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Management International Review
Erschienen in: Management International Review 4/2015

01.08.2015 | Research Article

Learning from Risky Environments: Global Diversification Strategies of Spanish MNEs

verfasst von: Alfredo Jiménez, Diana Benito-Osorio, Carmen Palmero-Cámara

Erschienen in: Management International Review | Ausgabe 4/2015

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Abstract

This paper seeks to investigate the bilateral impact of two components of global diversification: political risk and product diversification relatedness. By analyzing a sample of 119 Spanish firms we find empirical evidence that having experience in risky environments is a useful resource for multinational enterprises. The results obtained show that experience managing high levels of political risk in the foreign direct investment (FDI) portfolio increases the number of countries where the firm may potentially invest. This multinational flexibility encourages a higher degree of product diversification relatedness by facilitating the achievement of economies of scope in the activities carried out in foreign markets. By contrast, the degree of relatedness in product diversification did not show any significant impact on political risk, due to the existence of instruments available to cover or minimize this risk when investing abroad.
Vorheriger Artikel The Co-evolution of Learning and Internationalization Strategy in International New Ventures
Nächster Artikel Are Social Ties Always Valuable to Knowledge Search? Contextualizing Knowledge Search by Foreign Subsidiary Executives in an Emerging Economy

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Fußnoten
1
The Hausman test is made of two stages. In the first step, the reduced forms of the equations are obtained to verify the endogeneity of the regressors; in other words, by obtaining these variables solely in terms of the predetermined variables and the stochastic perturbations, with the aim of predicting their anticipated values. In the second step, a second equation is estimated that corresponds to the original equation in the model, but with the addition of the predicted values taken from step one for the variables with questionable endogeneity (Maddala 1996; Gujarati 1997).
 
2
The SIC is a numerical system developed by the Federal Government of the United States to classify all types of economic activity. Through the 2 and 4 digit codes of the SIC system, each of a firm’s businesses is classified in accordance with its principal activity, where each digit represents a more specific level of activity. The two first digits refer to the generic activity of each firm (eleven major categories), and the next two specify the activity. See Sambharya (2000) for a deeper discussion regarding product diversification measures based on SIC Codes.
 
3
Transparency International’s Corruption Perception Index is a measure of perceived corruption based on an opinion survey of businessmen and experts in each country. On this scale 0 represents a country that is absolutely corrupt and 10 one that is totally free of corruption (Pournarakis and Varsakelis 2004; DiRienzo et al. 2007).
 
4
This index is made up of different variables which measure the independence of the judicial system, the ability of firms and individuals to ensure that contracts are complied with, the level of corruption in the judicial system, the degree to which the government protects property rights and the degree of freedom for businesses, trade and investment. The possible scores on the index range from 0 to 100 (Fernández and González 2005).
 
5
It should be remembered that indices of political risk are constructed in such a way so that higher scores indicated countries with lower levels of risk. Thus a high average value for a MNE indicates that it faces a low level of political risk in its internationalization strategy. However, higher variance values do indeed signal a higher level of risk for the MNE as they indicate that the firm must manage a portfolio of investments in a wide variety of diverse locations.
 
6
The sample includes textile, pharmaceutical, steel, electronics, chemicals, machinery and household equipment firms in this category.
 
7
This sector mostly includes services such as engineering services, consulting, legal services, accounting and auditing, travelling and transportation, computer related services, department stores, publishing and newspapers, security and amusement parks.
 
8
Permutations of the composition of each equation were carried out, alternating the various measures of size and profitability without observing significant changes in the results, which are available from the authors upon request.
 
9
The results of other possible combinations were tested including the average and variance of alternative measures of political risk along with the degree of product diversification relatedness at the two digit level. These results are available on request from the authors.
 
10
We are grateful to an anonymous reviewer for pointing out this issue.
 
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Metadaten
Titel
Learning from Risky Environments: Global Diversification Strategies of Spanish MNEs
verfasst von
Alfredo Jiménez
Diana Benito-Osorio
Carmen Palmero-Cámara
Publikationsdatum
01.08.2015
Verlag
Springer Berlin Heidelberg
Erschienen in
Management International Review / Ausgabe 4/2015
Print ISSN: 0938-8249
Elektronische ISSN: 1861-8901
DOI
https://doi.org/10.1007/s11575-014-0232-5

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