Ownership choices of emerging market micromultinationals (mMNEs) under uncertainty: A real option approach

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review Pub Date : 2025-02-04 DOI:10.1016/j.ibusrev.2025.102403

Panagiotis Kyriakopoulos , Rose Narooz , Junzhe Ji

引用次数: 0

Abstract

We use a real option lens to investigate how emerging market micromultinationals (mMNEs) employ foreign operation modes to address different sources of external uncertainty. Drawing from 564 mMNEs from 22 emerging markets, we firstly examine the mMNEs’ choice between high commitment operation mode (wholly owned subsidiary) and low commitment operation mode (international joint venture) in response to both economic and political uncertainty in host countries. We further investigate three enablers of strategic flexibility (multinationality, industry type and foreign investment experience) and their moderating role in the relationship between mMNE ownership choices and external uncertainties. Our results show that emerging market mMNEs choose low commitment foreign operation modes in response to economic uncertainty rather than political uncertainty when making their operation mode choice, and both multinationality and industry type moderate the economic uncertainty-operation mode relationship.

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不确定性下新兴市场微型跨国公司的股权选择：一个实物期权方法

我们使用实物期权的视角来研究新兴市场微型跨国公司（mMNEs）如何采用国外经营模式来解决不同来源的外部不确定性。以22个新兴市场的564家跨国企业为研究对象，我们首先考察了跨国企业在东道国经济和政治不确定性下，在高承诺运营模式（全资子公司）和低承诺运营模式（国际合资企业）之间的选择。我们进一步研究了战略灵活性的三个促成因素（多国性、行业类型和外国投资经验）及其在跨国企业所有权选择与外部不确定性之间的关系中的调节作用。研究结果表明，新兴市场跨国公司在应对经济不确定性时选择低承诺的国外运营模式，而非应对政治不确定性，并且多国性和行业类型都调节了经济不确定性与运营模式的关系。

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

International Business Review BUSINESS-

CiteScore

14.10

自引率

6.90%

发文量

审稿时长

62 days

期刊介绍： The International Business Review (IBR) stands as a premier international journal within the realm of international business and proudly serves as the official publication of the European International Business Academy (EIBA). This esteemed journal publishes original and insightful papers addressing the theory and practice of international business, encompassing a broad spectrum of topics such as firms' internationalization strategies, cross-border management of operations, and comparative studies of business environments across different countries. In essence, IBR is dedicated to disseminating research that informs the international operations of firms, whether they are SMEs or large MNEs, and guides the actions of policymakers in both home and host countries. The journal warmly welcomes conceptual papers, empirical studies, and review articles, fostering contributions from various disciplines including strategy, finance, management, marketing, economics, HRM, and organizational studies. IBR embraces methodological diversity, with equal openness to papers utilizing quantitative, qualitative, or mixed-method approaches.