Springboard internationalization by emerging market firms: Speed of first cross-border acquisition

• 成果类型: Article
• 署名作者: Kumar, Vikas; Singh, Deeksha; Purkayastha, Anish; Popli, Manish; Gaur, Ajai
• 署名单位: University of Sydney; Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden; Indian Institute of Management (IIM System); Indian Institute of Management Indore; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-019-00266-0
• 发表日期: 2020
• 页码: 172-193
• 关键词: internationalization; Cross-border acquisitions; speed; emerging market

摘要

According to the springboard perspective, emerging market multinationals seek strategic assets aggressively from the outset. In this paper, we investigate the role of firms' institutional embeddedness in terms of age and affiliation to business group on their aggressive internationalization pursuits, an issue which has remained less explored in international business scholarship. This study, based on 8163 Indian listed firms over 18 years, identifies a trend that younger firms founded in the liberalized era, post 1991, and unaffiliated firms are more likely to pursue aggressive internationalization by conducting their first cross-border acquisition (CBA) faster. Among affiliated firms, younger ones are relatively faster in conducting their first CBA. Furthermore, the evidence signals a moderating impact of inter-group heterogeneity in terms of group-level assets and foreign investments on the relationship between firm age and aggressive internationalization.