Skip to main content
SpringerLink
Log in

Legitimacy and multi-level institutional environments: implications for foreign subsidiary ownership structure

  • Article
  • Published:
Journal of International Business Studies Aims and scope Submit manuscript

Abstract

In this study, we examine from an institutional perspective the legitimacy rationale behind the choice of subsidiary ownership structure among multinational corporations (MNCs). We suggest that, when under a strong pressure to conform at the host country and local industry levels of their institutional environment, MNCs are likely to take a lower ownership stake in exchange for external legitimacy in the host country or local industry that their foreign subsidiaries are entering. We also suggest that MNCs are likely to take a higher ownership stake in response to strong internal pressure to sustain their internal legitimacy at the corporate level of their institutional environment. We also propose that MNCs are more likely to exchange ownership for legitimacy in local industries than in host countries, and in local markets with a high level of political instability than in those with a low level of political instability. These propositions are generally supported by our analysis of 4451 subsidiaries established by 898 Japanese MNCs that operated in 39 countries across 52 industries (two-digit SIC) between 1988 and 1999.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Figure 1

Similar content being viewed by others

Notes

  1. Such resources include local distributorships, legal protection and support from regulatory authorities, reputational benefits in dealing with other firms, and access to workforce and infrastructure.

  2. For example, Cargill Inc., which is a private agricultural company, faced legitimacy problems when entering the Indian market (Kostova and Zaheer, 1999). Cargill encountered substantial resistance from local farmers, producers, politicians, and environmentalists because its establishment was perceived to have destroyed the traditional way of life and threatened the country's economic freedom.

  3. For example, General Motors formed an equity partnership with the Shanghai Automotive Industry Corporation, which helped it to gain legitimacy by building goodwill with government officials, thus gaining it the right to carry out its activities relatively freely in the market (Ahlstrom and Bruton, 2001). This suggests that the decisions of firms about ownership structure can be led by the social acceptance that potential partner firms can provide, and that the sharing of ownership with indigenous firms is an essential means of gaining legitimacy (Pfeffer and Salancik, 1978).

  4. The notion that the number of foreign subsidiaries with a certain level of local ownership is a proxy for the legitimacy of foreign subsidiaries is akin to the notion of population ecologists that the density of firms is a proxy for legitimacy and competition (Carroll and Hannan, 1989; Hannan and Freeman, 1989).

  5. Godfrey and Hill (1995) argued that such a theory-testing strategy is acceptable when the theory contains unobservable constructs.

  6. Country-level legitimating actors include the government, local activist groups, customer and supplier groups, labour unions, and national trade associations. Local industry-level legitimating actors include industry incumbents, suppliers, and customer groups.

  7. The host country-level counts of other firms excluded the local industry-level counts of other firms, and therefore the counts of other firms in the same host country and local industry represent mutually exclusive reference groups.

  8. We thank the departmental editor for this advice.

  9. More detailed information on the ICRG rating system can be found on the International Country Risk Guide Website at www.icrgonline.com.

  10. We built on Kogut and Singh's (1988) formula to measure national cultural distance in a number of dimensions: power distance, uncertainty avoidance, masculinity–femininity, individualism–collectivism, and long-term–short-term orientation scores (see Hofstede, 1980, 1991). We employed these cultural dimensions because there is extensive evidence of the validity and reliability of the national cultural scores that are used (Shane, 1994; Kogut and Singh, 1988; Morosini et al., 1998). The formula for national cultural distance is

    where CD refers to the national cultural distance of the jth country from Japan, I ij is the index for the ith cultural dimension and the jth country, and p denotes Japan.

  11. The signs of the coefficients and the significance levels of the interaction terms in Model 6 were maintained in the models in which just one interaction term was entered individually. We are therefore confident that our results and observations on the interaction terms are not artifacts of multicollinearity.

  12. The differences in the coefficients were tested using a t-test, where t is calculated by

    with (N−4) degrees of freedom, the b's represent the coefficients for comparison, and the s's represent their standard errors.

  13. We also included R&D intensity, which was measured by R&D expenditure divided by total sales of the parent firm, to control for its possible upward effect on the level of subsidiary ownership. However, this control variable is not significant in any of the models.

References

  • Agarwal, S. and Ramaswami, S.N. (1992) ‘Choice of foreign market entry mode: impact of ownership, location and internalization factors’, Journal of International Business Studies 23 (1): 1–28.

    Article  Google Scholar 

  • Ahlstrom, D. and Bruton, G.D. (2001) ‘Learning from successful local private firms in China: establishing legitimacy’, Academy of Management Executive 15 (4): 72–83.

    Google Scholar 

  • Aldrich, H.E. (1979) Organizations and Environments, Prentice-Hall: Englewood Cliffs, NJ.

    Google Scholar 

  • Amburgey, T.L. and Miner, A.S. (1992) ‘Strategic momentum: the effects of repetitive, positional, and contextual momentum on merger activity’, Strategic Management Journal 13 (5): 335–348.

    Article  Google Scholar 

  • Anderson, E. and Gatignon, H. (1986) ‘Modes of foreign entry: a transaction cost analysis and propositions’, Journal of International Business Studies 17 (3): 1–26.

    Article  Google Scholar 

  • Barnett, W.P. and Amburgey, T.L. (1990) ‘Do Larger Organizations Generate Stronger Competition?’, in J.V. Singh (ed.) Organizational Evolution: New Directions, Sage Publications: Newbury Park, CA, pp: 78–102.

    Google Scholar 

  • Bartholomew, S. (1997) ‘National systems of biotechnology innovation: complex interdependence in the global system’, Journal of International Business Studies 28 (2): 241–266.

    Article  Google Scholar 

  • Baum, J.A.C. and Mezias, S.J. (1992) ‘Localized competition and organizational failure in the Manhattan hotel industry, 1898–1990’, Administrative Science Quarterly 37 (4): 580–604.

    Article  Google Scholar 

  • Beamish, P.W., Delios, A. and Lecraw, D.J. (1997) Japanese Multinationals in the Global Economy, Edward Elgar: Cheltenham.

    Google Scholar 

  • Bergara, M.E., Henisz, W.J. and Spiller, P.T. (1998) ‘Political institutions and electric utility investment: a cross-nation analysis’, California Management Review 40 (2): 18–35.

    Article  Google Scholar 

  • Berger, P.L. and Luckmann, T. (1967) The Social Construction of Reality, Doubleday Anchor: New York.

    Google Scholar 

  • Biggart, N.W. and Guillén, M.F. (1999) ‘Developing difference: social organization and the rise of the auto industries of South Korea, Taiwan, Spain, and Argentina’, American Sociological Review 64 (October): 722–747.

    Article  Google Scholar 

  • Blodgett, L.L. (1991) ‘Partner contributions as predictors of equity share in international joint ventures’, Journal of International Business Studies 22 (1): 63–78.

    Article  Google Scholar 

  • Bowman, E.H. and Helfat, C.E. (2001) ‘Does corporate strategy matter?’ Strategic Management Journal 22 (1): 1–23.

    Article  Google Scholar 

  • Carroll, G.R. and Hannan, M.T. (1989) ‘Density dependence in the evolution of populations of newspaper organizations’, American Sociological Review 54 (4): 524–548.

    Article  Google Scholar 

  • Caves, R.E. (1982) Multinational Enterprise and Economic Analysis, Cambridge University Press: Cambridge.

    Google Scholar 

  • Caves, R.E. and Mehra, S.K. (1986) ‘Entry of Foreign Multinationals into US Manufacturing Industries’, in M.E. Porter (ed.) Competition in Global Industries, Harvard Press: Boston, pp: 449–481.

    Google Scholar 

  • Chan, C.M. and Makino, S. (2002) ‘Interorganizational Imitation and Foreign Ownership Strategy’, in F. J. Contractor and P. Lorange (eds.) Cooperative Strategies and Alliances, Elsevier Science: Oxford, pp: 213–236.

    Google Scholar 

  • Chan, C.M., Makino, S. and Isobe, T. (2006) ‘Interdependent behavior in foreign direct investment: the multi-level effects of prior entry and prior exit on foreign market entry’, Journal of International Business Studies 37 (5): 642–665.

    Article  Google Scholar 

  • Contractor, F.J. (1990) ‘Contractual and cooperative forms of international business: towards a unified theory of modal choice’, Management International Review 30 (1): 31–54.

    Google Scholar 

  • Coviello, N.E. and McAuley, A. (1999) ‘Internationalisation and the smaller firm: a review of contemporary empirical research’, Management International Review 39 (3): 223–256.

    Google Scholar 

  • Davidson, W.H. (1980) ‘The location of foreign direct investment activity: country characteristics and experience effects’, Journal of International Business Studies 11 (2): 9–22.

    Article  Google Scholar 

  • Davidson, W.H. and McFetridge, D.G. (1985) ‘Key characteristics in the choice of international technology transfer mode’, Journal of International Business Studies 16 (2): 5–21.

    Article  Google Scholar 

  • Davis, P.S., Desai, A.B. and Francis, J.D. (2000) ‘Mode of international entry: an isomorphism perspective’, Journal of International Business Studies 31 (2): 239–258.

    Article  Google Scholar 

  • Delios, A. and Beamish, P.W. (1999a) ‘Geographic scope, product diversification, and the corporate performance of Japanese firms’, Strategic Management Journal 20 (8): 711–727.

    Article  Google Scholar 

  • Delios, A. and Beamish, P.W. (1999b) ‘Ownership strategy of Japanese firms: transactional, institutional, and experience influences’, Strategic Management Journal 20 (10): 915–933.

    Article  Google Scholar 

  • Delios, A. and Henisz, W.J. (2000) ‘Japanese firms’ investment strategies in emerging economies’, Academy of Management Journal 43 (3): 305–323.

    Google Scholar 

  • Delios, A. and Henisz, W.J. (2003) ‘Political hazards, experience, and sequential entry strategies: the international expansion of Japanese firms, 1980–1998’, Strategic Management Journal 24 (11): 1153–1164.

    Article  Google Scholar 

  • DiMaggio, P.J. and Powell, W.W. (1983) ‘The iron cage revisited: institutional isomorphism and collective rationality in organizational fields’, American Sociological Review 48 (April): 147–160.

    Article  Google Scholar 

  • Dobrev, S.D. (2001) ‘Revisiting organizational legitimation: cognitive diffusion and sociopolitical factors in the evolution of Bulgarian newspaper enterprises, 1846–1992’, Organization Studies 22 (3): 419–444.

    Article  Google Scholar 

  • Dunning, J.H. (1988) ‘The eclectic paradigm of international production: a restatement and some possible extensions’, Journal of International Business Studies 19 (Spring): 1–31.

    Article  Google Scholar 

  • Dunning, J.H. (1993) Multinational Enterprises and the Global Economy, Addison-Wesley: New York.

    Google Scholar 

  • Eden, L. and Miller, S.R. (2004) ‘Distance Matters: Liability of Foreignness, Institutional Distance and Ownership Strategy’, in M.A. Hitt and J.L.C. Cheng (eds.) The Evolving Theory of the Multinational Firm. Advances in International Management, Elsevier: Oxford, pp: 187–221.

    Google Scholar 

  • Fagre, N. and Wells, L.T. (1982) ‘Bargaining power of multinationals and host governments’, Journal of International Business Studies 13 (2): 9–23.

    Article  Google Scholar 

  • Garcia-Pont, C. and Nohria, N. (2002) ‘Local versus global mimetism: the dynamics of alliance formation in the automobile industry’, Strategic Management Journal 23 (4): 307–321.

    Article  Google Scholar 

  • Gatignon, H. and Anderson, E. (1988) ‘The multinational corporation's degree of control over foreign subsidiaries: an empirical test of a transaction cost explanation’, Journal of Law, Economics, and Organization 4 (2): 305–336.

    Google Scholar 

  • Geringer, J.M. and Hebert, L. (1989) ‘Control and performance of international joint ventures’, Journal of International Business Studies 20 (2): 235–254.

    Article  Google Scholar 

  • Gimeno, J., Hoskisson, R.E., Beal, B.D. and Wan, W.P. (2005) ‘Explaining the clustering of international expansion moves: a critical test in the US telecommunications industry’, Academy of Management Journal 48 (2): 297–319.

    Article  Google Scholar 

  • Godfrey, P.C. and Hill, C.W.L. (1995) ‘The problem of unobservables in strategic management research’, Strategic Management Journal 16 (7): 519–533.

    Article  Google Scholar 

  • Gomes-Casseres, B. (1989) ‘Ownership structures of foreign subsidiaries: theory and evidence’, Journal of Economic Behavior and Organization 11 (1): 1–25.

    Article  Google Scholar 

  • Gomes-Casseres, B. (1990) ‘Firm ownership preferences and host government restrictions: an integrated approach’, Journal of International Business Studies 21 (2): 1–22.

    Article  Google Scholar 

  • Granovetter, M. (1985) ‘Economic action and social structure: the problem of embeddedness’, American Journal of Sociology 91 (November): 481–510.

    Article  Google Scholar 

  • Hamel, G. (1991) ‘Competition for competence and inter-partner learning within international strategic alliances’, Strategic Management Journal 12 (Summer): 83–103.

    Article  Google Scholar 

  • Hannan, M.T. and Freeman, J. (1989) Organizational Ecology, Harvard University Press: Cambridge, MA.

    Google Scholar 

  • Haveman, H.A. (1993) ‘Follow the leader: mimetic isomorphism and entry into new markets’, Administrative Science Quarterly 38 (4): 593–627.

    Article  Google Scholar 

  • Henisz, W.J. (2000a) ‘The institutional environment for economic growth’, Economics and Politics 12 (1): 1–31.

    Article  Google Scholar 

  • Henisz, W.J. (2000b) ‘The institutional environment for multinational investment’, Journal of Law, Economics, and Organization 16 (2): 334–364.

    Article  Google Scholar 

  • Henisz, W.J. (2003) ‘The power of the Buckley and Casson thesis: the ability to manage institutional idiosyncrasies’, Journal of International Business Studies 34 (2): 173–184.

    Article  Google Scholar 

  • Henisz, W.J. and Delios, A. (2001) ‘Uncertainty, imitation, and plant location: Japanese multinational corporations, 1990–1996’, Administrative Science Quarterly 46 (3): 443–475.

    Article  Google Scholar 

  • Hennart, J.-F. (1991) ‘The transaction costs theory of joint ventures: an empirical study of Japanese subsidiaries in the United States’, Management Science 37 (4): 483–497.

    Article  Google Scholar 

  • Hill, C.W.L., Hwang, P. and Kim, W.C. (1990) ‘An eclectic theory of the choice of international entry mode’, Strategic Management Journal 11 (2): 117–128.

    Article  Google Scholar 

  • Hofstede, G.H. (1980) Culture's Consequences: International Differences in Work-Related Values, Sage: Beverly Hills, CA.

    Google Scholar 

  • Hofstede, G.H. (1991) Cultures and Organizations, McGraw-Hill: London.

    Google Scholar 

  • Hymer, S.H. (1976) The International Operations of National Firms: A Study of Direct Foreign Investment, MIT Press: Cambridge, MA.

    Google Scholar 

  • Inkpen, A.C. and Beamish, P.W. (1997) ‘Knowledge, bargaining power, and the instability of international joint ventures’, Academy of Management Review 22 (1): 177–202.

    Article  Google Scholar 

  • King, A.A. and Shaver, J.M. (2001) ‘Are aliens green? Assessing foreign establishments’ environmental conduct in the United States’, Strategic Management Journal 22 (11): 1069–1085.

    Article  Google Scholar 

  • Kobrin, S.J., Basek, J., Blank, S. and La Palombara, J. (1980) ‘The assessment and evaluation of noneconomic environments by American firms: a preliminary report’, Journal of International Business Studies 11 (1): 32–47.

    Article  Google Scholar 

  • Kogut, B. (1988) ‘Joint ventures: theoretical and empirical perspectives’, Strategic Management Journal 9 (4): 319–332.

    Article  Google Scholar 

  • Kogut, B. and Singh, H. (1988) ‘The effect of national culture on the choice of entry mode’, Journal of International Business Studies 19 (3): 411–432.

    Article  Google Scholar 

  • Koopmans, T.C. (1957) Three Essays on the State of Economic Science, McGraw-Hill: New York.

    Google Scholar 

  • Kostova, T. and Roth, K. (2002) ‘Adoption of an organizational practice by subsidiaries of multinational corporations: institutional and relational effects’, Academy of Management Journal 45 (1): 215–233.

    Google Scholar 

  • Kostova, T. and Zaheer, S. (1999) ‘Organizational legitimacy under conditions of complexity: the case of the multinational enterprise’, Academy of Management Review 24 (1): 64–81.

    Article  Google Scholar 

  • Lecraw, D.J. (1984) ‘Bargaining power, ownership, and profitability of transnational corporations in developing countries’, Journal of International Business Studies 15 (1): 27–43.

    Article  Google Scholar 

  • Lu, J.W. (2002) ‘Intra- and Inter-organizational imitative behavior: institutional influences on Japanese firms’ entry mode choice’, Journal of International Business Studies 33 (1): 19–37.

    Article  Google Scholar 

  • Lu, J.W. and Beamish, P.W. (2001) ‘The internationalization and performance of SMEs’, Strategic Management Journal 22 (6/7): 565–586.

    Article  Google Scholar 

  • Makhija, M.V., Kim, K. and Williamson, S.D. (1997) ‘Measuring globalization of industries using a national industry approach: empirical evidence across five countries and over time’, Journal of International Business Studies 28 (4): 679–710.

    Article  Google Scholar 

  • Makino, S. and Beamish, P.W. (1998a) ‘Local ownership restrictions, entry mode choice, and FDI performance: Japanese overseas subsidiaries in Asia’, Asia Pacific Journal of Management 15 (2): 119–136.

    Article  Google Scholar 

  • Makino, S. and Beamish, P.W. (1998b) ‘Performance and survival of joint ventures with non-conventional ownership structures’, Journal of International Business Studies 29 (4): 797–818.

    Article  Google Scholar 

  • Makino, S. and Neupert, K.E. (2000) ‘National culture, transaction costs, and the choice between joint venture and wholly owned subsidiary’, Journal of International Business Studies 31 (4): 705–713.

    Article  Google Scholar 

  • Makino, S., Isobe, T. and Chan, C.M. (2004) ‘Does country matter?’, Strategic Management Journal 25 (10): 1027–1043.

    Article  Google Scholar 

  • Miner, A.S. and Anderson, P. (1999) ‘Industry and Population-Level Learning: Organizational, Interorganizational, and Collective Learning Processes’, in A.S. Miner and P. Anderson (eds.) Advances in Strategic Management, JAI Press: Greenwich, CT, pp: 1–30.

    Google Scholar 

  • Morosini, P., Shane, S. and Singh, H. (1998) ‘National cultural distance and cross-border acquisition performance’, Journal of International Business Studies 29 (1): 137–158.

    Article  Google Scholar 

  • Murtha, T.P. and Lenway, S.A. (1994) ‘Country capabilities and the strategic state: how national political institutions affect multinational corporations’ strategies’, Strategic Management Journal 15 (Special): 113–129.

    Google Scholar 

  • Orru, M., Biggart, N.W. and Hamilton, G.G. (1991) ‘Organizational Isomorphism in East Asia’, in W.W. Powell and P.J. DiMaggio (eds.) The New Institutionalism in Organizational Analysis, University of Chicago Press: Chicago, pp: 361–389.

    Google Scholar 

  • Pan, Y. (1996) ‘Influences on foreign equity ownership level in joint ventures in China’, Journal of International Business Studies 27 (1): 1–26.

    Article  Google Scholar 

  • Penrose, E.T. (1959) The Theory of the Growth of the Firm, Basil Blackwell: London.

    Google Scholar 

  • Pfeffer, J. and Salancik, G.R. (1978) The External Control of Organization: A Resource Dependence Theory, Harper & Row: New York.

    Google Scholar 

  • Porac, J.F., Wade, J.B. and Pollock, T.G. (1999) ‘Industry categories and the politics of the comparable firm in CEO compensation’, Administrative Science Quarterly 44 (1): 112–144.

    Article  Google Scholar 

  • Porter, M.E. (1990) The Competitive Advantage of Nations, Free Press: New York.

    Book  Google Scholar 

  • Rosenzweig, P.M. and Singh, J.V. (1991) ‘Organizational environments and the multinational enterprise’, Academy of Management Review 16 (2): 340–361.

    Article  Google Scholar 

  • Scott, W.R. (1995) Institutions and Organizations, Sage: Thousand Oaks, CA.

    Google Scholar 

  • Scott, W.R. (2001) Institutions and Organizations, 2nd edn, Sage: Thousand Oaks, CA.

    Google Scholar 

  • Selznick, P. (1957) Leadership in Administration, Harper & Row: New York.

    Google Scholar 

  • Shan, W. (1991) ‘Environmental risks and joint venture sharing arrangements’, Journal of International Business Studies 22 (4): 555–578.

    Article  Google Scholar 

  • Shane, S.A. (1994) ‘The effect of national culture on the choice between licensing and direct foreign investment’, Strategic Management Journal 15 (8): 627–642.

    Article  Google Scholar 

  • Shaver, J.M., Mitchell, W. and Yeung, B. (1997) ‘The effect of own-firm and other-firm experience on foreign direct investment survival in the United States, 1987–92’, Strategic Management Journal 18 (10): 811–824.

    Article  Google Scholar 

  • Stopford, J.M. and Wells, L.T. (1972) Managing the Multinational Enterprise, Basic Books: New York.

    Google Scholar 

  • Suchman, M.C. (1995) ‘Managing legitimacy: strategic and institutional approaches’, Academy of Management Review 20 (3): 571–610.

    Article  Google Scholar 

  • Sutcliffe, K.M. and Zaheer, A. (1998) ‘Uncertainty in the transaction environment: an empirical test’, Strategic Management Journal 19 (1): 1–23.

    Article  Google Scholar 

  • Terpstra, V. and Yu, C.M. (1988) ‘Determinants of foreign investment of US advertising agencies’, Journal of International Business Studies 19 (1): 33–46.

    Article  Google Scholar 

  • Tversky, A. and Kahneman, D. (1974) ‘Judgment under uncertainty: heuristics and biases’, Science 185 (4157): 1124–1131.

    Article  Google Scholar 

  • Vernon, R. (1983) ‘Organizing and Institutional Responses to International Risk’, in R. Herring (ed.) Managing International Risk, Cambridge University Press: New York, pp: 191–216.

    Chapter  Google Scholar 

  • Westney, D.E. (1993) ‘Institutionalization Theory and the Multinational Corporation’, in S. Ghoshal and D.E. Westney (eds.) Organization Theory and the Multinational Corporation, St Martin's Press: New York, pp: 53–76.

    Chapter  Google Scholar 

  • White, H.C. (1981) ‘Where do markets come from?’ American Journal of Sociology 87 (3): 517–547.

    Article  Google Scholar 

  • Woodcock, C.P., Beamish, P.W. and Makino, S. (1994) ‘Ownership-based entry mode strategies and international performance’, Journal of International Business Studies 25 (2): 253–273.

    Article  Google Scholar 

  • Xu, D. and Shenkar, O. (2002) ‘Institutional distance and the multinational enterprise’, Academy of Management Review 27 (4): 608–618.

    Google Scholar 

  • Yamawaki, H. (1994) Japanese Multinationals in US and European Manufacturing, Oxford University Press: New York.

    Google Scholar 

  • Yiu, D. and Makino, S. (2002) ‘The choice between joint venture and wholly owned subsidiary: an institutional perspective’, Organization Science 13 (6): 667–683.

    Article  Google Scholar 

  • Zaheer, S. and Zaheer, A. (1997) ‘Country effects on information seeking in global electronic networks’, Journal of International Business Studies 28 (1): 77–100.

    Article  Google Scholar 

  • Zucker, L.G. (1977) ‘The role of institutionalization in cultural persistence’, American Sociological Review 42 (5): 726–743.

    Article  Google Scholar 

Download references

Acknowledgements

This paper is based on a chapter of the first author's dissertation, which was awarded the Barry M. Richman Best Dissertation Award and the Best Paper Award at the Academy of Management conference in 2003. The authors would like to thank Professor Anand Swaminathan and three anonymous reviewers for their constructive comments. We also thank the participants of the Academy of Management meeting for their valuable feedback on our study. A special thank goes to Professor W. Richard Scott for his continuous support and encouragement. This paper was supported by a grant from the Research Grants Council of the Hong Kong Special Administrative Region (Project No. HKU 7468/06H).

Author information

Authors and Affiliations

  1. School of Business, University of Hong Kong, Pokfulam, Hong Kong

    Christine M Chan

  2. Department of Management, Chinese University of Hong Kong, Shatin, Hong Kong

    Shige Makino

Authors
  1. Christine M Chan
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Shige Makino
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Christine M Chan.

Additional information

Accepted by Anand Swaminathan, Departmental Editor, 19 September 2006. This paper has been with the authors for two revisions.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Chan, C., Makino, S. Legitimacy and multi-level institutional environments: implications for foreign subsidiary ownership structure. J Int Bus Stud 38, 621–638 (2007). https://doi.org/10.1057/palgrave.jibs.8400283

Download citation

  • Received:

  • Revised:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1057/palgrave.jibs.8400283

Keywords

Search

Navigation