Acquisition or greenfield start-up? Institutional, cultural and transaction cost influences
成果类型：
Article
署名作者：
Brouthers, KD; Brouthers, LE
署名单位：
University of East London; University of Texas System; University of Texas at San Antonio
刊物名称：
STRATEGIC MANAGEMENT JOURNAL
ISSN/ISSBN：
0143-2095
DOI：
10.1002/(SICI)1097-0266(200001)21:1<89::AID-SMJ85>3.3.CO;2-#
发表日期：
2000
页码：
89-97
关键词：
摘要：
In this paper, we develop and test a model of diversification mode choice (how firms decide between acquisitions and greenfield start-up ventures) which includes institutional, cultural, and transaction cost variables. Using a sample of Japanese firms entering western Europe, our results show the model correctly predicts over eighty-seven percent of the mode choices. Thus, we provide strong initial evidence to support using institutional, cultural and transaction cost variables to predict firms' choices between acquisitions and greenfield start-lips in international expansion. Our findings also suggest that organizations which have developed strong intangible capabilities may be able to more readily leverage these capabilities through greenfield startups. Copyright (C) 2000 John Wiley & Sons, Ltd.