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1.
•  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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2.
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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3.
Abstract and Key Results
•  This paper addresses production function and technical efficiency in the context of multinational enterprises (MNEs). It applies the stochastic frontier production function technique (SFPF) to investigating a sample of U.S. manufacturing MNEs and finds that an MNE normally encounters two phases of “liability of internationalization” in the course of international expansion. In addition, it shows that the firms with intensive investment in R&D and advertising development tend to alleviate or even avoid the “liability of internationalization” and enjoy a prolonged period of effective international expansion.
•  The relationship between multinationality and meta production frontier (as well as technical efficiency) exhibits an upward horizontal S-curved relationship.
•  R&D and advertising intensity (RDAI) positively affects the relationship between multinationality and meta production frontier (as well as technical efficiency). In the case of very high RDAI, the S-curve transforms itself into an upward monotonous curve.
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4.
The Penrose effect: “Excess” expatriates in multinational enterprises   总被引：4，自引：2，他引：2  
–  Penrose’s (1959) theory of firm growth argues that firm knowledge and experience gives rise to “excess” resources which can be (re)deployed to explore and exploit productive opportunities leading, ultimately, to the achievement of firm goals.
–  We examine this key insight on organizational slack in the context of expatriate managers within multinational enterprises (MNEs).
–  Expatriates are not only a viable way of examining the Penrosian concept of slack but, as an unique element of MNE management, expatriates also provide an opportunity to develop new insights into international business theory.
–  Using a large sample of MNE subsidiaries, we found that when host country experience is comparatively low, subsidiaries with “excess” expatriate managers are more likely to experience inferior performance. Alternatively, expatriate slack is associated with a higher likelihood of superior performance in the context of comparatively high host country experience.
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5.
•  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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6.
Abstract and Key Results
•  Research on the process of knowledge learning and absorption in acquisition context has emerged recently. Yet relatively less attention has been paid to the process of knowledge transfer and learning and its impact on successful acquisitions.
•  This paper adopts a process perspective’ to investigate this issue. Based on four international acquisitions in China, it generates new theoretical propositions as well as practical managerial implications.
•  Results reveal the types of knowledge acquired and how it is transferred and learnt to contribute to the success of international acquisitions. The knowledge acquisition and learning process in international context involve three stages: knowledge assessment, knowledge sharing and knowledge assimilation.
•  Foreign acquirers tend to acquire complementary knowledge from local targets, adopt dual management structure and facilitate communications with local personnel in order to achieve the success of acquisitions and future operations.
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7.
•  The role of networks and international commitment in the formation of internationalisation strategies has not yet been explored in international research. The present paper investigates these relationships in a sample of 206 Norwegian exporters.
•  This article suggests that access to networks and commitment play significant roles in the formation of internationalisation strategies. Implications for management and research are discussed.
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8.
The dynamics of Japanese firm growth in U.S. Industries: The Penrose effect   总被引：1，自引：1，他引：0  
–  This paper proposes that multinational firms that are more capable in developing new managerial resources are less vulnerable to the Penrose effect in the process of international expansion.
–  We hypothesize that firms were more capable to achieve growth in consecutive time periods when they send more expatriates to the local operations and when they have greater home experience before entering into the local market.
–  The empirical results based on a sample of Japanese investments in the United States support our arguments.
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9.
–  This paper demonstrates the continued relevance of Penrose’s Theory of the Growth of the Firm (1959) (TGF) to explain MNE expansion patterns.
–  Explaining MNE growth requires explicit attention to three elements not addressed fully by Penrose: (1) technology-based firm-specific advantages, (2) dynamic capabilities and (3) melding location-bound and internationally transferable knowledge, especially through astute human resources management.
–  TGF includes foundational insights on the dynamic capabilities approach in strategy and contributes to assessing normative models in international strategy.
–  Penrose did not appreciate fully the unique knowledge recombination challenges prevailing in international business, especially in the context of the large MNE. This uniqueness of knowledge recombination is the raison d’être of international business as a separate field of inquiry.
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10.
•  Does product diversification constrain or boost international expansion of business groups from emerging markets? What is the role of international orientation and group resources in moderating this relationship? Given the dominance of business groups as an organizational form in emerging markets and their recent international expansion, these research questions are pertinent and timely.  相似文献   

11.
•  Building on an organisational learning perspective, we argue that emerging market firms’ international experience and home-country characteristics are core sources of learning. Furthermore, we argue that these factors constitute important determinants of emerging market firms’ acquisition behaviour in developed countries (south-north acquisitions).  相似文献   

12.
Abstract and Key Results
–  This study examines the MNC top-management-team’s international attribute profile, its relationship with its individual team member international attributes and the joint effect these two levels of international attributes have on the individual’s position in the TMT advice network on international business advice. In particular, this study examines how diversity in the international experience of each manager individually and in the context of the international experience of the entire team influences a manager’s centrality in providing international business advice to the team.
–  A hierarchical data structure design allows the examination of cross-level effects, given that a TMT member’s network centrality may be a function of both individual level and group level influences. Strong support was found for considering centrality a function of both individual and group level attributes with each level accounting for approximately half of the variability in centrality. Mechanisms at one level of analysis may be different, or have different effects, than mechanisms at another level of analysis.
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13.
Abstract and Key Results
–  While the methodological problems associated with international management research have been widely discussed, much less attention has been given to the ethical dilemmas confronting those who seek to undertake their research in cross-cultural settings.
–  Three vignettes are used to identify and explore the nature of those ethical dilemmas. Attention is directed at ways in which ethical conundrums might satisfactorily be resolved. Specifically, the paper addresses the question of whether a code of ethics would be useful for international business researchers.
–  In an era when ethics is central to all social activities, it will be critical that management researchers are equipped to deal with ethical questions relating to their studies in other cultures. Though codes of conduct can be helpful in guiding and regulating researchers’ behavior, there are a number of other means by which the desired ends can be achieved.
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14.
•  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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15.
–  Penrose’s legacy is a curious one. Much cited, but little read, her work is recognized as one of the main intellectual foundations for modern resource based theories of business strategy and theories of organizational routines and capabilities.
–  However, Penrose did not aim to contribute to the field of strategy; her goal was to advance understanding of the nature of the firm and its growth. Nevertheless, there are important insights in Penrose’s work that have implications for international business and for strategy.
–  We discuss some of the implications of Penrose’s work as well as its limitations. We also briefly discuss the usefulness of adopting a “Penrosean” capability perspective in multinational enterprise (MNE) strategy analysis.
–  The dynamic capabilities framework puts entrepreneurial management into the theory of multinational enterprise, a task Penrose left untouched.
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16.
•  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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17.
•  In this article we review how risk and uncertainty in the international expansion of the firm are treated in the internationalisation and international entrepreneurship literatures, including emerging research in both fields.  相似文献   

18.
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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19.
•  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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20.
•  In a broad sense, corporate governance is about how firms should be governed so that they are run effectively and efficiently. This paper takes a broad perspective on corporate governance mechanisms and considers possible synergies between corporate governance and international business (IB) research.
•  We summarize the papers included in this Focused Issue, and draw out their main contributions to the literature. In so doing, we compare and contrast the four theoretical perspectives concerning corporate governance and IB adopted in the five papers: i.e. transaction cost economics, the resource-based view, agency theory, and institutional theory.
•  Finally, we highlight five research themes (international diversification, business groups, entry modes, subsidiary mandates, and new international ownership structures) where future work explicitly addressing governance issues may prove fruitful.
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