Cultural distance， political risk， or governance quality.pdf

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1、InternationalBusinessReview18(2009)276–291ContentslistsavailableatScienceDirectInternationalBusinessReviewjournalhomepage:www.elsevier.com/locate/ibusrevCulturaldistance,politicalrisk,orgovernancequality?Towardsamoreaccurateconceptualizationandmeasurementofexternaluncertaintyinforeignentrymo

2、deresearcha,*,RobJ.M.vanTulderb,1ArjenH.L.SlangenaInternationalStrategy&MarketingSection,UniversityofAmsterdam,PlantageMuidergracht12,1018TVAmsterdam,TheNetherlandsbDepartmentofBusiness-SocietyManagement,RSMErasmusUniversity,P.O.Box1738,3000DRRotterdam,TheNetherlandsARTICLEINFOABSTRACTArticl

3、ehistory:Itiswellacceptedthatmultinationalenterprises(MNEs)preferequityjointventures(JVs)Received1December2006overwhollyownedsubsidiaries(WOSs)inforeigncountrieswheretheformalandinformalReceivedinrevisedform10February2009externalenvironmentishighlyuncertain.Manyentrymodestudieshavemodeledthe

4、Receivedinrevisedform16May2008externaluncertaintyfacedbyMNEsinforeigncountriesastheculturaldistancetotheseAccepted23February2009countries(thusfocusingontheinformalenvironment),orastheirpoliticalrisklevel(thusfocusingontheformalenvironment).WearguethatbothapproachesaresuboptimalKeywords:becau

5、se(1)culturaldistancenotonlyreflectstheexternaluncertaintyassociatedwithWOSsCulturaldistancebutalsotheinternaluncertaintyassociatedwithJVs,and(2)politicalriskcoversonlyoneEntrymodechoiceaspectoftheformalexternalenvironment.WecontendthatthegovernancequalityofGovernancequalityJointventureforeig

6、ncountriesisabetterproxyforexternaluncertainty.Thelowerthisquality,wePoliticalriskhypothesize,thehigherthelikelihoodthatMNEswillchooseJVsoverWOSs.AnanalysisofWhollyownedsubsidiary231entriesbyDutchMNEsinto48countriesofferssupportforthishypothesis.Wealsofindthatculturaldistancehasnoimpactonentr

7、ymodechoiceandthatpoliticalriskhastheweakestimpactofallaspectsofgovernancequality.ß2009PublishedbyElsevierLtd.1.IntroductionThechoicebymultinationalenterprises(MNEs)betweenenteringforeigncountriesthroughequityjointventures(JVs)orthroughwhollyowneds