Since the ‘90s, the emerging countries have played an increasingly important role in the global economy, influencing the pace of international investments and becoming the protagonists of the cross-border flows. The result is a boost in Foreign Direct Investment (FDI) to the west, towards the economies of the advanced countries, which are in a precarious economic conditions because stricken by the crisis of recent years. In this scenario, it is defined the main theme of this research work. Focusing on investments by Indian firms in Europe, the main aim is to analyze and identify the motivations and strategies underlying the process of internationalization to advanced countries. This is a complex and vast topic, but highly topical and interesting, because it involves not only companies and managers, but also all economic institutions, having a significant cultural weight. The growing importance of emerging countries, in fact, has staged new players, new business models, but also new cultures and strategies. Reviewing the literature on firms from emerging countries, which still lacks a structured and agreed framework, we provided an integrated framework and some guidelines. The next step was building the sample of observations that we employed for the empirical analysis. From the database Zephyr, we collected firm and investment level related to Indian acquisitions in Europe in the medium - high tech manufacturing sector, during the period between 2003 and 2011.Then, using Lexis Nexis, to collect any announcement or journal article relating to each investment included in the sample, we deeply analyzed the motivations and strategies. At this stage, we used the content analysis methodology, an iterative-deductive analytical technique, that allowed us the textual analysis of articles and public announcements in order to identify motivations. Finally, the last phase was devoted to the analysis on the sample, matching the results provided by content analysis. This step aimed at highlighting some correlations between the variables of interest. The empirical evidence showed that Indian companies in their international expansion, have undertaken successful investments supported by motivated and structured strategies, aiming at strengthening their position in the global economy. In order to be successful, on one hand they have pursued multiple economic objectives and on the other hand, they have tended to consistent with their corporate vision. Moreover, empirical evidence shows a correlation between the host country and the sector of target company, reflecting the fact that the economic and political variables, play a fundamental role in the investment strategy.
Dagli anni ’90, i paesi emergenti hanno iniziato a svolgere un ruolo sempre più rilevante nell'economia mondiale, dettandone il ritmo e diventando i protagonisti dei flussi di investimenti internazionali. Con il risultato di una spinta degli investimenti diretti esteri (IDE) verso Ovest, verso le economie dei paesi avanzati, che versano in precarie condizioni economiche perché affrante dalla crisi degli ultimi anni. In questa panoramica, si inquadra il tema principale del presente lavoro. Focalizzandosi sugli investimenti delle imprese indiane in Europa, l’obiettivo ultimo è analizzare e identificare le motivazioni e le strategie sottostanti il processo di internazionalizzazione di queste imprese verso i paesi avanzati. Tema complesso, vasto, ma estremamente attuale ed interessante, perché non coinvolge solo le imprese e i manager, ma tutte le istituzioni economiche, ed ha anche un notevole peso culturale. L’avanzata dai paesi emergenti, infatti, ha messo in scena nuovi attori, nuovi modi di fare business, nuove culture e strategie. Analizzando la letteratura sulle imprese provenienti dai paesi emergenti, ancora oggetto di studio e carente di un framework strutturato, abbiamo tracciato un quadro di riferimento e delle linee guida. Il passo successivo è stato costruire il campione di osservazioni utilizzato per l’analisi empirica. La fonte di dati utilizzata è Zephyr, da cui abbiamo raccolto le informazioni relative alle acquisizioni indiane in Europa nei settori medium-high tech, nel periodo compreso tra il 2003 ed il 2011. Successivamente, impiegando Lexis Nexis, per collezionare ogni annuncio o articolo di giornale afferente a ciascun investimento del campione, ci siamo rivolti all’analisi approfondita delle motivazioni sottostanti. In questa fase, ci siamo avvalsi della tecnica di content analysis, metodologia iterativo-deduttiva che ha permesso di effettuare l’analisi testuale degli annunci e dei testi per individuare nuove categorie e sottocategorie di motivazioni, ognuna delle quali è stata definita al fine di creare un codice di codifica univoco. Infine, l’ultima fase è stata dedicata all’analisi empirica del campione integrando i risultati della content analysis, questa fase ha permesso di cogliere eventuali correlazioni tra le variabili in esame. Le evidenze empiriche hanno permesso di mettere in luce che le imprese indiane, nel loro processo di espansione internazionale, hanno effettuato investimenti di successo motivate da strategie consolidate e strutturate, mirate a rafforzare la loro posizione sul piano globale. Tali strategie per essere di successo, devono da un lato mirare a molteplici obiettivi economici e dall’altro risultare coerenti con la vision aziendale. Inoltre, l’evidenza empirica mostra una stretta correlazione tra il paese ed il settore di destinazione degli investimenti, a testimonianza del fatto che le variabili economico-politico, rivestono un ruolo fondamentale in fase di valutazione.
Motivazioni e strategie delle acquisizioni dai paesi emergenti : il caso delle multinazionali indiane in Europa
DE LUCIA, ANTONELLA
2012/2013
Abstract
Since the ‘90s, the emerging countries have played an increasingly important role in the global economy, influencing the pace of international investments and becoming the protagonists of the cross-border flows. The result is a boost in Foreign Direct Investment (FDI) to the west, towards the economies of the advanced countries, which are in a precarious economic conditions because stricken by the crisis of recent years. In this scenario, it is defined the main theme of this research work. Focusing on investments by Indian firms in Europe, the main aim is to analyze and identify the motivations and strategies underlying the process of internationalization to advanced countries. This is a complex and vast topic, but highly topical and interesting, because it involves not only companies and managers, but also all economic institutions, having a significant cultural weight. The growing importance of emerging countries, in fact, has staged new players, new business models, but also new cultures and strategies. Reviewing the literature on firms from emerging countries, which still lacks a structured and agreed framework, we provided an integrated framework and some guidelines. The next step was building the sample of observations that we employed for the empirical analysis. From the database Zephyr, we collected firm and investment level related to Indian acquisitions in Europe in the medium - high tech manufacturing sector, during the period between 2003 and 2011.Then, using Lexis Nexis, to collect any announcement or journal article relating to each investment included in the sample, we deeply analyzed the motivations and strategies. At this stage, we used the content analysis methodology, an iterative-deductive analytical technique, that allowed us the textual analysis of articles and public announcements in order to identify motivations. Finally, the last phase was devoted to the analysis on the sample, matching the results provided by content analysis. This step aimed at highlighting some correlations between the variables of interest. The empirical evidence showed that Indian companies in their international expansion, have undertaken successful investments supported by motivated and structured strategies, aiming at strengthening their position in the global economy. In order to be successful, on one hand they have pursued multiple economic objectives and on the other hand, they have tended to consistent with their corporate vision. Moreover, empirical evidence shows a correlation between the host country and the sector of target company, reflecting the fact that the economic and political variables, play a fundamental role in the investment strategy.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/87364