In international business (IB), the level of equity ownership adopted by a firm is an important decision. In this study, we review and synthesize the findings of 105 empirical studies published in prominent IB and management journals on the determinants of equity ownership stake in foreign investment decisions, published between 1991 and 2020. Three primary theoretical lenses ‒ organizational learning perspective, transaction cost economics and institutional perspective – are adopted to catalogue and synthesize the existing literature. We find that, despite the proliferation of IB studies on antecedents of level of equity ownership decisions, many unanswered questions remain. We also find that theoretical fault lines impede progress in this research stream. Based on the literature review, we suggest a research programme that includes accounting for the behavioural view of decision‐making in the organization, shifting from an atomistic perspective to a network perspective of the firm, having a better understanding of the process of internationalization and considering industry heterogeneity as well as the host country's characteristics.

中文翻译：

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外国进入决定中股权股权的决定因素：系统的审查和研究议程

在国际业务（IB）中，公司采用的股权所有权水平是一个重要的决定。在这项研究中，我们回顾并综合了1991年至2020年之间发表在IB和管理期刊上的105项关于外国投资决定中的股权所有权决定因素的经验研究的结果。三个主要理论视角‒组织学习视角，交易成本经济学和制度的观点–被用来分类和综合现有文献。我们发现，尽管国际文凭组织对股权决策水平先决条件的研究激增，但仍有许多悬而未决的问题。我们还发现理论断层线阻碍了该研究的进展。根据文献回顾，