Influences of Institutional Distance and MNEs’ Host Country Experience on the Ownership Strategy in Cross-border M&As in Emerging Economies

This paper analyzes ownership strategy in cross-border mergers and acquisitions (CB M&As) undertaken by the multinational enterprises (MNEs) in emerging economies. We use new institutional economics and organizational learning theories to hypothesize and empirically analyze the influence of formal and informal institutional distance, and MNEs’ host country experience on the MNEs’ choice between full and partial CB M&As. The empirical analysis is based on a sample of 184 CB M&As launched by MNEs in emerging economies. Our empirical results revealed that high formal and informal institutional distances lead to a preference for partial CB M&As however, MNEs’ host country experience moderated the relationship between institutional distance and the MNEs’ choice between full and partial CB M&As. We found that MNEs with prior investment experience in the focal emerging market opted for full CB M&As over partial CB M&As despite high formal and informal institutional differences

Institutional distance and foreign subsidiary performance in emerging markets: moderating effects of ownership strategy and host-country experience

Institutional distance has been known to be an important driver of Multinational Enterprises’ strategies and performance in host countries. Based on a large panel dataset of 10562 firms operating in 17 emerging markets and spanning 80 home countries, we re-examine the relationship described by Gaur and Lu (2007) between regulatory institutional distance and subsidiary performance. We extend this research by (1) examining this relationship in the context of emerging markets, (2) examining the moderating effects of ownership strategy and host-country experience within the context of emerging markets and (3) accounting for a greater variety of institutions by including a large number of home and host countries. We find that institutional distance negatively affects subsidiary performance in emerging markets. Our findings also show that the negative effects of institutional distance on subsidiary performance are lesser for subsidiaries with partial ownership (than for subsidiaries with full ownership) and for subsidiaries with greater host-country experience. We discuss our findings with respect to Gaur and Lu’s model, which explores the relationships between these variables in a general context

CsI‐Antisolvent Adduct Formation in All‐Inorganic Metal Halide Perovskites

The excellent optoelectronic properties demonstrated by hybrid organic/inorganic metal halide perovskites are all predicated on precisely controlling the exact nucleation and crystallization dynamics that occur during film formation. In general, high‐performance thin films are obtained by a method commonly called solvent engineering (or antisolvent quench) processing. The solvent engineering method removes excess solvent, but importantly leaves behind solvent that forms chemical adducts with the lead‐halide precursor salts. These adduct‐based precursor phases control nucleation and the growth of the polycrystalline domains. There has not yet been a comprehensive study comparing the various antisolvents used in different perovskite compositions containing cesium. In addition, there have been no reports of solvent engineering for high efficiency in all‐inorganic perovskites such as CsPbI3. In this work, inorganic perovskite composition CsPbI3 is specifically targeted and unique adducts formed between CsI and precursor solvents and antisolvents are found that have not been observed for other A‐site cation salts. These CsI adducts control nucleation more so than the PbI2–dimethyl sulfoxide (DMSO) adduct and demonstrate how the A‐site plays a significant role in crystallization. The use of methyl acetate (MeOAc) in this solvent engineering approach dictates crystallization through the formation of a CsI–MeOAc adduct and results in solar cells with a power conversion efficiency of 14.4%.It is found that unique adducts form between CsI and dimethyl sulfoxide (DMSO) and certain antisolvents, such as methyl acetate, during film formation of the all‐inorganic perovskite CsPbI3. These adducts significantly influence crystallization and the power conversion efficiency of the resulting solar cells.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/154525/1/aenm201903365-sup-0001-SuppMat.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/154525/2/aenm201903365.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/154525/3/aenm201903365_am.pd

CsI‐Antisolvent Adduct Formation in All‐Inorganic Metal Halide Perovskites

The excellent optoelectronic properties demonstrated by hybrid organic/inorganic metal halide perovskites are all predicated on precisely controlling the exact nucleation and crystallization dynamics that occur during film formation. In general, high‐performance thin films are obtained by a method commonly called solvent engineering (or antisolvent quench) processing. The solvent engineering method removes excess solvent, but importantly leaves behind solvent that forms chemical adducts with the lead‐halide precursor salts. These adduct‐based precursor phases control nucleation and the growth of the polycrystalline domains. There has not yet been a comprehensive study comparing the various antisolvents used in different perovskite compositions containing cesium. In addition, there have been no reports of solvent engineering for high efficiency in all‐inorganic perovskites such as CsPbI3. In this work, inorganic perovskite composition CsPbI3 is specifically targeted and unique adducts formed between CsI and precursor solvents and antisolvents are found that have not been observed for other A‐site cation salts. These CsI adducts control nucleation more so than the PbI2–dimethyl sulfoxide (DMSO) adduct and demonstrate how the A‐site plays a significant role in crystallization. The use of methyl acetate (MeOAc) in this solvent engineering approach dictates crystallization through the formation of a CsI–MeOAc adduct and results in solar cells with a power conversion efficiency of 14.4%.It is found that unique adducts form between CsI and dimethyl sulfoxide (DMSO) and certain antisolvents, such as methyl acetate, during film formation of the all‐inorganic perovskite CsPbI3. These adducts significantly influence crystallization and the power conversion efficiency of the resulting solar cells.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/154525/1/aenm201903365-sup-0001-SuppMat.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/154525/2/aenm201903365.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/154525/3/aenm201903365_am.pd

Equity Ownership Strategy in Greenfield Investments : Influences of Host Country Infrastructure and MNE Resources in Emerging Markets

This chapter addresses equity ownership strategy in greenfield investments by multinational enterprises (MNEs) in the emerging markets (EMs). It is one of the few studies to hypothesize and analyze influences of host EM physical infrastructure in relation to investment decisions of MNEs. We use resource dependence theory (RDT) as a theoretical basis and test the moderating effects of firm resources like size and host country investment experience. Moreover, the current study assumes a more nuanced approach to studying equity ownership by analyzing wholly owned subsidiaries versus joint ventures (JVs) and including majority versus minority JVs in the analysis as well. The empirical results based on greenfield investments undertaken by Nordic (Danish, Finnish, Norwegian, and Swedish) MNEs in EMs during 1990–2015 reveals the importance of host country physical infrastructure for high equity ownership strategy. Moreover, host country investment experience moderates the effect of physical infrastructure on equity ownership strategy. Finally, the analysis of a sub-sample of greenfield JVs reveals that determinants of equity ownership strategy differ somewhat between greenfield JV or greenfield wholly owned subsidiaries (WOS).© The Author(s) 2019.fi=vertaisarvioitu|en=peerReviewed

Conceptualizing and measuring distance in international business research:Recurring questions and best practice guidelines

Distance is a central concept in international business research, yet there is debate about the construct as well as its operationalization. In this editorial, we address three of the most important recurring questions posed by authors, editors, and reviewers by examining the theory, methods, and data of distance research. We discuss (1) how to theorize on distance, and (2) what method and (3) what data to use when constructing a distance index. We develop practical recommendations grounded in theory, illustrating and supporting them by calculating cross-country distance indices for all available country pairs and two of the most used distance indices: cultural and institutional. We show that, whereas a specific method to calculate distance may matter to some extent, the choice for a specific cultural or institutional framework to measure cultural or institutional distance has a major impact on country-pair distances. Overall, this editorial highlights the importance of matching data and method to the theoretical argument.</p

Performance of the SAET of the Stavropol Anti-Plague Institute of the Rospotrebnadzor during the XXII Olympic and XI Paralympic Winter Games in Sochi

Given is a general overview of the SAET performance during the XXII Olympic and XI Paralympic Winter Games, 2014 in Sochi. Discussed are the peculiarities of work management of the SAET diagnostic facilities; represented are the data on the structure and scope of laboratory investigations of clinical material and environmental samples. Analyzed is the experience of operation under major international mass event. Consequently, it is concluded that current SAET structure, its stuffing and equipping, the laid-up stock of preparations and test-systems have allowed for coping with a diverse task complex in the laboratory diagnostics of infectious diseases and indication of their agents

Results of Work of the Rospotrebnadzor SAET on the Provision of Sanitary Epidemiological Welfare of the Population during the Summer Health-Promotion Campaign, 2014 in the Crimean Federal District

Integration of the Crimean Federal District (CFD) into the Russian Federation in March, 2014 predetermined the necessity to organize preventive activities, aimed at the provision of sanitary epidemiological welfare in the region. The paper observes the results of work of the specialized anti-epidemic teams, affiliated to the Stavropol Research Anti-Plague Institute and Russian Research Anti-Plague Institute “Microbe”, on the provision of assistance to CFD Sanitary Epidemiological Service (SES) in operational etiological investigation of infectious diseases outbreaks. Performed is the laboratory analysis of 2407 clinical and environmental samples. 676 tests out of 11518 have showed positive (non-standard) results. Given are the recommendations concerning optimization of work of the CFD SES facilities

Desempenho de fusões e aquisições cross border: análise empírica do caso brasileiro

This study aims to investigate whether the cross-border acquisitions made by Brazilian companies over the past 15 years have improved their financial performance. Drawing on Institutional, Socio-cultural and Organizational Learning theories, this study develops and empirically tests several hypotheses on the determinants of M&A performance. The results demonstrate that the cross-border acquisitions of Brazilian companies improve their financial performance. Financial performance tends to be positive if the cultural distance between the countries of the acquiring and acquired companies is low to medium and if the institutional context in which the acquired company operates is developed. We also find that the relationship between the previous experience of acquiring companies in international M&As and the performance of a new cross-border operation follows an inverted U shape. These findings suggest that studies on international M&As should include the M&A experience of the acquiring firm as well as the institutional characteristics of its target countries