Toward a legitimacy‐based view of political risk: The case of Google and Yahoo in China
批评传统政治风险理论忽视社会背景、母国风险和高科技企业，提出基于合法性的新视角，并通过谷歌和雅虎在中国的案例展示整体分析的好处。
Traditional political risk theories often focus on a developing host country government's ability to intervene in the activities of foreign multinationals in the extractive or infrastructure sectors. This results in inadequate understanding of (1) how a government's motivation to intervene is influenced by the broader societal context, (2) the importance of multinationals' political risk at home, and (3) the increasing political risk faced by high‐tech and service firms. We argue that there is a need to update the bargaining power and political institutions theories and further develop a legitimacy‐based view of political risk. Then, we examine the political risk experienced by Google and Yahoo at home and abroad due to their activities in China to illustrate the benefits of a holistic approach to political risk . Copyright © 2015 John Wiley & Sons, Ltd.