The Impact of Institutions on Collaborative Innovations and the Role of Equity‐Based Entry Modes
研究制度变量如何影响跨国公司在海外子公司中选择多数或少数股权收购，以及这种选择如何影响其与当地企业合作研发的倾向。对研究跨国公司战略和国际商务的学者有参考价值。
Abstract This paper examines the impact of institutional variables on multinational enterprises’ choice between majority and minority acquisitions in their foreign affiliates and how this choice influences their propensity to collaborate with local firms. Using the institutional theory and the transaction costs theory, we develop a number of hypotheses. In particular, we suggest that majority acquisitions will be more likely than minority acquisitions and greenfields to enter collaborative R&D projects in countries that belong to the Civil Law/Eastern European legal tradition, or countries where the protection of minority shareholders is poor. These hypotheses are tested using an unbalanced panel of subsidiaries controlled by British multinationals, located in 39 countries. The results confirm our theoretical predictions.