理、金融和全球战略

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-28 DOI: 10.1016/j.ibusrev.2025.102499

Konstantinos Bozos , Igor Filatotchev , Marc Goergen

We bring together insights from international business (IB), finance, economics, and accounting to offer a multi-faceted perspective on firm strategies and global governance. Complex, multi-level institutional environments—particularly in emerging markets—necessitate cross-fertilisation between IB and other disciplines. Research on the role of foreign investors in both corporate financing and internationalisation is associated with persistent gaps and research opportunities, especially in understanding how state-owned enterprises and sovereign wealth funds navigate regulatory and governance challenges. Evolving management accounting practices require that traditional frameworks be adapted to better accommodate multi-national contexts. Further, the latest developments in research on capital structure and financial constraints suggest that they act as both barriers and enablers for international expansion. Finally, contemporary challenges, such as populism, climate risk, and digital disruption, underscore the pressing need for interdisciplinary research with purpose and broad scope. We recommend an integrated research agenda that reconciles these diverse elements to advance both theory and practice in global business.

我们汇集了国际商业（IB）、金融、经济和会计方面的见解，为企业战略和全球治理提供了多方面的视角。复杂的、多层次的制度环境——尤其是在新兴市场——需要IB和其他学科之间的相互促进。关于外国投资者在企业融资和国际化中的作用的研究，与持续存在的差距和研究机会有关，尤其是在理解国有企业和主权财富基金如何应对监管和治理挑战方面。不断发展的管理会计实践要求对传统框架进行调整，以更好地适应多国背景。此外，关于资本结构和金融约束的最新研究进展表明，它们既是国际扩张的障碍，也是推动因素。最后，民粹主义、气候风险和数字颠覆等当代挑战凸显了对有目的、范围广泛的跨学科研究的迫切需要。我们建议制定一个综合研究议程，协调这些不同的因素，以推进全球商业的理论和实践。

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引用次数: 0

Cross-country evidence of e-commerce SME internationalization and the role of policy 跨国电子商务中小企业国际化的实证与政策作用

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-21 DOI: 10.1016/j.ibusrev.2025.102488

Yama Temouri , Geoffrey Wood , Vijay Pereira , Krista B. Lewellyn , Dimitrios Reppas

This paper provides an exploratory analysis of international e-commerce activity using cross-country data for SMEs from around the world. We explore how legal origin, institutional development, infrastructure, and policy variation affect SME e-commerce activity, challenging common assumptions about which institutional combinations best support innovative areas of economic activity. Our analysis uses fuzzy-set qualitative comparative analysis (fsQCA) and draws on contextual metrics and data from the Future of Business Survey - a collaboration between Facebook, the OECD, and the World Bank. Counter-intuitively, our findings show that high-intensity e-commerce SME exporters in emerging markets report greater satisfaction with domestic policies than their counterparts in developed countries with more mature institutional frameworks. Moreover, SMEs from common law systems do not seem to enjoy inherent advantages, despite assumption that these countries can better foster successful outward-oriented entrepreneurship. We explore potential explanations for these unexpected results. Finally, although light regulation is often promoted as key to business growth, our findings suggest that SMEs with high export intensity value consistency and coherence in policy and regulation. We draw implications from our study for both theory and policy.

本文利用跨国数据对全球中小企业的国际电子商务活动进行了探索性分析。我们探讨了法律渊源、制度发展、基础设施和政策变化如何影响中小企业电子商务活动，挑战了关于哪些制度组合最能支持创新经济活动领域的普遍假设。我们的分析使用模糊集定性比较分析（fsQCA），并借鉴了Facebook、经合组织和世界银行合作开展的“未来商业调查”的相关指标和数据。与直觉相反，我们的研究结果表明，新兴市场高强度电子商务中小企业出口商对国内政策的满意度高于制度框架更成熟的发达国家的出口商。此外，来自普通法国家的中小企业似乎并不享有固有的优势，尽管人们认为这些国家可以更好地培养成功的外向型创业精神。我们探讨了这些意外结果的潜在解释。最后，尽管轻监管经常被认为是企业增长的关键，但我们的研究结果表明，高出口强度的中小企业重视政策和监管的一致性和连贯性。我们的研究对理论和政策都有启示。

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引用次数: 0