An internalization theory perspective on the global and regional strategies of multinational enterprises |
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| Institution: | 1. McCaig Chair in Management Haskayne School of Business, University of Calgary, Calgary, Alberta, T2N 1N4, Canada;2. Solvay Business School, University of Brussels (VUB), Belgium;3. Henley Business School, University of Reading, United Kingdom;4. Haskayne School of Business, University of Calgary, Calgary, Alberta, T2N 1N4, Canada;1. Department of Economics, Portland State University, Portland, OR, USA;2. School of Public Policy, Pepperdine University, Malibu, CA, USA;3. Department of Economics, Texas Christian University, Fort Worth, TX, USA;1. Villanova University School of Business, 800 Lancaster Ave, Villanova, PA 19085, United States;2. University and George Holmes, Emeritus, University of Nebraska, College of Business, Lincoln, NE 68588, United States;3. Game Development Program, Guild Hall, Southern Methodist University, Plano, TX 75024, United States;1. University of Arizona, Tucson, AZ, USA;2. Bond University, Gold Coast, Australia;3. University of Queensland, Brisbane, Australia;1. World Affairs Council of Atlanta, Georgia State University, GSU Buckhead Center, Tower Place 200, Suite 500, 3348 Peachtree Road NE, Atlanta, GA 30326, United States;2. Department of Political Science, College of Arts and Sciences, Georgia State University, Atlanta, GA, United States;3. Institute of International Business, Center for International Business Education and Research (CIBER), Robinson College of Business, Georgia State University, United States;4. Robinson College of Business, Georgia State University, United States;1. Malärdalen Unversity, School of Business, Society and Engineering, Box 883, SE-721 23 Västerås, Sweden;2. BI Norwegian School of Business, Department of Strategy, N-0442 Oslo, Norway;3. University of Valencia, Faculty of Economics, Avd. Tarongers, s/n, 46022 Valencia, Spain;4. Temple University, Fox School of Business, PA 19122 Philadelphia, USA;5. Bocconi University, Department of Management and Technology, Via Röntgen, 1, 20136 Milan, Italy |
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| Abstract: | Many multinational enterprises (MNEs) claim to be pursuing a ‘global strategy’, but the majority of MNEs is not global, in the sense that these firms cannot emulate their domestic success outside of their home region. This inability is largely caused by compounded distance among regions and can be mitigated in part, by infusing a regional component into the MNE's international strategy. In this paper, we explore whether internalization theory can address the global versus regional strategy phenomenon. Specifically, we investigate whether internalization theory can predict under which circumstances MNEs will be able to pursue successfully a global strategy, and whether the theory can explain firm-level variations in utilizing regional components in international strategic governance. We argue that internalization theory can help regionalization scholars unbundle regional strategy by matching resource bundling needs with various firm-level resource recombination practices. We identify four distinct resource recombination processes with increasing complexity: fast bundling, principles-driven bundling, adaptive bundling and entrepreneurial resource orchestration, and argue that adopting the best-matched resource recombination practices will advance the MNE's success outside of its home region. |
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| Keywords: | Multinational enterprise Global strategy Regional strategy Internalization theory Firm-specific advantages Resource recombination Resource orchestration Transaction cost economics |
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