Investment in new foreign subsidiaries under receding perception of uncertainty

Fisch, Jan Hendrik

doi:10.1057/palgrave.jibs.8400362

Cited by 48 publications

(48 citation statements)

References 61 publications

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“…by exercising a subsequent growth option. Thus, it alludes to the tensions between the impact of waiting and those value contributions that stem from growth options (see also Lukas, 2007;Folta & O'Brien, 2004;Fisch, 2008). In line with the empirical literature this aspect becomes crucial when high uncertainty, e.g.…”

Section: Discussionmentioning

confidence: 85%

“…Only recently, researchers have highlighted that these growth options are responsible for the ambiguous effect of uncertainty on foreign direct investment (see e.g. Gilroy & Lukas, 2006;Fisch, 2008). For a general discussion of the decision complexities and contingencies managers have to face in a cooperative venture see e.g.…”

Section: Literature Reviewmentioning

confidence: 99%

“…See, e.g. Majd and Pindyck (1989), Childs and Triantis (1999), Chi (2000), Martzoukos (2000) and Fisch (2008). 17 See, e.g.…”

Section: The Termination Stagementioning

confidence: 99%

See 2 more Smart Citations

Modeling the transitional dynamics of international joint venture policies: An option pricing approach

Lukas

2013

International Review of Economics & Finance

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Section: Discussionmentioning

confidence: 85%

Section: Literature Reviewmentioning

confidence: 99%

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Modeling the transitional dynamics of international joint venture policies: An option pricing approach

Lukas

2013

International Review of Economics & Finance

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“…Finally, the study explored that regarding the product category perspective, the higher involvement generated, the stronger association between evaluation difficulty and perceived risk. Fisch (2008) analyzed investment under perceived uncertainty. A panel study of 634 German subsidiaries were used for this study.…”

Section: The Big Five and Perceived Risk And Uncertaintymentioning

confidence: 99%

Personality Traits, Perceived Risk, Uncertainty, and Investment Performance in Vietnam

Phung¹,

Khương²

2017

Glob Bus Financ Rev

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A B S T R A C TThe study explored the impact of personality traits, perceived risk, and perceived uncertainty on investment performance of individual investors trading on the Vietnam stock market. The study conducted in-depth interviews, a pilot study, and a survey distributed to 430 individual investors. Results showed that Conscientiousness and perceived uncertainty directly affected investment performance. Openness, Extraversion, and Neuroticism indirectly influenced investment performance through the mediation of perceived uncertainty. This study suggested that individual investors should perceive uncertain situations when they invest in securities. Especially, investors who are prone to Openness, Extraversion, and Neuroticism must pay attention to uncertainty before they make investing decisions. Since Agreeableness did not affect investment performance, those who are dominant to this trait should have prudent considerations for equity investment decisions.

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“…In line with this argument, to limit potential losses, VC firms can make their investments in multiple rounds, with a small amount of capital input in each round. The staged minority investment strategy provides VC firms with managerial flexibility, by which they invest more capital when there is a good prospect or quit the investment with limited losses if the prospect proves to be poor (Fisch, 2008).…”

Section: Investment Strategy and Vc Performancementioning

confidence: 99%

The Performance of Foreign Venture Capital Firms in Emerging Economies: A Study of U.S. Firms in China

Wang

2016

IJBM

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Extant research on the international venture capital (VC) firms largely focuses on cross-country comparison; only a limited number of studies have examined the internationalization of VC firms and their strategies in host countries. This study approaches the research topic mainly from an institutional perspective, and intends to understand the performance of foreign VC firms in emerging economies, a topic that has rarely been examined in previous research. Using a sample of U.S. VC firms investing in China, this study finds that U.S. VC firms with more investment experience at home have weaker investment performance in China. The empirical results also show that U.S. VC firms investing in ventures with larger top management team, staging their investments, and syndicating with other U.S. VC firms are likely to achieve better performance in China. Contrary to what was hypothesized, syndicating with Chinese VC firms decreases U.S. VC firms' investment performance in China.Keywords: emerging economies, institutional perspective, liability of foreignness, venture capital IntroductionResearch examining the growth and development of the venture capital (VC) industry and VC firms in different countries have captured a great deal of attention (e.g. Batjargal, 2007;Black & Gilson, 1998;Bruton, Ahlstrom, & Puky, 2009;Zacharakis, McMullen, & Shepherd, 2007). However, extant research on the international VC industry mainly focuses on cross-country comparison (Wright, Pruthi, & Lockett, 2005). Researchers have not paid adequate attention to the internationalization of VC firms and their strategies in host countries, with the studies by Patzelt and colleagues (2009) and Li and colleagues (2014) as two recent exceptions. Given the significant amount of cross-border VC flows and the geographic diversity of VC investments (Wright et al., 2005), a better understanding of VC firms' strategies in host countries becomes increasingly important. Among the target markets for VC firms to expand internationally, emerging economies are particularly intriguing because they simultaneously offer the biggest attractions and challenges to VC firms. The rapid changes in those economies create abundant new business opportunities, which spur the need for VC (Karsai, Wright, & Filatotchev, 1997). Furthermore, in the process of transforming their environments and strengthening their competitiveness, the managerial expertise accompanied with foreign VC firms is highly valued. Accordingly, this study intends to fill this gap in the literature by examining U.S. VC firms' strategies in China, the largest emerging economy.This study mainly approaches the research topic from an institutional perspective (e.g., North, 1990), and intends to contribute to the understanding of VC firms' strategies and actions in emerging economies, a topic which has rarely been examined in previous research while foreign VC investment in emerging economies has become an increasingly important business phenomenon. Using an institutional approach, extant studies have n...

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Investment in new foreign subsidiaries under receding perception of uncertainty

Cited by 48 publications

References 61 publications

Modeling the transitional dynamics of international joint venture policies: An option pricing approach

Modeling the transitional dynamics of international joint venture policies: An option pricing approach

Personality Traits, Perceived Risk, Uncertainty, and Investment Performance in Vietnam

The Performance of Foreign Venture Capital Firms in Emerging Economies: A Study of U.S. Firms in China

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