Journal of International Business Studies?2023年第2期

Volume?54,?Issue?2, March 2023

——更多動(dòng)態(tài)，請(qǐng)持續(xù)關(guān)注gzh：理想主義的百年孤獨(dú)

1.Methodological challenges and insights for future international business research

未來(lái)國(guó)際商業(yè)研究的方法挑戰(zhàn)和見(jiàn)解

Herman Aguinis,?Donald Bergh?&?José F. Molina-Azorin?

Given the diverse, interdisciplinary, and multilevel nature of international business (IB) research, it is critical to address methodological challenges prior to data collection. Thus, we suggest thatan ounce of methodological prevention is worth a pound of cure. We describe the following challenges: (1) researching an important and relevant issue; (2) making meaningful theoretical progress; (3) recognizing, anticipating, and resolving dilemmas in research design and execution decisions; (4) integrating quantitative and qualitative research by using mixed methods; and (5) reducing the?“distal proxy fallacy”?through measurement error management. We then offer specific and actionable recommendations and implementation guidelines for authors, journal editors, and reviewers for addressing each of these methodological challenges with the overall goal of advancing IB theory.

鑒于國(guó)際商業(yè)(IB)研究的多樣性、跨學(xué)科和多層次性質(zhì)，在數(shù)據(jù)收集之前解決方法上的挑戰(zhàn)是至關(guān)重要的。因此，我們建議，一盎司的方法論預(yù)防抵得上一磅的治療。我們描述了以下挑戰(zhàn):(1)研究一個(gè)重要和相關(guān)的問(wèn)題;(2)取得有意義的理論進(jìn)展;(3)識(shí)別、預(yù)測(cè)和解決研究設(shè)計(jì)和執(zhí)行決策中的困境;(4)定量研究與定性研究相結(jié)合，采用混合研究方法;(5)通過(guò)測(cè)量誤差管理減少“遠(yuǎn)端代理謬誤”。然后，我們?yōu)樽髡摺⑵诳庉嫼蛯徃迦颂峁┚唧w的、可操作的建議和實(shí)施指南，以解決這些方法上的挑戰(zhàn)，推進(jìn)IB理論的總體目標(biāo)。

2.Cross-listing and price efficiency: An institutional explanation

交叉上市與價(jià)格效率:一種制度解釋

Natalia Diniz-Maganini,?Abdul A. Rasheed,?Mahmut Ya?ar?&?Hsia Hua Sheng?

Although many of the benefits of cross-listing have been examined in prior research, potential improvements in price efficiency have received less attention. We examine the differences in price efficiencies between American depositary receipts (ADRs) of foreign firms and the shares listed in their home markets. Based on multifractal detrended fluctuation analysis (MF-DFA) of the daily price of 200 ADRs and their domestically listed shares for the period from January 2010 to June 2019, we find that ADRs, in general, show greater price efficiency than their corresponding home market shares. Furthermore, our analysis shows that firms from civil law countries, firms from countries that have low levels of minority investor protection, and firms from emerging economies experience the greatest gains in price efficiency when they list their ADRs in the US compared to firms from common law countries, firms from countries with high levels of investor protection, and firms from developed countries. Furthermore, we also find that these efficiency improvements cannot be attributed to increases in liquidity. Instead, they can be mostly explained by institutional differences. Our results suggest that firms engage in institutional borrowing when their home-country markets are institutionally deficient.

盡管交叉上市的許多好處已經(jīng)在先前的研究中得到了檢驗(yàn)，但對(duì)價(jià)格效率的潛在改善卻很少受到關(guān)注。我們研究了外國(guó)公司的美國(guó)存托憑證(adr)與其在本國(guó)市場(chǎng)上市的股票之間的價(jià)格效率差異。通過(guò)對(duì)2010年1月至2019年6月期間200只美國(guó)存托憑證及其國(guó)內(nèi)上市股票的日價(jià)格進(jìn)行多重分形去趨勢(shì)波動(dòng)分析(MF-DFA)，我們發(fā)現(xiàn)美國(guó)存托憑證總體上表現(xiàn)出高于其國(guó)內(nèi)上市股票的價(jià)格效率。此外，我們的分析表明，與來(lái)自普通法國(guó)家、投資者保護(hù)水平較高的國(guó)家和發(fā)達(dá)國(guó)家的公司相比，來(lái)自大陸法系國(guó)家的公司、來(lái)自少數(shù)投資者保護(hù)水平較低的國(guó)家的公司和來(lái)自新興經(jīng)濟(jì)體的公司在美國(guó)上市時(shí)，其價(jià)格效率獲得了最大的收益。此外，我們還發(fā)現(xiàn)，這些效率的提高不能歸因于流動(dòng)性的增加。相反，它們大多可以用制度差異來(lái)解釋。我們的研究結(jié)果表明，當(dāng)企業(yè)的母國(guó)市場(chǎng)存在制度缺陷時(shí)，它們會(huì)進(jìn)行機(jī)構(gòu)借貸。

3.The?“l(fā)anguage”?of career success: The effects of English language competence on local employees’?career outcomes in foreign subsidiaries

職業(yè)成功的“語(yǔ)言”:英語(yǔ)語(yǔ)言能力對(duì)外國(guó)子公司本地員工職業(yè)結(jié)果的影響

Vesa Peltokorpi?

Multinational corporations often are multilingual entities, yet surprisingly little is known about how foreign-language competencies in their foreign subsidiaries are related to local employees’?career success outcomes. This paper uses human capital and upward mobility theories to link local employees’?English language competencies through career encouragement and internal social capital development behavior to job promotions, wage increases, and career satisfaction in two independent studies conducted in foreign subsidiaries in Japan. Study 1’s findings are derived from 499 local employees at three points in time over 12 months in 376 foreign subsidiaries. These findings suggest that career encouragement mediates the positive relationships between English language competence and job promotions, wage increases, and career satisfaction. Study 2’s findings are from a sample derived from 448 local employees in 265 foreign subsidiaries with a similar time-lagged research design. These findings provide further support for the direct relationship of English language competencies to job promotions, wage increases, and career satisfaction, and that social capital development mediates the positive relationships between English language competencies and job promotions and career satisfaction. This paper contributes to the literature on international business by highlighting the importance of English language competencies to local employees’?career success outcomes in foreign subsidiaries operating in non-English-speaking countries.

跨國(guó)公司通常是多語(yǔ)言實(shí)體，但令人驚訝的是，我們對(duì)其外國(guó)子公司的外語(yǔ)能力與當(dāng)?shù)貑T工的職業(yè)成功結(jié)果之間的關(guān)系知之甚少。本文運(yùn)用人力資本和向上流動(dòng)理論，通過(guò)在日本的外國(guó)子公司進(jìn)行的兩項(xiàng)獨(dú)立研究，將當(dāng)?shù)貑T工通過(guò)職業(yè)鼓勵(lì)和內(nèi)部社會(huì)資本發(fā)展行為獲得的英語(yǔ)語(yǔ)言能力與職位晉升、工資增長(zhǎng)和職業(yè)滿意度聯(lián)系起來(lái)。研究1的結(jié)果來(lái)自于499名當(dāng)?shù)貑T工在376家外國(guó)子公司12個(gè)月內(nèi)的三個(gè)時(shí)間點(diǎn)。這些研究結(jié)果表明，職業(yè)鼓勵(lì)在英語(yǔ)語(yǔ)言能力與工作晉升、工資增長(zhǎng)和職業(yè)滿意度之間起著正相關(guān)的中介作用。研究2的結(jié)果來(lái)自265家外國(guó)子公司的448名當(dāng)?shù)貑T工的樣本，采用了類(lèi)似的滯后研究設(shè)計(jì)。這些發(fā)現(xiàn)進(jìn)一步支持了英語(yǔ)語(yǔ)言能力與職位晉升、工資增長(zhǎng)和職業(yè)滿意度之間的直接關(guān)系，以及社會(huì)資本發(fā)展在英語(yǔ)語(yǔ)言能力與職位晉升和職業(yè)滿意度之間的正向關(guān)系中起中介作用。本文通過(guò)強(qiáng)調(diào)英語(yǔ)語(yǔ)言能力對(duì)在非英語(yǔ)國(guó)家運(yùn)營(yíng)的外國(guó)子公司中當(dāng)?shù)貑T工職業(yè)成功結(jié)果的重要性，為國(guó)際商業(yè)文獻(xiàn)做出了貢獻(xiàn)。

4.The performance of active investment positions in foreign markets

海外市場(chǎng)活躍投資頭寸的表現(xiàn)

Mark Fedenia,?Hilla Skiba?&?Tatyana Sokolyk?

We analyze whether cross-national distance between professional money managers and the positions they take in foreign markets affects investment performance. Out of four dimensions of cross-national distance (geography, culture, business climate, and industry), we find that only cultural distance inversely relates to portfolio performance. Investors earn higher returns in culturally similar foreign markets when market conditions in these countries are favorable. Our results show that the culture-based patterns in foreign portfolio allocations are associated with an information advantage and suggest that multinational corporate decisions influenced by culture increase firm value.

我們分析了專(zhuān)業(yè)基金經(jīng)理與他們?cè)趪?guó)外市場(chǎng)所持頭寸之間的跨國(guó)距離是否會(huì)影響投資業(yè)績(jī)。在跨國(guó)距離的四個(gè)維度(地理、文化、商業(yè)環(huán)境和行業(yè))中，我們發(fā)現(xiàn)只有文化距離與投資組合績(jī)效呈負(fù)相關(guān)。在文化相似的外國(guó)市場(chǎng)，當(dāng)這些國(guó)家的市場(chǎng)條件有利時(shí)，投資者可以獲得更高的回報(bào)。我們的研究結(jié)果表明，海外投資組合配置中基于文化的模式與信息優(yōu)勢(shì)相關(guān)，并表明受文化影響的跨國(guó)公司決策增加了公司價(jià)值。

5.In vino vanitas: Social dynamics and performance of Chinesechateau?acquisitions in the Bordeaux vineyards

紅酒虛空:中國(guó)chateau收購(gòu)波爾多葡萄園的社會(huì)動(dòng)態(tài)和表現(xiàn)

Alexandre Bohas?&?Pierre-Xavier Meschi?

This paper seeks to identify the social dynamics underlying?″socially driven″?acquisitions and their effect on post-acquisition performance. Drawing on research into social stratification, we formulate hypotheses on how these socially driven acquisitions perform in relation to both the position held by the acquirers’?top managers (CEOs and owners) in the social hierarchy and the extent to which the acquisition context is socially loaded (prestigious). We examine these hypotheses empirically using a sample of 123 Bordeauxchateaux?acquired by Chinese companies between 2008 and 2015. Our results show that social dynamics substantially influence post-acquisition performance: socially driven acquisitions can lead to positive performance when their aim is (social) status enhancement, while those that target elite-membership reassertion, defined as conspicuous acquisitions, perform less well. These results encourage the acquisition literature to reconsider the assumed negative post-acquisition performance of self-interest acquisitions. The paper also proposes a broad view of acquisitions, which includes social dynamics.

本文旨在識(shí)別″社會(huì)驅(qū)動(dòng)的″收購(gòu)背后的社會(huì)動(dòng)力及其對(duì)收購(gòu)后績(jī)效的影響。根據(jù)對(duì)社會(huì)分層的研究，我們提出了關(guān)于這些社會(huì)驅(qū)動(dòng)型收購(gòu)如何與收購(gòu)方的最高管理者(ceo和所有者)在社會(huì)等級(jí)中的地位以及收購(gòu)背景在多大程度上具有社會(huì)負(fù)載(聲望)之間表現(xiàn)相關(guān)的假設(shè)。我們以2008年至2015年間中國(guó)企業(yè)收購(gòu)的123瓶波爾多葡萄酒chateaux為樣本，實(shí)證檢驗(yàn)了這些假設(shè)。我們的研究結(jié)果表明，社會(huì)動(dòng)態(tài)在很大程度上影響了收購(gòu)后的績(jī)效:當(dāng)社會(huì)驅(qū)動(dòng)型收購(gòu)的目標(biāo)是提高(社會(huì))地位時(shí)，可以帶來(lái)積極的績(jī)效，而那些以精英成員身份為目標(biāo)的收購(gòu)(被定義為炫耀性收購(gòu))表現(xiàn)不佳。這些結(jié)果鼓勵(lì)收購(gòu)文獻(xiàn)重新考慮自利收購(gòu)的負(fù)面收購(gòu)后績(jī)效。本文還提出了一個(gè)廣泛的收購(gòu)觀點(diǎn)，其中包括社會(huì)動(dòng)態(tài)。

6.The impact of cultural tightness on the relationship between structural holes, tie strength, and creativity

文化緊密度對(duì)結(jié)構(gòu)孔、紐帶強(qiáng)度和創(chuàng)造力之間關(guān)系的影響

Céline Flipo,?Pier Vittorio Mannucci?&?Kevyn Yong?

Social networks have gained increased attention as a lens to understand employee creativity around the world. We propose that a complete understanding of whether and when structural holes and tie strength are conducive to creativity requires considering the cultural tightness of the country in which individual creators are embedded. Building on the diversity–bandwidth trade-off identified in network research, we theorize that, in culturally tight countries, where knowledge diversity is the primary need, structural holes and low tie strength (i.e., network characteristics that provide knowledge diversity) have a stronger positive effect. Conversely, in culturally loose countries, where knowledge bandwidth is the primary need, cohesive networks and higher tie strength (i.e., network characteristics providing knowledge bandwidth) are more likely to enhance creativity. We find evidence in support of these predictions using meta-analytic data synthesizing more than 30years of research. These findings point to the importance of considering the tightness of cultural context when constructing networking actions and strategies to foster individual creativity.

作為了解世界各地員工創(chuàng)造力的一個(gè)視角，社交網(wǎng)絡(luò)已獲得越來(lái)越多的關(guān)注。我們建議，要完全理解結(jié)構(gòu)孔和紐帶強(qiáng)度是否以及何時(shí)有利于創(chuàng)造力，需要考慮個(gè)體創(chuàng)造者所嵌入的國(guó)家的文化緊密性?；诰W(wǎng)絡(luò)研究中確定的多樣性-帶寬權(quán)衡，我們從理論上認(rèn)為，在文化緊密的國(guó)家，知識(shí)多樣性是主要需求，結(jié)構(gòu)漏洞和低聯(lián)系強(qiáng)度(即提供知識(shí)多樣性的網(wǎng)絡(luò)特征)具有更強(qiáng)的積極影響。相反，在文化寬松的國(guó)家，知識(shí)帶寬是主要需求，有凝聚力的網(wǎng)絡(luò)和更高的聯(lián)系強(qiáng)度(即提供知識(shí)帶寬的網(wǎng)絡(luò)特征)更有可能增強(qiáng)創(chuàng)造力。我們利用綜合了30多年研究的元分析數(shù)據(jù)，找到了支持這些預(yù)測(cè)的證據(jù)。這些發(fā)現(xiàn)表明，在構(gòu)建培養(yǎng)個(gè)人創(chuàng)造力的網(wǎng)絡(luò)行動(dòng)和策略時(shí)，考慮文化背景的緊密性是非常重要的。

7.Event studies in international finance research

國(guó)際金融研究中的事件研究

Sadok El Ghoul,?Omrane Guedhami,?Sattar A. Mansi?&?Oumar Sy?

Event studies are widely used in finance research to investigate the implications of announcements of corporate initiatives, regulatory changes, or macroeconomic shocks on stock prices. These studies are often used in a single-country setting (usually the U.S.), but little work has yet been conducted in an international context, perhaps due to the complexities inherent in implementing cross-country studies. This paper explores the methodological challenges of conducting event studies in international finance research. We emphasize how scholars should choose an event, select the study period (short vs. long term), estimate abnormal returns, infer statistically whether the event under consideration produces a reliable price reaction, and explore the role of formal and informal institutions in explaining cross-country differences in price reactions. We also provide an extension of event studies to an important but less studied asset class in an international setting–?the fixed-income market. We conclude by offering practical recommendations for researchers conducting cross-country finance event studies and identifying opportunities for future research. Given the increasing number of global events, such as the COVID-19 pandemic, Brexit, and the Paris and Trans-Pacific Partnership agreements, we believe our paper is especially timely.

事件研究被廣泛應(yīng)用于金融研究，以調(diào)查公司舉措、監(jiān)管變化或宏觀經(jīng)濟(jì)沖擊對(duì)股價(jià)的影響。這些研究通常用于單個(gè)國(guó)家(通常是美國(guó))，但在國(guó)際背景下進(jìn)行的工作很少，可能是由于實(shí)施跨國(guó)研究固有的復(fù)雜性。本文探討了在國(guó)際金融研究中進(jìn)行事件研究的方法挑戰(zhàn)。我們強(qiáng)調(diào)學(xué)者應(yīng)該如何選擇一個(gè)事件，選擇研究周期(短期與長(zhǎng)期)，估計(jì)異常收益，從統(tǒng)計(jì)上推斷所考慮的事件是否會(huì)產(chǎn)生可靠的價(jià)格反應(yīng)，并探討正式和非正式制度在解釋價(jià)格反應(yīng)的跨國(guó)差異方面的作用。我們還將事件研究擴(kuò)展到國(guó)際環(huán)境中一個(gè)重要但研究較少的資產(chǎn)類(lèi)別——固定收益市場(chǎng)。最后，我們?yōu)檠芯咳藛T進(jìn)行跨國(guó)金融事件研究和確定未來(lái)研究的機(jī)會(huì)提供了實(shí)用的建議。鑒于全球事件越來(lái)越多，如新冠肺炎大流行、英國(guó)脫歐以及《巴黎協(xié)定》和《跨太平洋伙伴關(guān)系協(xié)定》，我們認(rèn)為這篇論文尤其及時(shí)。

8.Registration at founding and firm performance: Generalization and extension replication from global data

注冊(cè)成立和公司業(yè)績(jī):從全球數(shù)據(jù)推廣和擴(kuò)展復(fù)制

Arzi Adbi?&?Devanshee Shukla?

The decision to not register an enterprise at its founding is pervasive globally, even though research has shown that nonregistration at founding may adversely influence the performance of legally registered businesses (hereinafter called firms). In this?“generalization and extension”?study, we extend the literature on the registration–performance relationship by (a) documenting the heterogeneity across countries in the effect of registration at founding on firm performance of legally registered businesses and (b) examining potential reasons driving this heterogeneity. Building upon the legitimacy-based view, we replicate the work of Assenova and Sorenson (Organ Sci 28(5):804–818, 2017), who analyzed enterprise-level data on 12,146 firms across 18 countries in sub-Saharan Africa. To test for generalizability, we analyze enterprise-level data on 134,198 firms across 143 countries. Our analyses reveal that the positive effect of registration at founding on firm performance successfully replicates in sub-Saharan Africa. However, there is remarkable heterogeneity across countries globally. We find that the country’s regulatory burden and market openness moderate the effect of registration at founding. Lower regulatory burden and greater openness of the country’s markets substantially strengthen the positive effect of the decision to register at founding on firm performance.

企業(yè)成立時(shí)不注冊(cè)的決定在全球普遍存在，盡管研究表明，在成立時(shí)不注冊(cè)可能會(huì)對(duì)合法注冊(cè)的企業(yè)(以下稱(chēng)為公司)的業(yè)績(jī)產(chǎn)生不利影響。在這項(xiàng)“概括和擴(kuò)展”研究中，我們通過(guò)以下方式擴(kuò)展了關(guān)于注冊(cè)-績(jī)效關(guān)系的文獻(xiàn):(a)記錄了注冊(cè)對(duì)合法注冊(cè)企業(yè)企業(yè)績(jī)效影響的各國(guó)異質(zhì)性，以及(b)研究導(dǎo)致這種異質(zhì)性的潛在原因。在基于合法性的觀點(diǎn)的基礎(chǔ)上，我們重復(fù)了Assenova和Sorenson的工作(器官科學(xué)28(5):804 - 818,2017)，他們分析了撒哈拉以南非洲18個(gè)國(guó)家12146家公司的企業(yè)數(shù)據(jù)。為了測(cè)試普遍性，我們分析了143個(gè)國(guó)家的134,198家公司的企業(yè)級(jí)數(shù)據(jù)。我們的分析顯示，在撒哈拉以南非洲地區(qū)成功復(fù)制了注冊(cè)對(duì)企業(yè)績(jī)效的積極影響。然而，全球各國(guó)之間存在著顯著的異質(zhì)性。研究發(fā)現(xiàn)，國(guó)家的監(jiān)管負(fù)擔(dān)和市場(chǎng)開(kāi)放程度對(duì)注冊(cè)的影響有調(diào)節(jié)作用。較低的監(jiān)管負(fù)擔(dān)和國(guó)家市場(chǎng)的更大程度的開(kāi)放，大大加強(qiáng)了在成立時(shí)注冊(cè)的決定對(duì)公司業(yè)績(jī)的積極影響。

9.Income inequality, social cohesion, and crime against businesses: Evidence from a global sample of firms

Sorin M. S. Krammer,?Addisu A. Lashitew,?Jonathan P. Doh?&?Hari Bapuji??

收入不平等、社會(huì)凝聚力和針對(duì)企業(yè)的犯罪:來(lái)自全球企業(yè)樣本的證據(jù)

Rising inequality is one of the grand societal challenges of our time. Yet, its effects on firms?–?including multinational enterprises (MNEs)?–?and their operations have not been widely examined by IB scholars. In this study, we posit that income inequality within a country is positively associated with the incidence and severity of crime experienced by businesses. Further, we propose that this relationship will be negatively moderated by social cohesion (in the form of greater societal trust and lower ethno-linguistic fractionalization) in these countries, such that social cohesion helps to offset the negative impacts of inequality on crime against businesses. We test these hypotheses using a comprehensive data set of 114,000 firms from 122 countries and find consistent support for our theses. Our findings, which are robust to different alternative variables, model specifications, instrumentation, and estimation techniques, unpack the intricate ways through which inequality affects businesses worldwide and the associated challenges to MNEs. They also offer important managerial and policy insights regarding the consequences of inequality and potential mitigation mechanisms.

日益加劇的不平等是我們這個(gè)時(shí)代面臨的重大社會(huì)挑戰(zhàn)之一。然而，它對(duì)公司(包括跨國(guó)企業(yè))及其運(yùn)營(yíng)的影響尚未得到IB學(xué)者的廣泛研究。在這項(xiàng)研究中，我們假設(shè)一個(gè)國(guó)家內(nèi)的收入不平等與企業(yè)經(jīng)歷的犯罪的發(fā)生率和嚴(yán)重程度呈正相關(guān)。此外，我們提出，在這些國(guó)家，這種關(guān)系將被社會(huì)凝聚力(以更大的社會(huì)信任和更低的種族-語(yǔ)言分餾的形式)負(fù)向緩和，這樣社會(huì)凝聚力有助于抵消不平等對(duì)企業(yè)犯罪的負(fù)面影響。我們使用來(lái)自122個(gè)國(guó)家的114,000家公司的綜合數(shù)據(jù)集來(lái)檢驗(yàn)這些假設(shè)，并為我們的論點(diǎn)找到了一致的支持。我們的研究結(jié)果對(duì)不同的替代變量、模型規(guī)范、儀器儀表和估計(jì)技術(shù)都具有魯棒性，揭示了不平等影響全球企業(yè)的復(fù)雜方式以及跨國(guó)公司面臨的相關(guān)挑戰(zhàn)。它們還就不平等的后果和潛在的緩解機(jī)制提供了重要的管理和政策見(jiàn)解。