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Evolving financial markets and international capital flows : Britain, the Americas, and Australia, 1865-1914
\"This study examines the impact of British capital flows on the evolution of capital markets in four countries - Argentina, Australia, Canada, and the United States - over the years 1865 to 1914\"--Jacket.
Book
Misaccounting for endogeneity
Research Summary
Strategy research addresses endogeneity by incorporating econometric techniques, including Heckman's two‐step method. The economics literature theorizes regarding optimal usage of Heckman's method, emphasizing the valid exclusion condition necessary in the first stage. However, our meta‐analysis reveals that only 54 of 165 relevant papers published in the top strategy and organizational theory journals during 1995–2016 claim a valid exclusion restriction. Without this condition being met, our simulation shows that results using the Heckman method are often less reliable than OLS results. Even where Heckman is not possible, we recommend that other rigorous identification approaches be used. We illustrate our recommendation to use a triangulation of identification approaches by revisiting the classic global strategy question of the performance implications of cross‐border market entry through greenfield or acquisition.
Managerial Summary
Managers make strategic decisions by choosing the best option given the particular circumstances of their firm. However, researchers had previously not taken into consideration these circumstances when evaluating the outcome of that choice. The Heckman method importantly addresses this situation, but requires that the researcher have some variable that effects the best option for the firm, but not the outcome. We show that researchers frequently do not utilize such a variable, and demonstrate that the Heckman method can exacerbate estimation issues in this case. We then provide an approach that researchers can use to address the challenge of determining the outcome of a strategic decision, and illustrate it with an empirical examination of the performance implications of cross‐border market entry through greenfield or acquisition.
Journal Article
Global platforms and ecosystems
The emergence of digital platforms and ecosystems (DPE) as a venue for value creation and capture for multinational enterprises holds considerable implications for the theory and practice of international business. In this paper, we articulate these implications by considering the dual perspectives of cross-border platforms and ecosystems – as a venue for multifaceted innovation and as multisided marketplace – and focusing on three overarching themes at the intersection of DPEs and international business, that is, DPEs as affording new ways of internationalization, as facilitating new ways of building knowledge and relationships, and as enabling new ways of creating and delivering value to global customers. We explain specific DPE-related concepts and constructs that underlie these themes and discuss how they could be incorporated into existing IB theories in ways that would enhance their richness and continued relevance as well as their ability to better predict a multitude of emerging IB phenomena.
Journal Article
Towards a renaissance in international business research? Big questions, grand challenges, and the future of IB scholarship
In this article, we review critiques of international business (IB) research with a focus on whether IB scholarship tackles \"big questions.\" We identify three major areas where IB scholars have addressed important global phenomena, but find that they have had little influence outside of IB, and only limited effects on business or government policy. We propose a redirection of IB research towards \"grand challenges\" in global business and the use of interdisciplinary research methods, multilevel approaches, and phenomena-driven perspectives to address those questions. We argue that IB can play a more constructive and vital role by tackling expansive topics at the business-societal interface.
Journal Article
Changing perspectives on the internationalization of R&D and innovation by multinational enterprises
Internationalization of R&D and innovation by multinational enterprises (MNEs) has undergone a gradual and comprehensive change in perspective over the past 50 years. From sporadic works in the late 1950s and in the 1960s, it became a systematically analyzed topic in the 1970s, starting with pioneering reports and “foundation texts”. Our review unfolds the theoretical and empirical evolution of the literature from dyadic interpretations of centralization versus decentralization of R&D by MNEs to more comprehensive frameworks, wherein established MNEs from advanced economies still play a pivotal role, but new players and places also emerge in the global generation and diffusion of knowledge. Hence, views of R&D internationalization increasingly rely on concepts, ideas, and methods from IB and other related disciplines such as industrial organization, international economics, and economic geography. Two main findings are highlighted. First, scholarly research pays increasing attention to the network-like characteristics of international R&D activities. Second, different streams of literature have emphasized the role of location-specific factors in R&D internationalization. The increasing emphasis on these aspects has created new research opportunities in some key areas, including inter alia: cross-border knowledge-sourcing strategies, changes in the geography of R&D and innovation, and the international fragmentation of production and R&D activities.
Journal Article
Is FDI Good for Employment? A Comprehensive Look into Vietnamese Firms
Taking advantages of a rich firm-level database of Vietnam (with more than 1.3 million observations) and applying fixed effect techniques, we obtained a comprehensive look about three perspectives of quantity, quality, and location effect of FDI on employment (according to UNCTAD, 2014). We found that FDI indeed helps to raise employment (by 0.6%) (the quantity effect) and wages (by 0.3%) (the quality effect) of firms across Vietnam, but makes the provincial employment reduce by about 0.1% (the location effect). In addition, interestingly, the findings are also diversified across the four key industries and two different types of FDI-invested firms. KCI Citation Count: 0
Journal Article
Springboard internationalization by emerging market firms
According to the springboard perspective, emerging market multinationals seek strategic assets aggressively from the outset. In this paper, we investigate the role of firms’ institutional embeddedness in terms of age and affiliation to business group on their aggressive internationalization pursuits, an issue which has remained less explored in international business scholarship. This study, based on 8163 Indian listed firms over 18 years, identifies a trend that younger firms founded in the liberalized era, post 1991, and unaffiliated firms are more likely to pursue aggressive internationalization by conducting their first cross-border acquisition (CBA) faster. Among affiliated firms, younger ones are relatively faster in conducting their first CBA. Furthermore, the evidence signals a moderating impact of inter-group heterogeneity in terms of group-level assets and foreign investments on the relationship between firm age and aggressive internationalization.
Journal Article
Green finance and outward foreign direct investment: evidence from a quasi-natural experiment of green insurance in China
Institutions have an important impact on corporate outward foreign direct investment, while differences in environmental regulations play a significant role in international capital flows based on the pollution haven hypothesis (PHH). This study examines the effect of green insurance, an institutional innovation tool designed to diversify and transfer environmental risks, on the decisions of firms regarding their overseas investment. Using a quasi-natural experiment of green insurance in 2007, this paper investigates the relationship between green insurance and corporate outward foreign direct investment and then further examines the effects of marketization and the Belt and Road Initiative (BRI) on this relationship. The results show that green insurance significantly reduces corporate outward foreign direct investment. Furthermore, the effect of green insurance on corporate outward foreign direct investment is stronger in regions with higher marketization and is weaker when investing in BRI countries. These findings suggest that green insurance is playing a gradually important role in influencing corporate overseas investment decisions. This study contributes to the research on the effects of institutions on corporate outward foreign direct investment while also broadening the research perspective of the PHH.
Journal Article