Regulations, governance quality, and political structure are important factors that may alter the cost and difficulties associated with doing business in foreign markets. Emerging-market multinationals (EMNEs), with an imperative motivation to go abroad and to be competitive in a global landscape, should consider the impact of administrative distance, namely, the regulatory institutional differences between home and host countries. We suggest that the study of administrative distance is particularly important when addressing investment flows from emerging economies to developed ones, because of the differences between them. Drawing on transaction cost theory and institutional perspective, we analyze the moderating effect of administrative distance on the relationship between other cross-national distance factors—cultural, geographic and economic—and establishment mode choice of EMNEs. From a sample of 357 outward foreign direct investments carried out by Indian firms, our results show that administrative distance moderates the relationship between cultural, geographic and economic distance, and establishment mode decisions.

中文翻译：

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新兴市场跨国公司的距离因素与设立模式选择：行政距离的调节作用

法规、治理质量和政治结构是可能改变与在国外市场开展业务相关的成本和困难的重要因素。新兴市场跨国公司 (EMNE) 迫切希望走出国门并在全球格局中保持竞争力，应考虑行政距离的影响，即母国和东道国之间的监管制度差异。我们建议，在处理从新兴经济体流向发达经济体的投资时，行政距离的研究尤其重要，因为它们之间存在差异。借鉴交易成本理论和制度视角，我们分析了行政距离对其他跨国距离因素——文化、EMNEs的地理和经济以及建立模式的选择。从印度公司进行的 357 次对外直接投资的样本中，我们的结果表明，行政距离调节了文化、地理和经济距离以及建立模式决策之间的关系。