企业国际化经营中关键风险的识别研究

风险识别是企业从事国际化经营时进行风险管理采取的首要步骤,也是进一步实施风险防范与规避的前提和基础.本文以中国企业的国际化经营为研究背景,在对国际风险分类与识别进行理论推导的基础上,通过实证研究,对企业在采取不同国际市场进入模式时所面临的各类风险加以识别,并对关键风险进行聚焦探析.     

The Effect of Firm and Host Country Characteristics on the Choice of Entry Mode: Empirical Evidence from Spanish Firms

When investing abroad firms must choose betweengoing alone or with a partner – the so-calledownership structure decision. Additionally,firms can enter a new country by acquisitionsor by greenfield investments – the foreignestablishment mode decision. These twodecisions have traditionally been analyzedseparately in the literature on entry mode.What is more, this literature has much lessanalyzed hybrid entry modes, like partialacquisitions. The aim of this paper is toanalyze how the different factors analyzed inprior research influence the choice of entrymode when jointly taking into account fouralternative entry modes: greenfield whollyowned subsidiaries, greenfield joint ventures,full acquisitions and partial acquisitions. Theempirical analysis was carried out byestimating a multinomial logit model over asample of FDIs made by Spanish firms. Ourresults also contribute to the knowledge ofspecific patterns in the choice of entry modeby firms from late investor countries, likeSpain.     

How Do SMEs Decide on International Market Entry? An Empirical Examination in the Middle East

This study contributes to the scant literature that scrutinises the decision-making process preceding foreign entries, particularly in the Middle Eastern context. While considerable research has examined the content and antecedents of the internationalisation decision of firms, far less attention has been paid to how SMEs decide on international market entry. The answer to this question is important to advance our understanding of internationalisation processes and offer essential insights for first and successive market entries, particularly post political crises. Through an embedded approach to case study, the analysis of four SMEs based in Egypt and Qatar suggests that SMEs' decision-making evolves into a rational mode as SMEs progress through successive international market entries. The study also captures the co-existence of reactive and bounded rationality modes during SMEs' unplanned internationalisation and suggests that SMEs are likely to adopt a bounded rationality mode as a response to the occurrence of a political crisis in the home country.     

不确定环境下基于Bertrand竞争的企业创新模式比较研究

将技术不确定性与市场不确定性所组成的不确定性概念引入创新过程;在Bertrand竞争市场中,运用战略实物期权、动态博弈等工具对企业创新过程建立了一个两阶段动态博弈模型,得出了创新企业的价值函数,考察了不确定性参数对投资门槛值与破产临界值的影响;最后在技术投入溢出与互补度、创新产品互补度以及合作诚信度等四个参数的综合交互作用下,分析了独立研发、竞争RJV、合作RJV三种典型模式在均衡研发产出、公司利润、行业利润及社会福利方面的差异,得出了模式动态选择的适用条件。已有文献多在静态环境下考虑技术投入溢出参数在企业创新模式选择中的作用,本文研究旨在弥补此不足,同时为企业在不确定环境下进行适宜的创新组织选择提供决策参考。     

A real options model of market entry: Endogenous uncertainty and exogenous uncertainty

We develop a real options model of market entry that focuses on the dueling growth and deferral options by differentiating between endogenous uncertainty and exogenous uncertainty. While exogenous uncertainty influences the growth option market value or price, it is endogenous uncertainty that influences the value of the growth option through the ability to create a competitive advantage from preemptive market entry. First, the firm can decrease the exercise price of the growth option (i.e., the cost of the follow-on investment) through experiential learning that reduces endogenous uncertainty. Second, the firm can increase the relative discounted cash flows of the follow-on investment due to its ability to influence market demand that reduces endogenous uncertainty. On the other hand, the value of the deferral option increases with exogenous uncertainty as firms cannot influence exogenous uncertainty, and therefore, should invest elsewhere while waiting for the exogenous uncertainty to subside. As such, we provide a solution to the conundrum that the value of both the growth option and the deferral option increase with uncertainty. Finally, we demonstrate how the model addresses sequential market entry; irreversibility and market entry mode; competition; scarce strategic resources; host country development level; and industry life cycle stage.     

中国企业拓展国际市场的模式与策略研究--以荷兰中资企业的实证分析为例

在特定的国外市场选择正确的进入方式是企业国际化进程中最重要的决策之一,也是跨国公司拓展国际市场、实施全球战略的重要思路.本文以企业国际市场进入模式决策的相关理论探讨及模型构建为基础,通过对在荷兰中资企业的实证分析,探讨中国企业如何顺应世界潮流,实施"走出去"战略,选择拓展国际市场的适当模式,以及如何在全球范围内最有效地利用各种经营资源,以提升自己的竞争能力,在跨国竞争中求得生存和发展的相应策略.     

Greenfield Investment versus Akquisition

Based on neo-institutionalism, the present paper examines the moderating impact of perceived institutional uncertainty on the foreign establishment mode choice (i.e. the decision between greenfield versus acquisition) of German SMEs. The empirical findings demonstrate that the extent of perceived institutional uncertainty moderates the relationship between the investment volume, market growth and the decision between greenfield and acquisition. Focusing on the perceived institutional uncertainty, the paper adheres to the fact that due to limited resources of SMEs, SME managers often cannot make their managerial decisions based on profound knowledge from prior market analysis, but they have to follow their own intuition and perception. The key contribution of this paper is hence on the link between frequently studied establishment mode choice predictors and perceived institutional uncertainty of SME managers. This focus contributes to resolving some of the inconsistencies in previous research and to emphasize SMEs which have been largely neglected in prior literature.     

Perceived Environmental Uncertainty, Entry Mode Choice and Satisfaction with EC-MNC Performance

Previous theoretical and empirical research provides substantial support for a contingency approach toward international entry-mode selection. Similarly, additional empirical research supports the notion that different international ownership-based entry modes tend to be associated with varying performance levels. In this study we provide an initial attempt to use Werner, Brouthers and Brouthers' (1996) multiple measures of Perceived Environmental Uncertainty (PEU) to determine the entry mode choices of firms and link these risk-adjusted mode choices to managerial satisfaction with firm performance. We hypothesize and find that firms which make PEU risk-adjusted entry mode choices are significantly more satisfied with their firm's performance than firms whose entry mode choices cannot be predicted using multiple PEU risk measures.     

Heuristics in international business: A systematic literature review and directions for future research

This paper aims at depicting the status of research on heuristics in the international business domain to understand the main topic areas in which heuristics are addressed and delve into the types of heuristics used by managers and entrepreneurs when dealing with international business activities. These are characterized by a high degree of uncertainty, drawing attention on the adoption of heuristics for decision-making. To this aim, the paper systematically reviews studies published in top-ranked international business journals between 1997 and 2018. The systematic literature review shows that the main research areas in which heuristics are developed concern foreign market entry, post-entry international expansion, foreign market selection, and international entrepreneurship. The paper also discusses the type of heuristics that are utilized by decision-makers when dealing with the uncertainty related to the internationalization process. The results of this study show that the international business literature develops the concept of heuristics in very various ways, tending to develop a plurality of approaches, without recurring or dominant forms. It is, however, possible to identify the types of heuristics and heuristically-based decisions, and a significant subset of the analyzed studies show a positive view on their effectiveness in the uncertainty of internationalization processes.     

The Organization of Interdisciplinary Research: Modes,Drivers and Barriers

Although the role and management of interdisciplinary research in knowledge development has received plenty of attention in recent years ambiguity remains, often hindering management efforts. To address this issue, this paper provides an integrated review of extant literature on interdisciplinary research. It focuses on integration processes and the main drivers and barriers to different modes of collaborative interdisciplinary research. The authors propose a different approach to considering interdisciplinary integration, based on two factors: the type of knowledge integration; and the durability of the context of that integration. As a result, four modes of interdisciplinary integration are characterized. The authors then consider how different groups of drivers of, and barriers to, interdisciplinary research affect those types of integration. Overall, the paper provides an integrated perspective for researchers, managers and policy‐makers concerned with understanding the organization of interdisciplinary research.     

Coopetition Strategy – When is it Successful? Empirical Evidence on Innovation and Market Performance

Coopetition (collaboration between competing firms) has been viewed as a potentially beneficial but also a risky relationship for a firm. Earlier literature provides inconclusive evidence in terms of the effects of a firm's coopetition strategy on innovation and market performance, suggesting both positive and negative implications. Some of this variation could be attributed to the fact that coopetition is successful only in certain types of business environment. In order to take the research further, this study examines the effect of a coopetition strategy on the firm's innovation and market performance, focusing on the moderating effects of market uncertainty, network externalities and competitive intensity. The results from a cross‐industry survey of 209 Finnish firms provide novel evidence on the conditions under which coopetition is successful and when it is not.     

Effective cooperation modes based on cultural and market similarities in interfirm relationships

This study explores appropriate cooperation modes based on cultural and market similarities and suggests two alliance cooperation modes: 1) contractual cooperation and 2) relational cooperation. We collected secondary data from diverse sources, including the SDC Platinum, Compustat, and CRSP databases. We examined 349 alliances in high-tech industries from 2001 to 2009. We used an event study methodology to measure abnormal stock returns associated with the announcement of an alliance because it provides a forward-looking metric of expected performance. The results show that equity sharing enhances the positive effects of cultural distance on a focal firm's returns while repeated partnership exacerbates the negative effects of product market similarities on a focal firm's returns. This research contributes to alliance literature, providing explanation for choosing an appropriate cooperation mode considering both transaction cost economics (TCE) and a resource-based view (RBV). This study suggests that the effect of a contractual or relational cooperation mode depends on the competitive or cooperating role of similarity. Additionally, our study tries to provide guidelines for managers in selecting an appropriate cooperation mode depending on the relationship characteristics of the two companies.     

Decades of research on market entry modes: What do we really know about external antecedents of entry mode choice?

The choice of a mode of market entry is a critical component of the internationalization strategy, and numerous empirical studies have focused on this topic. Prior research, however, has provided mixed empirical evidence and thus, is difficult to interpret and review.This study examines the external antecedents of the choice of entry mode by meta-analyzing data from 72 independent primary studies. We focus on the decision between wholly owned subsidiaries and cooperative entry modes. For each variable, hypotheses about the theoretically expected direction of effect are posited and tested.We find a strong positive relationship between power distance as a cultural trait of the firm's home country and the propensity to establish a wholly owned subsidiary. On the other hand, we find a negative association between country risk, legal restrictions, market growth, and market size and the preference for wholly owned subsidiaries. We extensively discuss the implications of the meta-analytical results and investigate moderating effects of industry type and the time of the study. The relationship between income level of the host country and entry mode depends, to some degree, on the industry type. Service companies exhibit a negative relationship between income level and wholly owned subsidiaries, while manufacturing companies show a positive relationship.     

Entry Deterrence of Capacitated Competition Using Price and Non‐Price Strategies

We analyze the role of pricing and branding in an incumbent firm's decision when facing competition from an entrant firm with limited capacity. We do so by studying two price competition models (Stackelberg and Nash), where we consider the incumbent's entry‐deterrence pricing strategy based on a potential entrant's capacity size. In an extension, we also study a branding model, where the incumbent firm, in addition to pricing, can also invest in influencing market preference for its product. With these models, we study conditions under which the incumbent firm may block the entrant (i.e., prevent entry without any market actions), deter the entrant (i.e., stop entry with suitable market actions) or accommodate the entrant (i.e., allow entry and compete), and how the entrant will allocate its limited capacity across its own and the new market, if entry occurs. We also study the timing difference between the two different dynamics of the price competition models and find that the incumbent's first‐mover advantage benefits both the incumbent and the entrant. Interestingly, the entrant firm's profits are not monotonically increasing in its capacity even when it is costless to build capacity. In the branding model, we show that in some cases, the incumbent may even increase its price and successfully deter entry by investing in consumer's preference for its product. Finally, we incorporate demand uncertainty into our model and show that the incumbent benefits from demand uncertainty while the entrant may be worse off depending on the magnitude of demand uncertainty and its capacity.     

Internalization and internationalization under competing real options

The theories of internalization and internationalization provide general factors of international market entry but are not precise about its timing. The theory of real options may complement these approaches as it centers the impact of uncertainty on the timing and dimensioning of investment. A panel study of 5379 German entries to 22 countries suggests that, under the moderating influence of competition, the economic uncertainty in a host country has a U-shaped influence on the moment of entry. The results further reveal that uncertainty has a negative effect on the amount of capital at entry. Uncertainty shows no impact on the share in capital at entry, which challenges the view of international joint ventures as real options.     

International governance mode choice: Evidence from Brazilian franchisors

The purpose of this article is to test a novel, integrative theory of governance mode selection in the context of international franchising from Brazil. Given the Brazilian emerging market context, we added and tested another variable in the model relating to environmental distance between the home (Brazil) and host countries. To test the theory, we employed two logistic regression models and representative data from the Brazilian Franchising Association in addition to the World Bank's Doing Business index, and the CEPII (Centre d'études prospectives et d'informations internationales). Findings show that three factors influence Brazilian franchisors' choices regarding international governance modes: the environmental uncertainty of the host countries, their behavioral uncertainty, and the franchisors' financial capacity. However, the environmental distance does not influence internationalization strategies of Brazilian firms. Emerging markets firms' governance modes of entry can be adequately explained with the existing model despite contextual differences.     

Emergent Marketing Strategies and Performance: The Effects of Market Uncertainty and Strategic Feedback Systems

Although many process‐based studies appear in the strategic management literature, little attention has been devoted to the formation process of marketing strategies. Drawing on enactment and information‐processing theories, this study views the external environment as a source of information (i.e. enacted) and organizations as information‐processing entities. We propose a conceptual framework of antecedents and market performance consequences of emergent marketing strategies and test it with a sample of 214 UK enterprises. The results suggest that dimensions of market uncertainty (i.e. dynamism and complexity) and strategic feedback systems influence the formation of emergent marketing strategy. Furthermore, the data reveal that market uncertainty aspects condition the association between emergent marketing strategies and market performance in different ways. These findings provide new insights into how emergent marketing strategies evolve and influence organizational outcomes.     

Matching Modes of Export Strategy Development to Different Environmental Conditions

Despite its increasing importance on current literature, prior research on export strategy development is limited to the examination of the effectiveness of only two strategy‐making modes (formal planning and the entrepreneurial mode) in a non‐comparative manner. In contrast, this study evaluates and compares the effects of four different strategy‐making approaches on export performance and examines which of the four approaches performs better under different environmental conditions. Specifically, the study examines three characteristics of the environment: dynamism, hostility and diversity. Empirical research on a sample of British exporters confirmed that the choice of the strategy development mode is an important element in the determination of export performance and that environmental conditions moderate this relationship. Of the export strategy‐making modes examined, the entrepreneurial and adaptive modes appear to be the most successful.     

Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future

Cross-border mergers and acquisitions (M&As) have gained in popularity over the last decade. However, research on this type of diversification strategy has not kept pace with this trend. While there is considerable research in the area, it is unfortunately fragmented, leaving gaps that need to be addressed. Herein, we examine the theoretical perspectives and research findings on cross-border M&As from three perspectives: cross-border M&As as a (1) mode of entry in a foreign market, (2) dynamic learning process from a foreign culture, and (3) value-creating strategy. Current empirical research on this topic is also tabulated and grouped by theoretical stream to indicate major findings. Most importantly, we identify gaps in the literature and highlight five important research issues that provide directions for future research.     

Foreign market knowledge,entry mode choice and SME international performance in an emerging market

This paper examines the mediating role of equity entry mode choice in the relationship between foreign market knowledge (FMK) and international performance of small and medium-sized enterprises (SMEs) originating from emerging markets. In addition, this paper investigates when FMK enhances firms' equity mode choice by considering financial slack as a moderating variable. Using data obtained from 205 SMEs engaged in cross-border activities in Ghana, the results reveal that FMK and international performance relationship is mediated by foreign market equity entry mode choice. The results also suggest that FMK positively relates to SMEs' preference for equity mode for foreign market entry and this relationship is amplified when slack resource is greater. These findings offer theoretical as well as practical implications for SME managers in developing and emerging markets in terms of entry mode decisions.