Does ownership structure of emerging-market firms affect their outward FDI? The case of the Indian automotive and pharmaceutical sectors

• 成果类型: Article
• 署名作者: Bhaumik, Sumon Kumar; Driffield, Nigel; Pal, Sarmistha
• 署名单位: Aston University; Brunel University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/jibs.2009.52
• 发表日期: 2010
• 页码: 437-450
• 关键词: institutions; ownership/control structures; Family firms; Foreign investors; outward FDI; emerging-market MNEs

摘要

This paper examines the impact of ownership structures of emerging-market firms, which are shaped by local institutions, on the decision of these firms to undertake outward FDI. Our results suggest that family firms and firms with concentrated ownerships (both ubiquitous in emerging markets) are less likely to invest overseas, and that strategic equity holding by foreign investors facilitates outward FDI. We conclude that organisational forms such as family firms, which are optimal outcomes of institutions prevailing in emerging markets, may be suboptimal in a changing business environment in which outward FDI is necessary for access to resources and markets. Journal of International Business Studies (2010) 41, 437-450. doi:10.1057/jibs.2009.52