Journal
JOURNAL OF INTERNATIONAL BUSINESS STUDIES
Volume 41, Issue 3, Pages 437-450Publisher
PALGRAVE MACMILLAN LTD
DOI: 10.1057/jibs.2009.52
Keywords
institutions; ownership/control structures; family firms; foreign investors; outward FDI; emerging-market MNEs
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Funding
- Economic and Social Research Council [ES/F028865/1] Funding Source: researchfish
- ESRC [ES/F028865/1] Funding Source: UKRI
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This paper examines the impact of ownership structures of emerging-market firms, which are shaped by local institutions, on the decision of these firms to undertake outward FDI. Our results suggest that family firms and firms with concentrated ownerships (both ubiquitous in emerging markets) are less likely to invest overseas, and that strategic equity holding by foreign investors facilitates outward FDI. We conclude that organisational forms such as family firms, which are optimal outcomes of institutions prevailing in emerging markets, may be suboptimal in a changing business environment in which outward FDI is necessary for access to resources and markets. Journal of International Business Studies (2010) 41, 437-450. doi:10.1057/jibs.2009.52
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