Foreign Investment Strategies and Sub‐national Institutions in Emerging Markets: Evidence from Vietnam*
研究了越南次国家制度对外资进入策略（选址和进入模式）的影响，发现制度变量显著影响选址和绿地投资或合资的选择，资源稀缺性和国有企业压力是关键因素。
ABSTRACT Foreign investors entering emerging markets have to take strategic decisions on where and how to set up operations. These decisions have to accommodate institutional conditions that vary not only between countries, but also within the host economy. We offer a theoretical framework to analyse how institutions in an emerging economy influence entry strategy decisions. On this basis, we analyse the determinants of two key aspects of entry strategy: location and entry mode in Vietnam. We find that sub‐national institutional variables have a significant influence on both dimensions. The availability of scarce resources affects the location of FDI and the likelihood of Greenfield entry. Institutional pressures arising from incumbent state‐owned firms and the domestic market orientation of the investor lead to a preference for joint venture entry.