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Book part
Publication date: 11 August 2014

Mike W. Peng

This paper points out new directions for the deepening and broadening of the institution-based view, by drawing on three streams of research with which I have been…

Abstract

This paper points out new directions for the deepening and broadening of the institution-based view, by drawing on three streams of research with which I have been involved recently: (1) outward foreign direct investment from emerging economies, (2) bankruptcy laws and entrepreneurship development, and (3) institution-based research focusing on Africa. Such deepening has been accomplished by enhancing our institution-based understanding of foreign direct investment with a focus on emerging multinationals, while broadening has been done both substantively by probing into the impact of bankruptcy laws on entrepreneurship development around the world and geographically by calling for enhanced research attention on Africa via an institution-based lens.

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Multidisciplinary Insights from New AIB Fellows
Type: Book
ISBN: 978-1-78441-038-4

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Book part
Publication date: 17 June 2019

Mike W. Peng and Joyce C. Wang

Extending the proposition that boards of directors influence firms’ mergers and acquisitions (M&As), studies have investigated how board interlocks – network ties formed…

Abstract

Extending the proposition that boards of directors influence firms’ mergers and acquisitions (M&As), studies have investigated how board interlocks – network ties formed by directors — may shape M&A processes and outcomes. While board interlocks and M&As are two streams of research, each underpinned by voluminous studies, their cross-fertilization has been relatively limited. In this chapter, the authors take stock of prior research investigating the relationship between board interlocks and M&As. Specifically, emphasizing the network features of board interlocks, the authors highlight a connection aspect and a structure aspect of board interlocks in appreciating their effects during pre-acquisition and post-acquisition phases. Based on this framework, the authors then lay out a research agenda that can further bridge board interlocks with M&As. Overall, this chapter endeavors to integrate and expand our knowledge on the acquisition implications of board interlocks.

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Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78973-599-4

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Book part
Publication date: 5 August 2022

Mike W. Peng and Grace T. Peng

In the absence of well-developed, formal institutional frameworks, informal network-based strategies have been argued to be especially viable in emerging economies…

Abstract

In the absence of well-developed, formal institutional frameworks, informal network-based strategies have been argued to be especially viable in emerging economies. However, some empirical research has challenged these earlier theoretical arguments. In light of new evidence, this chapter develops a contingency perspective differentiating firms' networks as strong ties and weak ties. It suggests that while strong-tie networks are typically found during the early phase of institutional transitions, weak-tie networks are more likely to be developed and leveraged during the late phase of transitions. The upshot is that as the performance benefits of strong ties decline during institutional transitions, emerging weak ties' impact on firm performance is likely to increase.

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Informal Networks in International Business
Type: Book
ISBN: 978-1-83982-878-2

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Book part
Publication date: 12 November 2016

Hao Liang, Luc Renneboog and Sunny Li Sun

We take a state-stewardship view on corporate governance and executive compensation in economies with strong political involvement, where state-appointed managers act as…

Abstract

Purpose

We take a state-stewardship view on corporate governance and executive compensation in economies with strong political involvement, where state-appointed managers act as responsible “stewards” rather than “agents” of the state.

Methodology/approach

We test this view on China and find that Chinese managers are remunerated not for maximizing equity value but for increasing the value of state-owned assets.

Findings

Managerial compensation depends on political connections and prestige, and on the firms’ contribution to political goals. These effects were attenuated since the market-oriented governance reform.

Research limitations/implications

Economic reform without reforming the human resources policies at the executive level enables the autocratic state to exert political power on corporate decision making, so as to ensure that firms’ business activities fulfill the state’s political objectives.

Practical implications

As a powerful social elite, the state-steward managers in China have the same interests as the state (the government), namely extracting rents that should adhere to the nation (which stands for the society at large or the collective private citizens).

Social implications

As China has been a communist country with a single ruling party for decades, the ideas of socialism still have a strong impact on how companies are run. The legitimacy of the elite’s privileged rights over private sectors is central to our question.

Originality/value

Chinese executive compensation stimulates not only the maximization of shareholder value but also the preservation of the state’s interests.

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The Political Economy of Chinese Finance
Type: Book
ISBN: 978-1-78560-957-2

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Article
Publication date: 10 November 2020

Haifeng Yan, Qihu Wang, Yi Ke and Juan Wang

It is widely accepted that business excellence comes from firm-specific factors. However, it is still unclear how institutional relatedness – the degree of embeddedness…

Abstract

Purpose

It is widely accepted that business excellence comes from firm-specific factors. However, it is still unclear how institutional relatedness – the degree of embeddedness with the dominant institutions that confer resources and legitimacy, influences the business excellence of the firm. The purpose of this study is to explore the influence of three kinds of institutional relatedness, i.e. home government ties, initial public offerings (IPOs) and alliances with foreign firms, on the business excellence of Chinese firms.

Design/methodology/approach

This study uses a sample of firms enlisted on the “Most Respected Companies” rank in China during the period 2002–2015 and their paired firms who are absent from the list, by means of ordinary least square regression estimator, to explore the relationship between institutional relatedness and business excellence.

Findings

The empirical results suggest that IPOs and alliances with foreign firms significantly strengthen firms’ business excellence. Furthermore, home government ties have positive effects on outbound IPOs and alliances with foreign firms but hinder business excellence.

Originality/value

This study extends the business excellence literature by characterizing institutional rather than firm-specific factors from an institution-based view. It also enriches research on outcomes of institutional relatedness through investigating empirically its impact on business excellence. The findings provide new insights into the dual role of home government ties in achieving business excellence.

Details

Chinese Management Studies, vol. 15 no. 2
Type: Research Article
ISSN: 1750-614X

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Book part
Publication date: 21 October 2019

João Neves de Carvalho Santos, Manuel Portugal Ferreira and José Carlos Rodrigues

Research suggests that context matters for MNEs’ international business strategy. MNEs’ strategies vary when different intertwined contexts interact with each other. While…

Abstract

Research suggests that context matters for MNEs’ international business strategy. MNEs’ strategies vary when different intertwined contexts interact with each other. While International Business scholars understand well the influence of the institutional environments on firms’ international strategies and operations, some contextual differences are less understood as is the case involving African countries and firms. In this study we investigate how different institutional contexts and legitimacy challenges combine to impact ownership strategic choices of African firms in their cross-border acquisitions (CBAs). Specifically, we study the influence of the host country institutional development and two institutional dimension distances: administrative distance and knowledge distance. Methodologically, we use a sample of 314 CBAs made by acquirers from 24 African countries in 71 host countries worldwide to test a number of theoretically driven hypotheses. This study contributes to our understanding of how foreign investors from less institutionally developed countries that are more likely to face higher legitimacy barriers use ownership strategies to achieve legitimacy abroad.

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International Business in a VUCA World: The Changing Role of States and Firms
Type: Book
ISBN: 978-1-83867-256-0

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Book part
Publication date: 19 September 2014

Yipeng Liu and Ping Deng

This chapter focuses on the Chinese cross-border merger and acquisition (M&A) amid the rising trend of multinational companies from emerging economies. Based on a…

Abstract

This chapter focuses on the Chinese cross-border merger and acquisition (M&A) amid the rising trend of multinational companies from emerging economies. Based on a systematic review of published papers in top international business/strategy/organization journals on Chinese overseas M&A, we offer a tentative multilevel framework to consolidate the past achievement, consider contemporary debates, so as to direct future research efforts. We suggest that Chinese overseas M&A research should emphasize on a process perspective ranging from pre-acquisition to post-acquisition. In addition, qualitative research and methodological pluralism should be embraced to achieve this goal due to the nature of this emerging field of Chinese cross-border M&A. By allocating the extant literature into the multilevel framework, we articulate the demand and identify several potential topics for scholarly inquiry in the future in order to gain a nuanced understanding of this important phenomenon of Chinese cross-border M&A for both China and the rest of the world.

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Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78350-970-6

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Article
Publication date: 23 July 2021

William Chongyang Zhou and Sunny Li Sun

Extant literature has indicated that government support is one of the main drivers of international expansion of Chinese multinational enterprises. However, research on…

Abstract

Purpose

Extant literature has indicated that government support is one of the main drivers of international expansion of Chinese multinational enterprises. However, research on the influence of governors on firm internationalization is still limited. Drawing upon the institution-based view, we theorize a novel concept of institutional enablement to illustrate the influence of a governor's pro-market ideology on Chinese firms' internationalization.

Design/methodology/approach

We analyze the relationship between a governor's pro-market ideology (consisting of a pro-market political ideology, an overseas educational background and a business background) and firm internationalization with a sample of Chinese public companies during 2014–2017.

Findings

We find a direct and positive effect of a governor's pro-market ideology on firm internationalization. We also find an indirect and positive effect of a governor's pro-market ideology through regional, inward foreign direct investment.

Originality/value

To the best of our knowledge, this paper is the first to investigate an underexplored question of the impact of governors on firm internationalization and to develop a novel concept of institutional enablement, based on discursive institutionalism.

Details

Cross Cultural & Strategic Management, vol. 28 no. 4
Type: Research Article
ISSN: 2059-5794

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Article
Publication date: 20 April 2020

Peng Sun, Weifang Chen, Yusu Shen and Dan Wang

As an important part of the rotor system, the damping coefficient of ball bearing has a great influence on the dynamic characteristics of the system. This study aims to…

Abstract

Purpose

As an important part of the rotor system, the damping coefficient of ball bearing has a great influence on the dynamic characteristics of the system. This study aims to propose a theoretical calculation method and an experimental test method to obtain the damping coefficient of ball bearing.

Design/methodology/approach

Based on Hertzian contact theory and elastohydrodynamic lubrication theory, the point contact oil film damping analysis model of ball bearing is established. The comprehensive damping calculation method considering external radial load, centrifugal force, ball spin, rotational speed and lubricating oil film is derived. The multigrid method is used to obtain the oil film pressure and thickness distribution in the contact zone. The variation trend of comprehensive damping with bearing radial load, rotational speed, oil film thickness and viscosity is analyzed. The test platform is designed and the influencing factors of damping are tested.

Findings

The validity of the model and reliability of the test device are verified by comparing the good consistency obtained in the work. The results show that the comprehensive damping of ball bearing increases with the increase of radial load and decreases with the increase of rotational speed.

Originality/value

At present, the existing bearing damping model can achieve approximate calculation of damping, but the factors considered in these models are not comprehensive enough. Besides, few studies exist regarding test platform of bearing damping, and a perfect test plan has not yet been formed. In this paper, the comprehensive damping calculation model of ball bearing is improved, and a complete experimental scheme is proposed to provide reference for the comprehensive damping theory and experimental research of bearing.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-08-2019-0342/

Details

Industrial Lubrication and Tribology, vol. 72 no. 7
Type: Research Article
ISSN: 0036-8792

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Article
Publication date: 17 June 2011

Mike W. Peng, Sunny Li Sun and Dane P. Blevins

The paper aims to argue that the social responsibility of international business (IB) scholars is to seek truth, disseminate learning, and make a difference on issues…

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Abstract

Purpose

The paper aims to argue that the social responsibility of international business (IB) scholars is to seek truth, disseminate learning, and make a difference on issues crucial to the global economy.

Design/methodology/approach

Instead of making philosophical and abstract arguments on the importance of the social responsibility of IB scholars, this article focuses on a leading debate of the times: how to view the rise of China's outward foreign direct investment (OFDI)? The article argues that the so‐called “China threat” brought by such OFDI, as it is often portrayed by the (Western) media, is a myth that cannot be substantiated by evidence‐based scholarly analysis.

Findings

At present, China's OFDI stock represents a mere 1.21 percent of global OFDI stock. It would be absurd to believe that such a tiny sum can “buy up the world”. Based on findings, three hypotheses on what is behind the myth about China's OFDI are offered.

Practical implications

Although some IB (and management) scholarships have been criticized for their alleged lack of relevance to practitioners and policymakers, this paper disagrees. IB scholars need to engage with issues of grave importance not only to the IB field but also to the wider world, such as China's OFDI.

Social implications

The article ends with a series of suggestions on how IB scholars, driven by social responsibility, can shed light on, clear the air, and steer the course of public perception, by drawing on time‐honored, evidence‐based scholarly tradition.

Originality/value

To the best of the authors' knowledge, this is the first article in the literature on IB scholars' social responsibility.

Details

Multinational Business Review, vol. 19 no. 2
Type: Research Article
ISSN: 1525-383X

Keywords

1 – 10 of over 3000