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Foreign market re-entry strategies : the role of cognitive biases in decision-making

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Surdu, Irina (2021) Foreign market re-entry strategies : the role of cognitive biases in decision-making. In: Mellahi, Kamel and Meyer, Klaus and Narula, Rajneesh and Surdu, Irina and Verbeke, Alain, (eds.) The Oxford Handbook of International Business Strategy. Oxford Handbooks . Oxford University Press. ISBN 9780198868378

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Abstract

Exit is not an irreversible, “win or lose” event in the lifecycle of a multinational enterprise (MNE). Some firms decide to re-enter exited markets. Yet, our knowledge of MNEs’ re-entry strategies remains limited, and where re-entry is discussed, perspectives based predominantly on the rational exploitation of resources and experiential learning prove insufficient. This chapter proposes a behavioral lens for understanding complex decisions such as re-entry. Decisions such as re-entry depend on the manner in which the past experience (in this case, the exit) is framed and perceived by decision makers. Given the time-out period between exit and re-entry, re-entry choices may be influenced by the subjective and often outdated experiences of managers. International business (IB) strategy theory has largely ignored the influence of managerial own biases and memory in shaping managers’ perceptions of events. The chapter emphasizes the importance of different types of cognitive biases as theoretical concepts that complement rationality-based assumptions about the dynamic IB strategies of MNEs.

Item Type: Book Item
Divisions: Faculty of Social Sciences > Warwick Business School > Strategy & International Business
Faculty of Social Sciences > Warwick Business School
Series Name: Oxford Handbooks
Publisher: Oxford University Press
ISBN: 9780198868378
Book Title: The Oxford Handbook of International Business Strategy
Editor: Mellahi, Kamel and Meyer, Klaus and Narula, Rajneesh and Surdu, Irina and Verbeke, Alain
Official Date: 7 January 2021
Dates:
DateEvent
7 January 2021Published
December 2020Available
15 December 2020Accepted
DOI: 10.1093/oxfordhb/9780198868378.013.18
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 18 December 2020
Date of first compliant Open Access: 7 January 2023
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