受监管行业中的外国资产

IF 1.3 Q3 BUSINESS
Leonardo Nery Dos Santos, Hsia Hua Sheng, Adriana Bruscato Bortoluzzo
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引用次数: 0

摘要

目的由于外国子公司必须应对东道国的制度压力,因此会产生大量的制度顺应成本(Slangen & Hennart, 2008)。本文旨在从制度和监管角度研究这类成本。作者认为,当东道国采用跨国公司因本国监管经验而熟悉的国际监管概念时,这些成本就会降低。这种先前的监管经验为外国子公司带来了外资优势(AoF),可以抵消其外资责任(LoF)。本研究使用回归动态面板数据,比较了 2002 年至 2021 年巴西能源行业 35 家国内企业与外国子公司的资产回报率。研究结果国际监管规范与巴西监管机构之间存在的关系将 LoF 转化为与本地能源企业竞争的外资优势。结果还表明,子公司原籍国的监管质量越高,其在巴西的业绩就越好,因为这可以降低合规成本。最后,巴西与外国子公司母国之间的心理距离越大,其业绩就越差。研究局限/意义研究表明,在东道国提高竞争力的关键之一是当地的监管关系。先前的国际监管经验赋予了外国子公司一种 "外国资产"(AoF)。这一结果补充了当前关于新兴经济体的制度和监管外在性研究(Cuervo-Cazurra & Genc, 2008; Mallon 等人,2022 年)以及母国与东道国之间的制度不对称(Mallon & Fainshmidt, 2017 年)。先前的国际监管经验为外国子公司提供了 "外国资产"(AoF)。这一结果补充了当前对新兴经济体(Cuervo-Cazurra & Genc, 2008; Mallon 等人,2022 年)以及母国与东道国制度不对称(Mallon & Fainshmidt, 2017 年)的制度和监管外在性研究。其实际意义在于,符合成本、资本预算计算和国际化战略规划之间的关系将与跨国公司母国的治理质量有关。社会意义社会意义在于,有意吸引更多外国直接投资到需要外国技术转让和资源的领域的国家可以考虑采用国际监管标准。本研究也是对当前新兴经济体制度和监管异质性研究的补充(Cuervo-Cazurra & Genc, 2008; Mallon et al.)其次,跨国企业之前在类似环境中的监管经验会影响其外国子公司的表现(Perkins,2014 年)。第三,本研究证实了当前文献的观点,即在制度化国家运营的知识和能力可以从母公司转移到子公司。最后,本研究还探讨了当东道国政府改善其行业治理时,是否会持续保持 AoF。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Assets of foreignness in a regulated industry

Purpose

Foreign subsidiaries incur substantial institutional conformity costs because they have to respond to host-country institutional pressures (Slangen & Hennart, 2008). The purpose of this paper is to study this type of cost from institutional and regulatory perspectives. The authors argue that these costs decrease when the host country adopts concepts of international regulations that multinationals may be familiar with due to their own home country regulation experience. This prior regulatory experience gives foreign subsidiaries an advantage of foreignness (AoF), which can offset their liability of foreignness (LoF).

Design/methodology/approach

This study compared the returns on assets of 35 domestic firms with those of foreign subsidiaries in the Brazilian energy industry between 2002 and 2021, using regression dynamic panel data.

Findings

The existence of a relationship between the international regulatory norm and the Brazilian regulator has transformed the LoF into an advantage of foreignness to compete with local energy firms. The results also suggest that the better the regulatory quality of the subsidiary’s country of origin, the better its performance in Brazil, as it can reduce compliance costs. Finally, the greater the psychic distance between Brazil and the foreign subsidiary’s home country, the worse its performance.

Research limitations/implications

The research suggests that one of the keys to competitiveness in host countries is local regulatory ties. Prior international regulatory experience gives foreign subsidiaries an asset of foreignness (AoF). This result complements the current institutional and regulatory foreignness studies on emerging economies (Cuervo-Cazurra & Genc, 2008; Mallon et al., 2022) and the institutional asymmetry between home and host country (Mallon & Fainshmidt, 2017).

Practical implications

This research suggests that one of the keys to competitiveness in host countries is local regulatory ties. Prior international regulatory experience gives foreign subsidiaries an asset of foreignness (AoF). This result complements the current institutional and regulatory foreignness studies on emerging economies (Cuervo-Cazurra & Genc, 2008; Mallon et al., 2022) and the institutional asymmetry between home and host country (Mallon & Fainshmidt, 2017). The practical implication is that the relationship between conformity costs, capital budget calculation and strategic planning for internationalization will be related to the governance quality of the home country of multinationals. The social implication is that a country interested in attracting more direct foreign investment to areas that need foreign technology transfer and resources may consider adopting international regulatory standards.

Social implications

The social implication is that a country interested in attracting more direct foreign investment to areas that need foreign technology transfer and resources may consider adopting international regulatory standards.

Originality/value

This research discuss firm and local regulator tie is one of core competitiveness in host countries (Yang and Meyer, 2020). This study also complements the current institutional and regulatory foreignness studies in emerging economy (Cuervo-Cazurra & Genc, 2008; Mallon et al., 2022). Second, prior regulatory experience of multinational enterprise in similar environment can affect its foreign affiliate performance (Perkins, 2014). Third, this study confirms current literature that argues that knowledge and ability to operate in an institutionalized country can be transferred from parent to affiliate. In the end, this study investigates whether AoF persists when host governments improve the governance of their industries.

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来源期刊
CiteScore
3.30
自引率
5.00%
发文量
22
审稿时长
30 weeks
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