Ownership structure, strategic controls and export intensity of foreign-invested firms in transition economies

Journal of International Business Studies

Volumn 39, Issue 7, 2008, Pages 1133-1148

  Filatotchev, Igor ^a   Stephan, Johannes ^b   Jindra, Björn ^b  

^a CITY UNIVERSITY   (United Kingdom)

^b HALLE INSTITUTE FOR ECONOMIC RESEARCH   (Germany)

Author keywords

Export intensity; FDI; Ownership structure; Strategy; Subsidiaries

Indexed keywords

EID: 53549121941     PISSN: 00472506     EISSN: 14786990     Source Type: Journal    
DOI: 10.1057/palgrave.jibs.8400404     Document Type: Article

References (64)

1. Agrawal, A., & Knoeber, C. 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 31(3): 377-395.
2. Andersen, O. 1993. On the internationalization process of firms: A critical analysis. Journal of International Business Studies, 24(2): 209-231.
3. Aoki, M. 1994. The Japanese firm as a system of attributes. In M. Aoki & R. Dore (Eds), The Japanese firm: Sources of competitive strength: 11-40. Oxford: Oxford University Press.
4. Aulakh, P., Masaaki, K., & Teegen, H. 2000. Export strategies and performance of firms from emerging economies: Evidence from Brazil, Chile and Mexico. Academy of Management Journal, 43(3): 342-361.
5. Baysinger, B. D., & Hoskisson, R. E. 1990. The composition of boards of directors and strategic control: Effects on corporate strategy. Academy of Management Review, 15(1): 72-87.
6. Bevan, A., Estrin, S., & Meyer, K. 2004. Foreign investment location and institutional development in transition economies. International Business Review, 13(1): 43-64.
7. Birkinshaw, J. 1996. Entrepreneurship in multinational corporations: The characteristics of subsidiary initiatives. Strategic Management Journal, 18(3): 207-229.
8. Birkinshaw, J. 1997. How multinational subsidiary mandates are gained and lost. Journal of International Business Studies, 27(3): 467-495.
9. Birkinshaw, J., & Hood, N. 1998. Multinational subsidiary evolution: Capabilities and charter change in foreign-owned subsidiary companies. Academy of Management Review, 23(4): 773-795.
10. Birkinshaw, J., & Morrison, A. J. 1995. Configurations of strategy and structure in subsidiaries of multinational corporations. Journal of International Business Studies, 26(4): 729-753.
11. Buck, T., Filatotchev, I., Wright, M., & Demina, N. 2000. Exporting activity in transitional economies: An enterpriselevel study. Journal of Development Studies, 37(2): 44-66.
12. Buck, T., Filatotchev, I., Wright, M., & Demina, N. 2003. Insider ownership, human resource strategies and performance in a transition economy. Journal of International Business Studies, 34(6): 530-549.
13. Carpenter, M., & Fredrickson, J. 2001. Top management teams, global strategic posture, and the moderating role of uncertainty. Academy of Management Journal, 44(3): 533-546.
14. Claessens, S., & Djankov, S. 1998. Politicians and firms in seven Central and Eastern European countries. World Bank Technical Paper, World Bank, Washington, DC.
15. Claessens, S., Djankov, S., & Lang, L 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2): 81-112.
16. Dichtl, E., Koeglmayr, H.-G., & Mueller, S. 1990. International orientation as a precondition for export success. Journal of International Business Studies, 21(1): 23-40.
17. Dominguez, L. V., & Sequeira, C. G. 1993. Determinants of LDC exporters' performance: A cross-national study. Journal of International Business Studies, 24(1): 19-40.
18. Douma, S., George, R., & Kabir, R. 2006. Foreign and domestic ownership, business groups, and firm performance: Evidence from a large emerging market. Strategic Management Journal, 27(7): 637-657.
19. Estrin, S., & Wright, M. 1999. Corporate governance in the former Soviet Union: An overview. Journal of Comparative Economics, 27(3): 398-421.
20. Filatotchev, I., Hoskisson, R., Wright, M., & Buck, T. 1996. Corporate restructuring in Russian privatizations: Implications for US investors. California Management Review, 38(2): 87-105.
21. Filatotchev, I., Buck, T., & Zhukov, V. 2000. Downsizing in privatized firms in Russia, Ukraine and Belarus. Academy of Management Journal, 43(3): 286-304.
22. Filatotchev, I., Demina, N., Wright, M., & Buck, T. 2001a. Strategic choices, export orientation and corporate governance in privatized firms in Russia, Ukraine and Belarus: Theory and empirical evidence. Journal of International Business Studies, 32(4): 853-871.
23. Filatotchev, I., Demina, N., & Kapelyushnikov, R. 2001b. The effects of ownership concentration on investment and performance in privatized firms in Russia. Managerial and Decision Economics, 22(6): 299-313.
24. Filatotchev, I., Strange, R., Lien, Y.-C., & Piesse, J. 2007. FDI by firms from newly industrialized economies in emerging markets: Corporate governance, entry mode and location. Journal of International Business Studies, 38(4): 556-572.
25. Geppert, M., & Williams, K. 2006. Global, national and local practices of multinational corporations: Towards a socio-political framework. International Journal of Human Resource Management, 17(1): 49-69.
26. Hambrick, D. C., Geletkanycz, M. A., & Fredrickson, J. W. 1993. Top executive commitment to the status quo: Some tests of its determinants. Strategic Management Journal, 14(6): 401-418.
27. Hendry, J. 2002. The principal's other problems: Honest incompetence and the specification of objectives. Academy of Management Review, 27(1): 98-113.
28. Hennart, J. F., & Park, Y. R. 1993. Greenfield vs. acquisition: The strategy of Japanese investors in the United States. Management Science, 39(9): 1054-1070.
29. Hitt, M., Hoskisson, R. E., Johnson, R. A., & Moesel, D. D. 1996. The market for corporate control and firm innovation. Academy of Management Journal, 39(5): 1084-1109.
30. Hitt, M., Hoskisson, R. E., & Kim, H. 1997. International diversification: effects of innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4): 767-798.
31. Hoskisson, R. E., Eden, I., Lau, C.-M., & Wright, M. 2000. Strategy in emerging economies. Academy of Management Journal, 43(3): 249-267.
32. Hoskisson, R. E., Hitt, M. A., Johnson, R. A., & Grossman, W. 2002. Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management Journal, 45(4): 697-716.
33. Kornai, J. 1980. Economics of shortage. Amsterdam: North-Holland.
34. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. 1997. Legal determinants of external finance. Journal of Finance, 52(3): 1131-1150.
35. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. 1999. Corporate ownership around the world. Journal of Finance, 54(3): 471-517.
36. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. 2000. Investor protection and corporate governance. Journal of Financial Economics, 58(1-2): 3-27.
37. Leonidou, L. C., & Katsikeas, C. S. 1996. The export development process: An integrative review of empirical models. Journal of International Business Studies, 27(3): 517-552.
38. Lien, Y.-C., Piesse, J., Strange, R., & Filatotchev, I. 2005. The role of corporate governance in FDI decisions: Evidence from Taiwan. International Business Review, 14(6): 739-763.
39. Luo, Y., & Peng, M. 1999. Learning to compete in a transition economy: Experience, environment and performance. Journal of International Business Studies, 30(2): 269-296.
40. Major, I. 2003. Privatisation in Hungary and its aftermath. In D. Parker & D. Saal (Eds), International handbook on privatisation: 427-453. Cheltenham: Edward Elgar.
41. Makhija, M. V. 2004. The value of restructuring in emerging economies: The case of the Czech Republic. Strategic Management Journal, 25(3): 243-267.
42. McDougall, P. P., & Oviatt, B. M. 1996. New venture internationalization, strategic change, and performance: A follow-up study. Journal of Business Venturing, 11 (1): 34-40.
43. Meyer, K. E. 2002. Management challenges in privatization acquisitions in transition economics. Journal of World Business, 37(4): 266-276.
44. Meyer, K. E., & Estrin, S. 2001. Brownfield entry in emerging markets. Journal of International Business Studies, 32(3): 257-267.
45. Mickiewicz, T., & Baltowski, M. 2003. All roads lead to outside ownership: Polish piecemeal privatisation. In D. Parker & D. Saal (Eds), International handbook on privatisation: 402-426. Cheltenham: Edward Elgar.
46. Milgrom, P. R., & Roberts, J. 1994. Complementarities and systems: Understanding Japanese economic organization. Estudios Economicos, 9(1): 3-42.
47. Milgrom, P. R., & Roberts, J. 1995. Complementarities and fit: Strategy, structure, and organizational change in manufacturing. Journal of Accounting and Economics, 19(2-3): 179-208.
48. Mudambi, R. 1999. MNE internal capital markets and subsidiary strategic independence. International Business Review, 8(2): 197-211.
49. Newman, K. 2000. Organizational transformation during institutional upheaval. Academy of Management Review, 25(3): 602-619.
50. Peng, M. 2000. Business strategies in transition economies. London: Sage.
51. Peng, M. 2004. Outside directors and firm performance during institutional transitions. Strategic Management Journal, 25(5): 453-471.
52. Peng, M., & llinitch, A. 1998. Export intermediary firms: A note on export development research. Journal of International Business Studies, 29(3): 609-620.
53. Pohl, G., Anderson, R. E., Claessens, S., & Djankov, S. 1997. Privatization and restructuring in Central and Eastern Europe. World Bank Technical Paper #368, World Bank, Washington, DC.
54. Rediker, K. J., & Seth, A. 1995. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16(2): 85-99.
55. Roth, K., & Morrison, A. J. 1992. Implementing global strategy: Characteristics of global subsidiary mandates. Journal of International Business Studies, 23(4): 715-735.
56. Sanders, C., & Carpenter, M. 1998. Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure. Academy of Management Journal, 41(2): 158-178.
57. Spector, P. E. 1982. Summated rating scale constructions: An introduction. London: Sage.
58. Stephan, J. 2004. Firm-specific determinants of productivity gaps between East and West German industrial branches. East-West Journal of Economics and Business, 7(2): 11-38.
59. Thomas III, L. G., & Waring, G. 1999. Competing capitalisms: Capital investment in American, German and Japanese firms. Strategic Management Journal, 20(8): 729-748.
60. Uhlenbruck, K., Meyer, K., & Hitt, M. A. 2003. Organizational transformation in transition economies: Resource-based and organizational learning perspectives. Journal of Management Studies, 40(2): 257-282.
61. Walsh, J. P., & Seward, J. K. 1990. On the efficiency of internal and external corporate control mechanisms. Academy of Management Review, 15(3): 421-458.
62. Welsh, L., & Luostarinen, R. 1988. Internationalization: Evolution of a concept. Journal of General Management, 14(2): 36-64.
63. Young, S., & Tavares, A. T. 2004. Centralization and autonomy: Back to the future. International Business Review, 13(2): 215-237.
64. Zeckhauser, R. J., & Pound, J. 1990. Are large shareholders effective monitors? An investigation of share ownership and corporate performance. In R. G. Hubbard (Ed.), Asymmetric information, corporate finance and investment: 149-180. Chicago: The University of Chicago Press.