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Home-country government support, the belt and road initiative, and the foreign performance of Chinese state-owned subsidiaries

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Abstract

State-owned (SO) multinational enterprises (MNEs) from emerging economies face two contradictory effects on their foreign operations due to their linkage with their home-country governments. Although home governments provide SO MNEs with resources, the affiliation also exposes SO MNEs to the legitimacy challenges in the host countries. Given this theoretical debate, we propose that home government support may facilitate SO MNEs’ post-entry operations in the host markets. Furthermore, because the legitimacy pressures directed at SO MNEs may be contingent on the interstate relations between the host and home governments facilitated by China’s Belt and Road Initiative (BRI), the BRI cooperative relations may shift the effect of home government support. Using survey and archival data, we find that home government support has a positive impact on the foreign performance of SO subsidiaries. This effect is weaker in countries that are cooperating with the BRI than in those that are not. Moreover, institutional distance weakens the negative interactive effect between BRI cooperation and home government support on the performance of SO MNEs’ foreign subsidiaries. These findings extend the institutional perspective by highlighting an alternative source of legitimacy for MNEs with distinctive attributes and in various host conditions.

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Notes

  1. We thank the anonymous reviewer for this constructive suggestion.

  2. Other important ways for the home government to influence SO MNEs are through state ownership or political ties. However, studies have largely examined the effects of state ownership on MNEs’ behaviors and foreign performance (e.g., Sharma, Cheng, & Leung, 2020; Wu, Wang, Hong, Piperopoulos, & Zhuo, 2016). Thus, our study focuses mainly on the effects of home government support, which is a direct reflection of government linkage (Lu, Liu, Wright, & Filatotchev, 2014).

  3. We thank the anonymous reviewer for this insightful suggestion.

  4. The scale of legitimacy-seeking activities is a formative index, because its indicators capture different facets and may not show a high correlation (Cronbach’s alpha = .64). Conventional factor and validity analyses are not appropriate to assess the formative scale (Sheng et al., 2011).

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Acknowledgments

This study was supported by National Natural Science Foundation of China (NSFC 71802164, 71802036, 71532011), Humanities and Social Sciences Foundation of Ministry of Education of China (18YJC630055), and China Postdoctoral Science Foundation Grant (2019 M661086).

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  1. School of Economics and Management, Southwest Jiaotong University, 111 Second Round Road, Chengdu, 610031, Sichuan Province, China

    Yuanyuan Huang

  2. School of Maritime Economics and Management, Dalian Maritime University, Dalian, 116026, China

    Lu Shen

  3. School of Business Administration, Dongbei University of Finance and Economics, Dalian, 116025, China

    Chuang Zhang

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Huang, Y., Shen, L. & Zhang, C. Home-country government support, the belt and road initiative, and the foreign performance of Chinese state-owned subsidiaries. Asia Pac J Manag 39, 1023–1049 (2022). https://doi.org/10.1007/s10490-020-09743-9

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