Digital institutions and virtual involvement of born-digital firms

• 成果类型: Article
• 署名作者: Tang, Yinuo; Shen, Yan; Bu, Juan; Feng, Dongfa
• 署名单位: Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Nanchang University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-025-00825-8
• 发表日期: 2026
• 关键词: market; PROTECTION; corporations; INVESTMENT; strategies; FRAMEWORK; privacy; drive

摘要

Born-digital firms increasingly pursue virtual involvement, a digital market-entry strategy that prioritizes iterative data collection and algorithmic adaptation over physical expansion. We measure virtual involvement by the number of unique digital advertisements and define it as the intensity of a firm's digital experimentation to collect user data, train algorithms, and enable continuous learning through a recursive feedback loop. Using a novel panel dataset covering 194 US and Chinese born-digital firms across 33 countries from 2016 to 2022, our empirical analysis finds that stringent host-country digital privacy regulation significantly reduces virtual involvement. This negative influence is weakened in larger digital markets, for firms from home countries with robust digital regulatory regimes, and when firms receive positive public sentiment. These results extend institutional theory and non-traditional entry mode research by introducing virtual involvement as a new dimension of international strategy under regulatory constraints. For policymakers and managers, our study offers actionable guidance: strict privacy rules protect user welfare, but supportive market conditions and regulatory experience are critical to sustaining data-driven innovation. Policymakers should balance user protection with market dynamism, while firms should leverage large markets and positive sentiment to maintain their virtual involvement. Les entreprises n & eacute;es num & eacute;riques poursuivent de plus en plus un engagement virtuel, une strat & eacute;gie d'entr & eacute;e sur le march & eacute; num & eacute;rique qui privil & eacute;gie la collecte it & eacute;rative de donn & eacute;es et l'adaptation algorithmique plut & ocirc;t que l'expansion physique. Nous mesurons l'engagement virtuel par le nombre de publicit & eacute;s num & eacute;riques uniques, et la d & eacute;finissons comme l'intensit & eacute; de l'exp & eacute;rimentation num & eacute;rique d'une entreprise pour collecter des donn & eacute;es utilisateur, entra & icirc;ner des algorithmes et permettre un apprentissage continu gr & acirc;ce & agrave; une boucle de r & eacute;troaction r & eacute;cursive. En utilisant un ensemble de donn & eacute;es panel in & eacute;dit couvrant 194 entreprises n & eacute;es num & eacute;riques am & eacute;ricaines et chinoises dans 33 pays entre 2016 et 2022, notre analyse empirique r & eacute;v & egrave;le que des r & eacute;glementations strictes en mati & egrave;re de confidentialit & eacute; num & eacute;rique dans les pays h & ocirc;tes r & eacute;duisent significativement l'engagement virtuel. Cette influence n & eacute;gative est att & eacute;nu & eacute;e dans les march & eacute;s num & eacute;riques plus importants, pour les entreprises issues des pays d'origine disposant de r & eacute;gimes r & eacute;glementaires num & eacute;riques robustes, et lorsque les entreprises b & eacute;n & eacute;ficient d'un sentiment public positif. Ces r & eacute;sultats enrichissent la th & eacute;orie institutionnelle et les recherches sur les modes d'entr & eacute;e non traditionnels en introduisant l'engagement virtuel comme une nouvelle dimension de la strat & eacute;gie internationale sous des contraintes r & eacute;glementaires. Pour les d & eacute;cideurs politiques et les managers, notre recherche apporte des recommandations actionnables : des r & egrave;gles strictes en mati & egrave;re de confidentialit & eacute; prot & egrave;gent le bien-& ecirc;tre des utilisateurs, mais des conditions de march & eacute; favorables et une exp & eacute;rience r & eacute;glementaire sont essentielles pour soutenir l'innovation ax & eacute;e sur les donn & eacute;es. Les d & eacute;cideurs politiques devraient & eacute;quilibrer la protection des utilisateurs avec le dynamisme du march & eacute;, tandis que les entreprises devraient tirer parti des grands march & eacute;s et d'un sentiment positif pour maintenir leur engagement virtuel. Las empresas nativas digitales buscan cada vez m & aacute;s la participaci & oacute;n virtual, una estrategia de entrada al mercado digital que prioriza la recopilaci & oacute;n iterativa de datos y la adaptaci & oacute;n algor & iacute;tmica por encima de la expansi & oacute;n f & iacute;sica. Medimos la participaci & oacute;n virtual por el n & uacute;mero de anuncios digitales & uacute;nicos y la definimos como la intensidad de la experimentaci & oacute;n digital de una empresa para recopilar datos de usuarios, entrenar algoritmos y permitir un aprendizaje continuo mediante un ciclo de retroalimentaci & oacute;n recursivo. Utilizando un novedoso conjunto de datos de panel que abarca 194 empresas nacidas digitales de Estados Unidos y China en 33 pa & iacute;ses entre 2016 y 2022, nuestro an & aacute;lisis emp & iacute;rico revela que una regulaci & oacute;n estricta de la privacidad digital en el pa & iacute;s anfitri & oacute;n reduce significativamente la participaci & oacute;n virtual. Esta influencia negativa se debilita en mercados digitales m & aacute;s grandes, en empresas de pa & iacute;ses de origen con reg & iacute;menes regulatorios digitales s & oacute;lidos y cuando las empresas reciben un sentimiento p & uacute;blico positivo. Estos resultados ampl & iacute;an la teor & iacute;a institucional y la investigaci & oacute;n sobre modos de entrada no tradicionales al introducir la participaci & oacute;n virtual como una nueva dimensi & oacute;n de la estrategia internacional bajo restricciones regulatorias. Para los responsables de pol & iacute;ticas y los gerentes, nuestro estudio ofrece orientaci & oacute;n pr & aacute;ctica: las reglas estrictas de privacidad protegen el bienestar de los usuarios, pero las condiciones de mercado favorables y la experiencia regulatoria son cr & iacute;ticas para sostener la innovaci & oacute;n basada en datos. Los responsables de pol & iacute;ticas deben equilibrar la protecci & oacute;n del usuario con el dinamismo del mercado, mientras que las empresas deben aprovechar los mercados grandes y la percepci & oacute;n positiva para mantener su participaci & oacute;n virtual. Empresas criadas no ambiente digital buscam cada vez mais envolvimento virtual, uma estrat & eacute;gia de entrada no mercado digital que prioriza a coleta iterativa de dados e a adapta & ccedil;& atilde;o algor & iacute;tmica em vez da expans & atilde;o f & iacute;sica. Medimos o envolvimento virtual pelo n & uacute;mero de an & uacute;ncios digitais & uacute;nicos e o definimos como a intensidade da experimenta & ccedil;& atilde;o digital de uma empresa para coletar dados de usu & aacute;rios, treinar algoritmos e possibilitar aprendizado cont & iacute;nuo por meio de um ciclo de feedback recursivo. Utilizando um conjunto de dados in & eacute;dito que abrange 194 empresas nascidas no ambiente digital nos EUA e na China, em 33 pa & iacute;ses, entre 2016 e 2022, nossa an & aacute;lise emp & iacute;rica revela que uma regulamenta & ccedil;& atilde;o rigorosa de privacidade digital no pa & iacute;s anfitri & atilde;o reduz significativamente o envolvimento virtual. Essa influ & ecirc;ncia negativa & eacute; atenuada em maiores mercados digitais, para empresas de pa & iacute;ses de origem com regimes regulat & oacute;rios digitais robustos e quando as empresas recebem sentimentos p & uacute;blicos positivos. Esses resultados ampliam a teoria institucional e a pesquisa n & atilde;o tradicional sobre modos de entrada ao introduzir o envolvimento virtual como uma nova dimens & atilde;o da estrat & eacute;gia internacional sob restri & ccedil;& otilde;es regulat & oacute;rias. Para formuladores de pol & iacute;ticas e gestores, nosso estudo oferece orienta & ccedil;& otilde;es pr & aacute;ticas: regras rigorosas de privacidade protegem o bem-estar de usu & aacute;rios, mas condi & ccedil;& otilde;es de mercado favor & aacute;veis e experi & ecirc;ncia regulat & oacute;ria s & atilde;o cruciais para sustentar a inova & ccedil;& atilde;o orientada por dados. Formuladores de pol & iacute;ticas devem equilibrar a prote & ccedil;& atilde;o dos usu & aacute;rios com o dinamismo do mercado, enquanto empresas devem aproveitar mercados grandes e sentimentos positivos para manter seu envolvimento virtual. 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