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Emerging Market Firms' Internationalization: How Do Firms' Inward Activities Affect Their Outward Activities?

机译:新兴市场企业的国际化:企业的内向活动如何影响其对外活动?

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Research summary: In this study we examine how an emerging market firm's inward international activities (inward activities) are related to its outward international activities (outward activities) by focusing on the role of the firm's gain from its inward activities. On the one hand, drawing upon the organizational learning perspective, we propose that a firm's gain from inward activities may facilitate its outward activities through improving its resource fungibility. On the other hand, we draw upon the prospect theory to propose that a firm's gain from inward activities may hinder its outward activities by discouraging the firm's top managers from taking risks that are inherent in outward activities. With detailed data from a sample of manufacturing firms in China, we find empirical support for both lines of arguments.Managerial summary: Are emerging market firms with higher inward gain more likely to engage in outward internationalization activities? We argue that it depends upon how a firm uses its gain from inward activities. If the firm can improve its resource fungibility (particularly organizational resource fungibility) from its inward gain, it is more likely to engage in outward activities. If the firm cannot improve its resource fungiblity, the answer is no. Our findings suggest that for emerging market firms, internationalization is not just a path toward new markets; instead, it reflects how these firms exploit and explore what they have learned from their interactions with foreign firms at home in foreign markets. Therefore, managers must think more strategically on developing (organizational) resource fungibility from their inward activities. Copyright (c) 2017 John Wiley & Sons, Ltd.
机译:研究摘要:在本研究中,我们通过关注公司从其内部活动中获得收益的作用,研究了新兴市场公司的内部国际活动(内部活动)与外部国际活动(外部活动)之间的关系。一方面,我们从组织学习的角度出发,建议企业从内向活动中获得收益可以通过改善其资源可替代性来促进其外向活动。另一方面,我们利用前景理论提出,公司从内部活动中获得的收益可能会阻止公司的最高管理者承担外部活动固有的风险,从而阻碍其外部活动。借助来自中国制造业企业样本的详细数据,我们找到了这两种观点的经验支持。管理摘要:内向收益较高的新兴市场企业是否更有可能从事对外国际化活动?我们认为,这取决于企业如何利用内部活动的收益。如果企业能够从其内部收益中改善其资源可替代性(特别是组织资源的可替代性),则更有可能从事外部活动。如果公司不能改善其资源的可替代性,答案是否定的。我们的发现表明,对于新兴市场公司而言,国际化不仅是通向新市场的一条道路,而且还可以发展为国际化。相反,它反映了这些公司如何利用和探索从与外国公司在国外市场上与外国公司的互动中学到的知识。因此,管理者必须从其内部活动中更具策略性地考虑开发(组织)资源替代性。版权所有(c)2017 John Wiley&Sons,Ltd.

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