管理学权威期刊Journal of International Business Studies 2023年第2期

Journal of International Business Studies 2023年第2期

Volume 54, Issue 2, March 2023

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1.Methodological challenges and insights for future international business research

未来国际商业研究的方法挑战和见解

Herman Aguinis, Donald Bergh & José F. Molina-Azorin 

Given the diverse, interdisciplinary, and multilevel nature of international business (IB) research, it is critical to address methodological challenges prior to data collection. Thus, we suggest thatan ounce of methodological prevention is worth a pound of cure. We describe the following challenges: (1) researching an important and relevant issue; (2) making meaningful theoretical progress; (3) recognizing, anticipating, and resolving dilemmas in research design and execution decisions; (4) integrating quantitative and qualitative research by using mixed methods; and (5) reducing the “distal proxy fallacy” through measurement error management. We then offer specific and actionable recommendations and implementation guidelines for authors, journal editors, and reviewers for addressing each of these methodological challenges with the overall goal of advancing IB theory.

鉴于国际商业(IB)研究的多样性、跨学科和多层次性质，在数据收集之前解决方法上的挑战是至关重要的。因此，我们建议，一盎司的方法论预防抵得上一磅的治疗。我们描述了以下挑战:(1)研究一个重要和相关的问题;(2)取得有意义的理论进展;(3)识别、预测和解决研究设计和执行决策中的困境;(4)定量研究与定性研究相结合，采用混合研究方法;(5)通过测量误差管理减少“远端代理谬误”。然后，我们为作者、期刊编辑和审稿人提供具体的、可操作的建议和实施指南，以解决这些方法上的挑战，推进IB理论的总体目标。

2.Cross-listing and price efficiency: An institutional explanation

交叉上市与价格效率:一种制度解释

Natalia Diniz-Maganini, Abdul A. Rasheed, Mahmut Yaşar & Hsia Hua Sheng 

Although many of the benefits of cross-listing have been examined in prior research, potential improvements in price efficiency have received less attention. We examine the differences in price efficiencies between American depositary receipts (ADRs) of foreign firms and the shares listed in their home markets. Based on multifractal detrended fluctuation analysis (MF-DFA) of the daily price of 200 ADRs and their domestically listed shares for the period from January 2010 to June 2019, we find that ADRs, in general, show greater price efficiency than their corresponding home market shares. Furthermore, our analysis shows that firms from civil law countries, firms from countries that have low levels of minority investor protection, and firms from emerging economies experience the greatest gains in price efficiency when they list their ADRs in the US compared to firms from common law countries, firms from countries with high levels of investor protection, and firms from developed countries. Furthermore, we also find that these efficiency improvements cannot be attributed to increases in liquidity. Instead, they can be mostly explained by institutional differences. Our results suggest that firms engage in institutional borrowing when their home-country markets are institutionally deficient.

尽管交叉上市的许多好处已经在先前的研究中得到了检验，但对价格效率的潜在改善却很少受到关注。我们研究了外国公司的美国存托凭证(adr)与其在本国市场上市的股票之间的价格效率差异。通过对2010年1月至2019年6月期间200只美国存托凭证及其国内上市股票的日价格进行多重分形去趋势波动分析(MF-DFA)，我们发现美国存托凭证总体上表现出高于其国内上市股票的价格效率。此外，我们的分析表明，与来自普通法国家、投资者保护水平较高的国家和发达国家的公司相比，来自大陆法系国家的公司、来自少数投资者保护水平较低的国家的公司和来自新兴经济体的公司在美国上市时，其价格效率获得了最大的收益。此外，我们还发现，这些效率的提高不能归因于流动性的增加。相反，它们大多可以用制度差异来解释。我们的研究结果表明，当企业的母国市场存在制度缺陷时，它们会进行机构借贷。

3.The “language” of career success: The effects of English language competence on local employees’ career outcomes in foreign subsidiaries

职业成功的“语言”:英语语言能力对外国子公司本地员工职业结果的影响

Vesa Peltokorpi 

Multinational corporations often are multilingual entities, yet surprisingly little is known about how foreign-language competencies in their foreign subsidiaries are related to local employees’ career success outcomes. This paper uses human capital and upward mobility theories to link local employees’ English language competencies through career encouragement and internal social capital development behavior to job promotions, wage increases, and career satisfaction in two independent studies conducted in foreign subsidiaries in Japan. Study 1’s findings are derived from 499 local employees at three points in time over 12 months in 376 foreign subsidiaries. These findings suggest that career encouragement mediates the positive relationships between English language competence and job promotions, wage increases, and career satisfaction. Study 2’s findings are from a sample derived from 448 local employees in 265 foreign subsidiaries with a similar time-lagged research design. These findings provide further support for the direct relationship of English language competencies to job promotions, wage increases, and career satisfaction, and that social capital development mediates the positive relationships between English language competencies and job promotions and career satisfaction. This paper contributes to the literature on international business by highlighting the importance of English language competencies to local employees’ career success outcomes in foreign subsidiaries operating in non-English-speaking countries.

跨国公司通常是多语言实体，但令人惊讶的是，我们对其外国子公司的外语能力与当地员工的职业成功结果之间的关系知之甚少。本文运用人力资本和向上流动理论，通过在日本的外国子公司进行的两项独立研究，将当地员工通过职业鼓励和内部社会资本发展行为获得的英语语言能力与职位晋升、工资增长和职业满意度联系起来。研究1的结果来自于499名当地员工在376家外国子公司12个月内的三个时间点。这些研究结果表明，职业鼓励在英语语言能力与工作晋升、工资增长和职业满意度之间起着正相关的中介作用。研究2的结果来自265家外国子公司的448名当地员工的样本，采用了类似的滞后研究设计。这些发现进一步支持了英语语言能力与职位晋升、工资增长和职业满意度之间的直接关系，以及社会资本发展在英语语言能力与职位晋升和职业满意度之间的正向关系中起中介作用。本文通过强调英语语言能力对在非英语国家运营的外国子公司中当地员工职业成功结果的重要性，为国际商业文献做出了贡献。

4.The performance of active investment positions in foreign markets

海外市场活跃投资头寸的表现

Mark Fedenia, Hilla Skiba & Tatyana Sokolyk 

We analyze whether cross-national distance between professional money managers and the positions they take in foreign markets affects investment performance. Out of four dimensions of cross-national distance (geography, culture, business climate, and industry), we find that only cultural distance inversely relates to portfolio performance. Investors earn higher returns in culturally similar foreign markets when market conditions in these countries are favorable. Our results show that the culture-based patterns in foreign portfolio allocations are associated with an information advantage and suggest that multinational corporate decisions influenced by culture increase firm value.

我们分析了专业基金经理与他们在国外市场所持头寸之间的跨国距离是否会影响投资业绩。在跨国距离的四个维度(地理、文化、商业环境和行业)中，我们发现只有文化距离与投资组合绩效呈负相关。在文化相似的外国市场，当这些国家的市场条件有利时，投资者可以获得更高的回报。我们的研究结果表明，海外投资组合配置中基于文化的模式与信息优势相关，并表明受文化影响的跨国公司决策增加了公司价值。

5.In vino vanitas: Social dynamics and performance of Chinesechâteau acquisitions in the Bordeaux vineyards

红酒虚空:中国château收购波尔多葡萄园的社会动态和表现

Alexandre Bohas & Pierre-Xavier Meschi 

This paper seeks to identify the social dynamics underlying ″socially driven″ acquisitions and their effect on post-acquisition performance. Drawing on research into social stratification, we formulate hypotheses on how these socially driven acquisitions perform in relation to both the position held by the acquirers’ top managers (CEOs and owners) in the social hierarchy and the extent to which the acquisition context is socially loaded (prestigious). We examine these hypotheses empirically using a sample of 123 Bordeauxchâteaux acquired by Chinese companies between 2008 and 2015. Our results show that social dynamics substantially influence post-acquisition performance: socially driven acquisitions can lead to positive performance when their aim is (social) status enhancement, while those that target elite-membership reassertion, defined as conspicuous acquisitions, perform less well. These results encourage the acquisition literature to reconsider the assumed negative post-acquisition performance of self-interest acquisitions. The paper also proposes a broad view of acquisitions, which includes social dynamics.

本文旨在识别″社会驱动的″收购背后的社会动力及其对收购后绩效的影响。根据对社会分层的研究，我们提出了关于这些社会驱动型收购如何与收购方的最高管理者(ceo和所有者)在社会等级中的地位以及收购背景在多大程度上具有社会负载(声望)之间表现相关的假设。我们以2008年至2015年间中国企业收购的123瓶波尔多葡萄酒châteaux为样本，实证检验了这些假设。我们的研究结果表明，社会动态在很大程度上影响了收购后的绩效:当社会驱动型收购的目标是提高(社会)地位时，可以带来积极的绩效，而那些以精英成员身份为目标的收购(被定义为炫耀性收购)表现不佳。这些结果鼓励收购文献重新考虑自利收购的负面收购后绩效。本文还提出了一个广泛的收购观点，其中包括社会动态。

6.The impact of cultural tightness on the relationship between structural holes, tie strength, and creativity

文化紧密度对结构孔、纽带强度和创造力之间关系的影响

Céline Flipo, Pier Vittorio Mannucci & Kevyn Yong 

Social networks have gained increased attention as a lens to understand employee creativity around the world. We propose that a complete understanding of whether and when structural holes and tie strength are conducive to creativity requires considering the cultural tightness of the country in which individual creators are embedded. Building on the diversity–bandwidth trade-off identified in network research, we theorize that, in culturally tight countries, where knowledge diversity is the primary need, structural holes and low tie strength (i.e., network characteristics that provide knowledge diversity) have a stronger positive effect. Conversely, in culturally loose countries, where knowledge bandwidth is the primary need, cohesive networks and higher tie strength (i.e., network characteristics providing knowledge bandwidth) are more likely to enhance creativity. We find evidence in support of these predictions using meta-analytic data synthesizing more than 30years of research. These findings point to the importance of considering the tightness of cultural context when constructing networking actions and strategies to foster individual creativity.

作为了解世界各地员工创造力的一个视角，社交网络已获得越来越多的关注。我们建议，要完全理解结构孔和纽带强度是否以及何时有利于创造力，需要考虑个体创造者所嵌入的国家的文化紧密性。基于网络研究中确定的多样性-带宽权衡，我们从理论上认为，在文化紧密的国家，知识多样性是主要需求，结构漏洞和低联系强度(即提供知识多样性的网络特征)具有更强的积极影响。相反，在文化宽松的国家，知识带宽是主要需求，有凝聚力的网络和更高的联系强度(即提供知识带宽的网络特征)更有可能增强创造力。我们利用综合了30多年研究的元分析数据，找到了支持这些预测的证据。这些发现表明，在构建培养个人创造力的网络行动和策略时，考虑文化背景的紧密性是非常重要的。

7.Event studies in international finance research

国际金融研究中的事件研究

Sadok El Ghoul, Omrane Guedhami, Sattar A. Mansi & Oumar Sy 

Event studies are widely used in finance research to investigate the implications of announcements of corporate initiatives, regulatory changes, or macroeconomic shocks on stock prices. These studies are often used in a single-country setting (usually the U.S.), but little work has yet been conducted in an international context, perhaps due to the complexities inherent in implementing cross-country studies. This paper explores the methodological challenges of conducting event studies in international finance research. We emphasize how scholars should choose an event, select the study period (short vs. long term), estimate abnormal returns, infer statistically whether the event under consideration produces a reliable price reaction, and explore the role of formal and informal institutions in explaining cross-country differences in price reactions. We also provide an extension of event studies to an important but less studied asset class in an international setting– the fixed-income market. We conclude by offering practical recommendations for researchers conducting cross-country finance event studies and identifying opportunities for future research. Given the increasing number of global events, such as the COVID-19 pandemic, Brexit, and the Paris and Trans-Pacific Partnership agreements, we believe our paper is especially timely.

事件研究被广泛应用于金融研究，以调查公司举措、监管变化或宏观经济冲击对股价的影响。这些研究通常用于单个国家(通常是美国)，但在国际背景下进行的工作很少，可能是由于实施跨国研究固有的复杂性。本文探讨了在国际金融研究中进行事件研究的方法挑战。我们强调学者应该如何选择一个事件，选择研究周期(短期与长期)，估计异常收益，从统计上推断所考虑的事件是否会产生可靠的价格反应，并探讨正式和非正式制度在解释价格反应的跨国差异方面的作用。我们还将事件研究扩展到国际环境中一个重要但研究较少的资产类别——固定收益市场。最后，我们为研究人员进行跨国金融事件研究和确定未来研究的机会提供了实用的建议。鉴于全球事件越来越多，如新冠肺炎大流行、英国脱欧以及《巴黎协定》和《跨太平洋伙伴关系协定》，我们认为这篇论文尤其及时。

8.Registration at founding and firm performance: Generalization and extension replication from global data

注册成立和公司业绩:从全球数据推广和扩展复制

Arzi Adbi & Devanshee Shukla 

The decision to not register an enterprise at its founding is pervasive globally, even though research has shown that nonregistration at founding may adversely influence the performance of legally registered businesses (hereinafter called firms). In this “generalization and extension” study, we extend the literature on the registration–performance relationship by (a) documenting the heterogeneity across countries in the effect of registration at founding on firm performance of legally registered businesses and (b) examining potential reasons driving this heterogeneity. Building upon the legitimacy-based view, we replicate the work of Assenova and Sorenson (Organ Sci 28(5):804–818, 2017), who analyzed enterprise-level data on 12,146 firms across 18 countries in sub-Saharan Africa. To test for generalizability, we analyze enterprise-level data on 134,198 firms across 143 countries. Our analyses reveal that the positive effect of registration at founding on firm performance successfully replicates in sub-Saharan Africa. However, there is remarkable heterogeneity across countries globally. We find that the country’s regulatory burden and market openness moderate the effect of registration at founding. Lower regulatory burden and greater openness of the country’s markets substantially strengthen the positive effect of the decision to register at founding on firm performance.

企业成立时不注册的决定在全球普遍存在，尽管研究表明，在成立时不注册可能会对合法注册的企业(以下称为公司)的业绩产生不利影响。在这项“概括和扩展”研究中，我们通过以下方式扩展了关于注册-绩效关系的文献:(a)记录了注册对合法注册企业企业绩效影响的各国异质性，以及(b)研究导致这种异质性的潜在原因。在基于合法性的观点的基础上，我们重复了Assenova和Sorenson的工作(器官科学28(5):804 - 818,2017)，他们分析了撒哈拉以南非洲18个国家12146家公司的企业数据。为了测试普遍性，我们分析了143个国家的134,198家公司的企业级数据。我们的分析显示，在撒哈拉以南非洲地区成功复制了注册对企业绩效的积极影响。然而，全球各国之间存在着显著的异质性。研究发现，国家的监管负担和市场开放程度对注册的影响有调节作用。较低的监管负担和国家市场的更大程度的开放，大大加强了在成立时注册的决定对公司业绩的积极影响。

9.Income inequality, social cohesion, and crime against businesses: Evidence from a global sample of firms

Sorin M. S. Krammer, Addisu A. Lashitew, Jonathan P. Doh & Hari Bapuji  

收入不平等、社会凝聚力和针对企业的犯罪:来自全球企业样本的证据

Rising inequality is one of the grand societal challenges of our time. Yet, its effects on firms – including multinational enterprises (MNEs) – and their operations have not been widely examined by IB scholars. In this study, we posit that income inequality within a country is positively associated with the incidence and severity of crime experienced by businesses. Further, we propose that this relationship will be negatively moderated by social cohesion (in the form of greater societal trust and lower ethno-linguistic fractionalization) in these countries, such that social cohesion helps to offset the negative impacts of inequality on crime against businesses. We test these hypotheses using a comprehensive data set of 114,000 firms from 122 countries and find consistent support for our theses. Our findings, which are robust to different alternative variables, model specifications, instrumentation, and estimation techniques, unpack the intricate ways through which inequality affects businesses worldwide and the associated challenges to MNEs. They also offer important managerial and policy insights regarding the consequences of inequality and potential mitigation mechanisms.

日益加剧的不平等是我们这个时代面临的重大社会挑战之一。然而，它对公司(包括跨国企业)及其运营的影响尚未得到IB学者的广泛研究。在这项研究中，我们假设一个国家内的收入不平等与企业经历的犯罪的发生率和严重程度呈正相关。此外，我们提出，在这些国家，这种关系将被社会凝聚力(以更大的社会信任和更低的种族-语言分馏的形式)负向缓和，这样社会凝聚力有助于抵消不平等对企业犯罪的负面影响。我们使用来自122个国家的114,000家公司的综合数据集来检验这些假设，并为我们的论点找到了一致的支持。我们的研究结果对不同的替代变量、模型规范、仪器仪表和估计技术都具有鲁棒性，揭示了不平等影响全球企业的复杂方式以及跨国公司面临的相关挑战。它们还就不平等的后果和潜在的缓解机制提供了重要的管理和政策见解。