Formas de establecimiento en el mercado extranjero: factores determinantes para el caso de la multinacional india Tata
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Publicado
18-09-2018
Laura Rienda García
Enrique Claver Cortés
Diego Quer Ramón
Resumen
En este trabajo trataremos de explicar los motivos que hay detrás de la forma de inversión directa en el exterior (IDE) a través de adquisiciones frente a la opción de establecerse en el mercado extranjero con recursos propios. Para una muestra de 117 decisiones de IDE efectuadas por la multinacional india Tata en 43 países, los resultados obtenidos indican que la intensidad tecnológica del sector, el riesgo asociado al país de destino, el atractivo del mercado extranjero, la experiencia previa internacional o las exportaciones indias al país donde se decide invertir son factores que condicionan dicha elección.
Cómo citar
Rienda García, L., Claver Cortés, E., & Quer Ramón, D. (2018). Formas de establecimiento en el mercado extranjero: factores determinantes para el caso de la multinacional india Tata. Cuadernos De Gestión, 13(2), 89–109. https://doi.org/10.5295/cdg.120335lr
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Keywords
Internacionalización, Adquisiciones, Multinacionales emergentes, India
References
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Arregle, J.-L.; Hebert, L. & Beamish, P. 2006. Mode of International Entry: The Advantages of Multilevel Methods. Management International Review, 46 (5), pp.597-618.
Aybar, B. & Ficici, A. 2009. Cross-border Acquisitions and Firm Value: An Analysis of Emerging market Multinationals. Journal of International Business Studies, 40, pp. 1317-1339.
Azofra, V. & Martínez, A. 1999. Transactions Costs and Bargaining Power: Entry Mode Choice in Foreign Markets. Multinational Business Review, 7 (1), pp. 62-75.
Balasubramanyam, V.N. & Forsans, N. 2010. Internationalisation Drivers of Indian Firms. Asian Business & Management, 9 (3), pp.319-340.
Barkema, H.G.; Bell, J.H.J. & Penning, J.M. 1996. Foreign Entry, Cultural Barriers, and Learning. Strategic Management Journal, 17 (2), pp.151-166.
Barkema, H.G. & Vermeulen, F. 1998. Internacional Expansion through Start-up or Acquisitions: A Learning Perspective. Academy of Management Journal, 41 (1), pp.7-26.
Bevan, A; Estrin, S. & Meyer, K. 2004. Foreign Investment Location and Institutional Development in Transition Economies. International Business Review, 1, pp.43–64.
Bengoa, M. & Sanchez-Robles, B. 2003. Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America. European Journal of Political Economy, 19, pp.529-545.
Brouthers, K.D. 2002. Institutional, Cultural and Transaction Cost Influence on Entry Mode Choice and Performance. Journal of International Business Studies, 33 (2), pp.203-221.
Brouthers, K.D. & Brouthers, L.E. 2000. Acquisition or Greenfield Start-up? Institutional, Cultutal and Transaction Cost Influences. Strategic Management Journal, 21 (1), pp.89-97.
Buckley, P.J. & Casson, M.C. 1976. The Future of the Multinational Enterprise. London: Macmillan.
Buckley, P.J. & Casson, M.C. 1988. Analyzing Foreign Market Entry Strategies: Extending the Internationalization Approach. Journal of International Business Studies, 29, pp.539-562.
Buckley, P.J.; Clegg, L.J.; Cross, A.R.; Liu, X.; Voss, H. & Zheng, P. 2007. The Determinants of Chinese Foreign Direct Investment. Journal of International Business Studies, 38 (4), pp.499-518.
Buckley, P.J.; Forsans, N. & Munjal, S. 2009. Foreign Acquisitions by Indian Multinational Enterprises: A Test of the Eclectic Paradigm. 35th European International Business Academy Annual Conference (EIBA), Valencia, Spain.
Buckley, P.J.; Forsans, N. & Munjal, S. 2012. Host-home country linkages and host-home country specific advantages as determinants of foreign acquisitions by Indian firms. International Business Review, 21 (5), pp.878-890.
Caves, R.E. 1996. Multinational Enterprise and Economic Analysis. Cambridge: Cambridge University Press.
Capron, L.; Dussauge, P. & Mitchell, W. 1998. Resource Redeployment Following Horizontal Acquisitons in Europe and North America, 1988-1992. Strategic Management Journal, 19, pp.631-661.
Chakraborty, C. & Basu, P. 2002. Foreign Direct Investment and Growth in India: A Cointegration Approach. Applied Economics, 34, pp. 1061-1073.
Chang, S.J. & Rosenzweig, P.M. 2001. The Choice of Entry Mode in Sequential Foreign Direct Investment. Strategic Management Journal, 22 (8), pp. 747-76.
Chatterjee, S. 1990. Excess Resources, Utilization Cost, and Mode of Entry. Academy of Management Journal, 33 (4), pp. 780-800.
Chen, H & Hu, M.Y. 2002. An Analysis of Determinants of Entry Mode and its Impact on Performance. International Business Review, 11 (2), pp.193-210.
Cho, K. R. & Padmanabhan, P. 1995. Acquisitions versus New Venture: The Choice of Foreign Establishment Mode by Japanese Firms. Journal of International Management, 1 (3), pp.255-285.
Claver, E. & Quer, D. 2005. Choice of Market Entry Mode in China: The Influence of Firm-Specific Factors. Journal of General Management, 30 (3), pp.51-70.
Coval, J.D. & Moskowitz, T.J. 2001. The Geography of Investment: Informed Trading and Asset Prices. The Journal of Political Economy, 109 (4), pp. 811-841
Das, N. 2007. The Emergence of Indian Multinationals in the New Global Order. International Journal of Indian Culture and Business Management, 1 (1/2), pp.136-150.
Demirbag, M.; Glaister, K.W. & Tatoglu, E. 2007. Institutional and Transaction Cost Influences on MNEs’ Ownership Strategies of their Affiliates: Evidence from an Emerging Market. Journal of World Business, 42, pp. 418-434.
Demirbag, M.; Tatoglu, E. & Glaister, K.W. 2008. Factors Affecting Perceptions of the Choice between Acquisiton and Greenfield Entry: The Case of Western FDI in an Emerging Market. Management International Review, 48 (1), pp.5-38.
Duanmu, J.L. & Guney, Y. 2009. A Panel Data Analysis of Locational Determinants of Chinese and Indian Outward Foreign Direct Investment. Journal of Asia Business Studies, 3 (2), pp.1-15.
Dunning, J. 1988. The Eclectic Paradigm of International Production: A Restatement and some Possible Extensions. Journal of International Business Studies, 19 (1), pp.1-31.
Erramilli, M.K. & Rao, C.P. 1993. Service Firms’ International Entry-Mode Choice: A Modified Transaction-Cost Analysis Approach. Journal of Marketing, 57 (3), pp.19-38.
Estrin, S. 2002. Competition and Corporate Governance in Transition. Journal of Economic Perspective, 16 (1), pp.101-124.
Gammeltoft, P.; Pradhan, J.P. & Goldstein, A. 2010. Emerging Multinationals: Home and Host Country Determinants and Outcomes. International Journal of Emerging Markets, 5 (3-4), pp.254-265.
Gaur, A.S. & Kumar, V. 2009. International Diversification, Business Group Affiliation and Firm Performance: Empirical Evidence from India. British Journal of Management, 20, pp. 172-186.
Globerman, S. & Shapiro, D.M. 1999. The Impact of Government Policy on Foreign Direct Investment: the Canadian Experience. Journal of International Business Studies, 30, pp.513-532.
Gomes-Casseres, B. 1990. Firm Ownership Preferences and Host Government Restrictions: An Integrated Aproach. Journal of International Business Studies, 21 (1), pp.1-22.
Harzing, A-W. 2002. Acquisitions versus Greenfields Investments: International Strategy and Management of Entry Modes. Strategic Management Journal, 23 (3), pp.211-227.
Hennart, J-H & Park, Y-R. 1993. Greenfield vs. Acquisitions: The Strategy of Japanese Investors in the United States. Management Science, 39 (9), pp.1054-1070.
Hofstede, G. 1980. Culture’s Consequences: International Differences in Work-related Values. Beverly Hills: Sage Publications.
Hofstede, G. 1983. The Cultural Relativity of Organizational Practices and Theories. Journal of International Business Studies, 14, pp.75-89.
Hofstede, G. 1989. Organising for Cultural Diversity. European Management Journal, 7 (4), pp.390-397.
Johanson, J. & Vahlne, J.E. 1977. The Internationalization Process of the Firm- A Model of Knowledge Development and Increasing Foreign Market Commitment. Journal of International Business Studies, 8, pp.22-32.
Johanson, J. & Vahlne, J.E. 1990. The Mechanism of Internationalisation. International Marketing Review, 7 (4), pp.11-24.
Kedia, B.L.; Mukherjee, D. & Lahiri, S. 2006. Indian Business Groups: Evolution and Transformation. Asia Pacific Journal of Management, 23 (4), pp.559-577.
Klein, S.; Frazier, G. L. & Roth, V. J. 1990. A Transaction Cost Analysis Model of Channel Integration in International Markets. Journal of Marketing Research, 27 (2), pp.196-208.
Kogut, B. & Singh, U. 1988. The Effect of National Culture on the Choice of Entry Mode. Journal of International Business Studies, 19, pp.411-432.
Kogut, B. & Zander, U. 1993.Knowledge of the Firm and the Evolutionary Theory of the Multinational Corporation. Journal of International Business Studies, 24 (4), pp.625-645.
Kumar, N. 2007. Emerging TNCs: Trends, Patterns and Determinants of Outward FDI by Indian Enterprises. Transnational Corporations, 16 (1), pp.1-26.
Larimo, J. 2003. Form of Investment by Nordic Firms in World Markets. Journal of Business Research, 56, pp.791-803.
Lee, G.K. & Lieberman, M.B. 2010. Acquisition vs. Internal Development as Mode of Market Entry. Strategic Management Journal, 31, pp.140-158.
Li, J. 1995. Foreign Entry and Survival: Effects on Strategic Choices on Performance in International Markets. Strategic Management Journal, 16 (5), pp.333-351.
Lin, Z.; Peng, M.W.; Yang, H. & Sun, S.L. 2009. How do Networks and Learning Drive M&As? An Institutional Comparison between China and the United States. Strategic Management Journal, 30, nº 10, pp.1113-1132.
Luo, Y. & Peng, M.W. 1999. Learning to Compete in a Transition Economy: Experience, Environment, and Performance. Journal of International Business Studies, 30 (2), pp.269-296.
Madhok, A. 1997. Cost, Value and Foreign Market Entry Mode: the Transaction and the Firm. Strategic Management Journal, 18, pp.39-61.
Meyer, K.E. & Peng, M.W. 2005. Probing Theoretically into Central and Eastern Europe: Transactions, Resources, and Institutions. Journal of International Business Studies, 36 (6), pp.600-621.
Meyer, K.E. & Tran, Y.T.T. 2006. Market Penetration and Acquisition Strategies for Emerging Economies. Long Range Planning, 39 (2), pp.177-197.
Meyer, K.E.; Estrin, S.; Bhaumik, S.K. & Peng, M.W. 2009. Institutions, Resources, and Entry Strategies in Emerging Economies. Strategic Management Journal, 30, pp.61-80.
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, pp.60-77.
Mudambi, R. & Mudambi, S.M. 2002. Diversification and Market Entry Choices in the Context of Foreign Direct Investment. International Business Review, 11, pp.35-55.
Nayyar, D. 2008. The Internationalization of Firms from India: Investment, Mergers and Acquisitions. Oxford Develpment Studies, 36 (1), pp.111-131.
OCDE 2001. Science, Tecnhology and Industry Scorecard 2001. Paris: OECD.
Peng, M.W.; Wang, D.Y.L. & Jiang, Y. 2008. An Institution-based View of International Business Strategy: A Focus on Emerging Economies. Journal of International Business Studies, 39 (5), pp.920-936.
Porter, M.E. 1980. Competitive Strategy. Free Pres: New York.
Pradhan, J.P. 2004. The Determinants of Outward Foreign Direct Investment: A Firm-level Analysis of Indian Manufacturing. Oxford Development Studies, 32 (4), pp.619-639.
Pradhan, J.P. 2008. Indian Direct Investment in Developed Regio. CBS Conference on Emerging Multinationals, Copenhagen Business School, Denmark.
Pradhan, J.P. & Abraham, V. 2004. Overseas Mergers and Acquisitions by Indian Enterprises: Patterns and Motivations. MPRA Paper nº 17076. Online at http://mpra.ub.uni-muenchen.de/17076/.
PRS 2009. International Country Risk Guide (ICRG). The Political Risk Services Group. http://www.prsgroup.com/. Accessed May 2009.
Quer, D.; Claver, E. & Rienda, L. 2007. The Impact of Country Risk and Cultural Distance on Entry Mode Choice: An Integrated Approach. Cross-Cultural Management: An International Journal, 14 (1), pp.74-87.
Rangan, U.S. & Parriño, J.D. 2008. Going Abroad through Acquisitions: An Exploratory Analysis of Indian Companies’ Recent International Expansion. International Journal of Indian Culture and Business Management, 1 (3), pp.335-353.
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