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Subnational social trust and the internationalization of emerging market firms

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  • Chen, Xuchang
  • Wu, Changqi

Abstract

This study examines how informal institutions at the home country subnational level drive the foreign direct investment (FDI) of firms from emerging markets, where informal institutions play a salient role because of the underdevelopment of formal institutions. Integrating the institutional escape view and institutional support view, we argue that social trust, as a critical dimension of informal institutions, affects firms’ FDI decisions. Using a sample of publicly listed firms in China, our empirical analysis finds an inverted U-shaped relationship between subnational social trust and the likelihood of firms’ international expansions. Furthermore, this relationship is contingent on firms’ affiliations with business groups.

Suggested Citation

  • Chen, Xuchang & Wu, Changqi, 2023. "Subnational social trust and the internationalization of emerging market firms," Journal of Business Research, Elsevier, vol. 158(C).
    • Handle: RePEc:eee:jbrese:v:158:y:2023:i:c:s014829632300019x
    DOI: 10.1016/j.jbusres.2023.113661
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