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1.
Abstract and Key Results
•  The service sector is becoming increasingly important in the global economy; this is especially true for ‘soft’ services involved in providing information and knowledge-based solutions. It has been suggested that soft service firms are restricted to internationalising through market entry modes requiring substantial resource commitment, such as wholly owned subsidiaries and equity based joint ventures. We argue that this assessment is based on overly simplistic assumptions regarding the characteristics of these information-intensive soft service firms.
•  Focusing on the nature of the value-adding activities and operations of these firms, an information transformation model is proposed to describe the value creation process for information-intensive soft service firms.
•  Using the model to represent different types of internationalisation situations yields 10 lower-involvement approaches available to information-intensive soft service firms seeking to enter foreign markets.
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2.
Abstract and Key Results
•  We explore the differences in international strategy between multinational enterprises (MNEs) in services and manufacturing, especially in terms of their international diversification, as measured by their sales and asset dispersion.
•  Our longitudinal data show that the largest MNEs in services have a much stronger home-region orientation than manufacturing MNEs. Large MNEs in the services sector average 83.9 percent of their sales in their home region, which is significantly higher than large manufacturing firms at 65.6 percent.
•  We explore the possible reasons for the relative lack of globalization of services firms. The two main reasons are: the difficulty of adapting separately upstream activities and downstream activities in high distance host environments, and the difficulty of selecting activity locations as a function of supply side criteria.
•  We offer a refinement of regional strategy theory applicable to services MNEs.
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3.
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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4.
•  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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5.
Abstract and Key Results
•  This paper focuses on the overall themes of the issue to examine the interrelationships between innovation, competition and regulatory change in international business.
•  It provides a synthesis by highlighting recent interlinked developments in two contrasting industries dominated by large multinationals — pharmaceuticals and automotives, with specific reference to cars.
•  This industry based assessment highlights the technical, economic and regulatory forces that have together changed the business environment, innovation processes and nature of competition in the pharmaceutical and automotive industries.
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6.
Abstract and Key Results
•  This conceptual paper examines the dynamics of the offshoring of information technology (IT) service work. It considers this important emerging phenomenon from multiple lenses, especially those of international business theories.
•  Research propositions are developed based on the perspectives of home country firms, host nation and the dynamic interactions between the two. Questions for future research are suggested.
•  Already established nations in the field get more opportunities than the new entrants to increase their competitiveness from experience-based knowledge gained as a result of the imitative actions of home country firms.
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7.
•  Using a sample of 628 cross-border alliances established by emerging economies firms across 25 manufacturing and service industries in 64 host countries in the period 1995-2004, we investigate the effect of institutional factors on the adoption of equity alliance mode.
•  The findings of this study contribute to empirical research in institutional theory, institutional explanations of cross-border alliances and strategic behavior of emerging economies firms.
•  We find support for institutional explanations of the adoption of equity alliance mode by emerging economies firms.
•  We also find that institutional effects are contingent on the alliance location. When emerging economies firms establish alliances in developed host countries, their governance choice is most influenced by the normative pillar, followed by the cognitive pillar, with the regulatory pillar having a negligible effect. When the host countries are emerging economies, the regulatory pillar has the strongest influence followed by the cognitive pillar, with the normative pillar having an insignificant effect.
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8.
Abstract and Key Results
•  The IB literature informs us of several ways to measure firms’ degree of globalization. In this paper we make the argument that in fact none of the existing indices really measure firms’ degree of “global specialization”, that is, to what extent their allocation of resources is multidomestic or global.
•  In order to remedy this we introduce a complementary index measuring how firms are configuring their value chains — whether they are replicating value chain activities from country to country or locating them in globally specialized units in order to exploit an international division of labor. We then test this “global specialization” index empirically on a sample of Danish MNCs.
•  We find that the index is able to identify a distinct group of firms with significantly higher degrees of global value chain configuration. The firms in this group do not necessarily score high on conventional internationalization measures.
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9.
•  We pursue the previously-noted association between brands and counterfeiting one step further to examine the relationship between brand positioning and anti-counterfeiting, based on a study of 130 well-known foreign brands in China.
•  We test hypotheses about managerial perceptions as to the effects of different brand positioning strategies on the effectiveness of their actions to counter counterfeiting, in other words, whether branding positioning can help to stop counterfeiting, limit damage to firms and maintain brand reputation.
•  Our findings confirm that brand positioning affects anti-counterfeiting effectiveness. Specifically, product reliability and customer services are compatible with efforts to stop counterfeit production, but innovative technologies and product features and functions appear to exacerbate the problem.
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10.
•  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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11.
•  This paper shows that the role of managerial incentives is highlighted by a relatively complex relationship between technological competence and international diversification. By studying a sample of Standard & Poor’s 500 member firms, we explore the relationships between technological competence, managerial pay, and international diversification.
•  Results indicated a curvilinear relationship (an inverted U-shape) between technological competence and international diversification.
•  In line with agency theory, contingent pay (stock options and bonuses) was positively related to international diversification.
•  Beyond these direct effects, both contingent and non-contingent pay (cash compensation) moderated the relationship between technological competence and international diversification.
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12.
•  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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13.
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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14.
•  Previous studies examining the influence of internationalization on the volatility of a firm’s performance have found inconsistent empirical evidence. Earlier studies support a reduction in volatility resulting from a higher level of international operations. However, more recent studies have found evidence supporting a positive correlation between internationalization and various measures of firm risk.
•  This study suggests that these results are inconclusive because of their narrow conceptualization of international strategy as a one-dimensional construct. This paper suggests that two dimensions implicit in the configuration patterns of MNC networks and their respective interaction may have distinct effects on performance volatility.
•  Regression results using a sample of 320 U.S. firms from 133 SIC segments provide evidence supporting this view. Consistent with the earlier literature, the empirical results support the reduction in volatility derived from a greater dispersion of international operations. In addition, the global integration dimension of an MNC network configuration increases exposure to potential performance swings. Lastly, the interaction term between global integration and geographic dispersion tends to be negatively associated with volatility. These results help reconcile the prior literature and provide evidence for the multidimensional nature of the internationalization construct.
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15.
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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16.
•  This paper examines the impact of corporate governance and institutional environments on the export behaviour of firms in emerging economies. We argue that the role of corporate governance should be analysed from both principal- agent and principal-principal perspectives. We hypothesise that institutional environments moderate the effects of corporate governance on export behaviour.
•  Analysis of a sample of Chinese listed firms supports our argument that outside directors and CEO shareholding help firms make export decisions, while the effects of ownership concentration may be non-monotonic.
•  Sample firms’ export propensity is higher the better the institutional environments of their locations. This positive effect of institutional environments comes both directly and from the moderating of the effects of corporate governance.
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17.
•  Analyzing the nature of competitive interaction among multinational firms in the tire industry, we find that the histories of the interactions between particular rivals matter.
•  The decision to enter a new foreign market in the era of global consolidation is related to the identities of rivals in the market, characteristics of the firm and the market, and the extent of past competitive interactions with the international pioneering firm.
•  Results suggest that, in an oligopolistic environment, aspects of multimarket competition are important to foreign direct investment decisions.
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18.
•  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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19.
•  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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20.
•  One major change in the world of international business and finance is the growing role of private equity investments in firms in emerging markets. In little more then four years, since 2003, the money raised by international, primarily American private equity funds for investment in emerging markets went up about ten times, from $3.5B to $35B.
•  This paper provides a multidimensional analysis and discussion on the role of private equity funds in the globalization process of firms from emerging markets. The discussion begins with development economics, focusing on financial markets development and sector specific capital, proceeds to a discussion of local comparative advantage and intangible trade costs in the process of globalization, and continues with a discussion of imperfect contracts and financial contracting based on recent research in financial economics.
•  The multidimensional character of the research is congruent with the nature of globalization and international business. Investment of private equity funds in emerging markets is shown as a new form of foreign direct investment dubbed FFDI (financial foreign direct investment).
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