Purpose

The purpose of this paper is to examine whether subnational market-supporting institutions in Indian states affect the likelihood of Indian multinational enterprises (MNEs) to undertake acquisitions in advanced economies (AEs) rather than emerging economies (EEs) and, if so, which mechanism – institutional fostering or escapism – underlies the phenomenon.

Design/methodology/approach

The paper uses a logistic regression model on a dataset of 647 firm-level cross-border acquisitions (CBAs) undertaken by Indian MNEs during the period 2010–2016.

Findings

The paper finds support for the institutional escapism mechanism, as opposed to the institutional fostering mechanism, underlying Indian MNEs’ acquisitions in AEs (rather than EEs). That is, firms headquartered in Indian states where market-supporting institutions (such as economic liberalization and efficiency of legal systems) are weak are more likely to undertake CBAs in AEs than in EEs as an escapist response to weak subnational institutions at home.

Originality/value

The paper highlights the relevance of the mainstream international business (IB) concept of emerging market multinational enterprises (EMNEs) internationalization to critical IB scholarship by examining subnational institutional influences on EMNEs’ foreign market choice between AEs and EEs. In particular, by providing evidence for the institutional escapism mechanism which has potential negative socioeconomic consequences in the region of the investing firm, the paper adds to critical IB research which places great emphasis on the examination of inequalities and draws attention to the EMNE context as a suitable setting for further research on internationalization from a critical perspective.

中文翻译：

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发达经济体中的地方机构和 EMNE 收购：机构逃避还是促进？

目的

本文的目的是研究印度各州的地方市场支持机构是否会影响印度跨国企业 (MNEs) 在发达经济体 (AEs) 而不是新兴经济体 (EEs) 进行收购的可能性，如果是，则是哪种机制– 制度培养或逃避现实 – 是这种现象的基础。

设计/方法/方法

本文对印度跨国公司在 2010 年至 2016 年期间进行的 647 次公司级跨境收购 (CBA) 的数据集使用逻辑回归模型。

发现

本文找到了对制度逃避机制的支持，而不是制度培养机制，这是印度跨国公司在 AE（而不是 EE）中收购的基础。也就是说，总部设在市场支持机构（如经济自由化和法律制度效率）薄弱的印度各邦的公司更有可能在 AE 而非 EE 中承担 CBA，以逃避国内薄弱的地方机构。

原创性/价值

该论文通过研究地方制度对新兴市场跨国企业 (EMNE) 国际化的主流国际商业 (IB) 概念与关键 IB 奖学金的相关性，通过检查 EMNE 在 AE 和 EE 之间的国外市场选择的影响。特别是，通过为在投资公司所在地区具有潜在负面社会经济后果的制度逃避机制提供证据，该论文增加了批判性 IB 研究，该研究非常重视对不平等的检查，并提请注意 EMNE 背景作为从批判的角度进一步研究国际化的合适环境。