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Forms of entry in foreign markets
(2019-02-13) Poulopoulou, Stamatina; Πουλοπούλου, Σταματίνα; Athens University of Economics and Business, Department of International and European Economic Studies; Tsakloglou, Panos; Chatzipanagiotou, Panagiotis
The globalization of economic relations through increased trade and the mobility of capital flows has given further weight to the importance of Foreign Direct Investment (FDI), which has led to studies being carried out by many researchers over the years, and the governments of many countries (Alfaro et al,2004). The fact that these countries have become particularly competitive, but also the prevalence of a globalized economy has contributed to the targeted study of the theoretical framework of FDI and the determinants that lead to attracting more investment to one country. The ultimate aim, of course, of both countries and of enterprises aimed at either inflow or outflow of capital through this form is to gain a larger share of the world market and maximize their profits. According to Porter, an economy cannot be competitive if it is not the competitors operating in it, without taking into account whether they are domestic or foreign (Porter, 1990).However, it has been observed that some industries flourish more from globalization in comparison to others that do not have the same acceptance when expanding abroad and some countries have a comparative advantage over other countries in certain industrial sectors. So, globalization can have either positive or negative consequences depending on which angle you look from. According to Rugman and Verbeke (2000) only a relatively small set of multinational enterprises accounts for most of the world’s trade and investment. Indeed, the largest 500 MNEs account for over 90% of the world’s stock of foreign direct investment (FDI) and they, themselves, conduct about half the world’s trade. An organization has a range of different entry strategies to select when it internationalizes its operations. However, the process of decision making for the optimum entry mode is a complex issue, since there are many factors that a firm needs to take into account, when investigating the optimal strategy to penetrate into international markets. So, when a firm probes the appropriate strategy to enter or expand into a foreign market, it has to be very cautious considering all the factors involved and come to a pivotal strategic decision, since the chosen strategy can affect its international performance for a long time. Modes of entry into international markets are the third most researched field in international management (Werner, 2002).