Quality and cost? The evolution of Walmart's business strategy and human resource policies and practices in China and their impact (1996–2017)

This study responds to calls for more in‐depth and qualitative studies, the return to a focus on external factors, and the inclusion of business strategy and industrial relations in human resource management (HRM) research, as well as more research in the retail sector in the Chinese context. We examine the coevolution of the business strategy and HR strategy of Walmart (China) in the last two decades and identify tensions in the context of intensifying competition in the Chinese retail market. We highlight the interactive effect of business and HR strategies through a historical lens. Our study reveals a shift from the original employee‐oriented win–win strategy through rent sharing between the firm and the employees to a win–lose strategy through the introduction of more cost conscious HR policies and practices. Findings of our study challenge the conventional wisdom that firms adopt either the cost or quality strategy and, along with it, the suggestion of matching the quality strategy with employee‐oriented HR policies and practices, and cost leadership with a transactional approach to HRM. We argue a cost and quality business strategy may be adopted, which requires the support of employee‐oriented, rather than cost‐oriented, HR policies and practices.     

Navigating the New Normal: Political Affinity and Multinationals’ Post-Acquisition Performance

The New Normal in the international business landscape reflects a world challenged by economic volatility and political hostilities. This suggests increased political risk, even for MNEs operating in developed markets. We use the legitimacy-based view of political risk to examine how political affinity between host and home markets may contribute to an MNE’s post-acquisition performance in a developed market. A high degree of political affinity signifies aligned national interests thus reducing legitimacy concerns faced by MNEs during post-acquisition integration. Based on cross-border M&A deals focused on U.S. targets completed by MNEs representing 45 countries between 2004 and 2012, we find that MNEs from countries with greater political affinity to the U.S. experience better post-acquisition performance. We also investigate two country-level factors that intensify the threat to legitimacy; the MNEs’ home market economic status and the presence of a financial crisis in the host market. Our findings indicate that political affinity mitigates risk for MNEs originated from emerging economies much more than for MNEs originated from developed economies, whereas a financial crisis reduces the benefit of political affinity.     

A co-evolution perspective of EMNE internationalization and institutions: An integrative framework of 5Cs

While significant progress has been made on the contextual role of institutions, scholarly research on the dynamic process of emerging economy multinational enterprises’ (EMNEs) international activities interacting with home country and host country institutions still seems to be in its infancy. Therefore, in order to move the current academic debate forward, we examine the intersection between the internationalization of EMNEs and their institutional environments by undertaking a critical review of the existing literature, given that institutional forces not only shape organizational behavior but also affect EMNEs’ internationalization strategies and organizational outcomes. We propose an integrative framework of 5Cs (context, capability, change, concomitance and configuration) underlying the co-evolution of EMNEs’ internationalization and institutions, and position all the papers included in this Special Issue within this framework in order to point towards a number of directions for future scholarship.     

The Turnover Intention–Behaviour Link: A Culture-Moderated Meta-Analysis

Turnover intention is widely regarded as a direct antecedent to and proxy for actual voluntary turnover behaviour. However, previous studies have found the turnover intention-behaviour link to be highly heterogeneous and not necessarily strong. This study adopts a cross-cultural perspective, examining how the link varies as a function of Hofstede’s four work-related cultural dimensions. Data from 152 independent samples were meta-analysed, representing the testing of 216,093 employees from 18 nations across 9 geographical regions. The multilevel meta-analytic results reveal significantly stronger turnover intention-behaviour links for countries higher in power distance, higher in individualism, and lower in masculinity.     

Is an M&A self-dealing? Evidence on international and domestic acquisitions and CEO compensation

We examine the effect of international acquisitions on CEO compensation for US firms from 1995 to 2016 using both domestic acquisition and no acquisition firms as benchmarks. We find that acquisitions lead to a greater increase in CEO compensation (especially incentive-based compensation), which is consistent with agency theory and inconsistent with stewardship or reputation theory. We also find that international acquisitions lead to a greater increase in CEO incentive-based compensation than domestic acquisitions, supporting matching theory given that international acquisitions are larger and more complex to manage. Additionally, we document that CEO tenure has a positive effect on CEO compensation, whereas firm relatedness has a negative effect on post-acquisition CEO compensation. This is the first study of its type based on comprehensive data, and it contributes to our understanding of the role of international and domestic acquisitions in CEO compensation.     

Occupational Composition Within Multinational Firms: Evidence From Korean Employer-Employee Matched Data

Using Korean employer-employee matched data, we investigate the difference in occupational structure between domestic and multinational firms in manufacturing sectors. The main result shows that the occupational composition of the multinational firms is more skewed toward high-skills and service occupations than domestic firms. Furthermore, we find the heterogeneous labour structure among multinational firms upon types and locations of foreign affiliates. The multinationals that are establishing production plants or locating their affiliates in emerging countries tend to be composed of relatively smaller share of high-skills and service occupations than those with foreign R&D centres or business branch or with affiliates located in advanced countries.     

逆全球化思潮下跨国企业绿色订单效应对中国本土企业之影响

2020年全球疫情背景下,逆全球化思潮大有重新抬头之势。文章立足经济管理视角,通过对六家跨国公司与供应商就采购环节过程中发生的互动关系进行案例研究,发现跨国企业与中国本土企业在供应链环节的绿色订单效应,即本土企业为获取订单而主动升级自身环境管理的行为。这种效应能带来中国本土企业环境治理的持续改善,对促进中国绿色管理、环境治理均有益处。同时,文章从另一个视角为继续坚持对外开放的国策提供研究支撑。     

多重视角下公司治理水平对企业绩效的影响分析——来自房地产上市公司的证据

以2000—2012年房地产上市公司为样本,从微观视角分析股权结构、董事会治理、高管激励对企业绩效的影响,发现房地产上市公司治理对企业绩效的影响整体上显著;采用因子分析法构造公司治理综合排名指标G1和企业绩效综合排名指标JX,从宏观视角审视公司治理与企业绩效之间的关系,发现房地产上市公司治理综合排名提高会导致企业绩效显著上升。     

以企业文化凝聚人心——创新企业思想政治工作新的着力点

企业文化是提升企业核心竞争力的有力武器,是企业凝聚人心的关键,它是企业员工思想、行为的根据,是企业实现持续发展和促进员工成长的重要精神纽带。企业思想政治工作对企业的发展起着指示的作用,尤其是水电企业,其思想政治工作是对党的基本路线与国情的把握,通过它可以使员工树立正确的价值观,从而保证企业发展方向的正确。文章从企业文化入手,分析水电企业思想政治工作面临的问题及企业文化与企业思想政治工作的关系,并提出加强企业文化的对策。