Home Political Connections and Outward FDI of Emerging Market Firms

被引：6

作者：

Huang, Yuanyuan ^{[1
]}

Zhou, Kevin Zheng ^{[2
]}

Wu, Zhan ^{[3
]}

Wang, Jue ^{[4
,5
]}

机构：

[1] Southwest Jiaotong Univ, Chengdu, Peoples R China

[2] Univ Hong Kong, Hong Kong, Peoples R China

[3] Univ Sydney, Sydney, Australia

[4] Southwestern Univ Finance & Econ, Chengdu, Peoples R China

[5] Southwestern Univ Finance & Econ, Sch Business Adm, 555 Liu Tai Rd, Chengdu 610030, Sichuan, Peoples R China

来源：

JOURNAL OF MANAGEMENT STUDIES | 2024年 / 61卷 / 08期

基金：

中国国家自然科学基金;

关键词：

outward foreign direct investment (OFDI); political connections; pro-market reforms; technological capability; institution-based view; FOREIGN DIRECT-INVESTMENT; STATE-OWNED ENTERPRISES; INSTITUTION-BASED VIEW; MANAGERIAL TIES; INTERNATIONAL EXPANSION; PERFORMANCE; CHINESE; STRATEGY; GOVERNMENT; RISK;

D O I：

10.1111/joms.13007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

While political connections are a critical non-market strategy for emerging market firms (EMFs) to achieve success, how they affect EMFs' outward foreign direct investment (OFDI) remains controversial. Building on the institution-based view, we examine how home-country political connections facilitate or impede EMFs' OFDI. Using a panel dataset of listed private firms in China, we find that home political connections have an inverted U-shaped effect on firms' OFDI level; the effect becomes flatter as pro-market reforms proceed in the home country, but becomes steeper for firms with strong technological capability. By revealing a nonlinear effect, our study helps reconcile inconsistencies regarding the role of home political connections in OFDI and has important implications for EMFs' internationalization.

引用

页码：3432 / 3463

页数：32

共 118 条

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Aiken L.S., 1991, MULTIPLE REGRESSION

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