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1.
Institutional theory emphasizes the relationship between organizations and the environment. Institutions consist of political, cognitive and sociological elements that form the external and internal environment of a firm. Both external and internal environments affect firm decisions and behaviors. This paper introduces institutional theory as a complementary framework to explain international retailers’ foreign market entry choices and suggests propositions for further research. We also consider managerial implications in relation to this theoretical perspective as an explanation for retailers’ internationalization.  相似文献   

2.
This paper develops and tests a framework for the determinants of early internationalization by drawing on transaction cost economics supplemented with structural embeddedness reasoning. We theoretically explore how asset specificity, prior international experience of the management team, and international network contacts impact early internationalization of the firm. Furthermore, we elaborate how early internationalization is related to foreign market performance. Our results show that asset specificity is negatively related to early internationalization, whereas prior international experience of the management team and international network contacts have a positive impact on early internationalization. Furthermore, our results suggest that early internationalizers are more successful in respect to foreign market performance than companies that have internationalized in later years.  相似文献   

3.
Social capital dynamics and foreign market entry   总被引:2,自引:0,他引:2  
This paper explores the dynamics of social capital in 121 new foreign market entries (FMEs) of 24 Swedish and New Zealand small- to medium-sized enterprises in the early and later phases of their internationalization. Its main contribution is the systematic assessment of the roles and forms of social capital over time and across countries, thus providing greater insight into the social capital concept. We separate social capital into efficacy and serendipity roles (economic dimension) and direct and indirect relationships (structural dimension). Efficacious and direct social capital is associated with early FMEs, while serendipitous and indirect social capital is more prevalent with later FMEs, indicating that social capital changes with (and is dependent on) FME. Moreover, while geographical proximity does not appear to affect the economic dimension of social capital, it is important for the structural dimension.  相似文献   

4.
The labor market effects of foreign owned firms   总被引:2,自引:0,他引:2  
Foreign firms have a more educated workforce and pay higher wages than domestic firms even after controlling for worker quality, at a given moment in time. This does not imply that foreign ownership improves the labor market outcomes of the workers since foreign investment may be guided by unobservable firm and worker characteristics correlated with schooling or wages. This paper asks whether foreign investors acquire firms with high human capital or wages, or whether foreign acquisition improves these outcomes. Using a matched employer-employee data set, I find that foreign acquisitions of domestic firms have small effects on the human capital and on average wages of the acquired firms. Instead, foreign investors “cherry pick” those domestic firms that are already very similar to the group of existing foreign firms.  相似文献   

5.
In this paper, we examine the effect of nongovernmental organizations (NGOs) on the transaction costs multinational enterprises (MNEs) assume in their nonmarket social development strategies. We develop propositions to predict the effect of three important aspects of the institutional context on how NGOs affect MNE transaction costs: institutional development, institutional distance and institutional dynamism. We also propose how these relationships are moderated by the level of civil society development in the countries in which these entities interact. We conclude with suggestions for further research.  相似文献   

6.
Transaction cost analysis (TCA) has been applied in a wide range of academic disciplines, including economics, marketing, sociology, organization theory, and business strategy. Literature in maritime transport has had limited exposure to this versatile theoretical framework. This paper aims at developing a conceptual model that describes governance strategies that various players within the maritime sector can adopt to mitigate congestion at ports. A TCA is used to examine port congestion mitigation from a governance perspective. A theoretical analysis conducted for this paper reveals that the three characteristics of TCA – asset specificity, frequency, and uncertainty – prevail in the maritime sector, too. The first two factors, frequency, and uncertainty, contribute to port congestion, while the third factor, asset specificity, exists because to release port congestion, some players ought to make a specific investment. We use TCA to discuss the circumstances under which governance modes such as bilateral governance and vertical integration should be used to avoid congestion and other kinds of transaction costs associated with these three attributes in the maritime sector. In this study, we suggested several testable propositions to identify the mode of governance that should be selected by stakeholders to mitigate port congestion and to protect specific investments made to release congestion at ports. This line of analysis will certainly provide all the stakeholders engaged (particularly, a public policymaker) useful insight into understanding congestion from a governance perspective.  相似文献   

7.
8.

Japan, one of the world's largest and strongest economies, attracts a tiny level of inward direct investment. This neglect is particularly true of European multinationals. This article examines a sample of European companies which have Japanese manufacturing affiliates, to assess direct investment as a means of access to the Japanese market. It examines the objectives and strategies of entry and evaluates the outcome in terms of successful penetration of the Japanese market. The joint venture route is a preferred means of initial entry and the research allows evaluation of the advantages and disadvantages of this mode of entry to the Japanese market.  相似文献   

9.
This paper examines the impact of institutional, and transaction cost specific variables on MNEs’ choice of equity ownership in their foreign affiliates. We consider the determinants of the choice of foreign investors between full ownership (setting up a wholly owned greenfield subsidiary or engaging in a full acquisition) and sharing ownership with a local firm (establishing a greenfield joint venture or making a partial acquisition). Drawing on both transaction cost and institutional theories, a number of hypotheses are developed. Based on a dataset of 6838 foreign affiliates in Turkey, the empirical analysis reveals that institutional variables are important in explaining the equity composition of foreign affiliates. Particularly important in determining equity ownership were found to be political risk, cultural distance, linguistic distance, agglomeration, location and the size of the affiliate. A distinguishing feature of the paper is that we examine the marginal effects of the independent variables in explaining ownership patterns of MNEs.  相似文献   

10.
FDI entry mode choice of Chinese firms: A strategic behavior perspective   总被引:1,自引:0,他引:1  
This study investigates the determinants of foreign direct investment (FDI) entry mode choice between a wholly owned subsidiary and a joint venture by Chinese firms that invest overseas. We argue that the FDI entry mode choice of a Chinese firm is primarily influenced by the variables related to the firm's strategic fit in host industry and its strategic intent of conducting FDI. Using survey data of a sample of 138 Chinese firms, the results suggest that a Chinese firm prefers wholly owned subsidiary entry mode when it adopts a global strategy, faces severe host industry competition, and emphasizes assets seeking purposes in its FDI. A joint venture is preferred when the firm is investing in a high growth host market.  相似文献   

11.
So far the critical choice of the entry mode for a target country has been examined ignoring the special features of firms. Particularly, the impact of the wide variation of business models of software firms has been ignored. This multi case study investigates the relation between the business model and the entry mode, of eight software firms. The results imply that the product strategy and the service and implementation model of a software firm are closely connected to the entry mode choice, while the distribution model of intangible software products does not seem to have an impact on the operation mode.  相似文献   

12.
This study builds on the transaction cost theory to examine the performance effects of interorganizational cooperation and develops an understanding of how different forms of cooperative relationships affect organizational performance within a major service sector, namely the healthcare industry. The authors study, in particular, two cooperative forms applied to hospitals: hospital-based health networks and health systems. An empirical investigation of 382 hospitals in Taiwan shows that interorganizational cooperation exerts positive effects on hospital performance. In addition, health systems have greater positive effects on hospital efficiency than health networks. Furthermore, this study finds that the positive impact of participation in health systems is especially significant for private hospitals, local community hospitals, and hospitals in highly competitive regions. The findings reveal that performance impacts of interorganizational cooperation are contingent on the cooperative arrangements in the healthcare industry.  相似文献   

13.
We propose that home country institutional environment shapes emerging market firms’ foreign expansion. We argue that better-developed home country institutional environment promotes emerging market firms’ expansion to foreign markets more advanced than the home country, while institutional instability in the home country reduces this propensity. We further hypothesize that the effects of home country institutional environment are contingent on firm-specific government ownership. Data on the foreign expansion of 921 Chinese firms in the period of 1996–2000 provide strong support for the effects of home country's institutional development and institutional instability. We also find that a high degree of government ownership weakens the positive effect of home country's institutional development on emerging market firms’ propensity to expansion to more advanced markets.  相似文献   

14.
宋永高 《大经贸》2003,(2):38-40
进入难易分析 中国品牌国际化首先要考虑的问题是进入什么国家和地区.为了做出正确的选择,必须对当前世界经济的格局有一个基本认识.我们认为目前世界市场可以分为三个层次:第一层次是以欧、美、日为代表的发达国家市场;第二个层次是以东欧、南非、印度尼西亚等为代表的中等发达国家市场;第三个层次是以印度、越南等为代表的不发达国家市场.三个不同层次的国家和地区市场各有特点.  相似文献   

15.
While the interest in investing in Africa is rising, the know‐how of business on the continent is very limited. There have been only recently few special issues focusing on sub‐Saharan Africa in the top international business journals: “Sub‐Saharan Africa at a key inflection point” (Thunderbird International Business Review 2009); “Contemporary developments in the management of human resources in Africa” (Journal of World Business 2011); “Contemporary challenges and opportunities of doing business in Africa” (Journal of Technological Forecasting and Social Change 2016); “Critical perspectives on international business in Africa (Critical Perspectives on International Business 2016); “Strategic Management in Africa (Global Strategy Journal, 2017); and “The internationalization of African firms (Thunderbird International Business Review 2016). The aim of this special issue is to advance understanding of international business in Africa and specifically focus on how foreign firms enter African markets via acquisitions and international joint ventures and extend knowledge of these market entry strategies and performance in Africa for research and for foreign firms intending to, or currently doing business in Africa. This guest editorial provides a summary of the five articles and one book review in this special issue categorized into three broad thematic issues: International joint ventures and acquisitions as market entry strategies in Africa; cross‐border investments of African firms; and theoretical underpinnings.  相似文献   

16.
We examine the empirical relationship between estimates of ex ante cost of equity and risk for a sample of individual emerging market equities for the period 1990–2000. The ex ante cost of equity estimates are obtained using the residual income valuation model. As in studies that use mean realized returns on emerging market indexes, a measure of total risk (return volatility) is the most significant risk factor in explaining ex ante expected return estimates. For emerging market equities with substantial investability to global investors, global beta adds some explanatory power.  相似文献   

17.
International market withdrawals by firms continue to persist regardless of geography, industry, firm experience, and national origin. The extant literature argues that a host of factors, such as firm characteristics, organizational capabilities, host country environment, international business risks, strategy and strategic choices are among the likely reasons for firms to prematurely exit the markets they have entered. Drawing from the contingency theory, we contend that underlying most market exit events is the misalignment of firm strategy with the foreign market risk environment. This happens when managers fail to optimize strategy formulation and implementation in view of the foreign market risk environment. Based on an in-depth examination of 62 cases of foreign market exits via pattern coding using NVivo 12, we delineate common patterns accounting for market withdrawals. We then formulate propositions with respect to how misalignment between strategy and risk environment interferes with foreign market exits in accordance with the contingency theory. We conclude with a discussion of theoretical implications, managerial recommendations, and suggestions for future research and limitations.  相似文献   

18.
This study proposes a framework to understand the impacts of both value-related and transaction cost-related factors on repurchase intention from online shoppers' perspective. In particular, this study defines the construct of cost as a three-component conceptualization (i.e., information searching cost, moral hazard cost, and specific asset investment). Based upon empirical evidence on a survey of 887 online shoppers, this study shows that consumers' perceived value and each cost component are positively related to repurchase intention. Importantly, information searching cost exerts the most significant influence on repurchase intentions among the four relational factors. The result suggests that providing sufficient cues to reduce consumers' information searching cost is the core element of repurchase intention formation. This article closes with theoretical and practical implications.  相似文献   

19.
Multinational enterprises (MNEs) consider many factors when making decisions in the context of foreign direct investment (FDI). The MNE must decide whether to diversify or to concentrate on its main line of business (LOB). It must also decide whether to enter into a foreign market through a greenfield or acquisition strategy. This paper analyzes both decisions. The international business literature has generally treated these strategic choices as independent. This paper introduces a more realistic selection model, in which the diversification choice and the entry mode choice are made sequentially, and are therefore related. The model is tested using a data set of FDI into the United Kingdom by MNEs in engineering and related industries. The analysis indicates a strong relationship between the diversification choice and the entry mode decision. In virtually all cases, the statistical significance of the selection model is higher than that of the independent model, indicating an improvement over previous research. Overall, the results indicate that the decisions on product diversification and foreign mode of entry are related. Diversified firms are more likely to enter through acquisition. Firms focusing on their main LOB are more likely to enter through greenfield entry. The paper also identifies a number of managerially relevant factors affecting these relationships.  相似文献   

20.
Do firms from emerging economies differ from U.S. firms in their foreign market acquisition strategies? A comparison of cross-border acquisitions by firms from the United States and 18 emerging countries shows that (1) firms from both the United States and emerging countries target countries that are culturally closer to their home countries, (2) a strong interaction effect occurs between market potential and cultural distance for emerging country firms as the market potential increases (i.e., at high market potential, firms from emerging economies are willing to overlook cultural distance), (3) no interaction effect occurs between market potential and cultural distance for U.S. firms, and (4) different cultural dimensions affect the market entry strategies of U.S. firms and firms from emerging countries.  相似文献   

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