進入模式的選擇對於跨國公司的成功有著巨大的影響。本研究探討了企業的所有權優勢與其進入外國市場/國家時所選擇進入模式之間的關係。根據折衷理論，本研究預測在進行全球擴張時，企業的所有權優勢會增加選擇股權進入模式的可能性。具體而言，規模較大的企業更有可能採用股權進入模式進入外國市場，而策略定位為功能性的企業也更有可能採用股權進入模式進入外國市場。此外，本研究參考體制理論，並預測地主國的獨裁主義可能負向調節企業的所有權優勢與其進入外國市場/國家時的進入模式之間的關係。本研究利用1952年至2022年的汽車行業的企業層面數據以及《全球自由度報告》（Freedom in the World）的國家層面數據，對上述觀點進行了測試，並且得到了支持。因此，本研究有助於更好地理解企業特定因素和全球體制因素在塑造國際業務策略方面的相互作用。

The choice of an entry mode has a huge impact on the success of multinational corporations. This research explored the relationship between a firm's ownership advantages and its choice of entry mode on entering a foreign market/country. Depending upon the eclectic theory, this research predicted that a firm’s ownership advantages increase the likelihood of choosing an equity entry mode when conducting the global expansion. Specifically, a firm with a larger size is more likely to adopt the equity entry mode to enter a foreign market. In addition, a firm with a functional positioning is also more likely to adopt the equity entry mode to enter a foreign market. Besides, this research relied upon the institutional theory to argue that a host country’s autocratism could moderate the relationship between a firm's ownership advantages and its choice of entry mode on entering a foreign market/country. Using the firm level data from the automobile industry and the country level data from Freedom in the World from 1952 to 2022, this research tested the previous assertions and finds them supported.
This research thus contributes to the better understanding of the interplay between firm-specific factors and the global institutional factors in shaping international business strategies.

Adam, A., & Filippaios, F. (2007). Foreign direct investment and civil liberties: A new perspective. European Journal of Political Economy, 23(4), 1038-1052.
Agarwal, S., & Ramaswami, S.N. (1992). Choice of Foreign Market Entry Mode: Impact of Ownership, Location, and Internalization Factors. Journal of International Business Studies, 23(1), 1-27.
Aggarwal, P. (2004). The effects of brand relationship norms on consumer attitudes and behavior. Journal of Consumer Research, 31(1), 87-101.
Ali, F. A., Fiess, N., & MacDonald, R. (2010). Do Institutions Matter for Foreign Direct Investment? Open Economic Review, 2(2)1, 201-219.
Anderson, E., & Gatignon, H. (1986). Modes of foreign entry: A transaction cost analysis and propositions. Journal of International Business Studies, 17(3), 1-26.
Arregle, J.-L., Miller, T. L., Hitt, M. A., & Beamish, P. W. (2013). Do regions matter? An integrated institutional and semiglobalization perspective on the internationalization of MNEs. Strategic Management Journal, 34(8), 910-934.
Asiedu, E., & Lien, D. (2011). Democracy, foreign direct investment, and natural resources. Journal of International Economics, 84(1), 99-111.
Batra, R., & Ahtola, O. T. (1991). Measuring the hedonic and utilitarian sources of consumer attitudes. Marketing Letters, 2(2), 159-170.
Bevan, A., Estrin, S. & Meyer, K. (2004). Foreign investment location and institutional development in transition economies. International business review, 13(1), 43-64.
Bènassy-Quérè, A., Coupet, M., & Mayer, T. (2007). Institutional determinants of foreign direct investment. The world economy, 30(5), 764-782.
Brouthers, L. E., Brouthers, K. D., & Werner, S. (1999). Is Dunning’s Eclectic Framework Descriptive or Normative? Journal of International Business Studies, 30(4), 831-844.
Brouthers, K. D., Brouthers, L. E., & Werner, S. (2008). Real Options, International Entry Mode Choice and Performance. Journal of Management Studies, 45(5), 936-960.
Brouthers, K. D., & Brouthers, L. E. (2000). Acquisition or Greenfield Start-up? Institutional, Cultural and Transaction Cost Influences. Strategic Management Journal, 21(1), 89-97.
Buckley, P.J., & Casson, M.C. (1976). The Future of the Multinational Enterprise. London: Homes and Meier Press.
Busse, M., & Hefeker, C. (2007). Political risk institutions and foreign direct investment. European Journal of Political Economy, 23(2), 397-415.
Calvet, A. L. (1984). A synthesis of foreign direct investment theories and theories of the multinational enterprise, Journal of International Business Studies, 12(1), 43-59.
Caves, R. E. (1982). Multinational Enterprise and Economic Analysis. New York: Cambridge University Press.
Chiu, S. K., Lo, F. Y., Susy, Y. (2015). Taiwanese Foreign Direct Investment in Southeast Asia: An Empirical Investigation of the OLI Framework, Journal of Economics and Management, 11(2), 127-141.
Davidson, W. H. (1982). Global Strategic Management. New York: John Wiley and Sons.
DiMaggio, P. J., & Powell, W. W. (1991). The new institutionalism in organizational analysis. Chicago: University of Chicago Press.
Doz, Yves L. (1988). Technology partnerships between larger and smaller finrs: Some critical issues. International Studies of Management and Organization, 17(4), 31-57.
Dunning, J. H. (1980). Toward an eclectic theory of international production: Some empirical tests. Journal of International Business Studies, 11(1), 9-31.
Dunning, J. H. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19(1), 1-31.
Dunning, J. H. (1993) Multinational Enterprises and The Global Economy. New York: Addison-Wesley.
Erramilli, M.K., & Rao, C.P. (1993). Service Firms’ International Entry-Mode Choice: A Modified Transaction-Cost Analysis Approach. Journal of Marketing, 57(3), 19 - 38.
Filippaios, F., Annan-Diab, F., Hermidas, A., & Theodoraki, C. (2019). Political governance, civil liberties, and human capital: Evaluating their effect on foreign direct investment in emerging and developing economies. Journal of International Business Studies, 50(7), 1103-1129.
Fitzpatrick, M. (1983). The Definition and Assessment of Political Risk in International Business: A Review of the Literature, The Academy of Management Review, 8(2), 249-254.
Francis, J., Zheng, C., & Mukherji, A. (2009). An Institutional Perspective on Foreign Direct Investment: A Multi-level Framework. Management International Review, 49(5), 565-583.
Globerman, S. & Shapiro, D. (2002). Global foreign direct investment flows: the role of governance infrastructure. World development, 30(11), 1899-1919.
Greider, W. (1998). One world, ready or not: The manic logic of global capitalism. New York: Simon & Schuster.
Hagtvedt, H., & Patrick, V. M. (2009). The broad embrace of luxury: Hedonic potential as a driver of brand extendibility. Journal of Consumer Psychology, 19(4), 608-618.
Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1271.
Henisz, W., & Williamson, O. (1999). Comparative Economic Organization—Within and Between Countries. Business and Politics, 1(3), 261-277.
Hennart, J. F., Hsia, H. S., & Pimenta, G. (2015). Local Complementary Inputs as Drivers of Entry Mode Choices: The Case of US Investment in Brazil. International Business Review, 24(3), 466-475.
Hill, C. W. L., & Kim, W. C. (1988). Searching for a dynamic theory of the multinational enterprise: A transaction cost model. Strategic Management Journal, 9(Special Issue), 93-194.
Hill, C. W. L., Hwang, P., & Kim, W. C. (1990). An eclectic theory of the choice of international entry mode. Strategic Management Journal, 11(2), 117-128.
Hood, N., & Young, S. (1979) The Economics of Multinational Enterprise. London: Longman.
Hsieh, M. H., Pan, S. L., & Setiono, R. (2004). Product-, corporate-, and country-image dimensions and purchase behavior: A multicounty analysis. Journal of the Academy of Marketing Science, 32(3), 251–270.
Hunt, S. D. (2010). Marketing theory: Foundations, controversy, strategy, resource-advantage theory. ME Sharpe.
Hymer, S. H. (1976). The International Operations of National Firms: A Study of Direct Foreign Investment. MIT Press: Cambridge, MA.
Jensen, N. M. (2003). Democratic governance and multinational corporations: Political regimes and inflows of foreign direct investment. International Organization, 57(3), 587–616.
Kaufman, D. (1999). Aggregating governance indicators. World Bank policy research working paper.
Keller, K. L. (1993). Conceptualizing, measuring and managing customer-based brand equity. Journal of Marketing, 57(1), 1-22.
Kim, C. K., & Chung, J. Y. (1997). Brand popularity, country image and market share: An empirical study. Journal of International Business Studies, 28(2), 361-387.
Kim, W. C., & Hwang, P. (1992). Global strategy and multinationals’ entry mode choice. Journal of International Business Studies, 23(1), 29-54.
Kogut, B., & Zander, U. (1993). Knowledge of the Firm and the Evolutionary Theory of the Multinational Corporation, Journal of International Business Studies, 24(4), 625-645.
Kostova, T., & Roth, K. (2002). Adoption of an Organizational Practice by Subsidiaries of Multinational Corporations: Institutional and Relational Effects. Academy of Management Journal, 45(1), 215-233.
Kumar, Manmohan S. (1984). Growth, acquisition, and investment: An analysis of the growth of industrial firms and their overseas activities. Cambridge: Cambridge University Press.
Li, Q., Owen, E., & Mitchell, A. (2018). Why do democracies attract more or less foreign direct investment? A metaregression analysis. International Studies Quarterly, 62(3): 494-504.
Li, Q., Resnick, A., 2003. Reversal of fortunes: democratic institutions and FDI inflows to developing countries. International Organization, 57(1), 175-211.
M. H., Pan, S. L., & Setiono, R. (2004). Product-, corporate-, and country-image dimensions and purchase behavior: A multicountry analysis. Journal of the Academy of Marketing Science, 32(3), 251-270.
Nakos, G., & Brouthers, K. D. (2002). Entry Mode Choice of SMEs in Central and Eastern Europe. Entrepreneurship Theory and Practice, 27(1), 47-63.
Nebenzahl, I. D., Jaffe, E. D., & Lampert, S. I. (1997). Towards a Theory of Country Image Effect on Product Evaluation. MIR: Management International Review, 37(1), 27-49.
North, Douglass C., Weingast, Barry R., 1989. Constitutions and commitment: the evolution of institutions governing public choice in seventeenth-century England. Journal of Economic History, 49 (4), 803-832.
Ogiemwonyi, T.O. (2011). Foreign Direct Investment (FDI). Choice of entry mode by American multinational companies (MNCs) in Ireland. Masters thesis, Dublin, National College of Ireland.
Orr RJ., & Scott WR. (2008). Institutional exceptions on global projects: a process model. Journal of International Business Studies, 39(4), 562-588.
Pajunen, K. (2008). Institutions and Inflows of Foreign Direct Investment: A Fuzzy-set Analysis. Journal of International Business Studies, 39(4), 652-669.
Peng, M. W. (2002). Towards an Institution-Based View of Business Strategy. Asia Pacific Journal of Management, 19(2), 251-267.
Peng, M. W., Wang, D. Y., & Jiang, Y. (2008). An institution-based view of international business strategy: A focus on emerging economies. Journal of international business studies, 39(3), 920-936.
Pinho, J.C. (2007). The Impact of Ownership—Location-Specific Advantages and Managerial Characteristics on SME Foreign Entry Mode Choices. International Marketing Review, 24(6), 715-734.
Poe, S., & Tate, N., (1994). Repression of human rights to personal integrity in the 1980s: a global analysis. American Political Science Review,88 (4), 853–872.
Ricciardi. (2018). A contingency perspective on market entry mode choice in electric car manufacturing industry. Tesi di Laurea in International business, Luiss Guido Carli.
Root, F. R. (1994). Entry Strategies for International Markets. Lexington, MA: D. C. Heath.
Rugman, A. M. (1979). International diversification and the multinational enterprise. Lexington, Mass. D.C. Heath.
Scott, W. R. (1995). Institutions and Organizations. Thousand Oaks, CA: Sage Publications.
Sharma, V. M., & Erramilli, M. K. (2004). Resource-Based Explanation of Entry Mode Choice, Journal of Marketing Theory and Practice, 12(1), 1-18.
Stoian, C., & Filippaios, F. (2008). Dunning’s eclectic paradigm: A holistic, yet context specific framework for analysing the determinants of outward FDI: Evidence from international Greek investments. International Business Review, 17(3), 349-367.
Terpstra, Vemn & Chwo-Ming Yu. (1988). Determinants of foreign investment of U.S. advertising agencies. Journal of International Business Studies, 19 (1), 33-46.
Topaloglu, Omer & Gokalp, Omer N., (2018). How brand concept affects consumer response to product recalls: A longitudinal study in the U.S. auto industry, Journal of Business Research, 88(C), 245-254.
Treviño, L.J., Thomas, D.E., & Cullen, J.B. (2008). The three pillars of institutional theory and FDI in Latin America: An institutionalization process. International Business Review, 17(1), 118-133.
Trigueiros, D. (2000). A Theoretical Definition and Statistical Description of Firm Size. University of Macau. Macau: British Accounting Association.
Uddin, M., Chowdhury, A., Zafar, S., Shafique, S., & Liu, J. (2018). Institutional Determinants of Inward FDI: Evidence from Pakistan. International Business Review, 28(2), 344–358.
Vernon, R. (1983). Organizing and institutional responses to international risk. In Herring, R. (ed.), Managing International Risk, Cambridge University Press, New York, 191-216.
Wintrobe, R. (1998). The political economy of dictatorship. Cambridge: Cambridge Books.
Wolf, D.A. (1987). A Random-Effects Logit Model for Panel Data. IIASA Working Paper. IIASA, Laxenburg, Austria, 87-104
Wong, M. Y. H. (2016). Democratic persistence and inequality: The role of foreign direct investments. Studies in Comparative International Development, 51, 103–123.
Youngs, R. (2004). Democracy and the multinationals. Democratization, 11(1), 127–147.
Yu, Chwo-Ming & Kiyohiko Ito. (1988). Oligopolistic reaction and foreign direct investment: The case of the U.S. tire and textile industries. Journal of International Business Studies, 19(3), 449-60.
Zahra, S. A., Ireland, R. D., & Hitt, M. A. (2000). International Expansion by New Venture Firms: International Diversity, Mode of Market Entry, Technological Learning, and Performance. The Academy of Management Journal, 43(5), 925-950.