Host country risk and foreign ownership strategy: Meta-analysis and theory on the moderating role of home country institutions |
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| Institution: | 1. School of Management, University of South Australia, GPO Box 2471, Adelaide, SA, 5001, Australia;2. Centre for International Business, University of Leeds, Maurice Keyworth Building, Leeds, LS2 9JT, UK;1. Department of Accounting, Finance and Economics, Salford Business School, Maxwell Building, University of Salford, The Crescent, Salford, Manchester M5 4WT, UK;2. Department of Logistics, Marketing, Hospitality and Analytics, Huddersfield Business School, University of Huddersfield, Queensgate Road, Huddersfield HD1 3DH, UK;1. Florida State University, Department of Marketing, College of Business, Tallahassee, FL 32306-1110, United States;2. National Chengchi University, 64, Sec.2 Zhi-Nan Road, Taipei, 11605, Taiwan;3. Loughborough University, Epinal Way, Loughborough, Leicestershire, UK;1. Department of Management, College of Business Administration & Public Management, West Chester University, 50 Sharpless Street, BPMC 472, West Chester, PA 19383, USA;2. The Fox School of Business, Temple University, 1801 Liacouras Walk, 559 Alter Hall, Philadelphia, PA 19122, USA;3. The Pennsylvania State University Abington, 1600 Woodland Rd, Abington, 19001 PA, USA;4. Barney School of Business, University of Hartford, USA;5. School of Business, University of Puerto Rico, San Juan, USA and Indian Institute of Management, USA;6. College of Business, University of New Haven, USA;1. Department of Business, Universitat Autonòma de Barcelona (UAB), 08193, Bellaterra, Barcelona, Spain;2. Department of Management Control and Information Systems, School of Economics and Business, University of Chile, Av. Diagonal Paraguay 257, 8330015 Santiago, Chile;3. Department of Industrial Economics and Technology Management Norwegian University of Science and Technology (NTNU), Trondheim, Norway |
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| Abstract: | Empirical evidence for the relationship between host country risk and a firm’s ownership level in its foreign entry strategy is inconclusive. We revisit this relationship by integrating the internalisation logic with an institution-based view to examine the moderating effects of formal and informal institutions in the home country. By meta-analysing 64 empirical studies involving 52,229 ownership decisions on foreign market entry, this study gives support to theoretical arguments that the focal relationship is positively moderated by institutional constraints on policymakers and risk-taking tendencies in the home country but is negatively moderated by the joint effect of these two institutional factors. These findings shed new light on the literature of host country risk and foreign ownership strategy. Besides describing the implications of the findings for theory and practice, we discuss the agenda for future theory development in international business. |
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| Keywords: | Host country risk Ownership strategy Home country institutions Meta-analysis |
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