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1、EuropeanManagementJournal(2012)xxx,xxx–xxxjournalhomepage:www.elsevier.com/locate/emjEmergingmarketfirmsÕacquisitionsinadvancedmarkets:Matchingstrategywithresource-,institution-andindustry-basedantecedentsTamaraStucchi*DepartmentofStrategicManagementandGlobalization,CopenhagenBusinessSchool
2、,Kilevej14A,2ndfloor,Office2.74,DK-2000Frederiksberg,DenmarkKEYWORDSSummaryThisstudydrawsupontheresource-basedviewandtheinstitution-basedviewEmergingmarketfirm;ofthefirmtoprovideacomprehensiveoverviewofhowdifferentresource-,institution-Cross-borderacquisition;andindustry-basedantecedentsaffect
3、themotivationsguidingtheacquisitionsthatInstitutionalvoid;emergingmarketfirmsundertakeinadvancedmarkets.TheseantecedentscaninfluenceAugmentationversusemergingmarketfirmsÕcapacitiestoabsorborexploittechnologicaland/ormarketingexploitationadvantagesinadvancedmarkets.Inordertobesuccessful,emergi
4、ngmarketfirmshavetoundertakethoseupmarketacquisitionsthatbest‘‘fit’’theirantecedents.Fourmutu-allyexclusiveacquisitionstrategiesarederived,whicharethenillustratedusingexamplesofIndianfirmsÕacquisitionsinadvancedmarkets.ª2012ElsevierLtd.Allrightsreserved.1IntroductionwidespreadamongEMs(Gammelt
5、oft,Barnard,&Madhok,2010).Agrowingnumberofemergingmarket(EM)firmsareshow-GiventhegrowingvisibilityofEMfirmsÕinternationalingextraordinarycompetitivenessinglobalmarkets,thusexpansion,anextensivebodyofliteraturehasfocusedonattractingtheinterestofbothmediaandacademia.Somethiscontext.Scholarshav
6、estudiedEMfirmsÕinternationali-ofthemarechallengingcompetitorsfromadvancedmarketszationdrivers(Athreye&Kapur,2009;Aulakh,2007),entry(AMs)(TheEconomist,2010),andaredevelopingsignificantmodes(Duysters,Jacob,&Lemmens,2009),growthratestechnological,organizationalandstrategicinnovations(Arora,Aru
7、nachalam,Asundi,&Fernandes,2001;Fortanier(Gaur&Kumar,2010;Mathews,2006).Thisphenomenonis&VanTulder,2008)andhostlocationchoices(Duystersetal.,2009;Morck,Yeung,&Zhao,2008).Theyhavealsoinvestigatedtheownershipstructuresandrelationalassets1‘‘Emergingmarkets’’arede
