IDEAS home Printed from https://ideas.repec.org/a/eee/jbrese/v170y2024ics0148296323007130.html
   My bibliography  Save this article

On the economic implications of international travel restrictions: Evidence from Chinese MNEs’ firm value

Author

Listed:
  • Liu, Yi
  • Zhang, Hengyuan
  • Chen, Daniel Q.

Abstract

During the early stage of the COVID-19 pandemic, many countries and regions issued travel restrictions to prevent the spread of the virus. However, little is known about the impacts of such policy changes on individual businesses, particularly multinational enterprises (MNEs) that involved in business activities across countries. Drawing upon signaling theory and resource dependence theory, we find that the MNEs directly affected by travel restrictions experience significant reductions in shareholder value in both the short and long term. Furthermore, state ownership mitigates the negative effect of travel restrictions on MNEs, but having a large number of overseas subsidiaries and high-tech characteristics deepens the adverse effects caused by travel restrictions. These findings offer new research directions for international business scholars to explore the economic consequences of public policies resulting from global emergencies, and provide insightful lessons for managers to respond to international crises and for policymakers to develop future public policies.

Suggested Citation

  • Liu, Yi & Zhang, Hengyuan & Chen, Daniel Q., 2024. "On the economic implications of international travel restrictions: Evidence from Chinese MNEs’ firm value," Journal of Business Research, Elsevier, vol. 170(C).
    • Handle: RePEc:eee:jbrese:v:170:y:2024:i:c:s0148296323007130
    DOI: 10.1016/j.jbusres.2023.114354
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0148296323007130
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jbusres.2023.114354?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Andrea Calabrò & James J. Chrisman & Liena Kano, 2022. "Family-owned multinational enterprises in the post-pandemic global economy," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(5), pages 920-935, July.
    2. Xiaowei Rose Luo & Ling Yang & Xiaobin He, 2020. "Can One Stone Kill Two Birds? Political Relationship Building and Partner Acquisition in New Ventures," Entrepreneurship Theory and Practice, , vol. 44(4), pages 817-841, July.
    3. Sharon Belenzon & Niron Hashai & Andrea Patacconi, 2019. "The architecture of attention: Group structure and subsidiary autonomy," Strategic Management Journal, Wiley Blackwell, vol. 40(10), pages 1610-1643, October.
    4. Alan M. Rugman & Alain Verbeke, 2005. "Subsidiary Specific Advantages in Multinational Enterprises," Chapters, in: Analysis of Multinational Strategic Management, chapter 6, pages 77-90, Edward Elgar Publishing.
    5. Shanka, Mesay Sata & Menebo, Mesay Moges, 2022. "When and How Trust in Government Leads to Compliance with COVID-19 Precautionary Measures," Journal of Business Research, Elsevier, vol. 139(C), pages 1275-1283.
    6. A Erin Bass & Subrata Chakrabarty, 2014. "Resource security: Competition for global resources, strategic intent, and governments as owners," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(8), pages 961-979, October.
    7. Michael Spence, 2002. "Signaling in Retrospect and the Informational Structure of Markets," American Economic Review, American Economic Association, vol. 92(3), pages 434-459, June.
    8. Peter J. Buckley, 2011. "International Integration and Coordination in the Global Factory," Management International Review, Springer, vol. 51(2), pages 269-283, April.
    9. Kevin B. Hendricks & Brian W. Jacobs & Vinod R. Singhal, 2020. "Stock Market Reaction to Supply Chain Disruptions from the 2011 Great East Japan Earthquake," Manufacturing & Service Operations Management, INFORMS, vol. 22(4), pages 683-699, July.
    10. Raj, Alok & Mukherjee, Abheek Anjan & de Sousa Jabbour, Ana Beatriz Lopes & Srivastava, Samir K., 2022. "Supply chain management during and post-COVID-19 pandemic: Mitigation strategies and practical lessons learned," Journal of Business Research, Elsevier, vol. 142(C), pages 1125-1139.
    11. Aleksandra Gregorič & Larissa Rabbiosi & Grazia D. Santangelo, 2021. "Diaspora ownership and international technology licensing by emerging market firms," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(4), pages 671-691, June.
    12. Jarreau, Joachim & Poncet, Sandra, 2012. "Export sophistication and economic growth: Evidence from China," Journal of Development Economics, Elsevier, vol. 97(2), pages 281-292.
    13. Martin Lettau & Sydney C. Ludvigson & Jessica A. Wachter, 2008. "The Declining Equity Premium: What Role Does Macroeconomic Risk Play?," The Review of Financial Studies, Society for Financial Studies, vol. 21(4), pages 1653-1687, July.
    14. Lorraine Eden & Stewart R. Miller & Sarfraz Khan & Robert J. Weiner & Dan Li, 2022. "The event study in international business research: Opportunities, challenges, and practical solutions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(5), pages 803-817, July.
    15. Alexander Mohr & Chengang Wang & Fernando Fastoso, 2016. "The contingent effect of state participation on the dissolution of international joint ventures: A resource dependence approach," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 47(4), pages 408-426, May.
    16. Mark Lorenzen & Ram Mudambi & Andreas Schotter, 2020. "International connectedness and local disconnectedness: MNE strategy, city-regions and disruption," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(8), pages 1199-1222, October.
    17. Peter‐Jan Engelen & Michele Meoli & Andrea Signori & Silvio Vismara, 2020. "The effects of stricter regulation on the going public decision of small and knowledge‐intensive firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(1-2), pages 188-217, January.
    18. Montmartin, Benjamin & Herrera, Marcos, 2015. "Internal and external effects of R&D subsidies and fiscal incentives: Empirical evidence using spatial dynamic panel models," Research Policy, Elsevier, vol. 44(5), pages 1065-1079.
    19. Guoqiang Peter Zhang & Jifeng Yu & Yusen Xia, 2014. "The Payback of Effective Innovation Programs: Empirical Evidence from Firms that Have Won Innovation Awards," Production and Operations Management, Production and Operations Management Society, vol. 23(8), pages 1401-1420, August.
    20. Feng Chen & Ole‐Kristian Hope & Qingyuan Li & Xin Wang, 2018. "Flight to Quality in International Markets: Investors’ Demand for Financial Reporting Quality during Political Uncertainty Events," Contemporary Accounting Research, John Wiley & Sons, vol. 35(1), pages 117-155, March.
    21. Zahra, Shaker A., 2021. "International entrepreneurship in the post Covid world," Journal of World Business, Elsevier, vol. 56(1).
    22. Wei Shi & Cheng Gao & Ruth V. Aguilera, 2021. "The liabilities of foreign institutional ownership: Managing political dependence through corporate political spending," Strategic Management Journal, Wiley Blackwell, vol. 42(1), pages 84-113, January.
    23. Liu, Yang & Deng, Ping & Wei, Jiang & Ying, Ying & Wu, Bing, 2021. "How to gain from international R&D alliances? A mutual dependence logic," Journal of Business Research, Elsevier, vol. 135(C), pages 800-815.
    24. Omrane Guedhami & April Knill & William L. Megginson & Lemma W. Senbet, 2022. "The dark side of globalization: Evidence from the impact of COVID-19 on multinational companies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(8), pages 1603-1640, October.
    25. Paul M Vaaler & Burkhard N Schrage, 2009. "Residual state ownership, policy stability and financial performance following strategic decisions by privatizing telecoms," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(4), pages 621-641, May.
    26. Fama, Eugene F. & French, Kenneth R., 2015. "A five-factor asset pricing model," Journal of Financial Economics, Elsevier, vol. 116(1), pages 1-22.
    27. Lazarova, Mila & Caligiuri, Paula & Collings, David G. & De Cieri, Helen, 2023. "Global work in a rapidly changing world: Implications for MNEs and individuals," Journal of World Business, Elsevier, vol. 58(1).
    28. Alderson, Michael J. & Betker, Brian L. & Stock, Duane R., 2006. "Investment and financing activity following calls of convertible bonds," Journal of Banking & Finance, Elsevier, vol. 30(3), pages 895-914, March.
    29. Friewald, Nils & Jankowitsch, Rainer & Subrahmanyam, Marti G., 2012. "Illiquidity or credit deterioration: A study of liquidity in the US corporate bond market during financial crises," Journal of Financial Economics, Elsevier, vol. 105(1), pages 18-36.
    30. Brian W. Jacobs & Vinod R. Singhal, 2020. "Shareholder Value Effects of the Volkswagen Emissions Scandal on the Automotive Ecosystem," Production and Operations Management, Production and Operations Management Society, vol. 29(10), pages 2230-2251, October.
    31. Lisa A. Keister, 2004. "Capital Structure in Transition: The Transformation of Financial Strategies in China's Emerging Economy," Organization Science, INFORMS, vol. 15(2), pages 145-158, April.
    32. Chung-Ming Lau & David K Tse & Nan Zhou, 2002. "Institutional Forces and Organizational Culture in China: Effects on Change Schemas, Firm Commitment and Job Satisfaction," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 33(3), pages 533-550, September.
    33. Alok Raj & Abheek Anjan Mukherjee & Ana Beatriz Lopes de Sousa Jabbour & Samir K. Srivastava, 2022. "Supply chain management during and post-COVID-19 pandemic: Mitigation strategies and practical lessons learned," Post-Print hal-04275089, HAL.
    34. Jan Hanousek & Anastasiya Shamshur & Jan Svejnar & Jiri Tresl, 2021. "Corruption level and uncertainty, FDI and domestic investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(9), pages 1750-1774, December.
    35. Kevin Linka & Mathias Peirlinck & Francisco Sahli Costabal & Ellen Kuhl, 2020. "Outbreak dynamics of COVID-19 in Europe and the effect of travel restrictions," Computer Methods in Biomechanics and Biomedical Engineering, Taylor & Francis Journals, vol. 23(11), pages 710-717, August.
    36. Mohr, Alex & Konara, Palitha & Ganotakis, Panagiotis, 2020. "Explaining the performance of divested overseas subsidiaries," International Business Review, Elsevier, vol. 29(1).
    37. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    38. Ari Van Assche & Sarianna Lundan, 2020. "From the editor: COVID-19 and international business policy," Journal of International Business Policy, Palgrave Macmillan, vol. 3(3), pages 273-279, September.
    39. Prithwiraj Choudhury & Tarun Khanna, 2014. "Toward resource independence – Why state-owned entities become multinationals: An empirical study of India’s public R&D laboratories," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(8), pages 943-960, October.
    40. Gu, Ming & Kang, Wenjin & Xu, Bu, 2018. "Limits of arbitrage and idiosyncratic volatility: Evidence from China stock market," Journal of Banking & Finance, Elsevier, vol. 86(C), pages 240-258.
    41. Lee, Jeoung Yul & Jiménez, Alfredo & Choi, Seong-jin & Choi, Yun Hyeong, 2022. "Ideological polarization and corporate lobbying activity: The contingent impact of corruption distance," Journal of Business Research, Elsevier, vol. 141(C), pages 448-461.
    42. N. Kulendran & Kenneth Wilson, 2000. "Is there a relationship between international trade and international travel?," Applied Economics, Taylor & Francis Journals, vol. 32(8), pages 1001-1009.
    43. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    44. Ruiyuan Chen & Sadok El Ghoul & Omrane Guedhami & Chuck C. Y. Kwok & Robert Nash, 2021. "International evidence on state ownership and trade credit: Opportunities and motivations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1121-1158, August.
    45. Mukherjee, Debmalya & Makarius, Erin E. & Stevens, Charles E., 2018. "Business group reputation and affiliates’ internationalization strategies," Journal of World Business, Elsevier, vol. 53(2), pages 93-103.
    46. Ruey‐Jer “Bryan” Jean & Daekwan Kim, 2021. "Signalling Strategies of Exporters on Internet Business‐to‐Business Platforms," Journal of Management Studies, Wiley Blackwell, vol. 58(7), pages 1869-1898, November.
    47. Steven Brakman & Harry Garretsen & Arjen Witteloostuijn, 2021. "Robots do not get the coronavirus: The COVID-19 pandemic and the international division of labor," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1215-1224, August.
    48. Thun, Jörn-Henrik & Hoenig, Daniel, 2011. "An empirical analysis of supply chain risk management in the German automotive industry," International Journal of Production Economics, Elsevier, vol. 131(1), pages 242-249, May.
    49. Bryan Kelly & Ľuboš Pástor & Pietro Veronesi, 2016. "The Price of Political Uncertainty: Theory and Evidence from the Option Market," Journal of Finance, American Finance Association, vol. 71(5), pages 2417-2480, October.
    50. Runjuan Liu & Barry Scholnick & Adam Finn, 2017. "The complexity of outsourced services and the role of international business travel," Journal of Economic Geography, Oxford University Press, vol. 17(3), pages 661-684.
    51. Fabio B. Gaertner & Jeffrey L. Hoopes & Braden M. Williams, 2020. "Making Only America Great? Non-U.S. Market Reactions to U.S. Tax Reform," Management Science, INFORMS, vol. 66(2), pages 687-697, February.
    52. Ziliang Deng & Jiayan Yan & Pei Sun, 2020. "Political Status and Tax Haven Investment of Emerging Market Firms: Evidence from China," Journal of Business Ethics, Springer, vol. 165(3), pages 469-488, September.
    53. Wang, Yue & Tanaka, Akira, 2011. "From hierarchy to hybrid: The evolving nature of inter-firm governance in China's automobile groups," Journal of Business Research, Elsevier, vol. 64(1), pages 74-80, January.
    54. Manuela N. Hoehn‐Weiss & Samina Karim, 2014. "Unpacking functional alliance portfolios: How signals of viability affect young firms' outcomes," Strategic Management Journal, Wiley Blackwell, vol. 35(9), pages 1364-1385, September.
    55. Li, Xue & Anwar, Sajid & Peng, Fei, 2022. "Cross-border acquisitions and the performance of Chinese publicly listed companies," Journal of Business Research, Elsevier, vol. 141(C), pages 575-588.
    56. Paula Caligiuri & Helen De Cieri & Dana Minbaeva & Alain Verbeke & Angelika Zimmermann, 2020. "International HRM insights for navigating the COVID-19 pandemic: Implications for future research and practice," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(5), pages 697-713, July.
    57. Alberto Abadie & David Drukker & Jane Leber Herr & Guido W. Imbens, 2004. "Implementing matching estimators for average treatment effects in Stata," Stata Journal, StataCorp LP, vol. 4(3), pages 290-311, September.
    58. John H Dunning, 1998. "Location and the Multinational Enterprise: A Neglected Factor?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 29(1), pages 45-66, March.
    59. Isaac M Dinner & Tarun Kushwaha & Jan-Benedict E M Steenkamp, 2019. "Psychic distance and performance of MNCs during marketing crises," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(3), pages 339-364, April.
    60. Anthony Goerzen & Paul W. Beamish, 2003. "Geographic scope and multinational enterprise performance," Strategic Management Journal, Wiley Blackwell, vol. 24(13), pages 1289-1306, December.
    61. Jess Benhabib & Xuewen Liu & Pengfei Wang, 2019. "Financial Markets, the Real Economy, and Self‐Fulfilling Uncertainties," Journal of Finance, American Finance Association, vol. 74(3), pages 1503-1557, June.
    62. Jaeyong Song, 2014. "Subsidiary absorptive capacity and knowledge transfer within multinational corporations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(1), pages 73-84, January.
    63. Chris K. Y. Lo & Christopher S. Tang & Yi Zhou & Andy C. L. Yeung & Di Fan, 2018. "Environmental Incidents and the Market Value of Firms: An Empirical Investigation in the Chinese Context," Manufacturing & Service Operations Management, INFORMS, vol. 20(3), pages 422-439, July.
    64. Yadong Luo & Rosalie L Tung, 2007. "International expansion of emerging market enterprises: A springboard perspective," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(4), pages 481-498, July.
    65. Michael Hitt & R. Michael Holmes & Jean-Luc Arregle, 2021. "The (COVID-19) Pandemic and the New World (Dis)Order," Post-Print hal-03188240, HAL.
    66. Michael A. Witt, 2019. "De-globalization: Theories, predictions, and opportunities for international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(7), pages 1053-1077, September.
    67. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
    68. Sinéad Monaghan & Esther Tippmann, 2018. "Becoming a multinational enterprise: Using industry recipes to achieve rapid multinationalization," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(4), pages 473-495, May.
    69. Ingmar Björkman & Wilhelm Barner-Rasmussen & Li Li, 2004. "Managing knowledge transfer in MNCs: the impact of headquarters control mechanisms," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 35(5), pages 443-455, September.
    70. Ruey-Jer “Bryan” Jean & Daekwan Kim & Kevin Zheng Zhou & S. Tamer Cavusgil, 2021. "E-platform use and exporting in the context of Alibaba: A signaling theory perspective," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(8), pages 1501-1528, October.
    71. Qingxian An & Fanyong Meng & Beibei Xiong & Zongrun Wang & Xiaohong Chen, 2020. "Assessing the relative efficiency of Chinese high-tech industries: a dynamic network data envelopment analysis approach," Annals of Operations Research, Springer, vol. 290(1), pages 707-729, July.
    72. Peter J Buckley & L Jeremy Clegg & Hinrich Voss & Adam R Cross & Xin Liu & Ping Zheng, 2018. "A retrospective and agenda for future research on Chinese outward foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(1), pages 4-23, January.
    73. Michael Rothschild & Joseph Stiglitz, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(4), pages 629-649.
    74. Hitt, Michael A. & Holmes, R. Michael & Arregle, Jean-Luc, 2021. "The (COVID-19) pandemic and the new world (dis)order," Journal of World Business, Elsevier, vol. 56(4).
    75. Rugman, Alan M. & Nguyen, Quyen T. K. & Wei, Ziyi, 2016. "Rethinking the Literature on the Performance of Chinese Multinational Enterprises," Management and Organization Review, Cambridge University Press, vol. 12(2), pages 269-302, June.
    76. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    77. Coltman, Tim & Bru, Kathrine & Perm-Ajchariyawong, Nidthida & Devinney, Timothy M. & Benito, Gabriel R.G., 2009. "Supply chain contract evolution," European Management Journal, Elsevier, vol. 27(6), pages 388-401, December.
    78. Kenneth G Huang & Jiatao Li, 2019. "Adopting knowledge from reverse innovations? Transnational patents and signaling from an emerging economy," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(7), pages 1078-1102, September.
    79. Silva, Graça Miranda & Styles, Chris & Lages, Luis Filipe, 2017. "Breakthrough innovation in international business: The impact of tech-innovation and market-innovation on performance," International Business Review, Elsevier, vol. 26(2), pages 391-404.
    80. Jiatao Li & Maria Tereza Leme Fleury, 2020. "Overcoming the liability of outsidership for emerging market MNEs: A capability-building perspective," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(1), pages 23-37, February.
    81. Tianjiao Xia & Xiaohui Liu, 2017. "Foreign competition, domestic competition and innovation in Chinese private high-tech new ventures," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(6), pages 716-739, August.
    82. Peter Hertenstein & Dylan Sutherland & John Anderson, 2017. "Internationalization within networks: Exploring the relationship between inward and outward FDI in China’s auto components industry," Asia Pacific Journal of Management, Springer, vol. 34(1), pages 69-96, March.
    83. Cristea, Anca D., 2011. "Buyer-seller relationships in international trade: Evidence from U.S. States' exports and business-class travel," Journal of International Economics, Elsevier, vol. 84(2), pages 207-220, July.
    84. Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
    85. Jeffrey J Reuer & Roberto Ragozzino, 2014. "Signals and international alliance formation: The roles of affiliations and international activities," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(3), pages 321-337, April.
    86. Boubakri, Narjess & El Ghoul, Sadok & Guedhami, Omrane & Megginson, William L., 2018. "The market value of government ownership," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 44-65.
    87. Michael R Czinkota & Gary Knight & Peter W Liesch & John Steen, 2010. "Terrorism and international business: A research agenda," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(5), pages 826-843, June.
    88. Baoyin Qiu & Junli Yu & Kuo Zhang, 2020. "Trust and Stock Price Synchronicity: Evidence from China," Journal of Business Ethics, Springer, vol. 167(1), pages 97-109, November.
    89. Jiang, Guoliang Frank & Jung, Jae C. & Makino, Shige, 2020. "Parent Firm Corporate Social Responsibility and Overseas Subsidiary Performance: A Signaling Perspective," Journal of World Business, Elsevier, vol. 55(6).
    90. Mena, Carlos & Karatzas, Antonios & Hansen, Carsten, 2022. "International trade resilience and the Covid-19 pandemic," Journal of Business Research, Elsevier, vol. 138(C), pages 77-91.
    91. Sebastian Forkmann & Ryan Mullins & Stephan C. Henneberg & Thomas L. Baker, 2022. "Choreographing salesperson face-to-face visits with a buyer organization: a social network perspective," Journal of the Academy of Marketing Science, Springer, vol. 50(3), pages 615-638, May.
    92. Meimei Zheng & Jie Lin & Xue-Ming Yuan & Ershun Pan, 2019. "Impact of an emergency order opportunity on supply chain coordination," International Journal of Production Research, Taylor & Francis Journals, vol. 57(11), pages 3504-3521, June.
    93. Ming Hua Li & Lin Cui & Jiangyong Lu, 2014. "Varieties in state capitalism: Outward FDI strategies of central and local state-owned enterprises from emerging economy countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(8), pages 980-1004, October.
    94. Peng, Mike W. & Kathuria, Nishant & Viana, Fernando Luiz E. & Lima, Afonso Carneiro, 2021. "Conglomeration, (De)Globalization, and COVID-19," Management and Organization Review, Cambridge University Press, vol. 17(2), pages 394-400, May.
    95. Michael Spence, 1973. "Job Market Signaling," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 87(3), pages 355-374.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Puhr, Harald & Müllner, Jakob, 2022. "Foreign to all but fluent in many: The effect of multinationality on shock resilience," Journal of World Business, Elsevier, vol. 57(6).
    2. Xu, Kai & Hitt, Michael A. & Brock, David & Pisano, Vincenzo & Huang, Lulu S.R., 2021. "Country institutional environments and international strategy: A review and analysis of the research," Journal of International Management, Elsevier, vol. 27(1).
    3. Sato, Akiko & Panibratov, Andrei, 2023. "Causal mechanisms of COVID-19 disruptive effects on liability of foreignness and the emergence of new firm-specific advantages," International Business Review, Elsevier, vol. 32(4).
    4. Ren, Monica & Manning, Stephan & Vavilov, Stanislav, 2019. "Does state ownership really matter? The dynamic alignment of China's resource environment and firm internationalization strategies," Journal of International Management, Elsevier, vol. 25(3), pages 1-1.
    5. Sadok El Ghoul & Omrane Guedhami & Sattar A. Mansi & Oumar Sy, 2023. "Event studies in international finance research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(2), pages 344-364, March.
    6. Clò, Stefano & Fiorio, Carlo V. & Florio, Massimo, 2017. "The targets of state capitalism: evidence from M&A deals," European Journal of Political Economy, Elsevier, vol. 47(C), pages 61-74.
    7. Kafouros, Mario & Cavusgil, S. Tamer & Devinney, Timothy M. & Ganotakis, Panagiotis & Fainshmidt, Stav, 2022. "Cycles of de-internationalization and re-internationalization: Towards an integrative framework," Journal of World Business, Elsevier, vol. 57(1).
    8. Popli, Manish & Raithatha, Mehul & Ahsan, Faisal Mohammad, 2021. "Signaling behavioral intent through better governance: A study of emerging market multinational enterprises," Journal of Business Research, Elsevier, vol. 135(C), pages 697-710.
    9. Kraus, Sina A. & Blake, Benjamin D. & Festing, Marion & Shaffer, Margaret A., 2023. "Global employees and exogenous shocks: considering positive psychological capital as a personal resource in international human resource management," Journal of World Business, Elsevier, vol. 58(3).
    10. Fan, Di & Liang, Tianheng & Yeung, Andy C.L. & Zhang, Haomin, 2020. "The impact of capacity-reduction initiatives on the stock market value of Chinese manufacturing firms," International Journal of Production Economics, Elsevier, vol. 223(C).
    11. Clegg, L. Jeremy & Voss, Hinrich & Tardios, Janja A., 2018. "The autocratic advantage: Internationalization of state-owned multinationals," Journal of World Business, Elsevier, vol. 53(5), pages 668-681.
    12. Steffen Hundt & Andreas Horsch, 2019. "Sponsorship of the FIFA world cup, shareholder wealth, and the impact of corruption," Applied Economics, Taylor & Francis Journals, vol. 51(23), pages 2468-2491, May.
    13. Monica Martinez-Blasco & Vanessa Serrano & Francesc Prior & Jordi Cuadros, 2023. "Analysis of an event study using the Fama–French five-factor model: teaching approaches including spreadsheets and the R programming language," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-34, December.
    14. Maximilian Klöckner & Christoph G. Schmidt & Stephan M. Wagner, 2022. "When Blockchain Creates Shareholder Value: Empirical Evidence from International Firm Announcements," Production and Operations Management, Production and Operations Management Society, vol. 31(1), pages 46-64, January.
    15. Lamotte, Olivier & Chalençon, Ludivine & Mayrhofer, Ulrike & Colovic, Ana, 2021. "Intangible resources and cross-border acquisition decisions: The impact of reputation and the moderating effect of experiential knowledge," Journal of Business Research, Elsevier, vol. 131(C), pages 297-310.
    16. Liu, Feifei & He, Xinming & Wang, Tao, 2023. "In the name of the family: The effect of CEO clan culture background on firm internationalization," Journal of Business Research, Elsevier, vol. 161(C).
    17. Cui, Lin & Gao, Qiuling & Guo, Jinyu & Ma, Pengcheng, 2022. "OFDI performance of EMNEs: A review and recommendations for future research," Journal of International Management, Elsevier, vol. 28(3).
    18. Chun, Wootae & Wang, Zhan & Gon Kim, Hyun, 2024. "Do environmental regulations drive MNEs’ equity ownership? Considering the impact of exogenous shocks on MNEs’ cross-border acquisitions," Journal of Business Research, Elsevier, vol. 174(C).
    19. Nicolau, Juan Luis & Sharma, Abhinav, 2022. "A review of research into drivers of firm value through event studies in tourism and hospitality: Launching the Annals of Tourism Research curated collection on drivers of firm value through event stu," Annals of Tourism Research, Elsevier, vol. 95(C).
    20. Su, Cong & Kong, Lingshuang & Ciabuschi, Francesco & Holm, Ulf, 2020. "Demand and willingness for knowledge transfer in springboard subsidiaries of Chinese multinationals," Journal of Business Research, Elsevier, vol. 109(C), pages 297-309.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jbrese:v:170:y:2024:i:c:s0148296323007130. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jbusres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.