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| Tekijä: | Garcia-Canal, E. Guillen, M.F. |
| Otsikko: | Risk and the strategy of foreign location choice in regulated industries |
| Lehti: | Strategic Management Journal
2008 : OCT, VOL. 29:10, p. 1097-1115 |
| Asiasana: | strategic planning risk regulated industries location of industry market entry Latin America companies Spain |
| Kieli: | eng |
| Tiivistelmä: | This paper argues that firms in regulated industries (henceforth as: reg-inds.) react to macroeconomic and policy risks in sharply different ways, seeking to avoid countries (here as: ctrs.) with high levels of macroeconomic uncertainty. It is predicted that these firms find it more attractive to expand into ctrs. characterized by governments with discretionary policy-making capacities. It is also argued that firms are heterogeneous in their attitudes toward risk. It is predicted that firms in which the state holds a partial equity stake, exhibit a more tolerant attitude. With firms accumulating foreign experience, they are expected to develop an aversion toward further foreign entries into politically unstable markets. Using an analysis of the Latin American market entries of all listed Spanish firms in reg-inds. from 1987 to 2000, there is provided support for these predictions. |
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