This thesis consists of four self-contained essays. The common theme of the essays is the behavior of multi-plant firms. An underlying idea in all four of them is that firms possess intangible assets such as management skills and organizational expertise, technological knowledge, marketing know-how and better access to finance capital or natural resources. These assets are typically specific to the respective firm. Due to market imperfections and failures, firms tend to internalize the advantages of firm-specific assets and exploit them themselves rather than sell or lease them to other firms. For instance, intangible assets are often joint inputs in the sense that knowledge developed by one unit can be transferred to another unit within the same firm at a low cost and without diminishing the amount of knowledge available to the first unit. Furthermore, the assets are typically only partly appropriable by their owner, and the market transactions of the assets are hampered due to information asymmetries between a potential buyer and seller. The literature on multinational firms emphasizes the role of intangible firm-specific assets in creating ownership advantages that, together with location and internalization advantages, explain the pattern of foreign direct investments. The essays in this thesis are based on the view that the ownership advantages created by firm-specific assets are the "raison d'etre" of large multi-plant firms. The existence of such assets is assumed to create multi-plant economies of scale and give incentives to make better use of capacity or overheads to gain advantage in size, economies of interdependent activities, integration and/or diversification. Rather than studying the international aspects of firms with intangible assets, the first three essays empirically explore different aspects of multi-plant firm behavior in domestic markets. This analysis has been made possible by the access to unique plant-level data on the thirty largest multinational manufacturing corporations in Sweden. The sample corporations play an important role in the Swedish economy. For instance, the thirty corporations account for about 70 percent of aggregate industrial R&D in 1999. This should be compared with their share of total manufacturing employment, which was about 30 percent during the period of study. The first essay examines the sources of productivity growth within multi-plant firms and particularly emphasizes the role of external restructuring and ownership changes in explaining why multi-plant firms may sustain higher productivity growth as compared to single-plant firms. The second and the third essay explore the idea that large multi-plant corporations exploit their ownership advantages when acquiring partial- and full-firm assets. The second essay analyzes whether technological intangible assets may explain transfers of productive capacity from acquiring corporations to their target. The third essay explores the idea that multi-plant corporations search for targets matching their firm-specific organizational capabilities when acquiring corporate assets. Uncertainty about the matching outcome explains why some acquisitions end in divestitures. However, the likelihood of a "good" match is expected to increase in the buyer's organizational capabilities. The fourth essay, coauthored with Karolina Ekholm, extends the analysis to encompass the international aspects of multinational firms. In this essay, we develop a theoretical model analyzing the localization decisions of multi-plant firms beyond the national borders. More specifically, we develop a two-country model where firms can choose to separate their innovative activities generating an intangible asset from the production of the final good. In our model, there are two agglomeration forces: knowledge spillovers associated with R&D and backward and forward linkages associated with high-tech production. We analyze how the interplay of these forces affects the localization decisions of the firms. / Diss. Stockholm : Handelshögsk., 2003

Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-06-03T15:35:44Z No. of bitstreams: 1 66080100257.pdf: 200849 bytes, checksum: ae84097637204a6b31a102a876915f87 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T16:51:59Z (GMT) No. of bitstreams: 1 66080100257.pdf: 200849 bytes, checksum: ae84097637204a6b31a102a876915f87 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T17:02:51Z (GMT) No. of bitstreams: 1 66080100257.pdf: 200849 bytes, checksum: ae84097637204a6b31a102a876915f87 (MD5) / Made available in DSpace on 2011-06-03T17:08:02Z (GMT). No. of bitstreams: 1 66080100257.pdf: 200849 bytes, checksum: ae84097637204a6b31a102a876915f87 (MD5) Previous issue date: 2011-01-27 / We develop partial adjustment and duration models to test the relevance of country idiosyncrasies in determining the capital structure of publicly-traded Brazilian, Chilean and Mexican firms. Our data panel, ranging from the 4th quarter of 1996 to the 2nd quarter of 2010, consists of 4403 firm-quarter observations pertaining to 139 firms. Our findings suggest that capital structure dynamics vary by country and that local idiosyncrasies are key determinants of firms’ leverage levels. Additionally, trade off behavior cannot be clearly detected among Brazilian, Chilean and Mexican firms, suggesting that alternative theories steer the financing decision processes of Latin American managers. / Desenvolvemos modelos de ajuste parcial e de duration para testar a relevância de fatores específicos de países na determinação da estrutura de capital de empresas listadas nas bolsas de valores brasileira, chilena e mexicana. Utilizamos dados em painel, em um período que se estende do quarto trimestre de 1996 ao segundo trimestre de 2010, abrangendo 4403 observações relacionadas a 139 empresas diferentes. Os resultados obtidos sugerem que a dinâmica da estrutura de capital varia por país e que idiossincrasias locais são determinantes-chave dos níveis de alavancagem das empresas. Não detectamos comportamento explicado pela Teoria de Trade Off entre as empresas brasileiras, chilenas e mexicanas, o que indica que teorias alternativas possam comandar os processos de decisão de financiamento dos gestores latino americanos.

Titel: “Könsfördelningen i styrelser och dess samband med utdelningsnivån i börsnoterade företag, En kvantitativ studie utförd på svenska börsnoterade företag” Nivå: C-uppsats i företagsekonomi Författare: Mathias Ehrlin och Elvira Estmyr Handledare: Peter Lindberg Datum: 2017 - September Syfte: Syftet med denna studie är att undersöka om utdelningsnivån har något samband med andelen kvinnor i börsnoterade företags styrelser och om utdelningsnivån visar samband med andra faktorer däribland företagsspecifika- och styrelsespecifika variabler. Inom tidigare forskning är det flertalet företagsspecifika faktorer som visat sig ha ett samband med utdelningsnivån. Däremot finns det mindre forskning för styrelsespecifika faktorer varpå vår studies unika bidrag är att undersöka Sverige som är en av de länder med högst andel kvinnor i börsnoterade företags styrelser. Metod: Studien tillämpar kvantitativ metod med deduktiv ansats. Data från år 2014 samlas in i huvudsak via källorna Thomson Reuters Datastream/Eikon, Retriever databas och böckerna “Styrelser och revisorer, i Sveriges börsföretag”. Vid statistiska testerna och analysen delas datan upp. Dels utförs bivariat analys och regressionsanalys för samtliga företag och dels endast de företag som genomfört utdelning. Standard multipel regression tillämpas. Slutligen förkastar/bekräftar vi hypoteser utifrån de signifikanta resultat vi får. Resultat & slutsats: Studien visar ett positivt samband mellan lönsamhet och utdelningsnivå vid analys för samtliga företag. Detta resultat är väl i linje med tidigare forskning. Övriga variabler når inte signifikans vilket kan bero på populationens storlek och observationsperioden som denna studie behandlar. Inget samband kan bekräftas eller förkastas för andel kvinnor i styrelser och dess samband med utdelningsnivå, därmed kan inte syftet för studien besvaras.Förslag till fortsatt forskning: Studien leder till ökad nyfikenhet för fortsatt forskning på området och att då analysera fler variabler och i större skala. Exempelvis fler styrelsespecifika variabler kan undersökas såsom styrelsens storlek och kön på styrelseordförande för att se om ett samband existerar mellan dessa och utdelningsnivån. Intressant hade även varit att vidga studien till att undersöka samband som dessa faktorer har på utdelningspolicy och andra tänkbara aspekter.Uppsatsens Bidrag: Bidraget uppsatsen medför är främst ett bidrag till att framtida forskning bör vara av större skala då detta förhoppningsvis ger fler signifikanta resultat. Utöver detta bidrar studien med en förståelse för hur stor skillnad en förändring av lönsamheten gör på utdelningsnivån. Detta anser vi ger ökad förståelse för ämnet till framtida forskning men även för privata investerare och företag. Nyckelord: Utdelningsnivå, företag, andel kvinnor, styrelse, Sverige, börsnoterade företag, styrelsespecifika faktorer, företagsspecifika faktorer, styrelsens sammansättning. / Title: "Gender distribution in boards and it’s relation to dividend level in listed companies, A quantitative study conducted in Swedish publicly listed companies" Level: Final assignment for Bachelor Degree in Business Administration Authors: Mathias Ehrlin and Elvira Estmyr Supervisor: Peter Lindberg Date: 2017 - September Aim: The aim of this study is to investigate if there’s a relation between the level of dividends and the proportion of women in listed companies’ boards and if the level of dividends is related to other factors including firm specific- and board specific variables. In previous research, the majority of firm-specific factors have been found to be related to the dividend level. On the other hand, there is less research for board-specific factors, our unique contribution is to investigate Sweden, which is one of the countries with the highest level of gender distribution in the boards of listed companies. Method: The study applies quantitative method with deductive approach. Data from 2014 is collected mainly through the sources Thomson Reuters Datastream/Eikon, Retriever database and the books "“Styrelser och revisorer, i Sveriges börsföretag”". At the statistical tests and analysis, the data was split up. Bivariate analysis and regression analysis is carried out on all companies in our study and also these tests are executed on only those companies that have made a dividend payout for the period. Standard multiple regression is applied. Finally, we reject or confirm hypotheses based on the significant results we receive. Result & Conclusions: The study shows a positive correlation between profitability and dividend level when analyzing all companies in our study. This result is well in line with previous research. Other variables do not reach significance, which may depend on the size of the population and the observation period that this study takes into account. No relationship can be confirmed or rejected for the proportion of women in boards and the dividend level. The aim of this study is therefore left unanswered.Suggestions for future research: The study leads to increased curiosity for continued research in the field and to analyze more variables and on a larger scale. For example, more board-specific variables can be investigated such as the size and gender of the Board of Directors to see if there is a relationship between these and the dividend level. It would also be interesting to have broadened the study to investigate the impact these factors have on dividend policy and other possible aspects. Contribution of the thesis: The contribution the thesis entails primarily is that it provides more intel to the fact that future research should be of a larger scale, as this would then hopefully give more significant results. In addition, the study provides an understanding of how a change in profitability impacts the dividend level. In our opinion, we provide greater understanding of the subject for future research but also for private investors and companies. Keywords: Dividend, Dividend level, Company, Proportion of Women, Board, Board of directors, Sweden, Listed companies, Board-specific factors, Firm-specific factors, Board composition.

The purpose of this study is to explain how investment-specific and firm-specific risk affects small and medium sized enterprises’ (SMEs) choice of capital budgeting technique for strategic investments.Furthermore, this study also aims to identify which of these risks affects the choice of capital budgeting technique to the greatest extent. This study assumes a positivistic perspective and adopts a deductive reasoning. The theoretical framework consists of the expected utility theory, the stakeholder theory  and existing research of risk and capital budgeting. The research method has been quantitative and data have been collected through a survey. The results indicates that both investment-specific and firm-specific risk has a significant impact on SMEs’ choice of capital budgeting technique for strategic investments. The results also indicates that SMEs under high levels of risk choose unsophisticated capital budgeting techniques. Furthermore, the findings shows that investment specific risk has a greater impact on SMEs’ choice of technique than firm-specific risk. Since this study examines investment-specific and firm-specific risk simultaneously, it differs from previous research. Previous research have examined each risk independently and therefore drawn individual conclusions for each individual risk’s impact on the choice of capital budgeting technique. This study also differs from previous research since the firm-specific risk is based on firm’s debt structure rather than the firm’s capital structure. Through this, the study contributes to existing research by explaining, previously neglected, underlying factors to SMEs’ choice of capital budgeting technique. / Studien syftar till att förklara hur investeringsspecifik och företagsspecifik risk påverkar små och medelstora företags (SME-företag) val av kapitalbudgeteringsteknik vid strategiska investeringar, samt kartlägga vilken av dessa risker som påverkar valet i störst utsträckning.  Studien utgår från den positivistiska forskningsfilosofin tillsammans med en deduktiv forskningsansats där teorin om förväntad nytta och intressentteorin tillsammans med tidigare forskning om risk och kapitalbudgetering utgjort den teoretiska referensramen. Studiens forskningsmetod har varit kvantitativ där data insamlats genom en enkätundersökning. Efter genomförda analyser av den insamlade datan framgår det att investeringsspecifik och företagsspecifik risk har en signifikant påvisbar påverkan på SME-företags val av kapitalbudgeteringsteknik vid strategiska investeringar. Studiens hypoteser om att hög investeringsspecifik samt hög företagsspecifik risk leder till ökad användning av osofistikerade tekniker har genom resultatet visat sig stämma. Av resultatet framgår även att investeringsspecifik risk har större påverkan än företagsspecifik risk på valet av teknik. Denna studie skiljer sig från tidigare forskning då både investeringsspecifik och företagsspecifik risk undersökts samtidigt. Tidigare forskning har undersökt varje risk individuellt och har således dragit individuella slutsatser för varje enskild risks påverkan på SME-företags val av kapitalbudgeteringsteknik. Likaså skiljer sig studien från tidigare forskning genom att den företagsspecifika risken utgjorts av företagens skuldstruktur snarare än företagens kapitalstruktur. Studien bidrar genom detta till att förklara bakomliggande faktorer till valet av kapitalbudgeteringsteknik som av tidigare forskning försummats.

The performance effects of multinationality have been subject to extensive study over the last four decades. To date, the findings of empirical studies have not been able to demonstrate a consistent picture as far as the relationship between multinationality (M) and performance (P) is concerned; nor have they established a general link. This dissertation suggests that the M-P relation might be contingent upon certain contextual considerations. In particular, this doctoral thesis examines the performance effects of multinationality depending on a) scope of international expansion (regional vs. global); b) the role of firm-specific assets (FSAs) and c) home region effects.

Klimatförändringar, globaliseringen och företagsskandaler har medfört att CSR fått en ökad uppmärksamhet på senare tid, något som ökat kraven på transparens i företagens rapportering. Samtidigt är CSR ett föränderligt koncept som skiljer sig mellan nationer, vilket gett upphov till varierande resultat i studier som undersökt begreppet i relation till informationsdelgivning. Den här studien har därmed undersökt hur CSR-delgivning påverkas av företagsspecifika variabler (ålder, storlek, lönsamhet och kvinnor i styrelsen) hos företag i Sverige. Utöver detta använde studien företagets verksamhetsområde som interaktionsvariabel för att undersöka hur branschens miljökänslighet påverkar företagens sociala och miljömässiga rapportering. Grundat på GRI-ramverk, tillämpades en innehållsanalys för att undersöka årsredovisningar hos 268 företag noterade på Stockholmsbörsen. Genom en multipel regressionsanalys fann studien att företag rapporterade i högre utsträckning om CSR när verksamheten ökade i storlek. Resultaten visade även att organisationerna ökade sin miljörelaterade CSR-delgivning med åldern. Däremot kunde studien inte påvisa ett samband mellan CSR-delgivning och lönsamhet eller andel kvinnor i styrelsen. Studien kunde inte heller påvisa att branschen hade en interaktionseffekt på CSR-rapporteringen i relation till de företagsspecifika variablerna. Slutligen, indikerar resultaten att börsnoterade företag i Sverige rapporterar om CSR-aktiviteter som ett svar på samhällets påtryckningar snarare än ett engagemang som har sin utgångspunkt i företagets kultur och värdegrund. / Climate change, globalization and corporate scandals have led to CSR receiving increased attention in recent times, which has increased the demand for transparency in companies' reporting. CSR is a changing concept that differs between nations. Studies previously examining social and environmental disclosure have therefore shown varying results. Thus, this study has examined how CSR disclosure is affected by firm-specific characteristics (age, size, profitability, and female directors) in Swedish companies. In addition, the study examined how the industry's environmental sensitivity affects companies' social and environmental reporting in relation to the determinants. The study was conducted and written in Swedish. Based on the GRI framework, a content analysis was applied to examine the annual reports of 268 companies listed on the Stockholm Stock Exchange. Through a regression analysis, this study found that the companies reported to a greater extent on CSR when the business increased in size. The results also showed that organizations increased their environmental CSR disclosure with age. On the other hand, the study could not show a relationship between CSR disclosure and profitability or female directors. Nor could the study show that the industry had an interaction effect on CSR reporting in relation to the firm-specific characteristics. Finally, the results indicate that listed companies in Sweden disclose information related to CSR activities as a response to society's pressures rather than a commitment that is based on the company's culture and values.

År 2010 infördes en lag om frivillig revision i Sverige. Lagen innebär att företag som uppfyller minst två av följande gränsvärden får besluta om att inte ha någon revisor; högst 3 anställda, högst 3 miljoner i nettoomsättning och högst 1,5 miljoner i balansomslutning. Revision blev därmed frivilligt för mindre företag vilket medförde att företag numera kan välja vilka revisionstjänster som behövs för verksamheten. Detta innebär att företag behöver överväga kostnaderna mot fördelarna med revision. Tidigare forskning har bland annat sett fördelar med revision såsom en tillgång till expertiskunskaper samtidigt som revisionen även underlättar att få tillgång till externt kapital. Däremot har tidigare forskning främst studerat förhållandet i andra länder än Sverige, där många länder dessutom har högre gränsvärden än Sverige. Således kommer denna studie undersöka om tidigare forskning är applicerbar på svenska aktiebolag. Syftet med denna studie är att undersöka vilka företagskaraktäristika som kännetecknar svenska företag som har valt att använda frivillig revision. Detta görs dels i syfte för att öka kunskapen bland revisionsbolag om vilka gemensamma drag som finns för företagen som revideras och vilka företag som tenderar att bli deras kunder. Dels görs detta i syfte att bolag som omfattas av reglerna om frivillig revision ska få bättre förutsättningar att ta beslut avseende revisionsvalet. För att besvara syftet har en kvantitativ tvärsnittsstudie under 2019 genomförts med en deduktiv forskningsansats. Genom ett slumpmässigt urval samlas bolagsinformation in om 2130 företag som omfattas av reglerna om frivillig revision genom Business Retriever, kompletterat med företagens årsredovisningar. Bolagsinformationen analyseras därefter genom en logistisk regression som visar att tillväxt har en negativ påverkan på huruvida företag använder revision, och att företag använder revision i takt med att de blir äldre. Studien ger däremot inte stöd för att skuldsättning, lönsamhet eller storlek har någon påverkan på huruvida företag använder revision. Tidigare forskning visar sig därmed inte vara applicerbar för Sverige som har så pass mycket lägre gränsvärden än många andra länder. / In 2010, a law of voluntary audit was introduced in Sweden. The law implies that companies that meet at least two of the following limit values may decide to not have an auditor; a maximum of 3 employees, a maximum of 3 million in net sales and a maximum of 1.5 million in total assets. Auditing thus became voluntary for smaller companies, which means that companies nowadays can choose which audit services are needed for the business. This means that companies need to weigh the costs against the benefits of auditing. Previous research has, among other things, seen advantages of auditing such as access to expertise, while auditing also facilitates access to external capital. In contrast, previous research has mainly studied the relationship in countries other than Sweden, where many countries also have higher limit values than Sweden. Thus, this study will examine whether previous research is applicable to Swedish limited companies. The purpose of this study is to investigate which company characteristics that characterize Swedish companies that have chosen to use voluntary auditing. This is partly done with the aim of increasing knowledge among auditing companies about what common features exist for the companies being audited and which companies tend to become their clients. Partly, this is done with the aim that companies covered by the rules on voluntary audit will have better conditions to make decisions regarding the audit choice. To answer the purpose, a quantitative cross-sectional study will be conducted in 2019 with a deductive research approach. Through a random selection, company information is collected for 2130 companies covered by the rules on voluntary audit through Business Retriever, supplemented by the companies' annual reports. Afterwards, the company information is analysed through a logistic regression, which shows that growth has a negative impact on whether companies use auditing, and that companies use auditing, as they get older. However, the study does not support that leverage, profitability or size has any influence on whether companies use auditing. Thus, previous research turns out not to be applicable to Sweden, which has lower limit values than many other countries. (This paper is written in Swedish).

[pt] Estudos recentes estimam que a elegibilidade ao programa de seguro desemprego aumenta a probabilidade de demissão em 12 por cento no Brasil. Esse artigo desenvolve um modelo de equilíbrio parcial onde trabalhadores buscam por emprego e podem se demitir para coletar benefícios do seguro desemprego. Calibramo-lo usando dados do Brasil e o utilizamos para medir as consequências desse comportamento sobre o acúmulo de capital humano específico à firma e sobre a produtividade do trabalho na economia. Por meio de exercícios contrafactuais, descobrimos que tornar a elegibilidade ao seguro desemprego mais estrita aumentaria o salário médio, a estabilidade no emprego, mas também a taxa de rotatividade. Discutimos esse último resultado e concluímos que isso depende de como a política modifica a fração de trabalhadores empregados que voluntariamente se separam de seus empregos. Em outro exercício, encontramos uma relação negativa entre a mudança na taxa de reposição do programa de seguro desemprego e a duração média do emprego. / [en] Recent studies estimate that eligibility for unemployment insurance program raises layoff probability by 12 per cent in Brazil. This paper develops a partial equilibrium model where workers search for jobs and might quit them in order to collect UI benefits. We calibrate it using data from Brazil and use it to assess the consequences of this behavior on firmspecific human capital accumulation and labor productivity in the economy. Through counterfactual exercises, we find that a stricter job tenure eligibility threshold would raise the average wage, the job tenure, but also the turnover rate. We discuss this last result and conclude that it depends on how the policy modifies the fraction of employed workers who voluntarily separate from their jobs. In another exercise, we find a negative relationship between the change in the UI replacement rate and the average employment duration.

近年來，在世界各地金融公司所謂的「指數股票型基金」已經成為主流投資標的。指數股票型基金讓投資人能夠將其資金直接投資於國外股市，同時避免匯率問題。目前，台灣投資人藉由所謂的中國指數股票型基金來直接投資中國股市。 身為中國指數股票型基金的先驅者，台灣匯豐中華證券投資信託股份有限公司於2009年夏天創造了第一恆生跨境指數股票型基金。就像其他服務業，匯豐中華必須向投資人推銷該指數股票型基金以及其他金融產品。有鑑於行銷對於資產管理公司的成敗扮演著很重要角色，因此本研究以策略行銷分析為主要研究基礎。並且，藉由公司訪談和邱志聖（2006)的四個成本分析架構(4C Analysis)，來探討台灣匯豐中華證券投資信託股份有限公司在台灣的行銷活動。所謂的4C分析包含外顯單外效益成本、資訊搜尋成本、道德危機成本及專屬陷入成本。本研究為台灣匯豐中華提供服務、媒體廣告、品牌形象及行銷策略的改善之道。 關鍵字：策略行銷、四個成本分斯、外顯單外效益成本、資訊搜尋成本、道德危機成本及專屬陷入成本、指數股票型基金 / Since the early 2000's, Exchange Traded Funds (ETFs) have become a mainstream investment product in the portfolios of financial companies across the world. In recent years, ETFs have been created to allow investors to allocate their capital in the stock market of other countries while at the same time avoiding the currency exchange problem. Now, Taiwanese people can invest in the China stock market indexes via China ETFs. A pioneer in China ETFs, HSBC Global Asset Management Taiwan created the first Heng Seng cross border ETFs in the summer of 2009. As with any service-oriented business, HSBC Taiwan must advertise and promote these new investment products. In light of the fact that marketing plays a large role in the success of asset management companies, hence this thesis adopts strategic marketing analysis as the backbone of the research process. Utilizing professional interviews and Chiu's (2006) four cost (4C) analysis, this thesis examines HSBC Global Asset Management Taiwan's marketing activities via a constructively critical lens. These four costs include external unit costs, information search costs, moral hazard costs and firm-specific costs. This thesis focuses on providing solutions for enhanced customer service, media advertising, brand image as well as marketing strategies for HSBC Taiwan. Key Words: strategic marketing, four cost structure, information search costs, moral hazard costs, firm-specific costs, exchange-traded funds

企業著眼於國際市場機會進行國際化的同時，面臨到不同的阻礙，過去國際化的理論討論到影響國際化的速度、進入模式、國家選擇等的各種因素，但隨著產業的型態改變，以及進入國家的不同，國際化的歷程或是成功因素可能因而有所差異。因此，本研究欲探討電子商務在國際化的過程中，特別是進入新興市場國家時，由於電子商務尚未成為主要消費模式，電商企業的國際擴張將會受到哪些因素影響，不同於過去生產導向的國際化歷程，這些障礙又能夠如何被克服。過去學者曾討論外來者劣勢在企業國際化中的影響，但並沒有探討是否適用電商產業，由於產業特性的不同，以及母國市場與進入市場的差異，過去學者提出企業外來者的身份在新市場中面對外來者劣勢，然而，隨著電子商務產業的出現，亦有學者提出局外人劣勢才是新型網路企業在國際化中的主要劣勢，因此，本研究針對過去學者提出的從外來者劣勢（Liability of Foreignness）、局外人劣勢（Liability of Outsidership）出發，結合企業專屬優勢（firm-specific advantage）以及創新擴散理論（Diffusion of Innovations Theory），針對國內外共四家電商業者，採用深度訪談法歸納研究結果。研究結果發現雖然電子商務相較於一般企業在進行國際化初期，主要仍受到外來者劣勢影響，方能順利進入市場去處理身為局外人所帶來的劣勢，透過創新擴散理論的資訊溝通方式以及企業本身的專屬優勢，則可以有效降低進入所遇到的障礙，達到企業在東南亞市場成長的目標。 / During internationalization, firms seek growth opportunities in global markets, while being faced with various sources of obstacles and disadvantages. Previous researches and theories discuss the factors that influence the speed of internationalization, mode of entry, and country selection. However, with the change of industry, and the difference types of countries that are entered, the process of internationalization and the factors that influence the success might vary. As a result, the research aims at clarifying the variables that influence the internationalization of ecommerce corporations, especially when entering emerging markets. In the research, structured interviews were conducted to gain deeper understanding of the internationalization of 4 e-commerce firms. Our findings is that in emerging markets, e-commerce has not become the main stream; therefore, firms need to deal with both liability of foreignness and liability of outsidership because of the new technology and the role as a foreigner in the market. With the firm-specific advantages and the usage of online media and opinion leaders in the countries, e-commerce corporations are more likely to offset the liability that stems from foreignness and outsidership. However, the research shows that the liability of foreignness is more important and urgent for firms to overcome than liability of outsidership. Our research conceptualizes the framework for e-commerce internationalization and provides empirical evidence for the entry and growth in emerging markets.