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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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    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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    8. Simon Collinson & Alan M. Rugman, 2007. "The Regional Focus of Asian Multinational Enterprises," Working Papers, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy 2007-08, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
    9. 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, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasm 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 University Rotterdam.
    10. Ricart, Joan E. & Enright, Michael J. & Ghemawat, Pankaj & Khanna, Tarun & Hart, Stuart L., 2003. "New frontiers in international strategy," IESE Research Papers, IESE Business School D/532, IESE Business School.
    11. Ans Kolk & Jonatan Pinkse, 2012. "Multinational enterprises and climate change strategies," Grenoble Ecole de Management (Post-Print), HAL hal-00835257, HAL.
    12. 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, Elsevier, vol. 20(5), pages 491-507, October.
    13. Simon Collinson & Alan Rugman, 2007. "The regional character of Asian multinational enterprises," Asia Pacific Journal of Management, Springer, Springer, vol. 24(4), pages 429-446, December.
    14. 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, International School for Social and Business Studies, Celje, Slovenia.
    15. CASTANER, Xavier & GENC, Mehmet, 2004. "Country Institutional Differences and Multinational Advantage in Banking," Les Cahiers de Recherche 792, HEC Paris.
    16. 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, Elsevier, vol. 21(3), pages 425-438.
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    19. 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, Elsevier, vol. 20(5), pages 557-577, October.
    20. 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, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasm 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 University Rotterdam.
    21. Hitt, Michael A. & Franklin, Victor & Zhu, Hong, 2006. "Culture, institutions and international strategy," Journal of International Management, Elsevier, Elsevier, vol. 12(2), pages 222-234, June.
    22. Griffith, David A., 2010. "Understanding multi-level institutional convergence effects on international market segments and global marketing strategy," Journal of World Business, Elsevier, Elsevier, vol. 45(1), pages 59-67, January.
    23. Ghemawat, Pankaj & Llano, Carlos & Requena, Francisco, 2009. "Rethinking regional competitiveness: Catalonia's international and interregional trade, 1995-2006," IESE Research Papers, IESE Business School D/802, IESE Business School.

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