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作者：Taussig, Markus; Delios, Andrew
作者单位：National University of Singapore
摘要：How do host country institutions influence the value of a firm's local resources? Using a novel dataset on the performance of 47 private equity (PE) firms in 49 emerging economies, we show evidence that the answer depends on the type of institution. Focusing on conditions at the time of initial investment, we find that PE firms with local origins and foreign PE firms with local experience performed better when contract enforcement institutions were weak than when they were strong. Financial de...
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作者：Obloj, Tomasz; Zemsky, Peter
作者单位：Hautes Etudes Commerciales (HEC) Paris; INSEAD Business School
摘要：We combine the formalism of a principal-agent framework with a value-based analysis in order to investigate the micro-foundations of business partner selection and the division of value in contracting relationships. In particular, we study how the key contracting parameters such as efficiency, transactional integrity, incentive alignment, and gaming affect outcomes when buyers face competing suppliers. We show that integrity and efficiency increase value creation and capture for all parties an...
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作者：Zhou, Nan; Guillen, Mauro F.
作者单位：China Minsheng Banking; University of Pennsylvania
摘要：We argue that the influence of the home country wanes as the firm increases its geographic reach. We introduce the concept of the home base to capture the effect of the set of countries in which the firm operates. We expect the dynamic liability of foreignness defined relative to the home base to be a better predictor than the static liability of foreignness defined relative to the home country. We also expect the diversity of foreign experience to increase foreign market entry. We find suppor...
