制度质量对转型经济体外国股本在国家层面变化的影响

IF 3.2 Q2 BUSINESS
B. Krasniqi, N. Williams, Iraj Hashi, Fisnik Reçica, E. Lubishtani, Li̇ri̇don Kryeziu
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引用次数: 0

摘要

本文旨在研究正式和非正式制度质量对转型经济体(TEs)外资股权国家层面变化的影响。基于制度理论和交易成本理论,本文考察了正式和非正式制度质量对外商投资银行外资股权国家水平变化的影响。作者采用两步经验策略,确定解释变量簇,并运行广义最小二乘随机效应估计,以检验解释变量和控制变量对外资股权的影响。研究发现:外资股权比例受到非正式制度的积极影响,而受到正式制度的消极影响。然而,当控制转型阶段时,我们发现在更快或更先进的转型经济体中,非正式制度的存在对外资股权产生了负面影响。复杂的基础设施阻碍了外国股权,外国公司利用非正式做法克服东道国的不利条件。政府规模有负面影响,人均国内生产总值(gdp)对外资股权有积极影响。研究的局限性/意义本研究为重新开展富有成果的外资股权讨论奠定了新的基础。这项研究对管理人员也有实际意义——在制度环境薄弱的外资企业的管理人员应该仔细分析进入战略,因为非正式制度的存在程度很高。此外,管理者可以理解在任何企业国际化努力中,非正式机构的各种促进作用,以达到最佳的所有权持有,以获得更好的国际化绩效。尽管这项研究是基于转型国家的样本,但研究结果对其他拥有类似制度背景的新兴经济体具有启示意义。原创性/价值本研究基于国家级指标对正式和非正式制度对外商投资企业股权持有的影响进行了独特的实证调查和证据,强调了正式和非正式两个维度对外国投资者所有权决策的影响的重要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The impact of institutional quality on country-level variations in foreign equity shares in transition economies
Purpose This paper aims to examine the influence of formal and informal institutional quality on country-level variations in foreign equity shares in transition economies (TEs). Design/methodology/approach Drawing on institutional theory and transaction cost theory, this paper examines the influence of formal and informal institutional quality on country-level variations in foreign equity shares in TEs. The authors use a two-step empirical strategy, identifying clusters of explanatory variables and running generalized least squares random effect estimations to test for the influence of explanatory and control variables on foreign equity shares. Findings Foreign equity share is positively affected by informal institutions and negatively by formal institutions. However, when control for stage of transition we find that the the presence of informal institutions in more rapidly or advanced transforming economies negatively influences foreign equity shares. Complex infrastructure discourages foreign equity shareholdings, and foreign companies use informal practices to overcome unfavourable host country conditions. Government size has a negative effect, and gross domestic product per capita positively affects foreign equity shares. Research limitations/implications The study is the new groundwork for the re-enactment of a fruitful discussion on foreign equity. The study has practical implications for managers, too – managers of foreign-owned firms operating in weakly installed institutional environments should carefully analyse the entry strategies because of the high presence of informal institutions. Furthermore, managers could understand the various facilitation roles of informal institutions in any firm internationalisation effort to arrive at optimal ownership holdings for better internationalisation performance. Although the study is based on a sample of transition countries, the findings have implications for other emerging economies’ contexts sharing similar institutional settings. Originality/value This study provides a unique empirical investigation and evidence based on country-level indicators on the effect of formal and informal institutions on foreign equity shares holdings in TEs, reinforcing the importance of impacts of both the formal and informal dimensions on ownership decisions of foreign investors.
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来源期刊
CiteScore
6.90
自引率
25.80%
发文量
28
期刊介绍: Review of International Business and Strategy is keen to present contemporary and innovative research that proposes new perspectives or challenges existing theories, and that advances the understanding of issues related to international business and global strategy. Themes covered by the journal include (but are not limited to): Internationalization of firms and international entrepreneurship Effects of international environment (political, social, economic and institutional) on international business activities and firm strategies Knowledge transfer strategies and innovation in MNEs Location strategies in international business activities.
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