Emerging market multinationals’ firm-specific advantages,institutional distance,and foreign acquisition location choice |
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| Institution: | 1. Department of Management and Marketing, Greehey School of Business, St. Mary’s University, One Camino Santa Maria, San Antonio, TX 78228, United States;2. Department of Management, College of Business, Florida Atlantic University, 777 Glades Road, Boca Raton, FL 33431, United States;3. Department of Management, B.I. Moody III College of Business Administration, University of Louisiana at Lafayette, 214 Hebrard Boulevard, Lafayette, LA 70503, United States;1. Department of Management, Birkbeck, University of London, Malet Street, Bloomsbury, London WC1E 7HX, United Kingdom;2. School of International Business, Southwestern University of Finance and Economics, 555 Liutai Rd, Wenjiang, Chengdu, China;3. School of Business and Technology, BPP University, 142-144 Uxbridge Road, London W12 8AA, United Kingdom;1. Research School of Management, The Australian National University, Australia;2. The University of Sydney Business School, The University of Sydney, Australia;3. School of Management, Chongqing Technology and Business University, China;1. Nyenrode Business University, Straatweg 25, 3621 BG, Breukelen, the Netherlands;2. School of Business and Economics, Free University Amsterdam, De Boelelaan 1105, 1081 HV, Amsterdam, the Netherlands;1. University of Bremen, Germany;2. Copenhagen Business School, Denmark;3. Friedrich-Schiller-University, Germany;4. University of Southern Denmark, Denmark;1. Durham University, Durham University Business School, Mill Hill Lane, Durham, DH1 3LB, UK;2. University of Northern Iowa, College of Business Administration, Cedar Falls, United States |
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| Abstract: | How do emerging market multinational enterprises’ (EMNEs’) firm-specific advantages (FSAs) drive their foreign acquisition location choice? We theorize EMNE FSAs as important contingencies influencing the effect of institutional distance (ID) on EMNE foreign acquisition location choice. As a baseline main effect, we expect ID to positively influence EMNE location choice, as well-developed institutionally distant host-country environments are attractive to EMNEs. This effect is reduced by EMNE FSAs shaped by home-country conditions, such as success in navigating institutional voids and superior human resource management, which are more competitive in institutionally closer countries. Conversely, this effect is heightened by EMNE FSAs shaped by investment choices for knowledge and for international venturing. Based on analyses of 278 EMNE acquisitions by EMNEs from nine emerging markets, our findings largely support our hypotheses. Our study extends research on EMNE FSAs, which often have been compared only with those of developed-country multinational enterprises. |
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| Keywords: | Emerging market multinational enterprises Firm-specific advantages Institutional distance Foreign acquisitions Location choice |
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