Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2013 | 21 | nr 3 | 82--97
Tytuł artykułu

Ownership Structure and the Internationalization Process of Publicly-listed Companies in Poland

Treść / Zawartość
Warianty tytułu
Języki publikacji
Purpose: The purpose of this paper is to investigate the relationship between ownership structure and the level and scope of internationalization of Polish listed companies.

Methodology: The analysis is based on quantitative methods (regression analysis). Findings: The study revealed that there is no statistically signifi cant relationship between concentration of ownership and the internationalization of companies. However, there is a relationship between ownership category and internationalization.

Research implications: The research results suggest that the organizational context (and especially ownership structure) should be taken into account in resource-based theories of internationalization.

Originality: The paper makes three important contributions in the fi eld of International Business. Firstly, it incorporates the organizational context into the resource-based models of internationalization, thus contributing to the debate on the role of ownership structure in the internationalization strategy (Tihanyi et al., 2003) by showing the specifi c context of an emerging economy at an early stage of its investment development path. Secondly, it is probably the fi rst attempt to analyze the relationship between ownership structure and the internationalization of Polish companies. Thirdly, it presents the results of one of the few research studies conducted in Central and Eastern Europe regarding the specifi c population of publicly-listed companies. (original abstract)
Opis fizyczny
  • University of Warsaw, Poland
  • Aghion, P. and Tirole, J. (1997). Formal and real authority in organizations. Journal of Political Economy, 105(1): 1-29.
  • Amihud, Y. and Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics, 12(2): 605-617.
  • Anderson, R., Mansi, S. and Reeb, D. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2): 263-285.
  • Barney, J. and Wright, P. (1998). On becoming a strategic partner: the role of human resources in gaining competitive advantage. Human Resource Management, 37(1): 31-46.
  • Bhaumik S.K., Driffi eld N. and Pal, S. (2010). Does ownership structure of emerging-market fi rms affect their outward FDI? The case of the Indian automotive and pharmaceutical sectors. Journal of International Business Studies, 41(3): 437-450.
  • Boeker, W. and Karichalil, R. (2002). Entrepreneurial transitions: factors infl uencing founder departure. Academy of Management Journal, 45(2): 818-825.
  • Burkart, M., Gromb, D. and Panunzi, F. (1997). Large shareholders, monitoring and the value of the fi rm. Quarterly Journal of Economics, 112(3): 693-728.
  • Cieślik, J. (2010). Internacjonalizacja polskich przedsiębiorstw. Aktualne tendencje - implikacje dla polityki gospodarczej. Warszawa: Akademia Leona Koźmińskiego.
  • Cromie, S., Stephenson, B. and Montieth, D. (1995). The management of family fi rms: an empirical investigation. International Small Business Journal, 13(4): 11-34.
  • Dunning, J. (1988). The eclectic paradigm of international production: a restatement and possible extensions. Journal of International Business Studies, 19(1): 1-31.
  • Dunning, J., Lundan, S. (2008). Multinational Enterprises and the Global Economy. Cheltenham: Edward Elgar Publishing.
  • Fama, E. and Jensen, M. (1985). Organizational forms and investment decisions. Journal of Financial Economics, 14(1): 101-119.
  • Fernandez, Z. and Nieto, M. (2006). Impact of ownership on the international involvement of SMEs. Strategic Management Journal, 37(3): 340-351.
  • Filatotchev, I., Strange, R., Piesse, J. and Lien, Y. (2007). FDI by fi rms from newly industrialised economies in emerging markets: corporate governance, entry modes and location. Journal of International Business Studies, 38(4): 556-572.
  • Gedajlovic, E. and Shapiro, D. (1998). Management and ownership effects: evidence from fi ve countries. Strategic Management Journal, 19(6): 533-553.
  • George, G., Wiklund, J. and Zahra, S. (2005). Ownership and the internationalization of Small Firms. Journal of Management, 31(2): 210-233.
  • Gorynia, M., Nowak, J. and Wolniak, R. (2005). Motives and modes of FDI, firm characteristics and performance: case studies of foreign subsidiaries in Poland. Journal of Transnational Management, 10(3): 55-87.
  • Graves, C. and Thomas, J. (2006). Internationalization of Australian family businesses: a managerial capabilities perspective. Family Business Review, 19(3): 207-224.
  • Graves, S. (1988). Institutional ownership and corporate R&D in the computer industry. Academy of Management Journal, 31(2): 417-428.
  • Grosfeld, I. (2007). Struktura własności i wartość spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie. In: B. Błaszczyk and P. Kozarzewski, Zmiany w polskich przedsiębiorstwach. Własność, restrukturyzacja, efektywność. Warszawa: Centrum Analiz Społeczno-Ekonomicznych.
  • Helsen, H., Jedidi, K. and DeSarbo, W. (1993). A new approach to country segmentation utilizing multinational diffusion patterns. Journal of Marketing, 57: 60-71.
  • Jensen, M. and Meckling, W. (1976). Theory of the firm: managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 34(4): 305-360.
  • Johanson, J. and Wiedersheim-Paul, F. (1975). The internationalization of the firm: four Swedish cases. Journal of Management Studies, 12(3): 305-322.
  • Koładkiewicz, I. (2011). Aktywność eksportowa polskich przedsiębiorstw z sektora MŚP - dominujące praktyki. In: Koładkiewicz, I., Cieślik, J. (ed.), Aktywność eksportowa małych i średnich przedsiębiorstw w Polsce. Warszawa: Wolters Kluwer Polska.
  • Kowalewski, O., Talavera, O. and Stetsyuk, J. (2010). Influence of family involvement in management and ownership on firm performance: evidence from Poland. Family Business Review, 23(1): 45-59.
  • La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54: s. 471-517.
  • Lee, P. and O'Neill, H. (2003). Ownership structures and R&D investments of U.S. and Japanese firms: agency and stewardship perspectives. American Management Journal, 45(2): 212-225.
  • Lien, Y-C., Piesse, J., Strange, R. and Filatotchev, I. (2005). The role of corporate governance in FDI decisions: evidence from Taiwan. International Business Review, 14: 739-763.
  • McConnell, J. and Servaes, H. (1990). Additional evidence on corporate ownership and corporate value. Journal of Financial Economics, 27: 595-612.
  • Newbert, S. (2007). Empirical research on the resource-based view of the fi rm. An assessment and suggestions for future research. Strategic Management Journal, 28(2): 121-146.
  • North, D. (1990). Institutions, institutional change and economic performance. Cambridge University Press.
  • Peng M.W., Wang, D. and Jiang, Y. (2008). An institutionbased view of international business strategy: a focus on emerging economy. Journal of International Business Studies, 39(5): 920-936.
  • Porter, M. (1992). Capital disadvantage: Americas failing capital market system. Harvard Business Review, 70(5): 65-82.
  • Shleifer, A. and Vishny R.W. (1997). A survey of corporate governance. Journal of Finance, 52(2): 737-783.
  • Shrader, R. and Simon, M. (1997). Corporate versus independent new ventures: resources, strategy and performance differences. Journal of Business Venturing, 12(1): 47-66.
  • Thomsen, S. and Pedersen, T. (2000) Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6): 689-705.
  • Tihanyi, L., Johnson, R., Hoskisson, R. and Hitt, M. (2003) Institutional ownership differences and international diversification: the effects of boards of directors and technological opportunity. Academy of Management Review, 46(2): 195-211.
  • Trevino, L. and Grosse, R. (2002). An analysis of firm-specific resources and foreign direct investment in the United States. International Business Review, 11(4): 431-452.
  • Welch, L.S. and Luostarinen, R. (1988). Internationalization: Evolution of a Concept. Journal of General Management, 14(2): 34-55.
  • Wiklund, J. and Shepherd, D. (2003). Knowledge-based resources, entrepreneurial orientation, and the performance of small and medium sized businesses. Strategic Management Journal, 24(13): 1307-1314.
  • Yamakawa, Y., Peng, M. and Deeds, D. (2008). What drives new ventures to internationalize from emerging economies to developed economies. Entrepreneurship Theory and Practice, 32(1): 59-82.
  • Yeoh, P. and Roth, K. (1999). An empirical analysis of sustained advantage in the US pharmaceutical industry: impact of firm resources and capabilities. Strategic Management Journal, 20(7): 637-653.
  • Zahra, S., Ireland, D., Gutierrez, I. and Hitt, M. (2000). Privatization and entrepreneurial transformation: emerging issues and a future research agenda. Academy of Management Review, 25(3): 509-524.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.