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.

Abstract Image

所有权对全球战略的影响:所有者多样性和非财务目标
在这期专题导论中,我们分析了一家公司的国际所有权如何影响其全球战略。我们通过将占主导地位的所有者分为四类来重新解释文献:(1)个人(企业家和家庭),(2)劳动力(经理和员工),(3)国家(国家和地方政府),以及(4)机构(养老基金,共同基金,对冲基金,私募股权,风险资本和影响投资者)。我们认为,尽管他们都从投资中寻求财务回报,但他们在非财务目标上存在显著差异,从而导致海外扩张战略的差异。我们还提出,母国背景会改变所有权对全球战略的影响,直接影响所有者类型的普遍程度,间接影响所有者在追求非财务目标时的激励和约束。尽管所有公司的所有者都从他们的投资中寻求财务回报,但主要所有者在非财务目标上的差异导致了被投资公司全球战略的显著差异。我们通过将所有者分为四类来澄清这些差异:(1)个人(企业家和家庭),(2)劳动力(经理和员工),(3)国家(国家和地方政府),以及(4)机构(养老基金,共同基金,对冲基金,私募股权,风险资本和影响投资者)。我们解释了他们具体的非财务目标如何影响被投资公司的全球战略。我们还讨论了母国的特征如何影响所有者类型的流行和所有者的策略。特刊文章说明了其中的一些观点。
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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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