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1.
Abstract and Key Results
•  This study investigates (1) how capability exploitation and capability upgrading are associated with IJVs’ financial and competitive outcomes in an emerging market, and (2) how environmental dynamism (the key construct characterizing an emerging market) and interpartner cooperation (the key construct describing an IJV) moderate the effect of capability exploitation and upgrading on IJV performance.
•  Results suggest that IJVs in a foreign emerging market tend to perform better in both financial and competitive terms when they possess greater abilities to exploit current resources contributed by foreign and local partners and to continuously upgrade and develop new capabilities.
•  The contribution of capability exploitation and upgrading to IJV performance is stronger when IJVs operate in a more dynamic environment. When interpartner cooperation is superior, capability exploitation plays a bigger role in improving performance.
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2.
•  Drawing on the transaction costs, strategic capability and the strategic cognition perspectives, our study seeks to examine whether and how firms’ strategic orientations at the business level influence the entry mode choices that firms make in accessing foreign markets.
•  The study uses a sample of 332 foreign market entries made by 62 U.S. based firms over a period of 6 years to test hypotheses linking firm business level strategy to the choice of foreign entry modes.
•  Findings indicate that Prospectors are more likely to choose equity-based foreign market entry modes than Defenders. In addition, Prospectors favor full-ownership entry modes, namely, greenfield investments and full acquisitions, over shared-ownership modes such as joint ventures and partial acquisitions.
Deepak K. DattaEmail:
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3.
•  We examined perceptions differentiating key Colombian decisionmakers in 168 SMEs who decided to either internationalize or remain domestic. An integrative model compares managerial perceptions of competitive, macro-environmental and neo-institutional factors.
•  Foreign MNEs in the home market significantly differentiated decisions to internationalize, as well as the presence of internationalizing domestic competitors, anticipated product acceptance, and internationalizing suppliers.
•  The lack of findings for some institutional and macro-environmental factors may reflect important contextual features of the Colombian business environment.
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4.
•  Employing detailed industry-level data, this paper examines the country-of-origin effects of foreign direct investment in China.
•  The analysis demonstrates that there are significant differences in behaviour between investors from non-Chinese Western (NCW) source countries and those from Hong Kong, Macau and Taiwan (HMT).
•  The findings show that NCW investors target local market, while HMT investors are export-oriented. Furthermore, NCW firms are more responsive to local labour quality and technological capability than their HMT counterparts.
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5.
•  The process of foreign direct investment (FDI) is inherently uncertain as decisions surrounding investments are impacted by fragmented environments which offer contested views as to appropriate actions.
•  We propose a multi-level organizing framework of institutional influences on FDI and examine the differential effect of these forces at two points in time: Prior to a first investment and upon subsequent investments.
•  We posit that upon initial entry, firms are impacted primarily by coercive host country pressures, industry mimeticism, and internal firm norms. We expect these influences to change on subsequent entries with normative forces having the most salience.
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6.
•  In this study, we examine the impact of cumulative experience that arise from a series of sequential entries on the performance of foreign subsidiaries of multinational firms. Drawing upon the literature on organizational learning, we propose that multinational firms acquire different types of experience at the firm level, including general entry experience, entry specific experience, and exporting experience, which exert different influences on their performance. We also investigate the effect of experience on performance at the subsidiary level.
•  Using a dataset of 245 subsidiaries of 81 large U.S. firms in China, we find that firms’ entry specific experience, exporting experience, and subsidiary level experience exhibit significant effects on the return on sales of foreign subsidiaries.
•  Further, the effect of exporting experience gets weaker as firms accumulate more entry specific experience. Firms’ general entry experience, however, is not related to subsidiary performance.
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7.
•  This paper examines the FDI location strategies of firms from one of the Asian NIEs (Taiwan) in a rapidly emerging market (China). Although there is a substantial literature on FDI location choice, most studies model the choice as a function of a range of location-specific attributes such as local market size, labour costs etc. Few studies consider the impact of firm-specific characteristics, other than potential country-of-origin effects.
•  Yet locations, and especially those in emerging markets where institutions are weak and capital markets are immature, also differ in terms of their risk. Different shareholder constituencies within the parent company will typically have different preferences with regard to risk, and are therefore likely to favour some locations over others.
•  We find that the ownership structure of the parent company matters with regard to its FDI location decision and, in particular, that both family and non-family insider shareholders exert influence over the choice of location.
•  Furthermore we show that firms’ location and entry mode choices are inter-related, and establish that the extent of their resource commitments in their foreign affiliates leads parent companies to favour locations where the perceived risks are lower.
•  Finally we show that the efficacy of firms’ external relational linkages varies according to the strength of the cultural and historic ties between the location of the foreign affiliate and the home country.
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8.
Abstract and Key Results
•  This study contributes to the existing literature by empirically investigating the effect of FDI inflows on the aggregate labour productivity of China’s automotive industry.
•  A production function model is developed using a panel data set at sub-sector level. Two statistical models: pooled ordinary least squares model (POLS) and fixed effects model (FES) were used to estimate the influence of foreign direct investment on aggregate labour productivity in the industry.
•  Inward FDI plays a positive role in increasing industrial productivity, implying that the government should continue to encourage inward investment. However the results also suggest that efforts to increase capital intensity and average firm size in the industry will also improve labour productivity.
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9.
Abstract and Key Results
•  This paper introduces innovation, competition and regulatory change as dominant themes in international business.
•  These themes represent focussed trajectories for future research despite diversity in their causes, processes and consequences and the interactions between them which reflect the increasingly complex environment in which managers operate.
•  This diversity and the significant interactions between the three areas pose a challenge to scholars, with current research both shedding light on particular aspects and on the interactions between the elements in applied settings as demonstrated by the contributions to this focused issue.
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10.
•  Resource dependence theory was used to develop hypotheses on whether keiretsu affiliation, mutual dependence between the automaker core and supplier firms, and internationalization level of the affiliate firm have an effect on its performance.
•  The hypotheses were tested on archival data from the entire population of 470 first-tier automobile components suppliers in Japan.
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11.
Abstract and Key Results
•  This study discusses the underlying reasons for the variant nature of the relationship between multinationality and firm performance in the context of service firms.
•  To date, this line of research has mostly used evidence from manufacturing firms, despite the ever-increasing contribution of service firms to national and global economies.
•  We conduct an exploratory study using case analyses of large European retail banks. We argue that the nature of the multinationality-performance relationship for services is moderated by industry characteristics, market-based factors and firm-specific factors.
•  We conclude that the shape of the curve depicting the multinationality-performance relationship of retail banks experiences substantial variations on a single case level.
•  Our exploratory study of retail banks shows that the multinationality-performance relationship varies significantly depending on banks’ strategic decisions regarding branch network configurations, product portfolios, branding strategies, organizational architecture (HQ-subsidiary relationship), and social networks. Any generalization of the relationship is difficult and prone to error.
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12.
Abstract and Key Results
•  This study provides a comprehensive account of foreign establishment mode strategies of firms investing in Turkey. The results of the logistic regression modeling provide support to the hypothesized relationships that take into account the impact of host country specific motives of MNEs on their choice between acquisitions and greenfield investments.
•  The host country motives quality of inputs and market potential have significant negative coefficients, indicating that an MNE will favor the acquisition mode over a greenfield mode as the relative importance of both motives increases.
•  The host country motive of investment risk has a significant positive coefficient, which increases the likelihood of the venture being a greenfield investment.
•  Our results also show that the main investing firm specific and subsidiary level determinants of FDI modal choice identified in prior research also influence the establishment mode choice of Western MNEs when investing in Turkey. Parent diversity, previous commercial association, ownership pattern and resource-intensiveness of the target industry have the expected impact on the foreign investor’s choice between a greenfield investment and an acquisition.
•  No support is found, however, for the impact of cultural distance and foreign parent size on establishment mode choice. Similarly, the control variables of home region of the investing firm, timing of entry and industrial sector of investment do not affect modal choice.
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13.
•  We investigate the effect of product diversity and geographic diversity on the performance of SMEs, using an integration of the upper echelons literature with the product and geographic diversification literature.
•  We propose an inverted U shaped relationship between product (geographic) diversification (PD/GD) and the performance of SMEs. We also propose that effect of PD and GD is contingent on one another and the TMT experience.
•  We find that both PD and GD have an inverted U shaped relationship with the SME performance. Further, PD and GD interact positively to enhance each other’s value in affecting firm performance. TMT experience also enhances the value of PD and GD for firm performance.
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14.
Abstract and Key Results
•  Despite the importance of insider trading laws in promoting a strong financial market, the impact of regulations in minimizing the detrimental effects of insider trading is unsettled.
•  We add to the literature by examining the impact of the introduction of the Securities Market Amendment Act 2002 in New Zealand on several aspects of the market, namely bid-ask spreads, liquidity, price volatility and the cost of capital.
•  We find strong evidence of predicted reductions in the cost of capital, bid-ask spreads and volatility accompanied by increases in liquidity. We conclude that the change in regulations has had a positive impact on the market.
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15.
•  We explore the role of foreign direct investment and (its relationship to) clusters for the competitiveness (and catching-up) of small(er) developing countries.
•  We suggest that while size per se need not matter, small(er) developing countries need to explicitly account for any liabilities of smallness when devising and implementing strategies for competitiveness and catching-up.
•  We claim that international strategic management scholarship can add insights on this important issue, by complementing extant literature and contributions by international trade and economic development scholarship.
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16.
•  Iceland is like a black hole in the study of FDI from the Nordic countries; there is a gap in the literature about FDI from Iceland. This paper is the first empirical study that addresses the outward foreign direct investment of Icelandic firms. The purpose is to demonstrate how Icelandic companies have invested abroad through foreign direct investments.
•  The overall objective of this paper is to describe the key characteristics of Icelandic multinational corporations (MNCs) and to gain a deeper understanding of the internationalization processes of firms with a small domestic base.
•  Many Icelandic companies have been investing heavily abroad over the last six years. Some have acquired companies that are relatively larger than themselves, at least in terms of the number of employees. The main motive for this increase in foreign direct investments is access to a new market. The Icelandic market is simply not large enough for companies to be categorized as medium or large companies in the global environment. What also supports this is that, as mentioned above, the outflow of FDI from Iceland was very low in the last century.
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17.
•  The paper introduces conceptual developments, empirical evidence and public policy considerations with regard to foreign direct investment and multinational enterprises in and from small countries.
•  Results emphasize the diversity of small country profiles, support the need for reconsideration of established conceptual frameworks and encourage the development of specialized policy making tools.
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18.
Financial and product market integration: Responses of Japanese firms   总被引：2，自引：1，他引：1  
Abstract and Key Results
–  ▪ Growing financial and product market integration has resulted in increased pressures for changes in most developed economies. We investigate the impact of these twin drivers on changes effected by Japanese firms between 1986 and 1999.
–  ▪ Specifically, we examine (1) how shareholdings by market investors and foreign investors and (2) export ratio impact outcomes in the form of efficiency increases, dividend payout, and leverage change.
–  ▪ We also investigate whether the relationships differ between keiretsu and nonkeiretsu firms.
–  ▪ Ownership by market investors was positively associated with efficiency increases and decreases in firm leverage. In addition, firm export ratio played a key role in motivating Japanese firms to increase their efficiency and firm leverage. Moreover, these relationships were more pronounced in non-keiretsu than keiretsu firms.
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19.
Abstract and Key Results
•  This paper draws on organizational learning theory to explain how experience influences the propensity for emerging market firms (using an event history analysis of a sample of Latin American firms during the 1990s) to enter developed markets, and their likelihood of survival.
•  We argue that developed market experience is positively related to emerging market firms’ entry and survival in developed markets; however, cognitive biases affect the roles played by other types of experience in entry decisions.
•  Alliance experience with developed market firms increases the likelihood of entry, but decreases the likelihood of survival. Failure experience in developed markets reduces the likelihood of entry, but increases the likelihood of survival.
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20.
Abstract and Key Results
•  This study revisits the “national cultural distance paradox” based on a sample of Japanese foreign direct investment (FDI) in 53 countries and regions over 30 years. Earlier studies on cultural distance assumed linear relationships and showed mixed results. We examine nonlinear relationships between cultural distance (CD) and entry mode and between CD and performance.
•  Results suggest that there is a nonlinear (inverted U-shape) relationship between CD and the choice of a joint venture as the preferred market entry mode, and between CD and performance.
•  We also found that the relationship between CD and performance is moderated by entry mode choice: the nonlinear relationship between CD and performance is stronger for joint ventures than for wholly owned subsidiaries.
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