Global Strategy Journal最新文献

{"title":"How the country context shapes firms' competitive repertoire complexity","authors":"Philip J. Steinberg,&nbsp;Jan C. Hennig,&nbsp;Jana Oehmichen,&nbsp;Judith Heigermoser","doi":"10.1002/gsj.1458","DOIUrl":"10.1002/gsj.1458","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>Recent research has shown that firms' ability to employ complex competitive repertoires can create long-term competitive advantages. Since research on its determinants has focused on the firm level, we lack an understanding of how country-level factors impact firms' implementation of complex competitive repertoires. Our cross-country study addresses this gap by integrating a model of country-level competitiveness factors with insights from the literature on competitive dynamics and portable governance. We argue that a country context with high-quality competitiveness factors enables firms to implement complex competitive repertoires. In addition, we hypothesize that firms with foreign investors from countries with high-quality competitiveness factors can partially compensate for low-quality factors in firms' domestic context. We found support for our hypotheses in an unbalanced sample containing 1,340 firms from 32 countries.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Employing complex competitive repertoires (i.e., diverse and dynamic arrays of competitive actions), such as price reductions or new product introductions, can help firms outcompete their competition. We argue and empirically show that firms' domestic country context, specifically high-quality governance, factor and demand conditions, related and supporting industries, and strong context for rivalry drive their ability to implement complex repertoires. Moreover, we find that ownership by foreign investors from favorable country backgrounds can partly compensate for firms' weak conditions at home by serving as enabling bridges. Managers who aim to improve their firms' repertoire complexity but are restricted by their domestic country context may consider attracting foreign investors from countries that have what their countries lack.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"13 3","pages":"552-580"},"PeriodicalIF":7.6,"publicationDate":"2022-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1458","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45087206","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":"Friends, foes, or “frenemies”: Intercountry relations and cross-border acquisitions","authors":"Tsvetomira V. Bilgili,&nbsp;Hansin Bilgili,&nbsp;David G. Allen,&nbsp;Holly Loncarich,&nbsp;Ben L. Kedia,&nbsp;Jonathan L. Johnson","doi":"10.1002/gsj.1460","DOIUrl":"10.1002/gsj.1460","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We draw on the political institutions approach and relational embeddedness perspective to advance a relational theory of policy risk. We argue that policy risk negatively affects acquisition completion, but the strength of the effect is dependent on home-host country relations. Home-host country relations underpin host governments' motivation to commit to policies and influence foreign acquirers' perceptions of the credibility of such commitments. Using longitudinal event data on intercountry interactions, we measure the valence and strength of home-host country relations and examine the relationship between policy risk and cross-border acquisition (CBA) completion under cooperative, conflictive, and ambivalent relations. In a sample of 26,124 CBAs, we find that the relationship is negative and strong under conflictive relations, weaker under cooperative relations, and weakest under ambivalent relations.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>We examine whether acquirers can use intercountry relations to infer and predict host governments' credibility of commitment to policies and evaluate the risk of arbitrary or opportunistic policy changes. Results show that policy risk decreases the likelihood of CBA completion, but the effect depends on home-host country relations. The negative effect of policy risk is strongest under conflictive intercountry relations, weaker under cooperative relations, and weakest under ambivalent relations. Executives' evaluations of home-host country relations in high policy risk environments can help assess the risk associated with completing CBAs and develop appropriate strategies to address potential issues.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"13 2","pages":"349-390"},"PeriodicalIF":7.6,"publicationDate":"2022-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49600924","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":"Leviathan as a financial godfather: Debt advantages of wholly state-owned enterprises","authors":"Mauricio Jara,&nbsp;Aldo Musacchio,&nbsp;Rodrigo Wagner","doi":"10.1002/gsj.1457","DOIUrl":"10.1002/gsj.1457","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>We examine the debt advantages of <i>wholly</i> owned state-owned enterprises (WSOEs), due to an implicit sovereign insurance against default. Our model explains conditions that increase those advantages in bond yields. In our global sample of bonds, we find that bond issues of WSOEs, have a 57 bps discount in their yield to maturity vis-à-vis comparable corporations. The effect is even larger when we benchmark against partial state-owned firms—an effect large enough to overcome the liability of foreignness. This cheaper debt finance is stronger during crises yet disappears for sovereigns with low creditworthiness. This lower cost of debt “inflates” the profits of the median WSOE by 13%.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>We examine if wholly owned state-owned enterprises (WSOEs) enjoy a lower cost of capital vis-à-vis their private counterparts when issuing bonds due to the perception that their debt is implicitly insured against default. We develop a model and undertake empirical tests to show that bond issues of WSOEs enjoy a 57 bps discount relative to private issues. This discount is large even relative to the premia companies pay when issuing bonds abroad. We also find that during crises the discount is larger as investors value the implicit insurance even more, but that it disappears for bond issues of governments with low creditworthiness. We estimate that for the median WSOE in our sample, the lower cost of capital inflates profits by 13%.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 2","pages":"225-251"},"PeriodicalIF":7.6,"publicationDate":"2022-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42347356","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":"Government policy, filial piety, and foreign direct investment","authors":"Pengcheng Ma,&nbsp;Lin Cui,&nbsp;Meitong Dong,&nbsp;Yi-Chuan Liao","doi":"10.1002/gsj.1459","DOIUrl":"10.1002/gsj.1459","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This study investigates formal institutional pressure from government policy, informal institutional pressure from filial piety, and their interaction effect on firms' internationalization strategy. We argue that, while influenced by independent policy and cultural effects, firms also exercise agency when responding to these competing institutional pressures. We find empirical support for the influence of policy and cultural effects on firms' foreign direct investment (FDI). We also find that, in making decisions about FDIs, state-owned enterprises are more sensitive to government policy, whereas family businesses are more sensitive to filial piety.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>This study reveals that firms' strategies in complex institutional environments are influenced by their needs for formal and informal institutional legitimacy. Managers can exercise agency by weighing the importance of formal and informal legitimacy differently and therefore vary in their responses to institutional pressures. However, managerial agency is bound by firm ownership type. Managers of state-owned firms prioritize formal institutional legitimacy, while their family business counterparts attend more to informal institutional legitimacy. Policymakers should be aware of this important difference between types of firms, which allows them to address noncompliance in a culturally sensitive and ultimately more effective way.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"13 3","pages":"620-646"},"PeriodicalIF":7.6,"publicationDate":"2022-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47005570","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":"Formal institutional context in global strategy research: A layer cake perspective","authors":"Daniel S. Andrews,&nbsp;Stav Fainshmidt,&nbsp;Andreas P. J. Schotter,&nbsp;Ajai Gaur","doi":"10.1002/gsj.1455","DOIUrl":"10.1002/gsj.1455","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research summary</h3>\u0000 \u0000 <p>We offer a novel view of formal institutions as a layer cake, suggesting a structural relationship between higher-level and lower-level institutions. In this context, inter-layer conflict imposes complex pressures on multinational corporations (MNCs). These tensions have become more rife amid the growth in global connectedness and the commensurate increase in the importance of within-country differences. Drawing on political science and economic geography research, we introduce regime type and the distribution of economic resources as conditions under which inter-layer conflict is most likely to arise. We leverage two caselets to illustrate the inter-layer conflict and the novel response options MNCs can deploy. Our perspective advances the theoretical understanding of intra-national institutional diversity, laying the groundwork for future research at the nexus of institutional theory and global strategy.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial summary</h3>\u0000 \u0000 <p>Firms often encounter opposing pressures in their operating environments because institutions within the nation-state impose misaligned policies. Despite acknowledging that such interactions exist, firms traditionally did not make it an integral part of their strategy. We demarcate how formal institutions cascade, forming a layer cake of relevant influences whereby the structural relationship between higher-level and lower-level institutions may impose complex pressures when in conflict. We turn to political science and economic geography literatures for explanations of when such conflict is most likely and offer a window into the responses by multinational firms using caselets within the COVID-19 pandemic context. We offer new avenues for research on the ways in which institutions function to affect multinational firms in a global economy increasingly characterized by institutional complexity.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"14 1","pages":"3-24"},"PeriodicalIF":7.6,"publicationDate":"2022-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45044762","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":"The complexity of post-mergers and acquisitions reorganization: Integration and differentiation","authors":"Kim E. van Oorschot,&nbsp;Bella B. Nujen,&nbsp;Hans Solli-Sæther,&nbsp;Deodat Edward Mwesiumo","doi":"10.1002/gsj.1454","DOIUrl":"10.1002/gsj.1454","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>This article applies a mixed-method approach to explore the complexities of post-mergers and acquisitions (M&amp;A) integration processes. Extant literature provides significant insights regarding the impact of task and human integration and their influence on post-integration processes. However, the literature often fails to differentiate between subelements of these two dimensions. This article investigates task and human integration in a cross-border M&amp;A aimed at efficiency and innovativeness. We highlight the importance of a clear distinction between two subelements of task integration (product harmonization and structural integration) and show that different interorganizational contexts matter. Consequently, we propose a conceptual framework based on two contextual characteristics—source of synergy and choice of location—suggesting that different integration approaches should be applied simultaneously in different contexts of the same post-M&amp;A organization.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>Due to the complexity of the post-M&amp;A integration process, organizing and managing such a process is a challenge to most practitioners. Understanding how to manage different integration dimensions increases the need for prioritization in order to bypass a one-size-fits-all initiative. We suggest that managers should apply a differentiated postintegration approach, depending on specific organizational contexts. A product-focused approach seems to fit best in a context where target and acquirer remain working in separate locations, but on similar products. A structure-focused approach is recommended when target and acquirer remain separated, but work on complementary products. Finally, a people-focused approach is proposed when target and acquirer are colocated.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"13 3","pages":"673-699"},"PeriodicalIF":7.6,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1454","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45169984","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":"When are global decisions strategic?","authors":"Michael J. Leiblein,&nbsp;Jeffrey J. Reuer,&nbsp;Marcus M. Larsen,&nbsp;Torben Pedersen","doi":"10.1002/gsj.1451","DOIUrl":"10.1002/gsj.1451","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>A robust academic field must set and revisit boundary conditions that define where, when, and to whom its insights apply. This is particularly true for a field such as global strategy where the ubiquity of the key terms invites indiscriminate use of the phrase. This essay argues that it is useful to define the field of global strategy as the subset of questions that meet the criteria for both “global” and “strategic” decisions. We offer an a priori approach to identifying and formulating problems that are unique to the global strategy field, suggest how our approach may help scholars better understand the “strategicness” of global decisions, and ultimately, offer a way for individuals with varied disciplinary or topical interests to connect with the field's core.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>It has been observed that few executives can clearly articulate their firm's global strategy. This observation is disappointing given the development of theoretical insights from the fields of international business and strategic management that suggest alternative ways in which organizations can reliably and repeatedly create, capture, and deliver value. The existence of this shortcoming suggests that it will be beneficial to develop unambiguous statements that define what constitutes a global, a strategic, and a globally strategic decision. This essay offers a priori definitions of these terms in the hope of helping individuals both consider the unique and distinctive elements of global strategy and better understand the core decisions that guide an organization's pursuit of its global objectives, scope, and sources of advantage.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"12 4","pages":"714-737"},"PeriodicalIF":7.6,"publicationDate":"2022-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1451","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48979152","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":"Post-entry internationalization speed, learning speed, and performance: A meta-analytic review and theory extension","authors":"Sheng Huang,&nbsp;Zhenkuo Ding,&nbsp;Xiaoman Lin,&nbsp;Yunxia Zhu","doi":"10.1002/gsj.1452","DOIUrl":"10.1002/gsj.1452","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Summary</h3>\u0000 \u0000 <p>The impact of post-entry internationalization speed (PIS) on firm performance has become a central issue in global strategy research. This paper conducts a meta-analysis concerning the relationships between two dimensions (i.e., international commitment speed and international scope speed) of PIS and performance, and the moderating effects of learning speed on these relationships among international firms. Empirical evidence from 60 independent samples reveals that international commitment speed positively influences performance, while international scope speed has an inverted U-shaped impact on performance. Our results also indicate that learning speed negatively moderates the link between international commitment speed and performance, whereas it positively moderates the association between international scope speed and performance. Based on the findings, we discuss the contributions to the global strategy literature, organizational learning theory and time-based competition view, and point at future research directions systematically.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial Summary</h3>\u0000 \u0000 <p>We analyze the relationships between two types (i.e., international commitment speed and international scope speed) of post-entry internationalization speed (PIS) and performance among international firms. We find that accelerating international commitment speed facilitates performance, while expediting international scope speed first facilitates and then inhibits performance. We also find that learning speed weakens the positive influence of international commitment speed on performance, whereas it strengthens the association between international scope speed and performance. These findings have important implications for managers in international firms seeking to achieve superior firm performance.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"13 2","pages":"483-516"},"PeriodicalIF":7.6,"publicationDate":"2022-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42192461","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":"Pedersen T, Tallman S. Global strategy collections: Emerging market multinational enterprises","authors":"","doi":"10.1002/gsj.1453","DOIUrl":"https://doi.org/10.1002/gsj.1453","url":null,"abstract":"<p>In Table 1 and Selected Works section page 206, the citation “Thakur-Wernz and Shantala (2019)” should read as “Thakur-Wernz and Samant (2019)”.</p><p>In reference list, the reference “Thakur-Wernz, P., &amp; Shantala, S. (2019). Relationship between international experience and innovation performance: The importance of organizational learning for EMNEs. Global Strategy Journal, 9(3), 378–404.” should read as “Thakur-Wernz, P., &amp; Samant, S. (2019). Relationship between international experience and innovation performance: The importance of organizational learning for EMNEs. Global Strategy Journal, 9(3), 378–404.”.</p>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"13 1","pages":"248"},"PeriodicalIF":7.6,"publicationDate":"2022-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1453","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50140076","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":"Extending internalization theory: Integrating international business strategy with international management","authors":"Mark Casson","doi":"10.1002/gsj.1450","DOIUrl":"10.1002/gsj.1450","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research summary</h3>\u0000 \u0000 <p>International business strategy and international management are two distinct but related fields of study. This article explores the connections between them. It shows how internalization theory can act as a bridge between them. The key is to analyze not only core activities, such as production, marketing and R&amp;D, but support services such as human resource management, information technology, and corporate finance. Internalization decisions and location decisions must be analyzed holistically, and diagrammatic techniques show how this can be done. These diagrams reveal the networks of communication and the hierarchical structures that emerge from such decisions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Managerial summary</h3>\u0000 \u0000 <p>The organizational structure of a multinational enterprise is inherently complex, making it difficult to determine whether one organizational structure is more efficient than another. Delayering, decentralization, and agility are recommended, but what are their practical implications? Internalization theory addresses these problems in a simple and coherent way. It shows that it is not only core activities, namely production, marketing and R&amp;D, that need to be coordinated, but support services too. Decisions on the location and out-sourcing of support services must be aligned with similar decisions on core activities. A diagrammatic analysis is presented that facilitates the solution of these problems.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47563,"journal":{"name":"Global Strategy Journal","volume":"12 4","pages":"632-657"},"PeriodicalIF":7.6,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/gsj.1450","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48243102","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}