Strategic Motivations Of Australian And NewudZealand Manufacturing Foreign DirectudInvestments In International Markets

摘要

We empirically investigate how different location-specific variables and strategic motivesudinfluenced Australian and New Zealand (ANZ) firms' ownership strategy choices inudforeign markets between 1998 and 2008. This study is the first to analyse how strategicudmotives and ownership-specific, location-specific, and internalisation variables haveudinfluenced the ownership structure choices of ANZ firms in foreign markets. The resultsudindicate that large market potential and low levels of cultural distance increase theudprobability that ANZ manufacturing firms will undertake wholly owned subsidiary (WOS)udownership structures and market-seeking (MS) and/or efficiency-seeking (ES) foreignuddirect investment (FDI). Low exchange rate fluctuation increases the probability thatudANZ manufacturing firms will undertake WOS-type risk reduction-seeking (RRS) FDI.