Purpose

Financial internationalization is of particular importance to emerging country firms. Its significance arises from the impact of institutional void and related agency problems (common to emerging markets) on the internationalization path of these firms. Building on concepts from international finance, agency theory and institutional theory, this paper aims to examine the main aspects of financial internationalization by emerging country multinationals, namely, cross-listing, foreign ownership and foreign independent directors.

Design/methodology/approach

This paper follows a multiple case study approach which is a good fit for the exploratory nature of this research. The interest is to examine the context-driven financial internationalization of each case firm and replicate the firm-level information to find a common strategy.

Findings

The findings suggest that financial internationalization by emerging country multinationals starts mainly as these firms plan to enter advanced country markets. It is a dynamic process that entails interaction between financial internationalization and real internationalization, as well as among different aspects of financial internationalization. Cross-listing comprises the first stage of the process. Then, foreign ownership, particularly foreign institutional investments, would increase gradually in response to advances in financial and factor markets. Recruiting foreign independent directors seems to be adopted last, possibly out of fear of losing control of strategic decisions.

Originality/value

This paper presents a unique perspective that delineates different stages of the process of financial internationalization by emerging country multinationals. This complements the efforts to explain the distinct path of internationalization followed by these firms and supplements scarce literature by including emerging multinationals from India where the matter has not yet attracted proper attention.

中文翻译：

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新兴国家跨国公司的金融国际化：来自印度的证据

目的

金融国际化对新兴国家的公司尤为重要。其意义源于制度空白和相关代理问题（新兴市场常见）对这些公司国际化路径的影响。本文基于国际金融、代理理论和制度理论的概念，旨在研究新兴国家跨国公司金融国际化的主要方面，即交叉上市、外国所有权和外国独立董事。

设计/方法/方法

本文采用多案例研究方法，非常适合本研究的探索性。兴趣是检查每个案例公司的背景驱动的金融国际化，并复制公司层面的信息以找到共同的战略。

发现

研究结果表明，新兴国家跨国公司的金融国际化主要是在这些公司计划进入发达国家市场时开始的。这是一个动态的过程，金融国际化与真正的国际化以及金融国际化的各个方面之间相互作用。交叉上市包括流程的第一阶段。然后，外国所有权，特别是外国机构投资，将随着金融和要素市场的发展而逐渐增加。招聘外国独立董事似乎是最后采用的，可能是因为害怕失去对战略决策的控制权。

原创性/价值

本文提出了一个独特的视角，描绘了新兴国家跨国公司金融国际化过程的不同阶段。这补充了解释这些公司所遵循的独特国际化道路的努力，并通过包括来自印度的新兴跨国公司来补充稀缺的文献，该问题尚未引起适当的关注。