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1、April 2007,1,Internationalization Trajectories of Multinational Enterprises: 1990-2004,Fabienne Fortanier and Rob van Tulder,April 2007,2,Introduction,Research on the how and why of internationalization Macro level: determinants of FDI Micro level: determinants of mode of entry Firm level: determina
2、nts Sales eliminations and intra-firm sales Assets (FATA) Type of assets specified; Assets non-geographically specified Employment (FETE) FTE or persons; average or year-end All three measures Mergers Home region versus home country,April 2007,5,Sample,Top 300 largest non-financial firms world-wide
3、and Top 50 largest non-financial firms for UK, DE, FR and NL (1995) Annual report data 444 entities, followed from 1990 to 2004 For 233 out of these 444, data was available for a period of at least 10 years for at least one of the three variables NT(max) = 3495 FSTS: 3252 (93%, n=231) FATA: 2023 (58
4、%, n=148) FETE: 1593 (46%, n=114),April 2007,6,Measuring Internationalization: sales,Sales by destination vs. sales by origin within time-series Correct by the difference between the means of the four observations before and after the method change 28 out of 231 time series corrected; average of 4.2
5、 changes per series; absolute mean difference of 20%,For Siemens, the FSTS ratio for sales by destination in 2004 was nearly 90%, but for sales by origin it was 56% For Volkswagen, the FSTS ratio of sales by destination was 70%, but for sales by origin it was 35%,Examples,April 2007,7,Measuring Inte
6、rnationalization: assets,A total of 11 different definitions, e.g., total; fixed; identifiable; long-lived; operating; tangible assets Correct by the difference between the means of the four observations before and after the method change 45 out of 148 time series corrected; average of 4.8 changes p
7、er series; absolute mean difference of 14%,For Apple, the FATA ratio decreased from 39% to 17% (1998-1999) as the asset definition changed from total assets to long-lived assets For BAT, the FATA ratio increased from 27% to nearly 80% (1997-1998) due to a change from total assets to operating assets
8、,Examples,April 2007,8,Internationalization process: dimensions and measurement,Level Average level of FSTS, FATA or FETE (1990-2004) Minimum level of FSTS, FATA or FETE (1990-2004) Maximum level of FSTS, FATA or FETE (1990-2004) Pace Average change in FSTS, FATA or FETE (1990-2004) Variability Abso
9、lute average change in FSTS, FATA or FETE (1990-2004) St.dev. In change in FSTS, FATA or FETE (1990-2004) Temporal concentration Clustering Index in FSTS, FATA or FETE (1990-2004) Domestic expansion Average growth in domestic S, A, or E.,April 2007,9,Factor Analysis,Results for Assets and Employment
10、 very similar,F1 = Level F2 = Volatility F3 = Intl Expansion F4 = Cluster,April 2007,10,Cluster Analysis (Sales),April 2007,11,Cluster Analysis (Sales),April 2007,12,Cluster Analysis (Assets, employment),Also 6 clusters each (Assets, and employment) Very similar to the trajectories identified for sa
11、les, e.g. home oriented comprehensive strong expansion volatile Numbers slightly smaller in the different groups due to fewer observations,April 2007,13,Linking Trajectories,Chi-Square (25) = 71.7; p0.001 Main conclusion: there is some overlap between similar clusters, but more importantly, there is
12、 also substantial variation within firms in how they organize their sales and production activities across borders.,April 2007,14,Explaining Trajectories (Country),Chi-Square (30) = 83.2; p0.001 Main conclusion: internationalization trajectories differ across firms from different countries and insti
13、tutional environments,April 2007,15,Explaining Trajectories (Sector),Chi-Square (70) = 94.4; p0.05 Main conclusion: internationalization trajectories are to some extent sector specific,April 2007,16,Summary,As of yet, it remains unclear how at the corporate level, firms expand and withdraw their int
14、ernational activities over time, and to what extent different patterns or clusters can be distinguished among such processes An important reason for the absence of such studies is the lack (difficulty in gathering) of longitudinal data This paper addresses this issue by presenting a longitudinal dat
15、aset on internationalization strategies of the largest MNEs worldwide, carefully addressing methodological issues associated with measuring internationalization Presented a typology of internationalization trajectories and a first exploration of potential determinants of these trajectories,April 200
16、7,17,Conclusions,The exact form and pace of insertion in the world economy differs strongly across firms Differences across types of activity (sales vs assets vs employment) Differences across country and sector Globalization is not a homogeneous process, but has many faces and follows different paths Calls for substantial nuances to the wide-sweeping conclusions that are often made regarding globalization Echoes other researchers who have highlighted the regional nature of globalization (R
