Internalization theory explains how the multinational enterprise (MNE) makes decisions on new investments but does not explicitly address the restructuring (i.e., unbundling) processes that can take place within the MNE network of subsidiaries. Further extensions to internalization theory have considered the ways MNEs recombine, bundle, unbundle and orchestrate resources but have yet to address specifically the issue of divestments and relocations. We contribute to the literature by extending internalization theory through conceptualizing footloose behavior, a repeated relocation of divested operations over a period of time, and approaching MNEs behavior in a holistic way. Empirically, we use four case studies of mature, complex and diversified MNEs within the context of European Union (EU). These MNEs have engaged in several investments, divestments and relocations over several years. Through the analysis of their behavior we demonstrate how the inclusion of divestments and relocations can extend internalization theory in explaining the modern MNE.

中文翻译：

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自由的跨国公司：内部化理论的扩展

内部化理论解释了跨国企业 (MNE) 如何对新投资做出决策，但没有明确说明跨国企业网络中可能发生的重组（即分拆）过程。内部化理论的进一步扩展考虑了跨国公司重组、捆绑、拆分和协调资源的方式，但尚未具体解决撤资和搬迁问题。我们通过将自由行为概念化、在一段时间内重复重新定位被剥离的业务以及以整体方式处理跨国公司行为来扩展内化理论，从而为文献做出贡献。根据经验，我们使用了欧盟 (EU) 背景下成熟、复杂和多元化的跨国企业的四个案例研究。这些跨国公司进行了多项投资，几年的撤资和搬迁。通过对他们行为的分析，我们展示了撤资和搬迁如何扩展内化理论来解释现代跨国公司。