Information or influence? The benefits of experience for managing political uncertainty
研究了政治危害和政权更迭如何影响外资子公司退出率，发现同行退出提供信息，而自身经验则代表对政策过程的影响力。
We examine the extent to which two sources of uncertainty over the future policy environment - political hazards and regime change - influence foreign-owned subsidiary exit rates. We find that prior exits by peer firms enhance exit rates, particularly when political hazards are high. We also find that a multinational firm’s own experience under the current political regime has a moderating influence on subsidiary exit rates in the presence of political hazards, but it enhances exit rates after a change in the political regime. These findings support the argument that in contrast to the informational benefit conferred by prior peer firms’ exits, own firm experience proxies for actual or perceived influence in a nation’s policy-making process.