Natural disasters and MNE internalization: Reoptimizing subsidiary governance
研究了自然灾害对跨国企业子公司治理决策的影响，发现灾害会降低合资企业存活率，而资产专用性、相对重要性及经验水平会影响企业后续的收购或退出行为。
Natural disasters pose significant threats to MNEs and their subsidiaries. We evaluate the impact and temporal significance of unsystematic disasters on MNE governance decisions. Focusing on JVs and drawing upon new internalization theory, we assess the significance of parent-subsidiary characteristics and experience after a disaster. Our dataset encompasses 7,938 disaster events across 132 countries affecting 5,375 Japanese MNEs and 20,053 subsidiaries over 26 years. We demonstrate the negative impact of disasters on JV survival and observe acquisition (exit) following a disaster based on higher (lower) levels of asset specificity, relative importance, and country and disaster specific experience.