Springboard internationalization by emerging market firms: Speed of first cross-border acquisition
Springboard internationalization by emerging market firms: Speed of first cross-border acquisition
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DOI：
10.1057/s41267-019-00266-0
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发表时间：
2020-03-01
影响因子：
11.6
通讯作者：
Gaur, Ajai
中科院分区：
文献类型：
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作者：
Kumar, Vikas;Singh, Deeksha;Gaur, Ajai
根据跳板观点，新兴市场跨国公司从一开始就积极寻求战略资产。在本文中，我们从年龄和所属企业集团的角度考察了企业的制度嵌入在其积极的国际化追求中所起的作用，这是国际商业学术中一直较少探讨的问题。这项研究基于18年来8163家印度上市公司，发现了一种趋势，即在自由化时代成立的年轻公司(1991年后)和独立公司更有可能通过更快地进行首次跨境收购(CBA)来追求积极的国际化。在附属公司中，较年轻的公司进行首次CBA的速度相对较快。此外，证据表明，在集团层面的资产和外国投资方面的集团间异质性对企业年龄和积极国际化之间的关系的影响是缓和的。
According to the springboard perspective, emerging market multinationals seek strategic assets aggressively from the outset. In this paper, we investigate the role of firms' institutional embeddedness in terms of age and affiliation to business group on their aggressive internationalization pursuits, an issue which has remained less explored in international business scholarship. This study, based on 8163 Indian listed firms over 18 years, identifies a trend that younger firms founded in the liberalized era, post 1991, and unaffiliated firms are more likely to pursue aggressive internationalization by conducting their first cross-border acquisition (CBA) faster. Among affiliated firms, younger ones are relatively faster in conducting their first CBA. Furthermore, the evidence signals a moderating impact of inter-group heterogeneity in terms of group-level assets and foreign investments on the relationship between firm age and aggressive internationalization.