Multinational Business Review最新文献_第4页

International alliance networks, expansion modes and coopetition 国际联盟网络、扩张模式与合作竞争

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2023-04-13 DOI: 10.1108/mbr-06-2022-0091

Luis Miguel Bolívar, C. Casanueva, Ignacio Castro Abancéns

{"title":"International alliance networks, expansion modes and coopetition","authors":"Luis Miguel Bolívar, C. Casanueva, Ignacio Castro Abancéns","doi":"10.1108/mbr-06-2022-0091","DOIUrl":"https://doi.org/10.1108/mbr-06-2022-0091","url":null,"abstract":"\u0000Purpose\u0000Multinational enterprises (MNEs) strive to expand into new markets either by exploiting their resource base or by gaining access to partner companies that own the required resources. Thus, companies face the compete–cooperate–coopete decision. The purpose of this study is to determine the effect of MNEs’ networks of interorganisational alliances, and their interaction with resource ownership, and market attractiveness, on the choice of international expansion modes, whether they are sole venture (competitive) or collaboration agreements (cooperative) or both (coopetitive).\u0000\u0000\u0000Design/methodology/approach\u0000A biprobit model is used to analyse more than 50,000 new international operations by 164 MNEs in a five-year window. A moderation analysis is carried out to reveal the interaction between network centrality, resource ownership and market size.\u0000\u0000\u0000Findings\u0000The results show the extent to which the competitive–collaborative contradictory forces attenuate each other in different market scenarios. This study’s contribution advances the resolution of the resource allocation dilemma by recognising the conditions for the selection of each expansion mode: sole venture, cooperation and coopetition.\u0000\u0000\u0000Originality/value\u0000Mainstream international business theory claims that firm’s own resources and transaction outcomes are generally sufficient to explain their international expansion decisions, whereas network and social capital theories focus on the role of relationships and network embeddedness. Both perspectives seem to neglect the fact that firms frequently develop both factors simultaneously. This study bridges these perspectives and reveals the interplay between resource ownership, alliance network centrality and market size for MNEs’ expansion mode choice.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42194597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Internationalization under attack: the external threat of short sellers 国际化受到攻击：卖空者的外部威胁

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2023-04-07 DOI: 10.1108/mbr-02-2022-0035

L. Xu, Netanel Drori

{"title":"Internationalization under attack: the external threat of short sellers","authors":"L. Xu, Netanel Drori","doi":"10.1108/mbr-02-2022-0035","DOIUrl":"https://doi.org/10.1108/mbr-02-2022-0035","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to examine the role of short sellers in foreign direct investment (FDI) decisions. Drawing on threat rigidity theory, the authors argue that short sellers pose a threat to chief executive officers (CEOs) by exerting downward pressure to target firms’ stock prices. That threat will evoke rigid managerial responses that hinder new FDI activities. The authors also posit that CEOs will be less reactive to short sellers’ threats when they are generalist CEOs who have extensive general work experience or when they serve as the board chair.\u0000\u0000\u0000Design/methodology/approach\u0000The authors collect data from S&P 1,500 firms, and the final sample consists of 717 firms and 6,930 firm-year observations from 1998 to 2016. The authors use an Arellano and Bond generalized method of moments static linear probability panel data model and an instrumental panel count data model to test the hypotheses.\u0000\u0000\u0000Findings\u0000The findings support the hypotheses and suggest that CEOs who are under more pressure from short sellers engage in fewer new FDI activities. The negative impact of short sellers on FDI decisions is less salient when CEOs have general work experience or are the chairperson of the board.\u0000\u0000\u0000Originality/value\u0000This study contributes to the international business research by stressing the need to consider the role of short sellers in firm internationalization decisions.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2023-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47401896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Unintended change of ownership structure and acquisition of IJVs: the effect of initial structural conditions 股权结构的意外变化与合资企业的收购:初始结构条件的影响

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2023-03-24 DOI: 10.1108/mbr-06-2022-0086

Hamza Aib, Jacques Liouville, Hemant Merchant

{"title":"Unintended change of ownership structure and acquisition of IJVs: the effect of initial structural conditions","authors":"Hamza Aib, Jacques Liouville, Hemant Merchant","doi":"10.1108/mbr-06-2022-0086","DOIUrl":"https://doi.org/10.1108/mbr-06-2022-0086","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to demonstrate the effect of initial international joint ventures (IJV) structural conditions on two main equity-based instability facets: change of IJV ownership structure and acquisition of the IJV by one of the IJV partners. Drawing on the transaction cost theory, the authors examine three key initial structural conditions: IJV formation mode, number of partners and IJV’s ownership structure.\u0000\u0000\u0000Design/methodology/approach\u0000The authors apply the “Event history analysis” technique to test the hypotheses using a data set of 140 French-foreign JVs.\u0000\u0000\u0000Findings\u0000The findings show that the mode of an acquisitive IJV and unequal equity positions held by partners increase the likelihood of a change of IJV’s ownership structure and its eventual acquisition by one of the partners. In addition, the findings show that while an increase in the number of IJV partners is directly related to the change of IJV ownership structure, it has a statistically insignificant effect on IJV acquisition.\u0000\u0000\u0000Originality/value\u0000Drawing on “transaction costs” arguments, this study advances the literature by offering fine-grained results related to the effects of initial structural conditions on aspects of unintended instability in French-foreign JVs.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2023-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44180100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Taking the long view of the multinational 从跨国公司的长远角度出发

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2023-03-07 DOI: 10.1108/mbr-10-2022-0158

André Sammartino, D. Merrett, Pierre van der Eng, S. Ville

{"title":"Taking the long view of the multinational","authors":"André Sammartino, D. Merrett, Pierre van der Eng, S. Ville","doi":"10.1108/mbr-10-2022-0158","DOIUrl":"https://doi.org/10.1108/mbr-10-2022-0158","url":null,"abstract":"\u0000Purpose\u0000This paper argues for the benefits to international business (IB) of taking a much longer view at the engagement by multinational enterprises (MNEs) with host locations.\u0000\u0000\u0000Design/methodology/approach\u0000The authors showcase a project tracking the engagement by MNEs with Australia over the past two centuries. Extensive archival work has been undertaken to identify and document modes of entry, home countries, industries, operational modes and company types among the MNEs operating in Australia. The authors also describe the shifting nature of Australia as a host location.\u0000\u0000\u0000Findings\u0000The authors demonstrate the historical and ongoing diversity of ways in which MNEs interact with a host. They show that different organisational forms have prevailed over time, and that considerable operational mode changes can best be observed when a long lens is adopted. The authors show how these mode changes interact with host country dynamics, and also the broader context of the MNE and its altering strategies.\u0000\u0000\u0000Research limitations/implications\u0000The authors urge IB scholars to embrace longer timeframes to capture the complexity of MNEs’ growth and adaptation more meaningfully.\u0000\u0000\u0000Originality/value\u0000By taking such a long-run perspective, the authors shed new light on the importance of moving beyond simple snapshots to analyse key IB constructs and phenomenon.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47284351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Influence of target industry growth on premiums in cross-border acquisitions 目标行业增长对跨国收购溢价的影响

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2023-01-26 DOI: 10.1108/mbr-06-2022-0088

Ralf Bebenroth, Kashif Ahmed

{"title":"Influence of target industry growth on premiums in cross-border acquisitions","authors":"Ralf Bebenroth, Kashif Ahmed","doi":"10.1108/mbr-06-2022-0088","DOIUrl":"https://doi.org/10.1108/mbr-06-2022-0088","url":null,"abstract":"\u0000Purpose\u0000In this paper, the knowledge-based view of the firm is applied to theoretically elucidate and empirically examine the influence of target industry growth on premium payments in cross-border acquisitions. This study aims to extend internally driven Mergers and Acquisitions research efforts of acquirers to industry contingencies of targets by analyzing cross-border acquirers located within the group of seven (G7) countries.\u0000\u0000\u0000Design/methodology/approach\u0000This study’s investigation covers 209 cross-border acquisitions from 2012 to 2019 undertaken by firms located within the G7 countries. This paper used generalized estimation equations method to test the hypotheses applying Gaussian distribution for the dependent variable, an identity link function, exchangeable correlation structure and robust standard errors.\u0000\u0000\u0000Findings\u0000This study’s results reveal that target industry growth determines premiums. Furthermore, this study shows that acquirer industry growth, as well as acquirer slack, moderates this relationship. This study is built on the notion that industry contingencies influence premiums even when target firms are based in foreign countries.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, unlike other studies, this is the first to explicitly focus on premiums for multiple cross-border acquisitions by hand selecting nine years of industry sale figures for 53 industries separately in each of the G7 nation countries (leading to 371 separate downloads of data samples). This study contends that industry growth of cross-border targets matters for premium payments.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48069104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Fleeing from systemic risk at home through cross-border acquisitions 通过跨境收购逃避国内的系统性风险

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2023-01-26 DOI: 10.1108/mbr-02-2022-0026

L. Shao, Liang Wang, Zaiyang Xie, Hua Zhou

{"title":"Fleeing from systemic risk at home through cross-border acquisitions","authors":"L. Shao, Liang Wang, Zaiyang Xie, Hua Zhou","doi":"10.1108/mbr-02-2022-0026","DOIUrl":"https://doi.org/10.1108/mbr-02-2022-0026","url":null,"abstract":"\u0000Purpose\u0000Viewing the domestic downside risk as a “pushing” factor for outward foreign direct investment (OFDI), this study aims to examine the surge in Chinese cross-border acquisitions (CBAs) between 2008 and 2017, a unique window when private firms in China were allowed to conduct CBAs.\u0000\u0000\u0000Design/methodology/approach\u0000This study examines the effect of down-side risk on cross-border acquisition performance by using the sample of Chinese A-share listed companies from 2008 to 2017. Specifically, this study considers three kinds of systemic risk, systematic risk and idiosyncratic risk, and respectively examines their impact on CBAs activities; this study also investigates their subsequent results after CBAs activities. The contingency effect of state ownership on the above relationship is also discussed.\u0000\u0000\u0000Findings\u0000The findings reveal that pre-CBA systemic risk explains the volume of CBA activities; CBAs are followed by a reduction in systemic risk; the interactions between systemic risk and CBAs decrease with the level of state ownership; and the above results do not hold for traditional risk measures (i.e. systematic risk and idiosyncratic risk).\u0000\u0000\u0000Originality/value\u0000This study contributes to the literature by revealing the role of systemic risk as a “pushing” factor in the context of OFDI and suggesting an alternative explanation for CBAs from China: Chinese firms (especially private firms) took advantage of the rare opportunity between 2008 and 2017 given by the government to transfer assets overseas through CBA.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46091308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Overseas compliance risk prevention for multinational corporations in a law and economics perspective: empirical evidence from Chinese MNCs 法律经济学视角下跨国公司海外合规风险防范:来自中国跨国公司的经验证据

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2023-01-10 DOI: 10.1108/mbr-07-2022-0095

Feiqiong Chen, Jie-hua Zhu, Wenjing Wang

{"title":"Overseas compliance risk prevention for multinational corporations in a law and economics perspective: empirical evidence from Chinese MNCs","authors":"Feiqiong Chen, Jie-hua Zhu, Wenjing Wang","doi":"10.1108/mbr-07-2022-0095","DOIUrl":"https://doi.org/10.1108/mbr-07-2022-0095","url":null,"abstract":"\u0000Purpose\u0000This paper aims to investigate whether executive compensation and internal control can prevent overseas compliance risks through the mediating influence of multinational corporation (MNC) legitimacy and the moderating role of institutional distance.\u0000\u0000\u0000Design/methodology/approach\u0000Based on a law and economics perspective and the “bad apple,” the “red barrel” and the “bad cellar” theory of business misconduct, this paper constructs a systematic framework of “compliance motivation MNC legitimacy overseas compliance risk prevention” from the individual, organizational and systematic levels and uses data of Chinese MNCs for empirical analysis.\u0000\u0000\u0000Findings\u0000Empirical data from Chinese MNCs show that overseas compliance risks are comprehensively affected by the factors of the individual, organizational and systematic levels. Higher executive compensation and internal control will reduce MNCs’ overseas compliance risks through MNC legitimacy acquisition; institutional distance hinders the positive effect of internal control on MNC legitimacy and therefore aggravates overseas compliance risks.\u0000\u0000\u0000Practical implications\u0000This paper contributes to the understanding of the overseas law-abiding and offence behavior of MNCs from a law and economics perspective and offers valuable insights on how to prevent the ever-increasing overseas compliance risks.\u0000\u0000\u0000Originality/value\u0000Although the literature has analyzed the factors of compliance behavior, they are not interrelated, let alone integrated in a systematic risk prevention framework. This paper applies a law and economic analysis framework to the study of the overseas compliance risks for the first time.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2023-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42743546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Family firms and international equity-based entry modes: a systematic literature review 家族企业与国际股权进入模式：系统文献综述

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2022-11-16 DOI: 10.1108/mbr-05-2022-0080

Barbara Maggi, Claudia Pongelli, Salvatore Sciascia

{"title":"Family firms and international equity-based entry modes: a systematic literature review","authors":"Barbara Maggi, Claudia Pongelli, Salvatore Sciascia","doi":"10.1108/mbr-05-2022-0080","DOIUrl":"https://doi.org/10.1108/mbr-05-2022-0080","url":null,"abstract":"\u0000Purpose\u0000Although research on family firms (FF) internationalization has seen a boom over the past 30 years, the understanding of how FFs internationalize with equity modes is still fragmented. Indeed, the majority of extant literature on this topic identifies internationalization with export, overlooking the alternative equity-based entry modes FFs have when entering a foreign country. The purpose of this paper is to fill this gap with a framework-based systematic literature review on the topic to improve the understanding of this phenomenon and propose a way forward.\u0000\u0000\u0000Design/methodology/approach\u0000This study conducted a framework-based systematic literature review of 93 papers published between 1993 and 2021.\u0000\u0000\u0000Findings\u0000This study adds to the current debate on FFs internationalization by integrating previous review efforts with a deeper investigation of FFs’ equity-based entry modes. This study contributes to this body of knowledge in the family business research by synthetizing and systematizing extant literature with a framework-based approach from the international business (IB) field. In so doing, this study builds a stronger link between these two areas of research. Finally, research gaps and promising research avenues for future studies are also presented.\u0000\u0000\u0000Originality/value\u0000This study responds to the call to create a dialogue between the FFs and IB fields by systematizing the extant body of knowledge and integrating the FF literature with one of the most widely used frameworks (Pan and Tse, 2000) on entry modes in the IB domain.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2022-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48799712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Integrating external actors into the microfoundations of practice transfer in MNEs: a research agenda 将外部行为者纳入跨国公司实践转移的微观基础：一项研究议程

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2022-10-25 DOI: 10.1108/mbr-08-2021-0114

Ahmed Hassan, Johann Fortwengel

{"title":"Integrating external actors into the microfoundations of practice transfer in MNEs: a research agenda","authors":"Ahmed Hassan, Johann Fortwengel","doi":"10.1108/mbr-08-2021-0114","DOIUrl":"https://doi.org/10.1108/mbr-08-2021-0114","url":null,"abstract":"\u0000Purpose\u0000The transfer of organizational practices in multinational enterprises (MNEs), typically from the headquarters to foreign subsidiaries, has been a key theme in international business (IB) literature. Research on this topic increasingly acknowledges the important role of organizational actors external to the focal MNE. Furthermore, there is a growing interest in the microfoundational underpinnings of practice transfer as an important phenomenon in IB. This paper aims to bring together these two emerging research trends to outline an exciting and important avenue for further research.\u0000\u0000\u0000Design/methodology/approach\u0000This is a conceptual paper. This paper builds on prior empirical research to theorize different types of involvement of external organizational actors in the transfer process. This study further identifies specific mechanisms that lead to transfer outcomes in terms of practice adaptation.\u0000\u0000\u0000Findings\u0000The authors develop conceptual arguments regarding the role of external actors in the microfoundations of transfer. The involvement of external organizational actors can be either direct or indirect, and it can occur in the initiation stage at headquarters level and/or in the implementation stage at subsidiary level. The authors theorize how the involvement of external organizational actors in the transfer process shapes practice adaptation as a key outcome. This study summarizes the theorization with the help of propositions, and this study also identifies a set of research questions that can guide future research on this increasingly important topic.\u0000\u0000\u0000Originality/value\u0000This paper contributes to the literature by developing a research agenda to open up the black box regarding the role of external actors in the microfoundations of practice transfer in MNEs.\u0000","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2022-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46361820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

CEO characteristics, multinationality and downside risk: evidence from Chinese multinational corporations CEO特征、多国性与下行风险:来自中国跨国公司的证据

IF 2.7 4区管理学

Multinational Business Review Pub Date : 2022-10-05 DOI: 10.1108/mbr-01-2022-0007

Chaojin Zhou

{"title":"CEO characteristics, multinationality and downside risk: evidence from Chinese multinational corporations","authors":"Chaojin Zhou","doi":"10.1108/mbr-01-2022-0007","DOIUrl":"https://doi.org/10.1108/mbr-01-2022-0007","url":null,"abstract":"Purpose\u0000Real options theory posits that multinationality provides additional operating flexibility and helps firms reduce downside risk. This study aims to explore the effects of chief executive officer (CEO) characteristics on the downside risk implication of multinationality in Chinese multinational corporations (MNCs).\u0000\u0000\u0000Design/methodology/approach\u0000This study gathers a sample of Chinese MNCs from 2009 to 2020 and deploys a Tobit panel estimation model with fixed effects in the empirical analysis.\u0000\u0000\u0000Findings\u0000This study finds that multinationality has a significant negative effect on downside risk. The downside risk reduction effect of multinationality is stronger in firms led by older CEOs, women CEOs, CEOs with overseas experience or broader functional backgrounds or those with higher educational levels. Additionally, the above effects of CEO characteristics on the downside risk reduction effect of multinationality are more pronounced in firms with smaller top management team (TMT) sizes. Hence, the findings show that the multinational network constructed by Chinese MNCs could offer great operating flexibility, and CEO characteristics and the CEO–TMT interface play an important role in achieving real options flexibility from multinationality.\u0000\u0000\u0000Originality/value\u0000This study shows that multinationality could be an effective way for emerging market firms to reduce business risk. This study helps identify CEO characteristics that are associated with real option performance and emphasizes that CEO personal attitudes and abilities could influence the real options flexibility obtained from multinationality. This study also contributes to the understanding of micro foundations in international business by focusing on the role of CEO characteristics and the CEO–TMT interface in the downside risk implications of multinationality.","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2022-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46671666","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2