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Does ownership structure of emerging-market firms affect their outward FDI? The case of the Indian automotive and pharmaceutical sectors

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Bhaumik, Sumon , Driffield, Nigel L. and Pal, Sarmistha (2010) Does ownership structure of emerging-market firms affect their outward FDI? The case of the Indian automotive and pharmaceutical sectors. Journal of International Business Studies, 41 (3). pp. 437-450. doi:10.1057/jibs.2009.52

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Official URL: http://dx.doi.org/10.1057/jibs.2009.52

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Abstract

This paper examines the impact of ownership structures of emerging-market firms, which are shaped by local institutions, on the decision of these firms to undertake outward FDI. Our results suggest that family firms and firms with concentrated ownerships (both ubiquitous in emerging markets) are less likely to invest overseas, and that strategic equity holding by foreign investors facilitates outward FDI. We conclude that organisational forms such as family firms, which are optimal outcomes of institutions prevailing in emerging markets, may be suboptimal in a changing business environment in which outward FDI is necessary for access to resources and markets.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Faculty of Social Sciences > Warwick Business School > Strategy & International Business
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Investments, Foreign -- Business management, Family-owned business enterprises -- Business management, Private equity -- Business management
Journal or Publication Title: Journal of International Business Studies
Publisher: Palgrave Macmillan Ltd.
ISSN: 0047-2506
Official Date: April 2010
Dates:
DateEvent
April 2010Published
29 October 2009Available
16 March 2009Accepted
30 November 2007Submitted
Volume: 41
Number: 3
Number of Pages: 13
Page Range: pp. 437-450
DOI: 10.1057/jibs.2009.52
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Funder: Economic and Social Research Council (Great Britain) (ESRC)
Grant number: RES-062-23-0986

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