Ownership in cross-border acquisitions and entry timing of the target firm

We examine how the entry timing of targets influences the initial and the post-entry percentage of ownership acquired by multinationals. We argue that targets that have entered earlier into the market launch signals of lower uncertainty in contexts where first-mover advantages exist. As a consequence, multinationals are willing to buy higher levels of ownership in these early entrant targets and to increase their participation in the subsidiary equity in the post-entry stage. Finding support for these relationships, we study how market age and innovative behaviour of the target reduce the importance of leading time as determinant of the ownership decision

Plan de empresa: OndaOla Surfboards

The purpose of this dissertation is to present a business plan based on a real case: a surfboard e-commerce. The report analyses the environmental factors and the facts that suggest an opportunity to enter the market. We will see a complete breakdown of the activity from the early design to the post-sales service, setting a commodity chain that integrates all kind of business activities as cost accounting, logistics or sales representation. The paper is much based on the product and the commodity chain rather than in the analysis of the economic and financial performance, since the project is viewed from a sole trader perspective with limited resources and time

Enfoque de recursos y capacidades dinámicas: planteamientos teóricos

La consolidación del enfoque de recursos y capacidades dinámicas como marco teórico de referencia requiere la revisión crítica de sus fundamentos y la aplicación a distintas dimensiones estratégicas de la empresa. En esta conferencia revisamos en cuál de dichas dimensiones se están produciendo los mayores avances.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

The social status of entrepreneurs: An analysis of informal and formal institutional determinants

The social status of entrepreneurs, which measures the degree to which a country admires entrepreneurs and values their social contribution to society, varies significantly across countries. In some economies, such as the United States, entrepreneurs are seen as cultural heroes, whereas in others, particularly in many European countries, their status is less favorable. In this paper, we provide theoretical elaboration and empirical evidence to support the idea that informal institutions, such as uncertainty avoidance and collectivism, play a crucial role in determining social status. Additionally, formal institutions, like market freedom and government size, establish certain boundaries for these relationships. We analyze a sample of 105 countries that participated in the GEM project between 2003 and 2020. Our results indicate that entrepreneurs enjoy a higher social status in societies characterized by low uncertainty avoidance and a more collectivist orientation. Furthermore, these relationships are contingent upon the formal rules and regulations of the country

A strategic approach to network value in network industries

This article extends previous research on network industries by analyzing the role that firm strategy plays in markets where network effects are important. The authors postulate that firms can benefit from the existence of network effects through their strategic choices. The main premise of this article is that companies, by influencing expectations, coordination, and compatibility, can leverage network effects and network value. The authors empirically test their hypotheses in the mobile telecommunications industry, a paradigmatic example of a network industry. This study not only seeks to understand the impact of firm strategy on network value but also analyzes the impact of the latter on firm performance

How the culture of a country explains the social status of entrepreneurs

Despite the benefits of entrepreneurial activity on economic development, entrepreneurs do not have a good social status in all societies. While in some countries they are highly respected (Anglo-Saxon context), in others, their image is not so positive (European context). In this paper, we highlight these differences using a sample from the GEM project and explain the social status of entrepreneurs using the cultural profile of countries, which is measured with the Schwartz database. Our results show that some cultural profiles favor entrepreneurs' social status

Birds of a feather flock together: ownership in cross-border acquisitions by emerging multinationals

Purpose: Despite prior studies on cross-border acquisitions (CBAs) have analyzed the determinants of ownership strategies; there is still a quest for evidence on how the differences between home and host market characteristics affect the ownership percentage. Prior studies have acknowledged that entering host countries with greater uncertainty makes multinationals reluctant to acquire high levels of ownership. Nevertheless, emerging multinationals (EMNEs) are usually used to operating under greater levels of uncertainty than multinationals from advanced countries (AMNEs), which can imply different ownership strategies. The purpose of this study is to analyze the ownership percentage acquired by MNEs when designing a CBA in emerging or in advanced countries, and to analyze the extent to which the ownership strategy in emerging countries differs between EMNEs and AMNEs. Design/methodology/approach: Mobile telecommunications industry is used as research setting to provide empirical evidence of the interaction effect of the advanced versus emerging nature of the host and home countries on the ownership acquired in CBAs. Findings: Results confirm that both home and host countries' characteristics are relevant in explaining the ownership strategies of MNEs. Originality/value: The authors contribute to the strategy and IB literatures by providing empirical evidence on the recent debate on whether the internationalization strategies followed by EMNEs are similar to the traditional patterns of AMNEs, and analyze how EMNEs differ from AMNEs in their ownership strategies in emerging countries. Focusing in the mobile telecommunications industry, the authors also contribute by extending the analysis to an international and cross-cultural setting that includes 48 mobile groups that come from 35 home and 81 host countries

Speed of institutional change and subsidiary performance: the moderating impact of home and host country learning

This research examines the role played by home and host country learning in the relationship between the speed of institutional change and subsidiary performance. We posit a negative relationship between the speed of institutional change in the host country and subsidiary performance. We also argue that this relationship is contingent on the institutional learning that parent multinationals (MNEs) have previously attained in other countries. By integrating the dynamic institution-based view and the organizational learning literature, our analysis highlights the key role that abilities and skills developed by MNEs to face rapid institutional changes have on the host countries in which they operate. We test our theoretical model using a sample of 342 subsidiaries from 68 MNEs operating in emerging and developed economies during 2001-2017

Ownership, institutional environment and subsidiary performance: a dynamic analysis in the mobile telecommunications industry

Las empresas multinacionales se han convertido en actores fundamentales de la economía global, incrementando significativamente su presencia durante las últimas décadas. Esto ha atraído la atención de un gran número de investigadores que han intentado analizar tanto el comportamiento estratégico durante los procesos de internacionalización como el resultado obtenido por las empresas multinacionales y sus filiales. Esta tesis doctoral tiene como objetivo profundizar en algunas de las cuestiones que continúan sin resolverse en este ámbito. En concreto, el capítulo 2 profundiza en el análisis de los determinantes del nivel de propiedad durante las adquisiciones, centrándose en los determinantes a nivel de empresa objetivo. Además, incorpora una visión dinámica analizando tanto la propiedad adquirida inicialmente como las variaciones de propiedad después de la adquisición. El capítulo 3 se centra en la influencia del entorno en las decisiones sobre el nivel de propiedad, analizando la influencia que tiene para las empresas multinacionales el aprendizaje derivado del país de origen. Este aprendizaje en el país de origen, también es de relevancia para afrontar rápidos cambios institucionales, como puede observarse en el capítulo 4. Durante este capítulo se analiza la influencia que la velocidad de cambio institucional tiene sobre el resultado obtenido por las filiales y el papel que desempeñan las ventajas institucionales. <br /