Post-springboard growth of EMNEs: an asset orchestration perspective
摘要
Emerging-market multinational enterprises (EMNEs) are known for their asset-seeking strategies in foreign markets, often referred to as springboard strategies. While acquired assets strengthen EMNEs’ competitive position at home, it is not yet clear whether they lead to international growth when orchestrated across the enterprise. To address this gap, we apply an asset orchestration lens to EMNEs’ post-springboard international growth. Building on the EMNE-specific literature on light-touch integration, we study the role of headquarters–subsidiary linkages in enabling what we label as ‘autonomy-preserving asset orchestration’. We theorize that although such orchestration may improve international growth, its effectiveness reduces as the complexity of EMNEs’ asset portfolio increases. We attribute this reduction to the difficulty of multilateral coordination between subsidiaries through autonomy-preserving, light-touch mechanisms and without hierarchical structures. Using a novel dataset of foreign subsidiaries of Indian pharmaceutical multinationals, we find support for our arguments. Our study extends the springboard perspective by illuminating the post-springboard outcomes and contingencies associated with EMNEs’ autonomy-preserving asset orchestration.