International marketing studies have extensively examined the antecedents of firms' marketing standardization/ adaptation decisions. However, it is unclear whether such decisions, once planned, codetermine the choice between buying and building foreign subsidiaries. Analyzing a sample of 150 foreign entries by Dutch firms, the authors find that the level of marketing adaptation planned for a wholly owned subsidiary is positively related to the likelihood that the subsidiary will be established through an acquisition rather than through a greenfield investment. Moreover, the authors find substantial evidence that this positive relationship is stronger for firms that (1) are establishing relatively larger subsidiaries, (2) have less experience with the industry entered, or (3) are entering less developed countries. The findings show that firms pursuing higher levels of marketing adaptation assign more value to the marketing adaptation advantages of acquisitions over greenfields, especially if the risks associated with implementing the planned adaptation level are high. In addition, firms typically strive for a fit between their international marketing strategy and their mode of foreign establishment. (authors' abstract)

Submitted by Malte Nowack (malte.nowack@gmail.com) on 2014-10-09T21:14:35Z No. of bitstreams: 1 Malte Nowack FGV_VF.docx: 327906 bytes, checksum: 9050c7cb1fba28803c864ea2ab332798 (MD5) / Approved for entry into archive by JOANA MARTORINI (joana.martorini@fgv.br) on 2014-10-10T12:05:14Z (GMT) No. of bitstreams: 1 Malte Nowack FGV_VF.docx: 327906 bytes, checksum: 9050c7cb1fba28803c864ea2ab332798 (MD5) / Made available in DSpace on 2014-10-10T12:25:54Z (GMT). No. of bitstreams: 1 Malte Nowack FGV_VF.docx: 327906 bytes, checksum: 9050c7cb1fba28803c864ea2ab332798 (MD5) Previous issue date: 2014-08-12 / We examine the drivers behind the establishment mode choice of German multinational enterprises (MNEs) in the sectors of Automotive, Chemicals and Mechanical Engineering in Brazil for the years 1993-2013 using a novel sample of primary data obtained directly from German MNEs. Based on prevalent theories found in the literature, we test the most common hypotheses on our sample. Firms with high R&D activities and firms with prior market knowledge in Brazil in from of previous sales offices are more likely to enter Brazil by a Greenfield investment. We also show that it is the specific private ownership of the German so-called hidden champions that drive those specific SMEs to enter Brazil by Greenfield, a sneaking suspicion that has been made before. Finally, we show that the establishment mode choice between Brazil and the USA only deviates to a low extent, with German MNEs preferring to enter Brazil by Greenfield and the USA by M&A. Thereby, we provide valuable insights for future research in this field.

Submitted by Odilio Hilario Moreira Júnior (odilio@espm.br) on 2016-11-29T13:38:15Z No. of bitstreams: 1 Gabriel Vouga Chueke.pdf: 825689 bytes, checksum: 64d1ae02b5330a8522c1bc2c76a53cd8 (MD5) / Approved for entry into archive by Odilio Hilario Moreira Júnior (odilio@espm.br) on 2016-11-29T13:38:46Z (GMT) No. of bitstreams: 1 Gabriel Vouga Chueke.pdf: 825689 bytes, checksum: 64d1ae02b5330a8522c1bc2c76a53cd8 (MD5) / Approved for entry into archive by Debora Cristina Bonfim Aquarone (deborabonfim@espm.br) on 2016-11-29T13:51:55Z (GMT) No. of bitstreams: 1 Gabriel Vouga Chueke.pdf: 825689 bytes, checksum: 64d1ae02b5330a8522c1bc2c76a53cd8 (MD5) / Made available in DSpace on 2016-11-29T13:52:15Z (GMT). No. of bitstreams: 1 Gabriel Vouga Chueke.pdf: 825689 bytes, checksum: 64d1ae02b5330a8522c1bc2c76a53cd8 (MD5) Previous issue date: 2012-03-30 / The purpose of this master thesis is to identify the factors influencing Brazilian multinationals enterprises‟ choice between acquisition and Greenfield investment - establishment mode choice. To reach this goal, we proposed a multilevel framework to investigate the relationship of firm, industry and host country (formal and informal institutions) factors on the establishment mode choice. The concepts behind the framework come from the Transaction Cost Theory and Institutional Theory. The methodology adopted is quantitative with an exploratory approach. Different sources of information are used to compose the database. For the analysis, we used the multivariate technique of binomial logistic regression. The sample of the study is composed of 129 Brazilians subsidiaries in 30 countries. The results show that formal and informal institutions have a different relationship regarding the entry mode strategy. Moreover, the results suggest a possible association between entry by acquisition, and factors related to the firm-level and formal institution. The Greenfield investments should be related with informal institution and the industry-level factors. / O objetivo desta dissertação consiste em identificar os fatores que influenciam na escolha dos establishment mode choice - escolha entre ingressar no exterior por meio de aquisições e investimentos greenfield. Para o alcance deste objetivo foi elaborado um modelo analítico multinível, que buscou identificar a influência dos fatores associados à firma, à indústria e ao país-anfitrião nesse processo de escolha estratégica. A elaboração do modelo analítico teve como base a adoção de conceitos pertencentes à Teoria dos Custos de Transação e à Teoria Institucional. Como metodologia de pesquisa adotou-se a abordagem quantitativa-descritiva, de caráter exploratório. Os dados do estudo foram coletados através de diversas fontes secundárias e analisados através da técnica estatística multivariada de regressão binomial logística. A amostra do estudo foi composta por 129 subsidiárias de empresas brasileiras presentes em 30 países. Os resultados da investigação indicam que as instituições formais e informais poderiam estar relacionadas, de diferentes formas, com o modo de entrada escolhido pelas multinacionais brasileiras. Além disso, sugerem que existiria uma possível associação entre a entrada por meio de aquisição e os fatores relacionados à firma e às instituições formais. E, que os investimentos greenfield estariam associados às instituições informais e ao setor de atuação da firma.