Board political ties and firm internationalization

Journal of International Management - Tập 27 - Trang 100860 - 2021
Sergey Lebedev1, Sunny Li Sun2, Lívia Markóczy3, Mike W. Peng3
1Coles College of Business, Kennesaw State University, 560 Parliament Garden Way NW, Kennesaw, GA 30144, USA
2Robert J. Manning School of Business, University of Massachusetts Lowell, 72 University Ave., Lowell, MA 01854, USA
3Jindal School of Management, University of Texas at Dallas, 800 West Campbell Road, SM 43, Richardson, TX 75080, USA

Tài liệu tham khảo

Agrawal, 2000, Do some outside directors play a political role?, J. Law Econ., 44, 179, 10.1086/320271 Argandoña, 1999, Ethics in finance and public policy: the Ibercorp case, J. Bus. Ethics, 22, 219, 10.1023/A:1006257707175 Arreola, 2018, The differential effects of minority state ownership types on the internationalization of emerging market multinationals from democratic states, Manag. Int. Rev., 58, 845, 10.1007/s11575-018-0352-4 Assiotis, 2015, Does democracy promote the rule of law?, J. Econ. Dev., 40, 63, 10.35866/caujed.2015.40.1.003 Baron, 1995, Integrated strategy: market and nonmarket components, Calif. Manag. Rev., 37, 47, 10.2307/41165788 Blau, 1964 Boddewyn, 2021, Reciprocity and informal institutions in international market entry, J. World Bus., 56, 10.1016/j.jwb.2020.101145 Boisot, 1996, From fiefs to clans and network capitalism: explaining China’s emerging economic order, Adm. Sci. Q., 41, 600, 10.2307/2393869 Borgatti, 2002 Boubakri, 2012, The impact of political connections on firms’ operating performance and financing decisions, J. Financ. Res., 35, 397, 10.1111/j.1475-6803.2012.01322.x Bourgeois, 1981, On the measurement of organizational slack, Acad. Manag. Rev., 6, 29, 10.2307/257138 Buckley, 2018, A retrospective and agenda for future research on Chinese outward foreign direct investment, J. Int. Bus. Stud., 49, 4, 10.1057/s41267-017-0129-1 Burt, 1992 Burt, 2017, Chinese entrepreneurs, social networks, and guanxi, Manag. Organ. Rev., 13, 221, 10.1017/mor.2017.6 Carnes, 2019, How competitive action mediates the resource slack-performance relationship: a meta-analytic approach, J. Manag. Stud., 56, 57, 10.1111/joms.12391 Carpenter, 2001, Bundling human capital with organizational context: the impact of international assignment experience on multinational firm performance and CEO pay, Acad. Manag. J., 44, 493, 10.2307/3069366 Cheng, 1997, Organizational slack and response to environmental shifts: the impact of resource allocation patterns, J. Manag., 23, 1 Cuervo-Cazurra, 2008, Better the devil you don’t know: types of corruption and FDI in transition economies, J. Int. Manag., 14, 12, 10.1016/j.intman.2007.02.003 Cuervo-Cazurra, 2018, Impact of the home country on internationalization, J. World Bus., 53, 593, 10.1016/j.jwb.2018.06.002 Cui, 2012, State ownership effect on firms’ FDI ownership decisions under institutional pressure: a study of Chinese outward-investing firms, J. Int. Bus. Stud., 43, 264, 10.1057/jibs.2012.1 Cull, 2015, Government connections and financial constraints: evidence from a large representative sample of Chinese firms, J. Corp. Finan., 32, 271, 10.1016/j.jcorpfin.2014.10.012 Dahan, 2006, The role of multinational corporations in transnational institution building: a policy network perspective, Hum. Relat., 59, 1571, 10.1177/0018726706072854 Dutta, 2016, Internationalization process, impact of slack resources, and role of the CEO: the duality of structure and agency in evolution of cross-border acquisition decisions, J. World Bus., 51, 212, 10.1016/j.jwb.2015.07.001 Estrin, 2016, Home country institutions and the internationalization of state owned enterprises: a cross-country analysis, J. World Bus., 51, 294, 10.1016/j.jwb.2015.11.002 Fan, 2007, Politically connected CEOs, corporate governance, and post-IPO performance of China’s newly partially privatized firms, J. Financ. Econ., 84, 330, 10.1016/j.jfineco.2006.03.008 Fisman, 2001, Estimating the value of political connections, Am. Econ. Rev., 91, 1095, 10.1257/aer.91.4.1095 Forsgren, 2016, A note on the revisited Uppsala internationalization process model—the implications of business networks and entrepreneurship, J. Int. Bus. Stud., 47, 1135, 10.1057/s41267-016-0014-3 Greenwood, 2010, The multiplicity of institutional logics and the heterogeneity of organizational responses, Organ. Sci., 21, 521, 10.1287/orsc.1090.0453 Haans, 2016, Thinking about U: theorizing and testing U- and inverted U-shaped relationships in strategy research, Strateg. Manag. J., 37, 1177, 10.1002/smj.2399 Hassan, 2012, Political patronage and firm performance: further evidence from Malaysia, Thunderbird Int. Bus. Rev., 54, 373, 10.1002/tie.21468 Hausman, 1981, Panel data and unobservable individual effects, Econometrica, 49, 1377, 10.2307/1911406 Haveman, 2017, The dynamics of political embeddedness in China, Adm. Sci. Q., 62, 67, 10.1177/0001839216657311 Hendry, 2004, The role of the board in firm strategy: integrating agency and organisational control perspectives, Corp. Gov., 12, 500, 10.1111/j.1467-8683.2004.00390.x Hillman, 2005, Politicians on the board of directors: do connections affect the bottom line?, J. Manag., 31, 464 Hillman, 1999, Corporate political strategy formulation: a model of approach, participation, and strategy decisions, Acad. Manag. Rev., 24, 825, 10.2307/259357 Hillman, 1995, International variation in the business-government interface: institutional and organizational considerations, Acad. Manag. Rev., 20, 193, 10.2307/258892 Hillman, 2004, Corporate political activity: a review and research agenda, J. Manag., 30, 837 Hobdari, 2017, The home country of the MNE: the case of emerging economy firms, Asia Pac. J. Manag., 34, 1, 10.1007/s10490-017-9505-4 Hoskisson, 2013, Emerging multinationals from mid-range economies: the influence of institutions and factor markets, J. Manag. Stud., 50, 1295, 10.1111/j.1467-6486.2012.01085.x Hundley, 1998, The effects of the keiretsu on the export performance of Japanese companies: help or hindrance?, Strateg. Manag. J., 19, 927, 10.1002/(SICI)1097-0266(199810)19:10<927::AID-SMJ989>3.0.CO;2-1 Infante, 2014, Political connections and preferential lending at local level: some evidence from the Italian credit market, J. Corp. Finan., 29, 246, 10.1016/j.jcorpfin.2014.06.003 Iyer, 2008, Performance feedback, slack, and the timing of acquisitions, Acad. Manag. J., 51, 808 Jia, 2018, The ‘make and/or buy’ decisions of corporate political lobbying: Integrating the economic efficiency and legitimacy perspectives, Acad. Manag. Rev., 43, 307, 10.5465/amr.2016.0148 Johanson, 2009, The Uppsala internationalization process model revisited: from liability of foreignness to liability of outsidership, J. Int. Bus. Stud., 40, 1411, 10.1057/jibs.2009.24 Kalasin, 2020, State ownership and international expansion: the S-curve relationship, Glob. Strateg. J., forthcoming Kim, 2008, Ownership structure and the relationship between financial slack and R&D investments: evidence from Korean firms, Organ. Sci., 19, 404, 10.1287/orsc.1080.0360 Lahiri, 2020, Behind the internationalization of family SMEs: a strategy tripod synthesis, Glob. Strateg. J., 10, 813, 10.1002/gsj.1376 Lebedev, 2021, Power imbalance and value creation in joint ventures, Long Range Plan., 54, 10.1016/j.lrp.2020.102014 Lee, 2013, Does bribery in the home country promote or dampen firm exports?, Strateg. Manag. J., 34, 1472, 10.1002/smj.2075 Lester, 2008, Former government officials as outside directors: the role of human and social capital, Acad. Manag. J., 51, 999, 10.5465/amj.2008.34789675 Li, 2013, Principal-principal conflicts under weak institutions: a study of corporate takeovers in China, Strateg. Manag. J., 34, 498, 10.1002/smj.2027 Li, 2020, Untangling legitimization complexity: Huawei’s engagement with governments and media, 271 Li, 2013, The two-tier bargaining model revisited: theory and evidence from China’s natural resource investments in Africa, Glob. Strateg. J., 3, 300, 10.1111/j.2042-5805.2013.01062.x Li, 2015, Political connection, ownership structure, and corporate philanthropy in China: a strategic-political perspective, J. Bus. Ethics, 129, 399, 10.1007/s10551-014-2167-y Li, 2017, Marketized state ownership and foreign expansion of emerging market multinationals: leveraging institutional competitive advantages, Asia Pac. J. Manag., 34, 19, 10.1007/s10490-015-9436-x Li, 2020, Directorate interlocks and corporate cash holdings in emerging economies: evidence from China, Int. Rev. Econ. Financ., 66, 244, 10.1016/j.iref.2019.12.002 Liang, 2015, An anatomy of state control in the globalization of state-owned enterprises, J. Int. Bus. Stud., 46, 223, 10.1057/jibs.2014.35 Lin, 2001 Lin, 2014, How do managers decide on internationalization processes? The role of organizational slack and performance feedback, J. World Bus., 49, 396, 10.1016/j.jwb.2013.08.001 Lind, 2010, With or without U? The appropriate test for a U-shaped relationship, Oxf. Bull. Econ. Stat., 72, 109, 10.1111/j.1468-0084.2009.00569.x Luo, 2007, International expansion of emerging market enterprises: a springboard perspective, J. Int. Bus. Stud., 38, 481, 10.1057/palgrave.jibs.8400275 Luo, 2012, Foreign direct investment strategies by developing country multinationals: a diagnostic model for home country effects, Glob. Strateg. J., 2, 244, 10.1111/j.2042-5805.2012.01036.x Luo, 2010, How emerging market governments promote outward FDI: experience from China, J. World Bus., 45, 68, 10.1016/j.jwb.2009.04.003 Luo, 2017, Whose call to answer: institutional complexity and firms’ CSR reporting, Acad. Manag. J., 60, 321, 10.5465/amj.2014.0847 Luu, 2019, Entrepreneurial orientation and social ties in transitional economies, Long Range Plan., 52, 103, 10.1016/j.lrp.2018.04.001 Lux, 2011, Mixing business with politics: A meta-analysis of the antecedents and outcomes of corporate political activity, J. Manag., 37, 223 Ma, 2011, Social networks and opportunity recognition: a cultural comparison between Taiwan and the United States, Strateg. Manag. J., 32, 1183, 10.1002/smj.933 Manion, 2004 Markóczy, 2013, Social network contingency, symbolic management, and boundary stretching, Strateg. Manag. J., 34, 1367, 10.1002/smj.2072 Marquis, 2014, Corporate social responsibility reporting in China: symbol or substance?, Organ. Sci., 25, 127, 10.1287/orsc.2013.0837 Marquis, 2018, Waking from Mao’s dream: communist ideological imprinting and the internationalization of entrepreneurial ventures in China, Adm. Sci. Q., 65, 795, 10.1177/0001839218792837 Marquis, 2015, Institutional strategies in emerging markets, Acad. Manag. Ann., 9, 291, 10.5465/19416520.2015.1014661 Martin, 2007, Deciding to bribe: a cross-level analysis of firm and home country influences on bribery activity, Acad. Manag. J., 50, 1401, 10.5465/amj.2007.28179462 Martin, 2015, Interlocks and firm performance: the role of uncertainty in the directorate interlock-performance relationship, Strateg. Manag. J., 36, 235, 10.1002/smj.2216 Mbalyohere, 2018, Engaging stakeholders through corporate political activity: insights from MNE nonmarket strategy in an emerging African market, J. Int. Manag., 24, 369, 10.1016/j.intman.2018.04.006 Mellahi, 2016, A review of the nonmarket strategy literature: toward a multi-theoretical integration, J. Manag., 42, 143 Meyer, 2009, Institutions, resources, and entry strategies in emerging economies, Strateg. Manag. J., 30, 61, 10.1002/smj.720 Meyer, 2014, Overcoming distrust: how state-owned enterprises adapt their foreign entries to institutional pressures abroad, J. Int. Bus. Stud., 45, 1005, 10.1057/jibs.2014.15 Michelson, 2007, Lawyers, political embeddedness, and institutional continuity in China’s transition from socialism, Am. J. Sociol., 113, 352, 10.1086/518907 Mutlu, 2018, Corporate governance in China: a meta-analysis, J. Manag. Stud., 55, 943, 10.1111/joms.12331 Okhmatovskiy, 2010, Performance implications of ties to the government and SOEs: a political embeddedness perspective, J. Manag. Stud., 47, 1020, 10.1111/j.1467-6486.2009.00881.x Oliver, 1991, Strategic responses to institutional processes, Acad. Manag. Rev., 16, 145, 10.2307/258610 Pan, 2014, Firms’ FDI ownership: the influence of government ownership and legislative connections, J. Int. Bus. Stud., 45, 1029, 10.1057/jibs.2014.27 Patzelt, 2008, Financial slack and venture managers’ decisions to seek a new alliance, J. Bus. Ventur., 23, 465, 10.1016/j.jbusvent.2007.06.001 Peng, 2017, Intra-national business (IB), Asia Pac. J. Manag., 34, 241, 10.1007/s10490-017-9507-2 Peng, 2018, The growth of the firm in (and out of) emerging economies, Asia Pac. J. Manag., 35, 829, 10.1007/s10490-018-9599-3 Peng, 2000, Managerial ties and firm performance in a transition economy: the nature of a micro-macro link, Acad. Manag. J., 43, 486, 10.2307/1556406 Peng, 2015, Human capital and CEO compensation during institutional transitions, J. Manag. Stud., 52, 117, 10.1111/joms.12106 Pfeffer, 1972, Size and composition of corporate boards of directors: the organization and its environment, Adm. Sci. Q., 17, 218, 10.2307/2393956 Pfeffer, 1978 Puffer, 2010, Entrepreneurship in Russia and China: the impact of formal institutional voids, Enterp. Theory Pract., 34, 441, 10.1111/j.1540-6520.2009.00353.x Qi, 2020, Obedience or escape: examining the contingency influences of corruption on firm exports, J. Bus. Res., 106, 261, 10.1016/j.jbusres.2018.09.004 Rabe-Hesketh, 2008 Ramamurti, 2018, What is “Chinese” about Chinese multinationals?, J. Int. Bus. Stud., 49, 34, 10.1057/s41267-017-0128-2 Rasiah, 2010, Home government policies for outward FDI from emerging economies: lessons from Asia, Int. J. Emerg. Mark., 5, 333, 10.1108/17468801011058415 Ridge, 2017, Beyond lobbying expenditures: how lobbying breadth and political connectedness affect firm outcomes, Acad. Manag. J., 60, 1138, 10.5465/amj.2015.0584 Rui, 2008, Foreign acquisitions by Chinese firms: a strategic intent perspective, J. World Bus., 43, 213, 10.1016/j.jwb.2007.11.006 Sauerwald, 2016, Board social capital and excess CEO returns, Strateg. Manag. J., 37, 498, 10.1002/smj.2339 Shapiro, 2018, Exploring China’s state-led FDI model: evidence from the extractive sectors in Latin America, Asia Pac. J. Manag., 35, 11, 10.1007/s10490-017-9526-z Shi, 2014, The continuing importance of political ties in China, Acad. Manag. Perspect., 28, 57, 10.5465/amp.2011.0153 Shi, 2017, Institutional fragility and outward foreign direct investment from China, J. Int. Bus. Stud., 48, 452, 10.1057/s41267-016-0050-z Shleifer, 2002 Siegel, 2007, Contingent political capital and international alliances: evidence from South Korea, Adm. Sci. Q., 52, 621, 10.2189/asqu.52.4.621 Sojli, 2017, Foreign political connections, J. Int. Bus. Stud., 48, 244, 10.1057/s41267-016-0059-3 Stan, 2014, Slack and the performance of state-owned enterprises, Asia Pac. J. Manag., 31, 473, 10.1007/s10490-013-9347-7 Stevens, 2016, Toward a legitimacy-based view of political risk: the case of Google and Yahoo in China, Strateg. Manag. J., 37, 945, 10.1002/smj.2369 Sun, 2016, The dark side of board political capital: enabling blockholder rent appropriation, Acad. Manag. J., 59, 1801, 10.5465/amj.2014.0425 Sun, 2010, The dynamic value of MNE political embeddedness: the case of the Chinese automobile industry, J. Int. Bus. Stud., 41, 1161, 10.1057/jibs.2009.94 Sun, 2012, The contingent value of corporate political ties, Acad. Manag. Perspect., 26, 68, 10.5465/amp.2011.0164 Sun, 2015, Political tie heterogeneity and the impact of adverse shocks on firm value, J. Manag. Stud., 52, 1036, 10.1111/joms.12165 Sun, 2015, Institutional open access in the home country and outward internationalization, J. World Bus., 50, 234, 10.1016/j.jwb.2014.04.003 Sun, 2017, Institutional relatedness behind product diversification and international diversification, Asia Pac. J. Manag., 34, 339, 10.1007/s10490-016-9498-4 Tahoun, 2014, The role of stock ownership by US members of congress on the market for political favors, J. Financ. Econ., 111, 86, 10.1016/j.jfineco.2013.10.008 Tan, 2003, Organizational slack and firm performance during economic transitions: two studies from an emerging economy, Strateg. Manag. J., 24, 1249, 10.1002/smj.351 Teng, 2017, The performance of MNE subsidiaries in China: does it matter to be close to the political or business hub?, J. Int. Manag., 23, 292, 10.1016/j.intman.2016.12.002 Tsai, 2007 Tseng, 2007, Effects of firm resources on growth in multinationality, J. Int. Bus. Stud., 38, 961, 10.1057/palgrave.jibs.8400305 Uzzi, 1997, Social structure and competition in interfirm networks: the paradox of embeddedness, Adm. Sci. Q., 42, 35, 10.2307/2393808 Walder, 2015, After state socialism: the political origins of transitional recessions, Am. Sociol. Rev., 80, 444, 10.1177/0003122414568649 Wang, 2012, Exploring the role of government involvement in outward FDI from emerging economies, J. Int. Bus. Stud., 43, 655, 10.1057/jibs.2012.18 Wang, 2018, Defending Mao’s dream: how politicians’ ideological imprinting affects firms’ political appointment in China, Acad. Manag. J., 62, 1111, 10.5465/amj.2016.1198 Wang, 2019, Retire in peace: Officials’ political incentives and corporate diversification in China, Adm. Sci. Q., 64, 773, 10.1177/0001839218786263 Wei, 2015, The conscious and unconscious facilitating role of the Chinese government in shaping the internationalization of Chinese MNCs, Int. Bus. Rev., 24, 331, 10.1016/j.ibusrev.2014.08.008 White, 2018, Antecedents and outcomes of political tie intensity: institutional and strategic fit perspectives, J. Int. Manag., 24, 1, 10.1016/j.intman.2017.06.001 Witt, 2007, Outward foreign direct investment as escape response to home country institutional constraints, J. Int. Bus. Stud., 38, 579, 10.1057/palgrave.jibs.8400285 Witt, 2013, Asian business systems: institutional comparison, clusters and implications for varieties of capitalism and business systems theory, Soc. Econ. Rev., 11, 265, 10.1093/ser/mwt002 Wu, 2012, Political connections, tax benefits and firm performance: evidence from China, J. Account. Public Policy, 31, 277, 10.1016/j.jaccpubpol.2011.10.005 Xie, 2017, Political ties and firm performance in China: evidence from a quantile regression, J. East Asian Stud., 17, 331, 10.1017/jea.2017.12 Zaheer, 1995, Overcoming the liability of foreignness, Acad. Manag. J., 38, 341, 10.2307/256683 Zhang, 2016, Do political connections buffer firms from or bind firms to the government? A study of corporate charitable donations of Chinese firms, Organ. Sci., 27, 1307, 10.1287/orsc.2016.1084 Zhao, 2015, China’s regional cultural map: “big one” or “diversity”?, Manag. World, 30, 101 Zheng, 2018, Resource dependence and network relations: a test of venture capital investment termination in China, J. Manag. Stud., 55, 295, 10.1111/joms.12255 Zheng, 2015, Buffering and enabling: the impact of interlocking political ties on firm survival and sales growth, Strateg. Manag. J., 36, 1615, 10.1002/smj.2301 Zhong, 2017, Trust in interorganizational relationships: a meta-analytic integration, J. Manag., 43, 1050 Zhu, 2016, Contingent value of director identification: the role of government directors in monitoring and resource provision in an emerging economy, Strateg. Manag. J., 37, 1787, 10.1002/smj.2408 Zona, 2018, Board interlocks and firm performance: toward a combined agency–resource dependence perspective, J. Manag., 44, 589