发帖
雷达卡
本文转编于微信公众号：麦哲学术
获取更多管理学权威期刊学术前沿，请关注我们！
The ownership structure contingency in the sequential international entry mode decision process: Family owners and institutional investors in family-dominant versus family-influenced firms
作者：Kai Xu, Michael A. Hitt & Stewart R. Miller
本研究通过扩展我们对家族企业和国际商业研究在进入模式决策方面的理解, 解释了进入模式的选择如何成为顺序决策过程的产物,具有重要的所有权结构偶然性。我们提出, 拥有占主导地位的家族所有者(以家族为主导的公司)的公司更倾向于将低股权作为其进入模式, 以保护其社会情感财富。即使机构投资者是公司的主要股东(受家族影响的公司), 他们的偏好也是持久的。对家庭价值观在进入模式决策中所起作用的细致考察, 扩展了我们对家族企业如何进入国际市场的理解。
Extending our understanding of family firms and international business research with respect to entry mode decisions, this study explains how entry mode choice is the product of a sequential decision-making process, with an important ownership structure contingency. We propose that firms with a dominant family owner (family-dominant firms) prefer low equity ownership as their entry mode for the purpose of preserving their socioemotional wealth. Their preference is persistent even when the institutional investors are the dominant shareholders in the firm (family-influenced firms). This nuanced examination of the role family values play in the entry mode decision extends our understanding of how family firms enter international markets.
Springboard internationalization by emerging market firms: Speed of first cross-border acquisition
作者：Vikas Kumar, Deeksha Singh, Anish Purkayastha, Manish Popli & Ajai Gaur
根据跳板观点, 新兴市场跨国企业(EMNE)从一开始就积极寻求战略资产。在本文中, 我们调查了企业的制度嵌入在年龄和与企业集团关系方面对其积极国际化追求的影响, 这个问题在国际商务文献中仍未被探讨过。这项研究基于8,163家印度上市公司在18年间的数据, 发现了一个趋势, 即在自由化时代建立的年轻的公司、1991年后的以及非附属的公司更有可能通过更快地进行首次跨境收购(CBA)来推行积极的国际化。在附属公司中, 年轻的公司开展首个CBA的速度相对较快。此外,有证据表明,在集团层面的资产和外国投资方面, 集团间的异质性对企业年龄与积极国际化之间的关系有调节影响。
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.
Cross-border acquisitions: Do labor regulations affect acquirer returns?
作者：Ross Levine, Chen Lin & Beibei Shen
劳动力监管的跨国际差异是否会影响(1)收购公司在跨境交易中的公告收益以及收购后的利润、成本和收入, (2)跨境目标的选择, 或(3)跨境报价的成功率? 我们发现, 对劳动力保护较强的国家里的目标而言, 收购公司享有较小的异常收益和交易后的业绩增长。收购方更有可能在劳动力监管薄弱的国家购买依赖于劳动力的目标, 并且更有可能当目标在劳动力监管较强的国家时使用跨境收购进入新市场; 而且当目标在更严格的劳动力监管国家/地区时, 报价成功率下降。
Do cross-country differences in labor regulations shape (1) acquiring firms’ announcement returns and post-acquisition profits, costs, and revenues from cross-border deals, (2) the selection of cross-border targets, or (3) the success rates of cross-border offers? We discover that acquiring firms enjoy smaller abnormal returns and post-deal performance gains with targets in stronger labor protection countries; acquirers are more likely to purchase labor-dependent targets in weak labor regulation countries and more likely to use cross-border acquisitions to enter new markets when targets are in stronger labor regulation countries; and offer success rates fall when targets are in stronger labor regulation countries.
Bank dependence in emerging countries: Cross-border information percolation in mutual fund equity investing
作者：Linda Allen, Suparna Chakraborty, Sonali Hazarika& Chih-Huei Su
与涉及美国银行国内贷款的文献相比,我们发现与非贷款银行或非附属的共同基金相比, 附属于贷款银行的共同基金减少了非美国借贷人的非美国上市股票的股权投资和营业额。减持的股权增加了贷款利差, 维持了贷款银行的跨境信息垄断。当银行向新兴国家公司提供贷款和当贷方与共同基金经理人之间的地理距离最大时, 股票市场持有量和营业额会减少。因此, 远程信息渗滤可能会以个体子公司作为代价而使全球机构受益。
In contrast to the literature involving U.S. bank domestic lending, we find that mutual funds affiliated with lending banks reduce their equity investment and turnover in the non-U.S.-listed stock of their non-U.S. borrowers compared to non-lending banks or unaffiliated mutual funds. Reduced equity holdings increase loan spreads, preserving the lending bank’s cross-border information monopoly. Equity market holdings and turnover are reduced when banks lend to firms in emerging nations and when the geographic distance between the lender and the mutual fund manager is greatest. Thereby, long-range information percolation may benefit global institutions at the expense of individual subsidiaries.
Keeping it within bounds: Regression analysis of proportions in international business
作者：Jesper N Wulff& Anders R Villadsen
国际商务研究人员通常会估算比例、百分比、比率或分数,即所谓的“比例因变量”。在本文中, 我们假设两种回归策略与国际商务领域特别相关:Tobit和分数回归。综述最近的国际商务研究, 我们发现, 虽然分数回归很少被使用, 但Tobit回归分析通常被不完整地或被错误地解释, 从而影响了所报告结果的有效性。因此, 我们阐明了研究人员应如何在Tobit和分数回归之间进行选择并解读其结果。基于简单的仿真和带有关联Stata代码的数据示例以及用于在与比例因变量一起使用的模型类型之间进行选择的决策树, 我们提出了洞解。
Capturing the role of societal affinity in cross-border mergers with the Eurovision Song Contest
作者：Antonios Siganos & Isaac T. Tabner
本文展示了欧洲歌曲大赛中投票偏见作为捕捉社会亲和力的手段的有效性。来自40多个国家的超过1.8亿的观众每年观看欧洲歌曲大赛, 并投票选出他们喜爱的歌曲。由于每首歌代表一个国家, 参与国之间的社会亲和力导致投票模式的系统偏差。我们利用跨国并购作为国际商业交往的代理, 展示了投票偏见如何提供一种简单、免费和动态的方法来捕捉各国之间的社会亲和力, 从而补充其它亲和力和距离指标。
京公网安备 11010802022788号
