Do emerging market (E)MNEs have a stronger strategic asset seeking FDI orientation than developed market (D)MNEs? If so, what are the properties of the strategic assets they actually seek and are they similar or dissimilar to those of DMNEs? Drawing from new internalization theory, we show that lying concealed within some mainstream EMNE models are important predictions regarding differences in the location-boundedness properties of the strategic assets sought by EMNEs compared with DMNEs. Using multinomial logit modelling on 2414 international M&A deals, we explore how acquirer characteristics shape location-bounded (trademark) and non-location bounded (patent) strategic asset seeking choices. In general, we find evidence that EMNEs have a comparatively stronger patent but weaker trademark seeking orientation than DMNEs. We discuss implications for EMNE related theory, focusing on the qualitative differences in asset seeking orientation between EMNEs and DMNEs.

中文翻译：

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新兴市场和发达市场跨国公司的位置和非位置限制战略资产寻求的比较分析：新内部化理论的应用

新兴市场 (E) MNEs 是否比发达市场 (D) MNEs 具有更强的战略资产寻求 FDI 导向？如果是，他们实际寻求的战略资产的属性是什么？它们与 DMNE 的属性相似还是不同？借鉴新的内化理论，我们表明，隐藏在一些主流 EMNE 模型中的是关于 EMNE 与 DMNE 所寻求的战略资产的位置边界属性差异的重要预测。使用 2414 宗国际并购交易的多项 logit 模型，我们探讨了收购方的特征如何塑造受地域限制（商标）和不受地域限制（专利）的战略资产寻求选择。总的来说，我们发现证据表明，与 DMNE 相比，EMNE 具有相对较强的专利但较弱的商标寻求方向。