دانلود رایگان مقاله فاصله ذهنی و روانی و مالکیت در تملک

ABSTRACT

Recent research has begun to explore the impact of country-of-origin and direction on internationalization decisions in response to controversy over the use of symmetrical and absolute values of distance. In this paper we contribute to this stream of research by studying the moderating influence of direction on the distance–ownership relationship as it relates to cross-border acquisitions. We ground our arguments in transaction cost economics and supplement this lens using institutional theory to contextualize the home-host country relationship through moderating effects. Through our study of 25,440 full and partial acquisitions (9577 MNEs, 25 countries, 15 years), we demonstrate that the distance–ownership relationship is moderated by direction. We further find that acquisition ownership decisions made by emerging country MNEs differ significantly from those made by developed country MNEs. Our findings demonstrate that future research on the impact of distance should consider the differences between MNEs from emerging versus developed economies, in addition to host country characteristics.

5. Conclusion

5.1. Summary of findings The results of our analysis confirm that TCE theory holds when studying the relationship between distance (psychic distance, experience, and external risk) and ownership in international acquisitions, but when we contextualize the direction (through country of origin and host country) we find different results (Table 8). Our findings demonstrate that EMNEs make different acquisition ownership decisions than DMNEs, suggesting that EMNEs internationalize for different reasons and face different challenges than their DMNE counterparts. The particular case of EMNEs entering developed countries suggests that EMNEs are seeking knowledge and resources when entering developed countries, where resources and knowledge are in greater abundance. With such significant variance between DMNEs and EMNEs, we continue to argue that it is important to revisit international business research from the perspective of EMNEs, to help extend existing theories (Cuervo-Cazurra, 2012). In particular, we argue for the use of institutional theory to account for the influence of country of origin and host country as moderating variables or even independent variables.