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Domestic Acquisition Experience and the Internationalization of Chinese Firms: The Role of Institutional Heterogeneity

  • Yulia Muratova (a1)
Abstract

The liability of foreignness increases firm risk of doing business abroad. However, it appears not to deter Chinese firms as evidenced by their risky internationalization pattern. This study is concerned with explaining this phenomenon. Drawing on organizational learning and institutional theories, I argue that institutional heterogeneity in China gives firms an opportunity to develop routines to overcome the liability of foreignness through acquisition experience gained outside of their home provinces. Further, I propose that coastal and inland firms draw different routines from their acquisition experiences. I test these arguments on panel data of listed Chinese firms, tracing their acquisition behavior from 2006 to 2015. My analyses suggest that acquisition experience outside of home province matters and that, in the case of inland firms, coastal acquisition experience facilitates subsequent internationalization. The present study contributes to the literature on the internationalization of Chinese firms. It highlights the value of context-specific measures for Chinese management research, sheds light on the functionality of institutional heterogeneity in China, and provides evidence to re-evaluate the riskiness of Chinese firms’ internationalization pattern.

外来者劣势会增加公司境外业务的风险。然而,这似乎并未阻止中国公司以风险较大的模式进行国际化。本文试图以组织学习和制度理论解释该现象,认为中国不同地区存在的制度异质性使中国公司发展出通过境内省外的并购经验来克服外来者劣势的惯例,并进一步提出沿海与内陆公司从它们的并购经验中发展出不同的惯例。本文通过追踪中国上市公司2006年至2015年期间并购行为的面板数据来验证以上设想。本文的分析发现公司在省外并购的经验具有重要意义,尤其内陆地区的公司在沿海地区的并购经验能加速其下一步的国际化进程。本文对中国公司国际化研究的贡献在于,能帮助理解中国不同地区存在的制度异质性的作用,为重新评估中国公司国际化模式的风险提供了证据。

विदेशीयता का नकारात्मक प्रभाव विदेश में व्यापार करने के फर्म के जोखिम को बढ़ा देता है. लेकिन चीनी फर्मों के जोखिम भरे अंतरराष्ट्रीयकरण स्वरूप के साक्ष्य लेते हुए उपरोक्त प्रभाव उनको हतोत्साहित करता नहीं दिखता. यह शोध पत्र इसी संवृत्त की व्याख्या से सम्बद्ध है. संगठनीय अभिज्ञान और संस्थागत सिद्धांतों के आधार पर मेरा यह मत है कि चीन का संस्थागत वैविध्य फर्मों को विदेशीयता के नकारात्मक प्रभाव का अपने प्रांत से इतर स्थान के अभिग्रहण के अनुभव के माध्यम से उबरने में सक्षम करता है. साथ ही मेरा यह प्रस्ताव है कि तटवर्ती व अंतर्देशीय फर्म अपने अभिग्रहण के अलग अनुभव के माध्यम से भिन्न मार्ग लेती हैं. हमने इन मतों का सूचीबद्ध चीनी फर्मों के अभिग्रहण व्यवहार को 2006 से 2015 तक निरूपित करते हुए पैनल आँकड़ों पर परीक्षण किया है. मेरा विश्लेषण यह दिखाता है कि पाने प्रान्त से इतर अभिग्रहण का अनुभव महत्वपूर्ण है और अंतर्देशीय फर्मों के सन्दर्भ में तटवर्ती अभिग्रहण का अनुभव परवर्ती अंतरराष्ट्रीयकरण को सुगम करता है. यह अध्ययन चीनी फर्मों के अंतरराष्ट्रीयकरण के शोध साहित्य में योगदान करता है. यह शोध चीनी प्रबंधन के अध्ययन में संदर्भ जनित इकाइयों की अहमियत पर प्रकाश डालता है, सांस्थानिक वैविध्य की क्रियात्मकता को उजागर करता है और चीनी फर्मों के अंतरराष्ट्रीयकरण के जोखिम पर पुनर्विचार की आवश्यकता पर साक्ष्य प्रस्तुत करता है.

A desvantagem de ser estrangeiro aumenta o risco da firma fazer negócios no exterior. No entanto, isso parece não deter as empresas chinesas, como evidenciado pelo seu padrão de internacionalização de risco. Este estudo está preocupado em explicar este fenômeno. Com base no aprendizado organizacional e em teorias institucionais, defendo que a heterogeneidade institucional na China dá às empresas uma oportunidade para desenvolver rotinas para superar a desvantagem de ser estrangeiro por meio da experiência em aquisições adquirida fora de suas províncias de origem. Além disso, proponho que as empresas costeiras e do interior desenvolvam diferentes rotinas a partir de suas experiências em aquisições. Eu testo esses argumentos em um painel de dados de empresas chinesas listadas, traçando seu comportamento de aquisição de 2006 a 2015. Minhas análises sugerem que a experiência em aquisição fora da província de origem importa, e que, no caso de empresas do interior, a experiência de aquisição na costa facilita a internacionalização subsequente. O presente estudo contribui para a literatura sobre a internacionalização de empresas chinesas. Ele destaca o valor de medidas específicas do contexto para a pesquisa em administração na China, esclarece a funcionalidade da heterogeneidade institucional na China, e fornece evidências para reavaliar o grau de risco do padrão de internacionalização das empresas chinesas.

Иностранное происхождение компании, “бремя иностранца”, увеличивает риски для ведения бизнеса за рубежом. Однако, этот эффект, похоже, не мешает китайским фирмам, о чем свидетельствует их рискованная модель интернационализации. Данное исследование ставит своей целью объяснить это явление. На основании теории организационного обучения и институциональной теории, я утверждаю, что институциональная гетерогенность в Китае дает компаниям возможность преодолеть эффект “бремени иностранца” благодаря опыту приобретений за пределами родных провинций. Кроме того, я предполагаю, что компании, расположенные на побережье и внутри страны, использовали разные способы, чтобы преодолеть эффект “бремени иностранца”, исходя из своего опыта приобретений. Я тестирую эти предположения на основании панельных данных о приобретениях в китайских компаниях, акции которых котируются на фондовой бирже, в период с 2006 по 2015 годов. Мои исследования позволяют сделать вывод о том, что опыт приобретения за пределами домашней провинции имеет значение, и что в случае компаний, расположенных внутри страны, опыт приобретения в прибрежных районах облегчает последующую интернационализацию. Данная работа вносит свой вклад в литературу по интернационализации китайских компаний. В работе подчеркивается особая роль контекстно-специфических систем измерений для китайских исследований по управлению, а также освещается функциональное значение институциональной гетерогенности в Китае, и таким образом предлагается пересмотреть риски в модели интернационализации китайских компаний.

La desventaja extranjería aumenta el riesgo de la empresa para hacer negocios en el extranjero. Sin embargo, esto parece no impedir a las empresas chinas como lo demuestra su arriesgado patrón de internacionalización. Este estudio se ocupa de explicar este fenómeno. Sobre la base del aprendizaje organizacional y las teorías institucionales, sostengo que la heterogeneidad institucional en China brinda a las empresas la oportunidad de desarrollar rutinas para superar las desventajas de extranjería a través de la experiencia de adquisición adquirida fuera de sus provincias. Además, propongo que las empresas costeras y del interior obtienen diferentes rutinas de sus experiencias de adquisición. Pruebo estos argumentos en un panel de datos de firmas chinas listadas, rastreando su comportamiento de adquisición entre el 2006 y el 2015. Mis análisis sugieren que la experiencia de adquisición fuera de la provincia es importante y que, en el caso de las empresas del interior, la experiencia de adquisición costera facilita la posterior internacionalización. El presente estudio contribuye a la literatura sobre la internacionalización de las empresas chinas. Resalta el valor de las medidas específicas del contexto para la investigación de gestión china, contribuye a aclarar la funcionalidad de la heterogeneidad institucional en China y proporciona evidencia para reevaluar lo arriesgado del patrón de internacionalización de las empresas chinas.

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Accepted by: Senior Editor Bent Petersen

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