共查询到20条相似文献，搜索用时 15 毫秒
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This study identifies and examines sources of network externalities that influence MNCs to agglomerate their foreign operations in specific regions. Using data for Korean firms that invested in China, this study found that network externalities were sensitive to the types of firms constituting a regional network. It also found stronger network externalities within firms than across firms, from firms of the same nationality than from those of different nationalities, and from firms in the same industry than from those of different industries. As we defined the types of firms more precisely, distinctive curvilinear relationships between network externalities and the likelihood of co‐location emerged. Copyright © 2005 John Wiley & Sons, Ltd. 相似文献
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Because agglomeration economies may create competitive advantage and each location has a unique array of agglomeration economies, where should firms locate? We combine fundamental economic and strategy concepts to: (1) determine when firms must locate proximately to access factor pools; (2) show that factor pools controlled by fewer firms are less useful to new entrants; and (3) demonstrate that certain firms risk aiding competitors when contributing to efficient factor pools. We find support for our predictions with a test on new U.S. manufacturing entrants from 1985 to 1994, using an empirical specification that separates agglomeration levels from agglomeration economies. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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Heather Berry 《战略管理杂志》2006,27(12):1123-1140
This study analyzes when different foreign investment location choices are value creating for firms at different stages of international expansion. I argue that because direct investment in developing countries is riskier than in advanced countries, shareholders may not value a firm's investment in developing countries until that firm has experience from previous international investments and capabilities to better manage and hedge the higher levels of risk and uncertainty. Using a panel of 191 U.S. manufacturing firms and their foreign investments over a 20‐year period (1981–2000), the empirical results show that firm investments in advanced and developing countries are valued differently by shareholders, depending on the firm's prior international expansion, the firm's capabilities and experiences, and the knowledge intensity of the firm's industry. These results highlight the importance of considering firm location decisions, prior experiences, and resources when analyzing. Copyright © 2006 John Wiley & Sons, Ltd. 相似文献
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We analyze the determinants of the decision to invest abroad and the choice of spatial configurations of overseas plants for 120 Japanese firms active in 36 well‐defined electronic product markets. We find that key competitive drivers at the firm and industry levels have a critical impact on the choice between alternative international plant configurations. Regional configurations focused on Asia are chosen by firms with weaker competitiveness for products with established manufacturing technologies. Plant configurations focused on the United States and the European Union are chosen by technology‐intensive firms facing competitive threats in foreign markets. Global configurations are chosen by firms with a strong competitive position in the Japanese and world market for their core product businesses and are more common in the case of strong oligopolistic rivalry between Japanese firms. Copyright © 2005 John Wiley & Sons, Ltd. 相似文献
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We argue that foreign firms operating in a host country generate information spillovers that have potential value for later foreign direct investment. We test two predictions. First, we expect foreign direct investments by firms with experience in a host country to be more likely to survive than investments made by first-time entrants. Second, foreign direct investments will be more likely to survive the greater the foreign presence in the target industry at the time of investment, subject to two contingencies. The first contingency is that the relationship will be weak or nonexistent among firms with no experience in the host country, because these firms have difficulty evaluating and taking advantage of the information spillovers. The second contingency is that the presence of other foreign firms will not affect investment survival among firms that already have a presence in the target industry and undertake expansion. These firms already possess general information about the target industries and are unlikely to gain additional benefit from information spillovers. We find supportive evidence based on the survival to 1992 among 354 U.S. investments undertaken by foreign firms in manufacturing industries during 1987. © 1997 John Wiley & Sons, Ltd. 相似文献
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While competition decreases rents for firms, the presence of competitors may create benefits. Competitors that agglomerate, that are physically proximate, may create externalities—production efficiencies or heightened demand that increases rents. When such externalities exist, then who gains from and who contributes to them? We examine how other competitors' traits affect performance in Texas's lodging industry. In rural markets, we find that chain hotels and larger hotels contribute to positive externalities. While expecting those hotels similar to the establishments creating these externalities to gain, we find the opposite. Independent hotels and smaller hotels gain the most. Interestingly, some establishments are harmed. Copyright © 2001 John Wiley & Sons, Ltd. 相似文献
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Elena Kulchina 《战略管理杂志》2014,35(4):596-605
Emphasizing the importance of informed location choice, prior strategy research has examined how private information about locations affects foreign direct investment. Publicly available media information has received little attention, however, perhaps because its impact on location choice is expected to be trivial. This study examines the relationship between the extent of a location's media coverage and the number of entering foreign firms in Russia, using a novel instrumental variable for media coverage, a major anniversary of a city's establishment date. The results suggest that extensive foreign media coverage of a city increases the number of foreign entrants. This effect is stronger for firms with less private information about Russian cities; i.e., more socially and geographically distant firms and foreign entrepreneurs. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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We explore a fundamental aspect of firms' location choices largely overlooked in the literature: strategic interaction. We formalize the notion that strategic interaction renders collocation less appealing by fostering competition, which erodes firms' profits. Strategic interaction also impacts location choices across time. Specifically, because firms learn by doing in markets, location choices are shaped by two novel effects: entrenchment benefits from entering early in a market and improving capabilities relative to rivals, and opportunity costs from postponing entry to other markets where rivals enter and learn. When learning is local, firms collocate more: rivals are preempted from improving relative capabilities in higher‐value markets. However, when learning is global, firms collocate less: they can transfer capabilities from lower‐value to higher‐value markets, blocking rivals from achieving entrenchment benefits. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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Whereas conventional wisdom holds that multinational enterprises (MNEs) invest less in host countries that pose greater policy risk—the risk that a government will opportunistically alter policies to expropriate an investing firm's profits or assets—we argue that MNEs vary in their response to host‐country policy risk as a result of differences in organizational capabilities for assessing such risk and managing the policy‐making process. We hypothesize that firms from home countries characterized by weaker institutional constraints on policy makers or greater redistributive pressures associated with political rent seeking will be less sensitive to host‐country policy risk in their international expansion strategies. Moreover, firms from home countries characterized by sufficiently weak institutional constraints or sufficiently strong redistributive pressures will seek out riskier host countries for their international investments to leverage their political capabilities, which permit them to attain and defend attractive positions or industry structures. We find support for our hypotheses in a statistical analysis of the foreign direct investment location choices of MNEs in the electric power generation industry during the period 1990–1999, the industry's first decade of internationalization. Copyright © 2010 John Wiley & Sons, Ltd. 相似文献
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This study examines and extends the resource dependence logic of diversification for a better understanding of outward foreign direct investment (OFDI) activities by emerging market firms. We contend that the diversification logic is bounded by state ownership, an important but less considered component of interdependence. Our empirical results, based on panel data analysis of Chinese listed firms, suggest that the level of interdependence between Chinese and foreign firms in China in multiple forms, including symbiotic, competitive, and partner interdependencies, is positively associated with the level of the Chinese firms' OFDI activities. However, Chinese firms with higher levels of state ownership are less susceptible to the pressures imposed by foreign firms to invest abroad. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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This study examines influences on the level of corruption in countries from a strategic perspective. Corruption is one of the country‐level influences on market entry, investment, and other decisions fundamental to strategic management at the international level. The study examines the impact on corruption of change in levels of foreign direct investment (FDI). It uses the Corruption Perceptions Index (CPI) scores computed by Transparency International for 1999 and 2000. Results indicate that the more rapid the rate of change in FDI, the higher the level of corruption. Higher levels of perceived corruption are associated with each of two dimensions of national culture: uncertainty avoidance and masculinity. Research and managerial implications are also discussed. Copyright © 2004 John Wiley & Sons, Ltd. 相似文献
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Volatile factor cost developments urge manufacturing firms to increase production efficiency by building up facilities in multiple countries. Differing from previous work that examines the quality of individual locations for investment, the study evaluates the net present value, the growth option value, and the operational flexibility value of the existing production network to predict the establishment of a new site. The results on a sample of 352 German manufacturing firms suggest that the direction, uncertainty, and diversity of labor cost movements in the extant locations influence the propensity to set up a new production subsidiary. Analyzing the international production network after the expansion shows that the new location increases the value of the network regarding these dimensions. Copyright © 2012 John Wiley & Sons, Ltd. 相似文献
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曹永峰 《地质技术经济管理》2010,(3):77-81
对外直接投资已成为经济全球化的一种重要经济现象。学者们对这种现象展开了广泛研究,形成了诸多理论。文章从微观、中观和宏观三个层次对西方对外直接投资理论进行了较为全面地梳理和评述,特别是基于实物期权视角的对外直接投资理论。 相似文献
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Jaeyong Song 《战略管理杂志》2002,23(3):191-210
This paper investigates how investments in capabilities offer platforms for the upgrading or downgrading of overseas subsidiaries' activities along a ‘technology ladder’ in response to macroeconomic changes. By analyzing panel data on Japanese electronic firms in East Asia from 1988 to 1994, the empirical results confirm the importance of capabilities at host country, parent company, and local subsidiary levels in sequential foreign investment decisions. The results show that subsidiary capabilities offset macroeconomic factors influencing location decisions of multinational corporations. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
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Foreign investors and their domestic joint venture partners must find ways to share the benefits of the venture if both sides are to be satisfied. Some work in the literature on joint ventures has asserted that there is a danger in all joint ventures, and especially joint ventures with Japanese, that one side will exploit the venture for its own gain, using it as a Trojan Horse. To test this assertion, we build a full data set of Japanese firms with joint ventures in the United States and track the ventures over time. Our data show that the Japanese partners do not take actions consistent with the Trojan Horse hypothesis. Copyright © 1999 John Wiley & Sons, Ltd. 相似文献
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This study investigates the impact of entry timing, mode of entry, market focus, and location advantages on the financial performance and survival of multinational corporations (MNCs) in China. Three major results were found. First, MNCs that entered China in an earlier year had a higher level of profit than those that entered in a later year. Second, equity joint ventures (EJVs) had a higher profit level than cooperative operations or wholly foreign‐owned subsidiaries. Third, MNCs that utilized well the location advantages in China had a higher profit. We also found that EJVs were more likely to survive compared to cooperative operations, while wholly owned subsidiaries did not differ from EJVs. The findings are based on a 2‐year study of about 1000 MNC operations in China. Copyright © 1999 John Wiley & Sons, Ltd. 相似文献
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本文采用2009~2020年254个企业OFDI及所处城市空气污染数据进行研究,研究发现:(1)OFDI对空气污染的影响显著为负,即企业对外直接投资能够改善地区空气质量;(2)企业对外直接投资对空气质量的影响存在结构效应和技术效应,OFDI通过产业结构升级和技术进步等方式改善空气质量存在最优区间;(3)对外直接投资对国内环境的影响存在异质性,就东道国而言,对高度开放且环境规制程度良好的东道国进行投资能有效降低母国的空气污染水平;就母国而言,处于严重空气污染地区的非国有企业进行对外直接投资可使空气质量得到更显著的改善。 相似文献
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Previous research has found that foreign‐owned establishments often lack specific capabilities needed to respond to local business conditions and are held to a higher standard by local stakeholders. These establishments compensate, however, by possessing offsetting capabilities such as technological excellence. In this article, we investigate how these conflicting forces shape the environmental conduct of foreign‐owned facilities. Using data from the Environmental Protection Agency, we find that foreign‐owned establishments generate more waste yet manage more waste than U.S.‐owned establishments. We also find evidence that both domestic and foreign‐owned firms generate more waste if they operate multiple facilities across multiple jurisdictions in the United States. Copyright © 2001 John Wiley & Sons, Ltd. 相似文献