The impact of ownership on global strategy: Owner diversity and non-financial objectives

IF 5.7 2区 管理学 Q1 BUSINESS
Alvaro Cuervo-Cazurra, Anna Grosman, Michael J. Mol, Geoffrey Wood
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Abstract

Research Summary

In this special issue introduction, we analyze how a firm's international ownership affects its global strategy. We reinterpret the literature by grouping dominant owners into four categories: (1) individuals (entrepreneurs and families), (2) labor (managers and employees), (3) state (national and subnational governments), and (4) institutions (pension funds, mutual funds, hedge funds, private equity, venture capital, and impact investors). We argue that although all seek financial returns from their investments, they differ markedly in their non-financial objectives, resulting in differences in strategies for expanding abroad. We also propose that the home country context modifies the impact of ownership on global strategy, directly by influencing the prevalence of owner types, and indirectly by affecting owners' incentives and constraints in their pursuit of non-financial objectives.

Managerial Summary

Although all firms' owners search for financial returns from their investments, differences across dominant owners in their non-financial objectives result in significant diversity in the global strategies of invested firms. We clarify these differences by grouping owners into four categories: (1) individuals (entrepreneurs and families), (2) labor (managers and employees), (3) state (national and subnational governments), and (4) institutions (pension funds, mutual funds, hedge funds, private equity, venture capital, and impact investors). We explain how their specific non-financial objectives influence the global strategies of invested firms. We also discuss how the characteristics of the home country affect both the prevalence of types of owners and owners' strategies. The special issue articles illustrate some of these ideas.

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来源期刊
CiteScore
14.20
自引率
11.80%
发文量
46
期刊介绍: The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.
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