Learning across geographic space: Pro-market reforms, multinationalization strategy, and profitability

Journal of International Business Studies

Volumn 44, Issue 3, 2013, Pages 235-262

  Dau, Luis Alfonso ^a  

^a NORTHEASTERN UNIVERSITY   (United States)

Author keywords

developing markets countries economies; economic geography; firm internationalization strategy; globalization; pro market reforms; profitability

Indexed keywords

EID: 84877282439     PISSN: 00472506     EISSN: 14786990     Source Type: Journal    
DOI: 10.1057/jibs.2013.5     Document Type: Article

References (160)

1. Alcácer, J., & Chung, W. 2007. Location strategies and knowledge spillovers. Management Science, 53(5): 760-776. (Pubitemid 351159637)
2. Amann, E., & Nixson, F. I. 1999. Globalisation and the Brazilian steel industry: 1988-97. Journal of Development Studies, 35(6): 59-88.
3. AméricaEconomía. 1990-2009. Las Mayores Empresas de América Latina, Annual special issue.
4. Arellano, M., & Bond, S. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2): 277-297.
5. Arellano, M., & Bover, O. 1995. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1): 29-51.
6. Athanassiou, N., & Nigh, D. 2000. Internationalization, tacit knowledge and the top management teams of MNCs. Journal of International Business Studies, 31(3): 471-487.
7. Autio, E., Sapienza, H. J., & Almeida, J. G. 2000. Effects of age of entry, knowledge intensity, and imitability on international growth. Academy of Management Journal, 43(5): 909-924.
8. Awate, S., Larsen, M. M., & Mudambi, R. 2012. EMNE catch up strategies in the wind turbine industry: Is there a trade-off between output and innovation capabilities? Global Strategy Journal, 2(3): 205-223.
9. Ayyagari, M., Dau, L. A., & Spencer, J. 2009. The strategic response of business group affiliates in emerging markets to increased inward FDI. In G.T. Solomon (Ed), Academy of management meeting: Best paper proceedings. Briarcliff Manor, NY: Academy of Management.
10. Barkema, H. G., & Drogendijk, R. 2007. Internationalising in small, incremental or larger steps? Journal of International Business Studies, 38(7): 1132-1148.
11. Bausch, A., & Krist, M. 2007. The effect of context-related moderators on the internationalization-performance relationship: Evidence from meta-analysis. Management International Review, 47(3): 319-347.
12. Beck, N. 2001. Time-series-cross-section data: What have we learned in the last few years? Annual Review of Political Science, 4(1): 271-293. (Pubitemid 33403106)
13. Beugelsdijk, S. 2007. The regional environment and a firm's innovative performance: A plea for a multilevel interactionist approach. Economic Geography, 83(2): 181-199. (Pubitemid 46882186)
14. Beugelsdijk, S., McCann, P., & Mudambi, R. 2010. Place, space and organization: Economic geography and the multinational enterprise. Journal of Economic Geography, 10(4): 485-493.
15. Blomstrom, M. 1986. Foreign investment and productive efficiency: The case of Mexico. Journal of Industrial Economics, 35(1): 97-110.z
16. Blomstrom, M., & Kokko, A. 1998. Multinational corporations and spillovers. Journal of Economic Surveys, 12(3): 247-277.
17. Blundell, R., & Bond, S. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1): 115-143. (Pubitemid 128415761)
18. Brambor, T., Clark, W., & Golder, M. 2006. Understanding interaction models: Improving empirical analyses. Political Analysis, 14(1): 63-82. (Pubitemid 43118795)
19. Bresman, H., Birkinshaw, J., & Nobel, R. 1999. Knowledge transfer in international acquisitions. Journal of International Business Studies, 30(3): 439-462.
20. Brewer, H. L. 1981. Investor benefits from corporate international diversification. Journal of Financial and Quantitative Analysis, 16(1): 113-126.
21. Buckley, P. J., & Ghauri, P. N. 2004. Globalisation, economic geography and the strategy of multinational enterprises. Journal of International Business Studies, 35(2): 81-98. (Pubitemid 38554234)
22. Buhner, R. 1987. Assessing international diversification of West German corporations. Strategic Management Journal, 8(1): 25-37.
23. Cantwell, J. A. 2009. Location and the multinational enterprise. Journal of International Business Studies, 40(1): 35-41.
24. Cantwell, J. A., & Mudambi, R. 2005. MNE competence-creating subsidiary mandates. Strategic Management Journal, 26(12): 1109-1128. (Pubitemid 41547432)
25. Caves, R. E. 1989. International differences in industrial organization. In R. Schmalensee & R.D. Willig (Eds), Handbook of industrial organization: 1225-1250. Amsterdam: Elsevier.
26. Chang, S.-J. 1995. International expansion strategy of Japanese firms: Capability building through sequential entry. Academy of Management Journal, 38(2): 383-285.
27. CIA. 2008. The 2008 world factbook. Washington DC: Central Intelligence Agency.
28. Coe, N. M., Kelly, P. F., & Yeung, H. W. C. 2007. Economic geography: A contemporary introduction. Malden, MA: Blackwell Publishing.
29. Contractor, F. J., Kundu, S. K., & Hsu, C. 2003. A three-stage theory of international expansion: The link between multi-nationality and performance in the service sector. Journal of International Business Studies, 34(1): 5-18. (Pubitemid 36344821)
30. Cuervo-Cazurra, A. 2008. The multinationalization of developing country MNEs: The case of Multilatinas. Journal of International Management, 14(2): 138-154.
31. Cuervo-Cazurra, A., & Dau, L. A. 2009a. Pro-market reforms and firm profitability in developing countries. Academy of Management Journal, 52(6): 1348-1368.
32. Cuervo-Cazurra, A., & Dau, L. A. 2009b. Structural reform and firm exports. Management International Review, 49(4): 479-507.
33. Cuervo-Cazurra, A., & Dau, L. A. 2009c. Multinationalization in response to reforms. In G.T. Solomon (Ed), Academy of management meeting: Best paper proceedings. Briarcliff Manor, NY: Academy of Management.
34. Das, P. 2004. Economic liberalisation and R&D and innovation responses of Indian public and private sector industries. International Journal of Management & Decision Making, 5(1): 76-92.
35. Dau, L. A. 2011. Reforms, multinationalization, and profitability. In L. Toombs (Ed), Academy of management meeting: Best paper proceedings. Briarcliff Manor, NY: Academy of Management.
36. Dau, L. A. 2012. Pro-market reforms and developing country multinational corporations. Global Strategy Journal, 2(3): 262-276.
37. Davidson, R., & MacKinnon, J. G. 1993. Estimation and inference in econometrics. New York: Oxford University Press.
38. Delios, A., & Beamish, P. W. 1999. Geographic scope, product diversification and the corporate performance of Japanese firms. Strategic Management Journal, 20(8): 711-727. (Pubitemid 129549195)
39. Demsetz, H. 1973. Industry structure, market rivalry, and public policy. Journal of Law and Economics, 16(1): 1-9.
40. Denis, D. J., Denis, D. K., & Yost, K. 2002. Global diversification, industrial diversification, and firm value. Journal of Finance, 57(5): 1951-1979. (Pubitemid 36932104)
41. Dohse, D., Hassink, R., & Klaerding, C. 2012. Emerging multinationals, international knowledge flows and economic geography: A research agenda, Kiel Working Paper No. 1776, Kiel Institute for the World Economy, Kiel, Germany.
42. Doukas, J., & Travlos, N. G. 1988. The effects of corporate multinationalism on shareholders' wealth: Evidence from international acquisitions. Journal of Finance, 43(5): 1161-1175.
43. Dunning, J. H. 1988. The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19(1): 1-31.
44. ECLAC. Various years. Foreign investment in Latin America and the Caribbean. Santiago de Chile: Economic Commission for Latin America and the Caribbean, United Nations.
45. Eden, L., & Molot, M. A. 2002. Insiders, outsiders and host country bargains. Journal of International Management, 8(4): 359-388.
46. Edwards, S. 1995. Crisis and reform in Latin America: From despair to hope. Oxford: Oxford University Press.
47. Eisenhardt, K. M. 1989. Agency theory: An assessment and review. Academy of Management Review, 14(1): 57-74.
48. Eisenhardt, K. M., & Santos, F. M. 2002. Knowledge-based view: A new theory of strategy? In A. Pettigrew, H. Thomas, & R. Whittington (Eds), Handbook of strategy and management: 139-164. London: Sage.
49. Eriksson, K., Johanson, J., Majkgard, A., & Sharma, D. D. 1997. Experiential knowledge and cost in the internationalization process. Journal of International Business Studies, 28(2): 337-360.
50. Eriksson, K., Johanson, J., Majkgard, A., & Sharma, D. D. 2000a. Effect of variation on knowledge accumulation in the internationalization process. International Studies of Management & Organization, 30(1): 26-44.
51. Eriksson, K., Majkgard, A., & Sharma, D. D. 2000b. Path dependence and knowledge development in the internationalization process. Management International Review, 40(4): 307-328.
52. Eriksson, R. H. 2011. Localized spillovers and knowledge flows: How does proximity influence the performance of plants? Economic Geography, 87(2): 127-152.
53. Errunza, V. R., & Senbet, L. W. 1984. International corporate diversification, market valuation, and size adjusted evidence. Journal of Finance, 39(3): 727-743.
54. Foss, N. J. 1996. Knowledge-based approaches to the theory of the firm: Some critical comments. Organization Science, 7(5): 470-476.
55. Frazier, P. A., Tix, A. P., & Barron, K. E. 2004. Testing moderator and mediator effects in counseling psychology research. Journal of Counseling Psychology, 51(1): 115-134. (Pubitemid 38180634)
56. Frye, T., & Shleifer, A. 1997. The invisible hand and the grabbing hand. American Economic Review, 87(2): 354-358. (Pubitemid 127453048)
57. Geringer, J. M., Beamish, P. W., & daCosta, R. C. 1989. Diversification strategy and internationalization: Implications for MNE performance. Strategic Management Journal, 10(2): 109-119.
58. Geringer, J. M., Tallman, S., & Olsen, D. M. 2000. Product and international diversification among Japanese multinational firms. Strategic Management Journal, 21(1): 51-80.
59. Gertler, M. S. 2003. Tacit knowledge and the economic geography of context, or the undefinable tacitness of being (there). Journal of Economic Geography, 3(1): 75-99. (Pubitemid 36186239)
60. Ghemawat, P. 2001. Distance still matters: The hard reality of global expansion. Harvard Business Review, 79(8): 137-145.
61. Goerzen, A., & Beamish, P. W. 2003. Geographic scope and multinational enterprise performance. Strategic Management Journal, 24(13): 1289-1306.
62. Granovetter, M. 1985. Economic action and social structure: The problem of embeddedness. American Journal of Sociology, 91(3): 481-497.
63. Grant, R. M. 1996. Toward a knowledge-based theory of the firm. Strategic Management Journal, 17(Winter Special Issue): 109-122.
64. Guillén, M. F. 2000. Business groups in emerging economies: A resource-based view. Academy of Management Journal, 43(3): 362-380.
65. Guillén, M. F., & García-Canal, E. 2009. The American model of the multinational firm and the "new" multinationals from emerging economies. Academy of Management Perspectives, 23(2): 23-35.
66. Gulati, R., Nohria, N., & Zaheer, A. 2000. Strategic networks. Strategic Management Journal, 21(3): 203-215.
67. Gwartney, J., Hall, J., & Lawson, R. 2011. Economic freedom of the world: 2011 annual report. Vancouver: Fraser Institute.
68. Hart, O. D. 1983. The market mechanism as an incentive scheme. Bell Journal of Economics, 14(2): 366-382.
69. Henisz, W. J. 2000. The institutional environment for multinational investment. Journal of Law, Economics and Organization, 16(2): 334-364.
70. Henisz, W. J., Zelner, B. A., & Guillen, M. F. 2005. The worldwide diffusion of market-oriented infrastructure reform, 1977-1999. American Sociological Review, 70(6): 871-897.
71. Hennart, J.-F. 2007. The theoretical rationale for a multination-ality- performance relationship. Management International Review, 47(3): 423-452.
72. Hennart, J.-F. 2011. A theoretical assessment of the empirical literature on the impact of multinationality on performance. Global Strategy Journal, 1(1-2): 135-151.
73. Hitt, M. A., Hoskisson, R. E., & Kim, H. 1997. International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4): 767-798.
74. Hitt, M., Tihanyi, L., Miller, T., & Connelly, B. 2006. International diversification: Antecedents, outcomes, and moderators. Journal of Management, 32(6): 831-867. (Pubitemid 44698022)
75. Hofmann, D. A., & Gavin, M. B. 1998. Centering decisions in hierarchical linear models: Theoretical and methodological implications for organizational science. Journal of Management, 23(5): 623-641. (Pubitemid 128180021)
76. Howells, J. R. L. 2002. Tacit knowledge, innovation and economic geography. Urban Studies, 39(5-6): 871-884. (Pubitemid 34500219)
77. Hymer, S. 1976. The international operations of national firms: A study of direct investment. Cambridge, MA: MIT Press.
78. IMF. 2004. Advancing structural reforms. Washington DC: International Monetary Fund.
79. IMF. 2010. World economic and financial surveys: World economic outlook. http://www.imf.org/external/pubs/ft/weo/2010/02/weodata/groups.htm#ae.
80. Johanson, J., & Vahlne, J. E. 1977. The internationalisation process of the firm: A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1): 23-32.
81. Johanson, J., & Vahlne, J. E. 1990. The mechanism of internationalisation. International Marketing Review, 7(4): 11-24.
82. Johanson, J., & Wiedersheim-Paul, F. 1975. The internationalization of the firm: Four Swedish cases. Journal of Management Studies, 12(3): 305-322.
83. Kedia, B. L., Mukherjee, D., & Lahiri, S. 2006. Indian business groups: Evolution and transformation. Asia Pacific Journal of Management, 23(4): 559-577.
84. Khanna, T., & Palepu, K. 2000. The future of business groups in emerging markets: Long-run evidence from Chile. Academy of Management Journal, 43(3): 268-285.
85. Kim, W. C., Hwang, P., & Burgers, W. 1993. Multinationals' diversification and the risk-return trade-off. Strategic Management Journal, 14(4): 275-286.
86. Knight, G. A., & Cavusgil, S. T. 1996. The born global firm: A challenge to traditional internationalization theory. In S.T. Cavusgil (Ed), Advances in international marketing, Vol. 8 11-26. Greenwich, CT: JAI Press.
87. Knight, G. A., & Cavusgil, S. T. 2004. Innovation, organizational capabilities, and the born-global firm. Journal of International Business Studies, 35(2): 124-141. (Pubitemid 38549136)
88. Kogut, B. 1983. Foreign direct investment as a sequential process. In C. Kindleberger & D. Audretsch (Eds), The multinational corporation in the 1980s. Cambridge, MA: MIT Press.
89. Kogut, B., & Zander, U. 1992. Knowledge of the firm, combinative capabilities, and the replication of technology. Organization Science, 3(3): 383-397.
90. Kogut, B., & Zander, U. 1993. Knowledge of the firm and the evolutionary theory of the multinational corporation. Journal of International Business Studies, 24(4): 625-645.
91. Kuczynski, P. P. 2003. The financial system. In P.P. Kuczynski & J. Williamson (Eds), After the Washington consensus: Restarting growth and reform in Latin America. Washington DC: Institute for International Economics.
92. Kuczynski, P. P., & Williamson, J. 2003. After the Washington consensus: Restarting growth and reform in Latin America. Washington DC: Institute for International Economics.
93. Kumaraswamy, A., Mudambi, R., Saranga, H., & Tripathy, A. 2012. Catch-up strategies in the Indian auto components industry: Domestic firms' responses to market liberalization. Journal of International Business Studies, 43(4): 368-395.
94. Kutner, M. H., Nachtsheim, C. J., Neter, J., & Li, W. 2004. Applied linear regression models, 5th edn. New York: McGraw-Hill/Irwin.
95. Kwok, C. C. Y., & Tadesse, S. 2006. National culture and financial systems. Journal of International Business Studies, 37(2): 227-247. (Pubitemid 43489664)
96. Lawton, R. 1983. Space, place and time. Geography, 68(3): 193-207.
97. Lessard, D. R., & Lucea, R. 2009. Mexican multinationals: Insights from CEMEX. In R. Ramamurti & J.V. Singh (Eds), Emerging multinationals from emerging markets: 280-311. Cambridge: Cambridge University Press.
98. LexisNexis. 2010. Corporate affiliations online. New Providence, NJ: National Register Publishing.
99. Lora, E. 1997. A decade of structural reforms in Latin America: What has been reformed and how to measure it, Research Department Working Paper 348, Inter-American Development Bank, Washington DC.
100. Lora, E. 2001. Structural reforms in Latin America: What has been reformed and how to measure it, Working Paper No. 466, Inter-American Development Bank, Washington DC.
101. Lorenzen, M., & Mudambi, R. 2012. Clusters, connectivity, and catch-up: Bollywood and Bangalore in the global economy. Journal of Economic Geography, Advance access 25 July. doi: 10.1093/jeg/lbs017.
102. Lu, J. W., & Beamish, P. W. 2001. The internationalization and performance of SMEs. Strategic Management Journal, 22(6-7): 565-586. (Pubitemid 33612459)
103. Lu, J. W., & Beamish, P. W. 2004. International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal, 47(4): 598-609. (Pubitemid 39258734)
104. Luo, Y., & Tung, R. L. 2007. International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4): 481-498.
105. Makino, S., Isobe, T., & Chan, C. M. 2004. Does country matter? Strategic Management Journal, 25(10): 1027-1043.
106. Mander, J., & Goldsmith, E. (Eds) 1996. The case against the global economy and for a turn toward the local. San Francisco: Sierra Club Books.
107. Maskell, P. 2001. The firm in economic geography. Economic Geography, 77(4): 329-344. (Pubitemid 33127614)
108. Mathews, J. A. 2006. Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23(1): 5-27. (Pubitemid 43296501)
109. McCann, P., & Mudambi, R. 2005. Analytical differences in the economics of geography: The case of the multinational firm. Environment and Planning, 37(10): 1857-1876. (Pubitemid 41528499)
110. Mergent Online. 2010. Mergent online. New York: Mergent.
111. Meyer, K. E., Mudambi, R., & Narula, R. 2011. Multinational enterprises and local contexts: The opportunities and challenges of multiple embeddedness. Journal of Management Studies, 48(2): 235-252.
112. Meyer, K. E., & Sinani, E. 2009. When and where does foreign direct investment generate positive spillovers? A meta-analysis. Journal of International Business Studies, 40(7): 1075-1094.
113. Mezias, J. M. 2002. How to identify liabilities of foreignness and assess their effects on multinational corporations. Journal of International Management, 8(3): 265-282.
114. Miller, T., & Holmes, K. R. 2011. Index of economic freedom. Washington DC: Heritage Foundation.
115. Morck, R., & Yeung, B. 1991. Why investors value multi-nationality. Journal of Business, 64(2): 165-187.
116. Morley, S. A., Machado, R., & Pettinato, S. 1999. Indexes of structural reform in Latin America, Serie Reformas Economicas 12 Santiago de Chile: ECLAC, United Nations.
117. Mournfield, P. R. 1977. The place of time in economic geography. Geography, 62(4): 268-285.
118. Mudambi, R. 2008. Location, control and innovation in knowledge-intensive industries. Journal of Economic Geography, 8(5): 699-725.
119. Mudambi, R., & Swift, T. 2011. Leveraging knowledge and competencies across space: The next frontier in international business. Journal of International Management, 17(3): 186-189.
120. Nachum, L. 2000. Economic geography and the location of TNCs: Financial and professional service FDI to the USA. Journal of International Business Studies, 31(3): 367-385.
121. Nickerson, J. A., & Zenger, T. R. 2004. A knowledge-based theory of the firm: The problem-solving perspective. Organization Science, 15(6): 617-632. (Pubitemid 40031071)
122. Nonaka, I. 1994. A dynamic theory of organizational knowledge creation. Organization Science, 5(1): 14-37.
123. North, D. C. 1981. Structure and change in economic history. New York: Norton.
124. North, D. C. 1990. Institutions, institutional change, and economic performance. Cambridge: Cambridge University Press.
125. North, D. C., & Thomas, R. P. 1973. The rise of the Western world: A new economic history. Cambridge: Cambridge University Press.
126. Outreville, J. F. 2008. Foreign affiliates of the largest insurance groups: Location-specific advantages. The Journal of Risk and Insurance, 75(2): 463-491.
127. Oviatt, B. M., & McDougall, P. P. 1994. Toward a theory of international new ventures. Journal of International Business Studies, 25(1): 45-64.
128. Oviatt, B. M., & McDougall, P. P. 1997. Challenges for internationalization process theory: The case of international new ventures. Management International Review, 37(si2): 85-99.
129. Palepu, K. 1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3): 239-255.
130. Perez-Batres, L. A., Pisani, M. J., & Doh, J. P. 2010. Latin America's contribution to IB scholarship. Academy of International Business Insights, 10(1): 3-6.
131. Prashantham, S. 2005. Toward a knowledge-based conceptualization of internationalization. Journal of International Entrepreneurship, 3(1): 37-52. (Pubitemid 41349006)
132. Ramamurti, R., & Singh, J. V. (Eds) 2009a. Emerging multinationals from emerging markets. Cambridge: Cambridge University Press.
133. Ramamurti, R., & Singh, J. V. 2009b. Indian multinationals: Generic internationalization strategies. In R. Ramamurti & J.V. Singh (Eds), Emerging multinationals from emerging markets: 110-166. Cambridge: Cambridge University Press.
134. Rialp, A., Rialp, J., & Knight, G. A. 2005. The phenomenon of early internationalizing firms: What do we know after a decade (1993-2003) of scientific inquiry? International Business Review, 14(2): 147-166. (Pubitemid 40190061)
135. Rodrik, D. 2006. Goodbye Washington consensus, hello Washington confusion? A review of the World Bank's Economic growth in the 1990s: Learning from a decade of reform. Journal of Economic Literature, 44(4): 973-987.
136. Ross, S. A. 1973. The economic theory of agency: The principal's problem. American Economic Review, 63(2): 134-139.
137. Roth, K., & O'Donnell, S. 1996. Foreign subsidiary compensation strategy: An agency theory perspective. Academy of Management Journal, 39(3): 678-703.
138. Sahay, R., & Goyal, R. 2006. Volatility and growth in Latin America: An episodic approach, IMF Working Paper 06-287, International Monetary Fund, Washington DC.
139. Salim, R. A. 2003. Economic liberalization and productivity growth: Further evidence from Bangladesh. Oxford Development Studies, 31(1): 85-98. (Pubitemid 36463793)
140. Salomon, R., & Shaver, J. M. 2005. Export and domestic sales: Their interrelationship and determinants. Strategic Management Journal, 26(9): 855-871. (Pubitemid 41146004)
141. Sambharya, R. B. 1996. Foreign experience of top management teams and international diversification strategies of US multinational corporations. Strategic Management Journal, 17(9): 739-746. (Pubitemid 126483766)
142. Schiavon, J. A. 2000. A theoretical and statistical assessment of the structural reform in Latin America, Working paper no. 48, Centro de Investigacion y Docencia Economicas, Mexico City.
143. Shaver, J. M., & Flyer, F. 2000. Agglomeration economies, firm heterogeneity, and foreign direct investment in the United States. Strategic Management Journal, 21(12): 1175-1193.
144. Skidmore, T. E., & Smith, P. H. 2005. Modern Latin America. New York: Oxford University Press.
145. Spar, D. L. 2001. National policies and domestic politics. In A.M. Rugman & T.L. Brewer (Eds), The Oxford handbook of international business: 206-231. New York: Oxford University Press.
146. Spender, J. C. 1996. Making knowledge the basis of a dynamic theory of the firm. Strategic Management Journal, 17(1): 45-62.
147. Thomas, D. E., Eden, L., Hitt, M. A., & Miller, S. R. 2007. Experience of emerging market firms: The role of cognitive bias in developed market entry and survival. Management International Review, 47(6): 845-867.
148. Tsai, W. 2001. Knowledge transfer in intraorganizational networks: Effects of network position and absorptive capacity on business unit innovation and performance. Academy of Management Journal, 44(5): 996-1004.
149. UNCTAD. 1992. World investment report 1992. New York: United Nations Conference on Trade and Development.
150. UNCTAD. 2007. World investment report 2007. New York: United Nations Conference on Trade and Development.
151. UNCTAD. 2011. World investment report 2011. New York: United Nations Conference on Trade and Development.
152. Verbeke, A., Li, L., & Goerzen, A. 2009. Toward more effective research on the multinationality-performance relationship. Management International Review, 49(2): 149-162.
153. Vermeulen, F., & Barkema, H. 2002. Pace, rhythm, and scope: Process dependence in building a profitable multinational corporation. Strategic Management Journal, 23(7): 637-650.
154. 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.
155. Williamson, J. 1990. Latin American adjustment: How much has happened? Washington DC: Institute for International Economics.
156. Williamson, J. 2004. The strange history of the Washington consensus. Journal of Post Keynesian Economics, 27(2): 195-206.
157. World Bank. 2010. World development indicators online. http://data.worldbank.org/data-catalog/world-development-indicators/.
158. Yeung, H. W.-C. 1994. Third world multinationals revisited: A research critique and future agenda. Third World Quarterly, 15(2): 297-317.
159. Zaheer, S., & Nachum, L. 2011. Sense of place: From location resources to MNE locational capital. Global Strategy Journal, 1(1-2): 96-108.
160. Zahra, S. A., Ireland, R. D., & Hitt, M. A. 2000. International expansion by new venture firms: International diversity, mode of market entry, technological learning, and performance. Academy of Management Journal, 43(5): 925-950.