Institutional theory and entry modes by emerging markets
                  multinationals

ROCHA, ANGELA DA; ÁVILA, HENRIQUE DE AZEVEDO

doi:10.1590/S0034-759020150302

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FÓRUM • Rev. adm. empres. 55 (3) • May-Jun 2015 • https://doi.org/10.1590/S0034-759020150302 copy

Institutional theory and entry modes by emerging markets multinationals

Authorship SCIMAGO INSTITUTIONS RANKINGS

This essay aims at contributing to the analysis of the spaces for contribution of the institutional perspective of analysis to advance the understanding of entry mode choices by multinational firms from emerging markets. Entry modes refer to the decisions involving the degree of control of a subsidiary (wholly-owned versus joint venture). Some authors propose that three dimensions of the institutional environment influence the entry mode decision: regulative distance, normative distance and cultural-cognitive distance between the host country and the country of origin of the investing firm. Starting from a broad review of the extant literature, this study identifies factors related to the three pillars of the institutional environment and advances propositions to be tested in future studies on entry mode choices of emerging market multinationals.

Institutionalism; entry modes; multinationals; institutional distance; emerging countries

Fatores do país hospedeiro	Descrição	Exemplos de estudos empíricos	Exemplos de variáveis usadas para medir o fator
Nível de intervenção do governo	Capacidade do governo para formular e implementar políticas e normas que interfiram no setor privado	Arslan e Larimo (2010)Arslan, A., & Larimo, J. (2010). Ownership strategy of multinational enterprises and the impacts of regulative and normative institutional distance: evidence from Finnish foreign direct investments in Central and Eastern Europe. Journal of East – West Business, 16(3), 179-200.; Brouthers (2002)Brouthers, K. D. (2002). Institutional, cultural and transaction cost influences on entry mode choice and performance. Journal of International Business Studies, 33(2), 203-221.; Delios e Beamish (1999)Delios, A., & Beamish, P. W. (1999). Ownership strategy of Japanese firms: transactional, institutional and experience influences. Strategic Management Journal, 20(10), 915-933.; Dikova e Witteloostuijn (2007)Dikova, D., & Witteloostuijn, A. van. (2007). Foreign direct investment mode choice: entry and establishment modes in transition economies. Journal of International Business Studies, 38(6), 1013-1033.; Estrin et al. (2009)Estrin, S., Baghdasaryan, D., & Meyer, K. E. (2009). The impact of institutional and human resource distance on international entry strategies. Journal of Management Studies, 46(7), 1171-1196.; Gaur e Lu (2007)Gaur, A. S., Delios, A., & Singh, K. (2007). Institutional environments, staffing strategies, and subsidiary performance. Journal of Management, 33(4), 611-636.	Consistência e transparência das políticas governamentais
Grau de protecionismo	Extensão em que o governo aplica medidas protecionistas	Agarwal e Feils (2007)Agarwal, J., & Feils, D. (2007). Political risk and the internationalization of firms: an empirical study of Canadian-based export and FDI firms. Canadian Journal of Administrative Sciences, 24(3), 165-181.; Morschett et al. (2010)Morschett, D., Schramm-Klein, H., & Swoboda, B. (2010). Decades of research on market entry modes: what do we really know about external antecedents of entry mode choice? Journal of International Management, 16(1), 60-77.; Yiu e Makino (2002)Yiu, D., & Makino, S. (2002). The choice between joint venture and wholly owned subsidiary: an institutional perspective. Organization Science, 13(6), 667-683.	Existência de regras de conteúdo local mínimo, controle do governo sobre fatores essenciais de produção, privilégios a empresas estatais
Qualidade do arcabouço jurídico	Qualidade do arcabouço jurídico do país, facilitando a criação e gestão de negócios por firmas estrangeiras	Estrin et al. (2009)Estrin, S., Baghdasaryan, D., & Meyer, K. E. (2009). The impact of institutional and human resource distance on international entry strategies. Journal of Management Studies, 46(7), 1171-1196.; Roy e Oliver (2009)Roy, J-P., & Oliver, C. (2009). International joint venture partner selection: the role of the host-country legal environment. Journal of International Business Studies, 40(5), 779-801.; Xu et al. (2004)Xu, D., Pan, Y., & Beamish, P. W. (2004). The effect of regulative and normative distances on MNE ownership and expatriate strategies. Management International Review, 44(3), 285-307.	Existência de mecanismos de proteção a contratos, complexidade da legislação trabalhista, facilidade para expatriação de empregados
Restrições ao investimento estrangeiro	Extensão em que o governo impõe regras que dificultam a aquisição e gestão de empresas por investidores estrangeiros	Brouthers (2002)Brouthers, K. D. (2002). Institutional, cultural and transaction cost influences on entry mode choice and performance. Journal of International Business Studies, 33(2), 203-221.; Delios e Beamish (1999)Delios, A., & Beamish, P. W. (1999). Ownership strategy of Japanese firms: transactional, institutional and experience influences. Strategic Management Journal, 20(10), 915-933.; Demirbag, McGuinness e Altay (2010)Demirbag, M., McGuinness, M., & Altay, H. (2010). Perceptions of institutional environment and entry mode: FDI from an emerging country. Management International Review, 50(2), 207-240.; Morschett et al. (2010)Morschett, D., Schramm-Klein, H., & Swoboda, B. (2010). Decades of research on market entry modes: what do we really know about external antecedents of entry mode choice? Journal of International Management, 16(1), 60-77.; Slangen e Tulder (2009)Slangen, A. H. L., & Tulder, R. J. M. van. (2009). Cultural distance, political risk, or governance quality? Towards a more accurate conceptualization and measurement of external uncertainty in foreign entry mode research. International Business Review, 18(3), 276-291.; Yiu e Makino (2002)Yiu, D., & Makino, S. (2002). The choice between joint venture and wholly owned subsidiary: an institutional perspective. Organization Science, 13(6), 667-683.	Existência de regras/instâncias de aprovação para investimentos estrangeiros, regras para aquisição de empresas locais, regras para constituição de joint ventures
Proteção a direitos de propriedade	Instrumentos que asseguram ao proprietário de um ativo o poder discricionário de utilizá-lo e usufruir dos retornos por ele propiciados	Arslan e Larimo (2010)Arslan, A., & Larimo, J. (2010). Ownership strategy of multinational enterprises and the impacts of regulative and normative institutional distance: evidence from Finnish foreign direct investments in Central and Eastern Europe. Journal of East – West Business, 16(3), 179-200.; Delios e Beamish, 1999Delios, A., & Beamish, P. W. (1999). Ownership strategy of Japanese firms: transactional, institutional and experience influences. Strategic Management Journal, 20(10), 915-933.; Luo (2001)Luo, Y. (2001). Determinants of entry in an emerging economy: a multilevel approach. Journal of Management Studies, 38(3), 443-472.; Dikova e Witteloostuijn (2007)Dikova, D., & Witteloostuijn, A. van. (2007). Foreign direct investment mode choice: entry and establishment modes in transition economies. Journal of International Business Studies, 38(6), 1013-1033.; Gaur et al. (2007)Gaur, A. S., Delios, A., & Singh, K. (2007). Institutional environments, staffing strategies, and subsidiary performance. Journal of Management, 33(4), 611-636.; Gaur e Lu (2007)Gaur, A. S., & Lu, J. W. (2007). Ownership strategies and survival of foreign subsidiaries: impacts of institutional distance and experience. Journal of Management, 33(1), 84-110.; Meyer, Estrin, Bhaumik e Peng (2009)Meyer, K. E., Estrin, S., Bhaumik, S. K., & Peng, M. W. (2009). Institutions, resources, and entry strategies in emerging economies. Strategic Management Journal, 30(1), 61-80.; Pajunen (2008)Pajunen, K. (2008). Institutions and inflows of foreign direct investment: a fuzzy-set analysis. Journal of International Business Studies, 39(4), 652-669.	Adequação de leis de proteção a direitos de propriedade, simplicidade dos procedimentos de proteção a direitos de propriedade
Sistema judiciário	Qualidade do poder judiciário, encorajando o respeito às leis e assegurando seu cumprimento	Arslan e Larimo (2010)Arslan, A., & Larimo, J. (2010). Ownership strategy of multinational enterprises and the impacts of regulative and normative institutional distance: evidence from Finnish foreign direct investments in Central and Eastern Europe. Journal of East – West Business, 16(3), 179-200.; Dumludag (2009Dumludag, D. (2009). An analysis of the determinants of foreign direct investment in Turkey: the role of the institutional context. Journal of Business Economics and Management, 10(1), 15-30., 2010)Dumludag, D. (2010). The quality of institutions and multinational corporation: the political economy of foreign direct investment in Turkey. In T. Cetin, & F. Yilmaz (Org.) Understanding the process of institutional change in Turkey: a political economy approach. Nova Science Publishers: New York.; Gaur et al. (2007)Gaur, A. S., Delios, A., & Singh, K. (2007). Institutional environments, staffing strategies, and subsidiary performance. Journal of Management, 33(4), 611-636.; Gaur e Lu (2007)Gaur, A. S., & Lu, J. W. (2007). Ownership strategies and survival of foreign subsidiaries: impacts of institutional distance and experience. Journal of Management, 33(1), 84-110.; Pajunen (2008)Pajunen, K. (2008). Institutions and inflows of foreign direct investment: a fuzzy-set analysis. Journal of International Business Studies, 39(4), 652-669.; Xu et al. (2004)Xu, D., Pan, Y., & Beamish, P. W. (2004). The effect of regulative and normative distances on MNE ownership and expatriate strategies. Management International Review, 44(3), 285-307.	Eficiência do sistema judiciário, independência do Poder Judiciário

Fatores do país hospedeiro	Descrição	Exemplos de estudos empíricos	Exemplos de variáveis usadas para medir o fator
Valores	Fundamentos de natureza moral que orientam o comportamento da sociedade na condução de negócios	Barkema e Vermeulen (1998)Barkema, H. G., & Vermeulen, F. (1998). International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal, 41(1), 7-26.; Estrin et al. (2009)Estrin, S., Baghdasaryan, D., & Meyer, K. E. (2009). The impact of institutional and human resource distance on international entry strategies. Journal of Management Studies, 46(7), 1171-1196.; Kogut e Singh (1988)Kogut, B., & Singh, H. (1988). The effect of national culture on the choice of entry mode. Journal of International Business Studies, 19(3), 411-432.; Peng (2003)Peng, M. W. (2003). Institutional transitions and strategic choices. Academy of Management Review, 28(2), 275-296.; Yiu e Makino (2002)Yiu, D., & Makino, S. (2002). The choice between joint venture and wholly owned subsidiary: an institutional perspective. Organization Science, 13(6), 667-683.	Importância atribuída a lazer e entretenimento, valorização da segurança na vida pessoal e profissional, valorização do sucesso profissional
Crenças	Convicções da sociedade local acerca do que é "verdadeiro"	Barkema e Vermeulen (1998)Barkema, H. G., & Vermeulen, F. (1998). International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal, 41(1), 7-26.; Estrin et al. (2009)Estrin, S., Baghdasaryan, D., & Meyer, K. E. (2009). The impact of institutional and human resource distance on international entry strategies. Journal of Management Studies, 46(7), 1171-1196.; Kogut e Singh (1988)Kogut, B., & Singh, H. (1988). The effect of national culture on the choice of entry mode. Journal of International Business Studies, 19(3), 411-432.; Peng (2003)Peng, M. W. (2003). Institutional transitions and strategic choices. Academy of Management Review, 28(2), 275-296.; Yiu e Makino (2002)Yiu, D., & Makino, S. (2002). The choice between joint venture and wholly owned subsidiary: an institutional perspective. Organization Science, 13(6), 667-683.	Crença na superioridade das decisões individuais sobre as coletivas, respeito à autoridade.
Relações de Confiança	Facilidade para a construção de confiança e grau de influência dos relacionamentos nos negócios	Delios e Beamish (1999)Delios, A., & Beamish, P. W. (1999). Ownership strategy of Japanese firms: transactional, institutional and experience influences. Strategic Management Journal, 20(10), 915-933.; Eden e Miller (2004)Eden, L., & Miller, S. R. (2004). Distance matters: liability of foreignness, institutional distance and ownership strategy. In M. Hitt, & J. Cheng (Eds.). Theories of the multinational enterprise: diversity, complexity and relevance. (Vol. 16, p. 187-221). (Advances in International Management). New York, NY: Emerald.; Jansson, Hilmersson e Sandberg (2011)Jansson, H., Hilmersson, M., & Sandberg, S. (2011). Perceived institutional distance in the emerging market entry process. International Journal of Business Environment, 4(3), 268-286.; Meyer (2001)Meyer, K. E. (2001). Institutions, transaction costs, and entry mode choice in Eastern Europe. Journal of International Business Studies, 32(2), 357-367.; Tsui-Auch e Möllering (2010)Tsui-Auch, L. S., & Möllering, G. (2010). Wary managers: unfavorable environments, perceived vulnerability, and the development of trust in foreign enterprises in China. Journal of International Business Studies, 41(6), 1016-1035.	Importância da construção de confiança no ambiente profissional, importância de relações de confiança com clientes
Corrupção	Intensidade da corrupção no sistema político	Demirbag, McGuinness e Altay (2010)Demirbag, M., McGuinness, M., & Altay, H. (2010). Perceptions of institutional environment and entry mode: FDI from an emerging country. Management International Review, 50(2), 207-240.; Estrin, Baghdasaryan e Meyer (2009)Estrin, S., Baghdasaryan, D., & Meyer, K. E. (2009). The impact of institutional and human resource distance on international entry strategies. Journal of Management Studies, 46(7), 1171-1196.; Gaur, Delios e Singh (2007)Gaur, A. S., Delios, A., & Singh, K. (2007). Institutional environments, staffing strategies, and subsidiary performance. Journal of Management, 33(4), 611-636.; Jansson, Hilmersson e Sandberg (2011)Jansson, H., Hilmersson, M., & Sandberg, S. (2011). Perceived institutional distance in the emerging market entry process. International Journal of Business Environment, 4(3), 268-286.; Rodriguez, Uhlenbruck e Eden (2005)Rodriguez, P., Uhlenbruck, K., & Eden, L. (2005). Government corruption and the entry strategies of multinationals. Academy of Management Review, 30(2), 383-396.; Uhlenbruck e outros (2006)Uhlenbruck, K., Rodriguez, P., Doh, J., & Eden, L. (2006). The impact of corruption on entry strategy: evidence from telecommunication projects in emerging economies. Organization Science, 17(3), 402-414.	Onipresença da corrupção, imprevisibilidade da corrupção
Mentalidade Burocrática	Rigidez na aplicação de regras e procedimentos administrativos desnecessários	Agarwal e Feils (2007)Agarwal, J., & Feils, D. (2007). Political risk and the internationalization of firms: an empirical study of Canadian-based export and FDI firms. Canadian Journal of Administrative Sciences, 24(3), 165-181.; Demirbag, Tatoglu e Glaister (2008)Demirbag, M., Tatoglu, E., & Glaister, K.W. (2008). Factors affecting perceptions of the choice between acquisition and greenfield entry: the case of Western FDI in an emerging market. Management International Review, 48(1), 5-38.; Gaur et al. (2007)Gaur, A. S., Delios, A., & Singh, K. (2007). Institutional environments, staffing strategies, and subsidiary performance. Journal of Management, 33(4), 611-636.; Gaur e Lu (2007)Gaur, A. S., Delios, A., & Singh, K. (2007). Institutional environments, staffing strategies, and subsidiary performance. Journal of Management, 33(4), 611-636.	Existência de entraves burocráticos em diferentes níveis da administração, aplicação de mais regras, ou aplicação excessiva de regras por funcionários responsáveis por procedimentos burocráticos

Fatores do país hospedeiro	Descrição	Exemplos de estudos empíricos	Exemplos de variáveis usadas para medir o fator
Estereótipos	Percepção desfavorável acerca do investidor externo, em função de seu país de origem	Chattalas, Kramer e Takada (2008)Chattalas, M., Kramer, T., & Takada, H. (2008). The impact of national stereotypes on the country of origin effect: a conceptual framework. International Marketing Review, 25(1), 54-74.; Eden e Miller (2004)Eden, L., & Miller, S. R. (2004). Distance matters: liability of foreignness, institutional distance and ownership strategy. In M. Hitt, & J. Cheng (Eds.). Theories of the multinational enterprise: diversity, complexity and relevance. (Vol. 16, p. 187-221). (Advances in International Management). New York, NY: Emerald.; Kostova e Zaheer (1999)Kostova, T., & Zaheer, S. (1999). Organizational legitimacy under conditions of complexity: the case of the multinational enterprise. Academy of Management Review, 24(1), 64-81.	Preconceito contra profissionais estrangeiros em função do seu país de origem, preferência dos compradores pelos bens ou serviços produzidos em seu próprio país
Práticas gerenciais	Posturas, atitudes e procedimentos de gestão	Busenitz et al. (2000)Busenitz, L. W., Gómez, C., & Spencer, J. W. (2000). Country institutional profiles: unlocking entrepreneurial phenomena. Academy of Management Journal, 43(5), 994-1003.; Estrin et al. (2009)Estrin, S., Baghdasaryan, D., & Meyer, K. E. (2009). The impact of institutional and human resource distance on international entry strategies. Journal of Management Studies, 46(7), 1171-1196.; Ferreira, Li e Suk (2009)Ferreira, M. P., Li, D., & Suk J. Y. (2009). Foreign entry strategies: strategic adaptation to the various facets of the institutional environments. Development and Society, 38(1), 27-55.	Prioridade conferida a metas financeiras ou resultados de curto prazo, busca de inovação ou introdução de novas tecnologias e processos, centralização das decisões nos níveis hierárquicos superiores
Identidades	Aspectos socioculturais do país hospedeiro	Arslan e Larimo (2010)Arslan, A., & Larimo, J. (2010). Ownership strategy of multinational enterprises and the impacts of regulative and normative institutional distance: evidence from Finnish foreign direct investments in Central and Eastern Europe. Journal of East – West Business, 16(3), 179-200.; Dow e Larimo (2009)Dow, D., & Larimo, J. (2009). Challenging the conceptualization and measurement of distance and international experience in entry mode choice research. Journal of International Marketing, 17(2), 74-98.; Makino e Tsang (2011)Makino, S., & Tsang, E. W. K. (2011). Historical ties and foreign direct investment: an exploratory study. Journal of International Business Studies, 42(4), 545-557.	Idioma, raízes coloniais, nível de educação da população

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