Building a Strong Foothold in an Emerging Market: A Link Between Resource Commitment and Environment Conditions*
研究了跨国公司在新兴市场投资时如何根据市场不确定性和机会调整资源承诺，发现资源承诺与市场不确定性负相关、与市场机会正相关，且受战略主动性和行业波动性影响。
ABSTRACT This study examines how MNEs align resource commitment with environmental conditions (challenges and opportunities) when they invest in a foreign emerging market. MNEs often face a dilemma in allocating resources to this environment: without this commitment, they cannot build a strong competitive foothold; yet with over‐commitment, there is excessive economic exposure. Our analysis of MNEs in a major emerging market suggests that resource commitment is an inverse function of market uncertainty and this inverse link is stronger for less strategically proactive MNEs. Resource commitment is also an increasing function of market opportunities and this function is stronger for firms emphasizing demand‐side (as opposed to cost‐side) gains. In addition, in a highly volatile industry, resource commitment is negatively associated with cultural distance, but in a relatively stable industry, it is positively associated with cultural distance. And finally, as foreign subsidiaries become older, the influence of cultural distance on resource commitment is weakened.