Tamara Stucchi
Total Page:16
File Type:pdf, Size:1020Kb
The Internationalization of Emerging Market Firms A Context-Specific Study Stucchi, Tamara Document Version Final published version Publication date: 2013 License CC BY-NC-ND Citation for published version (APA): Stucchi, T. (2013). The Internationalization of Emerging Market Firms: A Context-Specific Study. Copenhagen Business School [Phd]. PhD series No. 19.2013 http://libsearch.cbs.dk/primo_library/libweb/action/dlDisplay.do?docId=CBS01000613039&vid=CBS&afterPDS=tr ue Link to publication in CBS Research Portal General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. Take down policy If you believe that this document breaches copyright please contact us ([email protected]) providing details, and we will remove access to the work immediately and investigate your claim. Download date: 29. Sep. 2021 The Internationalization of Emerging Market Firms: A Context-Specific Study Market Firms: A Context-Specific The Internationalization of Emerging copenhagen business school handelshøjskolen solbjerg plads 3 dk-2000 frederiksberg danmark www.cbs.dk The Internationalization of Emerging Market Firms: A Context-Specific Study Tamara Stucchi PhD Series 19.2013 ISSN 0906-6934 Print ISBN: 978-87-92977-50-2 Online ISBN: 978-87-92977-51-9 The PhD School of Economics and Management PhD Series 19.2013 Tamara Stucchi The internationalization of emerging market firms: A context-specific study CBS / Copenhagen Business School Ph.D. School in Economics and Management (EM) Tamara Stucchi The Internationalization of Emerging Market Firms: A Context-Specific Study 1st edition 2013 PhD Series 19.2013 © The Author ISSN 0906-6934 Print ISBN: 978-87-92977-50-2 Online ISBN: 978-87-92977-51-9 “The Doctoral School of Economics and Management is an active national and international research environment at CBS for research degree students who deal with economics and management at business, industry and country level in a theoretical and empirical manner”. All rights reserved. No parts of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval system, without permission in writing from the publisher. TABLE OF CONTENTS Acknowledgements .................................................................................................................... 6 Summary of the Ph.D. thesis...................................................................................................... 7 Resume på Dansk ....................................................................................................................... 9 PART ONE: THESIS INTRODUCTION .......................................................................... 11 1. Theme and outline of the Ph.D. thesis ................................................................................. 11 1.1 Objective of the Ph.D. thesis .......................................................................................... 11 1.2 Contribution of the Ph.D. thesis ..................................................................................... 12 1.3 Research questions ......................................................................................................... 12 2. Research on emerging markets: current literature and beyond ............................................ 14 2.1 The value of a single country context ............................................................................ 19 2.2 The Indian context .......................................................................................................... 21 3. The four research papers: methodology and summary ........................................................ 26 PART TWO: Emerging market firms’ acquisitions in advanced markets: Matching strategy with resource-, institution- and industry-based antecedents .............................. 29 Abstract .................................................................................................................................... 29 1. INTRODUCTION .............................................................................................................. 30 2. THEORETICAL DEVELOPMENT .................................................................................. 32 2.1 Upmarket acquisitions: augmentative and exploitative strategies ................................ 35 2.2 Antecedents to internationalization ............................................................................... 37 3. UPMARKET ACQUISITIONS: A THEORETICAL MODEL ......................................... 43 3.1 Upstream strategy .......................................................................................................... 44 2 3.2 Exploitative strategy ...................................................................................................... 46 3.3 Augmenting strategy ..................................................................................................... 47 3.4 Downstream strategy ..................................................................................................... 49 4. DISCUSSION AND CONCLUSIONS .............................................................................. 52 References ................................................................................................................................ 56 Illustrations .............................................................................................................................. 64 PART THREE: Time to Internationalization and Evolving Institutions: An Event History Analysis of Indian Firms ......................................................................................... 66 Abstract .................................................................................................................................... 66 1. INTRODUCTION ............................................................................................................... 67 2. THEORETICAL BACKGROUND ..................................................................................... 69 3. HYPOTHESES DEVELOPMENT ..................................................................................... 73 3.1 Domestic context embeddedness .................................................................................. 73 3.2 Industrial context embeddedness .................................................................................. 75 3.3 Institutional evolution ................................................................................................... 77 4. METHODOLOGY .............................................................................................................. 79 4.1 Data and sample ................................................................................................................. 79 4.2 Measures ....................................................................................................................... 80 4.3 Results ........................................................................................................................... 84 5. DISCUSSION AND CONCLUSIONS ............................................................................... 90 5.1 Limitations and future research ..................................................................................... 92 References ................................................................................................................................ 94 3 Tables and figures .................................................................................................................. 102 PART FOUR: The Role of Overseas National Ownership in Outward FDI: A Study of the Indian Diaspora ............................................................................................................. 106 Abstract .................................................................................................................................. 106 1. INTRODUCTION ............................................................................................................. 107 2. RESEARCH BACKGROUND ......................................................................................... 110 2.1 Overseas nationals ....................................................................................................... 110 3. HYPOTHESES DEVELOPMENT ................................................................................... 114 3.1 Overseas national ownership and OFDI ..................................................................... 114 4. METHOD .......................................................................................................................... 119 4.1 Data and Sample........................................................................................................... 119 4.2 Measures....................................................................................................................... 120 4.3 Results .......................................................................................................................... 123 5. DISCUSSION AND CONCLUSION................................................................................ 129 References .............................................................................................................................