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The Search for Synergy between Institutions and Multinationals: Institutional Uncertainty and Patterns of Internationalization

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Author Info
Muller, A.R.
Tulder, R.J.M. van (Erasmus Research Institute of Management (ERIM), RSM Erasmus University)
Abstract

The debate on globalization has long been characterized by theses of institutional convergence and divergence. The emergence of Anglo-Saxon shareholder capitalism as the dominant paradigm since the start of the 1990s is associated with the pursuit of global strategies by Multinational Enterprises (MNEs) and the consolidation of a multilateral trade regime. Yet the link between actual MNE strategies and developments in the institutional arena remains an understudied phenomenon. Tensions between multiple levels of institution building – unilateralism, regionalism and multilateralism – create an environment of strategic uncertainty for MNEss. Consequently, MNEs’ actual international strategies reveal much about perceptions of the institutional environment in which they operate and allows for the documentation of more subtle paradigm shifts. The internationalization strategies pursued by MNEs from the Triad over the 1990s reveal that a multilateral strategic reality was anticipated by only an elite few, while the vast majority of firms operated in a unilaterally- or at best regionally-determined institutional environment. This contribution suggests that institutional restructuring is multifaceted and sometimes contradictory, casting a new and more subtle light on the globalization debate.

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Paper provided by 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. in its series Research Paper with number ERS-2005-086-ORG Revision_Date: 2009-07-29.

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Date of creation: 21 Dec 2005
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Handle: RePEc:dgr:eureri:30007858

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Keywords: Institutions; Globalization; Regionalization; International Strategy;

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References listed on IDEAS
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  1. Focarelli, Dario & Pozzolo, Alberto Franco, 2001. "The patterns of cross-border bank mergers and shareholdings in OECD countries," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2305-2337, December. [Downloadable!] (restricted)
  2. Kobrin, Stephen J., 1987. "Testing the bargaining hypothesis in the manufacturing sector in developing countries," International Organization, Cambridge University Press, vol. 41(04), pages 609-638, September. [Downloadable!]
  3. Alan M. Rugman & Alain Verbeke, 2004. "A Perspective on Regional and Global Strategies of Multinational Enterprises," Working Papers 2004-19, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
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  4. C. Fred Bergsten, 1997. "Open Regionalism," The World Economy, Blackwell Publishing, vol. 20(5), pages 545-565, 08. [Downloadable!] (restricted)
  5. Kobrin, Stephen J, 1987. "Testing the Bargaining Hypothesis in the Manufacturing Sector in Developing Countries," International Organization, MIT Press, vol. 41(4), pages 609-38, Autumn.
  6. Pankaj Ghemawat, 2003. "Semiglobalization and international business strategy," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 34(2), pages 138-152, March. [Downloadable!] (restricted)
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