Стратегии международных слияний и поглощений: исследования в контексте стран с развивающейся экономикой

  • Любовь Андреевна Ермолаева Институт «Высшая школа менеджмента» Санкт-Петербургского государственного университета, Россия https://orcid.org/0000-0003-1742-2886
  • Андрей Юрьевич Панибратов Институт «Высшая школа менеджмента» Санкт-Петербургского государственного университета, Россия https://orcid.org/0000-0002-3996-3790

Аннотация

В статье представлен анализ теоретических подходов и результатов эмпирических исследований международных слияний и поглощений (M&A) компаний из стран с развивающейся экономикой. Несмотря на широкую дискуссию о необходимости развития более свежих идей для объяснения феномена зарубежной экспансии компаний из стран с развивающейся экономикой, было предпринято лишь несколько попыток создания новых теорий, так и не получивших широкого применения в области международного и стратегического менеджмента. Доминирующими в изучении зарубежных M&A по-прежнему остаются ресурсный подход, институциональный подход и OLI-парадигма Дж. Даннинга. В работе выделен ряд проблемных и малоизученных тем в области международных M&A, предложены направления будущих исследований в этой области в контексте стран с развивающейся экономикой.

Ключевые слова:

зарубежные M&A, страны с развивающейся экономикой, теоретические подходы, МНК, Россия

Скачивания

Данные скачивания пока не доступны.

Литература

ЛИТЕРАТУРА НА РУССКОМ ЯЗЫКЕ

Ахриева Р. Ю. 2011. Формирование управленческих стратегий зарубежной экспансии корпораций стран БРИК. Вестник ИМСИТ (3–4): 44–46.

Нефедов К. С., Панибратов А. Ю. 2017. Глобальные цепочки ценности: основные аспекты и актуальные направления исследований. Вестник С.-Петербургского ун-та. Серия Менеджмент (3): 24–57.

Панибратов А. Ю., Веселова А. С., Ермолаева Л. А. 2015. Институциональные и макроэкономические факторы географического направления российских международных сделок слияния и поглощения. Российский журнал менеджмента 13 (3): 59–78.

Панибратов А. Ю., Ермолаева Л. А., Абрамков А. Е. 2015. «Бремя иностранца» в процессе интернационализации российских энергетических компаний. Вестник С.-Петербургского ун-та. Серия Менеджмент (2): 39–73.

Широкова Г., Соколова Л. 2013. Формирование предпринимательской ориентации в российских фирмах малого и среднего бизнеса: роль институциональной среды. Российский журнал менеджмента 11 (2): 25–50.

REFERENCES IN LATIN ALPHABET

Ahern K. R., Daminelli D., Fracassi C. 2015. Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics 117 (1): 165–189.

Amsden A. H. 2009. Does firm ownership matter? POEs vs. FOEs in the developing world. In: Ramamurti R., Singh J. V. (eds). Emerging Multinationals in Emerging Markets. Cambridge University Press: N. Y.; 64–77.

Banalieva E. R., Dhanaraj C. 2013. Home region orientation and international expansion strategies. Journal of International Business Studies 44 (2): 89–116.

Barkema H. G., Vermeulen F. 1998. International expansion through start-up or through acquisition: A learning perspective. Academy of Management Journal 41 (1): 7–26.

Barney J. 1991. Firm resources and sustained competitive advantage. Journal of Management 17 (1): 99–120.

Bereznoy A. 2017. Corporate foresight in multinational business strategies. Foresight and STI Governance 11 (1): 9–22.

Bhaumik S. K., Driffield N., Pal S. 2010. Does ownership structure of emergingmarket firms affect their outward FDI? The case of the Indian automotive and pharmaceutical sectors. Journal of International Business Studies 41 (3): 437–450.

Blomstermo A., Eriksson K., Lindstrand A., Sharma D. D. 2004. The usefulness of network knowledge in the international firm. Journal of International Management 10 (3): 355–373.

Buckley P. J., Casson M. C. 1976. The Future of Multinational Enterprise. Macmillan: London.

Buckley P. J., Munjal S., Enderwick P., Forsans N. 2016. Cross-border acquisitions by Indian multinationals: Asset exploitation or asset augmentation? International Business Review 25 (4): 986–996.

Caiazza R., Volpe T. 2015a. Interaction despite of diversity: Is it possible? Journal of Management Development 34: 743–750.

Caiazza R., Volpe T. 2015b. M&A process: A literature review and research agenda. Business Process Management Journal 21 (1): 205–220.

Chari M. 2013. Business groups and foreign direct investments by developing country firms: An empirical test in India. Journal of World Business 48: 349–359.

Chari M., Acikgoz S. 2016. What drives emerging economy firm acquisitions in tax havens? Journal of Business Research 69: 664–671.

Chari M., Shaih M. 2017. Cross-border acquisitions by emerging-economy firms defying distance? Thunderbird International Business Review 59 (2): 173–186.

Child J., Rodrigues S. B. 2005. The internationalization of Chinese firms: A case for theoretical extension? Management and Organization Review 1 (3): 381–410.

Ciravegna L., Lopez L., Kundu S. 2014. Country of origin and network effects on internationalization: A comparative study of SMEs from an emerging and developed economy. Journal of Business Research 67 (5): 916–923.

Collinson S., Rugman A. 2008. The regional nature of Japanese multinational business. Journal of International Business Studies 39: 215–230.

Cuervo-Cazurra A. 2012. Extending theory by analyzing developing country multinational companies: Solving the goldilocks debate. Global Strategy Journal 2: 153–167.

Cuervo-Cazurra A., Maloney M. M., Manrakhan S. 2007. Causes of the difficulties in internationalization. Journal of International Business Studies 38 (5): 709–725.

Cuervo-Cazurra A., Ramamurti R. 2014. Understanding Multinationals from Emerging Markets. Cambridge University Press: Cambridge, MA.

Dawar N., Frost T. 1999. Competing with giants. Harvard Business Review 77 (2): 119–129.

Deng P. 2009. Why do Chinese firms tend to acquire strategic assets in international expansion? Journal of World Business 44: 74–84.

Deng P., Yang M. 2015. Cross-border mergers and acquisitions by emerging market firms: A comparative investigation. International Business Review 24: 157–172.

Dikova D., Panibratov A., Veselova A., Ermolaeva L. 2016. The joint effect of investment motives and institutional context on Russian international acquisitions. International Journal of Emerging Markets 11 (4): 674–692.

Du M., Boateng A. 2014. State ownership, institutional effects and value creation in cross-border mergers and acquisitions by Chinese firms. International Business Review 24: 430–442.

Dunning J. H. 1980. Toward an eclectic theory of international production: Some empirical tests. Journal of International Business Studies 11 (1): 9–31.

Dunning J. H. 1995. Reappraising the eclectic paradigm in an age of alliance capitalism. Journal of International Business Studies 26 (3): 461–491.

Dunning J. H. 1998. Location and the multinational enterprise: A neglected factor? Journal of International Business Studies 29 (1): 45–66.

Dunning J. H. 2009. Location and the Multinational enterprise: A neglected factor? Journal of International Business Studies 40: 5–19.

Dunning J. H., Kim C., Park D. 2008. Old wine in new bottles: A comparison of emerging-markets TNCs today and developed-country TNCs thirty years ago. In: Sauvant K. (ed.). The Rise of Transnational Corporations from Emerging Markets: Threat or Opportunity? Cheltenham: Edward Elgar; 158–180.

Duysters G., Jacob J., Lemmens C. 2009. Internationalization and technological catching up of emerging multinationals: A comparative case study of China’s Haier group. Industrial and Corporate Change 18 (2): 325–349.

Elango B., Pattnaik C. 2007. Building capabilities for international operations through networks: A study of Indian firms. Journal of International Business Studies 38 (4): 541–555.

Filippov S. 2012. Emerging Russian multinational companies: Managerial and corporate challenges. European Journal of International Management 6 (3): 323–341.

Fleury A., Leme Fleury M. T. 2014. Country of origin effects on internationalization: Insights from Brazil. In: Cuervo-Cazurra A., Ramamurti R. (eds). Understanding Multinationals from Emerging Markets. Cambridge University Press: N. Y.; 242–267.

Gammeltoft P. 2008. Emerging Multinationals Outward FDI from the BRICS Countries. Paper presented in the IV Globelics Conference, Mexico City, September.

Gammeltoft P., Barnard H., Madhok A. 2010 Emerging multinationals, emerging theory: Macro- and micro-level perspectives. Journal of International Management 16 (2): 95–101.

Gaur A. S., Kumar V., Singh D. 2014. Institutions, resources, and internationalization of emerging economy firms. Journal of World Business 49 (1): 12–20.

Ghemawat P. 2001. Distance still matters. The hard reality of global expansion. Harvard Business Review 79 (8): 137–147.

Ghemawat P. 2007. Redefining Global Strategy: Crossing Borders in a World where Differences Still Matter. Harvard Business School Press: Boston, MA.

Gubbi S., Elango B. 2016. Resource Deepening VS. Resource Extension: Impact on asset-seeking acquisitions performance. Management International Review 56 (3): 353–384.

Gugler P. 2017. Emerging countries’ countryspecific advantages CSAs and competitiveness of emerging market multinational enterprises EMNEs. Competitiveness Review: An International Business Journal 27 (3): 194–207.

Guillen M. F., Garcia-Canal E. 2009. The American model of the multinational firm and the “new” multinationals from emerging economies. Academy of Management Perspectives 23 (2): 23–35.

Haleblian J., Devers C. E., McNamara G., Carpenter M. A., Davison R. B. 2009. Taking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management 35 (3): 469–502.

Hennart J. F. 2012. Emerging market multinationals and the theory of the multinational enterprise. Global Strategy Journal 2: 168–187.

Hitt M. A., Harrison J. S., Ireland R. D. 2001. Mergers and Acquisitions: A Guide to Creating Value for Stakeholders. Oxford University Press: N. Y.

Hitt M. A., King D., Krishnan H., Makri M., Schijven M., Shimizu K., Zhu H. 2009. Mergers and acquisitions: Overcoming pitfalls, building synergy, and creating value. Business Horizons 52: 523–529.

Hoskisson R., Wright M., Filatotchev I., Peng M. 2013. Emerging multinationals from mid-range economies: The influence of institutions and factor markets. Journal of Management Studies 50: 1295–1321.

Jindra B., Hassan S., Cantner U. 2014. What does location choice reveal about knowledge-seeking strategies of emerging market multinationals in the EU? International Business Review. doi:10.1016/j.ibusrev.2014.11.008

Johanson J., Vahlne J.-E. 1977. The internationalization process of the firm-a model of knowledge development and increasing foreign market commitments. Journal of International Business Studies 8 (1): 23–32.

Jullens J. 2013. How emerging giants can take on the world. Harvard Business Review (December): 121–125.

Kojima K. 1973. Macroeconomic approach to foreign direct investment. Hitotsubashi Journal of Economics 14: 1–21.

Kyrkilis D., Pantelidis P. 2003. Macroeconomic determinants of outward foreign direct investment. International Journal of Social Economics 30: 827–836.

Lessard D., Lucea R. 2009. Mexican multinationals: Insights from CEMEX. In: Ramamurti R., Singh J. V. (eds). Emerging Multinationals from Emerging Markets. Cambridge University Press: N. Y; 280–311.

Lu J., Liu X., Wright M., Filatotchev I. 2014. International experience and FDI location choices of Chinese firms: The moderating effects of home country government support and host country institutions. Journal of International Business Studies 45: 428–449.

Luo Y., Tung R. L. 2007. International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies 38: 481–498.

Luo Y., Wang S. L. 2012. Foreign direct investment strategies by developing country multinationals: A diagnostic model for home country effects. Global Strategy Journal 2: 244–261.

Luo Y., Xue Q., Han B. 2010. How emerging market governments promote outward FDI: Experience from China. Journal of World Business 45: 68–79.

Madhok A., Keyhani M. 2012. Acquisitions as entrepreneurship: Asymmetries opportunities and the internationalization of multinationals from emerging economies. Global Strategy Journal 21: 26–40.

Mathews J. A. 2006. Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management 23 (1): 5–27.

Mathews J. A., Zander I. 2007. The international entrepreneurial dynamics of accelerated internationalization. Journal of International Business Studies 38 (3): 387–403.

Meyer K. E., Mudambi R., Narula R. 2011. Multinational enterprises and local contexts: The opportunities and challenges of multiple embeddedness. Journal of Management Studies 48 (2): 235–252.

Mihailova I., Panibratov A. 2012. Determinants of internationalization strategies of emerging market firms: A multilevel approach. Journal of East-West Business 18 (2): 157–184.

Narula R. 2012. Do we need different frameworks to explain infant MNEs from developing countries? Global Strategy Journal 21: 41–47.

Nicholson R. R., Salaber J. 2013. The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review 22 (6): 963–980.

Panibratov A. 2012. Russian Multinationals: From Regional Supremacy to Global Lead. Routledge: London.

Panibratov A. 2016. Home government influence on Russian MNEs: Balancing control against interest. International Journal of Emerging Markets 11 (4): 474–496.

Panibratov A. 2017a. International Strategy of Emerging Market Firms: Absorbing Global Knowledge and Building Competitive Advantage. Routledge: N.Y.

Panibratov A. 2017b. Cultural integration in cross-border M&A deals: The comparative study of acquisitions made by EMNEs from China and Russia. Journal of Organizational Change Management 30 (7): 1–27.

Peng M. W. 2002. Towards an institution-based view of business strategy. Asia Pacific Journal of Management 19 (2): 251–267.

Peng M. W. 2012. The global strategy of emerging multinationals from China. Global Strategy Journal 2 (2): 97–107.

Peng M. W., Heath P. S. 1996. The growth of the firm in planned economies in transition: Institutions organizations and strategic choice. Academy of Management Review 21 (2): 492–528.

Peng M. W., Lee S.-H., Wang D. 2005. What determines the scope of the firm over time? A focus on institutional relatedness. Academy of Management Review 30 (3): 622–633.

Peng M. W., Wang D. L., Jiang Y. 2008. An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies 39: 920–936.

Peng M. W., Parente R. C. 2012. Institutionbased weaknesses behind emerging multinationals. RAE Sao Paulo 52 (3): 360–364.

Porter M. E. 1980. Competitive Strategy. Free Press: N.Y.

Porter M. E. 2008. On Competition. Harvard Business Review Book: Boston, MA.

Puffer S. M., McCarthy D. J. 2011. Two decades of Russian business and management research: An institutional theory perspective. Academy of Management Perspectives 25 (2): 21–36.

Puffer S. M., McCarthy D. J., Boisot M. 2010. Entrepreneurship in Russia and China: The impact of formal institutional voids. Theory & Practice 34 (3): 441–467.

Rabbiosi L., Elia S., Bertoni F. 2012. Acquisitions by EMNCs in developed markets: An organizational learning perspective. Management International Review 52: 193–212.

Ramamurti R. 2009. What have we learned about emerging market MNEs? In: Ramamurti R. and Singh J. V. (eds). Emerging Multinationals in Emerging Markets. Cambridge University Press: Cambridge; 339–426.

Ramamurti R. 2012. What is really different about emerging market multinationals? Global Strategy Journal 2 (1): 41–47.

Ramamurti R., Singh J. V. 2009. Indian multinationals: Generic internationalization strategies. In: Ramamurti R., Singh J. V. (eds). Emerging Multinationals in Emerging Markets. Cambridge University Press: Cambridge; 110–166.

Rasiah R., Gammeltoft P., Jiang Y. 2010. Home government policies for outward FDI from emerging economies: Lessons from Asia. International Journal of Emerging Markets 5 (3/4): 333–357.

Rugman A. M. 2000. The End of Globalization. Random House Business Books: London.

Rugman A. M. 2010. Reconciling internationalization theory and the eclectic paradigm. Multinational Business Review 18 (2): 1–12.

Scott W. R. 2001. Institutions and Organizations. 2nd ed. Sage: Thousand Oaks CA.

Slangen A. H. L., Beugelsdijk S. 2010. The impact of institutional hazards on foreign multinational activity: A contingency perspective. Journal of International Business Studies 41 (6): 980–995.

Stucchi T. 2012. Emerging market firms’ acquisitions in advanced markets: Matching strategy with resource-, institution- and industry-based antecedents. European Management Journal 30 (3): 278–289.

Tolentino P. E. 1993. Technological Innovation and Third World Multinationals. Routledge: N.Y.

UNCTAD. 2016. World Investment Report. Wernerfelt B. 1984. A resource-based view of the firm. Strategic Management Journal 5 (2): 171–180.

Witt M. A., Lewin A. Y. 2007. Outward foreign investment as escape response to home country institutional constraints. Journal of International Business Studies 38 (4): 579–594.

Xu D., Meyer K. E. 2013. Linking theory and context: “Strategy research in emerging economies” after Wright et al. (2005). Journal of Management Studies 50 (7): 1322–1346.

Yang X., Jiang Y., Kang R., Ke Y. 2009. A comparative analysis of the internationalization of Chinese and Japanese firms. Asia Pacific Journal of Management 26 (1): 141–162.

Yang M., Deng P. 2017. Cross-border M&As by Chinese companies in advanced countries: Antecedents and implications. Thunderbird International Business Review 59 (3): 263–280.

Yiu D. W., Ng F. W., Ma X. 2013. Business group attributes and internationalization strategy in China. Asian Business & Management 12 (1): 14–36.

Zaheer S. 2002. The liability of foreignness, redux: A commentary. Journal of International Management 8 (3): 351–358.


Translation of references in Russian into English

Ahrieva R. Yu. 2011. Formation of management strategies for foreign expansion of corporations of the BRIC countries. Vestnik of IMSIT [Vestnik IMSIT] (3–4): 44–46.

Nefedov K. S., Panibratov A. Yu. 2017. Global value chains: the main aspects and actual directions of research. Vestnik of St. Petersburg State University. Management [Vestnik Sankt-Peterburgskogo Universiteta. Seriya “Menedzhment”] (3): 24–57.

Panibratov A. Yu., Veselova A. S., Ermolaeva L. A. 2015. Institutional and macroeconomic factors of the geographical direction of Russian international mergers and acquisitions. Russian Management Journal [Rossiiskii Zhurnal Menedzhmenta] 13 (3): 59–78.

Panibratov A. Yu., Ermolaeva L. A., Abramkov A. E. 2015. “The Burden of an foreigner” in the Process of Internationalization of Russian Energy Companies. Vestnik of St. Petersburg State University. Management [Vestnik Sankt-Peterburgskogo Universiteta. Seriya “Menedzhment”] (2): 39–73.

Shirokova G., Sokolova L. 2013. Formation of entrepreneurial orientation in Russian small and medium-sized businesses: The role of the institutional environment. Russian Management Journal [Rossiiskii Zhurnal Menedzhmenta] 11 (2): 25–50.
Опубликован
2018-04-02
Как цитировать
Ермолаева, Л., & Панибратов, А. (2018). Стратегии международных слияний и поглощений: исследования в контексте стран с развивающейся экономикой. Российский журнал менеджмента, 16(1), 109–130. https://doi.org/10.21638/11701/spbu18.2018.105
Раздел
Обзоры