Formas de establecimiento en el mercado extranjerofactores determinantes para el caso de la multinacional india Tata

  1. Rienda García, Laura
  2. Claver Cortés, Enrique
  3. Quer Ramón, Diego
Zeitschrift:
Management Letters / Cuadernos de Gestión

ISSN: 1131-6837

Datum der Publikation: 2013

Ausgabe: 13

Nummer: 2

Seiten: 89-109

Art: Artikel

DOI: 10.5295/CDG.120335LR DIALNET GOOGLE SCHOLAR lock_openADDI editor

Andere Publikationen in: Management Letters / Cuadernos de Gestión

Zusammenfassung

En este trabajo trataremos de explicar los motivos que hay detrás de la forma de inversión directa en el exterior (IDE) a través de adquisiciones frente a la opción de establecerse en el mercado extranjero con recursos propios. Para una muestra de 117 decisiones de IDE efectuadas por la multinacional india Tata en 43 países, los resultados obtenidos indican que la intensidad tecnológica del sector, el riesgo asociado al país de destino, el atractivo del mercado extranjero, la experiencia previa internacional o las exportnciones indias al país donde se decide invertir son factores que condicionan dicha elección.

Bibliographische Referenzen

  • Almeida, P. & Kogut, B. 1999. Localization of Knowledge and the Mobility of Engineers in Regional Networks. Management Science, 45 (7), pp.905-918.
  • Anand, J. & Delios, A. 2002. Absolute and Relative Resources as Determinants of International Acquisitions. Strategic Management Journal, 23 (2), pp.119-134.
  • Anderson, E. & Gatignon, H. 1986. Modes Of Foreign Entry: A Transaction Cost Analysis And Propositions. Journal of International Business Studies, 17 (3), pp.1-26.
  • Anwar, A.I.; Hasse, R. & Rabbi, F. 2008. Location Determinants of Indian Outward Foreign Direct Investment: How Multinationals Choose their Investments Destinations?. CBS Conference on Emerging Multinationals, Copenhagen Business School, Denmark.
  • Agarwal, S. & Ramaswami, S.N. 1992. Choice of Foreign Market Entry Mode: Impact of Owners-hip, Location and Internalization Factors. Journal of International Business Studies, 23, pp.1-27.
  • Arregle, J.-L.; Hebert, L. & Beamish, P. 2006. Mode of International Entry: The Advantages of Multilevel Methods. Management International Review, 46 (5), pp.597-618.
  • Aybar, B. & Ficici, A. 2009. Cross-border Acquisitions and Firm Value: An Analysis of Emerging-market Multinationals. Journal of International Business Studies, 40, pp. 1317-1339.
  • Azofra, V. & Martínez, A. 1999. Transactions Costs and Bargaining Power: Entry Mode Choice in Foreign Markets. Multinational Business Review, 7 (1), pp. 62-75.
  • Balasubramanyam, V.N. & Forsans, N. 2010. Internationalisation Drivers of Indian Firms. Asian Business & Management, 9 (3), pp.319-340.
  • Barkema, H.G.; Bell, J.H.J. & Penning, J.M. 1996. Foreign Entry, Cultural Barriers, and Learning. Strategic Management Journal, 17 (2), pp.151-166.
  • Barkema, H.G. & Vermeulen, F. 1998. Internacional Expansion through Start-up or Acquisitions: A Learning Perspective. Academy of Management Journal, 41 (1), pp.7-26.
  • Bevan, A; Estrin, S. & Meyer, K. 2004. Foreign Investment Location and Institutional Development in Transition Economies. International Business Review, 1, pp.43–64.
  • Bengoa, M. & Sanchez-Robles, B. 2003. Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America. European Journal of Political Economy, 19, pp.529-545.
  • Brouthers, K.D. 2002. Institutional, Cultural and Transaction Cost Influence on Entry Mode Choice and Performance. Journal of International Business Studies, 33 (2), pp.203-221.
  • Brouthers, K.D. & Brouthers, L.E. 2000. Acquisition or Greenfield Start-up? Institutional, Cultutal and Transaction Cost Influences. Strategic Management Journal, 21 (1), pp.89-97.
  • Buckley, P.J. & Casson, M.C. 1976. The Future of the Multinational Enterprise. London: Macmillan.
  • Buckley, P.J. & Casson, M.C. 1988. Analyzing Foreign Market Entry Strategies: Extending the Internationalization Approach. Journal of International Business Studies, 29, pp.539-562.
  • Buckley, P.J.; Clegg, L.J.; Cross, A.R.; Liu, X.; Voss, H. & Zheng, P. 2007. The Determinants of Chi-nese Foreign Direct Investment. Journal of International Business Studies,38 (4), pp.499-518.
  • Buckley, P.J.; Forsans, N. & Munjal, S. 2009. Foreign Acquisitions by Indian Multinational Enter-prises: A Test of the Eclectic Paradigm. 35th European International Business Academy Annual Conference (EIBA), Valencia, Spain.
  • Buckley, P.J.; Forsans, N. & Munjal, S. 2012. Host-home country linkages and host-home country specific advantages as determinants of foreign acquisitions by Indian firms. International Busi-ness Review, 21 (5), pp.878-890.
  • Caves, R.E. 1996. Multinational Enterprise and Economic Analysis. Cambridge: Cambridge University Press.
  • Capron, L.; Dussauge, P. & Mitchell, W. 1998. Resource Redeployment Following Horizontal Acquisitons in Europe and North America, 1988-1992. Strategic Management Journal, 19, pp.631-661.
  • Chakraborty, C. & Basu, P. 2002. Foreign Direct Investment and Growth in India: A Cointegration Approach. Applied Economics, 34, pp. 1061-1073.
  • Chang, S.J. & Rosenzweig, P.M. 2001. The Choice of Entry Mode in Sequential Foreign Direct Investment. Strategic Management Journal, 22 (8), pp. 747-76.
  • Chatterjee, S. 1990. Excess Resources, Utilization Cost, and Mode of Entry. Academy of Management Journal, 33 (4), pp. 780-800.
  • Chen, H & Hu, M.Y. 2002. An Analysis of Determinants of Entry Mode and its Impact on Perfor-mance. International Business Review, 11 (2), pp.193-210.
  • Cho, K. R. & Padmanabhan, P. 1995. Acquisitions versus New Venture: The Choice of Foreign Es-tablishment Mode by Japanese Firms. Journal of International Management, 1 (3), pp.255-285.
  • Claver, E. & Quer, D. 2005. Choice of Market Entry Mode in China: The Influence of Firm-Specific Factors. Journal of General Management, 30 (3), pp.51-70.
  • Coval, J.D. & Moskowitz, T.J. 2001. The Geography of Investment: Informed Trading and Asset Prices.The Journal of Political Economy, 109 (4), pp. 811-841
  • Das, N. 2007. The Emergence of Indian Multinationals in the New Global Order. International Journal of Indian Culture and Business Management, 1 (1/2), pp.136-150.
  • Demirbag, M.; Glaister, K.W. & Tatoglu, E. 2007. Institutional and Transaction Cost Influences on MNEs’ Ownership Strategies of their Affiliates: Evidence from an Emerging Market. Journal of World Business, 42, pp. 418-434.
  • Demirbag, M.; Tatoglu, E. & Glaister, K.W. 2008. Factors Affecting Perceptions of the Choice between Acquisiton and Greenfield Entry: The Case of Western FDI in an Emerging Market. Management International Review, 48 (1), pp.5-38.
  • Duanmu, J.L. & Guney, Y. 2009. A Panel Data Analysis of Locational Determinants of Chinese and Indian Outward Foreign Direct Investment. Journal of Asia Business Studies, 3 (2), pp.1-15.
  • Dunning, J. 1988. The Eclectic Paradigm of International Production: A Restatement and some Pos-sible Extensions. Journal of International Business Studies, 19 (1), pp.1-31.
  • Erramilli, M.K. & Rao, C.P. 1993. Service Firms’ International Entry-Mode Choice: A Modified Transaction-Cost Analysis Approach. Journal of Marketing, 57 (3), pp.19-38.
  • Estrin, S. 2002. Competition and Corporate Governance in Transition. Journal of Economic Perspective, 16 (1), pp.101-124.
  • Gammeltoft, P.; Pradhan, J.P. & Goldstein, A. 2010. Emerging Multinationals: Home and Host Country Determinants and Outcomes. International Journal of Emerging Markets, 5 (3-4), pp.254-265.
  • Gaur, A.S. & Kumar, V. 2009. International Diversification, Business Group Affiliation and Firm Performance: Empirical Evidence from India. British Journal of Management, 20, pp. 172-186.
  • Globerman, S. & Shapiro, D.M. 1999. The Impact of Government Policy on Foreign Direct Inves-tment: the Canadian Experience. Journal of International Business Studies, 30, pp.513-532.
  • Gomes-Casseres, B. 1990. Firm Ownership Preferences and Host Government Restrictions: An Integrated Aproach. Journal of International Business Studies, 21 (1), pp.1-22.
  • Harzing, A-W. 2002. Acquisitions versus Greenfields Investments: International Strategy and Management of Entry Modes. Strategic Management Journal, 23 (3), pp.211-227.
  • Hennart, J-H & Park, Y-R. 1993. Greenfield vs. Acquisitions: The Strategy of Japanese Investors in the United States. Management Science, 39 (9), pp.1054-1070.
  • Hofstede, G. 1980. Culture’s Consequences: International Differences in Work-related Values. Beverly Hills: Sage Publications.
  • Hofstede, G. 1983. The Cultural Relativity of Organizational Practices and Theories. Journal of International Business Studies, 14, pp.75-89.
  • Hofstede, G. 1989. Organising for Cultural Diversity. European Management Journal, 7 (4), pp.390-397.
  • Johanson, J. & Vahlne, J.E. 1977. The Internationalization Process of the Firm- A Model of Knowled-ge Development and Increasing Foreign Market Commitment. Journal of International Busi-ness Studies, 8, pp.22-32.
  • Johanson, J. & Vahlne, J.E. 1990. The Mechanism of Internationalisation. International Marketing Review, 7 (4), pp.11-24.
  • Kedia, B.L.; Mukherjee, D. & Lahiri, S. 2006. Indian Business Groups: Evolution and Transformation. Asia Pacific Journal of Management, 23 (4), pp.559-577.
  • Klein, S.; Frazier, G. L. & Roth, V. J. 1990. A Transaction Cost Analysis Model of Channel Integra-tion in International Markets. Journal of Marketing Research, 27 (2), pp.196-208.
  • Kogut, B. & Singh, U. 1988. The Effect of National Culture on the Choice of Entry Mode. Journal of International Business Studies, 19, pp.411-432.
  • Kogut, B. & Zander, U. 1993.Knowledge of the Firm and the Evolutionary Theory of the Multinational Corporation. Journal of International Business Studies, 24 (4), pp.625-645.
  • Kumar, N. 2007. Emerging TNCs: Trends, Patterns and Determinants of Outward FDI by Indian Enterprises. Transnational Corporations, 16 (1), pp.1-26.
  • Larimo, J. 2003. Form of Investment by Nordic Firms in World Markets. Journal of Business Re-search, 56, pp.791-803.
  • Lee, G.K. & Lieberman, M.B. 2010. Acquisition vs. Internal Development as Mode of Market Entry. Strategic Management Journal, 31, pp.140-158.
  • Li, J. 1995. Foreign Entry and Survival: Effects on Strategic Choices on Performance in International Markets. Strategic Management Journal, 16 (5), pp.333-351.
  • Lin, Z.; Peng, M.W.; Yang, H. & Sun, S.L. 2009. How do Networks and Learning Drive M&As? An Institutional Comparison between China and the United States. Strategic Management Journal, 30, nº 10, pp.1113-1132.
  • Luo, Y. & Peng, M.W. 1999. Learning to Compete in a Transition Economy: Experience, Environment, and Performance. Journal of International Business Studies, 30 (2), pp.269-296.
  • Madhok, A. 1997. Cost, Value and Foreign Market Entry Mode: the Transaction and the Firm. Strategic Management Journal, 18, pp.39-61.
  • Meyer, K.E. & Peng, M.W. 2005. Probing Theoretically into Central and Eastern Europe: Transactions, Resources, and Institutions. Journal of International Business Studies, 36 (6), pp.600-621.
  • Meyer, K.E. & Tran, Y.T.T. 2006. Market Penetration and Acquisition Strategies for Emerging Eco-nomies. Long Range Planning, 39 (2), pp.177-197.
  • Meyer, K.E.; Estrin, S.; Bhaumik, S.K. & Peng, M.W. 2009. Institutions, Resources, and Entry Strategies in Emerging Economies. Strategic Management Journal, 30, pp.61-80.
  • Morschett, D.; Schramm-Klein, H & Swoboda, B. 2010. Decades of Research on Market Entry Mo-des: What Do We Really Know about External Antecedents of Entry Mode Choice?. Journal of International Management, 16, pp.60-77.
  • Mudambi, R. & Mudambi, S.M. 2002. Diversification and Market Entry Choices in the Context of Foreign Direct Investment. International Business Review, 11, pp.35-55.
  • Nayyar, D. 2008. The Internationalization of Firms from India: Investment, Mergers and Acquisi-tions. Oxford Develpment Studies, 36 (1), pp.111-131.
  • OCDE 2001. Science, Tecnhology and Industry Scorecard 2001. Paris: OECD.
  • Peng, M.W.; Wang, D.Y.L. & Jiang, Y. 2008. An Institution-based View of International Business Strategy: A Focus on Emerging Economies. Journal of International Business Studies,39 (5), pp.920-936.
  • Porter, M.E. 1980. Competitive Strategy. Free Pres: New York.Pradhan, J.P. 2004. The Determinants of Outward Foreign Direct Investment: A Firm-level Analysis of Indian Manufacturing. Oxford Development Studies, 32 (4), pp.619-639.
  • Pradhan, J.P. 2008. Indian Direct Investment in Developed Regio. CBS Conference on Emerging Multinationals, Copenhagen Business School, Denmark.
  • Pradhan, J.P. & Abraham, V. 2004. Overseas Mergers and Acquisitions by Indian Enterprises: Pat-terns and Motivations. MPRA Paper nº 17076. Online at http://mpra.ub.uni-muenchen.de/17076/.
  • PRS 2009. International Country Risk Guide (ICRG). The Political Risk Services Group. http://www.prsgroup.com/. Accessed May 2009.
  • Quer, D.; Claver, E. & Rienda, L. 2007. The Impact of Country Risk and Cultural Distance on Entry Mode Choice: An Integrated Approach. Cross-Cultural Management: An International Journal, 14 (1), pp.74-87.
  • Rangan, U.S. & Parriño, J.D. 2008. Going Abroad through Acquisitions: An Exploratory Analysis of Indian Companies’ Recent International Expansion. International Journal of Indian Culture and Business Management, 1 (3), pp.335-353.
  • Sarala, R.M. & Vaara, E. 2010. Cultural Differences, Convergence, and Crossvergence as Expla-nations of Knowledge Transfer in International Acquisitions. Journal of International Business Studies, 41 (8), pp. 1365-1390.
  • Schneider, S.C. & De Meyer, A. 1991. Interpreting and Responding to Strategic Issues: The Impact of National Culture. Strategic Management Journal, 13 (4), pp.307-320.
  • Seth, A. 1990. Sources of Value Creation in Acquisition: An Empirical Investigation. Strategic Ma-nagement Journal, 11 (6), pp.431-447.
  • Singh, S. 2009. International Acquisitions by Indian Firms- Synergy, Agency or Hubris? AIB Annual Meeting, San Diego, California.
  • Singh, L. & Jain, V. 2009. Emerging Pattern of India’s Outward Foreign Direct Investment under Influence of State Policy: A Macro View. MPRA Paper nº 13439. Online at http://mpra.ub.uni-muenchen.de/13439/.
  • Slangen, A.H.L. 2006. National Cultural Distance and Initial Foreign Acquisition Performance: The Moderating Effect of Integration. Journal of World Business, 41, pp.161-170.
  • Slangen, A.H.L. & Hennart, J-F. 2008. Do Multinationals Really Prefer to Enter Culturally Distant Countries through Greenfields rather than through Acquisitions? The Role of Parent
  • Taylor, C.; Zou, S. & Osland, G. 1998. A Transaction Cost Perspective on Foreign Market Entry Strategies of US and Japanese Firms. Thunderbird International Business Review, 40 (4), pp.389-412.
  • Tihanyi, L.; Griffith, D.A. & Russell, C.J. 2005. The Effect of Cultural Distance on Entry Mode Choice, International Diversification, and MNE Performance: A Meta-analysis. Journal of Inter-national Business Studies, 36, pp. 270-283.
  • UNCTAD 2010. World Investment Report 2010. Investing in a Low-Carbon Economy. New York and Geneva: United Nations Conference on Trade and Development.
  • Wernerfeld, B. 1984. A Resource-based View of the Firm. Strategic Management Journal, 3, pp.171-180.Yip, G.P. 1982. Diversification Entry: Internal Development versus Acquisitions. Strategic Manage-ment Journal, 3 (4), pp.331-345.
  • Zaheer, S. 1995. Overcoming the Liability of Foreigness. Academy of Management Journal, 38, pp.341-363.
  • Zejan, M.C. 1990. New Ventures or Acquisitons. The Choice of Swedish Multinacional Enterprises. The Journal of Industrial Economics, 38 (3), pp.349-355.
  • Zhao, H.; Luo, Y. & Suh, T. 2004. Transaction Cost Determinants and Ownership-Based Entry Mode Choice: A Meta-Analytical Review. Journal of International Business Studies, 35, pp.524-544.
Fuente de los datos: Dialnet