The Role of Local Context in the Cross‐border Acquisitions by Emerging Economy Multinational Enterprises
研究了本地情境对新兴经济体跨国企业跨境并购的影响，发现东道国本地情境提供不同优势，企业通过并购嵌入东道国，策略在动机上传统但在地理聚集上新颖。
This paper explores the role of local context in cross‐border acquisitions by emerging economy multinational enterprises (EMNEs). It argues that the importance of local context has remained despite the increased global integration of the world economy. Hypotheses are tested using data on Indian acquisitions hosted in 70 countries over an eight‐year period. Results, which are consistent across number and value of cross‐border acquisitions, show that the local context in host countries offers contrasting benefits. Emerging economy multinational enterprises exploited these benefits by embedding in host countries through acquisitions. The acquisition strategy is conventional in the motives underpinning internationalization, but novel in its geographical clustering of host countries, and idiosyncratic owing to the EMNE's ability to draw on home country embeddedness. The paper develops theoretical implications and extends the concept of embeddedness, treating it as a series of internalization or quasi‐internalization decisions across a variety of local contexts by multinationals.