Skip to main content Accessibility help
×
Home

Rethinking the Literature on the Performance of Chinese Multinational Enterprises

  • Alan M. Rugman (a1), Quyen T. K. Nguyen (a1) and Ziyi Wei (a2)

Abstract

We synthesize the literature on Chinese multinational enterprises (MNEs) and find that much of the prior research is based on as few as a dozen case studies of Chinese firms. They are so case-specific that it has led to a misplaced call for new theories to explain Chinese firms’ internationalization. In an attempt to better relate theory with empirical evidence, we examine the largest 500 Chinese manufacturing firms. We aim to find out the number of Chinese manufacturing firms to be true MNEs by definition, and to examine their financial performance relative to global peers using the financial benchmarking method. We develop our theoretical perspectives from new internalization theory. We find that there are only 49 Chinese manufacturing firms to be true MNEs, whereas the rest are purely domestic firms. Their performance is poor relative to global peers. Chinese MNEs have home country bound firm-specific advantages (FSAs), which are built upon home country-specific advantages (home CSAs). They have not yet developed advanced management capabilities through recombination with host CSAs. Essentially, they acquire foreign firms to increase their sales in domestic market, but they fail to be competitive internationally and to achieve superior performance in overseas operations. Our findings have important strategic implications for managers, public policy makers, and academic research.

摘要:

我们综合有关中国跨国企业 (MNEs) 的文献, 发现许多先前的研究是基于只有十几个中国公司的案例研究。它们如此基于特定案例从而导致错位地提倡用新理论来解释中国公司的国际化。为了尝试更好地将理论与实践证据关联, 我们调查了500家最大的中国制造公司。我们旨在从定义上找出能成为真正MNEs的中国制造公司的数量, 并使用财务基准法调查它们相对于全球同行的财务绩效。我们从新内部化理论发展我们的理论视角。我们发现只有49家中国制造公司是真正的MNEs, 而其余的是纯粹的国内公司。它们的绩效比全球同行差。中国MNEs具有母国绑定的公司特定优势 (FSAs) , 这建立在母国特定优势 (母国CSAs) 上。它们还没有通过重组母国CSAs开发先进的管理能力。本质上, 它们收购外国公司来增加其在国内市场的销售, 但是它们在国际上不具备竞争力, 也无法在海外运营中实现优秀的绩效。我们的研究结果对管理者、公共政策制定者以及学术研究具有重要的战略启示。

हमने चीनी बहुराष्ट्रीय कम्पनियों पर उपलब्ध शोध साहित्य के समन्वित अध्ययन में पाया की अधिकतर शोध कुछ दर्जन चीनी फर्मों के वृत्तों पर आधारित हैं. यह शोध इतने वृत्त केंद्रित हैं की चीनी बहुराष्ट्रीय कम्पनियों के अंतरराष्ट्रीयकरण को समझने के लिए नए सिद्धांत के प्रतिपादन का अनुपयुक्त आह्वान हो रहा है. सिद्धांतों को अनुभवजन्य प्रमाणों से बेहतर जोड़ने के लिए हमने ५०० सबसे बड़ी चीनी उत्पादक कम्पनियों का अध्ययन किया है. हमारा लक्ष्य मान्य परिभाषाओं के आधार पर वास्तविक चीनी बहुराष्ट्रीय कम्पनियों की संख्या निर्धारित करना, और साथ ही वित्तीय मानकों के आधार पर चीनी कम्पनियों के प्रदर्शन की उनके समकक्ष वैश्विक कम्पनियों से तुलना करने का है. हमने अपना परिप्रेक्ष्य नवीन समावेश (न्यू इंटर्नलैजेशन) के सिद्धांत पर आधारित किया है. हमने पाया की केवल ४९ चीनी कम्पनियां ही वास्तविक बहुराष्ट्रीय कम्पनियां कहला सकती हैं, अन्य फर्म पूर्णतया स्वदेशी कम्पनियां हैं. इन कम्पनियों का प्रदर्शन समकक्ष वैश्विक कम्पनियों की तुलना में बुरा है. चीनी बहुराष्ट्रीय कम्पनियों के पास स्वदेशपरक फर्म-केंद्रित फायदे हैं, जो स्वदेश-केंद्रित फायदों पर आधारित हैं. उनमें मेजबान देश की फर्मों से जुड़ने पर भी अग्रणी प्रबंधन क्षमता का विकास नहीं हुआ है. मूलतः चीनी कम्पनियां देश मैं विदेशी कम्पनियों के अधिग्रहण से देशीय बाज़ार मैं अपनी बिक्री बढ़ाती हैं लेकिन वे अंतर्राष्ट्रीय बाज़ार में प्रतिस्पर्धात्मक नहीं हो पाती और न ही विदेशी परिचालन में बेहतर प्रदर्शन कर पाती हैं. हमारे शोध परिणामों का प्रबंधकों, नीति निर्धारकों, और शैक्षणिक अनुसंधानकर्ताओं के लिए महत्त्वपूर्ण सैद्धांतिक आशय है.

Nós sintetizamos a literatura sobre empresas multinacionais (EMN) chinesas e descobrimos que grande parte da pesquisa existente é baseada em apenas cerca de uma dúzia de estudos de caso sobre empresas chinesas. Os casos são tão específicos que levaram a uma inapropriada chamada para novas teorias para explicar a internacionalização de empresas chinesas.

Numa tentativa de melhor relacionar a teoria com evidência empírica, examinamos as 500 maiores empresas chinesas de manufatura. O nosso objetivo é descobrir o real número de empresas manufatureiras chinesas que são EMN por definição, e examinar o seu desempenho financeiro em relação aos seus pares globais usando o método de benchmarking financeiro.

Nós desenvolvemos nossas perspectivas teóricas a partir da nova teoria de internalização. Nós concluímos que existem apenas 49 empresas manufatureiras chinesas que são de fato EMN, enquanto o restante é formado de empresas puramente domésticas. Seu desempenho é fraco em comparação com seus pares globais. EMN chinesas têm vantagens específicas da empresa (FSA) vinculadas ao país de origem, que são construídas a partir de vantagens específicas do país de origem (CSA origem). Elas ainda não desenvolveram capacidades avançadas de gestão através da recombinação com CSA do país de destino. Essencialmente, elas adquirem empresas estrangeiras para aumentar suas vendas no mercado interno, mas elas não conseguem ser competitivas internacionalmente, nem alcançar um desempenho superior em operações no exterior. Nossos resultados têm implicações estratégicas importantes para gestores, formuladores de políticas públicas e pesquisa acadêmica.

Аннотация:

Мы делаем обзор научной литературы о китайских многонациональных компаниях (МНК) и обнаруживаем, что предыдущие исследования проведены на основании данных всего лишь десятка китайских компаний. Эти исследования посвящены конкретным случаям, на основании которых предлагается создавать новые теории для объяснения интернационализации китайских компаний. В попытке лучше сопоставить теорию и эмпирические данные, мы исследуем 500 крупнейших китайских промышленных предприятий. Мы ставим своей целью узнать, какое количество китайских промышленных предприятий действительно являются многонациональными по определению, а также сравнить их финансовые показатели с глобальными игроками, используя метод сравнения финансовой эффективности. Мы развиваем наши теоретические взгляды на основании новой теории интернализации. Мы констатируем, что только 49 китайских промышленных предприятий являются действительно многонациональными, в то время как остальные просто являются национальными компаниями. По финансовым показателям они уступают глобальным игрокам. Китайские МНК опираются на ограниченные корпоративные конкурентные преимущества (ККП), которые основаны на национальных конкурентных преимуществах (НКП). Эти компании все еще не достигли высокого уровня управленческих ресурсов на основе дополнительных конкурентных преимуществ на внешних рынках. По сути, они приобретают иностранные компании, чтобы увеличить продажи на внутреннем рынке, но не являются конкурентоспособными на международной арене и не могут достигнуть высокого уровня доходности на внешних рынках. Наши выводы имеют стратегическое значение для менеджеров, законодателей и исследователей.

Sintetizamos la literatura sobre las empresas multinacionales (EMN) Chinas y encontramos que mucha parte de la investigación previa se basa en tan sólo una docena de estudios de empresas Chinas. Son tan específicos los casos que se ha llegado a convocar innecesariamente nuevas teorías para explicar la internacionalización de empresas Chinas. En un intento de relacionar mejor la teoría con la evidencia empírica, examinamos las 500 empresas chinas manufactureras más grandes. Nuestro objetivo es encontrar el número de empresas manufactureras que sean por definición verdaderamente multinacionales, y examinar su rendimiento financiero en relación a sus pares globales utilizando el método de comparación financiera. Desarrollamos nuestra perspectiva teórica de la teoría de nueva internalización. Encontramos que solamente hay 49 empresas chinas manufactureras que son verdaderas multinacionales, mientras que el resto son empresas puramente domésticas. El rendimiento es pobre en relación a los pares globales. Las multinacionales Chinas tienen ventajas específicas de la empresa (FSA) ligadas al país de origen, las cuales se construyen sobre ventajas especificas del país de origen (CSA de origen). Aún no han desarrollados capacidades gerenciales avanzadas mediante una combinación de ventajas del país de origen anfitrión. Esencialmente, adquieren empresas extranjeras para aumentar las ventas en el mercado doméstico, pero fracasan en ser competitivos internacionalmente y en conseguir rendimiento superior en operaciones internacionales. Nuestros hallazgos tienen implicaciones importantes para gerentes, formuladores de políticas públicas, y la investigación académica.

Copyright

Corresponding author

Corresponding author: Quyen T. K. Nguyen (t.k.q.nguyen@henley.ac.uk)

References

Hide All
Agmon, T. 2006. Bringing financial economics into international business research: Taking advantage of a paradigm change. Journal of International Business Studies, 37 (5): 575577.
Andersson, U., Forsgren, M., & Holm, U. 2002. The strategic impact of external networks: Subsidiary performance and competence development in the multinational corporation. Strategic Management Journal, 23 (11): 979996.
Bell, S. 2008. International brand management of Chinese companies. Heidelberg: Physica-Verlag.
Birkinshaw, J. M. 2000. Entrepreneurship in the global firm. London: Sage.
BOE. 2007. BOE Technology Group Co., Ltd. Annual Report 2007. [Cited 16 August 2013.] Available from URL: www.cninfo.com.cn/finalpage/2008-04-01/38406298.PDF .
Boisot, M., & Meyer, M. W. 2008. Which way through the open door? Reflections on the internationalization of Chinese firms. Management and Organization Review, 4 (3): 349365.
Bonaglia, F., Goldstein, A., & Mathews, J. A. 2007. Accelerated internationalization by emerging markets’ multinationals: The case of the white goods sector. Journal of World Business, 42 (4): 369383.
Bowe, M., Filatotchev, I., & Marshall, A. 2010. Integrating contemporary finance and international business research. International Business Review, 19 (5): 435445.
Bremmer, I. 2009. State capitalism comes of age: The end of the free markets? Foreign Affairs May/June. [Cited 16 August 2013.] Available from URL: http://www.foreignaffairs.com/articles/64948/ian-bremmer/state-capitalism-comes-of-age.
Buckley, P. J. 2014. Forty years of internalization theory and the multinational enterprise. Multinational Business Review, 22 (3): 227245.
Buckley, P., & Casson, M. C. 1976. The future of the multinational enterprise. London: Homes & Meier.
Buckley, P., Clegg, J., Cross, A., Liu, X., Voss, H., & Zheng, P. 2007. The determinants of Chinese outward foreign direct investment. Journal of International Business Studies, 38 (4): 499518.
Buckley, P., Clegg, J., Cross, A., Voss, H., Rhodes, M., & Zheng, P. 2008. Explaining China's outward FDI: An institutional perspectives. In Sauvant, K. P. (Ed.), The rise of transnational corporations from emerging markets: Threat or opportunity?: 104157. Cheltenham: Edward Elgar.
Cantwell, J. A., & Mudambi, R. 2005. MNE competence-creating subsidiary mandates. Strategic Management Journal, 26 (12): 11091128.
Chen, Y. Y., & Young, M. N. 2010. Cross-border mergers and acquisitions by Chinese listed companies: A principal–principal perspective. Asia Pacific Journal of Management, 27 (3): 523539.
Child, J., & Rodrigues, S. B. 2005. The internationalization of Chinese firms: A case for theoretical extension? Management and Organization Review, 1 (3): 381410.
Collinson, S., & Rugman, A. 2007. The regional character of Asian multinational enterprises. Asia Pacific Journal of Management, 24 (4): 429446.
Cuervo-Cazurra, A. 2012. Extending theory by analyzing developing country multinational companies: Solving the Goldilocks debate. Global Strategy Journal, 2 (3): 153167.
Cross, A., Buckley, P., Clegg, J., Voss, H., Rhodes, H., Zheng, P., & Liu, X. 2007. An econometric investigation of Chinese outward direct investment. In Dunning, J. H. & Lin, T. M. (Eds.), Multinational enterprises and emerging challenge of the 21st century: 5586. Cheltenham: Edward Elgar.
Cui, L., & Jiang, F. 2010. Behind ownership decision of Chinese outward FDI: Resources and institutions. Asia Pacific Journal of Management, 27 (4): 751774.
Cui, L., & Jiang, F. 2012. State ownership effect on firms? FDI ownership decisions under institutional pressure: A study of Chinese outward investing firms. Journal of International Business Studies, 43 (3): 264284.
Deng, P. 2004. Outward investment by Chinese MNCs: Motivations and implications. Business Horizons, 47 (3): 816.
Deng, P. 2007. Investing for strategic resources and its rationale: The case of outward FDI from Chinese companies. Business Horizons, 50 (1): 7181.
Deng, P. 2009. Why do Chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44 (1): 7484.
Drury, C. 2009. Management accounting for business, 4th edition. Australia: Cengage Learning.
Du, Y. P. 2003. Haier's survival strategy to compete with world giants. Journal of Chinese Economic and Business Studies, 1 (2): 259266.
Duysters, G., Jacob, J., Lemmerns, C., & Yu, J. T. 2009. Internationalization and technological catching-up of emerging multinationals: A comparative case study of China's Haier group. Industrial and Corporate Change, 18 (2): 325349.
Erdener, C., & Shapiro, D. M. 2005. The internationalization of Chinese family enterprises and Dunning's eclectic MNE paradigm. Management and Organization Review, 1 (3): 411436.
Fan, D., Nyland, C., & Zhu, J. H. 2008. Strategic implications of global integration and local responsiveness for Chinese multinationals: An area for future study. Management Research News, 31 (12): 922940.
Filatotchev, I., Strange, R., Piesse, J., & Lien, Y. C. 2007. FDI by firms from Newly Industrialized Economies in emerging markets: Corporate governance, entry mode and location strategies. Journal of International Business Studies, 38 (4): 556572.
Ge, G. L., & Ding, D. Z. 2008. Strategic analysis of surging Chinese manufacturers: The case of Galanz. Asia Pacific Journal of Management, 28 (4): 667683.
Gammeltoft, P., Barnard, H., & Madhok, A. 2010. Emerging multinationals, emerging theory: Macro- and micro-level perspectives. Journal of International Management, 16 (2): 95101.
Globerman, S., & Shapiro, D. 2009. Economic and strategic considerations surrounding Chinese FDI in the United States. Asia Pacific Journal of Management, 26 (1): 163183.
Goldstein, A. 2006. The political economy of industrial policy in China: The case of aircraft manufacturing. Journal of Chinese Economic and Business Studies, 4 (3): 259273.
Goossens, E., & Doom, J. 2013. Biggest Solar Collapse in China Imperils $1.28 Billion: Energy. Bloomberg LP.
Gullien, M. F., & Garcia-Canal, E. 2010. The new multinationals: Spanish firms in a global context. Cambridge: Cambridge University Press.
Hair, J. F., Black, W. C., Babin, B., & Anderson, R. E. 2010. Multivariate Data Analysis, 7th Edition. Upper Saddle River, NJ: Pearson Prentice Hall.
Hashai, N., & Buckley, P. J. 2014. Is competitive advantage a necessary condition for the emergence of the multinational enterprise? Global Strategy Journal, 4 (1): 3548.
He, W., & Lyles, M. A. 2008. China's outward foreign direct investment. Business Horizons, 51 (6): 485491.
Hennart, J. F. 1982. A theory of multinational enterprise. Ann Arbor: University of Michigan Press.
Hennart, J. F. 2009. Down with MNE centric theories! Market entry and expansion as the bundling of MNE and local assets. Journal of International Business Studies, 40 (9): 14321454.
Hennart, J. F. 2011. A theoretical assessment of the empirical literature on the impact of multinationality on performance. Global Strategy Journal, 1 (1-2): 135151.
Hennart, J. F. 2012. Emerging market multinationals and the theory of the multinational enterprise. Global Strategy Journal, 2 (3): 168187.
Hong, E., & Sun, L. 2006. Dynamics of internationalization and outward investment: Chinese corporations' strategies. The China Quarterly, 187: 610634.
Hong, J., Wang, C., & Kafouros, M. 2015. The role of the state in explaining the internationalization of emerging market enterprises. British Journal of Management, 26 (1): 4562.
Hymer, S. (Ph.D Disseration, 1960; subsequently published in 1976). The international operations of national firms: A study of foreign direct investment. Cambridge, Mass.: MIT Press.
Jormanainen, I., & Koveshnikov, A. 2012. International activities of emerging market firms: A critical assessment of research in top international management journals. Management International Review, 52 (5): 691725.
Klossek, A., Linke, B. M., & Nippa, M. 2012. Chinese enterprises in Germany: Establishment modes and strategies to mitigate the liability of foreignness. Journal of World Business, 47 (1): 3544.
Levinthal, D. A., & March, J. G. 1993. The myopia of learning. Strategic Management Journal, 14: 95112.
Li, L. 2007a. Multinationality and performance: A synthetic review and research Agenda. International Journal of Management Reviews, 9 (2): 117139.
Li, P. P. 2007b. Toward an integrated theory of multinational evolution: The evidence of Chinese multinational enterprises as latecomers. Journal of International Management, 13 (3): 296318.
Liu, C. Z. 2007. Lenovo: An example of globalization of Chinese enterprises. Journal of International Business Studies, 38 (4): 573577.
Liu, H., & Li, K. 2002. Strategic implications of emerging Chinese multinationals: The Haier case study. European Management Journal, 20 (6): 699706.
Liu, X., & Buck, T. 2009. The internationalization strategies of Chinese firms: Lenovo and BOE. Journal of Chinese Economic and Business Studies, 7 (2): 167181.
Liu, X., Buck, T., & Shu, C. 2005. Chinese economic development, the next stage: Outward FDI? International Business Review, 14 (1): 97115.
Lu, J., Liu, X., Wright, M., & Filatotchev, I. 2014. The impact of domestic diversification and top management teams on international diversification of Chinese firms. International Business Review, 23 (2): 455467.
Luo, Y. D., & Tung, R. L. 2007. International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38 (4): 481498.
Luo, Y. D., Xue, Q. Z., & Han, B. J. 2010. How emerging market governments promote outward FDI: experience from China. Journal of World Business, 45 (1): 6879.
Luo, Y. D., Cacchione, M., Junkunc, M., & Lu, S. 2011. Entrepreneurial pioneer of international venturing: The case of Huawei. Organizational Dynamics, 40 (1): 6774.
Luo, Y. D., & Wang, L. 2012. Foreign direct investment strategies by developing country multinationals: A diagnostic model for home country effects. Global Strategy Journal, 2 (3): 244261.
March, J. G. 1991. Exploration and exploitation in organizational learning. Organization Science, 2 (1): 7187.
Mathews, J. A. 2006. Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23 (1): 527.
Meyer, K. E., Ding, Y., Li, J., & Zhang, H. 2014. Overcoming distrust: How state-owned enterprises adapt their foreign entries to institutional pressures abroad. Journal of International Business Studies, 45: 124.
Morales, A., & Martin, C. 2013. Suntech defaults on $541 million bond: A first for China. Bloomberg LP.
Morck, R., & Yeung, B. 1991. Why investors value multinationality? The Journal of Business, 64 (2): 165187.
Narula, R. 2006. Globalization, new ecologies, new zoologies, and the purported death of the eclectic paradigm. Asian Pacific Journal of Management, 23 (2): 143151.
Narula, R. 2012. Do we need different frameworks to explain infant MNEs from developing countries? Global Strategy Journal, 2 (3): 188204.
Nguyen, Q. T. K. 2011. The empirical literature on multinational enterprises, subsidiaries and performance. Multinational Business Review, 19 (1): 4764.
ONESOURCE Global Business Browse. 2013. Frequently Asked Questions RMA Industry Norms Data Dictionary. Thomson Reuters, Reuters Research Inc., and published by Avention Inc.
Oxelheim, L., Randoy, T., & Stonehill, A. 2001. On the treatment of finance-specific factors within the OLI paradigm. International Business Review, 10 (4): 381398.
Oxelheim, L., Randoy, T., & Stonehill, A. 2012. What can international finance add to international strategy? In Verbeke, A. & Merchant, H. (Eds.), Handbook of research on international strategic management: 238256. Cheltenham, UK: Edward Elgar.
Palepu, K., Khanna, T., & Vargas, I. 2005. Haier: taking a Chinese company global. Harvard Business School Case No. 2–706–401.
Parmentola, A. 2011. The internationalization strategy of new Chinese multinationals: Determinants and evolution. International Journal of Management, 28 (1): 369386.
Peng, M. W., Sun, S. L., & Blevins, D. P. 2011. The social responsibility of international business scholars. Multinational Business Review, 19 (2): 106119.
Peng, M. W. 2012. The global strategy of emerging multinationals from China. Global Strategy Journal, 2 (2): 97107.
Quelch, J. A., & Knoop, C. A. 2006. Lenovo: building a Global Brand, Case No. 9-507-014. Boston: Harvard Business School.
Rugman, A. M. 1981. Inside the multinationals: The economics of internal markets. New York: Columbia Press.
Rugman, A. M. 2007. Multinational enterprises from emerging markets. Paper presented at the Berlin Roundtable meeting on the Role of the G8 in an Endangered Global Economic and Political Climate, Berlin.
Rugman, A. M. 2009. Theoretical aspects of MNEs from emerging countries. In Ramamurti, R. & Singh, J. (Eds.), Emerging multinationals in emerging markets: 4263. Cambridge, UK: Cambridge University Press.
Rugman, A. M., & Collinson, S. C. 2012. International business (6th Edition). Harlow, UK: FT Pearson/Prentice Hall.
Rugman, A. M., & Li, J. 2007. Will China's multinationals succeed globally or regionally? European Management Journal, 25 (5): 333343.
Rugman, A. M., & Nguyen, Q. T. K. 2014. Modern international business theory and emerging economy multinational companies. In Cuervo-Cazurra, A. & Ramamurti, R. (Eds.), Understanding multinationals from emerging markets: 5380. Cambridge: Cambridge University Press.
Rugman, A., Nguyen, Q. T. K., & Wei, Z. Y. 2014. Chinese multinationals and public policy. International Journal of Emerging Markets, 9 (2): 205215.
Rugman, A. M., & Verbeke, A. 1992. A note on the transnational solution and the transaction cost theory of multinational strategic management. Journal of International Business Studies, 23 (4): 61772.
Rugman, A. M., & Verbeke, A. 2001. Subsidiary-specific advantages in multinational enterprises. Strategic Management Journal, 22 (3): 237250.
Rugman, A. M., & Verbeke, A. 2004. A perspective on regional and global strategies of multinational enterprises. Journal of International Business Studies, 35 (10): 318.
Rugman, A. M., & Verbeke, A. 2008. Internalization theory and its impact on the field of international business. In Boddewyn, J. J. (Ed.), Research on Global Strategic Management, Vol. 14, International business scholarship: AIB fellows on the first 50 years and beyond: 155174. Bradford: Emerald Group.
Rugman, A. M., Verbeke, A., & Nguyen, Q. T. K. 2011. Fifty years of international business theory and beyond. Management International Review, 51 (6): 755786.
Rui, H., & Yip, G. S. 2008. Foreign acquisitions by Chinese firms: A strategic intent perspective. Journal of World Business, 43 (2): 213226.
Ruigrok, W., Amann, W., & Wagner, H. 2007. The internationalization-performance relationship at Swiss firms: A test of the S-shape and extreme degrees of internationalization. Management International Review, 47 (3): 349368.
SAIC. 2009. SAIC Motor Corporation Limited 2009 Annual Report. [Cited 16 August 2013.] Available from URL: http://www.saicgroup.com/english/images/tzzgx/gszl/2010/7/1/3477.pdf.
Sea, W., Garrison, G. H., & Norren, E. W. 2011. Management accounting. Berkshire: McGraw-Hill Education.
Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. 2004. Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future. Journal of International Management, 10 (3): 307353.
Sui-Lee, W. 2013-03-20. UPDATE 2-Solar pain hits China as Suntech unit nears insolvency. Reuters.
Sun, L. 2009. Internationalization strategy of MNEs from emerging economies: The case of Huawei. Multinational Business Review, 17 (2): 133159.
Sun, L., Peng, M. W., Ren, B., & Yan, D. 2012. A comparative ownership advantage framework for cross-border M&As: The rise of Chinese and Indian MNEs. Journal of World Business, 47 (1): 416.
TCL. 2002. TCL Multimedia Technology Holdings Limited Annual Report 2002. [Cited 16 August 2013.] Available from URL: http://multimedia.tcl.com/UserFiles/File/IR/Annual%20Report/2002annual(eng).pdf.
TCL. 2004. TCL Multimedia Technology Holdings Limited Annual Report 2004. [Cited 16 August 2013.] Available from URL: http://multimedia.tcl.com/UserFiles/File/IR/Annual%20Report/2004annual(eng).pdf.
TCL. 2006. TCL Multimedia Technology Holdings Limited Annual Report 2006. [Cited 16 August 2013.] Available from URL: http://multimedia.tcl.com/UserFiles/File/IR/Annual%20Report/2006annual(eng).pdf.
TCL. 2011. TCL Multimedia Technology Holdings Limited Annual Report 2011. [Cited 16 August 2013.] Available from URL: http://multimedia.tcl.com/UserFiles/File/IR/Annual%20Report/2011%20annual(eng).pdf.
Tylecote, A., Cai, J., & Liu, J. J. 2010. Why are mainland Chinese firms succeeding in some sectors and failing in others? A critical view of the Chinese system of innovation. International Journal of Learning and Intellectual Capital, 7 (2): 123144.
Verbeke, A. 2013. International business strategy, second edition. Cambridge: Cambridge University Press.
Verbeke, A., & Brugman, P. 2009. Triple testing the quality of multinationality-performance research: An internalization theory perspective. International Business Review, 18 (3): 265275.
Voss, H., Buckley, P., & Cross, A. 2009. An assessment of the effects of institutional change on Chinese outward direct investment activity. In Alon, I., Chang, J., Fetscherin, M., Lattemann, M., & McIntyre, J. R. (Eds.), China rules: Globalization and political transformation: 135165. Palgrave: Macmillan.
Wang, Q., & Boateng, A. 2007. Cross-border M&As by Chinese firms: An analysis of strategic motivation and performance. International Management Review, 3 (4): 1929.
Wang, C. Q., Hong, J. J., Kafouros, M., & Wright, M. 2012. Exploring the role of government involvement in outward FDI from emerging economies. Journal of International Business Studies, 43 (7): 655676.
Warner, M., Hong, N. S., & Xu, X. J. 2004. Late development experience and the evolution of transnational firms in the People's Republic of China. Asia Pacific Business Review, 10 (3/4): 324345.
Wei, Z. Y. 2010. The literature on Chinese outward FDI. Multinational Business Review, 18 (3): 73112.
Williamson, P., & Zeng, M. 2009. Chinese multinationals: Emerging through new global gateways. In Ramamurti, R. & Singh, J. (Eds.), Emerging multinationals in emerging markets: 81109. Cambridge: Cambridge University Press.
Williamson, P., & Raman, A. P. 2013. Cross-border M&A and competitive advantage of Chinese EMNEs. In Williamson, P., Ramamurti, R., Fleury, A., & Fleury, M. T. (Eds.), The competitive advantage of emerging market multinationals: 260277. Cambridge: Cambridge University Press.
Witt, M. A., & Lewin, A. Y. 2007. Outward foreign direct investment as escape response to home country institutional constraints. Journal of International Business Studies, 38 (4): 579–94.
Yang, X., Jiang, Y., Kang, R. P., & Ke, Y. B. 2009. A comparative analysis of the internationalization of Chinese and Japanese firms. Asia Pacific Journal of Management, 26 (1): 141162.
Zaheer, S. 1995. Overcoming liability of foreignness. Academy of Management Journal, 38 (2): 341363.
Zeng, M., & Williamson, P. J. 2007. Dragons at your door: How Chinese cost innovation is disrupting global competition. Boston: Harvard Business School Press.
Zhang, J. H., Zhou, C. H., & Ebbers, H. 2011. Completion of Chinese overseas acquisitions: Institutional perspectives and evidence. International Business Review, 20: 226238.

Keywords

Metrics

Altmetric attention score

Full text views

Total number of HTML views: 0
Total number of PDF views: 0 *
Loading metrics...

Abstract views

Total abstract views: 0 *
Loading metrics...

* Views captured on Cambridge Core between <date>. This data will be updated every 24 hours.

Usage data cannot currently be displayed