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Haier Electronics The role of the Belt and Road Initiative on Chinese multinational enterprise strategy: a multiple case study A Master Thesis Presented to the Faculty of Economics and Business by Justin Brandsma S2734818 Supervisor: H.U. Haq Co-assessor: J.R. de Wit WC: 16484 June 2020 Groningen, The Netherlands The role of the BRI on Chinese MNE strategy 2 The role of the BRI on Chinese MNE strategy Foreword In front of you lies my master thesis on: “the Role of the Belt and Road Initiative on Chinese multinational strategy: a multiple case study“, written as part of the master’s degree in International Business and Management at the University of Groningen. I consider this thesis to be the culmination of 6 beautiful student years in the even more beautiful city of Groningen, a wonderful period of my life! My choice for this thesis topic dates back to my late middle-school and early high-school years where I developed a big interest in the ancient Greek history and mythology. Especially the tales of Alexander the Great who managed to expand the Macedonian empire all the way to northeast India were intriguing to me. This Greek venture East in 334BC led to the establishment of the earliest version of a trade route between Constantinople (Turkey) and Xi’an (China), known as the Silkroad. 1600 years later Marco Polo would travel this route from Venice to China and work as the personal advisor of the Mongolian ruler: Kublai Khan. The accumulation of his experiences and adventures in the East came together in the brilliant travel memoire written by Rusticello da Pisa named ‘il Milione’ or commonly known as the ‘the travels of Marco Polo’. This book would have great impact on Europe’s vision of China and the East in the following centuries as well as trigger my own personal interest in the continent of Asia. It motivated me to spend a semester in Beijing as part of my exchange program where I visited many locations that were mentioned in the book, making me even more aware of its historic significance. Now, more than 400 years later China has great plans to revive, upgrade and activate this millennia old trade route again under the Belt and Road Initiative. This master thesis presented me with the ideal opportunity to mix my personal curiosity towards this grand project with my professional interests in international business strategy, culminating in a final product that I proudly present to you. The writing process of this thesis has been both a difficult as well as a fun experience. Due to the enormous scale and different research fields involved in the Belt and Road Initiative I was able to learn a lot about China’s foreign economic policies, geopolitics, international business implications and the overall timeline of China’s development into an economic superpower. This process of continuously gathering information on the Chinese economic development has persuaded me to apply for a second master in Chinese Economics at Fudan University in Shanghai, for which I recently got accepted. The difficult part in writing about the Belt and Road Initiative came primarily due to the fact that the whole concept was so ambiguous and overarching that it was easy to get distracted and lose focus. Luckily, I have had great help from my supervisor Hammad Haq who kept reminding me to stay within the right research focus and keep integrating my theories into the research topic, for which I am very grateful. I would hereby like to pronounce my gratitude towards my friends and family who have made the thesis writing process, despite the COVID-19 pandemic, an entertaining but productive period of my life. The biggest acknowledgement, however, goes out to my parents who have always supported me throughout my life and have had a great impact on the person that I am today. Thank you very much! Enjoy the reading, Sincerely, Justin Brandsma 3 The role of the BRI on Chinese MNE strategy Abstract Key words: Going Global; Belt and Road Initiative; MNE strategy; exploration; exploitation Since October 2013, the Belt and Road Initiative (BRI) has received an increasing amount of attention and scholarly efforts. It comprises many different ambitious plans for the stimulation of integration and connectivity between China, the Middle-East, Africa and Europe as part of China’s “Going Global 2.0”. However, the sheer size of these multifaceted ambitions and lack of clear guidelines make the BRI a difficult topic for scholars to define or interpret. A predeterminant of the BRI is that its future is entirely dependent on the stimulation of business exchange and trade between the participating countries. At the center of this business exchange and trade are China’s multinational enterprises (MNEs), whose international strategy and willingness to commit to the BRI play a crucial role in the BRI’s potential success. In this thesis, I provide insights into the firm-level strategy developments of four Chinese case MNEs in the household electronics industry and their commitment to the BRI. Using an exploratory content analysis methodology to measure the relative strategic focus on exploration or exploitation, I observed a shift in strategic preference from exploitation toward exploration in the years following the BRI announcement. What the findings also show is that none of the four Chinese case MNEs displayed any apparent interest or commitment to the exploration of opportunities in BRI-countries and instead largely focused their attention and resources towards non BRI-countries. This finding is confirmed by an additional analysis of the industry preference for Chinese investments towards BRI-countries, as these, both before and after 2013, were almost exclusively limited to natural resource-based or low-tech industries. It seems like the medium- and high-tech industries in China have yet to see the opportunities that the BRI can bring in the future, which makes the BRI, in its current state, solely a solution to China’s resource security issues. 4 The role of the BRI on Chinese MNE strategy Table of Contents 1. Introduction .............................................................................................................................................. 6 2. Theoretical background ............................................................................................................................ 9 2.1 China’s Going Global ........................................................................................................................... 9 2.2 The Belt and Road Initiative .............................................................................................................. 10 2.3 MNE Strategy: Exploration and Exploitation .................................................................................... 12 2.4 Going Global and Chinese MNE strategy .......................................................................................... 14 2.5 The BRI and Chinese MNE strategy ................................................................................................... 16 3. Research method .................................................................................................................................... 19 3.1 Qualitative research .......................................................................................................................... 19 3.2 Case selection and size...................................................................................................................... 19 3.3 Data collection .................................................................................................................................. 22 3.4 Research analysis .............................................................................................................................. 22 3.5 Additional data collection ................................................................................................................. 25 4. Results ..................................................................................................................................................... 27 4.1 Within-case strategy analysis ............................................................................................................ 28 4.1.1 Hisense Kelon ............................................................................................................................. 28 4.1.2 Haier Electronics ........................................................................................................................ 30 4.1.3 TCL .............................................................................................................................................. 32 4.1.4 Lenovo ........................................................................................................................................ 34 4.2 Cross-case strategy analysis .............................................................................................................. 35 4.2.1 The role of the BRI in China’s Going Global ............................................................................... 35 4.2.2 The BRI and firm-level findings .................................................................................................. 40 5. Conclusion and Discussion ...................................................................................................................... 45 5.1 Conclusion ........................................................................................................................................
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