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1.
•  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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2.
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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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.
•  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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5.
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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6.
•  This paper examines cross-border mergers and acquisitions undertaken by U.S. companies to determine whether geographic distance directly affects these firms’ governance decisions.
•  We find that U.S. firms tend to acquire higher stakes in geographically proximate targets than in remote ones.
•  The paper also investigates the moderating effect of geographic distance on cultural distance and political risk. We find that as these two hazards increase, acquirers prefer shared ownership for proximate deals, and full ownership for acquisitions of geographically distant targets. These findings indicate that the previously-reported effects of cultural distance and political risk on FDI are not absolute, but they are moderated by geographic distance.
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7.
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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8.
•  The processes of globalisation open up new potentials for MNE participation in the development of small economies. Thus the pursuit of global competitiveness by MNEs, operating through a range of strategic motivations, can be supported by different types of affiliates that can be based on the potentials of small economies.
•  Efficiency seeking operations of MNEs can benefit from cost-effective inputs of small economies (as, for example, in export processing zones) and activate their export potentials.
•  Knowledge seeking by MNEs can be generated interdependently with the creation of localised systems of innovation that support bases of sustainable development in small economies.
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9.
•  Many emerging economies are characterised by weak appropriability systems and absent legal systems to punish imitators. This places foreign firms’ intellectual property rights at risk, because existing appropriation methods, such as patents or secrecy, cannot function effectively. This concern especially applies to China, the empirical context of this article. Such adverse conditions force managers to devise new strategies to safeguard their firms’ intellectual property rights. Yet no evidence describes whether strategies exist, which forms they take, how they have evolved or how they get implemented.
•  This article addresses this knowledge gap and explores strategies that managers have developed to achieve de facto protection, despite China’s weak appropriability system. The analysis systematically explores 13 cases of foreign firms with wholly owned subsidiaries in China.
•  The findings confirm that de facto strategies exist, describe how they work and detail how they were achieved. The findings suggest implications for both managers and academics.
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10.
•  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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11.
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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12.
•  This study applies resource dependence theory to understand the adoption of cross-border constraint-absorption strategies by firms. I examine how trade dependence drives these strategies in the form of interindustry mergers and acquisitions, joint ventures, and strategic alliances in U.S. manufacturing industries.  相似文献   

13.
•  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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14.
•  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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15.
•  Many variables have been studied, rather inconclusively, to determine behavioural differences of family firms and any impact on performance. This article focuses on just one under-researched variable: their international strategic choices or rather ‘configurations’. We compare 65 of the world’s top family firms with those of a matched sample of non-family firms.
•  Results suggest that family firms’ ‘international ‘configurations’ were just as worldwide and profitable as those pursued by non-family firms. In the case of such large companies, researchers must consider this international dimension alongside other more acknowledged variables, if they are to advance understanding in this important emerging new field.
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16.
•  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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17.
•  This study investigates expatriate adaptation using a sample of Japanese expatriates in the US. For a comprehensive understanding, home managers in Japan and host managers in the US were also used.
•  This study is unique in that it examines expatriate adaptation through an analysis of the change of a fit between 12 learning skills and the skills demands.
•  The degree of expatriate adaptation increased in accordance with the length of the current overseas assignment tenure in the host country, along with an increase in job satisfaction.
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18.
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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19.
•  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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20.
•  Recognizing that country-specific resources are generally difficult to imitate or diffuse across national boundaries, we propose that home country conditions are key determinants of firms’ strategic choices. By embracing insights from both institutional economics and resource-based view, we identify two country-level environmental constituents – domestic market size and legal institutions – to examine how these resources influence multinational firms’ international diversification strategies. We further propose that home country legal institutions moderate the link between geographic diversification and firm performance.
•  These hypotheses are tested with historical data on 435 multinational firms based in 13 developed economies. Results suggest that a multinational firm’s degree of international diversification has a U-shaped relationship with the size of the firm’s domestic market; firms from civil law countries are more likely to pursue international diversification than their counterparts from common law countries; and the effect of international diversification on firm performance was more pronounced among MNCs from civil law countries.
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