No place like home? How EMNCs from hyper turbulent contexts internationalize by sequentially arbitraging rents, values, and scales abroad
研究九家新兴市场跨国公司12年间的国际化过程，发现它们通过依次套利租金、价值和规模，来应对母国高度动荡环境的负面影响，推动激进但非计划的国际化。
Combining historical and longitudinal comparative case methodologies for nine nascent EMNCs over 12 years, we explain how their evolving relationship to a hyper turbulent home country motivates largely unplanned yet aggressive internationalization. Firms progressively mitigate the damaging effects of their rapidly deteriorating home context by pursuing a sequence of three institutional arbitrage modes. They first arbitrage rents to stabilize their rocky domestic operations, then arbitrage values to safeguard their threatened core identity, and finally arbitrage scales to transcend their limited growth prospects. The induced stepwise process of internationalization yields similar patterns for purely domestic firms, exporters, and foreign direct investors.