Global Strategy Journal最新文献

{"title":"Beacons not burdens: Business groups and corporate social performance around the world","authors":"Sorin M. S. Krammer,&nbsp;Vlad-Andrei Porumb,&nbsp;Yasemin Zengin-Karaibrahimoglu,&nbsp;Joel Bothello","doi":"10.1002/gsj.1515","DOIUrl":"https://doi.org/10.1002/gsj.1515","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Prior studies on business groups (BGs) have predominantly focused on the impact of group affiliation on financial performance. In contrast, we argue that BG affiliates will outperform standalone firms in terms of corporate social performance (CSP) and that this effect will be positively moderated by the strength of formal and informal institutions. Moreover, we examine also differences among BGs and hypothesize that diversification and hierarchy of the group will negatively affect the CSP of affiliates. Employing a panel of 4368 firms from 43 countries between 2003 and 2016 and a propensity score matching approach in our regressions, we find robust support for these predictions. Our findings advance two distinct strands of literature on BGs and, respectively, corporate social responsibility.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>BG are a common organizational structure in many countries. Despite this, we still do not know much about them beyond their financial performance. In this study, we focus on examining the impact of BG affiliation on non-financial performance (i.e., CSP) in the light of growing societal grand challenges. Using an international dataset of several thousands of firms, we find out that BG affiliates exhibit superior CSP results compared to non-affiliated firms. These positive effects of affiliation are increased in environments with strong formal and informal institutions but reduced within groups that are more diversified and hierarchical. Our findings showcase the importance of BGs in tackling some of today's grand challenges and provide support for more nuanced approaches to study BGs across countries.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 4","pages":"709-753"},"PeriodicalIF":5.7,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1515","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142737470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Theorizing about emerging multinationals' cross-border acquisitions","authors":"Mike W. Peng,&nbsp;Joyce C. Wang,&nbsp;En Xie,&nbsp;Sergey Lebedev","doi":"10.1002/gsj.1512","DOIUrl":"https://doi.org/10.1002/gsj.1512","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>The emergence of multinational enterprises from emerging economies (emerging multinationals or EMNEs) has resulted in two puzzles: (1) Why do EMNEs often bid higher for targets in developed economies? (2) Why do EMNEs often allow such targets significant autonomy? From a theoretical standpoint, the two puzzles beg the question of whether an integrative answer exists. Extending property rights theory, we conceptualize an EMNE as a collection of assets over which an emerging-economy firm has residual control, gained predominantly through cross-border acquisitions. Leveraging a legitimacy-based view, we suggest that EMNEs suffer from legitimacy deficits. Overall, the key to theorizing about EMNEs' cross-border acquisitions and solving the two puzzles is to appreciate EMNEs' endeavors to simultaneously maximize joint value creation, minimize target incentive loss, and overcome legitimacy deficits.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Driven by property rights thinking and legitimacy deficits considerations, multinational enterprises from emerging economies (emerging multinationals or EMNEs) often pay higher premiums for and grant significant autonomy to acquisition targets in developed economies. During the pre-acquisition phase, EMNEs need to carefully evaluate targets' value-creation potential and asset complementarity. During the post-acquisition phase, offering autonomy to targets is advisable, if acquisition premiums are high, if pursued assets are knowledge-based, and if target managers and employees as well as other stakeholders (such as host-country governments) have raised major concerns. Although few EMNEs explicitly refer to research on property rights and legitimacy deficits, many of them have acted in a way that is consistent with such theoretical reasoning. Emerging-economy acquirers that follow such reasoning often perform well.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 4","pages":"683-708"},"PeriodicalIF":5.7,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1512","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142737543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does prior success influence risk-taking in foreign location decisions? A prospect theory perspective","authors":"Kathrin Schwaiger,&nbsp;Petra Hennrich,&nbsp;Jan Hendrik Fisch","doi":"10.1002/gsj.1513","DOIUrl":"https://doi.org/10.1002/gsj.1513","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Research suggests that foreign direct investment decisions can be biased and deviate from economic theory. This study deploys prospect theory to analyze the impact of the success of previous investments on risk-taking in subsequent investment decisions. Our theorizing suggests that prior success influences foreign investors' decisions to take host-country risk, and that this moderating influence on the risk-investment relation is specific to the type of risk. The results of an event-history study of 1259 location decisions support the notion that the success of previous investments encourages investors to enter host countries with high negative or positive risk, whereas it discourages them from entering locations with high mixed risk. The effects are stronger for investment locations that are similar than for those that are dissimilar.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Regarding the varying risks that investors face in foreign countries, investment decisions may sometimes appear rather confident and sometimes rather cautious. Our study relates these decisions to the success that investors had with similar investments in the past, since research suggests that experiencing gains or losses can influence decision behavior. The results suggest that prior success affects risk-taking in foreign direct investment decisions and comes in contrary forms, depending on the type of risk: prior success leads to overconfident investment decisions in the case of negative and positive risk, whereas it induces overcautious investment decisions in the case of mixed risk. Being aware of these behavioral tendencies can prevent managers from making biased investment decisions.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 4","pages":"800-842"},"PeriodicalIF":5.7,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1513","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142737366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Rethinking institutional arbitrage: De jure exposure and de facto enforcement","authors":"Jian Xu","doi":"10.1002/gsj.1510","DOIUrl":"https://doi.org/10.1002/gsj.1510","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This article disentangles the de jure and de facto dimensions of institutional distances to examine their impact on firms embedded across heterogeneous jurisdictions. I argue that significant transaction costs occur only when the de facto implementations of regulations from both home and foreign jurisdictions become irreconcilable. Using an original dataset of the enforcement actions of the US Foreign Corrupt Practices Act (FCPA), I find that institutional arbitrage becomes infeasible for non-US-based firms with de jure exposure to the FCPA when the de facto judicial constraints over bureaucratic discretion are weak in these firms' home countries targeted by FCPA enforcement. De facto FCPA enforcement makes such US-listed firms more likely to divest from their home markets or voluntarily delist from US stock markets.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Mangers should consider the divergence or convergence between the de jure and de facto dimensions of institutional distance in evaluating their international business strategies. In analyzing the operational obstacles for engaging in cross-jurisdictional activities, notably institutional arbitrage schemes, managers should realize that such obstacles do not simply arise from contradictions in officially stipulated regulations, but also from whether and the extent to which such de jure contradictions are activated. Assessing the feasibility of corporate political activities and other legally ambiguous nonmarket strategies as risk-mitigation measures thus needs to take into account this distinction. MNEs' global strategies should also recognize the increasingly intertwined national and supranational legal systems and their interactions as sources of operational risks.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 4","pages":"754-799"},"PeriodicalIF":5.7,"publicationDate":"2024-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1510","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142737508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A perspective on three trade-offs of blockchain technology for the global strategy of the MNC","authors":"Tuuli Hakkarainen,&nbsp;Anatoli Colicev,&nbsp;Torben Pedersen","doi":"10.1002/gsj.1509","DOIUrl":"10.1002/gsj.1509","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>New technology plays a key role in shaping the global strategy of the MNC. We propose a perspective on how and why a novel technological development—blockchain technology—and its relevant applications affect the global strategy of the MNC. We focus on the trade-offs associated with cryptocurrencies, smart contracts, and blockchain data, and provide several real-world examples. While cryptocurrencies could lower financial costs and broaden consumers' payment options, they require new investments in cybersecurity and payment infrastructure. Smart contracts could increase trust in collaboration due to their automated, transparent, and inflexible rules, but their rigidity can harm collaboration. Finally, while blockchain data can enhance the MNC's analytics capabilities, it can also jeopardize consumer privacy.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Is blockchain technology all hype or a useful advancement for global firms? We propose that this technology has merits and drawbacks for financial transactions, collaboration, and data analytics. Cryptocurrencies have stolen the headlines and several leading organizations have already added them as payment methods. Their merits include lower transaction fees, better security, and higher speed, but they require expensive infrastructure and carry a stigma. Smart contracts can streamline agreements between parties but lack the flexibility that global firms need when interacting with suppliers and partners. Novel blockchain data can be plugged into marketing dashboards but can also threaten consumer privacy. Overall, the jury is still out on the role of blockchain technology for global firms.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 3","pages":"635-654"},"PeriodicalIF":5.7,"publicationDate":"2024-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1509","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141366457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do financial crises moderate the influence of stakeholder rights protection on M&A activity: The influence of institutional logics and power?","authors":"May-Anne Very,&nbsp;Laurence Capron,&nbsp;Mauro Guillén","doi":"10.1002/gsj.1504","DOIUrl":"10.1002/gsj.1504","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>M&amp;A represents a contested process of change in control influenced by two contending prevailing institutional logics: shareholder-centered and labor-oriented. These logics, whose respective power is influenced by national laws, shape mergers and acquisition (M&amp;A) outcomes. Crises, like systemic financial crises, are periods during which these logics may be altered. This research examines how financial crises affect the positive (negative) relationship between the legal protection of shareholder (labor) rights and M&amp;A activity in a country. Utilizing a dataset from financial services companies across 35 countries from 1990 to 2016, we find that financial crises significantly weaken the effects of both shareholder and labor rights on M&amp;A transactions. Our findings emphasize the role of power dynamics amidst conflicting institutional logics in determining M&amp;A outcomes during both crisis and non-crisis periods.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>In the world of mergers and acquisitions, the battle for control is influenced by two major opposing forces: shareholders and employees, with their power rooted in the country's laws. Countries with high protection of shareholder rights witness higher M&amp;A activity compared to those more protective of labor rights. However, drawing from data covering financial services firms in 35 countries from 1990 to 2016, we discovered that financial crises tend to weaken the influence of both shareholder and employee rights on M&amp;A deals. This insight highlights the importance of understanding the differences in the functioning of the M&amp;A market across countries and the shifting power dynamics between shareholders and employees, especially in times of financial uncertainty, for those involved in planning and executing M&amp;A strategies.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 4","pages":"657-682"},"PeriodicalIF":5.7,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1504","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141102213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inward FDI and local firms' political connections in emerging markets: Evidence from China","authors":"Meitong Dong,&nbsp;Pengcheng Ma,&nbsp;Lin Cui","doi":"10.1002/gsj.1503","DOIUrl":"10.1002/gsj.1503","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Research on the spillover effects of foreign direct investment (FDI) into emerging markets has primarily focused on local firms' productivity or innovation outcomes while overlooking their nonmarket strategies. Based on the resource dependence theory, we propose that inward FDI has a U-shaped impact on local firms' political connections. This is because when FDI is at a low to medium level, its spillover benefits substitute for local firms' dependence on government resources. As FDI further increases, its competitive threats outweigh spillover benefits, driving local firms to a greater dependence on the government to neutralize the threats. This relationship is contingent on external and internal factors altering resource similarity between FDI and local government. Our analyses of Chinese listed firms support our predictions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study delves into how firms in emerging markets respond to inward FDI, particularly focusing on the role of political connections as a nonmarket strategy. Our findings offer valuable insights for both local firms and governments, providing a holistic view of the opportunities and challenges associated with inward FDI. We advise local firms to adopt a balanced approach by integrating both market and nonmarket strategies to maximize benefits, as relying solely on political connections may not be the most effective way to address the challenges posed by inward FDI. Additionally, our research emphasizes the importance of evaluating the resources provided by inward FDI against those provided by local governments, as the similarity of these resources alters the role of inward FDI as perceived by local firms.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 2","pages":"312-349"},"PeriodicalIF":7.6,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140740568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"MNCs' corporate social irresponsibility and foreign subsidiary performance","authors":"N. Nuruzzaman,&nbsp;Erin E. Makarius,&nbsp;Debmalya Mukherjee,&nbsp;Ajai Gaur","doi":"10.1002/gsj.1502","DOIUrl":"10.1002/gsj.1502","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Building on the cognitive view of stakeholder evaluation, we propose that multinational corporations' (MNCs') socially irresponsible acts transcend geographic boundaries and negatively affect foreign subsidiary performance. Moreover, we propose that foreign subsidiaries' product innovation and marketing campaigns create strategic noise in the information space that can mitigate the negative effect of MNCs' corporate social irresponsibility (CSI) incidents occurring elsewhere on the performance of their foreign subsidiaries. We test our arguments on 335 subsidiaries of 42 multinational grocery retailers from 18 different home countries. Our analyses, based on a sample of 2185 subsidiary-year observations over the period of 9 years (2012–2020), largely support our core argument that CSI incidents negatively influence the sales growth of foreign subsidiaries.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This research underscores the importance for MNC managers to be cognizant of the potential fallout from CSI incidents. With the global spread of information, MNCs' misconduct that occurs elsewhere can quickly impact the sales growth of foreign subsidiaries. The study found that product or service innovations are more effective than marketing campaigns in managing reputational damage, emphasizing the value of genuine, capability-enhancing strategies. Furthermore, the findings highlight the interconnectedness between socially responsible practices and innovation, suggesting that MNCs and their subsidiaries should focus on maintaining strong ethical standards while simultaneously fostering an environment conducive to innovation. This approach not only addresses the adverse effects of CSI but also strengthens the MNC's overall standing with its stakeholders.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 3","pages":"509-541"},"PeriodicalIF":5.7,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1502","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139686458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The microfoundations of international commitment decisions: Creating joint opportunity meanings","authors":"Mikael Eriksson,&nbsp;Esther Tippmann","doi":"10.1002/gsj.1501","DOIUrl":"10.1002/gsj.1501","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Despite a vast body of theory on internationalization processes, little is known about the microfoundations of how firms deal with internal groups' diverse views when trying to make international commitment decisions. Drawing on the concept of opportunity formation and a detailed case study, we develop a model that shows how, under the condition of diverse internal meanings, firms can make an international commitment decision by creating “joint opportunity meanings.” We show how imagination plays an essential role in achieving this decision. Our study contributes to global strategy in multiple ways, including detailing some microfoundations of internationalization process theory, assessing group-level dynamics in global strategy decision-making, and advancing insights into the relationship between opportunity formation and imagination.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This paper explains how global organizations can reach a decision to commit to an opportunity in a foreign market in a situation characterized by disagreement among internal groups. We found how it was critical to move from diverse views on an opportunity to joint opportunity meanings, whereby the groups mutually accomplish a description of the opportunity with an agreed and common terminology that is ambiguous enough to accommodate remaining diversity in views. In this process, managers' forward-looking imaginations, in combination with socialization and symbolic actions, were crucial. Our paper highlights how local ideas in complex multinationals can be spread with the intent to reach key decision-makers and how firms can reach sufficiently overlapping meanings that enable them to strategically move forward while allowing for the plurality of views that multinationals often exhibit.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 3","pages":"542-577"},"PeriodicalIF":5.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1501","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139376406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"All politics starts local: Liability of stateness and subnational labor markets","authors":"Cheng Li, Klaus Meyer","doi":"10.1002/gsj.1500","DOIUrl":"https://doi.org/10.1002/gsj.1500","url":null,"abstract":"State-controlled acquirers face a liability of stateness (LoS) because host country stakeholders consider them less legitimate and as representatives of foreign political power. We argue that due to LoS, state-owned enterprises (SOEs) face more regulatory scrutiny in cross-border acquisitions than comparable private-owned enterprises (POEs). Applying a voting behavior perspective, we further posit this increased regulatory scrutiny is reduced when acquisitions occur via intermediaries, and in host communities less averse to state ownership due to local labor conditions. Using a sample of cross-border acquisitions with acquirers from 44 economies and targets in 50 US states, we find that SOEs are 9% more likely to attract additional regulatory scrutiny than POEs. However, this likelihood decreases with indirect acquisitions and in host regions with high unemployment.","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"28 1","pages":""},"PeriodicalIF":7.6,"publicationDate":"2023-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138716406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}