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Ciclo seminarios Management Science Santiago Mingo, Profesor Asociado Escuela de Negocios UAI


13:30 – 14:25 horas,  Sala Consejo, Torre Oriente Ingeniería Industrial (Beauchef 851, 4to piso, Santiago)

Invitado: Santiago Mingo, Profesor Asociado de la Escuela de Negocios de la Universidad Adolfo Ibáñez

Título de la conferencia: “”Cross-border Investments in Emerging Markets: Proximity Strategy, Experience, and Distance Effects””

In this study, we develop theory and analyze empirically how firms make cross-border investments around focal or target emerging markets. Firms can adopt different investment strategies when considering potential investments in or around a focal emerging market. For example, (a) a firm could choose investment locations that are not distant from its home market despite the location and investment experience in the focal emerging market; (b) a firm that has experience investing in the focal market could deepen its investments in this market at the expense of making cross-border investments in the proximity or vicinity of the focal market; (c) a firm with investment experience in the focal emerging market might decide to exploit this experience by making cross-border investments in the proximity of the focal market; and (d) a firm’s investment experience in the region where the focal market is located could also influence its decision to invest in the proximity of the focal market. Despite the importance of understanding the mechanisms associated with strategies like these, the academic literature has largely ignored the question of how firms invest around a focal or target market—the focus of previous research has been on the target market rather than the surroundings of the target market. In this study, we analyze empirically how firms make cross-border investments around focal emerging markets. More specifically, our empirical study explores how (1) cross-border investment experience and (2) the distance between the firm’s home market and the focal market influence a firm’s investments in the focal emerging market and its proximity. Three different types of distances are considered: institutional, cultural and geographic. The empirical context used to answer our research question is private equity (PE). Based on more than 5,000 PE investment transactions, we built a dataset of more than 500 PE firms that made investments in three emerging market regions—Latin America, Southeast Asia, and Eastern Europe—from 1996-2011. Our results support most of our hypotheses.

Organizan: Ingeniería Industrial U. Chile e Instituto Sistemas Complejos de Ingeniería (ISCI)

Contacto: Pamela Tapia / ptapia@dii.uchile.cl

El seminario incluye almuerzo según disponibilidad, inscripciones AQUÍ