“…Yet, access to those location‐specific advantages is not freely available to the MNE; instead, it has to compete for access to those assets with other multinationals as well as local competitors (Hennart, ; Hennart, Sheng, & Pimenta, ). Furthermore, due to technological advancements, MNEs are able to finely slice their value‐adding activities and distribute those throughout a worldwide network (Alcácer, Cantwell, & Piscitello, ; Blomkvist, Kappen, & Zander, ; Rugman & Verbeke, ). This degree of specialization in certain value‐adding activities creates information costs and requires headquarters to cede decision‐making powers to subsidiaries (Ambos, Andersson, & Birkinshaw, ; Blomkvist et al, ; ul Haq et al, ).…”