Entry Strategy Research. Perspectives on. Elements of the Entry Jigsaw. University of Bath, U.K. Keynote Presentation
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1 Perspectives on Entry Strategy Research Klaus E Meyer University of Bath, U.K. Keynote Presentation 24 th Vaasa International Business Conference August 2009 Elements of the Entry Jigsaw
2 Entry Modes Sorry, forgot Consultancy Inward Tourism Inward Education Financial Services International Trade Exports Imports Contractual agreements Licensing Franchising Turnkey Projects R&D Contracts Management Contract Subcontracting (contract manufacturing, outsourcing) Joint ventures (shared ownership) Minority de novo JV Majority de novo JV Partial Acquisition Wholly owned subsidiary Greenfield Acquisition Resource-based Theories The Theory of the Growth of the Firm [Penrose, 1959] Resource-based view [Barney 1991, 2001, ] Knowledge-based theory [Grant, 1996] Dynamic Capabilities Perspective [Teece et al., 1997] Resources are the core building bloc to explain how firms attain competitive advantage, and grow; Knowledge is a key resource Knowledge augumentation (exploration) and exploitation are key drivers of entry strategy. Knowledge augmentation as defining characteristic of entry modes.
3 Entry Modes classified by the Entrant s Access to Local Resources High-access modes: Acquiring bundled local resources Full acquisition Partial acquisition as dominant shareholder Medium-access modes: Tapping into local resources Partial acquisition as non-dominant shareholder Majority joint venture Greenfield/Branch office run with expatriate and local professionals Minority joint venture Low-access modes: Exploiting HQ resources Greenfield/Branch office run with only expatriate professionals Consortium partnership Licensing, Franchising Temporary project offices Cross-border provision of services Small shareholder Most other forms of contractual collaboration [Source: Meyer, Wright & Pruthi, SMJ 2009] Geographically fungible resources H1, H2, H3 A Resource-based Framework for Analyzing the Efficiency of Entry Modes Location-specific resources H4, H5, H6, H7 Local experience H8 + Entry Mode: Access to Resources Value creation potential Local environment [Source: Meyer, Wright & Pruthi, SMJ 2009] Local resources Industry structure Institutions External uncertainty
4 Dimensions of Mode Choice? Access to local resources greenfield or acquisition Lower cost of obtaining e.g. brand names or distribution networks if the local partner firm can provide them (Hennart & Park 1993, Anand & Delios 2002). Control over local operation JV or acquisition reduces the costs associated with sharing ownership with a local partner, and the associated potential for unauthorised diffusion of information and coordination problems between co-owners (Buckley & Casson, 1976; Anderson & Gatignon, 1986; Hennart, 1988). Control and resource augmentation in entry modes High PA A Resource augmentation C2 Min JV Maj JV G2 Low C1 G1 Low High [Source: Meyer, Wright & Pruthi, SMJ 2009] Control
5 Institutions the humanly devised rules and regulation that govern economic activity (North) rules of the game Efficiency of Markets Transaction Costs e.g. information asymmetry, contract enforcement meachnisms, uncertainty Costs associated with finding partners, negotiating and enforcing contracts, measuring quality of products, etc. Business Strategies Design of organizational forms that minimize opportunity costs (or maximize revenues) Institutional Theory vs. Institutional Theory Institutional theory á la North ( institutional economics ) Rational economic agents reacting to incentives shaped by rules of the game Formal & informal rules of the game Institutional theory á la DiMaggio & Powell, Meyer & Rowan, Scott ( organization theory ) Key concepts legitimacy and mimetic behaviour Different logics, often similar predictions Yet, rigour of thought is usually stronger when clearly grounding arguments in one of these lines of theorizing. [Gelbuda, Meyer & Delios, JIM 2007] 10
6 Institutions and the choice of entry mode Weaker institutions generally less efficient markets more constraints (formal or informal) on foreigners doing business more JV More need for resources controlled by local firms more JV weaker contract enforcement fewer JV??? Inefficient financial market institutions information asymmetries (and thus fewer acquisitions Restrictive labour market institutions less organizational restructuring (and thus fewer acquisitions) 11 Institutional Distance and Entry Mode Choice Formal (regulatory) and informal (cultural) aspects Raises both the need for local partners and the costs of managing the relationships with local partners Opposing effects require careful consideration when which effect may dominate, and possibly non-linear effects. [Estrin, Meyer, Baghdasarian, JMS 2010] Opposing effects can principally lead to various functional forms [Meyer 2009, APJM editorial] 12
7 When are Transaction Costs a Problem that needs solving? Sensitivity to transaction costs: resources that the MNE intends to transfer [MNE perspective] e.g. R&D, technology main focus of entry mode research, e.g. J.F. Hennart s work Sensitivity to transaction costs: resources to be acquired/accessed locally [local firm perspective] Brand, reputation, networks Contextual variables that increase or reduce the efficiency of markets: Institutions Most of my older work. [Meyer, Estrin, Bhaumik & Peng, SMJ 2009] Likelihood of market failure v. Sensitivity to market failure [Meyer, Estrin, Bhaumik & Peng, SMJ 2009]
8 Partial acquisition Staged acquisition How to Adapt? Fine-tuning Entry Modes Jacobsen & Meyer, Vaasa 2007 Brownfield acquisition Estrin & Meyer, Vaasa 2009 Multiple acquisition Meyer & Tran, LRP
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