HOME COUNTRY NETWORKS AND FOREIGN EXPANSION: EVIDENCE FROM THE VENTURE CAPITAL INDUSTRY

• 成果类型: Article
• 署名作者: Guler, Isin; Guillen, Mauro F.
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania; University of Pennsylvania
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/AMJ.2010.49389027
• 发表日期: 2010
• 页码: 390-410
• 关键词: research-and-development; Structural holes; Market entry; INVESTMENT; FIRMS; performance; COMPETITION; INNOVATION; RESOURCES; EVOLUTION

摘要

We propose that home country network advantages shape firms' foreign expansion. We argue that a social status advantage is transferable from one market to another as a signal of quality but that a brokerage advantage is more context-specific and difficult to transfer. Furthermore, the value of network advantages changes as networks evolve. Data on the foreign market entries of 1,010 U.S. venture capital firms provide robust support for the effects of social status. We also find that brokerage reduces foreign entry in the absence of home country partners in a new market and increases it when partners are already operating in that market.