Escape FDI and the dynamics of a cumulative process of institutional misalignment and contestation: Stress,strain and failure |
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| Affiliation: | 1. Gordon Institute of Business Science, University of Pretoria, 25 Fricker Road, Illovo, Johannesburg, 2146, South Africa;2. University of Sussex, Jubilee Building, Falmer, Brighton, BN1 9RH, UK;3. Graduate School of Business, University of Cape Town, 8 Portswood Road, V&A Waterfront, Cape Town, 8002, South Africa;1. Department of Strategic Management and Globalization, Copenhagen Business School, Copenhagen, Denmark;2. Faculty of Business Administration, Memorial University of Newfoundland, St. John''s, NL, Canada;3. Sauder School of Business, The University of British Columbia, Vancouver, BC, Canada;4. Department of International Trade, Duksung Women’s University, Seoul, Republic of Korea;1. Department of Strategy & International Business, Kent Business School, University of Kent, UK;2. Newcastle University London, UK;3. Department of Strategy & International Business, Birmingham Business School, The University of Birmingham, UK;1. College of Management and Economics, Tianjin University, 92 Weijin Road, Tianjin, China;2. Department of Management, The Walker School of Business, Appalachian State University, 4066 Peacock Hall, 416 Howard Street, Boone, NC 28607, United States;3. Schulich School of Business, York University, Toronto, Ontario M3J 1P3, Canada;1. Universidad Adolfo Ibáñez, Escuela de Negocios, Av Diagonal Las Torres 2640, Peñalolén, Santiago, 7941169, Chile;2. Washington and Lee University, Williams School of Commerce, Economics and Politics, 204W. Washington St, Lexington, VA 24450, United States;3. University of Colorado-Boulder, Leeds School of Business, 419 UCB, Boulder, CO 80309, United States;1. Universidad Pontificia Comillas, ICAI-ICADE. Facultad de Ciencias Económicas y Empresariales, Dep. Gestión Empresarial, C/Alberto Aguilera, 23, E-28015 Madrid, Spain;2. Universidad de Oviedo, Facultad de Economía y Empresa, Dep. Admón. de Empresas, Avda. del Cristo S/N, E-33071 Oviedo, Spain;3. The Wharton School, University of Pennsylvania, 2016 Steinberg-Dietrich Hall, Philadelphia, PA 19104-6370, USA |
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| Abstract: | We argue that escape foreign direct investment (FDI) happens when unknown future “rules of the game” cause concern about the continued productive capacity of the economy. Adapting the stress-strain-fail model of materials failure, we argue that escape FDI is a process with three cumulative phases. Conditions for escape FDI (stress) are created by institutional deterioration and contained contestation. Limited escape FDI (strain) results from periods of societal instability and/or inadequate institutional reforms. Extensive escape FDI (failure) results from pervasive societal instability and/or fundamental changes in institutions. Using a historical approach, we develop these propositions for South Africa, 1956 to 2012. |
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| Keywords: | Escape FDI Institutional misalignment Contestation Historical method South Africa |
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