How to enter the fintech industry in Southeast Asia: The choice between alliance and acquisition

IF 5.5 Q1 MANAGEMENT

Asia Pacific Management Review Pub Date : 2025-01-07 DOI:10.1016/j.apmrv.2024.100353

Chiung-Hui Tseng , Ratanak Moneath Koy

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引用次数: 0

Abstract

The financial technology (i.e., fintech) industry in Southeast Asia has proliferated over the past two decades, attracting many firms from around the world to this business sector in the region. As such, it is crucial to investigate which entry mode (alliance or acquisition) is more appropriate for foreign firms to enter this industrial and geographical area. Surprisingly, although the alliance-versus-acquisition choice has been a popular research topic in international business literature, prior studies have shed little light on this research context. Drawing on the capability-based perspective, we identify a set of determinants critical to foreign firms’ choice of entry strategy into the Southeast Asian fintech industry and propose a holistic conceptual framework, tested on a sample of 132 overseas expansions into this industrial and geographical region by firms from 24 countries. Our empirical findings confirm that these firms preferred acquisitions over alliances when they practiced horizontal expansion, possessed institutional knowledge about local environments, and encountered smaller governance distance between the home and host countries, of which the impact of the last factor is not fully supported. Overall, this study has advanced international business research and Southeast Asia studies, and has also offered useful insights to managers in charge of foreign expansion for their firms.

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如何进入东南亚金融科技行业：联盟与收购的选择

在过去的二十年里，东南亚的金融科技（即金融科技）行业蓬勃发展，吸引了来自世界各地的许多公司进入该地区的这一商业领域。因此，调查哪种进入模式（联盟或收购）更适合外国公司进入该工业和地理区域是至关重要的。令人惊讶的是，尽管联盟与收购的选择一直是国际商业文献中的热门研究课题，但之前的研究对这一研究背景知之甚少。利用基于能力的视角，我们确定了一组对外国公司选择进入东南亚金融科技行业的进入战略至关重要的决定因素，并提出了一个整体的概念框架，并在来自24个国家的公司进入该工业和地理区域的132个海外扩张样本上进行了测试。我们的实证研究结果证实，当这些公司进行横向扩张、拥有关于当地环境的制度知识、母国与东道国之间的治理距离较小时，它们更倾向于收购而不是联盟，最后一个因素的影响并不完全支持。总的来说，这项研究推动了国际商业研究和东南亚研究，也为公司负责海外扩张的管理者提供了有用的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia Pacific Management Review MANAGEMENT-

CiteScore

8.00

自引率

4.50%

发文量

期刊介绍： Asia Pacific Management Review (APMR), peer-reviewed and published quarterly, pursues to publish original and high quality research articles and notes that contribute to build empirical and theoretical understanding for concerning strategy and management aspects in business and activities. Meanwhile, we also seek to publish short communications and opinions addressing issues of current concern to managers in regards to within and between the Asia-Pacific region. The covered domains but not limited to, such as accounting, finance, marketing, decision analysis and operation management, human resource management, information management, international business management, logistic and supply chain management, quantitative and research methods, strategic and business management, and tourism management, are suitable for publication in the APMR.