Although international business studies have examined the role of non-market factors in multinational enterprises’ (MNEs) foreign ownership, there is a limited focus on the role of host country human rights records on MNEs’ ownership decisions. Further, there is little understanding of the differences in ownership decisions between the developed country multinational enterprises (DMNEs) and emerging-market multinational enterprises (EMNEs) as influenced by the non-market context of their host countries. This study, therefore, explores the links between the host country’s human rights governance and MNEs’ ownership strategy in cross-border acquisitions. We argue that clarity in human rights governance in the host country will encourage MNEs to establish higher stakes in local targets and that this relationship will be stronger for DMNEs than for EMNEs. Our findings, which support these hypotheses, offer insights into the relationship between MNE investment strategy and human rights governance, and inform the debate on the differences between internationalization strategies of EMNEs and DMNEs.

中文翻译：

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评估东道国人权保护在跨国企业投资策略选择中的作用

尽管国际商业研究已经研究了非市场因素在跨国企业（MNEs）外国所有权中的作用，但对东道国人权记录在跨国公司所有权决定中的作用的关注有限。此外，对于受其所在国非市场环境影响的发达国家跨国企业（DMNE）与新兴市场跨国企业（EMNE）之间所有权决定的差异了解甚少。因此，本研究探讨了东道国的人权治理与跨国公司在跨国收购中的所有权战略之间的联系。我们认为，东道国人权治理的明确性将鼓励跨国公司在当地目标中建立更高的份额，而这种关系对于DMNE而言将比EMNE更为牢固。我们的发现支持这些假设，提供了对跨国公司投资战略与人权治理之间关系的见解，并为有关新兴市场国家和新兴市场国家国际化战略之间差异的辩论提供了参考。