Overcoming the inherent sources of liability of foreignness [Elektronische Ressource] : measuring and compensating the disadvantage of being foreign / vorgelegt von Jörg Zimmermann

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Overcoming the Inherent Sources of Liability of Foreignness Measuring and Compensating the Disadvantage of Being Foreign Dissertation zur Erlangung eines Doktor rerum politicarum (Dr. rer. pol.) an der Fakultät für Wirtschaftswissenschaften der Universität Augsburg vorgelegt von Diplom-Kaufmann Jörg Zimmermann Juni 2008 Gutachter (1) Prof. Dr. Erik E. Lehmann (2) Prof. Dr. David B. Audretsch (3) Vorsitzender der mündlichen Prüfung: Prof. Dr. Peter Welzel Datum der mündlichen Prüfung: 02.10.2008 2Danksagung Diese Dissertation entstand während meiner Tätigkeit am Max Planck Institut für Ökonomik in Jena am Forschungsbereich ‚Entrepreneurship, Growth and Public Policy’. Sie wäre ohne diese ausgezeichneten Arbeits- und Forschungsbedingungen nicht möglich gewesen. Dafür bedanke ich mich bei der Max Planck Gesellschaft für das gewährte Promotionsstipendium. Mein besonderer Dank gilt meinem Doktorvater Prof. Dr. Erik E. Lehmann, der mir die Möglichkeit gab an der Universität Augsburg zu promovieren und die Arbeit mit professionellem Rat betreut hat. Prof. David B. Audretsch danke ich besonders für die Möglichkeit in seiner Forschungsgruppe zu arbeiten, die Übernahme des Zweitgutachtens, und für seine Unterstützung in schwierigen Phasen meiner Promotion.
Publié le : jeudi 1 janvier 2009
Lecture(s) : 24
Source : OPUS.BIBLIOTHEK.UNI-AUGSBURG.DE/VOLLTEXTE/2009/1326/PDF/ZIMMERMANN_DISSERTATION.PDF
Nombre de pages : 208
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Overcoming the Inherent Sources of
Liability of Foreignness

Measuring and Compensating the Disadvantage of
Being Foreign





Dissertation

zur Erlangung eines Doktor rerum politicarum (Dr. rer. pol.)
an der Fakultät für Wirtschaftswissenschaften der
Universität Augsburg


vorgelegt von
Diplom-Kaufmann Jörg Zimmermann
Juni 2008



















Gutachter
(1) Prof. Dr. Erik E. Lehmann
(2) Prof. Dr. David B. Audretsch
(3) Vorsitzender der mündlichen Prüfung: Prof. Dr. Peter Welzel

Datum der mündlichen Prüfung: 02.10.2008

2Danksagung
Diese Dissertation entstand während meiner Tätigkeit am Max Planck Institut für Ökonomik
in Jena am Forschungsbereich ‚Entrepreneurship, Growth and Public Policy’. Sie wäre ohne
diese ausgezeichneten Arbeits- und Forschungsbedingungen nicht möglich gewesen. Dafür
bedanke ich mich bei der Max Planck Gesellschaft für das gewährte Promotionsstipendium.
Mein besonderer Dank gilt meinem Doktorvater Prof. Dr. Erik E. Lehmann, der mir die
Möglichkeit gab an der Universität Augsburg zu promovieren und die Arbeit mit
professionellem Rat betreut hat. Prof. David B. Audretsch danke ich besonders für die
Möglichkeit in seiner Forschungsgruppe zu arbeiten, die Übernahme des Zweitgutachtens,
und für seine Unterstützung in schwierigen Phasen meiner Promotion.
Zahlreiche Kolleginnen und Kollegen am MPI für Ökonomik, der ‚Entrepreneurship, Growth
and Public Policy Group’, als auch der Universität Augsburg haben durch Diskussionen und
konstruktives Feedback, aber auch persönliche Unterstützung den Erfolg dieses
Dissertationsprojekts erst möglich gemacht. Grosse Anerkennung gebührt dabei meinem
Koautor Dr. Wolfgang Sofka, meinem Kollegen Dr. Erik Monsen für seine Geduld und sein
jederzeit offenes Ohr, sowie Prof. Dr. Werner Boente für seine Unterstützung auch in
schwierigen Zeiten. Besonders hervorheben möchte ich des Weiteren Andrea Conte,
Prashanth Mahagaonkar, Diemo Urbig, und Raquel Ortega-Arguiles.
Dank schulde ich außerdem Madeleine Schmidt und Kerstin Schück für ihre oft unsichtbare
aber immer sehr hilfreiche Unterstützung sowie allen anderen Kollegen in der
Entrepreneurship, Growth and Public Policy Group und am MPI für Ökonomik.
Schließlich danke ich meiner Schwester Katrin und meinen Großeltern Dr. Hans und Erna
Koch für die Aufmunterungen und das Vertrauen.

Jena, Juni 2008 Jörg Zimmermann
3Table of Contents

1 Introduction and Overview............................................................................................11
1.1 Introduction..............................................................................................................11
1.2 Contribution to the Literature...................................................................................14
1.3 Structure and Scope of this Thesis ...........................................................................16

2 Overcoming the Disadvantage of Being Foreign .........................................................21
2.1 Introduction21
2.2 Liability of Foreignness............................................................................................23
2.2.1 Theoretical Background of Liability of Foreignness........................................23
2.2.2 Origins and Evolution of the Liability of Foreignness Concept.......................25
2.2.3 Recent Empirical Research Results..................................................................27
2.3 Theorizing Instruments to Overcome Liability of Foreignness................................29
2.3.1 Sources of Liability of Foreignness30
2.3.2 Overcoming Liability of Foreignness in Host Markets....................................35
2.4 Empirical Scenarios to Indicate Potential Strategic Instruments..............................42
2.4.1 Scenario 1: Host-Country Economic Stress .....................................................43
2.4.2 Scenario 2: Market Orientation and Firm Age as Instruments for Reducing
the Liability of Foreignness..............................................................................44
2.4.3 Scenario 3: Foreign Firm Assets that Increase the Awareness and Reduce
the Uncertainty of Host Consumers .................................................................46
2.5 Conclusion................................................................................................................48

3 Regional Economic Stress, Host Consumer Preferences and Liability of
Foreignness......................................................................................................................49
3.1 Introduction..............................................................................................................49
3.2 Analytical Framework – Regional Discontinuities ..................................................51
3.2.1 Economic Stress as a Mitigating Factor of Liability of Foreignness ...............53
3.2.2 ic Stress as a Reinforcing Fact .............56
43.3 Empirical Study ........................................................................................................57
3.3.1 Empirical Setting..............................................................................................57
3.3.2 Model and Method...........................................................................................60
3.3.3 Data...................................................................................................................62
3.3.4 Variables...........................................................................................................64
3.3.5 Description.......................................................................................................68
3.4 Results......................................................................................................................70
3.5 Conclusions..............................................................................................................74
3.6 Limitations and Future Research..............................................................................75
3.7 Appendix A77

4 The Moderating Effect of Firm Age on Overcoming the Inherent Sources of
Liability of Foreignness..................................................................................................83
4.1 Introduction..............................................................................................................83
4.2 Market Research and the Incorporation of Consumer Preferences ..........................85
4.3 Overcoming Liability of Foreignness.......................................................................89
4.3.1 Market Research as Instruments to Overcome the Liability of Foreignness....90
4.3.2 The Moderating Effect of Age on Overcoming the Liability of Foreignness ..92
4.4 Empirical Study ........................................................................................................95
4.4.1 Sample and Data...............................................................................................95
4.4.2 Variables...........................................................................................................97
4.4.3 Econometric Model and Method ....................................................................100
4.4.4 Robustness Checks.........................................................................................101
4.4.5 Descriptive Statistics......................................................................................104
4.5 Results....................................................................................................................105
4.6 Discussion and Implication ....................................................................................112
4.7 Appendix B.............................................................................................................115

5 Effectiveness and Early Internationalization – Overcoming the Lack of
Awareness in Host Markets ........................................................................................128
5.1 Introduction............................................................................................................128
5.2 Theoretical Background.........................................................................................131
5.2.1 Early Internationalization ...............................................................................131
55.2.2 The Second Side of Liability of Foreignness .................................................134
5.3 Conceptual Framework..........................................................................................136
5.3.1 Effectiveness...................................................................................................138
5.3.2 Efficiency.......................................................................................................141
5.4 Analytical Framework............................................................................................144
5.4.1 Data.................................................................................................................144
5.4.2 Variables.........................................................................................................145
5.4.3 Measurement..................................................................................................149
5.4.4 Descriptive Statistics......................................................................................150
5.5 Results....................................................................................................................152
5.6 Discussion...............................................................................................................154
5.7 Conclusion..............................................................................................................158
5.8 Appendix C.............................................................................................................160

6 Conclusion and New Avenues for Liability of Foreignness Research .....................166
6.1 Summary of Research Results................................................................................167
6.2 Theoretical Contributions.......................................................................................170
6.3 Managerial Implications.........................................................................................171
6.4 Future Research – The Road Ahead.......................................................................173

Summary in German............................................................................................................176

Publications ...........................................................................................................................183

Literature ..............................................................................................................................184
6List of Figures

Figure 2.1: Proposed Relationships between Sources of the Information Asymmetry and
Strategic Instruments to Compensate for the Liability of Foreignness ..................37

Figure 3.1: Moderating Effect of the Level of Regional Economic Stress on the Degree of
Liability of Foreignness..........................................................................................53

Figure 4.1: Effects of Market Research and Age on Sales Volume for Domestic and
Foreign Ventures ..................................................................................................111
7List of Tables


Table 3.1: Comparison of Key Economic Indicator between East and West Germany....60
Table 3.2: Data Sources.....................................................................................................63
Table 3.3: Control Variables..............................................................................................68
Table 3.4: Descriptive Statistics ........................................................................................69
Table 3.5: Estimation Results of Sales Units from Seemingly Unrelated Regression
in West and East Germany ...............................................................................71
Table 3.6: Instrument Regression Results of Car Prices (in logs).....................................77
Table 3.7: Estimits from Seem
in West and East Germany79
Table 3.8: Correlation Matrix and Variance Inflation Factors ..........................................82

Table 4.1: Descriptive Statistics ......................................................................................104
Table 4.2: Correlation Matrix and Variance Inflation Factors (VIF) ..............................106
Table 4.3: Impact of Market Research on Sales Revenue ...............................................108
Table 4.4: Imarket Research on Sales Revenue for Firms that Report Market
Research the First Time..................................................................................115
Table 4.5: Impact of Market Research on Sales Revenue [t+1] (Foreign Owner = 100%;
External Ownership < 100%) .........................................................................116
Table 4.6: Impact of Market Research on Sales Revenue [t+1] (Degrees of External
Ownership) .....................................................................................................117
Table 4.7: Impact of Market Research on
External Ownership = 100%)118
Table 4.8: Impact of market research on sales Revenue in Period [t] (Foreign Owner =
100%; External Ownership < 50%)................................................................119
Table 4.9: Impact of Market Research on Sales Revenue (NACE Industry Code).........120
Table 4.10: Imaon Sales Revenue (Regional Effects).................121
Table 4.11: Impact of Market Research on Sales Revenue (Extern <50; Foreign=100)...122
Table 4.12: Imarket Research on Sales Revenue (Extern<100; Foreign=100)..122
Table 4.13: Impact of Males Volume (Extern <50; Foreign=50)......123
Table 4.14: Imarket Research on Current Sales Revenue (Extern <50) ............123
8Table 4.15: Impact of Market Research on Current Sales Revenue (Extern <100) ..........124
Table 4.16: Imaon Sales Revenue – Random Effects Panel
Estimation (Extern <50; Foreign=100) ..........................................................125
Table 4.17: Impact of Market Research
Estim; Ventures that Report > 1 Times
Market Research Activities ............................................................................126
Table 4.18: Impact of Market Research on Sales Revenue – Panel Estimation (Extern
<100; Foreign=100); Ventures that Report > 1 Times Market Research
Activities Divided by Time of Observation ...................................................127

Table 5.1: Descriptive Statistics: Mean and [Standard Errors] .......................................151
Table 5.2: Probit Regression Results About the Probability to Export for British New
Ventures in the Manufacturing or Service Sector for the Year 1997 .............153
Table 5.3: Correlation Matrix and Variance Inflation Factor (All Variables).................160
Table 5.4: ce Inflation Factor (Efficiency)......................161
Table 5.5: ce Inflation Factor (Effectiveness).................162
Table 5.6: Interaction Effects of Competitive Advantages and Firm Age ......................163
Table 5.7: Consistency Check: International Entrepreneurs (firm age up to 5, 6, or 10
years; exports >5%)........................................................................................164
Table 5.8: Consistency Check: International Entrepreneurs (exports > 0%, >10%,
>20%; up to 6 years old) ................................................................................165
9Abbreviations


FDI - Foreign Direct Investment
FSA - Firm-Specific Assets
MNC - Multinational Corporation
MNE - Multinational Enterprise
RBV - Resource-Based View
VIF - Variance Inflation Factor
10

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