-
作者：Mihov, Atanas; Naranjo, Andy
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; State University System of Florida; University of Florida
摘要：This study examines the relationship between corporate internationalization and the cost of equity capital. We find that international diversification reduces the cost of equity. The diversification benefits are particularly strong during the 2008 financial crisis and for financially constrained firms. We also find that market-specific factors serve as important channels through which the corporate internationalization effects amplify or attenuate. Overall, our study provides support for theor...
-
作者：Wang, Stephanie Lu; Li, Dan
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We extend the internalization literature by theorizing on how public disclosure of corporate social irresponsibility (CSI) can damage reputation-based firm-specific advantages of multinational companies (MNCs) and how foreign subsidiary governance can subsequently be used as strategic responses. Specifically, we distinguish between two foreign subsidiary governance mechanisms - information control and ownership control - that the prior literature has often assumed operate in parallel, and posi...
-
作者：Filippaios, Fragkiskos; Annan-Diab, Fatima; Hermidas, Amir; Theodoraki, Charikleia
作者单位：University of Kent; Kingston University
摘要：We study the influence of a country's political governance on its attractiveness to foreign direct investors. We argue that democracy is not a unidimensional concept and that the effect of host-country political governance on incoming foreign direct investment (FDI) differs depending on whether FDI originates from a democratic or an autocratic country. We also hypothesize that the effect of civil liberties depends on the motivations of investing multinational enterprises (MNEs) and that human ...
-
作者：Chi, Tailan; Li, Jing; Trigeorgis, Lenos G.; Tsekrekos, Andrianos E.
作者单位：University of Kansas; Simon Fraser University; University of London; King's College London; Athens University of Economics & Business; University of Cyprus
-
作者：Elia, Stefano; Larsen, Marcus M.; Piscitello, Lucia
作者单位：Polytechnic University of Milan; Copenhagen Business School; BI Norwegian Business School; University of Reading
摘要：We explore when and why decision makers choose international entry modes (e.g., hierarchies or markets) that deviate from internalization theory's predictions. By applying a cognitive perspective on entry mode decision making, we propose that the performance of prior international activities influences decision makers' behavior in different ways than assumed in internalization theory. More specifically, due to a representativeness bias, underperforming (overperforming) past ventures influence ...
-
作者：Lel, Ugur
作者单位：University System of Georgia; University of Georgia
摘要：This study investigates the role of foreign institutional investors (FIIs) in restraining earnings management activities of firms under varying levels of investor protection. Firms manage their earnings less when independent FIIs are among their shareholders, especially for firms in which monitoring is more valuable - firms in weak investor protection countries and when firms have greater growth opportunities. These effects are robust to a quasi-exogenous shock to FIIs' shareholdings, unobserv...
-
作者：Chen, Liang; Shaheer, Noman; Yi, Jingtao; Li, Sali
作者单位：University of Melbourne; University of South Carolina System; University of South Carolina Columbia; Renmin University of China
摘要：The burgeoning of ibusiness firms in the modern digital economy challenges the received internationalization theory. Given that ibusinesses such as social networking sites create value by providing a digital platform for users to interact with one another, we employ a user-network perspective and externalization logic, suggesting that ibusinesses' internationalization process depends critically on users' collective interactions, instead of being solely driven by firms' market commitments, as n...
-
作者：Aguilera, Ruth V.; Grogaard, Birgitte
作者单位：Northeastern University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); BI Norwegian Business School
摘要：Our commentary returns to the conundrum of how institutions matter in international business (IB) by revisiting the 2018 JIBS Decade Award article by Jackson and Deeg (2008) on Comparing Capitalisms. We first synthesize their main insights around institutional diversity and track its significant impact within IB and other management fields. We then suggest three main takeaways that could move Jackson and Deeg's agenda further in terms of developing a more nuanced approach to institutions in IB...
-
作者：Kim, Jeong-Bon; Pevzner, Mikhail; Xin, Xiangang
作者单位：City University of Hong Kong; University System of Maryland; University of Baltimore
摘要：We investigate the influence of foreign institutional investors on firms' auditor choices in an international setting. Foreign institutional investors are likely to demand high-quality audits to mitigate the information asymmetry they face and facilitate their external monitoring when they invest overseas. On the other hand, foreign institutional investors not only face difficulties in monitoring overseas firms in general but also have the limited ability to influence their auditor choices in ...
-
作者：Ting, Antony; Gray, Sidney J.
作者单位：University of Sydney
摘要：The international tax regime in relation to multinational enterprises (MNEs) is ineffective and a rethink is required. We illustrate that the tax avoidance motive of MNEs can incentivize managers to locate profits in low-tax jurisdictions without affecting the locations of their real operations. We also argue that proposals to tax shareholders and consumers rather than corporate profits face significant theoretical and practical obstacles. Finally, we extend a recently proposed model to tax MN...
