Hostname: page-component-8448b6f56d-c4f8m Total loading time: 0 Render date: 2024-04-19T13:25:20.586Z Has data issue: false hasContentIssue false
  • English
  • Français

Strategic Configurations and International Performance of Emerging Economy Multinationals

Published online by Cambridge University Press:  21 September 2021

Yi Li Open the ORCID record for Yi Li [Opens in a new window] ,
Lin Cui ,
Klaus E. Meyer Open the ORCID record for Klaus E. Meyer [Opens in a new window]  and
Di Fan
Yi Li*
Affiliation:
The University of Sydney, Australia
Lin Cui
Affiliation:
The Australian National University, Australia
Klaus E. Meyer
Affiliation:
University of Western Ontario, Canada
Di Fan
Affiliation:
Swinburne University of Technology, Australia
*
Corresponding author: Yi Li (yi.li2@sydney.edu.au)
Get access Rights & Permissions [Opens in a new window]

Abstract

This study examines the international performance of emerging economy multinational enterprises (EMNEs) from a strategic configuration perspective. We propose that the strategic patterns of EMNEs that deliver growth and/or profitability are characterized by different configurations of environment, strategy, and managerial resource factors. Therefore, identifying and assessing strategic configurations is key to understanding EMNEs’ international performance. Employing fuzzy-set qualitative comparative analysis, we analyze a multi-sourced dataset of Chinese firms’ outward investment and identify multiple equifinal strategic configurations that are associated with superior international performance in terms of sales growth and/or profitability. These findings inform the development of a taxonomy of EMNEs’ strategic configurations corresponding with three performance groups, namely profitable growth, profitable niche, and poor performers.

摘要

本研究根据战略配置的观点来探讨新兴市场的企业国际化绩效问题。根据环境、战略与管理资源因素来进行不同的战略配置，新兴市场的企业可以实现不同的国际化市场与利润增长目标。因此，识别与评估战略配置成为理解新兴市场中的企业国际化绩效的关键一环。本研究引入模糊集定性比较方法，对中国上市企业海外投资样本进行分析，并从中识别出多类高国际化绩效战略配置。本研究的结果指出了开发新兴市场企业战略配置分类体系的必要性，并具体提出了三种类别的战略配置—绩效相关组态。它们分别是（1）高利润市场增长组态，（2）高利润细分市场组态，（3）低绩效组态。

Keywords

Chinese outward FDIfuzzy-set qualitative comparative analysis (fsQCA)international growthprofitabilitystrategic configuration中国企业对外直接投资模糊集定性比较方法国际化市场增长盈利能力战略配置
Type
Article
Information
Management and Organization Review , Volume 18 , Issue 5 , October 2022 , pp. 924 - 957
Copyright
Copyright © The Author(s), 2021. Published by Cambridge University Press on behalf of The International Association for Chinese Management Research

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

ACCEPTED BY Editor-in-Chief Arie Y. Lewin

The data and materials are available at <https://osf.io/u7mfe/>.

References

REFERENCES

Aldrich, H. 1979. Organizations and environments. Englewood Cliffs, NJ: Prentice-Hall.Google Scholar
Alexiev, A. S., Jansen, J. J. P., Bosch, F. A., & Volberda, H. W. 2010. Top management team advice seeking and exploratory innovation: the moderating role of TMT heterogeneity. Journal of Management Studies, 47(7): 1343–1364.Google Scholar
Aybar, B., & Ficici, A. 2009. Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8): 1317–1338.CrossRefGoogle Scholar
Barkema, H. G., & Drogendijk, R. 2007. Internationalizing in small, incremental or large steps? Journal of International Business Studies, 38: 1132–1148.CrossRefGoogle Scholar
Bartlett, C., & Ghoshal, S. 1989. Managing across borders, 1st ed. Boston: Harvard Business School Press.Google Scholar
Bell, R. G., Filatotchev, I., & Aguilera, R. V. 2014. Corporate governance and investors’ perceptions of foreign IPO value: An institutional perspective. Academy of Management Journal, 57(1): 301–320.CrossRefGoogle Scholar
Bird, A., & Mendenhall, M. E. 2016. From cross-cultural management to global leadership: Evolution and adaptation. Journal of World Business, 51(1): 115–126.Google Scholar
Birkinshaw, J. M. 1997. Entrepreneurship in multinational corporations: The characteristics of subsidiary initiatives. Strategic Management Journal, 18(3): 207–229.3.0.CO;2-Q>CrossRefGoogle Scholar
Birkinshaw, J. M., & Morrison, A. J. 1995. Configurations of strategy and structure in subsidiaries of multinational corporations. Journal of International Business Studies, 26(4): 729–753.CrossRefGoogle Scholar
Birkinshaw, J. M., Ambos, T. C., & Bouquet, C. 2017. Boundary spanning activities of corporate HQ executives insights from a longitudinal study. Journal of Management Studies, 54(4): 422–454.CrossRefGoogle Scholar
Boeker, W., & Wiltbank, R. 2005. New venture evolution and managerial capabilities. Organization Science, 16: 123–133.CrossRefGoogle Scholar
Brewster, C., Bonache, J., Cerdin, J. L., & Suutari, V. 2014. Exploring expatriate outcomes. International Journal of Human Resource Management, 25(14): 1921–1937.Google Scholar
Buckley, P. J., Clegg, L. J., Cross, A. R., Liu, X., Voss, H., & Zheng, P. 2007. The determinants of Chinese outward foreign direct investment. Journal of International Business Studies, 38: 499–518.CrossRefGoogle Scholar
Buckley, P. J., Clegg, L. J., Cross, A. R., Liu, X., Voss, H., & Zheng, P. 2018. A retrospective and agenda for future research on Chinese outward foreign direct investment. Journal of International Business Studies, 49: 4–23.CrossRefGoogle Scholar
Buckley, P. J., Elia, S., & Kafouros, M. 2014. Acquisitions by emerging market multinationals: Implications for firm performance. Journal of World Business, 49(4): 611–632.CrossRefGoogle Scholar
Buckley, P. J., Sutherland, D., Voss, H., & El-Gohari, A. 2015. The economic geography of offshore incorporation in tax havens and offshore financial centres: The case of Chinese MNEs. Journal of Economic Geography, 15(1): 103–128.CrossRefGoogle Scholar
Burton, R. M., Lauridsen, J., & Obel, B. 2002. Return on assets loss from situational and contingency misfits. Management Science, 48(11): 1461–1485.CrossRefGoogle Scholar
Buyl, T., Boone, C., Hendriks, W., & Matthyssens, P. 2011. Top management team functional diversity and firm performance: the moderating role of CEO characteristics. Journal of Management Studies, 48(1): 151–177.CrossRefGoogle Scholar
Campbell, J. T., Sirmon, D., & Schijven, M. 2016. Fuzzy logic and the market: A configurational approach to investor perceptions of acquisition announcements. Academy of Management Journal, 59(1): 163–187.CrossRefGoogle Scholar
Carpenter, M. A., & Fredrickson, J. W. 2001. Top management teams, global strategic posture, and the moderating role of uncertainty. Academy of Management Journal, 44(3): 533–545.CrossRefGoogle Scholar
CCPIT. 2011. Survey on current conditions and intention of outbound investment by Chinese enterprises. Beijing: China Council for the Promotion of International Trade.Google Scholar
Chang, S. J., & Rosenzweig, P. M. 1998. Industry and regional patterns in sequential foreign market entry. Journal of Management Studies, 35(6): 797–821.CrossRefGoogle Scholar
Chen, G., Liu, C., & Tjosvold, D. 2010. Conflict management for effective top management teams and innovation in China. Journal of Management Studies, 42(2): 277–300.CrossRefGoogle Scholar
Chitoor, R., Sarkar, M. B., Ray, S., & Aulakh, P. S. 2009. Third-world copycats to emerging multinationals: Institutional changes and organizational transformation in the Indian pharmaceutical industry. Organization Science, 20(1): 187–205.CrossRefGoogle Scholar
Clougherty, J. A., Jin, U. K., Skousen, B. R., & Szücs, F. 2017. The foundations of international business: Cross-border investment activity and the balance between market–power and efficiency effects. Journal of Management Studies, 54(3): 340–365.CrossRefGoogle Scholar
Crilly, D. 2011. Predicting stakeholder orientation in the multinational enterprise: A mid-range theory. Journal of International Business Studies, 42: 694–717.CrossRefGoogle Scholar
Cuervo-Cazurra, A., & Genc, M. E. 2011. Obligating, pressuring, and supporting dimensions of the environment and the non-market advantages of developing-country multinational companies. Journal of Management Studies, 48(2): 441–455.CrossRefGoogle Scholar
Cui, L., Fan, D., Liu, X., & Li, Y. 2017. Where to seek strategic assets for competitive catch-up? A configurational study of emerging multinational enterprises expanding into foreign strategic factor markets. Organization Studies, 38(8): 1059–1083.CrossRefGoogle Scholar
Cui, L., Li, Y., Meyer, K. E., & Li, Z. 2015. Leadership experience meets ownership structure: Returnee managers and internationalization of emerging economy firms. Management International Review, 55: 355–387.CrossRefGoogle Scholar
Cui, L., Meyer, K. E., & Hu, H. W. 2014. What drives firms intent to seek strategic assets by foreign direct investment? A study of emerging economy firms. Journal of World Business, 49(4): 488–501.CrossRefGoogle Scholar
Delery, J. E., & Doty, D. H. 1996. Modes of theorizing in strategic human resource management: Tests of universalistic, contingency, and configurational performance predictions. Academy of Management Journal, 39(4): 802–835.CrossRefGoogle Scholar
Dunning, J. H. 1993. International direct investment patterns. In Oxelheim, L. (Ed.), The global race for foreign direct investment: 107–132. Berlin, Heidelberg: Springer.CrossRefGoogle Scholar
Dwivedi, P., Joshi, A., & Misangyi, V. F. 2018. Gender-inclusive gatekeeping: How (mostly male) predecessors influence the success of female CEOs. Academy of Management Journal, 61(2): 379–404.CrossRefGoogle Scholar
Epstein, J., Duerr, D., Kenworthy, L., & Ragin, C. 2008. Comparative employment performance: A fuzzy-set analysis. In Kenworth, L., & Hicks, A. (Eds.), Method and substance in macrocomparative analysis: 67–90. Basingstoke, UK: Palgrave Macmillan.CrossRefGoogle Scholar
Eriksson, K., Johanson, J., Majkgard, A., & Sharma, D. D. 1997. Experiential knowledge and cost in the internationalization process. Journal of International Business Studies, 28: 337–360.CrossRefGoogle Scholar
Estrin, S., Meyer, K. E., & Pelletier, A. 2018. Emerging economy MNEs: How does home country munificence matter? Journal of World Business, 53(4): 514–528.CrossRefGoogle Scholar
Fainshmidt, S., Wenger, L., Pezeshkan, A., & Mallon, M. R. 2019. When do dynamic capabilities lead to competitive advantage? The importance of strategic fit. Journal of Management Studies, 56(4): 758–787.CrossRefGoogle Scholar
Filatotchev, L., Liu, X., Buck, T., & Wright, M. 2009. The export orientation and export performance of high-technology SMEs in emerging markets: The effects of knowledge transfer by returnee entrepreneurs. Journal of International Business Studies, 40: 1005–1020.CrossRefGoogle Scholar
Fiss, P. C. 2007. A set-theoretic approach to organisational configurations. Academy of Management Review, 32(4): 1180–1198.CrossRefGoogle Scholar
Fiss, P. C. 2011. Building better causal theories: A fuzzy set approach to typologies in organisation research. Academy of Management Journal, 54(2): 393–420.CrossRefGoogle Scholar
Fiss, P. C., Marx, A., & Cambré, B. 2013. Introduction. In Fiss, P. C., Cambré, B., & Marx, A. (Eds.), Configurational theory and methods in organizational research: 1–22. Bingley, UK: Emerald Group Publishing.CrossRefGoogle Scholar
Ghemawat, P. 2007. Redefining global strategy. Boston: Harvard Business School Press.Google Scholar
Ghoshal, S., & Nohria, N. 1993. Horses for courses: Organizational forms for multinational corporations. MIT Sloan Management Review, 34(2): 23–35.Google Scholar
Guillén, M. 2001. Is globalization civilizing, destructive or feeble? A critique of five key debates in the social science literature. American Review of Sociology, 27: 235–260.CrossRefGoogle Scholar
Guo, W., Clougherty, J. A., & Duso, T. 2016. Why are Chinese MNES not financially competitive in cross-border acquisitions? The role of state ownership. Long Range Planning, 49(5): 614–631.CrossRefGoogle Scholar
Hamann, P. M., Schiemann, F., Bellora, L., & Guenther, T. W. 2013. Exploring the dimensions of organizational performance: A construct validity study. Organizational Research Methods, 16(1): 67–87.Google Scholar
Haxhi, I., & Aguilera, R. V. 2017. An institutional configurational approach to cross-national diversity in corporate governance. Journal of Management Studies, 54(3): 261–303.CrossRefGoogle Scholar
Helfat, C. E., & Martin, J. A. 2014. Dynamic managerial capabilities: Review and assessment of managerial impact on strategic change. Journal of Management, 41(5): 1–32.Google Scholar
Hennart, J. F. 2011. A theoretical assessment of the empirical literature on the impact of multinationality on performance. Global Strategy Journal, 1(1–2): 135–151.CrossRefGoogle Scholar
Hitt, M., Hoskisson, R., & Kim, H. 1997. International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4): 767–798.CrossRefGoogle Scholar
Hoskisson, R. E., Wright, M., Filatotchev, I., & Peng, M. W. 2013. Emerging multinationals from mid-range economies: The influence of institutions and factor markets. Journal of Management Studies, 50(7): 1295–1321.Google Scholar
Johansson, J., & Yip, G. 1994. Exploiting globalization potential: U.S. and Japanese strategies. Strategic Management Journal, 15(8): 579–601.CrossRefGoogle Scholar
Judge, W. Q., Fainshmidt, S., & Brown, J. L. III 2014. Which model of capitalism best delivers both wealth and equality? Journal of International Business Studies, 45: 363–386.CrossRefGoogle Scholar
Judge, W. Q., Hu, H. W., Gabrielsson, J., Talaulicar, T., Witt, M. A., Zattoni, A., López-Iturriaga, F., Chen, J. J., Shukla, D., Quttainah, M., Adegbite, E., Rivas, J. L., & Kibler, B. 2015. Configurations of capacity for change in entrepreneurial threshold firms: Imprinting and strategic choice perspectives. Journal of Management Studies, 52(4): 506–530.CrossRefGoogle Scholar
Kim, K., Park, J. H., & Prescott, J. E. 2003. The global integration of business functions. Journal of International Business Studies, 34: 327–344.CrossRefGoogle Scholar
Kim, M. 2013. Many roads lead to Rome: Implications of geographic scope as a source of isolating mechanisms. Journal of International Business Studies, 44: 898–921.CrossRefGoogle Scholar
Kimberly, J. R., & Rottman, D. B. 1987. Environment, organization and effectiveness: A biographical approach. Journal of Management Studies, 24(6): 595–622.CrossRefGoogle Scholar
Kobrin, S. J. 1991. An empirical analysis of the determinants of global integration. Strategic Management Journal, 12: 17–31.CrossRefGoogle Scholar
Kogut, B. 1985. Designing global strategies: Comparative and competitive value added chains part 1. Sloan Management Review, 27: 15–28.Google Scholar
Kor, Y. Y., & Mesko, A. 2013. Dynamic managerial capabilities: Configuration and orchestration of top executives’ capabilities and the firm's dominant logic. Strategic Management Journal, 34(2): 233–244.CrossRefGoogle Scholar
Lee, H. U., & Park, J. H. 2008. The influence of top management team international exposure on international alliance formation. Journal of Management Studies, 45(5): 961–981.CrossRefGoogle Scholar
Li, J., Meyer, K. E., Zhang, H., & Ding, Y. 2017. Diplomatic and corporate networks: Bridges to foreign locations. Journal of International Business Studies, 49: 659–693.CrossRefGoogle Scholar
Li, P. 2018. Top management team characteristics and firm internationalization: The moderating role of the size of middle managers. International Business Review, 27(1): 125–138.CrossRefGoogle Scholar
Li, Y. 2021. Dataset, variable information and fsQCA testing results for MOR 2021. Available from URL: https://osf.io/u7mfe/Google Scholar
Li, Y., & Cui, L. 2018. The influence of top management team on Chinese firms FDI ambidexterity. Management and Organization Review, 14(3): 513–542.CrossRefGoogle Scholar
Lovelace, K., Shapiro, D. L., & Weingart, L. R. 2001. Maximizing cross-functional new product teams’ innovativeness and constraint adherence: A conflict communications perspective. Academy of Management Journal, 44(4): 779–793.CrossRefGoogle Scholar
Lu, J., Liu, X., Wright, M., & Filatotchev, I. 2014. International experience and FDI location choices of Chinese firms: The moderating effects of home country government and host country institutions. Journal of International Business Studies, 45: 428–449.CrossRefGoogle Scholar
Lu, Y., Zhou, L., Bruton, G., & Li, W. 2010. Capabilities as a mediator linking resources and the international performance of entrepreneurial firms in an emerging economy. Journal of International Business Studies, 41(3): 419–436.CrossRefGoogle Scholar
Luo, Y., & Park, S. H. 2001. Strategic alignment and performance of market-seeking MNCs in China. Strategic Management Journal, 22(2): 141–155.3.0.CO;2-O>CrossRefGoogle Scholar
Luo, Y., & Rui, H. 2009. An ambidexterity perspective toward multinational enterprises from emerging economies. Academy of Management Perspective, 23(4): 49–70.CrossRefGoogle Scholar
Luo, Y., & Tung, R. 2007. International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4): 481–498.CrossRefGoogle Scholar
Luo, Y., & Tung, R. 2018. A general theory of springboard MNEs. Journal of International Business Studies, 49: 291–152.CrossRefGoogle Scholar
Makadok, R., & Barney, J. B. 2001. Strategic factor market intelligence: An application of information economics to strategy formulation and competitor intelligence. Management Science, 47(12): 1621–1638.Google Scholar
McCarthy, K. J., Dolfsma, W., & Weitzel, U. 2016. The first global merger wave and the enigma of Chinese performance. Management and Organization Review, 12(2): 221–248.CrossRefGoogle Scholar
Meyer, A. D., Tsui, A. S., & Hinings, C. R. 1993. Configurational approaches to organizational analysis. Academy of Management Journal, 36(6): 1175–1195.CrossRefGoogle Scholar
Meyer, K. E., Ding, Y., Li, J., & Zhang, H. 2014. Overcoming distrust: How state-owned enterprises adapt their foreign entries to institutional pressures abroad. Journal of International Business Studies, 45: 1005–1028.CrossRefGoogle Scholar
Meyer, K. E., & Estrin, S. 2014. Local context and global strategy: Extending the integration responsiveness framework to subsidiary strategy. Global Strategy Journal, 4(1): 1–19.CrossRefGoogle Scholar
Meyer, K. E., & Xin, K. R. 2018. Managing talent in emerging economy multinationals: Integrating strategic management and human resource management. International Journal of Human Resource Management, 29: 1827–1855.Google Scholar
Miles, R. E., & Snow, C. C. 1978. Organizational strategy, structure, and process. New York: McGraw Hill.Google ScholarPubMed
Miller, D. 1981. Toward a new contingency approach: The search for organizational gestalts. Journal of Management Studies, 18(1): 1–26.CrossRefGoogle Scholar
Miller, D. 1987. The genesis of configuration. Academy of Management Review, 12(4): 686–701.CrossRefGoogle Scholar
Miller, D. 1996. Configurations revisited. Strategic Management Journal, 17(7): 505–512.3.0.CO;2-I>CrossRefGoogle Scholar
Miller, D. 2018. Challenging trends in configuration research: Where are the configurations? Strategic Organization, 16(4): 453–469.CrossRefGoogle Scholar
Miller, D., & Friesen, P. H. 1978. Archetypes of strategy formulation. Management Science, 24(9): 921–33.CrossRefGoogle Scholar
Mintzberg, H. 1973. Strategy-making in three modes. California Management Review, 16(2): 44–53.CrossRefGoogle Scholar
Misangyi, V. F., & Acharya, A. G. 2014. Substitutes or complements? A configurational examination of corporate governance mechanisms. Academy of Management Journal, 57(6): 1681–1705.CrossRefGoogle Scholar
Misangyi, V. F., Greckhamer, T., Furnari, S., Fiss, P. C., Crilly, D., & Aguilera, R. 2017. Embracing causal complexity: The emergence of a neo-configurational perspective. Journal of Management, 43(1): 255–282.CrossRefGoogle Scholar
Morck, R., Yeung, B., & Zhao, M. 2008. Perspectives on China's outward foreign direct investment. Journal of International Business Studies, 39: 337–350.CrossRefGoogle Scholar
Nielsen, B., & Nielsen, S. 2013. Top management team nationality diversity and firm performance: A multilevel study. Strategic Management Journal, 34(3): 373–382.CrossRefGoogle Scholar
Pajunen, K. 2008. Institutions and inflows of foreign direct investment: A fuzzy-set analysis. Journal of International Business Studies, 39: 652–669.CrossRefGoogle Scholar
Pangarkar, N., & Wu, J. 2012. Industry globalization and the performance of emerging market firms: Evidence from China. International Business Review, 21(2): 196–209.CrossRefGoogle Scholar
Park, S. H., Zhou, N., & Ungson, G. R. 2013. Rough diamonds: The four traits of successful breakout firms in BRIC countries. San Francisco, CA: Wiley.Google Scholar
Payne, G. T. 2006. Examining configurations and firm performance in a suboptimal equifinality context. Organization Science, 17(6): 756–770.CrossRefGoogle Scholar
Porter, M. E. 1985. Competitive advantage. New York: The Free Press.Google Scholar
Qian, C., Cao, Q., & Takeuchi, R. 2013. Top management team functional diversity and organizational innovation in China: The moderating effects of environment. Strategic Management Journal, 34(1): 110–120.CrossRefGoogle Scholar
Ragin, C. C. 2006. Set relations in social research: Evaluating their consistency and coverage. Political Analysis, 14(3): 291–310.CrossRefGoogle Scholar
Ragin, C. C. 2008. Redesigning social inquiry: Fuzzy sets and beyond. Chicago: University of Chicago Press.CrossRefGoogle Scholar
Ragin, C. C., & Fiss, P. C. 2008. Net effects analysis versus configurational analysis: An empirical demonstration. In Ragin, C. C. (Ed.), Redesigning social inquiry: Fuzzy sets and beyond: 190–212. Chicago: University of Chicago Press.CrossRefGoogle Scholar
Ramamurti, R. 2012. What is really different about emerging market multinationals? Global Strategy Journal, 2(1): 41–47.CrossRefGoogle Scholar
Ramamurti, R., & Hillemann, J. 2018. What is ‘Chinese’ about Chinese multinationals? Journal of International Business Studies, 49: 34–48.CrossRefGoogle Scholar
Richard, P. J., Devinney, T. M., Yip, G., & Johnson, G. 2009. Measuring organizational performance: Towards methodological best practice. Journal of Management, 35(3): 718–804.CrossRefGoogle Scholar
Rihoux, B., & Ragin, C. C. 2009. Configurational comparative methods: Qualitative comparative analysis (QCA) and related techniques. Thousand Oaks, CA: Sage.CrossRefGoogle Scholar
Roth, K., & Morrison, A. J. 1990. An empirical analysis of the integration-responsiveness framework in global industries. Journal of International Business Studies, 21(4): 541–564.CrossRefGoogle Scholar
Rugman, A. M., & Nguyen, Q. T. K. 2014. Modern international business theory and emerging economy multinational companies. In Cuervo-Cazurra, A., & Ramamurti, R. (Eds.), Understanding multinationals from emerging markets: 53–80. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Rugman, A. M., Nguyen, Q. T. K., & Wei, Z. 2016. Rethinking the literature on the performance of Chinese multinational enterprises. Management and Organization Review, 12(2): 269–302.CrossRefGoogle Scholar
Sambharya, R. B. 1996. Foreign experience of top management teams and international diversification strategies of US multinational corporations. Strategic Management Journal, 17(9): 739–746.3.0.CO;2-K>CrossRefGoogle Scholar
Scherer, F. M. 1980. Industrial market structure and economic performance. Boston: Houghton Mifflin.Google Scholar
Schneider, C. Q., & Wagemann, C. 2006. Reducing complexity in qualitative comparative analysis (QCA): Remote and proximate factors and the consolidation of democracy. European Journal of Political Research, 45(5): 751–786.CrossRefGoogle Scholar
Schneider, M. R., Schulze-Bentrop, C., & Paunescu, M. 2010. Mapping the institutional capital of high-tech firms: A fuzzy-set analysis of capitalist variety and export performance. Journal of International Business Studies, 41: 246–266.CrossRefGoogle Scholar
Schotter, A., Mudambi, R., Doz, Y. L., & Gaur, A. 2017. Boundary spanning in global organizations. Journal of Management Studies, 54(4): 403–421.CrossRefGoogle Scholar
Short, J. C., Payne, G. T., & Ketchen, D. J. 2008. Research on organizational configurations: Past accomplishments and future challenges. Journal of Management, 34(6): 1053–1079.CrossRefGoogle Scholar
Simons, T., Pelled, L. H., & Smith, K. A. 1999. Making use of difference: Diversity, debate, and decision comprehensiveness in top management teams. Academy of Management Journal, 42(6): 662–673.CrossRefGoogle Scholar
Sull, D. L., & Ruelas-Gossi, A. 2010. Strategic orchestration. Business Strategy Review, 21: 58–63.CrossRefGoogle Scholar
Takeuchi, H., & Porter, M. E. 1986. Three roles of international marketing in global strategy. In Porter, M. E. (Ed.), Competition in global industries: 111–146. Boston: Harvard Business School.Google Scholar
Tan, D., Su, W., Mahoney, J. T., & Kor, Y. 2020. A review of research on the growth of multinational enterprises: A Penrosean lens. Journal of International Business Studies, 51: 498–537.CrossRefGoogle Scholar
Tihanyi, L., & Thomas, W. B. 2005. Information-processing demands and the multinational enterprise: A comparison of foreign and domestic earnings estimates. Journal of Business Research, 58(3): 285–292.CrossRefGoogle Scholar
Tippmann, E., Scott, P. S., & Parker, A. 2017. Boundary capabilities in MNCs: Knowledge transformation for creative solution development. Journal of Management Studies, 54(4): 455–482.CrossRefGoogle Scholar
Tsai, M. T., Huang, Y. C., & Ma, R. 2009. Antecedents and consequences of global responsiveness: an empirical examination of MNCs in the global sourcing context. International Business Review, 18(6): 617–629.CrossRefGoogle Scholar
Tsang, E. W. K., & Williams, J. N. 2012. Generalization and induction: Misconceptions, clarifications, and a classification of induction. MIS Quarterly, 36(3): 729–748.CrossRefGoogle Scholar
UNCTAD. 2015. World investment report 2015, reforming international investment governance. New York and Geneva: United Nations Publications.Google Scholar
Van de Ven, A. H., Ganco, M., & Hinings, C. R. 2013. Returning to the frontier of contingency theory of organizational and institutional design. Academy of Management Annals, 7(1): 393–440.CrossRefGoogle Scholar
Verbeke, A., & Kano, L. 2016. The new internalization theory and multinational enterprises from emerging economies: A business history perspective. Business History Review, 89(3): 415–455.CrossRefGoogle Scholar
Verbeke, A., Ciravegna, L., Lopez, L. E., & Kundu, S. K. 2019. Five configurations of opportunism in international market entry. Journal of Management Studies, 56(7): 1287–1313.CrossRefGoogle Scholar
Wang, S. L., Luo, Y., Lu, X., Sun, J., & Maksimov, V. 2014. Autonomy delegation to foreign subsidiaries: An enabling mechanism for emerging-market multinationals. Journal of International Business Studies, 45: 111–130.CrossRefGoogle Scholar
Weber, M. 1922. Economy and society: An outline of interpretive sociology. Berkeley: University of California Press.Google Scholar
Wei, L., & Wu, L. 2013. What a diverse top management team means: Testing an integrated model. Journal of Management Studies, 50(3): 389–412.CrossRefGoogle Scholar
Wiersema, M. F., & Bantel, K. 1992. Top management team demography and corporate strategic change. Academy of Management Journal, 35(1): 91–121.CrossRefGoogle Scholar
Wiersema, M. F., & Bowen, H. P. 2008. Corporate diversification: The impact of foreign competition, industry globalization, and product diversification. Strategic Management Journal, 29(2): 115–132.CrossRefGoogle Scholar
Witt, M. A. 2019. China's challenge: Geopolitics, de-globalization, and the future of Chinese business. Management and Organization Review, 15(4): 687–704.CrossRefGoogle Scholar
Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. 2005. Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1): 1–33.CrossRefGoogle Scholar
Xu, D., & Meyer, K. E. 2013. Linking theory and context: Strategy research in emerging economies since Wright et al. (2005). Journal of Management Studies, 50(7): 1322–1346.Google Scholar
Yamakawa, Y., Peng, M. W., & Deeds, D. 2008. What drives new ventures to internationalize from emerging to developed economies? Entrepreneurship: Theory and Practice, 32(1): 59–82.Google Scholar
Yamakawa, Y., Yang, H., & Lin, Z. 2011. Exploration versus exploitation in alliance portfolio: Performance implications of organizational, strategic, and environmental fit. Research Policy, 40(2): 287–296.CrossRefGoogle Scholar
Yan, Z., Zhu, C. J., Fan, D., & Kalfadellis, P. 2018. An institutional work view toward the internationalization of emerging market firms. Journal of World Business, 53(5): 682–694.Google Scholar
Yang, J. Y., Lu, J., & Jiang, R. 2016. Too slow or too fast? Speed of FDI expansions, industry globalization, and firm performance. Long Range Planning, 50(1): 74–92.CrossRefGoogle Scholar
Zajac, E. J., Kraatz, M. S., & Bresser, R. K. 2000. Modeling the dynamics of strategic fit: A normative approach to strategic change. Strategic Management Journal, 21(4): 429–453.3.0.CO;2-#>CrossRefGoogle Scholar
Zhou, L. X., Barnes, B. R., & Lu, Y. A. 2010. Entrepreneurial proclivity, capability upgrading and performance advantage of newness among international new ventures. Journal of International Business Studies, 41: 882–905.CrossRefGoogle Scholar
Zhou, N., & Guillén, M. F. 2015. From home country to home base: A dynamic approach to the liability of foreignness. Strategic Management Journal, 36(6): 907–917.CrossRefGoogle Scholar
Zou, H., & Adams, M. B. 2008. Corporate ownership, equity risk and returns in the People's Republic of China. Journal of International Business Studies, 39: 1149–1168.CrossRefGoogle Scholar
Supplementary material: File

Li et al. supplementary material

Appendix I-III

Download Li et al. supplementary material(File)
File 20.3 KB