THE DYNAMICS OF THE LIABILITY OF FOREIGNNESS: A GLOBAL STUDY OF SURVIVAL IN FINANCIAL SERVICES
研究1974-1993年间全球银行间货币交易中，外来者劣势如何随时间变化，以及企业层面的竞争优势来源如何影响这种劣势，对国际商务和金融领域的学者有参考价值。
We study the impact of ‘foreignness’ on survival in interbank currency trading worldwide over the period 1974–93. In particular, we develop hypotheses on the behavior of the liability of foreignness over time, and on the consequences of evolving sources of firm-level competitive advantage on this liability. We test these hypotheses on the population of 2667 market-making trading rooms located in 47 countries worldwide that either existed in 1974 or entered the industry between 1974 and 1993. The results show that there is a liability of foreignness, and that it changes over time. Further, strategic and organizational factors such as the adoption of technology by these firms and their mode of internal control significantly influenced survival, as did location-related factors such as the intensity of local and foreign competition. © 1997 by John Wiley & Sons, Ltd.