Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD It should be recognized that much of the theoretical work on the process of internationalization was developed to explain the investment behavior of developed country multinationals. It has been argued that these frameworks may not explain well the investment behavior of multinationals from emerging economies such as China. To fill this void in the literature Luo and Tung (2007) have articulated the now well-established “Springboard” model (or latecomer perspective) which argues that emerging market multinationals employ international expansion as a means of overcoming disadvantages inherent in their home country environments, as opposed to attempting to exploit competitive advantages abroad. Conceptual Model & Propositions: Whilst many have taken the CSOEs as typical Chinese MNEs and ignored CPOEs' growing role in China's "go global" drive, the relevant literature suggests that there should be vast differences between the two types with respect to strategy, structure, and expected performance (Lin 2010). The insights from existing literature and evidence have shown unique characteristics of CPOEs in Africa, in comparison to their counterparts from China's state sector. These differences can be summarized in the conceptual framework illustrated in Exhibit 1. Strategy Strategic Motivation. It is a widely accepted assumption that because of their state affiliation CSOEs often have motives beyond economic rationality when internationalizing (Child and Rodriques 2005). In Africa, the Chinese government is accused of seeking geo-political interests by way of large CSOEs and of being self-interested by focusing on the resource sectors (Shinn 2007). In contrast CPOEs are the product of an emerging market economy and, therefore, are always profit-oriented. As a result, their entrance into the African continent has to be a decision based purely on economic rationality (Lin 2010). To a certain degree, the motivation of the CPOEs in Africa is consistent with the classic IB literature, which is derived from the experience of Western MNEs, that describe FDI as incidences in which firms expand internationally in order to capitalize on potential ownership, location and internalization advantages (Dunning 1980). For example, a CPOE textile manufacturer could take advantage of its product and process knowledge as well as of low wages, government incentives and an industrial relations climate conducive to production in an African country. We offer the following proposition: P1. CPOEs, in comparison to CSOEs, are more likely to be driven by economic rationality when entering African markets. Exhibit 1: Conceptual Framework Internationalization in Africa Firm Type Strategy CPOEs Economic Rationality Structure Performance Motivation Orientation Governance Embeddedness Profitability Long-run Stability Industry Diversification Weak Governance Less embedded in the local More profitable in the short run Less stable in the long run 766
CSOEs Statesponsored Agenda Resource Focused Relatively Strong Governance Challenges in the Era of Globalization Edited by Emmanuel Obuah community More embedded in the local community Less profitable in the short run More stable in the long run Strategic Orientation. While CSOEs, due to their commitment to state imperative, may aim to acquire strategic assets by focusing on Africa's extractive industries CPOEs are more likely to explore valueadded local business opportunities in a wide range of industries (Gu 2009). Such a diversified strategic orientation leads to activities that are more in tune with the needs of host countries instead of using Africa to accomplish some sort of "global agendas" likely observed with CSOEs. The flexibility and adaptability that the CPOEs have developed in China should then become a comparative advantage over CSOEs in attaining effectiveness in individual African markets. P2. CPOEs, in comparison to CSOEs, are more likely to enter Africa with a more diversified orientation. Structure The notion of path dependency would suggest that both CSOEs and CPOEs should adopt the kind of organizational structure that they use in home market (i.e., China). If that is the case, Africa would witness two types of Chinese firms: CSOEs that are under closer government scrutiny and thus comparatively more formally structured and CPOEs that are market-governed and thus comparatively more loosely structured. It should be noted that several authors have examined the often strained relationship between Chinese firms and the local African community (see for example, Kwon Lee, 2009 and Haglund, 2009). These tensions are perhaps more easily understood given the weak corporate governance of CPOEs, the weak institutional environment in Africa and a general lack of effective enforcement. We believe: P3. CPOEs, in comparison to CSOEs, are more likely to have weaker corporate governance. The notion of path dependency would also predict that both CSOEs and CPOEs will follow their home grown management practice. However, since CSOEs need to fulfill the Chinese's government commitment to Africa's economic development, they are likely to respond to the requirements from the local governments and communities with regards to the way they structure their business in areas such as employment. By comparison, CPOEs, without such a mandate, could behave more akin to other "overseas Chinese businesses" that are well documented in existing literature (Kao 1993). Some of the characteristics of overseas Chinese businesses, such as heavy reliance on co-ethnic ties in resource mobilization, risk mitigation, and market expansion have lasted to the present day (Redding 2000). In reproducing an ethnic enclave approach in the host society (Lin 2007), CPOEs thus have little interaction with the local communities other than the latter being the clientele. In Africa, CPOEs have a strong tendency to hire Chinese labor immigrants who in turn live in isolation from the local communities (Broadman 2007). To summarize: 767
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Challenges in the Era of Globalizat
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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⎧κ ( ω) − ( 1− p) β ( ω)
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Academic Pry School 3 3 0 Backgroun
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Track 5: Management Education Chall
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Variable Coefficient Std. Error t-S
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Track 8: Gender and Economic Develo
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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7. I see globalization as providing
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Track 12: Information Systems and E
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Convenient location of banks Challe
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Figure 1.Framework for Bank selecti
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Figure 5: Causal loop diagram inclu
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The study seeks to: • examine typ
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Figure 2: Customer Perception of MT
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Relationship Commitment Total 1264.
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Factor Item Loading Imaginative 0.4
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Figure 1: Components of Data Analys
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Abstract Marketing Nigerian medicin
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References Challenges in the Era of
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Conclusion Dissatisfied 6 3.4 3.6 7
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Methodology Challenges in the Era o
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Discussion Challenges in the Era of
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Postgraduate 19 Internet experience
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Figure1.1Inflation and Indexation R
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Football Spectatorship Challenges i
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