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The Internationalization of Terminal Operators Resemble More a Rational Choice Approach to Internationalization

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The Internationalization of Terminal Operators Resemble More a Rational Choice Approach to Internationalization The Internationalization of Terminal Operators Internationalization an Incremental Learning Process or a Rational Choice Approach? MSc. Business Studies – International Management Supervisor: Dr. Johan Lindeque Second Reader: Drs. Erik Dirksen Student: Angenietje Temme Student ID: 10732128 Date: 31 August 2015 Abstract This thesis adds a contribution to the internationalization discussion, by investigating a highly competitive and global industry, terminal operators and if their internationalization resembles an incremental learning process or a rational choice approach. This thesis investigates the internationalization pattern of the three largest terminal operators by their equity throughput. Applying a multiple-case study design, data on internationalization was collected from the terminal operators’ company websites and the company websites of the individual terminals as well newspaper articles from the LexisNexis database. All terminal operators showed that their firm specific advantages where highly transferable and that they were able to recombine the location specific advantages with their firm specific advantages. And although the expansion of terminal operators did not manifest itself in a gradual expansion of FDIs into more distant location it does not preclude the experience effects. The nature of the business defines the feasible locations and therefore the internationalization of terminal operators resemble more a rational choice approach to internationalization. 0 Acknowledgements Writing this thesis learned me a lot. It was not only about the academic literature since the container terminal business is my working environment. This combination made it more interesting and also challenging since I had to combine a fulltime job with writing a thesis. I must admit that without the support from Johan Lindeque and his constructive feedback writing a thesis would have been an ongoing story. Thank you Johan for all that I have learned from you about doing research. Next to that I want to thank Johan that he supported me in my choice for terminal operators. I can imagine that when you don’t know the business that well it sounds a little boring. I can assure every reader that working on a container terminal is very complex and a great environment to work in. This great working environment and the support of my managers and colleagues helped me a lot finishing my thesis. Last but not least I want to thank my partner, parents and friends for their patience, help and support. I Table of Contents 1. Introduction ........................................................................................................................ 1 2. Literature Review ............................................................................................................... 4 2.1 Internationalization Theory .............................................................................................. 4 2.1.2. Internationalization Process ..................................................................................... 4 2.1.1 Discrete Rational Choice ........................................................................................... 7 2.2 Firm Specific Advantages of Global Terminal Operators ................................................ 9 2.2.1 Firm Specific Advantages ......................................................................................... 9 2.2.2 Firm Specific Advantages of a Terminal Operator .................................................. 10 2.3 Transferability of a Terminal Operator’s Firm Specific Advantages ............................. 12 2.4 Location Specific Advantages of a Terminal Operator .................................................. 13 2.5 International Experience of a Terminal Operator ........................................................... 14 3. Methodology .................................................................................................................... 17 3.1 Epistemological and Ontological Considerations .......................................................... 17 3.2 Research Design: Qualitative Multiple Case Study ....................................................... 18 3.2.1 Quality Criteria ........................................................................................................ 18 3.2.2 Case Selection ......................................................................................................... 20 3.2 Data Collection .......................................................................................................... 22 3.3 Data Analysis .................................................................................................................. 23 4. Results .................................................................................................................................. 26 4.1 Within-Case Analysis ..................................................................................................... 26 4.1.1 Stevedores: the case of the PSA International ......................................................... 26 4.1.3 Financial holdings: the case of Dubai Ports World ................................................. 33 4.1.2 Maritime Shipping Companies: The case of APM Terminals ................................. 42 4.2 Cross-Case Analysis ....................................................................................................... 51 5. Discussion ............................................................................................................................ 58 II 6.1 Core arguments of incremental learning process vs rational choice approach .............. 58 6.2 Transferability of a Terminal Operator’s Firm Specific Advantages ............................. 58 6.3 Location Specific Advantages of a Terminal Operator .................................................. 59 6.4 International Experience of a Terminal Operator ........................................................... 60 6. Conclusion ............................................................................................................................ 62 6.1 Scientific relevance and managerial implications .......................................................... 63 6.2 Limitations and Suggestion for Future Research ........................................................... 64 References ................................................................................................................................ 66 Appendix 1 ............................................................................................................................... 74 Appendix 2 ............................................................................................................................... 86 Appendix 3 ............................................................................................................................. 105 III 1. Introduction The internationalization of companies is a wide researched topic. Internationalization theories can provide a form of guidance to firms regarding what is important since companies are internationalizing in more different ways than ever before and often using combinations of entry and exit strategies (Axinn and Matthyssens, 2002). Leading theories on internationalization are generally based on linear conception of time. Consequently, several researcher hypothesize a logical sequential process of investment and expansion choices and identify various stages along the internalization sequences (Parola, Satta and Persico, 2013). In explaining the temporal and spatial constructs of the internationalization processes of MNEs, some scholars point out that institutional conditions have significant influence on the adoption of specific strategic decisions in any given context, so that firms sometimes undertake foreign ventures despite their lack of overseas experience (Forsgen, 2002; Rugman and Verbeke 2008). This could be argued that internationalization resembles a more rational approach as argued by Benito and Gripsrud (1992). Although there are also researchers that still hold on to the internationalization process model of Johanson and Vahlne (1977) like Shayer and Yeung (1992), Pedersen and Petersen (1998) Knight and Cavusgil, (2004), Ronen and Shenkar (1985), Erramilli (1991) and Hakanson and Ambos (2010). Although these reaserachers and others more researched the view of Johanson and Vahlne (1977) the view of Benito and Gripsrud is less issued. A few of their limitations were that they only used firms from one specific country and that their database did not include large multi-center firms. They argue that the emergence of such firms would make it even less likely that such data would support the process model of Johanson and Vahlne (1977). Next to that Benito and Gripsrud only used manufacturing and exporting firms where the arguments fits that making a foreign investment is mainly to take advantage of low labor cost and thus will not consider investments closely to Norway. Since it is argued that the expansion logic of service MNEs differs from that of manufacturing MNEs (O’Farrell, Moffat and Wood, 1995; Dicken, 1998) it could be that those differences could have inevitable implications on their internationalization. Therefore terminal operators are chosen since they are serve MNEs and have different home countries. Terminal operators are located in ports and the container port sector is an ideal setting for investigations in the service industry,
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