Global Strategy Journal最新文献

{"title":"A multiple agency view of venture capital investment duration: The roles of institutions, foreignness, and alliances","authors":"Shyamala Sethuram,&nbsp;Markus Taussig,&nbsp;Ajai Gaur","doi":"10.1002/gsj.1402","DOIUrl":"10.1002/gsj.1402","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Venture capital firms (VCs) must simultaneously manage a range of relationships with investors, investees, prospective buyers, and co-investors who frequently exert divergent influences on when investments should be exited. The greater weight of one particular relationship can lead a VC to exit an investment earlier than would maximize returns for that investment. In this study, we utilize a global sample to examine how VC firms' investment duration decisions are shaped by firm-specific and environmental factors. Our findings suggest that VCs are less patient and exit faster when they have less experience, invest in more institutionally challenged host countries, or are foreign and invested in an emerging economy. Importantly, while co-investing with other VCs increases patience in advanced economies, this effect disappears in emerging economies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Agency theory explains why firms commonly capitalize on information advantages created by conditions of uncertainty to prioritize their own private interests over those shared with partners. This article introduces a framework, based on multiple agency theory, to examine the factors shaping the duration of venture capital firms' investments. Our findings, based on a sample of deals across 33 countries, suggest greater patience when host country market institutions are more advanced and venture capitalists themselves have more experience. In emerging economies only, we find that patience is increased by being local or from a foreign country with similarly challenging institutions. Importantly, while co-investing with other venture capitalists increases patience in advanced economies, this effect disappears in emerging economies.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"11 4","pages":"578-619"},"PeriodicalIF":7.6,"publicationDate":"2021-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1402","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49599846","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":"When do latecomer firms undertake international open innovation: Evidence from China","authors":"Xiaolan Fu,&nbsp;Yawen Li,&nbsp;Jizhen Li,&nbsp;Henry Chesbrough","doi":"10.1002/gsj.1401","DOIUrl":"10.1002/gsj.1401","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>While there is a wealth of literature on the benefits of open innovation (OI), little is known about when do latecomer firms undertake international open innovation (IOI) given the related benefits and challenges. This study examines how the characteristics of firms and their surrounding environment affect their engagement with international collaboration. Demand side factors appear to be more significant drivers of IOI in latecomer firms than the pursuit of technology leadership. Market expansion-oriented innovation strategy, international orientation, previous collaboration experiences, and technology intensity of the industry are found to be associated with a high degree of IOI; firms with stronger R&amp;D capacity tend to be less open to international collaboration. Findings from this research are helpful for managers interested in using IOI to promote their companies' innovation performance, and to managers of MNEs or policy makers who would like to understand the international innovation strategy of Chinese firms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Little is known about when do latecomer firms undertake IOI. This study uses a national survey data set of manufacturing firms in China, examining how the characteristics of firms and their surrounding environment affect their degrees of international openness in innovation. Heckman's two-step model is used to test the hypotheses, supplemented with robustness checks. Demand side factors appear to be more significant drivers of IOI in latecomer firms than the pursuit of technology leadership. Market expansion-oriented innovation strategy, international orientation, previous collaboration experiences, and technology intensity of the industry are found to be associated with a high degree of IOI; firms with stronger R&amp;D capacity tend to be less open to international collaboration. Managerial and policy implications are discussed.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"12 1","pages":"31-56"},"PeriodicalIF":7.6,"publicationDate":"2021-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1401","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42720705","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":"Developing successful assumed autonomy-based initiatives: An attention-based view","authors":"Andrew Cavanagh,&nbsp;Paul Kalfadellis,&nbsp;Susan Freeman","doi":"10.1002/gsj.1403","DOIUrl":"10.1002/gsj.1403","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Adopting the attention-based view of the firm as our principal theoretical lens, we explore the mechanisms by which subsidiaries attract or avoid headquarters attention in developing successful assumed autonomy-based initiatives. To this end, our study utilizes qualitative data from subsidiary and headquarters perspectives in a multiple case study design. Our study reveals that subsidiaries first engage in non-disclosure of assumed autonomy-based initiatives to avoid negative headquarters attention. We then highlight the way in which subsidiaries undertake initiative selling to attract positive headquarters attention; in particular, we identify the unique selling criteria of demonstrable financial success and corporate alignment. Finally, we reveal the importance of timing in balancing the competing dual requirements of non-disclosure and initiative selling.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Our paper aims to explore the mechanisms by which subsidiaries attract or avoid attention from headquarters, to ensure that their proactive, autonomous actions facilitate the attainment of an extended role within the MNE. We highlight three mechanisms as especially important here for subsidiary managers. First, we reveal that subsidiaries initially engage in “non-disclosure” of these actions to avoid negative headquarters attention. Second, we discover that subsidiaries ultimately look to demonstrate the financial success and corporate alignment of their autonomous actions. Finally, we emphasize the importance of timing in balancing the requirements of non-disclosure and the “selling” of the subsidiary's actions to headquarters.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"13 1","pages":"176-216"},"PeriodicalIF":7.6,"publicationDate":"2021-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1403","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44688665","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":"A learning portal model of emerging markets multinationals","authors":"Peter Hertenstein,&nbsp;Ilan Alon","doi":"10.1002/gsj.1400","DOIUrl":"10.1002/gsj.1400","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>The purpose of the article is to explain the mechanisms underlying the internationalization springboard strategies of China's emerging multinationals in the automobile industry. Using a unique combination of location bound (country-specific) and non-location bound (firm-specific) advantages, companies in this industry have overcome their latecomer disadvantages by exploring knowledge from mature markets through backward and forward integration of the value chain, and exploiting this knowledge to enhance their competitive position, first at home, then in emerging markets and later in developed countries. We test and refine springboarding theory and propose the learning portal model. The learning portal model can be used as a new theory of emerging markets multinationals beyond China and the automobile industry.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Management Summary</h3>\u0000 \u0000 <p>The globalization of Chinese enterprises is upon us. Chinese enterprises have not only successfully internationalized to other emerging markets, but also to advanced economies. To do so, these firms used springboard strategies to leapfrog certain technological development stages and accelerate their catch-up trajectory with incumbent firms from the advanced economies. This article investigates the catch-up strategies of China's leading automotive companies. We find that Chinese enterprises establish learning portals in mature markets to acquire knowledge and assets, which they first exploit in their home market, before seeking to expand their market share in other emerging markets and finally advanced economies.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"12 1","pages":"134-162"},"PeriodicalIF":7.6,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1400","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46757233","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 knowledge based view and global strategy: Past impact and future potential","authors":"Robert Grant,&nbsp;Anupama Phene","doi":"10.1002/gsj.1399","DOIUrl":"10.1002/gsj.1399","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>The centrality of knowledge to the global arena has allowed scholars in this area to play a leading role in developing the knowledge-based view (KBV) of the firm. We propose that broadening the KBV to take account of the social constructionist approach to knowledge and the multilevel nature of knowledge processes, can build a more serviceable knowledge-based theory of global strategy. Specifically, we urge research in three directions, the exploration of a KBV of economic organization in a global context, which would encompass macro institutions as well as individuals; focus on the foundational construct of knowledge that would integrate human and machine learning in the global arena; and the creation of a comprehensive framework of knowledge types and knowledge processes across space.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Lack of consensus over the nature of knowledge has prevented the KBV from developing into an integrated, stand-alone theory of the MNE, but has not constrained its ability to provide penetrating insights into global strategy and the management of the MNE. Empirical research shows that the processes through which knowledge is generated and applied in the global arena are complex and contextually differentiated. To extend and synthesize our understanding of these complex processes, we propose the development of a knowledge based theory of global strategy. We advocate extending the KBV in three areas, first, consideration of a KBV of organization in a global context that extends beyond the MNE to consider institutions and individuals, second, a focus on knowledge as a key construct to incorporate recent technological advances in artificial intelligence and machine learning, and third, development of a framework of types and processes of knowledge that have implications for management across locations.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"12 1","pages":"3-30"},"PeriodicalIF":7.6,"publicationDate":"2021-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1399","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45543604","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":"Incidence of cultural, economic, and environmental factors in the emergence of born-global companies in Latin America","authors":"Carlos-Javier Prieto-Sánchez,&nbsp;Fernando Merino","doi":"10.1002/gsj.1398","DOIUrl":"10.1002/gsj.1398","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This paper examines the effect of key cultural and economic factors on the emergence of born-global (BG) companies. Such factors include the intentions and the growth aspirations of the entrepreneur, as well as the country's characteristics in terms of its income per capita and the complexity of its economic system. The analysis also highlights how the environment affects the importance of the aspirations to be BG. Our work expands the literature on BGs in Latin America by analyzing macroeconomic aspects and specific features of the entrepreneur and the environment as possible determinants of BG character. The results reveal that the entrepreneur's intentions and aspirations, along with environmental factors and the economic growth in Latin America, contribute to a firm's probability of becoming a BG company.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Firms that internationalize at an early stage of their life are known as born-global (BG) companies. We analyze the influence that the key cultural factors of a company have on the creation of BG companies. Such factors include the entrepreneur's intentions and growth aspirations, in addition to various economic and environmental factors. The findings show that individual factors, in combination with economic growth, play a more important role than those factors related to the entrepreneur's innovativeness and the level of knowledge intensity associated with a country's export basket.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"12 2","pages":"245-272"},"PeriodicalIF":7.6,"publicationDate":"2021-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1398","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49350376","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":"Into the unknown: The extent and boldness of firms' international footprint","authors":"Gábor Békés,&nbsp;Gabriel R. G. Benito,&nbsp;Davide Castellani,&nbsp;Balázs Muraközy","doi":"10.1002/gsj.1397","DOIUrl":"10.1002/gsj.1397","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Firms make footprints as they internationalize. Going beyond simple measures of firms' internationalization, we conceptualize and measure the extent of a firm's international footprint as the number of location-mode combinations it is active in, whereas the boldness of the footprint shows how widespread (across modes and locations) firms' international activities are, compared to other firms with similar extent. Extent describes the complexity of international activities, and boldness captures the risk-taking associated with operating in less know contexts. Consistent with a microfoundations lens on global strategy, we find that boldness correlates with managerial risk-taking attributes, while the extent of internationalization strongly correlates with capabilities conducive to managing more complex operations. These measures offer a highly suitable tool for analyzing the relationship between internationalization and performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Traditional ways of measuring firms' international footprints do not describe well what they do globally. We develop a more nuanced and sharper view of firms' international footprints and a new way of thinking about the roles of complexity and risk-taking in internationalization; what we call the extent and the boldness of a footprint, respectively. The new measures are potentially particularly useful for analyzing the relationship between internationalization and performance, which is at the core of what strategy research may offer to managers and business decision-makers. The new measures are a stepping-stone toward a better and managerially relevant understanding of global strategy decisions.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"11 3","pages":"468-493"},"PeriodicalIF":7.6,"publicationDate":"2021-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1397","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46453359","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":"Digitalization and globalization in a turbulent world: Centrifugal and centripetal forces","authors":"Erkko Autio,&nbsp;Ram Mudambi,&nbsp;Youngjin Yoo","doi":"10.1002/gsj.1396","DOIUrl":"10.1002/gsj.1396","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Digitalization has three fundamental characteristics, reprogrammability infrastructural elementality, and intangibility. Based on these characteristics, it is transforming how firms organize for value creation, delivery, and capture. Its intangibility and infrastructural character largely free economic and business activities from the constraints of physical geography like those imposed by transportation and collocation. Digital communication technologies typically reinforce the centrifugal forces that favor dispersing the firm's high knowledge activities. Digital in situ technologies strengthen the centripetal forces toward concentrating the firm's low knowledge activities. Location dependence and product modularity are crucial moderators for tangible products, while institutional barriers are important for intangible ones. Finally, digital technologies increase the resilience of firms during disruptive events that impose restrictions on the movements of people and goods, as during the COVID-19 pandemic.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Digitalization is a general purpose technology on the scale of the steam engine and electricity, and affects every aspect of business and society. It is transforming how firms organize for value creation, delivery, and capture. Freeing businesses from the constraints of transportation and collocation, it increases their resiliency in the face of global disruptions like those associated with the COVID-19 pandemic. Digital communication technologies typically reinforce the centrifugal forces that favor dispersing the firm's high knowledge activities. Digital in situ technologies like advanced robotics strengthen the centripetal forces toward concentrating the firm's low knowledge activities. Location dependence and product modularity are crucial moderators for tangible products, while institutional barriers are important for intangible ones.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"11 1","pages":"3-16"},"PeriodicalIF":7.6,"publicationDate":"2021-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1396","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47448703","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":"Top management team international diversity and the performance of international R&D","authors":"René Belderbos,&nbsp;Boris Lokshin,&nbsp;Christophe Boone,&nbsp;Jojo Jacob","doi":"10.1002/gsj.1395","DOIUrl":"10.1002/gsj.1395","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We investigate how international diversity in Top Management Teams (TMTs) contributes to the effectiveness of geographically dispersed R&amp;D strategies in enhancing innovation performance. Both international work experience and nationality diversity may enhance the effectiveness of geographically dispersed R&amp;D when there is alignment between the countries of work experience and nationality of TMT members, on the one hand, and firms' R&amp;D locations on the other. This influence is stronger for international work experience diversity than for nationality diversity, as the former provides more task-related knowledge to coordinate R&amp;D activities and is less associated with the risk of social categorization. We find partial support for these notions in a panel analysis of the innovation performance of 165 leading MNCs based in Europe, Japan, and the United States.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>The international experience and nationality diversity of members of the Top Management Team (TMT) of multinational firms may facilitate the implementation of international R&amp;D strategies. If TMT members have knowledge of local circumstances and social networks in the countries in which the firm has international R&amp;D facilities, this can enhance the TMT's ability to allocate and coordinate international R&amp;D tasks more effectively, and to foster firm-wide collaboration and knowledge integration. Hence, the alignment between R&amp;D locations and the international diversity of the TMT may improve the performance effects of international R&amp;D strategies. We find partial support for this conjecture in an analysis of the patent performance of 165 leading MNCs. It is international work experience rather than nationality diversity that brings these performance benefits.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"12 1","pages":"108-133"},"PeriodicalIF":7.6,"publicationDate":"2020-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1395","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41507063","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":"Inheritance tax, shareholder protection, and the market value of family firms: A cross-country analysis","authors":"Marcelo Ortiz,&nbsp;Michael Carney,&nbsp;Patricio Duran,&nbsp;Matias Braun,&nbsp;Julio Riutort","doi":"10.1002/gsj.1394","DOIUrl":"10.1002/gsj.1394","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We examine the relationship among inheritance taxes, shareholder protection, and the family firms' market value. Drawing on the family firm, corporate governance, and institutional complementarities literature, we argue that inheritance taxes act as external corporate governance mechanisms for decoupling business families' socioemotional goals. However, this depends upon minority investor protections. In strong protection countries, the incentives for family self-governance created by high inheritance taxes are offset by the loss of business family autonomy inherent in strong shareholder protection. Using a sample of 284 firms across 31 countries, we provide support for these arguments. Results suggest that inheritance and shareholder protection laws are substitutive external corporate governance mechanisms to align business family and nonfamily shareholders' interests.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>We investigate how inheritance taxes and shareholder protection laws interact to generate several outcomes that can benefit or harm family firms' market value. We argue that high rates of inheritance taxes in a country push business families to focus more on firm value maximization and less on pursuing family-centric goals, thus increasing firm value. However, we further argue that the positive role of inheritance taxes on family firms' market value weakens when the country also exhibits strong shareholder protection laws. Therefore, inheritance and shareholder protection laws substitute for one another when they intersect in business families. We find evidence consistent with these ideas when examining a sample of publicly traded firms across 31 countries. Our results corroborate that policymakers' concerns regarding the protection of minority shareholders must not consider only investor protection laws, but also how investor protection interact with other institutions such as inheritance law.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"11 3","pages":"434-467"},"PeriodicalIF":7.6,"publicationDate":"2020-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/gsj.1394","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44999145","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}