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Downward spiral of firms’ political strategies in conflict zones: A process analysis of an MNE's operations during an active civil war 冲突地区公司政治战略的下行螺旋:对活跃内战期间跨国公司业务的过程分析
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-04-02 DOI: 10.1016/j.jwb.2025.101640
Nathalie Belhoste , Anna Dimitrova
Applying resource dependence and process theory to an in-depth case study of a French MNE that maintained operations in Syria despite the civil war, we provide a processual and multilevel analysis of how political strategies evolve in response to civil war dynamics and complexity. We show that strategies are mainly conditioned by the firm's interactions and interdependencies with non-state armed groups. We further reveal that rather than ensuring firm survival, political strategies may cause a downward spiral, binding the firm to the warring context as it crosses over to the “dark side” of political strategies, and eventually forcing its exit.
将资源依赖和过程理论应用到一个法国跨国公司的深入案例研究中,该公司在内战期间仍在叙利亚维持业务,我们提供了一个过程和多层次的分析,分析政治战略如何随着内战的动态和复杂性而演变。我们表明,战略主要取决于公司与非国家武装团体的互动和相互依赖。我们进一步揭示,政治战略并不能确保企业的生存,反而可能导致恶性循环,使企业在跨越到政治战略的“黑暗面”时,被束缚在交战的环境中,并最终迫使其退出。
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引用次数: 0
Co-ethnic immigrant communities, cross-national distance, and foreign location choice of family firms from emerging economies 异族移民社区、跨国距离与新兴经济体家族企业海外区位选择
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-04-01 DOI: 10.1016/j.jwb.2025.101641
Zhongfeng Su , Jiatao Li , Wenping Ye , Yaya Shi , Bangzhu Zhu
Can co-ethnic immigrant communities (CICs) influence the foreign location choice of family firms from emerging economies (FFEs) under different cross-national distance conditions? To answer this question, this study explores how the effect of CIC size on the foreign location choice of FFEs varies with four key types of cross-national distances. By using the data of 885 investments of Chinese family firms in 161 countries, this study finds that CIC size has a positive effect on the location choice of such firms. Moreover, the effect is strengthened by administrative and knowledge distances, weakened by global connectedness distance, and does not vary with relational distance. This study adds insights into the antecedents of foreign location choice and clarifies the role of CICs in helping FFEs overcome the challenges of different types of cross-national distances. By contextualizing FFEs, this study can benefit family firm internationalization research.
不同跨国距离条件下,同民族移民社区是否会影响新兴经济体家族企业的海外区位选择?为了回答这一问题,本研究探讨了CIC规模对外资企业海外区位选择的影响如何随四种关键类型的跨国距离而变化。本文利用中国家族企业在161个国家的885项投资数据,发现中投规模对家族企业的区位选择具有正向影响。此外,管理距离和知识距离增强了这种效应,全球连接距离削弱了这种效应,并且不随关系距离而变化。本研究进一步揭示了跨国企业海外区位选择的前因,并阐明了跨国企业在克服不同类型跨国距离挑战方面的作用。通过对家族企业国际化背景的分析,本研究对家族企业国际化研究具有借鉴意义。
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引用次数: 0
US-China decoupling and the Chinese firms’ real option to defer overall but R&D investment 中美脱钩与中国企业推迟整体研发投资的实际选择
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-03-31 DOI: 10.1016/j.jwb.2025.101643
Liang Shao , Zaiyang Xie , Yixin Qiu , Liang Wang
The evolving decoupling between the U.S. and China, and the resulting bifurcation of the global economy, represents one of the biggest external uncertainties in international business since the end of the Cold War. From a real options perspective, this study conducted a content analysis of the annual reports of Chinese publicly-listed firms (2016–2021) to capture how these firms perceived the uncertainty stemming from decoupling and adjusted their investment strategies accordingly. The data show that the perception of decoupling uncertainty, and associated concerns of the economic downturn and profitability, triggered Chinese firms to defer overall investments. The impact is limited to manufacturing industries where investment typically is more irreversible, and private firms’ investment decisions are more subjective to the uncertainty. Moreover, the impact differs across different types of investments: decoupling uncertainty affects capital expenditure but not R&D investment. Our study sheds light on the manifestations of decoupling in firm-level investment strategies. Furthermore, the study answers the call to incorporate subjective judgment of uncertainty in the real options theory by revealing the impact of perceived uncertainty on different types of firm investments.
中美之间不断演变的脱钩,以及由此导致的全球经济分化,是冷战结束以来国际商业中最大的外部不确定性之一。本研究从实物期权的角度,对2016-2021年中国上市公司年报进行了内容分析,以了解这些公司如何感知脱钩带来的不确定性,并相应地调整其投资策略。数据显示,对脱钩不确定性的认知,以及对经济下滑和盈利能力的相关担忧,促使中国企业推迟整体投资。这种影响仅限于制造业,因为制造业的投资通常更不可逆,私营企业的投资决策对不确定性更主观。此外,对不同类型投资的影响是不同的:脱钩不确定性影响资本支出,但不影响研发投资。我们的研究揭示了企业层面投资策略中的脱钩现象。此外,该研究通过揭示感知不确定性对不同类型企业投资的影响,回应了在实物期权理论中纳入不确定性主观判断的呼吁。
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引用次数: 0
Pace of pro-market reforms, performance feedback, and strategic renewal actions of emerging economy firms 新兴经济体企业的市场化改革步伐、绩效反馈和战略更新行动
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-03-24 DOI: 10.1016/j.jwb.2025.101642
Manish Popli , Mehul Raithatha
How do firms in emerging economies react to competitive contexts shaped by the temporal advancement of pro-market reforms? With multi-country analysis, this research shows that as the pace of reforms increases in emerging economies, the incumbent firms engage in strategic renewal actions of internal development and external sourcing through acquisitions. Furthermore, this study integrates the problemistic search perspective and finds that facing a faster pace of pro-market reforms, firms with performance above the aspiration level prioritize augmentation in internal capabilities. In contrast, firms performing below the aspiration level prioritize either domestic or cross-border mergers and acquisitions. We test our hypotheses using 55,068 firm-year observations from 37 emerging economies from 1998 to 2019. This study contributes by providing a better understanding of 'when', 'how,' and 'why' firms from emerging economies take specific strategic renewal actions as their home markets evolve.
新兴经济体的企业如何应对由亲市场改革的暂时推进所形成的竞争环境?通过对多个国家的分析,本研究表明,随着新兴经济体改革步伐的加快,现有企业参与了内部发展和通过收购进行外部采购的战略更新行动。此外,本研究整合了问题搜索视角,发现面对更快的市场化改革步伐,绩效高于期望水平的企业优先考虑内部能力的增强。相比之下,业绩低于预期水平的公司优先考虑国内或跨境并购。我们使用来自37个新兴经济体1998年至2019年的55068个公司年观察结果来检验我们的假设。这项研究有助于更好地理解新兴经济体企业在其本土市场发展的过程中“何时”、“如何”以及“为什么”采取具体的战略更新行动。
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引用次数: 0
Abandonment of cross-border acquisitions: The role of target country context 放弃跨境收购:目标国家背景的作用
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-03-11 DOI: 10.1016/j.jwb.2025.101638
Martina Musteen , Xialu Liu , Dwarka Chakravarty
Drawing primarily upon institutional theory, we examine the impact of the target country context on the abandonment of cross-border acquisitions (CBAs). We focus on four inter-related but distinct dimensions of target country context – the quality of formal institutions reflected in the regulatory ease of doing business, the quality of informal institutions assessed as the level of corruption, the city location of the acquisition target (i.e. whether the acquisition target is located in a global city vs. elsewhere), and the overall level of country economic development (i.e., advanced vs. emerging). Based on this framework, we argue that while business-friendly formal institutions in the target country generally reduce the likelihood of CBA abandonment, the quality of informal institutions has a non-linear effect on CBA abandonment, and the location of the acquisition target in a global city reduces the likelihood of CBA abandonment. We also posit that these relationships are moderated by the target country's level of economic development. We test these predictions using a large sample of 1,459 CBAs in 70 target countries and find empirical support for most of our hypotheses.
主要利用制度理论,我们研究了目标国家背景对放弃跨境收购(cba)的影响。我们关注目标国家背景的四个相互关联但又不同的维度——正式制度的质量反映在做生意的监管便利程度上,非正式制度的质量评估为腐败程度,收购目标的城市位置(即收购目标是否位于全球城市或其他地方),以及国家经济发展的总体水平(即发达与新兴)。基于这一框架,我们认为,虽然收购目标国家的商业友好型正式制度通常会降低CBA放弃的可能性,但非正式制度的质量对CBA放弃具有非线性影响,并且收购目标在全球城市的位置降低了CBA放弃的可能性。我们还假设这些关系受到目标国家经济发展水平的调节。我们使用70个目标国家的1459个cba的大样本来测试这些预测,并为我们的大多数假设找到了实证支持。
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引用次数: 0
Cluster Internationalization to Tax Havens by Multinational Enterprises: An Exploration of Imitative Behaviour 跨国企业向避税天堂的集群国际化:模仿行为的探索
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-02-27 DOI: 10.1016/j.jwb.2025.101630
Ha-Phuong Luong , Chris Jones , Yama Temouri
This paper explores the factors that influence the internationalization of multinational enterprises (MNEs) from clusters, with a particular focus on the use of tax havens. Institutional Theory is used as our theoretical framework, with mimetic isomorphism highlighted as a primary mechanism connecting cluster characteristics to MNE internationalization. By analyzing firm-level data for the UK and Germany from 2008-2019, we show that institutional features within clusters—such as imitation, the co-location of professional services, and industrial concentration—facilitate this form of internationalization. Furthermore, the findings improve research on cluster internationalization, indicating that the imitation effect is amplified by firm leadership and experience.
本文探讨了影响集群跨国企业(MNEs)国际化的因素,特别关注避税天堂的使用。本文以制度理论为理论框架,强调了拟态同构是连接集群特征与跨国公司国际化的主要机制。通过分析英国和德国2008-2019年的企业层面数据,我们发现集群内部的制度特征——如模仿、专业服务的共同定位和产业集中度——促进了这种形式的国际化。此外,研究结果还进一步完善了集群国际化研究,表明企业领导和经验会放大模仿效应。
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引用次数: 0
Serving national security? MNE responses in economic war 为国家安全服务?跨国公司在经济战中的反应
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-02-26 DOI: 10.1016/j.jwb.2025.101628
Michael A. Witt , Luciano Ciravegna
We argue that national security concerns can be an important driver of market exit decisions of MNEs. Drawing on institutional theory and using fuzzy-set qualitative comparative analysis (fsQCA) on a sample of 196 MNEs from 26 home countries, we find that two factors expressing pressure arising from national security concerns combined with three organizational boundary conditions account for 88 % of exit decisions of MNEs from the Russian market following the start of the Ukraine War. We extend theory by establishing national security as a source of legitimacy pressure affecting MNE strategic choices and by elaborating contingencies under which national security pressures are sufficient for market exit, at least in the context of economic war. Our findings may further be relevant to the sanctions literature in international business by indicating that the impact of sanctions is contingent on organizational-level conditions.
我们认为,国家安全问题可能是跨国公司市场退出决策的重要驱动因素。根据制度理论,我们对来自26个母国的196家跨国公司进行了模糊集定性比较分析(fsQCA),结果发现,乌克兰战争开始后,跨国公司退出俄罗斯市场的决定中,有88%的原因是国家安全问题带来的两个压力因素加上三个组织边界条件。我们通过将国家安全作为影响跨国公司战略选择的合法性压力的来源,并通过阐述国家安全压力足以导致市场退出(至少在经济战背景下)的突发事件来扩展理论。我们的研究结果可能进一步与国际商业中的制裁文献相关,表明制裁的影响取决于组织层面的条件。
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引用次数: 0
Exploring Corporate Philanthropy, Home Country Foreign Aid, and Country of Origin-Based Stigma for Multinational Enterprises: An Experimental Study 跨国企业的企业慈善、母国外援与母国污名:一项实验研究
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-02-08 DOI: 10.1016/j.jwb.2025.101623
Yuehua Xu , Jiatao Li , Yimin Wang , Li Xin , Haichuan Zhao
This study aims to advance the understanding of the effectiveness of strategies addressing the country of origin (COO)-based stigma of a multinational enterprise (MNE), a persistent form of liability of the COO. On the basis of integrated insights from research on stigma by association and identity salience, we propose that when an MNE's home country is implicated in a negative global event, similar strategies at different levels (corporate philanthropy and foreign aid) would differentially affect its COO-based stigma resulting from its association with its home country. The results of scenario-based experimental analyses indicate that while MNEs’ philanthropic efforts reduce stigma, aid from their home country increases stigma among host country consumers.
本研究旨在促进对跨国企业(MNE)基于原产国(COO)的污名化策略有效性的理解,这是一种持续存在的COO责任形式。基于关联和身份显著性对耻辱感研究的综合见解,我们提出,当跨国公司的母国卷入负面的全球事件时,不同层面(企业慈善和对外援助)的类似策略会对其与母国的关联产生的基于运营官的耻辱感产生不同的影响。基于场景的实验分析结果表明,虽然跨国公司的慈善努力减少了耻辱感,但来自母国的援助增加了东道国消费者的耻辱感。
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引用次数: 0
Quantification of cultural practices and diversity: An empirical experiment with generative artificial intelligence 文化实践和多样性的量化:生成式人工智能的实证实验
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-02-07 DOI: 10.1016/j.jwb.2025.101622
Wolfgang Messner
Culture is often viewed as a value system that shapes cultural practices. Frameworks like Hofstede, GLOBE, and Schwartz identify and quantify various cultural dimensions; however, these rely on surveys that are criticized for limited country coverage, lack of psychometric robustness, small sample sizes, and cultural biases. This article presents an empirical experiment designed to quantify cultural practices and diversity across 216 countries and territories by prompting large language models using a zero-shot learning strategy. This approach enables subnational and segment-specific analyses, equipping researchers with powerful tools for deeper cultural insights.
文化通常被视为塑造文化实践的价值体系。Hofstede、GLOBE和Schwartz等框架确定并量化了各种文化维度;然而,这些依赖于因国家覆盖范围有限、缺乏心理测量稳健性、样本量小和文化偏见而受到批评的调查。本文提出了一项实证实验,旨在通过使用零机会学习策略的大型语言模型来量化216个国家和地区的文化实践和多样性。这种方法能够进行次国家和特定细分市场的分析,为研究人员提供更深入的文化见解的强大工具。
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引用次数: 0
Negative performance feedback, CEO power and internationalization 负面绩效反馈、首席执行官权力和国际化
IF 8.9 1区 管理学 Q1 BUSINESS Pub Date : 2025-02-06 DOI: 10.1016/j.jwb.2025.101626
Tao Bai , Abby Jingzi Zhou , Steven Shijin Zhou , Peter Liesch
We examine the critical role of CEO power in influencing the firm's internationalization in response to negative performance feedback. Firms with CEOs who possess strong ownership and expert power may adopt a self-enhancement approach avoiding strategic changes within the firm such as pursuing internationalization to address a performance shortfall. In contrast, those with CEOs who wield significant structural and prestige power may adopt a problem-solving approach using internationalization as a solution. Positive performance prospects, as identified by business analysts, intensify these patterns. Data from 462 newly listed public companies in China from 2009 to 2020 support our hypotheses. We conclude that firms may internationalize to address domestic performance shortfalls rather than to exploit advantages in overseas markets.
我们考察了CEO权力在负面绩效反馈下影响公司国际化的关键作用。拥有强大所有权和专家权力的首席执行官的公司可能会采取自我提升的方法,避免公司内部的战略变化,如追求国际化来解决绩效不足。相比之下,那些首席执行官拥有重要的结构和声望权力的公司可能会采用解决问题的方法,将国际化作为解决方案。正如业务分析师所确定的那样,积极的业绩前景加强了这些模式。2009年至2020年中国462家新上市公司的数据支持我们的假设。我们的结论是,企业可能通过国际化来解决国内绩效不足,而不是利用海外市场的优势。
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引用次数: 0
期刊
Journal of World Business
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