Emerging economies and institutional quality: Assessing the differential effects of institutional distances on ownership strategy

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• 作者：Ru-Shiun Liou^a ; ^{r.liou@tamuct.edu" class="auth_mail" title="E-mail the corresponding author} ; ^{rushiunliou@yahoo.com" class="auth_mail" title="E-mail the corresponding author} ; Mike Chen-Ho Chao^b ; Monica Yang^c
• 关键词：Emerging market multinational corporations (EMNCs) ; Cross-border mergers and acquisitions (M&As) ; Institutional distance ; Ownership strategy
• 刊名：Journal of World Business
• 出版年：2016
• 出版时间：June 2016
• 年：2016
• 卷：51
• 期：4
• 页码：600-611
• 全文大小：944 K

文摘

The current study contributes to the institution-based view of internationalization that is contingent upon the home country development. We examine the differential effects of formal and informal institutions on emerging market multinational corporations’ (EMNCs) ownership strategies. Facing a large informal institutional distance that represents diverse cultural beliefs, EMNCs opt for a low ownership position that alleviates legitimacy threat, whereas a large formal institutional distance leads EMNCs to establish dominant ownership control. EMNC home market conditions, including market size and regulatory institutional quality, further explain the differential effects of institutional distances.