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Management International Review
Erschienen in: Management International Review 6/2010

01.12.2010 | Research Article

Investor Response to Environmental Risk in Foreign Direct Investment

verfasst von: Assoc. Prof. Anthony Goerzen, Assoc. Prof. Stephen Sapp, Assoc. Prof. Andrew Delios

Erschienen in: Management International Review | Ausgabe 6/2010

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Abstract

  • The theory of internalization suggests that proprietary assets—usually in the form of advertising and/or marketing capabilities—are the key to understanding a firm’s ability to create value in foreign markets. We show that the capacity of a multinational corporation (MNC) to create value in a foreign direct investment (FDI) can also result from the use of an alternative proprietary asset; that is, the skills and management expertise that are acquired through the accumulation of various forms of foreign experience.
  • The value creation comes from the extension of an MNC’s experience-based capabilities to the host country to mitigate country-level risks. This experience can moderate the negative influence of environmental risk to create value for a firm and its investors.
  • In our sample of 305 FDIs, we find that Japanese MNCs that had direct or indirect experience in a host country showed greater abnormal returns in a FDI, particularly where environmental risk was high.
Vorheriger Artikel Technological Knowledge Intensity and Entry Mode Diversity
Nächster Artikel Institutional and Transaction Cost Influences on Partnership Structure of Foreign Affiliates

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Fußnoten
1
We employed a variety of robustness checks to ensure that our statistical findings are reliable. To conserve space, not all robustness checks are described in this paper but can be obtained from the authors upon request.
 
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Metadaten
Titel
Investor Response to Environmental Risk in Foreign Direct Investment
verfasst von
Assoc. Prof. Anthony Goerzen
Assoc. Prof. Stephen Sapp
Assoc. Prof. Andrew Delios
Publikationsdatum
01.12.2010
Verlag
SP Gabler Verlag
Erschienen in
Management International Review / Ausgabe 6/2010
Print ISSN: 0938-8249
Elektronische ISSN: 1861-8901
DOI
https://doi.org/10.1007/s11575-010-0058-8

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