牧群行为和外国直接投资Caseof Japanese Multinational Corporations（pdf 34）

ABSTRACT
This paper examines herd behavior in Japanese multinational corporations’ (MNCs) foreign market entry decisions. We argue that MNCs follow other MNCs to establish foreign subsidiaries in the host country and local industry markets where the form of market entry is perceived to be legitimate, therefore repeating their previous entry decisions. We also argue that MNCs’ own and other MNCs’ exits from the host country and local industry markets trigger MNCs to expand abroad because of a release of resources in the markets. An analysis of the panel data, consisting of 76,248 spells, that listed 4,349 subsidiaries established by 8 large Japanese electronics MNCs over the period 1988-1998 in 18 industries (2-digit SIC) and 49 countries, showed that prior market entry and exit decisions of other MNCs had curvilinear relationships with the founding of MNCs’ foreign subsidiaries, while MNCs’ own prior entry and exit decisions did not have impact on their own subsequent market entry decisions.
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