民粹主义抬头背景下的外国直接投资:制度与企业层面国际化的作用

IF 5.7 2区 管理学 Q1 BUSINESS
Alfonso Carballo Perez, Margherita Corina
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引用次数: 0

摘要

研究摘要 我们研究了民粹主义统治者的存在如何影响民主国家的外国直接投资。我们的分析揭示了这一政治力量影响企业决策的机制,同时考虑了全球舞台上企业层面的制度和国际化战略的影响。我们使用工具变量,通过 1999 年至 2020 年间美国跨国公司在 37 个民主国家的面板数据集来检验我们的理论。我们的研究结果表明,民粹主义统治者掌权似乎会削弱企业的对外投资,而国家层面的制度和企业层面的国际化可能会调节这种影响。总之,我们的研究结果为民粹主义如何影响跨国公司的投资决策提供了新的见解,为研究政治压力与投资决策之间关系的文献做出了贡献。 管理总结 在有民粹主义统治者的国家投资对跨国公司来说是一项挑战。民粹主义领导人经常威胁要突然改变为外国投资提供确定性的制度。本研究认为,民粹主义者的存在会对企业的对外投资产生负面影响,但会受到制度和国际化战略的调节。在制度框架健全的国家,民粹主义对投资的不利影响会得到缓解。在这种情况下,民粹主义者改变既定 "游戏规则 "的承诺的可信度低于制度薄弱的国家。此外,通过扩大国际化程度,企业能够更好地应对民粹主义统治者所带来的信息匮乏问题。我们的研究为管理者评估在这种情况下投资的风险和机遇提供了启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Foreign direct investment in the context of rising populism: The role of institutions and firm-level internationalization

Foreign direct investment in the context of rising populism: The role of institutions and firm-level internationalization

Research Summary

We investigate how the presence of populist rulers affects foreign direct investment in democratic countries. Our analysis sheds light on the mechanisms by which this political force impacts firms' decisions, considering the effect of institutions and internationalization strategies at the firm level in the global arena. We test our theory using instrumental variables with a panel dataset of US multinationals in 37 democratic countries between 1999 and 2020. Our findings suggest that the presence of a populist ruler at the helm of government seems to undermine firms' foreign investment and it is potentially moderated by country-level institutions and firm-level internationalization. Collectively, our results offer new insights on how populism affects multinationals' investment decisions, contributing to the literature that examines the relationship between political pressure and investment decisions.

Managerial Summary

Investing in countries with populist rulers poses a challenge for multinationals. Populist leaders constantly threaten to abruptly change the institutions that provide certainty for foreign investments. This study argues that the presence of a populist negatively affects firms' foreign investment, moderated by institutions and internationalization strategies. The adverse impacts of populism on investment are mitigated in countries with robust institutional frameworks. In such cases, the credibility of populists' promises to alter the established “rules of the game” is lower than in countries with weaker institutions. Additionally, by expanding their degree of internationalization, firms are better equipped to navigate the lack of information generated by populist rulers. Our research provides implications for managers in assessing the risks and opportunities associated with investing in such contexts.

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来源期刊
CiteScore
14.20
自引率
11.80%
发文量
46
期刊介绍: The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.
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