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首页> 外文期刊>International Journal of Business and Management >MNEs’ Ownership Structure under Uncertainty: Explanations from TCE and Real Options Logic
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MNEs’ Ownership Structure under Uncertainty: Explanations from TCE and Real Options Logic

机译：不确定性下的跨国企业所有权结构：传统文化表现形式和实物期权逻辑的解释

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How does an MNE choose its ownership structure when it enters into transition nations where the level of corruption is largely high? This paper examines how uncertainty stemming from corruption affects an MNE’s choice of governance forms using the data of 463 MNEs in 24 transition countries. Drawing on two theoretical perspectives such as TCE and real options logic, this study proposes two sets of competing hypotheses regarding firms’ selection of ownership structure. Results show that TCE predictions have a better explanatory power on the choice of governance forms over those of real options logic as a whole. In particular, this study finds that an MNE is more likely to adopt wholly owned subsidiaries in highly arbitrary environment of corruption whereas they intend to cope with a joint venture form of governance under highly pervasive corruption environment. Consistently, an MNE which has more familiar with corruption tends to adopt a joint venture form of governance.
机译：跨国公司进入腐败程度很高的转型国家时，如何选择其所有权结构？本文使用来自24个转型国家的463家跨国企业的数据，研究了腐败带来的不确定性如何影响跨国企业的治理形式选择。本研究借鉴了传统文化表现形式和实物期权逻辑这两种理论观点，提出了关于企业所有权结构选择的两组相互竞争的假设。结果表明，相对于整体实物期权逻辑而言，传统文化表现形式预测对治理形式的选择具有更好的解释力。特别是，这项研究发现，跨国公司更有可能在高度任意的腐败环境下采用全资子公司，而它们打算在高度普遍的腐败环境下应对合资企业的治理形式。一致地，对腐败更熟悉的跨国公司倾向于采用合资企业的治理形式。

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