Global Strategy Journal最新文献

{"title":"Protecting CSR-based reputation abroad: Intra-firm trade as a governance mechanism","authors":"Jae Chul Jung,&nbsp;Yoonjeoung Heo,&nbsp;Unjung Whang","doi":"10.1002/gsj.70002","DOIUrl":"10.1002/gsj.70002","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This study investigates how multinational enterprises' (MNEs') commitment to corporate social responsibility (CSR) affects intra-firm trade in international subsidiaries. While CSR-committed MNEs need to protect their reputation, intra-firm trade can facilitate monitoring and coordinating the behavior of MNEs' international subsidiaries. Such governance functions help these MNEs mitigate challenges related to bounded rationality and reliability, ultimately reducing governance costs. Thus, we expect CSR-committed MNEs to be more likely to engage in intra-firm trade in their international subsidiaries. We further predict that the positive relationship is contingent upon host country corruption and MNE alliance experience, which may amplify or mitigate the levels of bounded rationality and reliability, respectively. We tested our theories using Korean MNE data during the 2006–2013 period and found empirical support.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>While MNEs are increasingly embracing CSR, CSR's impact on MNE governance choices (particularly in international subsidiaries) is not fully understood. This study proposes that intra-firm trade serves as both formal and informal governance mechanisms which protect the CSR-built reputation of MNEs internationally. Our analysis of Korean MNE data shows that MNEs' CSR commitment increases intra-firm trade in international subsidiaries. This effect is pronounced in corrupt host countries but is attenuated in MNEs with more alliance experience. Our findings suggest that MNEs' CSR-built reputation should be protected by preventing irresponsible behavior in their international subsidiaries. Additionally, this study underscores that intra-firm trade plays a pivotal role as a governance tool for MNEs.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"16 1","pages":"39-65"},"PeriodicalIF":4.7,"publicationDate":"2026-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146136379","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":"Governing sustainability in multinational companies: Headquarter-subunit strategic alignment and control mechanisms","authors":"Stefano Franco,&nbsp;Alfredo Valentino,&nbsp;Valentina Marano,&nbsp;Matteo Caroli","doi":"10.1002/gsj.70007","DOIUrl":"10.1002/gsj.70007","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We contribute to extant research on subunit sustainability governance by introducing the concept of sustainability-specific strategic alignment, that is, the pre-implementation degree of similarity in importance assigned by headquarters (HQ) and subunits to sustainability issues. We theorize and find that subunit-perceived divergence between HQ's and local stakeholders' priorities undermines alignment, clarifying why early attention alignment can stall sustainability diffusion even without implementation frictions. We furthermore examine the moderating effect of three HQ's control mechanisms (i.e., monitoring, direct management, and resource control), and find that direct management attenuates alignment loss even in high divergence contexts, whereas monitoring and resource control often fall short or backfire. Findings show that control mechanisms are not uniformly effective and must be tailored to subunits' agency problems and local contexts.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>We argue that effective sustainability governance requires headquarters (HQ) and subunits to similarly prioritize sustainability issues. Our research shows that this sustainability-specific alignment depends, in part, on the extent to which HQs' sustainability priorities reflect those of local stakeholders. When this perceived divergence is high, alignment suffers. We examine how HQ can respond through three control mechanisms: monitoring, direct management, and resource control. We find that only direct management supports alignment under high divergence. These findings highlight that not all control tools are equally effective and that multinational companies need to carefully manage sustainability goals across borders to ensure coherent and credible sustainability efforts across their subunits' networks.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"16 1","pages":"3-38"},"PeriodicalIF":4.7,"publicationDate":"2026-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146139780","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":"Ownership discrimination and outward FDI by China's privately-owned enterprises","authors":"Hongbin Tan,&nbsp;Zhaowei Chen,&nbsp;Bin Hao,&nbsp;Andrew Delios","doi":"10.1002/gsj.70001","DOIUrl":"10.1002/gsj.70001","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We introduce the concept of ownership discrimination to better understand the outward FDI (OFDI) of privately owned enterprises (POEs) from transition economies. In a transition economy, POEs may perceive ownership-based discrimination and thus suffer disadvantages in domestic market competition. Such perceived ownership-based discrimination could motivate POEs to engage in OFDI as a strategic response to the resulting disadvantages. We test this idea using a sample of POEs from 31 provinces in China. We find a positive relationship between perceived ownership discrimination and POEs' engagement in OFDI. This relationship is weaker for POEs with membership in political organizations that help them obtain benefits that counter the negative impact of ownership discrimination.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Firms may face institutional misalignment and, consequently, competitive disadvantages in their home country. Our study helps managers identify an important type of institutional misalignment for POEs in transition economies, which we call ownership-based discrimination. We argue that POEs can engage in OFDI as a strategic response to address the disadvantages in their domestic market caused by ownership discrimination. Based on the experiences and decisions of POEs in China, we see how such ownership-based discrimination leads to more OFDI by these firms. One action POEs can take is to develop stronger connections in the local market through membership in political organizations, which helps counter the negative impact of ownership-based discrimination.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"16 1","pages":"66-94"},"PeriodicalIF":4.7,"publicationDate":"2026-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146139436","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":"Imitation of location choices for rare foreign ventures: Tax-motivated relocations of headquarters","authors":"Aleksi Eerola,&nbsp;Arjen H. L. Slangen,&nbsp;Rene Belderbos","doi":"10.1002/gsj.70003","DOIUrl":"10.1002/gsj.70003","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Peer firms tend to imitate each other's location choices for foreign subsidiaries. We examine whether they also engage in location choice imitation when undertaking rare, high-stakes foreign ventures in the form of tax-motivated relocations of headquarters. Although location choices for such relocations will likely be made meticulously, we propose that these choices are nevertheless subject to imitation among compatriots, and particularly among domestic rivals. Applying organizational institutionalism, we argue that by imitating these peers, relocating firms reduce the uncertainty they perceive and partly legitimize their relocation. We also predict moderating effects of relocating firms' presence in a location and of their subnational home region's cultural tightness. We find support for these ideas studying the location choices announced by US relocating firms between 1996 and 2017. Our study extends global strategy research on location choice imitation to the corporate level, revealing that such imitation even occurs among firms undergoing international transformations.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Similar companies, or “peers,” often follow each other to the same location when setting up operations abroad. We examine whether peers also imitate each other's location choices when relocating their headquarters abroad for tax reasons. While firms making this rare and bold move will likely choose a destination carefully, we argue that they nevertheless tend to imitate their compatriots' and especially their domestic rivals' location choices, so as to reduce the uncertainty they experience about countries' attractiveness and justify their relocation domestically. We also propose that a firm's tendency to imitate peers' most popular location choices depends on the firm's knowledge of foreign locations and the strength of social norms in its subnational home region. We find support for these ideas in a study of US firms that announced relocations between 1996 and 2017. Firms thus even engage in location choice imitation when undergoing international transformations.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"16 1","pages":"95-124"},"PeriodicalIF":4.7,"publicationDate":"2026-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.70003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146140033","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":"Subsidiary-level performance comparisons with external versus internal peers and subsidiary termination decisions: The role of host country experience","authors":"Jung-Hyun Suh,&nbsp;Shige Makino","doi":"10.1002/gsj.1527","DOIUrl":"https://doi.org/10.1002/gsj.1527","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We examine how a subsidiary's host country experience affects the way in which multinational corporations' (MNCs) subsidiary termination decisions are geared toward subsidiary-level social performance comparisons. For a subsidiary, social comparisons can be made against external peer subsidiaries (in the same industry and country but under different parents) and internal peer subsidiaries (in the same industry, country, and parent) whose performance levels constitute external social aspirations (ESA) and internal social aspirations (ISA), respectively. Using unpublished survey data on Japanese MNCs that offer subsidiary-level performance data, we found that a subsidiary's below-ESA performance is a stronger predictor of subsidiary termination than below-ISA performance. However, as a subsidiary's host country experience increases, the effect of below-ISA performance is amplified and even surpasses the effect of below-ESA performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>A subsidiary's performance relative to comparable peers serves as a critical criterion for MNC managers when evaluating the subsidiary's efficacy. However, little is known about how MNC managers' subsidiary termination decisions are geared toward subsidiary-level performance comparisons against different reference groups and under what conditions these decisions vary. Using data on Japanese MNCs, we found that a subsidiary is at greater risk of termination when it underperforms relative to external peer subsidiaries (in the same industry and country but under different parents) than to internal peers (in the same industry, country, and parent). However, a subsidiary's host country experience amplifies MNC managers' sensitivity to underperformance relative to internal peers, while having less effect on their sensitivity to underperformance relative to external peers.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 4","pages":"553-584"},"PeriodicalIF":4.7,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1527","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145487054","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":"Not so generous after all? Foreign ownership and CSR overspending in emerging markets","authors":"Pooja Thakur-Wernz,&nbsp;Olga Bruyaka","doi":"10.1002/gsj.70000","DOIUrl":"https://doi.org/10.1002/gsj.70000","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Is foreignness a liability or an asset when firms decide on CSR spending? We examine how foreign ownership influences CSR overspending, defined as spending that exceeds legally mandated thresholds, in emerging markets. Using data from 320 publicly listed firms in India (2015–2023), we find that higher foreign ownership is associated with lower CSR overspending, challenging the assumption that foreign firms are more generous CSR spenders. This relationship is moderated by the ESG reputation of the foreign owner; owners recognized for “doing good” tend to reduce overspending, while those linked to controversies increase it. Our contingency-based perspective suggests that whether foreignness acts as a liability or an asset depends on firm-specific characteristics, complementing research that emphasizes institutional-level explanations for foreign firm behavior in emerging markets.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Foreign firms operating in emerging markets often invest in corporate social responsibility (CSR) initiatives within their host countries. However, do they always need to spend more than legally required? Our study examines 320 companies in India between 2015 and 2023 and finds that firms with higher foreign ownership tend to spend less beyond the legal CSR requirement, especially when their foreign owners already have a strong reputation for doing good. On the other hand, if those owners have ESG-related controversies, the firms are more likely to overspend on CSR to repair their image. These findings suggest that foreignness can be a strategic asset, not a liability, if supported by a positive reputation. Firms should align their CSR strategy with both ownership structure and reputational risks.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 4","pages":"449-486"},"PeriodicalIF":4.7,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145486638","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":"Foreign takeover protection and corporate social responsibility","authors":"Dennis Wajda,&nbsp;Fengdian Yang,&nbsp;Wei Shi,&nbsp;Ruth V. Aguilera","doi":"10.1002/gsj.1528","DOIUrl":"https://doi.org/10.1002/gsj.1528","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This study examines the impact of foreign takeover protection on firms' corporate social responsibility (CSR) following the enactment of investment screening laws worldwide. Drawing on research on intertemporal trade-offs in managerial investment decisions, we argue that foreign takeover protection encourages protected firms to improve CSR by expanding managerial investment horizons and increasing the motivation for long-term investments. This effect is stronger in countries with long-term-oriented national cultures and among firms with higher levels of long-term institutional ownership. Using a sample of 5353 firms across 72 countries from 2001 to 2018, we find support for our arguments. Our study provides a behavioral account of foreign takeover protection's impact and highlights its positive implications for firm CSR.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Managers are often under pressure to boost their firm's share price or run the risk of a foreign takeover. In this study, we argue that when countries enact foreign takeover protection through investment screening laws, this short-term performance pressure on domestic managers can be alleviated, enabling them to adopt a longer investment horizon. As a result, managers may become more motivated to invest in corporate social responsibility (CSR). We find empirical support for this argument. Furthermore, we show that a country's temporal cultural orientation and the investment horizons of a firm's owners further shape managers' motivation to engage in CSR.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 4","pages":"487-523"},"PeriodicalIF":4.7,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1528","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145486996","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":"Legitimacy in flux: A moderated mediation model of the liability of foreignness in global IPO markets","authors":"You-Xiang Song","doi":"10.1002/gsj.1526","DOIUrl":"https://doi.org/10.1002/gsj.1526","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Foreign initial public offerings (IPOs) play a significant role in global stock markets. This paper aims to elucidate why foreign IPOs suffer from the liability of foreignness in capital markets (CMLOF) and how they overcome this liability. Building on international business research and the legitimacy perspective, I develop a moderated mediation model demonstrating that (1) media sentiment variability mediates the effect of IPO firms' foreignness on the delisting hazard, and (2) the firm's geographic diversification moderates this mediated effect. This paper advances IPO research by addressing the crucial yet understudied area of foreign IPO firm survival and empirically examining the sources and remedies of the CMLOF in the context of foreign IPOs.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Foreign IPOs often face significant challenges in gaining legitimacy and stability in new markets, leading to higher risks and potential failure. This study highlights the role of media coverage as a mediator in this process, where higher uncertainty increases the likelihood of delisting. However, geographic diversification can mitigate these risks by enhancing legitimacy and reducing volatility. Managers can improve the success rates of foreign IPOs by adopting strategies that reduce media sentiment variability, such as diversifying operations across multiple regions to spread risk and demonstrate resilience. These international strategies are helpful in stabilizing stock prices, maintaining investor confidence, and ultimately improving the survival chances of foreign IPOs.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 4","pages":"524-552"},"PeriodicalIF":4.7,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1526","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145486820","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":"Global expansion and executive promotion of state-owned enterprises","authors":"Jiayan Yan,&nbsp;Ziliang Deng,&nbsp;Klaus E. Meyer","doi":"10.1002/gsj.1525","DOIUrl":"10.1002/gsj.1525","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Executives in state-owned enterprises (SOEs) are promoted differently from those in private firms due to the broader objectives of SOEs, which include non-economic considerations. Research on SOEs often attributes executive promotions to firms' economic performance, without sufficient attention to the role of political performance. We find that executives of SOEs aligned with a government's globalization mandate, especially those investing in countries with political affinity, are more likely to be promoted as these investments further the government's political objectives and enhance executives' legitimacy with the bureaucratic system. The study broadens the literature on executive compensation by arguing that political alignment with government objectives matters. It also enriches institutional theory by suggesting a state-firm-executive legitimacy transmission.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>When executives of SOEs align with a government's globalization goals and focus their investments in specific industries and countries, they often find more significant opportunities for career growth. Our detailed analysis, centered on SOEs directly overseen by the Chinese central government, supports our findings. This research offers valuable insights for the global strategy of SOEs. It suggests that while these investments can enhance the chances of advancing SOE executives who align with the state's political vision, promoting them based solely on political alignment, without considering long-term project performance, may lead to challenges, underscoring the need for a balanced approach.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 3","pages":"346-376"},"PeriodicalIF":4.7,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145129091","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":"Board effectiveness and internalization benefits: Theory and evidence from value creation in cross-border acquisitions","authors":"Tao Han,&nbsp;Xavier Martin","doi":"10.1002/gsj.1524","DOIUrl":"10.1002/gsj.1524","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We examine how the value created by technological and marketing intangible assets in foreign direct investment (FDI) varies with board effectiveness conditions. Synthesizing internalization and agency theories, we theorize that a firm can better leverage intangibles and create value through acquisitive FDI if its board setup enables effective monitoring and advising. Empirically, we operationalize the “quad” elements of board effectiveness—independence, expertise, bandwidth, and motivation—and account for multiple selectivity related to disclosure decisions and mode choice. Analyzing 675 cross-border acquisitions by U.S. public firms (1998–2016), we quasi-replicate and extend internalization results linking intangibles with abnormal returns upon FDI announcement. Advancing internalization research through corporate governance insights, our findings show that board effectiveness moderates the value-creating effects of intangibles in multinational enterprises' foreign expansion.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Why do some multinational enterprises achieve superior returns in their foreign investments while others do not? Our research shows that firms can maximize value from cross-border acquisitions by capitalizing on their technology- and marketing-related intangible assets, such as R&amp;D capabilities or strong brands, provided they have an effective board of directors. Key board attributes of high independence, relevant expertise, sufficient time, and ownership-based incentives significantly enhance the value-creating potential of these assets. This study underscores the importance of board governance in facilitating successful international expansion. It also addresses how to explicitly model the strategic disclosure of intangibles-related information and the foreign expansion mode decision while examining performance outcomes.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 3","pages":"377-416"},"PeriodicalIF":4.7,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1524","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145128999","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}