International Business Review最新文献_第5页

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

Configurations of weight, voice and distance and headquarters positive attention: Weight matters most 权重、声音和距离的配置以及总部的积极关注：权重最重要

IF 5.9 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-14 DOI: 10.1016/j.ibusrev.2025.102485

Rian Drogendijk , Hammad ul Haq , Desirée Blankenburg Holm

Weight, voice, and distance are proposed in the literature as determinants of positive attention from MNC headquarters for subsidiaries. Few studies have, however, investigated how combinations of these three causal conditions may jointly impact positive attention. Based on the existing literature, we hypothesize how different combinations result in subsidiaries’ gaining headquarters attention. We test our hypotheses using qualitative comparative analysis (QCA) leading to the surprising result that any combination of conditions including subsidiary weight leads to attention as outcome, including weight alone. We further substantiate this result through regression analysis using survey data. Together, our empirical studies show that weight alone is related to headquarters’ positive attention, while voice and distance do not play a decisive role in influencing headquarters’ positive attention for subsidiaries abroad. These findings challenge existing research claiming voice as a means to gain headquarters’ attention, especially for distant or peripheral subsidiaries.

文献中提出，权重、话语权和距离是跨国公司总部对子公司积极关注的决定因素。然而，很少有研究调查这三种因果条件的组合如何共同影响积极注意力。在现有文献的基础上，我们假设不同的组合如何导致子公司获得总部的关注。我们使用定性比较分析（QCA）测试了我们的假设，得出了令人惊讶的结果，包括辅助权重在内的任何条件组合都会导致注意力作为结果，包括单独的权重。我们利用调查数据进行回归分析，进一步证实了这一结果。综上所述，我们的实证研究表明，权重本身与总部的积极关注有关，而语音和距离在影响总部对海外子公司的积极关注方面并不起决定性作用。这些发现挑战了现有的研究，即声音是获得总部关注的一种手段，特别是对于遥远或外围的子公司。

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引用次数: 0

Unveiling the influence of host-country religiosity on the completion of cross-border merger and acquisition deals 揭示东道国宗教信仰对跨国并购交易完成的影响

IF 5.9 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-14 DOI: 10.1016/j.ibusrev.2025.102483

Zhigang Zuo , Wenquan Zheng , Chengqi Wang , Jiaoyue Su , Malay N. Desai

While international business (IB) literature highlights the impact of religious distance on cross-border mergers and acquisitions (CBMAs), limited research has examined how host-country religiosity, defined as the popularity and devoutness of religious beliefs, affects the completion of inward CBMA deals. Using a propensity score matching (PSM) approach and analyzing 4290 CBMA transactions across 105 host countries from 1999 to 2019, we find that higher levels of host-country religiosity reduce the likelihood of CBMA deal completion, independent of religious distance. We further identify increased distrust toward foreign acquirers as a key mediating mechanism. However, a stage-by-stage acquisition strategy, rather than a one-off, full-control approach, mitigates the negative impact of religiosity on deal completion. Our findings contribute to CBMA research by positioning host-country religiosity as a critical determinant of deal outcomes, revealing social trust as a mediating factor, and highlighting the moderating role of acquisition structuring.

虽然国际商业（IB）文献强调了宗教距离对跨境并购（CBMA）的影响，但有限的研究考察了东道国的宗教信仰（定义为宗教信仰的受欢迎程度和虔诚程度）如何影响内向CBMA交易的完成。利用倾向得分匹配（PSM）方法分析了1999年至2019年105个东道国的4290笔CBMA交易，我们发现东道国的宗教信仰水平越高，CBMA交易完成的可能性就越低，与宗教距离无关。我们进一步发现，对外国收购者日益增加的不信任是一个关键的调解机制。然而，一个分阶段的收购策略，而不是一次性的、完全控制的方法，可以减轻宗教信仰对交易完成的负面影响。我们的研究结果将东道国的宗教信仰定位为交易结果的关键决定因素，揭示了社会信任是一个中介因素，并强调了收购结构的调节作用，从而为CBMA研究做出了贡献。

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引用次数: 0

Digital standardization vs. adaptation: Mitigating the liability of outsidership – A literature review 数字标准化与适应：减轻外部责任-文献综述

IF 5.9 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-12 DOI: 10.1016/j.ibusrev.2025.102487

Keith D. Brouthers , Christine Ascencio , Mamoun Benmamoun , Hadi Alhorr

Traditionally, firms expanding internationally must decide on when to modify their business model by either standardizing or adapting their products, price, promotion, and distribution activities to overcome the liability of foreignness (LOF). However, firms that pursue internationalization through internet-based digital ventures—such as websites, mobile applications, social media, and online platforms—encounter distinct entry barriers that give rise to a liability of outsidership (LOO). We contribute to this literature by proposing a conceptual framework and theoretical perspective that explains how the degree of business model standardization or adaptation can influence the extent to which firms can reduce both LOF and LOO in digital internationalization. We then conduct a systematic literature review of existing research on digital standardization and adaptation, highlighting current findings and identifying key gaps in the field. Our review of 49 relevant studies reveals that much of the existing research is fragmented, often lacks a unifying theoretical foundation, and primarily focuses on website and promotional adaptation, largely neglecting other critical business model components and the broader set of digital-specific entry barriers. Drawing on our theory and literature review we develop recommendations to guide future research and advance our understanding of this important issue.

传统上，在国际上扩张的公司必须决定何时通过标准化或调整其产品、价格、促销和分销活动来修改其商业模式，以克服外国责任（LOF）。然而，通过基于互联网的数字企业（如网站、移动应用程序、社交媒体和在线平台）追求国际化的公司会遇到明显的进入壁垒，从而产生外部责任（LOO）。我们通过提出一个概念框架和理论视角来解释商业模式标准化或适应程度如何影响企业在数字国际化中减少LOF和LOO的程度，从而为这一文献做出贡献。然后，我们对现有的数字标准化和适应研究进行了系统的文献综述，强调了当前的发现，并确定了该领域的关键差距。我们对49项相关研究的回顾表明，现有的许多研究都是碎片化的，往往缺乏统一的理论基础，主要关注网站和促销适应，在很大程度上忽视了其他关键的商业模式组成部分和更广泛的数字特定的进入壁垒。根据我们的理论和文献综述，我们提出了指导未来研究的建议，并促进了我们对这一重要问题的理解。

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引用次数: 0

International relations and foreign divestment of multinational enterprises 跨国企业的国际关系与对外撤资

IF 5.9 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-10 DOI: 10.1016/j.ibusrev.2025.102484

Sihong Wu , Di Fan , Yiyi Su

Due to the growing complexity of international relations over the past decade, multinational enterprises (MNEs) have embarked on a new era characterized by novel challenges and opportunities. The reversal trend of internationalization has evoked a fast-growing research interest in MNEs’ foreign divestment decisions. However, scant research has integrated the changing international relations in order to examine their propensity to divest. Drawing on insights from the international relations perspective, this study explores the impact of host-country national sentiment (characterized by the prioritization of national interests) and home-host country diplomatic relations (centered on fostering bilateral interests) on foreign divestment. Our findings show that MNEs’ propensity to divest increases when host-country national sentiment becomes stronger but decreases when home-host countries have strengthened diplomatic engagement. These relationships are moderated by MNEs’ ownership strategy. Overall, this study enriches the literature and offers new insights into de-globalization and the research of unilateral and bilateral relations in international business.

近十年来，由于国际关系日益复杂，跨国企业进入了一个充满新挑战和新机遇的新时代。国际化的逆转趋势引起了对跨国公司海外撤资决策的快速研究兴趣。然而，很少有研究综合了不断变化的国际关系，以便审查它们的撤资倾向。利用国际关系视角的见解，本研究探讨了东道国民族情绪（以国家利益优先为特征）和东道国外交关系（以促进双边利益为中心）对外国撤资的影响。我们的研究结果表明，当东道国的民族情绪变得更强烈时，跨国公司的撤资倾向会增加，但当东道国加强外交接触时，跨国公司的撤资倾向会减少。这些关系受到跨国公司所有权战略的调节。总的来说，本研究丰富了文献，并为去全球化和国际商务中单边和双边关系的研究提供了新的见解。

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引用次数: 0

The role of SME owner-managers’ leadership self-efficacy, cultural intelligence and emotional intelligence in foreign market entry mode 中小企业经营者领导自我效能感、文化智力和情绪智力在国外市场进入模式中的作用

IF 5.9 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-09 DOI: 10.1016/j.ibusrev.2025.102482

Avaz Mammadov , Andreas Wald

Small and medium-sized enterprises (SMEs) internationalize to pursue growth opportunities, diversify revenue sources, and enhance competitiveness. Choosing an appropriate foreign market entry mode (non-equity modes such as direct exports, or equity-based modes such as acquisitions) is crucial, as it affects resource allocation, control, and risk in new markets. However, existing literature on entry modes focuses on large firms, limiting the understanding of how SME owner-managers’ individual competencies influence these decisions. Drawing on upper echelons theory, this study examines how individual-level competencies shape SMEs’ foreign market entry mode choices. Specifically, it highlights how leadership self-efficacy (LSE) drives SME owner-managers toward equity-based entry modes, while cultural intelligence (CQ) and emotional intelligence (EQ) strengthen this relationship by equipping leaders to navigate cultural and emotional complexities in international markets. Data were collected from 399 SME owner-managers in Norway and Azerbaijan and analyzed using binary logistic regression. The results confirm that high LSE is positively associated with equity-based entry modes, with CQ and EQ amplifying this effect. This study contributes to the literature in three ways. First, it introduces LSE as a novel factor in SME foreign market entry. Second, it extends the understanding of CQ and EQ as critical amplifiers in SMEs’ entry mode decisions. Finally, by applying upper echelons theory to SMEs, the study addresses a gap in the literature, demonstrating how individual-level competencies uniquely shape SMEs’ strategic choices in foreign market entry.

中小企业的国际化是为了寻求增长机会，使收入来源多样化，提高竞争力。选择适当的外国市场进入模式（非股权模式，如直接出口，或股权模式，如收购）是至关重要的，因为它影响到新市场的资源配置、控制和风险。然而，关于进入模式的现有文献侧重于大公司，限制了对中小企业所有者-经理个人能力如何影响这些决策的理解。本研究以上层梯队理论为基础，探讨个人胜任力对中小企业海外市场进入模式选择的影响。具体来说，它强调了领导自我效能（LSE）如何推动中小企业所有者-管理者走向基于股权的进入模式，而文化智力（CQ）和情商（EQ）通过装备领导者在国际市场中驾驭文化和情感复杂性来加强这种关系。本文从挪威和阿塞拜疆的399名中小企业业主经理中收集数据，并使用二元逻辑回归进行分析。结果证实，高LSE与基于股票的进入模式呈正相关，而CQ和EQ放大了这种影响。本研究对文献的贡献体现在三个方面。首先介绍了LSE作为中小企业进入国外市场的一个新因素。其次，它扩展了对CQ和EQ作为中小企业进入模式决策关键放大器的理解。最后，通过将上层梯队理论应用于中小企业，研究填补了文献中的空白，展示了个人层面的能力如何独特地塑造了中小企业进入国外市场的战略选择。

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引用次数: 0

Cultural dimensions and corporate controversies: The moderating role of corporate governance 文化维度与公司争议：公司治理的调节作用

IF 5.9 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-07-09 DOI: 10.1016/j.ibusrev.2025.102486

Ranjan DasGupta , Soumya Guha Deb

This study examines the relationship between national culture, defined by Hofstede's cultural dimensions, and corporate controversies across countries, while assessing the influence of firm-level corporate governance on moderating this connection. It finds more likelihood of controversies in cultures characterized by individualism, femininity, high power distance, low uncertainty avoidance, short-term orientation, and indulgence. Notably, certain CG mechanisms—especially board independence and a higher presence of female directors—can help reduce firms’ involvement in controversies, though their moderating effects vary across different cultural contexts. Furthermore, enhancing our baseline analysis, we categorize corporate controversies, analyse the influence of cultural traits on each category, and highlight specific cultural combinations associated with a decreased risk of controversies. Our findings underscore the complex interplay of cultural influences and governance structures in the ethical operations of cross-country firms.

本研究考察了国家文化（由Hofstede的文化维度定义）与跨国公司争议之间的关系，同时评估了公司层面的公司治理对调节这种联系的影响。研究发现，在以个人主义、女性化、高权力距离、低不确定性规避、短期导向和放纵为特征的文化中，更有可能发生争议。值得注意的是，某些CG机制——尤其是董事会独立性和女性董事的增加——可以帮助减少公司卷入争议，尽管它们的调节作用在不同的文化背景下有所不同。此外，为了加强我们的基线分析，我们对企业争议进行了分类，分析了文化特征对每个类别的影响，并强调了与降低争议风险相关的特定文化组合。我们的研究结果强调了跨国公司道德运营中文化影响和治理结构的复杂相互作用。

引用次数: 0

Women’s representation on boards, diversity practices, and internationalization: Evidence from greenfield investment 董事会女性代表、多元化实践和国际化：来自绿地投资的证据

IF 5.9 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-06-27 DOI: 10.1016/j.ibusrev.2025.102481

Yeongsu Anthony Kim , María del Carmen Triana

This study examines the role of women directors in shaping strategic decisions within corporate boards, with a particular emphasis on internationalization strategies such as greenfield investments among S&P 500 firms. While existing research highlights the benefits of women’s board representation for firm performance, it often overlooks their contributions to critical decision-making areas. We argue that female directors enhance their influence on board decisions by promoting diversity practices, which enable firms to leverage their unique perspectives more effectively. Furthermore, we posit that advocacy for diversity decreases as women’s board representation reaches a critical mass. Lastly, we link diversity practices to enhanced firm adaptability in complex business environments. By investigating the mediating mechanisms through which gender-diverse boards influence international strategies, our research addresses gaps in the literature on board diversity, entry modes, and diversity, equity, and inclusion (DEI) initiatives. This study offers insights into how women’s representation on boards translates into actionable influence, fostering improved strategic decision-making and organizational performance.

本研究考察了女性董事在公司董事会中形成战略决策方面的作用，特别强调了国际化战略，如标准普尔500强公司的绿地投资。虽然现有的研究强调了女性董事会成员对公司业绩的好处，但往往忽视了她们在关键决策领域的贡献。我们认为，女性董事通过促进多元化实践增强了她们对董事会决策的影响力，这使公司能够更有效地利用她们独特的观点。此外，我们认为，随着女性董事会代表达到临界数量，对多样性的倡导就会减少。最后，我们将多样性实践与增强企业在复杂商业环境中的适应性联系起来。通过调查性别多元化董事会影响国际战略的中介机制，我们的研究解决了董事会多元化、进入模式以及多元化、公平和包容（DEI）倡议方面的文献空白。这项研究提供了关于女性在董事会中的代表性如何转化为可操作的影响力，促进改进的战略决策和组织绩效的见解。

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引用次数: 0

Venture firms’ internationalization: The case of emerging challengers 风险投资公司的国际化：新兴挑战者的案例

IF 5.9 1区管理学 Q1 BUSINESS

International Business Review

Pub Date : 2025-06-12 DOI: 10.1016/j.ibusrev.2025.102480

Taewoo Roh , Shufeng Xiao , Pervez N. Ghauri , Byung Il Park , Soo Jung Oh

The contributions of market-seeking and strategic resource-seeking motives to firms’ internationalization have been widely recognized. However, previous studies have paid scant attention to how firms’ strategic behavior regarding capacity-based searches can differ in certain contexts. Thus, little is known about the effect of the relationship between ownership and capacity-based searches on venture firms’ internationalization. Drawing on the behavioral theory of the firm, we identify the relationship between innovation performance feedback and the internationalization of specific venture firm types (i.e., emerging challengers) that are motivated to adopt both slack search and problemistic search. We then further explore the moderating effect of two ownership types (i.e., internal principal and international outsidership) on this relationship. Using a sample of 300 venture firms, our results show that innovation performance feedback is vital in encouraging firms’ internationalization. This relationship is further strengthened by firms’ internal and external ownership competence. The results are verified using a qualitative method, providing triangulation of findings.

市场寻求动机和战略资源寻求动机对企业国际化的贡献已得到广泛认可。然而，以往的研究很少关注企业在某些情况下，基于能力的搜索的战略行为是如何不同的。因此，关于所有权和能力搜索之间的关系对风险公司国际化的影响知之甚少。利用企业行为理论，我们确定了创新绩效反馈与特定风险公司类型（即新兴挑战者）国际化之间的关系，这些风险公司类型被激励采用松弛搜索和问题搜索。然后，我们进一步探讨了两种所有权类型（即内部委托人和国际局外人）对这种关系的调节作用。以300家风险投资公司为样本，我们的研究结果表明，创新绩效反馈对促进企业国际化至关重要。企业的内部和外部所有权能力进一步加强了这种关系。使用定性方法验证了结果，提供了结果的三角测量。

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引用次数: 0