Management International Review

, Volume 48, Issue 1, pp 5–38 | Cite as

Factors affecting perceptions of the choice between acquisition and greenfield entry: The case of Western FDI in an emerging market

  • Mehmet Demirbag
  • Ekrem Tatoglu
  • Keith W. Glaister
Article
First Online:
Received:
Revised:
Accepted:

Abstract

Abstract and Key Results
  1. •

    This study provides a comprehensive account of foreign establishment mode strategies of firms investing in Turkey. The results of the logistic regression modeling provide support to the hypothesized relationships that take into account the impact of host country specific motives of MNEs on their choice between acquisitions and greenfield investments.

     
  2. •

    The host country motives quality of inputs and market potential have significant negative coefficients, indicating that an MNE will favor the acquisition mode over a greenfield mode as the relative importance of both motives increases.

     
  3. •

    The host country motive of investment risk has a significant positive coefficient, which increases the likelihood of the venture being a greenfield investment.

     
  4. •

    Our results also show that the main investing firm specific and subsidiary level determinants of FDI modal choice identified in prior research also influence the establishment mode choice of Western MNEs when investing in Turkey. Parent diversity, previous commercial association, ownership pattern and resource-intensiveness of the target industry have the expected impact on the foreign investor’s choice between a greenfield investment and an acquisition.

     
  5. •

    No support is found, however, for the impact of cultural distance and foreign parent size on establishment mode choice. Similarly, the control variables of home region of the investing firm, timing of entry and industrial sector of investment do not affect modal choice.

     

Key Words

Acquisition Greenfield Investment Institutional Theory Emerging Markets Turkey 
This is a preview of subscription content, log in to check access.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Agarwal, S., Socio-Cultural Distance and the Choice of Joint Ventures: A Contingency Perspective, Journal of International Marketing, 2,2, 1994, pp. 63–80.Google Scholar
  2. Agarwal, S./ Ramaswami, S. N., Choice of Foreign Market Entry Mode: Impact of Ownership, Location and Internalization Factors, Journal of International Business Studies, 23,1, 1992, pp. 1–28.CrossRefGoogle Scholar
  3. Ahmed, Z. U./ Mohamad, O./ Tan, B./ Johnson, J. P., International Risk Perceptions and Mode of Entry: A Case Study of Malaysian Multinational Firms, Journal of Business Research, 55,10, 2002, pp. 805–813.CrossRefGoogle Scholar
  4. Aharoni, Y., The Foreign Investment Decision Process, Graduate School of Business Administration, Boston Massachusetts: Harvard University 1966.Google Scholar
  5. Amemiya, T., Qualitative Response Models: A Survey, Journal of Economic Literature, 19,4, 1981, pp. 1483–1536.Google Scholar
  6. Anand, J./ Delios, A., Location Specifity and the Transferability of Downstream Assets to Foreign Subsidiaries, Journal of International Business Studies, 28,3, 1997, pp. 579–603.CrossRefGoogle Scholar
  7. Anderson, E./ Gatignon, H., Models of Foreign Entry: A Transaction Cost Analysis and Propositions, Journal of International Business Studies, 17,3, 1986, pp. 1–26.CrossRefGoogle Scholar
  8. Andersson, T./ Swensson, R., Entry Modes for Direct Investment Determined by the Composition of Firm-Specific Skills, Scandinavian Journal of Economics, 96,4, 1994, pp. 551–560.CrossRefGoogle Scholar
  9. Antaloczy, K./ Sass, M., Greenfield Investments in Hungary: Are They Different From Privatization FDI?, Transnational Corporations, 10,3, 2001, pp. 39–59.Google Scholar
  10. Barkema, H. G./ Vermeulen, F., International Expansion through Start-up or Acquisition: A Learning Perspective, Academy of Management Journal, 41,1, 1998, pp. 7–26.CrossRefGoogle Scholar
  11. Barkema, H. G./ Bell, J. H. J.,/ Pennings, J. M., Foreign Entry, Cultural Barriers and Learning, Strategic Management Journal, 17,2, 1996, pp. 151–166.CrossRefGoogle Scholar
  12. Beamish, P. W., Multinational Joint Ventures in Developing Countries, London: Routledge 1988.Google Scholar
  13. Bell, J. H. J., Single or Joint Venturing?: A Comprehensive Approach to Foreign Entry Mode Choice, Aldershot, England: Avebury 1996.Google Scholar
  14. Brouthers, K. D., The Influence of International Risk on Entry Mode Strategy in the Computer Software Industry, Management International Review, 35,1, 1995, pp. 7–28.Google Scholar
  15. Brouthers, K. D., Institutional, Cultural and Transaction Cost Influences on Entry Mode Choice and Performance. Journal of International Business Studies, 33,2, 2002, pp. 203–221.CrossRefGoogle Scholar
  16. Brouthers, L. E./ Brouthers, K. D./ Werner, S., Is Dunning’s Eclectic Framework Descriptive or Normative?, Journal of International Business Studies, 30,4, 1999, pp. 831–844.CrossRefGoogle Scholar
  17. Brouthers, K. D./ Brouthers, L. E., Why Service and Manufacturing Entry Mode Choices Differ: The Influence of Transaction Cost Factors, Risk and Trust, Journal of Management Studies, 40,5, 2003, pp. 1179–1204.CrossRefGoogle Scholar
  18. Brouthers, K. D./ Brouthers, L. E., Acquisition or Greenfield Start-up? Institutional, Cultural and Transaction Cost Influences, Strategic Management Journal, 21,1, 2000, pp. 89–97.CrossRefGoogle Scholar
  19. Brouthers, K. D./ Brouthers, L. E./ Werner, S., Industrial Sector, Perceived Environmental Uncertainty and Entry Mode Strategy, Journal of Business Research, 55,6, 2002, pp. 495–507.CrossRefGoogle Scholar
  20. Brown, J. G., Using a Multiple Imputation Technique to Merge Data Sets, Applied Economics Letters, 9,5, 2002, pp. 311–314.CrossRefGoogle Scholar
  21. Buckley, P. J./ Mathew, A. M., Dimensions of Market Entry Behavior of Recent U.K. First Time Direct Investors in Australia, Management International Review, 20,2, 1980, pp. 35–51.Google Scholar
  22. Buckley, P. J./ Casson M. C., The Economic Theory of the Multinational Enterprise: Selected Papers, London: Macmillan 1985.CrossRefGoogle Scholar
  23. Buckley, P./ Casson, M., Analyzing Foreign Market Entry Strategies: Extending the Internalization Approach, Journal of International Business Studies, 29,3, 1998, pp. 539–562.CrossRefGoogle Scholar
  24. Calderon, C./ Loayza, N./ Serven, L., Greenfield Foreign Direct Investment and Mergers and Acquisitions: Feedback and Macroeconomic Effects, Policy Research Working Paper Series No. 3192, Washington: The World Bank 2004.Google Scholar
  25. Cameron G./ Wolfson M., Missing Transfers: Adjusting Household Incomes for Non-cash Benefits, Statistics Canada Paper presented at the 23rd Annual Conference of the International Association for Research in Income and Wealth, St. Andrews, New Brunswick, Canada: 21.–27. August 1994.Google Scholar
  26. Caves, R. E./ Mehra, S. K., Entry of Foreign Multinationals into U.S. Manufacturing Industries, in Porter, M. E. (ed.), Competition in Global Industries, Boston, Massachusetts: Harvard Business School Press 1986, pp. 449–481.Google Scholar
  27. Chang, S. J./ Rosenzweig, P. M., The Choice of Entry Mode in Sequential Foreign Direct Investment, Strategic Management Journal, 22,8, 2001, pp. 747–776.CrossRefGoogle Scholar
  28. Chatterjee, S., Excess Resources, Utilization Costs, and Entry Mode, Academy of Management Journal, 33,4, 1990, pp. 780–800.CrossRefGoogle Scholar
  29. Child, J./ Chung, L./ Davies, H., The Performance of Cross-border Units in China: A Test of Natural Selection, Strategic Choice and Contingency Theories, Journal of International Business Studies, 34,3, 2003, pp. 242–254.CrossRefGoogle Scholar
  30. Chowdhury, J., Performance of International Joint Ventures and Wholly Owned Subsidiaries, Management International Review, 32,2, 1992, pp. 115–133.Google Scholar
  31. Coase, R. H., The Institutional Structure of Production, American Economic Review, 82,4, 1992, pp. 713–719.Google Scholar
  32. Cyert, R./ March, J., A Behavioral Theory of the Firm, Englewood Cliffs, New Jersey: Prentice Hall 1963.Google Scholar
  33. Das, T. K./ Teng, B. S., A Resource Based Theory of Strategic Alliances, Journal of Management, 26,1, 2000, pp. 31–61.CrossRefGoogle Scholar
  34. Davidson, W. H., The Location of Foreign Direct Investment Activity: Country Characteristics and Experience Effects, Journal of International Business Studies, 11,2, 1980, pp. 9–22.CrossRefGoogle Scholar
  35. Davidson, W. H./ McFetridge, D. G., Key Characteristics in the Choice of International Technology Transfer Mode, Journal of International Business Studies, 16,2, 1985, pp. 5–21.CrossRefGoogle Scholar
  36. Demirbag, M./ Mirza, H./ Weir, D. T. H., The Dynamics of Manufacturing Joint Ventures in Turkey and the Role of Industrial Groups, Management International Review, 35, Special Issue 1, 1995, pp. 35–51.Google Scholar
  37. Dunning, J. H., The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions, Journal of International Business Studies, 19,1, 1988, pp. 1–31.CrossRefGoogle Scholar
  38. Dunning, J. H., Multinational Enterprises and Global Economy, Wokingham: Addison-Wesley 1993.Google Scholar
  39. Dunning, J. H./ Kundu, S. K., The Internationalization of the Hotel Industry-Some New Findings from a Field Study, Management International Review, 35,2, 1995, pp. 101–133.Google Scholar
  40. Ellis, P., Social Ties and Foreign Market Entry, Journal of International Business Studies, 31,3, 2000, pp. 443–469.CrossRefGoogle Scholar
  41. Erdilek, A., A Comparative Analysis of Inward and Outward FDI in Turkey, Transnational Corporations, 12,3, 2003, pp. 79–105.Google Scholar
  42. Ernst and Young Turkey (ed.), Mergers and Acquisitions Report 2004, (Birlesme ve Satinalma Islemleri 2004 Raporu), Istanbul: Ernst and Young 2005.Google Scholar
  43. Erramilli, M. K., The Experience Factor in Foreign Market Entry Behavior of Service Firms, Journal of International Business Studies, 22,3, 1991, pp. 479–501.CrossRefGoogle Scholar
  44. Erramilli, M. K./ Rao, C. P., Service Firms’ International Entry Mode Choice: A Modified Transaction-cost Analysis Approach, Journal of Marketing, 57,3, 1993, pp.19–38.CrossRefGoogle Scholar
  45. Franko, L. G. Joint Venture Survival in Multinational Corporations, New York: Preager Publisher 1971.Google Scholar
  46. Financial Times (ed.), Daily Newspaper, Apirl 13, 2005, www.ft.com.Google Scholar
  47. Gatignon, H./ Anderson, E., The Multinational Corporation’s Degree of Control Over Foreign Subsidiaries: An Empirical Test of a Transaction Cost Explanation, Journal of Law, Economics, and Organization, 4,2, 1988, pp. 305–336.Google Scholar
  49. Gomes-Casseres, B., Ownership Structures of Foreign Subsidiaries, Journal of Economic Behavior and Organization, 11,1, 1989, pp. 1–25.CrossRefGoogle Scholar
  50. Gomes-Casseres, B., Firm Ownership Preferences and Host Government Restrictions: An Integrated Approach, Journal of International Business Studies, 21,1, 1990, pp. 1–22.CrossRefGoogle Scholar
  51. Goodnow, J. D./ Hansz, J. E., Environmental Determinants of Overseas Market Entry Strategies, Journal of International Business Studies, 3,1, pp. 33–50.Google Scholar
  52. Goodnow, J. D., Development in International Mode of Entry Analysis, International Marketing Review, 2,3, 1985, pp. 17–30.CrossRefGoogle Scholar
  53. Hair, J. F./ Anderson, R. E./ Tatham, R. L./ Black, W. C., Multivariate Data Analysis, 4th edition, Englewood Cliffs, New Jersey: Prentice Hall 1995.Google Scholar
  54. Harrigan, K. R., Vertical Integration and Corporate Strategy, Academy of Management Journal, 28,2, 1985a, pp. 397–425.CrossRefGoogle Scholar
  55. Harrigan, K. R., Strategies for Intrafirm Transfers and Outside Sourcing, Academy of Management Journal, 28,4, 1985b, pp. 914–925.CrossRefGoogle Scholar
  56. Harzing, A. W., Acquisitions versus Greenfield Investments: International Strategy and Management of Entry Modes, Strategic Management Journal, 23,3, 2002, pp. 211–227.CrossRefGoogle Scholar
  57. Henisz, W. J., The Institutional Environment for Multinational Investment, Journal of Law, Economics and Organization, 16,2, 2000, pp. 334–364.CrossRefGoogle Scholar
  58. Hennart, J. F./ Park, Y. R., Greenfield vs. Acquisition: The Strategy of Japanese Investors in the United States, Management Science, 39,9, 1993, pp. 1054–1070.CrossRefGoogle Scholar
  59. Hennart, J. F., The Transaction Costs Theory of Joint Ventures: An Empirical Study of Japanese Subsidiaries in the United States, Management Science, 37,4, 1991, pp. 483–497.CrossRefGoogle Scholar
  60. Hennart, J. F./ Larimo, J., The Impact of Culture on the Strategy of Multinational Enterprises: Does National Origin Affect Ownership Decisions, Journal of International Business Studies, 29,3, 1998, pp. 515–538.CrossRefGoogle Scholar
  61. Hennart, J. F./ Reddy, S., The Choice between Mergers/Acquisitions, and Joint Ventures: The Case of Japanese Investors in the United States, Strategic Management Journal, 18,1, 1997, pp. 1–12.CrossRefGoogle Scholar
  62. Hladik, K. J., International Joint Ventures: An Economic Analysis of U.S. Foreign Business Partnerships, Lexington, Massachusetts: Lexington Books 1985.Google Scholar
  63. Hofstede, G., Culture’s Consequences, Beverly Hills, California: Sage Publications 1980.Google Scholar
  64. Huber, G. P./ Power, D. J., Retrospective Reports of Strategic-Level Managers: Guidelines for Increasing Their Accuracy, Strategic Management Journal, 6,2, 1985, pp. 171–180.CrossRefGoogle Scholar
  65. Hurriyet (ed.), Daily Newspaper (www.hurriyet.com.tr) April 9, 2005.Google Scholar
  66. Kim, W. C./ Hwang, P., Global Strategy and Multinationals’ Entry Mode Choice, Journal of International Business Studies, 23,1, 1992, pp. 29–54.CrossRefGoogle Scholar
  67. Kobrin, S. J., Environmental Determinants of Foreign Manufacturing Investment: An Ex Post Empirical Analysis, Journal of International Business Studies, 7,2, 1976, pp. 29–42.CrossRefGoogle Scholar
  68. Kogut, B./ Singh, H., The Effect of National Culture on the Choice of Entry Mode, Journal of International Business Studies, 19,3, 1988, pp. 411–432.CrossRefGoogle Scholar
  69. Kumar, V./ Subramaniam, V., A Contingency Framework for the Mode of Entry Decision, Journal of World Business, 31,2, 1997, pp. 53–72.CrossRefGoogle Scholar
  70. Lane, P. J./ Salk, J. E./ Lyles, M. A., Absorptive Capacity, Learning and Performance in International Joint Ventures, Strategic Management Journal, 22,12, 2001, pp. 1139–1161.CrossRefGoogle Scholar
  71. Larimo, J., Form of Investment by Nordic Firms in World Markets, Journal of Business Research, 56,10, 2003, pp. 791–803.CrossRefGoogle Scholar
  72. Laurila, J./ Ropponen, M., Institutional Conditioning of Foreign Expansion: Some Evidence From Finnish-based Paper Industry Firms 1994–2000. Journal of Management Studies, 40,3, 2003, pp. 725–751.CrossRefGoogle Scholar
  73. Lecraw, D. J., Bargaining Power, Ownership and Profitability of Transnational Corporations in Developing Countries, Journal of International Business Studies, 15,1, 1984, pp. 27–43.CrossRefGoogle Scholar
  74. Lee, J. R./ Chen, W. R./ Kao, C., Bargaining Power and Trade-off between the Ownership and Control of International Joint Ventures in China, Journal of International Management, 4,4, 1998, pp. 353–385.CrossRefGoogle Scholar
  75. Li, S., Location and Performance of Foreign Firms in China, Management International Review, 44,2, 2004, pp. 151–170.Google Scholar
  76. Lipsey, R. E., Interpreting Developed Countries’ Foreign Direct Investment, NBER Working Paper No. 7810, Cambridge, Massachusetts: National Bureau of Economic Research 2000.CrossRefGoogle Scholar
  77. Loewendahl, H./ Ertugal-Loewendahl, E., Turkey’s Performance in Attracting Foreign Direct Investment: Implications of EU Enlargement, CEPS Working Document No. 157, Brussels, Belgium: The Center for European Policy Studies 2000.Google Scholar
  78. Loree, D. W.,/ Guisinger, S. E., Policy and Non-Policy Determinants of U.S. Equity Foreign Direct Investment, Journal of International Business Studies, 26,2, 1995, pp. 281–299.CrossRefGoogle Scholar
  79. Luo, Y., Determinants of Entry in an Emerging Economy: A Multilevel Approach, Journal of Management Studies, 38,3, 2001, pp. 443–472.CrossRefGoogle Scholar
  80. Madhok, A., Revisiting Multinational Firms’ Tolerance for Joint Ventures: A Trust Based Approach, Journal of International Business Studies, 26,1, 1995, pp. 117–137.CrossRefGoogle Scholar
  81. Madhok, A., Cost, Value and Foreign Market Entry Mode: The Transaction and the Firm, Strategic Management Journal, 18,1, 1997, pp. 39–61.CrossRefGoogle Scholar
  82. Madhok, A., The Nature of Multinational firm Boundaries: Transaction Costs, Firm Capabilities and Foreign Market Entry Mode, International Business Review, 7,3, 1998, pp. 259–290.CrossRefGoogle Scholar
  83. Makino, S./ Isobe, T./ Chan, C. M., Does Country Matter?, Strategic Management Journal, 25,10, 2004, pp. 1027–1043.CrossRefGoogle Scholar
  84. Malhotra, N., The Nature of Knowledge and the Entry Mode Decision, Organization Studies, 24,6, 2003, pp. 935–959.CrossRefGoogle Scholar
  85. Mallya, T. J. S./ Kukulka, Z./ Jensen, C., Are Incentives a Good Investment for the Host Country? An Empirical Evaluation of the Checz National Incentive Scheme, Transnational Corporations, 13,1, 2004, pp. 109–148.Google Scholar
  86. McCloughan, P./ Stone, I., Life Duration of Foreign Multinational Subsidiaries: Evidence from UK Northern Manufacturing Industry 1970–93, International Journal of Industrial Organization, 16,6, 1998, pp. 719–747.CrossRefGoogle Scholar
  87. Meyer, K. E., Institutions, Transaction Costs, and Entry Mode Choice in Eastern Europe, Journal of International Business Studies, 32,2, 2001, pp. 357–367.CrossRefGoogle Scholar
  88. Meyer, K. E., Perspectives on Multinational Enterprises in Emerging Economies, Journal of International Business Studies, 35,4, 2004, pp. 259–276.CrossRefGoogle Scholar
  89. Meyer, K. E./ Estrin, S., Brownfield Entry in Emerging Markets, Journal of International Business Studies, 32,3, 2001, pp. 575–584.CrossRefGoogle Scholar
  90. Meyer, K. E./ Nguyen, H. V., Foreign Investment Strategies and Sub-national Institutions in Emerging Markets: Evidence from Vietnam, Journal of Management Studies, 42,1, 2005, pp. 63–93.CrossRefGoogle Scholar
  91. Moxon, R. W., The Motivation for Investment in Offshore Plants: The Case of the U.S. Electronics Industry, Journal of International Business Studies, 6,1, 1975, pp. 51–66.CrossRefGoogle Scholar
  92. Mudambi, R., The Role of Duration in Multinational Investment Strategies, Journal of International Business Studies, 29,2, 1998, pp. 239–262.CrossRefGoogle Scholar
  93. Mudambi, R./ Mudambi, S. M., Diversification and Market Entry Choices in the Context of Foreign Direct Investment, International Business Review, 11,1, 2002, pp. 35–55.CrossRefGoogle Scholar
  94. Mudambi, R./ Navarra, P., Institutions and International Business, International Business Review, 11,6, 2002, pp. 635–646.CrossRefGoogle Scholar
  95. Newbury, W./ Zeira, Y., Generic Differences between Equity International Joint Ventures (EIJVs), International Acquisitions (IAs) and International Greenfield Investments (IGIs): Implications for Parent Companies, Journal of World Business, 32,2, 1997, pp. 87–102.CrossRefGoogle Scholar
  96. North, D., Institutions, Journal of Theory of Politics, 2,4, 1991, pp. 355–367.CrossRefGoogle Scholar
  97. Nunnally, J. C., Psychometric Theory, 2nd edition, New York: McGraw-Hill 1978.Google Scholar
  98. Padmanabhan, P./ Cho, K. R., Methodological Issues in International Business Studies: The Case of Foreign Establishment Mode Decisions by Multinational Firms, International Business Review, 4,1, 1995, pp. 55–73.CrossRefGoogle Scholar
  99. Padmanabhan, P./ Cho, K. R., Decision Specific Experience in Foreign Ownership and Establishment Strategies: Evidence from Japanese Firms, Journal of International Business Studies, 30,1, 1999, pp. 25–44.CrossRefGoogle Scholar
  100. Park, S. H./ Ungson, G. R., The Effect of National Culture, Organizational Complementarity, and Economic Motivation on Joint Venture Dissolution, Academy of Management Journal, 40,2, 1997, pp. 279–307.CrossRefGoogle Scholar
  101. Peng, M. W., Business Strategies in Transition Economies, Thousand Oaks, California: Sage 2000.Google Scholar
  102. Pfeffer, J./ Salancik, G. R., The External Control of Organizations: A Resource Dependence Perspective, New York: Harper and Row 1978.Google Scholar
  103. Porter, M. E., Competitive Strategy: Techniques for Analyzing Industries and Competitors, New York: Free Press 1980.Google Scholar
  104. Porter, M. E., The Competitive Advantage of Nations, New York: Free Press 1990.CrossRefGoogle Scholar
  105. Ramamurti, R., The Obsolescing Bargaining Model? MNC-Host Developing Country Relations Revisited, Journal of International Business Studies, 32,1, 2001, pp. 23–39.CrossRefGoogle Scholar
  106. Root, F. R., Entry Strategies for International Markets, Lexington, Massachusetts: Lexington Books 1987.Google Scholar
  107. Root, F. R./ Ahmed, A. A., The Influence of Policy Instruments on Manufacturing Direct Foreign Investment in Developing Countries, Journal of International Business Studies, 9,3, 1978, pp. 81–93.CrossRefGoogle Scholar
  108. Rumelt, R. P., Strategy, Structure and Economic Performance, Boston: Division of Research, Harvard Business School 1974.Google Scholar
  109. Sabi, M., An Application of the Theory of Foreign Direct Investment to Multinational Banking in LDCs, Journal of International Business Studies, 19,4, 1988, pp. 433–447.CrossRefGoogle Scholar
  110. Schofield, D./ Polette, J., A Comparison of Data Merging Methodologies for Extending a Microsimulation Model, Brazilian Electronic Journal of Economics, 2,1, 1999, http://www.beje.decon.ufpe.br/number2/polette.htm.
  111. Sethi, D./ Guisinger, S. E./ Phelan, S. E./ Berg, D. M., Trends in Foreign Direct Investment Flows: A Theoretical and Empirical Analysis, Journal of International Business Studies, 34,4, 2003, pp. 315–326.CrossRefGoogle Scholar
  112. Sethi, S. P./ Luther, K. A. N., Political Risk Analysis and Direct Foreign Investment: Some Problems of Definition and Measurement, California Management Review, 28,2, 1986, pp. 57–68.CrossRefGoogle Scholar
  113. Shaver, M. J., Accounting for Endogeneity when Assessing Strategy Performance: Does Entry Mode Choice Affect FDI Survival?, Management Science, 44,4, 1998, pp. 571–585.CrossRefGoogle Scholar
  114. Szanyi, M., Privatization and Greenfield FDI in the Economic Restructuring of Hungary, Transnational Corporations, 10,3, 2001, pp. 25–37.Google Scholar
  115. Tatoglu, E./ Glaister, K. W., Dimensions of Western Foreign Direct Investment in Turkey, Westport, Connecticut: Quorum Books 2000.Google Scholar
  116. Tatoglu, E./ Glaister, K. W./ Erdal, F., Determinants of Foreign Ownership in Turkish Manufacturing, Eastern European Economics, 41,2, 2003, pp. 5–41.Google Scholar
  117. Turkan, E., The Share of Foreign Capital in Economic Activity in Turkey (Turkiye’de Ekonomik Aktivite Icinde Yabanci Sermaye Payi), Ankara: Central Bank of Turkey 2005.Google Scholar
  118. Uhlenbruck, K., Developing Acquired Foreign Subsidiaries: The Experience of MNEs in Transition Economies, Journal of International Business Studies, 35,2, 2004, pp. 109–123.CrossRefGoogle Scholar
  119. Ulgado, F. M., Location Characteristics of Manufacturing Investments in the U.S.: A Comparison of American and Foreign-based Firms, Management International Review, 36,1, 1996, pp. 7–26.Google Scholar
  120. UNCTAD (ed.), UNCTAD Note to Correspondents No. 24, New York, Geneva: United Nations 2000, http://r0.unctad.org/en/Press/nc0127.htm.Google Scholar
  121. Very, P./ Schweiger, D. M., The Acquisition Process as a Learning Process: Evidence From a Study of Critical Problems and Solutions in Domestic and Cross-border Deals, Journal of World Business, 36,1, 2001, pp. 11–31.CrossRefGoogle Scholar
  122. Wan, W. P./ Hoskisson, R. E., Home Country Environments, Corporate Diversification Strategies and Firm Performance, Academy of Management Journal, 46,1, 2003, pp. 27–45.CrossRefGoogle Scholar
  123. Wes, M./ Lankes, H. P., FDI in Economies in Transition: M&As Versus Greenfield Investment, Transnational Corporations, 10,3, 2001, pp. 113–129.Google Scholar
  124. Williamson, O. E., The Mechanisms of Governance, New York, Oxford University Press, 1996.Google Scholar
  125. Williamson, O. E., The New Institutional Economics: Taking Stock, Looking Ahead, Journal of Economic Literature, 38,3, 2000, pp. 595–613.CrossRefGoogle Scholar
  126. Wilson, B., The Propensity of Multinational Companies to Expand through Acquisitions, Journal of International Business Studies, 11,1, 1980, pp. 59–65.CrossRefGoogle Scholar
  127. Yan, A./ Gray, B., Bargaining Power, Management Control, and Performance in United States-Chinese Joint Ventures: A Comparative Case Study, Academy of Management Journal, 37,6, 1994, pp. 1478–1517.CrossRefGoogle Scholar
  128. Yip, G. S., Diversification Entry: Internal Development versus Acquisition, Strategic Management Journal, 3,4, 1982, pp. 331–345.CrossRefGoogle Scholar
  129. Young, S./ Hamill, J./ Wheeler, C./ Davies, J. R., International Market Entry and Development, Harvester Wheatsheaf: Prentice Hall 1989.Google Scholar
  130. Zejan, M. C., New Ventures or Acquisitions: The Choice of Swedish Multinational Enterprises, Journal of Industrial Economics, 38,3, 1990, pp. 349–355.CrossRefGoogle Scholar

Copyright information

© Gabler Verlag 2008

Authors and Affiliations

  • Mehmet Demirbag
    • 1
  • Ekrem Tatoglu
    • 2
  • Keith W. Glaister
    • 3
  1. 1.Management SchoolUniversity of SheffieldSheffieldUK
  2. 2.Faculty of Business AdministrationBahcesehir UniversityIstanbulTurkey
  3. 3.Management SchoolUniversity of SheffieldSheffieldUK

Personalised recommendations