International Journal of Multinational Corporation Strategy
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International Journal of Multinational Corporation Strategy (2 papers in press)
Foreign ownership and domestic cooperation for innovation during good and harsh economic times by Antonio García Sánchez, Ruth Rama Abstract: A sample of firms active in the Spanish Information and Communication Technology sector during 2003-2014 is analysed to assess whether foreign subsidiaries are likely to make a technological contribution to domestic innovative capabilities during expansive phases of the business cycle and during recessions. Domestic firms are used as a control group. Innovative foreign subsidiaries are more likely than non-innovative foreign subsidiaries to cooperate for innovation with local partners. However, the most advanced foreign subsidiaries seem reluctant to engage in local cooperation for innovation. Foreign subsidiaries have shown greater capability than domestic firms in increasing their collaboration with local partners during the 2008 crisis. Keywords: internationalization of R&D; foreign subsidiaries; domestic business groups; cooperation for innovation; ICT sector; crisis; Spain.
The Moderating effect of Environmental Uncertainty on Executive Shareholding and Firms Investment Decisions by Richard B. Nyuur, Hao Wu, Yaw A. Debrah Abstract: This study investigates the relationship between executive shareholding and firm investment decisions (FID) under circumstances of environmental uncertainty (EU). We posit that the implementation of equity incentive plans for executives could influence their decision-making behaviour towards underinvestment or overinvestment. Using data from a sample of 400 listed Chinese firms from 2009-2012, we find that the relationship between executive shareholding (ES) and firm investment decisions (FID) is inverted U-shaped. Further, we find a negative relationship between environmental uncertainty and firm investment decisions, but no evidence of a moderating effect of environmental uncertainty on the association between executive shareholding and investment decisions. We therefore outline the implications of these findings and advance a theory based on these findings. Keywords: Environmental Uncertainty; executive shareholding; firm investment decisions; corporate performance; China.