Global Strategy Journal最新文献

{"title":"Communalizing private costs: Ownership concentration, institutions, and corporate environmental performance","authors":"Punit Arora,&nbsp;Tanusree Jain,&nbsp;Ajai Gaur","doi":"10.1002/gsj.1518","DOIUrl":"10.1002/gsj.1518","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We extend the property rights theory to show that stronger ownership control incentivizes owners to push for communalizing private environmental costs unless counterbalancing internal and external governance mechanisms are prevalent. Using a sample of 16,286 observations for 3275 firms across 43 countries between 2008 and 2017, we find robust evidence for a negative effect of ownership concentration on corporate environmental performance (CEP). However, we find that ownership concentration has a diametrically opposite effect in strong and weak governance contexts. In the presence of strong external (regulatory institutions) and internal (high board independence) governance, ownership concentration improves CEP. In contrast, it has the opposite effect in the presence of weak regulatory institutions and low board independence. We contribute to the open system logic of corporate governance for environmental sustainability.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Our study shows that ownership concentration negatively impacts corporate environmental performance in the form of increased resource usage, emissions, and ESG controversies. This finding implies that there is a tussle over who bears environmental costs (i.e., privatized to the firms or communalized to the larger stakeholder bodies). However, we find that this negative performance outcome can be successfully mitigated by the quality of external (regulatory institutions) and internal governance (high board independence) mechanisms. Our study informs policymakers regarding the governance mechanisms through which the interests of the environment can be sincerely safeguarded in the face of short-term value-maximizing pressures from investors. These results also inform other stakeholders on how to nudge delinquent firms toward improving their CEP.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 3","pages":"417-446"},"PeriodicalIF":4.7,"publicationDate":"2025-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sms.onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1518","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145129477","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 long-term domestic dominance of the multinational enterprise","authors":"Aleksey Korniychuk,&nbsp;Marcus M. Larsen,&nbsp;Christian G. Asmussen","doi":"10.1002/gsj.1521","DOIUrl":"10.1002/gsj.1521","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Like all companies, multinational enterprises (MNEs) recombine their activities in search of efficient business solutions. While these ideas have been widely acknowledged in the global strategy literature, there is limited understanding of how internationalization affects the outcomes of such boundedly rational search. In this paper, we develop a computational model of search that allows for an essential property of the MNE—distributiveness of performance across multiple geographies—and show that, in a given market, MNEs can outperform more specialized domestic companies long term. More broadly, our work illustrates that adjusting general theories of bounded rationality to the specifics of global strategy can deepen our understanding of value creation across borders.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study shows how MNEs can outperform domestic firms by leveraging their global presence in local markets. While domestic firms have deep local insights, MNEs benefit from their ability to adapt across markets, allowing them to enhance local responsiveness over time without sacrificing global integration. This way, MNEs can better understand local customer needs than domestic competitors. This highlights the value of appointing leaders with international experience for new market entries, as they bring a broader perspective critical to long-term success. For global managers, these insights emphasize global operations as a pathway to strengthening local competitiveness.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 2","pages":"270-288"},"PeriodicalIF":4.7,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1521","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143926185","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":"Leveraging the interplay of digitalization and mobile resources to promote MNE entrepreneurship","authors":"Shaker Zahra,&nbsp;Ram Mudambi","doi":"10.1002/gsj.1522","DOIUrl":"10.1002/gsj.1522","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Powerful geopolitical, demographic, cultural, and technological forces are reshaping MNEs' markets, compelling them to be entrepreneurial in order to successfully adapt and grow. We argue that MNEs can leverage digital technologies to exploit their resources, especially mobile resources, to fuel and infuse entrepreneurship throughout their operations. By leveraging and exploiting mobile resources, digital technologies make it possible for MNEs to cultivate their entrepreneurial activities to create new knowledge, build valuable organizational capabilities, and develop new businesses. These arguments contribute to ongoing conversations about the growing role of entrepreneurship in MNEs, the value of mobile resources as a source of competitive advantage, the transformative role of digital technologies in the global marketplace, and IB theories on the sources of MNEs' competitive advantage in dynamic markets.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <div>In today's rapidly changing global business environment, multinational enterprises (MNEs) face unprecedented challenges from geopolitical shifts, demographic changes, cultural evolution, and technological disruption. To thrive amidst these transformations, MNEs must embrace entrepreneurship throughout their global operations. This research demonstrates how MNEs can strategically use digital technologies to unlock the value of their mobile resources—including talent, knowledge, and capabilities that can be deployed across locations—to foster entrepreneurship enterprise-wide. By effectively leveraging these mobile resources through digital platforms, MNEs can:\u0000 <ul>\u0000 \u0000 <li>Generate new knowledge across geographic boundaries</li>\u0000 \u0000 <li>Build distinctive organizational capabilities that competitors cannot easily replicate</li>\u0000 \u0000 <li>Develop innovative business models and ventures that create value in dynamic markets</li>\u0000 </ul>\u0000 </div>\u0000 \u0000 <p>Our findings offer practical guidance for multinational executives seeking to enhance their firms' entrepreneurial capacity in a digital era. By intentionally combining mobile resource deployment with digital enablement, MNEs can create sustainable competitive advantages even as markets continue to evolve rapidly. This approach represents a crucial adaptation strategy for multinational firms navigating today's complex global business landscape.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 2","pages":"289-314"},"PeriodicalIF":4.7,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143926064","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":"Resilience in times of war: How Ukrainian exporting SMEs enhance relational factors with foreign partners","authors":"Oksana Kantaruk Pierre,&nbsp;Raluca Mogos Descotes,&nbsp;José Pla-Barber","doi":"10.1002/gsj.1523","DOIUrl":"10.1002/gsj.1523","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This study explores how relational capital fosters Ukrainian exporters resilience through anticipation, coping, and pre-adaptation during wartime. Motivated by the limited understanding of how SMEs face extreme crises, we conducted 19 in-depth interviews with Ukrainian exporters and seven follow-up interviews a year later. Our findings reveal a gap in risk assessment and contingency planning, underscoring the need for proactive crisis strategies. Communication, mutual commitment, and trust emerge as key relational mechanisms that enable exporters to manage cross-border challenges effectively in high-risk environments. Cooperation serves both as a coping mechanism and a driver of strategic adaptation, enabling firms to adjust business models, enter new markets, and sustain competitiveness despite ongoing conflict. This study highlights the critical role of international partnerships in resilience-building for SMEs.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study offers key insights for managing crises in war-affected areas, providing practical guidance for researchers, policymakers, and practitioners. It emphasizes the importance of a structured approach, including anticipation, coping, and adaptation, to enhance resilience and strategic responses during conflicts. Critical to the anticipation stage is integrating risk management strategies with proactive planning and balancing trust with foreign partners, which prepares organizations to address potential challenges effectively. During the coping stage, prioritizing transparent communication and adopting flexible strategies while honoring commitments are crucial for maintaining operational continuity. The pre-adaptation stage focuses on developing long-term strategies and robust partnerships, essential for facilitating strategic transformation. Collectively, these stages form a comprehensive framework for dealing with the complexities of war-induced crises.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 2","pages":"219-244"},"PeriodicalIF":4.7,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143925941","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 competition and business diversification options","authors":"Netanel Drori,&nbsp;Daniel S. Andrews,&nbsp;Stav Fainshmidt,&nbsp;Le Xu","doi":"10.1002/gsj.1517","DOIUrl":"10.1002/gsj.1517","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We examine reallocation in a firm's business portfolio amid foreign competition in its primary business. We argue that firms will tend to exit unrelated industries and reallocate resources to related ones, reducing option breadth but increasing the value of narrower options due to synergies that contribute to building defensive moats against encroachment by foreign competition. This sequential process is strengthened among firms with greater absorptive capacity who are especially adept at identifying these changes and reallocation opportunities. Data on 2,582 US firms from 1997 to 2019 provide support for these arguments. Our study advances scholarly understanding of real options under uncertainty. It introduces the option of “flight to nearby places,” demonstrating how firms may seek to maintain competitiveness in the face of foreign competition.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>As firms manage heightened foreign competition in their primary business, research suggests that reallocating resources within corporate portfolios is critical for maintaining competitiveness. In this context, we propose that firms are likely to streamline operations by exiting unrelated industries and reinforcing related ones. This move narrows options but can drive synergies and enhance the efficacy of defensive strategies against foreign competition. Data from 2,582 US firms provide insights for managers, emphasizing the importance of both option breadth and complementarity among options. Considering the challenges of managing increasingly competitive global markets, we show how firms may convert pressures into nearby opportunities to build defensive moats and maintain competitiveness.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 2","pages":"245-269"},"PeriodicalIF":4.7,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143926182","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 institutional investors and equity share decisions in cross-border mergers and acquisitions","authors":"Dennis Wajda,&nbsp;Juan Bu,&nbsp;Wei Shi","doi":"10.1002/gsj.1511","DOIUrl":"10.1002/gsj.1511","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This study examines the role of foreign institutional investors in shaping acquiring firms' equity share decisions in cross-border mergers and acquisitions (M&amp;As). We argue that foreign institutional ownership (FIO) from a given country is positively associated with the share of equity sought in the target firm in this country because foreign institutional investors can help reduce information asymmetry between the acquiring and target firms. Moreover, this positive relationship is stronger if target firms are in countries with weaker institutional development because acquiring firms suffer from higher information asymmetry and thus are more inclined to rely on foreign institutional investors for information. Findings from a sample of 4166 cross-border M&amp;As by US firms lend support to our arguments.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Can foreign institutional investors influence acquiring firms' equity share decisions in cross-border M&amp;As? We posit that local knowledge and information foreign institutional investors provide to acquiring firms can reduce uncertainty in the M&amp;A process. Using data on cross-border M&amp;As by US firms, we find that high levels of FIO are positively associated with the equity sought in target firms by acquirers. This effect is stronger when target firms are located in countries with weak institutions. Our study highlights the beneficial role of FIO that firm executives should be aware of and has practical implications for how firms manage the M&amp;A process.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 1","pages":"66-93"},"PeriodicalIF":4.7,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1511","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141373309","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,&nbsp;Klaus Meyer","doi":"10.1002/gsj.1500","DOIUrl":"10.1002/gsj.1500","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>State-owned enterprises experience challenges in their cross-border acquisitions because people in host societies do not trust them. As a result, regulatory authorities, such as CFIUS in the United States, subject foreign SOE acquirers to greater scrutiny. However, by acquiring foreign firms through subsidiaries rather than through parent organizations, the state influence becomes less visible, resulting in less regulatory scrutiny. Moreover, local stakeholders are concerned with economic opportunities in their local area, which they prioritize over ideological concerns at time of economic crisis. Consequently, SOE acquirers face less additional scrutiny in local communities with high unemployment. Thus, SOE acquirers can work with local communities to overcome the negative perception they encounter when entering foreign markets.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 1","pages":"130-152"},"PeriodicalIF":4.7,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1500","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":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Common ownership and competitive dissimilarity: A global perspective on competition and institutional ownership","authors":"Philip J. Steinberg,&nbsp;Jan C. Hennig,&nbsp;Jana Oehmichen,&nbsp;Judith Heigermoser","doi":"10.1002/gsj.1519","DOIUrl":"10.1002/gsj.1519","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Research highlights that common institutional ownership (an investor owning publicly traded shares in two rival firms) can reduce rivals' incentives to compete. So far, this literature focused on domestic market competition. However, competition also arises in global markets, and common owners invest outside their home countries. We integrate the perspectives of global market competition and cross-national distance into a model of shared principals with rival agents and argue for a positive effect of common ownership on rivals' competitive dissimilarity in global markets. Moreover, we argue that the competitive intensity in joint regions amplifies, and the cross-national distance between common owners and their firms mitigates this effect. We find support for our theorizing using a multi-industry dataset with 1574 of the largest firms worldwide.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>When investors hold shares in two competing companies, it can reduce how aggressively those rivals compete. To avoid direct competition, these companies often adopt divergent strategic actions. Our research shows that this dynamic extends to how competitors behave in international markets. We also identify key boundary conditions to this effect: The effect weakens when competition within shared markets decreases and when the distance between the owned rivals and their common investor increases. For managers of globally operating companies, this highlights the need to consider not just competitors' strategies but also their ownership structure. Overlapping ownership could significantly influence competitive dynamics in global markets by shaping competitors' strategic approaches.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 1","pages":"94-129"},"PeriodicalIF":4.7,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1519","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143633013","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":"Culture, international stakeholders, and crowdfunding","authors":"Douglas J. Cumming,&nbsp;Ahmed Sewaid","doi":"10.1002/gsj.1514","DOIUrl":"10.1002/gsj.1514","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>International crowdfunding platforms present a unique opportunity for foreign entrepreneurs to attract stakeholders, typically from either the entrepreneur's <i>home-country</i> or the platform's <i>host-country</i>. We argue that success in mobilizing these stakeholders is culturally dependent. Specifically, cultural distance from the platform's host country can impede the mobilizing of home-country stakeholders. Conversely, while attracting host-country stakeholders may appear advantageous, these benefits are uncertain and limited for culturally-proximal entrepreneurs. This is because their offerings are seen as less distinct compared to host-country local offerings while introducing additional information asymmetries. Given these dynamics, we theorize that culturally-distant entrepreneurs have better fundraising prospects when attracting host-country backers, while culturally-proximal entrepreneurs are more successful when mobilizing home-country backers. Our analysis of 55,266 foreign projects on Kickstarter supports these arguments.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study examines how cultural differences affect the success of entrepreneurs using non-local crowdfunding platforms. We find that entrepreneurs from countries that are culturally distant from the platform's host-country are more successful when they focus on attracting backers from the platform's host-country. In contrast, entrepreneurs from culturally similar countries do better when they mobilize supporters from their home country. For practitioners, this means that understanding cultural distance is key to successful crowdfunding. Entrepreneurs should tailor their outreach strategy based on their cultural distance from the platform's host country. Those from culturally-distant regions should prioritize backers from the platform's country, while those from culturally similar regions should focus on home-country supporters to maximize their fundraising success.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 1","pages":"184-216"},"PeriodicalIF":4.7,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143632661","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":"Pioneering excellence or fleeing mediocracy? Why venture capital firms internationalize","authors":"Harald Kollmann,&nbsp;Jakob Müllner,&nbsp;Jonas Puck","doi":"10.1002/gsj.1482","DOIUrl":"10.1002/gsj.1482","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Theories and empirical evidence on the competitive motives for VC internationalization are unclear and contradictory. In our study, we adopt a performance feedback perspective to explain VC firms' motives to venture abroad. We leverage unique peer-performance data on 295 VC funds and 2954 VC investments and find support for our hypotheses that performance below (a) peer, (b) historical, or (c) market aspiration levels drives VCs exodus to (a) foreign and (b) more distant markets. Our study complements theories on internationalization with an organization ecology perspective that acknowledges internationalization as an attempt at adaptation triggered by poor performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Venture capitalists (VC) are not just owners, but take an active role in shaping their portfolio companies' strategies. This causes them to favor investments in their geographic and psychic proximity to allow hands-on business development. Nevertheless, the share of cross-border investments by VCs has risen steadily in past years. Our research shows that this internationalization is not solely driven by pioneering and successful VCs but oftentimes by VCs struggling to achieve performance levels. This notion of internationalization by the weakest has important firm-level consequences.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"15 1","pages":"34-65"},"PeriodicalIF":4.7,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1482","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46056839","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}