Institutional misalignment and escape-based FDI: A prospect theory lens |
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| Affiliation: | 1. Texas A&M University, Corpus Christi, USA;2. G. Brint Ryan College of Business, University of North Texas, USA;3. Fogelman College of Business and Economics, University of Memphis, USA;4. John Ed Barnes Endowed Eminent Scholar in Data Analytics, Louisiana Tech University, USA;1. The University of Akron College of Business Akron, OH 44325, USA;2. Department of Comparative and International Business, Alliance Manchester Business School, The University of Manchester, Booth Street West, Manchester M15 6PB, UK;3. Rutgers Business School, Newark and New Brunswick 1 Washington Park, Room 1098, Newark, NJ 07102, USA;4. School of Business, Rutgers University, 227 Penn Street, Camden, NJ 08102–1656, USA;1. Middlesex University, The Burroughs, London, NW4 4BT, United Kingdom;2. University of Surrey, Stag Hill, Guildford, GU2 7XH, United Kingdom;1. Newcastle Business School, Corner of Hunter and Auckland Streets, The University of Newcastle, NSW 2300, Australia;2. Business School, 62 Kedazhi Road, Qingdao University, Shandong 266071, China;3. The University of Sydney Business School, 21-25 Codrington Street, The University of Sydney, NSW 2006, Australia;1. School of Management, Xi''an Jiaotong University, No 28 West Xianning Road, Xi''an 710049, Shaanxi, PR China;2. Business School, The University of Queensland, St Lucia, QLD 4072, Australia;3. School of Management, Guangzhou University, West Waihuan Road, Higher Education Mega Center, Guangzhou, PR China;1. School of Management, RMIT University, Melbourne 3001, Victoria, Australia;2. School of Economics and Management, Tongji University, Shanghai, China;3. Institute for International Business, WU Vienna University of Economics & Business, Welthandelspl. 1, 1020 Vienna, Austria;4. School of Economics and Management, Tongji University, Shanghai, China |
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| Abstract: | FDI research has predominantly focused on gain-based motivations, but increasingly other loss avoidance-based motives, such as escape, have become more prominent. However, studies of escape have been largely conceptual or do not explicitly disentangle escape from other motives. Combining a natural experiment-based research design with behavioral predictions derived from prospect theory, we attempt to advance this area of investigation. Examining 548 Latin American FDI deals, we found compelling support for escape. Using detailed data on 174 of the deals, we found further evidence that characteristics associated with speed, a potential priority in avoiding loss, were significantly related to escape-based FDI. |
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| Keywords: | Escape-based internationalization Prospect theory Institutional theory FDI |
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