The moderating effect of bilateral investment treaty stringency on the relationship between political instability and subsidiary ownership choice

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• 作者：Christopher Williams^a ; ^{chris.williams@durham.ac.uk} ; Tatiana Lukoianova (Vashchilko)^b ; ^{tatiana.vashchilko@ucalgary.ca} ; Candace A. Martinez^c ; ^{cjmartnz@illinois.edu}
• 关键词：Political instability ; Bilateral investment treaties (BITs) ; Subsidiary ownership choice
• 刊名：International Business Review
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：26
• 期：1
• 页码：1-11
• 全文大小：766 K
• 卷排序：26

文摘

We study the moderating effect of bilateral investment treaty (BIT) stringency. It moderates the link between political instability and subsidiary ownership choice. We analyze 289 investments made by AEX-listed MNEs in 34 countries in 2004–2013. As instability increases, importance of BIT stringency for majority ownership rises. Robustness tests using other risk indicators provide support to our hypothesis.