Firm-Level Corporate Governance in the Context of Emerging Market Firm Internationalization.

摘要

This dissertation focuses on internal corporate governance structures, ownership and boards of directors, of emerging market firms (EMNEs). In the context of recent and rapid internationalization, this research aims to make empirical, theoretical and policy contributions. In the first decade of the 21st century, EMNEs became a defining feature of global investment. Emerging market economies attract more than half of global FDI inflows and are counted among the top-20 global investors (World Investment Report, 2011). Explanations of EMNE activity should be grounded in established international business theory; this allows for insights possible through a corporate governance lens.;However, the study of EMNEs requires multi-country data reflecting the recent transition of the firms to engage in FDI. A unique dataset was constructed by the author to fill a gap where "virtually no systematic research" exists (Geiger, 2008). EMNEs are identified from the Fortune Global 500, 2011 list of the largest firms worldwide (by revenue). They represent 19% of the list, with firms from the BRIC countries (Brazil, Russia, India, and China) dominating the subset. Data collection focuses on the internal mechanisms of corporate governance: boards of directors and ownership structures.;This dissertation consists of three papers. The first presents a comparative case method investigation on corporate governance systems of the BRIC as informed by the EMNEs representing them. The paper highlights commonalities and key differences between countries generally grouped as one market. The second study uses quantitative methods to understand the adaptation of internal mechanisms toward the current global standard (functional convergence), independently of country-level institutions. The third paper is a case study on internationalization patterns of seven Petroleum EMNEs, based on the Two Wave approach expanded by Narula (2010), and relationships to board structure and director attributes. As the context of study, EMNEs matter because as multinational firms they "are the principal mechanism through which many of the benefits of globalization are achieved, but also through which many of its problems are realized" (Stiglitz, 2008: 319).