Liability of foreignness and membership in a regional economic group: Analysis of the European Union |
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| Institution: | 1. The Eli Broad Graduate School of Management, Michigan State University, N370 North Business Complex, East Lansing, MI 48824-1122, USA;2. Department of Management, LeBow College of Business, Drexel University, 33rd and Arch Streets, Philadelphia, PA 19104, USA;1. Department of Urology, University of Iowa, Iowa City, Iowa;2. Section of General Medicine, Department of Internal Medicine, Yale School of Medicine, Cancer Outcomes, Public Policy, and Effectiveness Research (COPPER) Center, Yale Comprehensive Cancer Center and Yale School of Medicine, New Haven, Connecticut;3. Mid-Atlantic Permanente Research Institute, Kaiser Permanente, Rockville, Maryland;4. Genitourinary Oncology Service, Memorial Sloan Kettering Cancer Center, New York, New York;5. Cardiology Service, Memorial Sloan Kettering Cancer Center, New York, New York;1. Volkswagen Aktiengesellschaft, R&D, Wolfsburg, Germany;2. Volkswagen Aktiengesellschaft, Group Research, Powertrain, Isenbüttel, Germany;3. Chair for Electrochemical Energy Conversion and Storage Systems, Institute for Power Electronics and Electrical Drives (ISEA), RWTH Aachen University, Aachen, Germany;4. Batterieingenieure GmbH, Aachen, Germany;5. Technische Universität Berlin, Berlin, Germany;1. Department of Management, Faculty of Business and Law, Deakin University, Australia;2. Swinburne Business School, Swinburne University of Technology, Melbourne, Australia;3. UWA Business School, The University of Western Australia, Perth, Australia;4. Department of Management, University of International Business and Economic (UIBE), China;1. School of Environment, Beijing Normal University, Beijing 100875, China;2. School of Tourism and Cuisine, Harbin University of Commerce, Harbin 150076, China;3. School of Economy and Management, Northeast Forestry University, Harbin 150040, China;4. College of Economics, Heilongjiang University of Science and Technology, Harbin 150022, China;5. School of Foreign Language, Harbin University of Commerce, Harbin 150028, China;6. School of Economics and Management, Harbin Engineering University, Harbin 150001, China;1. John H. Sykes College of Business, The University of Tampa, 401 W. Kennedy Blvd.Tampa, FL 33606, United States;2. Newcastle University London, 102 Middlesex Street, London, E1 7EZ, UK |
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| Abstract: | This study examines the performance of foreign vs. domestic firms in a regional economic group. In particular, we focus on host country and foreign-owned firms in the European Union. Results provide evidence of a liability of foreignness—foreign-owned firms underperform host country firms. However, there is also evidence that liability of foreignness can vary across countries, and that foreign firms can overcome the liability of foreignness in some host countries, even industrialized ones. The results show the moderating effects of the host country and home country environments on the relative performance of foreign firms. Lastly, the results reveal that foreign-owned banks from highly competitive home countries underperform foreign firms from less competitive home countries. |
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