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Semiglobalization and international business strategy

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  • Pankaj Ghemawat

    (Harvard Business School, Boston, MA, USA)

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    Abstract

    If markets were either completely isolated by or integrated across borders, there would be little room for international business strategy to have content distinctive from ‘mainstream’ strategy. But a review of the economic evidence about the international integration of markets indicates that we fall in between these extremes, into a state of incomplete cross-border integration that I refer to as semiglobalization. More specifically, most measures of market integration have scaled new heights in the last few decades, but still fall far short of economic theory's ideal of perfect integration. The diagnosis of semiglobalization does more than just supply a relatively stable frame of reference for thinking about the environment of cross-border operations. It also calls attention to the critical role of location-specificity in the prospects of distinctive content for international business strategy relative to mainstream business and corporate strategy. In addition, it flags factors/products subject to location-specificity as being salient from the perspective of international business. Finally, it highlights the scope for strategies that strive to capitalize on the (large) residual barriers to cross-border integration, as well as those that simply try to cope with them. Journal of International Business Studies (2003) 34, 138–152. doi:10.1057/palgrave.jibs.8400013

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Journal of International Business Studies.

    Volume (Year): 34 (2003)
    Issue (Month): 2 (March)
    Pages: 138-152

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    Handle: RePEc:pal:jintbs:v:34:y:2003:i:2:p:138-152

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    Cited by:
    1. Aggarwal, Raj & Berrill, Jenny & Hutson, Elaine & Kearney, Colm, 2011. "What is a multinational corporation? Classifying the degree of firm-level multinationality," International Business Review, Elsevier, vol. 20(5), pages 557-577, October.
    2. Wang, Chengqi & Hong, Junjie & Kafouros, Mario & Boateng, Agyenim, 2012. "What drives outward FDI of Chinese firms? Testing the explanatory power of three theoretical frameworks," International Business Review, Elsevier, vol. 21(3), pages 425-438.
    3. Hitt, Michael A. & Franklin, Victor & Zhu, Hong, 2006. "Culture, institutions and international strategy," Journal of International Management, Elsevier, vol. 12(2), pages 222-234, June.
    4. Muller, A.R. & van Tulder, R.J.M., 2005. "Exploring Patterns of Upstream Internationalization: The Role of Home-region ‘Stickiness’," ERIM Report Series Research in Management ERS-2005-084-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
    5. Goldszmidt, Rafael G. Burstein & Brito, Luiz Artur Ledur & de Vasconcelos, Flávio Carvalho, 2011. "Country effect on firm performance: A multilevel approach," Journal of Business Research, Elsevier, vol. 64(3), pages 273-279, March.
    6. Ans Kolk & Jonatan Pinkse, 2012. "Multinational enterprises and climate change strategies," Grenoble Ecole de Management (Post-Print) hal-00835257, HAL.
    7. CASTANER, Xavier & GENC, Mehmet, 2004. "Country Institutional Differences and Multinational Advantage in Banking," Les Cahiers de Recherche 792, HEC Paris.
    8. Abigail S. Hornstein & Minyuan Zhao, 2011. "Corporate Capital Budgeting Decisions and Information Sharing," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 20(4), pages 1135-1170, December.
    9. Richard C.M. Yam & Esther P.Y. Tang & Cliff C.H. Chan, 2012. "Commitment Enhances Knowledge Sharing against Opportunismin New Product Development," Knowledge and Learning: Global Empowerment; Proceedings of the Management, Knowledge and Learning International Conference 2012, International School for Social and Business Studies, Celje, Slovenia.
    10. Ghemawat, Pankaj & Llano, Carlos & Requena, Francisco, 2009. "Rethinking regional competitiveness: Catalonia's international and interregional trade, 1995-2006," IESE Research Papers D/802, IESE Business School.
    11. Muller, A.R. & van Tulder, R.J.M., 2005. "The Search for Synergy between Institutions and Multinationals: Institutional Uncertainty and Patterns of Internationalization," ERIM Report Series Research in Management ERS-2005-086-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
    12. Griffith, David A., 2010. "Understanding multi-level institutional convergence effects on international market segments and global marketing strategy," Journal of World Business, Elsevier, vol. 45(1), pages 59-67, January.
    13. Tarziján, Jorge & Brahm, Francisco & Daiber, Luis Felipe, 2008. "Entrepreneurial profitability and persistence: Chile versus the U.S.A," Journal of Business Research, Elsevier, vol. 61(6), pages 599-608, June.
    14. Chung, Hsi-Mei, 2014. "The role of family management and ownership on semi-globalization pattern of globalization: The case of family business groups," International Business Review, Elsevier, vol. 23(1), pages 260-271.
    15. Simon Collinson & Alan Rugman, 2007. "The regional character of Asian multinational enterprises," Asia Pacific Journal of Management, Springer, vol. 24(4), pages 429-446, December.
    16. Lai, Richard, 2005. "The Geography of Retail Inventory," MPRA Paper 4755, University Library of Munich, Germany.
    17. Ghemawat, Pankaj & Llano, Carlos & Requena, Francisco, 2010. "Competitiveness and interregional as well as international trade: The case of Catalonia," International Journal of Industrial Organization, Elsevier, vol. 28(4), pages 415-422, July.
    18. Schmid, Stefan & Kotulla, Thomas, 2011. "50 years of research on international standardization and adaptation--From a systematic literature analysis to a theoretical framework," International Business Review, Elsevier, vol. 20(5), pages 491-507, October.
    19. Gold, Stefan & Hahn, Rüdiger & Seuring, Stefan, 2013. "Sustainable supply chain management in “Base of the Pyramid” food projects—A path to triple bottom line approaches for multinationals?," International Business Review, Elsevier, vol. 22(5), pages 784-799.
    20. Pinkse, Jonatan & Kuss, Matthias J. & Hoffmann, Volker H., 2010. "On the implementation of a 'global' environmental strategy: The role of absorptive capacity," International Business Review, Elsevier, vol. 19(2), pages 160-177, April.
    21. Simon Collinson & Alan M. Rugman, 2007. "The Regional Focus of Asian Multinational Enterprises," Working Papers 2007-08, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
    22. Ricart, Joan E. & Enright, Michael J. & Ghemawat, Pankaj & Khanna, Tarun & Hart, Stuart L., 2003. "New frontiers in international strategy," IESE Research Papers D/532, IESE Business School.
    23. Pogrebnyakov, Nicolai & Maitland, Carleen F., 2011. "Institutional distance and the internationalization process: The case of mobile operators," Journal of International Management, Elsevier, vol. 17(1), pages 68-82, March.

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