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1、HerdBehaviorandForeignDirectInvestment:TheCaseofJapaneseMultinationalCorporationsCHRISTINEM.CHANTheUniversityofHongKongSchoolofBusinessPokfulam,HongKongTel.:(852)2241-5226Fax:(852)2858-5614e-mail:mkchan@business.hku.hkSHIGEMAKINOTheChineseUniversityofHongKongDepartmentofManagementShatin,N
2、.T.,HongKongTel.:(852)2609-7636Fax:(852)2603-5104e-mail:makino@baf.msmail.cuhk.edu.hk&TAKEHIKOISOBEUniversityofMarketingandDistributionSciencesDepartmentofCommerce3-1GakuenNishimachi,Nishi-ku,Kobe,JapanTel.:(81)78-794-3516Fax:(81)78-794-6149e-mail:Tisobe@xc4.so-net.ne.jp1ABSTRACTThispaper
3、examinesherdbehaviorinJapanesemultinationalcorporations’(MNCs)foreignmarketentrydecisions.WearguethatMNCsfollowotherMNCstoestablishforeignsubsidiariesinthehostcountryandlocalindustrymarketswheretheformofmarketentryisperceivedtobelegitimate,thereforerepeatingtheirpreviousentrydecisions.Wea
4、lsoarguethatMNCs’ownandotherMNCs’exitsfromthehostcountryandlocalindustrymarketstriggerMNCstoexpandabroadbecauseofareleaseofresourcesinthemarkets.Ananalysisofthepaneldata,consistingof76,248spells,thatlisted4,349subsidiariesestablishedby8largeJapaneseelectronicsMNCsovertheperiod1988-1998in1
5、8industries(2-digitSIC)and49countries,showedthatpriormarketentryandexitdecisionsofotherMNCshadcurvilinearrelationshipswiththefoundingofMNCs’foreignsubsidiaries,whileMNCs’ownpriorentryandexitdecisionsdidnothaveimpactontheirownsubsequentmarketentrydecisions.2Foreignmarketentryisanimportants
6、trategicdecisionformultinationalcorporations(MNCs)becauseoftheconsequencesforinternationalpresence.Mostpriorresearchhasdepictedfirms’investmentbehaviorasdrivenprimarilybyeconomicrationaleastheyseektoincreasemarketpower,gainaccesstoresources,andminimizetransactioncosts(Buckley&Casson,1976;
7、Casson,1982;Hennart,1982;Rugman,1981;Teece,1986).Morerecentresearchhasemphasizedthesociologicalperspectiveandexaminedthelegitimizationeffectsonfirms’marketentrydecisions(Guillén,2002).Thesociologicalperspective,acknowledgingtheimportanceofmarketcompetition,assumesth
