Journal of International Business Studies最新文献_第6页

Do foreign institutional shareholders affect international debt contracting? Evidence from Yankee bond covenants 外国机构股东会影响国际债务契约吗？扬基债券契约的证据

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-04-19 DOI: 10.1057/s41267-023-00667-2

Paul Brockman, Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami, Ying Zheng

{"title":"Do foreign institutional shareholders affect international debt contracting? Evidence from Yankee bond covenants","authors":"Paul Brockman, Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami, Ying Zheng","doi":"10.1057/s41267-023-00667-2","DOIUrl":"https://doi.org/10.1057/s41267-023-00667-2","url":null,"abstract":"<p>The international bond market is the largest component of the international capital markets. Previous research shows that the liability of foreignness (LOF) imposes significant costs on international debt contracting. The purpose of this study is to examine the impact of foreign institutional shareholders (FISs) on the costs of international debt contracting. While the presence of FISs could lead to a reduction in LOF-related costs, it can also lead to an increase in the costs arising from agency conflicts between shareholders and bondholders. We examine the impact of FISs on the prevalence of restrictive bond covenants using a sample of 956 Yankee bonds from 26 countries over the period 2001–2019. We find a significantly negative relationship between FIS ownership and bond covenants. This inverse relationship is strongest for U.S. institutional ownership, and for covenants designed to mitigate opportunistic behavior such as claim dilution and wealth transfers. We also show that the inverse relationship between U.S. institutional ownership and bond covenants is moderated by variables related to corporate governance, information asymmetry, and agency costs of debt. Additional analyses show that U.S. institutional ownership has a significant pricing effect on Yankee bond investors by lowering an issuer’s cost of borrowing.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"5 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140622897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Family ties and corporate tax avoidance 家庭关系与公司避税

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-04-03 DOI: 10.1057/s41267-024-00692-9

Geng Niu, Yi Wang, Yang Zhou, Xu Gan

{"title":"Family ties and corporate tax avoidance","authors":"Geng Niu, Yi Wang, Yang Zhou, Xu Gan","doi":"10.1057/s41267-024-00692-9","DOIUrl":"https://doi.org/10.1057/s41267-024-00692-9","url":null,"abstract":"<p>A well-established body of international business research examines how the institutional environment influences corporate decisions. We add to this literature by investigating the unexplored link between family, a fundamental institution in human society, and corporate tax decisions. Applying theories on social norms and the evolution of moral boundaries, we argue that the strength of family ties in a society increases corporate tax avoidance by narrowing the scope of moral responsibilities. We confirm this argument by conducting regression analyses using a large sample of firms from 44 countries. In addition, the positive effect of family ties on tax avoidance is attenuated for firms in countries with inclusive political institutions and is amplified for family firms. Using a sample of U.S. companies, we also find that firms avoid more taxes when they are located in states with stronger family ties and when their CEOs are from countries with stronger family ties, indicating that both the social norms that surround firms and those that are embedded in the origin countries of the managers affect firm tax decisions. Our study implies that the institution of family provides a valuable perspective to understand the international differences in corporate behaviors.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"1 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140533236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Global zombie companies: measurements, determinants, and outcomes 全球僵尸企业：衡量、决定因素和结果

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-03-27 DOI: 10.1057/s41267-024-00689-4

Edward I. Altman, Rui Dai, Wei Wang

{"title":"Global zombie companies: measurements, determinants, and outcomes","authors":"Edward I. Altman, Rui Dai, Wei Wang","doi":"10.1057/s41267-024-00689-4","DOIUrl":"https://doi.org/10.1057/s41267-024-00689-4","url":null,"abstract":"<p>Academics and practitioners are increasingly concerned about global zombieism, a term used to describe insolvent firms that survive with the support of financial institutions, investors, or governments, particularly during unusual market conditions. Using dual-filters of interest coverage ratio and an empirically validated default prediction model, we propose a new measure to gauge the extent of zombieism in the world’s 20 largest economies. The average zombie share of listed firms has increased significantly since 1990, to about 7% in 2020. Zombie firms are typically found among small and medium-sized enterprises. Economic growth, industry compositions, and lenient monetary policies have strong explanatory power for global zombieism. We show that the presence of zombie firms generates significant market congestion, limiting the growth of healthy firms. We also find that the development of global corporate bond markets contributes to zombie firm growth. Leveraging staggered bankruptcy reforms as an exogenous variation, we find that these reforms lower zombie ratio by 1.4% points. The reduction is more substantial if the bankruptcy law becomes more creditor-friendly. Having failed to recover, zombie firms can survive for an average of 5 years before declaring bankruptcy, being delisted, or being acquired. Bankruptcy reforms accelerate the dissolution of zombie status.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"45 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140317125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Parenthood wage gaps in multinational enterprises 跨国企业中的育儿工资差距

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-03-26 DOI: 10.1057/s41267-024-00691-w

{"title":"Parenthood wage gaps in multinational enterprises","authors":"","doi":"10.1057/s41267-024-00691-w","DOIUrl":"https://doi.org/10.1057/s41267-024-00691-w","url":null,"abstract":"<h3>Abstract</h3> <p>While multinational enterprises (MNEs) are widely recognized for providing employment to a significant number of women around the globe, empirical evidence suggests that existing gender inequalities may be aggravated rather than alleviated in their subsidiaries. We build on gender theory to better understand how gender is construed and enacted differently in MNE subsidiaries compared to domestic firms, particularly with regard to the differential effects of parenthood on wage gaps for male versus female employees. Because of the relatively more demanding working conditions in MNE subsidiaries and their gendered policies and practices, we hypothesize that the motherhood penalty and fatherhood bonus are larger in MNE subsidiaries than in domestic firms. Using an extensive database of micro-level data of over 36,500 employees in 57 countries, we find a larger fatherhood bonus in MNE subsidiaries compared to domestic firms, but no significant difference in the motherhood penalty. Our results suggest that shifting entrenched gendered social beliefs and divisions of household labor is not the only pathway to gender equality, and call for a critical examination of gender-related values, perceptions, policies, and practices in MNEs, beyond a focus on supporting women (with children). We discuss managerial, theoretical, and societal implications accordingly.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"32 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140291879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Machine learning in international business 国际商务中的机器学习

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-03-19 DOI: 10.1057/s41267-024-00687-6

Bas Bosma, Arjen van Witteloostuijn

引用次数: 0

Internal versus external agglomeration advantages in investment location choice: The role of global cities’ international connectivity 投资地点选择中的内部集聚优势与外部集聚优势：全球城市国际连通性的作用

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-03-14 DOI: 10.1057/s41267-024-00686-7

{"title":"Internal versus external agglomeration advantages in investment location choice: The role of global cities’ international connectivity","authors":"","doi":"10.1057/s41267-024-00686-7","DOIUrl":"https://doi.org/10.1057/s41267-024-00686-7","url":null,"abstract":"<h3>Abstract</h3> <p>Global location choices for foreign direct investments by MNCs aim to benefit both from the advantages of collocation with other activities of the firm (internal agglomeration) and the advantages of proximity to local industry clusters of similar activities (external agglomeration). We submit that there are important trade-offs between internal and external agglomeration because internal knowledge transfer associated with collocation of various value-chain activities of the MNC is confronted with greater risk of knowledge spillovers to rival firms if there is a substantial local cluster. Moreover, we argue that the international connectivity of a location reduces the importance of local agglomeration as a driver of investment location decisions because connectivity allows the MNC to reap benefits from agglomeration at a distance through the (temporary) transfer of people and knowledge. Connectivity changes the trade-offs between internal and external agglomeration because it enhances the spatial reach of internal agglomeration more than external agglomeration. The influence of connectivity is greater for service-related value-chain activities than for production-related activities. We find support for these hypotheses in an analysis of 38,873 greenfield cross-border investment decisions across diverse value-chain activities and industries in 71 global cities, 2008–2016.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"13 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140142150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Research on country-of-origin perceptions: review, critical assessment, and the path forward 原产国观念研究：回顾、重要评估和前进之路

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-02-20 DOI: 10.1057/s41267-023-00678-z

Saeed Samiee, Leonidas C. Leonidou, Constantine S. Katsikeas, Bilge Aykol

{"title":"Research on country-of-origin perceptions: review, critical assessment, and the path forward","authors":"Saeed Samiee, Leonidas C. Leonidou, Constantine S. Katsikeas, Bilge Aykol","doi":"10.1057/s41267-023-00678-z","DOIUrl":"https://doi.org/10.1057/s41267-023-00678-z","url":null,"abstract":"<p>Despite the volume of research and significant advancements in the country-of-origin (CO) area, the topic remains contentious in two key areas. One area is the presence of tensions and contradictions associated with origin-related research. The second relates to an over-reliance on relatively narrow theories that can neither address disparities nor capture a range of CO ecosystem considerations critical to the effective use of results in addressing firm-level planning and outcomes. Our examination of the business-to-consumer CO literature details the characteristics of published work and highlights the substantive contributions of the 50 most influential publications, with the overarching goal of accommodating meaningful future research. We examine 417 journal articles (551 studies) published from 1962 to 2022 to extract important granular characteristics of the literature and to summarize the findings of the most influential CO contributions. We also report the results of two surveys of academic researchers and US exporters and importers examining CO’s role in research and practice. Finally, we propose a theoretical lens, the paradox theory, as a basis for considering and framing competing aspects of the CO ecosystem and recommend the use of multilevel modeling to link future studies to marketing strategy and performance outcomes, thus advancing CO research.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"11 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139915991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Linking institutional context to the community and career embeddedness of skilled migrants: The role of destination- and origin-country identifications 将制度环境与技术移民的社区和职业嵌入联系起来：目的地国和原籍国身份认同的作用

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-02-19 DOI: 10.1057/s41267-024-00683-w

{"title":"Linking institutional context to the community and career embeddedness of skilled migrants: The role of destination- and origin-country identifications","authors":"","doi":"10.1057/s41267-024-00683-w","DOIUrl":"https://doi.org/10.1057/s41267-024-00683-w","url":null,"abstract":"<h3>Abstract</h3> <p>Migration is one of the most pressing global issues of our time. However, relatively little is known about the factors and mechanisms that govern the post-migration experiences of skilled migrants. We adopt an acculturation- and social identity-based approach to examine how differences between institutional characteristics in the destination and origin country, as well as migrants’ experiences with formal and informal institutions shape their identification with the destination and origin country and contribute to their community and career embeddedness. Our study of 1709 highly skilled migrants from 48 origin countries in 12 destination countries reveals that the institutional environment migrants encounter provides both sources of opportunity (potential for human development and value-congruent societal practices) and sources of disadvantage (experienced ethnocentrism and downgrading). These contrasting dynamics affect migrants’ destination-country identification, their origin-country identification and, ultimately, their embeddedness in the destination country. Our results have important implications for multinational enterprises and policy makers that can contribute to enhancing skilled migrants’ community and career embeddedness. For example, these actors may nurture a work environment and provide supportive policies that buffer against the institutional sources of disadvantage we identified in this study, while helping migrants to leverage the opportunities available in the destination country.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"184 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139910317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

See who I know! Addressing the liabilities of outsidership through status signaling 看看我认识谁通过身份信号来解决局外人的责任问题

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-02-15 DOI: 10.1057/s41267-023-00662-7

Michael Carney, Marleen Dieleman

{"title":"See who I know! Addressing the liabilities of outsidership through status signaling","authors":"Michael Carney, Marleen Dieleman","doi":"10.1057/s41267-023-00662-7","DOIUrl":"https://doi.org/10.1057/s41267-023-00662-7","url":null,"abstract":"<p>Status is an important intangible asset, yet when firms enter new countries, they lack standing in new social hierarchies as outsiders. Conventional wisdom suggests embeddedness in host-country networks can alleviate newcomers’ liability of outsidership. We complement this with insights from status signaling theory: Newcomers in host countries can address their liability of outsidership through the visual display of social affiliations. We utilize a novel visual qualitative research approach that analyzes annual report photographs of an emerging-market family business, depicting the firm’s leaders with high-status alters. Complementing the international business literature, which emphasizes strong ties to host-country business partners, we identify three signaling mechanisms that are more circuitous: bypass (host-country affiliations beyond the firm’s industry), allusion (global affiliations beyond the host country and industry, often celebrities), and aspiration (global industry affiliations). We also suggest that such diffuse status signaling mechanisms may be especially salient in emerging-market family firms investing in developed markets, which are accorded low status in many developed markets. These firms feature firm/owner identity overlaps, long leader tenures, and a tendency to build reputation through prosocial behavior, facilitating the activation of status signaling tactics through ephemeral affiliations with high-status actors situated in world society.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"88 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139739638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The liability of gender? Constraints and enablers of foreign market entry for female artists 性别责任？女性艺术家进入国外市场的制约因素和有利因素

IF 11.6 1区管理学

Journal of International Business Studies Pub Date : 2024-01-31 DOI: 10.1057/s41267-023-00680-5

JungYun Han, Henrich R. Greve, Andrew Shipilov

{"title":"The liability of gender? Constraints and enablers of foreign market entry for female artists","authors":"JungYun Han, Henrich R. Greve, Andrew Shipilov","doi":"10.1057/s41267-023-00680-5","DOIUrl":"https://doi.org/10.1057/s41267-023-00680-5","url":null,"abstract":"<p>Cultural industries help build creativity-based economies and stimulate worldwide cultural interchanges, but this process faces constraints. One such constraint is unequal treatment of genders. When female artists export cultural products, they face a “liability of gender”, defined as gender specific difficulties in overcoming the liability of foreignness. Both audiences’ gendered expectations and artists’ lack of information about foreign markets will lower women artists’ probability of successfully exporting cultural products, relative to their male counterparts. Differences in education and social network connections strengthen this effect. To investigate this relation and discover how it can be counteracted, we study Korean artists from 2000 to 2015. We document that female artists have more difficulty exhibiting in foreign galleries than males, yet these negative effects can be mitigated by elite education and by participation in art residency programs. Residency programs help female artists to develop networks from their interactions with female peers, but these benefits erode quickly relative to the benefits of education. These findings help us understand how to create a level playing field across genders in worldwide cultural exchanges and suggest that network building institutions such as the art residency programs can effectively reduce gender inequality.</p>","PeriodicalId":48453,"journal":{"name":"Journal of International Business Studies","volume":"31 1","pages":""},"PeriodicalIF":11.6,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139644284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0