Escaping political instability and corruption: Emerging market multinational enterprises' controlling ownership in cross-border acquisitions

IF 4.2 2区管理学 Q1 MANAGEMENT

Journal of International Management Pub Date : 2025-12-01 Epub Date: 2025-10-03 DOI:10.1016/j.intman.2025.101305

Leon Faifman , Ru-Shiun Liou , Kimberly Ellis

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引用次数: 0

Abstract

Utilizing a sample of 1103 cross-border acquisitions by 792 EMNEs from 27 emerging economies, this study examines how home-country institutional constraints influence ownership strategy in international expansion. We find that political instability and corruption exert opposing effects on EMNEs' pursuit of controlling ownership — while political instability deters control, corruption motivates it. Drawing on the institutional escapism perspective, we show that EMNEs proactively adjust ownership structures to navigate institutional adversity. Moreover, firm-level political ties (e.g., government ownership) moderate these effects, especially under political instability, constraining firms' ability to escape. We further explore how military ties between home and host countries shape ownership decisions amid rising geopolitical tensions. By examining how home-country institutional constraints interact with firm-level political ties and cross-national military relationships, this study contributes to a more nuanced understanding of EMNE ownership strategy through the lens of institutional theory and international business strategy in politically complex environments.

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逃避政治不稳定和腐败：新兴市场跨国企业在跨境收购中的控股所有权

本研究利用来自27个新兴经济体的792家EMNEs的1103宗跨境收购的样本，考察了母国制度约束如何影响国际扩张中的所有权战略。我们发现，政治不稳定和腐败对EMNEs追求控股所有权产生相反的影响——政治不稳定阻碍了控制，而腐败激励了控制。从制度逃避主义的角度来看，我们发现新兴市场企业主动调整股权结构以应对制度逆境。此外，公司层面的政治关系（如政府所有权）缓和了这些影响，特别是在政治不稳定的情况下，限制了公司的逃脱能力。我们进一步探讨了在地缘政治紧张局势加剧的情况下，母国和东道国之间的军事关系如何影响所有权决策。通过考察母国制度约束如何与企业层面的政治联系和跨国军事关系相互作用，本研究有助于通过制度理论和政治复杂环境下的国际商业战略的视角，更细致地理解EMNE所有权战略。

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

Journal of International Management MANAGEMENT-

自引率

9.80%

发文量

审稿时长

81 days

期刊介绍： The Journal of International Management is devoted to advancing an understanding of issues in the management of global enterprises, global management theory, and practice; and providing theoretical and managerial implications useful for the further development of research. It is designed to serve an audience of academic researchers and educators, as well as business professionals, by publishing both theoretical and empirical research relating to international management and strategy issues. JIM publishes theoretical and empirical research addressing international business strategy, comparative and cross-cultural management, risk management, organizational behavior, and human resource management, among others.