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The changing dynamics of Thai multinationals after the Asian economic crisis

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  • Pananond, Pavida
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    Abstract

    This paper investigates the dynamic of Thai multinationals after the Asian economic crisis through the analysis of FDI statistics and two in-depth case studies. The paper concludes that there was a shift in the dynamic of Thai multinationals' international expansion. While the pre-crisis international expansion relied more on networking capabilities rather than industry-specific technological skills, the post-crisis adjustments of Thai multinationals displayed a different strategy that placed much more emphasis on strengthening their industry-specific technological capabilities. In particular, Thai multinationals have placed more emphasis and commitment to the development of industry-specific technological capabilities, as well as transforming their personalised, relationship-based networks to more transparent and formal ties. The paper bears implications on the emerging multinational literature. Unlike the incremental nature of their predecessors from East Asia, the rapid rise of Thai multinationals before 1997 bypassed gradual technological process through the use of networking capabilities. However, the sustainability of networks-based competitive advantages will depend on its flexibility to change, as well as its complementary role toward industry-specific technological capabilities.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of International Management.

    Volume (Year): 13 (2007)
    Issue (Month): 3 (September)
    Pages: 356-375

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    Handle: RePEc:eee:intman:v:13:y:2007:i:3:p:356-375

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    Keywords: Third-world multinationals Emerging multinationals Multinational enterprise International expansion Thailand Asian financial crisis Networking capabilities;

    References

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    1. Lecraw, Donald J, 1977. "Direct Investment by Firms from Less Developed Countries," Oxford Economic Papers, Oxford University Press, vol. 29(3), pages 442-57, November.
    2. Peter J Buckley, 1988. "The Limits of Explanation: Testing the Internalization Theory of the Multinational Enterprise," Journal of International Business Studies, Palgrave Macmillan, vol. 19(2), pages 181-193, June.
    3. Mike Peng & Jessie Zhou, 2005. "How Network Strategies and Institutional Transitions Evolve in Asia," Asia Pacific Journal of Management, Springer, vol. 22(4), pages 321-336, December.
    4. Ulgado, Francis M. & Yu, Chwo-Ming J. & Negandhi, Anant R., 1994. "Multinational enterprises from Asian developing countries: Management and organizational characteristics," International Business Review, Elsevier, vol. 3(2), pages 123-133, June.
    5. Ghemawat, Pankaj & Khanna, Tarun, 1998. "The Nature of Diversified Business Groups: A Research Design and Two Case Studies," Journal of Industrial Economics, Wiley Blackwell, vol. 46(1), pages 35-61, March.
    6. Louis T. Wells, 1983. "Third World Multinationals: The Rise of Foreign Investments from Developing Countries," MIT Press Books, The MIT Press, edition 1, volume 1, number 026273169x, December.
    7. Alice H. Amsden, 1995. "Like the rest: South‐East Asia's ‘LATE’ Industrialization," Journal of International Development, John Wiley & Sons, Ltd., vol. 7(5), pages 791-799, 09.
    8. Otto Andersen, 1993. "On the Internationalization Process of Firms: A Critical Analysis," Journal of International Business Studies, Palgrave Macmillan, vol. 24(2), pages 209-231, June.
    9. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
    10. Andrew H. Van de Ven, 2004. "The Context-Specific Nature of Competence and Corporate Development," Asia Pacific Journal of Management, Springer, vol. 21(1_2), pages 123-147, 03.
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    Cited by:
    1. Meyer, Klaus E. & Thein, Htwe Htwe, 2014. "Business under adverse home country institutions: The case of international sanctions against Myanmar," Journal of World Business, Elsevier, vol. 49(1), pages 156-171.
    2. Klaus Meyer & Ornjira Thaijongrak, 2013. "The dynamics of emerging economy MNEs: How the internationalization process model can guide future research," Asia Pacific Journal of Management, Springer, vol. 30(4), pages 1125-1153, December.
    3. Narula, Rajneesh, 2010. "Much ado about nothing, or sirens of a brave new world?: MNE activity from developing countries and its significance for development," MERIT Working Papers 021, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    4. Stoian, Carmen, 2013. "Extending Dunning's Investment Development Path: The role of home country institutional determinants in explaining outward foreign direct investment," International Business Review, Elsevier, vol. 22(3), pages 615-637.

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