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Home country and firm-specific ownership advantages: A study of US, UK and French advertising agencies

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  • Nachum, L.
  • Rolle, J. D.
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    Abstract

    This study seeks to assess the extent to which home countries affect the ownership advantages of TNCs and their subsequent international competitiveness, and to examine the possible origins of ownership advantages in certain characteristics of the home countries of the TNCs concerned or in specific attributes of individual firms. The paper presents an empirical analysis based on examination of the explanatory power of a set of ownership advantages for the international competitiveness of advertising agencies and their discriminatory power between winners and losers based in the UK, the US and France. The findings suggest that home country characteristics are critical, but they provide only a partial explanation for the nature and extent of the ownership advantages which advertising agencies develop. While some advantages can be attributed to specific home country characteristics, and are thus shared by agencies of the same nationality, others tend to be related to the particular attributes of individual agencies.

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    Bibliographic Info

    Article provided by Elsevier in its journal International Business Review.

    Volume (Year): 8 (1999)
    Issue (Month): 5-6 (October)
    Pages: 633-660

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    Handle: RePEc:eee:iburev:v:8:y:1999:i:5-6:p:633-660

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    Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/133/description#description

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    Postal: http://www.elsevier.com/wps/find/journaldescription.cws_home/133/bibliographic
    Web: http://www.elsevier.com/wps/find/journaldescription.cws_home/133/bibliographic

    Related research

    Keywords: Ownership advantages Advertising International competitiveness;

    References

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    1. Arnold K Weinstein, 1977. "Foreign Investments by Service Firms: The Case of Multinational Advertising Agencies," Journal of International Business Studies, Palgrave Macmillan, vol. 8(1), pages 83-91, March.
    2. Dunning, John H, 1979. "Explaining Changing Patterns of International Production: In Defence of the Eclectic Theory," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 41(4), pages 269-95, November.
    3. Lall, Sanjaya, 1980. "Monopolistic Advantages and Foreign Involvement by U.S. Manufacturing Industry," Oxford Economic Papers, Oxford University Press, vol. 32(1), pages 102-22, March.
    4. P N O'Farrell & P A Wood, 1998. "Internationalisation by business service firms: towards a new regionally based conceptual framework," Environment and Planning A, Pion Ltd, London, vol. 30(1), pages 109-128, January.
    5. Pauly, Louis W. & Reich, Simon, 1997. "National structures and multinational corporate behavior: enduring differences in the age of globalization," International Organization, Cambridge University Press, vol. 51(01), pages 1-30, December.
    6. Richard E Caves, 1998. "Research on International Business: Problems and Prospects," Journal of International Business Studies, Palgrave Macmillan, vol. 29(1), pages 5-19, March.
    7. Frances A Katrishen & Nicos A Scordis, 1998. "Economies of Scale in Services: A study of Multinational Insurers," Journal of International Business Studies, Palgrave Macmillan, vol. 29(2), pages 305-323, June.
    8. Nachum, Lilach, 1998. "Do The Diamonds Of Foreign Countries Shape The Competitiveness Of Firms? A Case Study Of The Swedish Engineering Consulting Industry," Scandinavian Journal of Management, Elsevier, vol. 14(4), pages 459-478, December.
    9. Vern Terpstra & Chwo-Ming Yu, 1988. "Determinants of Foreign Investment of U.S. Advertising Agencies," Journal of International Business Studies, Palgrave Macmillan, vol. 19(1), pages 33-46, March.
    10. J J Boddewyn & Marsha Baldwin Halbrich & A C Perry, 1986. "Service Multinationals: Conceptualization, Measurement and Theory," Journal of International Business Studies, Palgrave Macmillan, vol. 17(3), pages 41-57, September.
    11. Montgomery, James D, 1991. "Equilibrium Wage Dispersion and Interindustry Wage Differentials," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 163-79, February.
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    Cited by:
    1. Huang, Tai-Yuan & Hu, Jer-San & Chen, Kuo-Chia, 2008. "The influence of market and product knowledge resource embeddedness on the international mergers of advertising agencies: The case-study approach," International Business Review, Elsevier, vol. 17(5), pages 587-599, October.
    2. Walters, Peter G.P. & Whitla, Paul & Davies, Howard, 2008. "Global strategy in the international advertising industry," International Business Review, Elsevier, vol. 17(3), pages 235-249, June.
    3. Tolentino, Paz Estrella, 2010. "Home country macroeconomic factors and outward FDI of China and India," Journal of International Management, Elsevier, vol. 16(2), pages 102-120, June.
    4. Uddin, Moshfique & Boateng, Agyenim, 2011. "Explaining the trends in the UK cross-border mergers & acquisitions: An analysis of macro-economic factors," International Business Review, Elsevier, vol. 20(5), pages 547-556, October.
    5. Tolentino, Paz Estrella, 2008. "The determinants of the outward foreign direct investment of China and India: Whither the home country?," MERIT Working Papers 049, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    6. Dunning, John H. & Pak, Yong Suhk & Beldona, Sam, 2007. "Foreign ownership strategies of UK and US international franchisors: An exploratory application of Dunning's envelope paradigm," International Business Review, Elsevier, vol. 16(5), pages 531-548, October.
    7. Tolentino, Paz Estrella, 2008. "The determinants of the outward foreign direct investment of China and India: Whither the home country?," MERIT Working Papers 049, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    8. Boateng, Agyenim & Hua, Xiuping & Uddin, Moshfique & Du, Min, 2014. "Home country macroeconomic factors on outward cross-border mergers and acquisitions: Evidence from the UK," Research in International Business and Finance, Elsevier, vol. 30(C), pages 202-216.

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