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- Title
LIABILITY OF FOREIGNNESS IN GLOBAL COMPETITION? FINANCIAL SERVICE AFFILIATES IN THE CITY OF LONDON.
- Authors
Nachum, Lilach
- Abstract
This study was inspired by the observation that foreign financial service firms operating in the City of London do not suffer the liability of foreignness to the extent suggested by theory. To examine the reasons for this departure from theory, the study advances a theoretical framework that distinguishes between three types of advantages that together account for the competitive performance of MNEs relative to that of indigenous firms. Empirical analyses of a sample of 296 foreign financial service firms in the in the City of London show that in this particular context major sources of competitive performance are the firm-specific advantages and the advantages of multinationality, where British firms may not necessarily possess an advantage over foreign firms. An examination of the validity of the findings, in order to assess the extent to which this situation is unique to the City of London or rather signifies a more general trend that requires theoretical modification and extensions, is emphasized as a major task for future research.
- Subjects
LONDON (England); ENGLAND; INTERNATIONAL business enterprises; BUSINESS enterprises; FINANCIAL services industry; FOREIGN corporations; BANKING industry; BRITISH corporations; COMPETITIVE advantage in business
- Publication
Strategic Management Journal (John Wiley & Sons, Inc.) - 1980 to 2009, 2003, Vol 24, Issue 12, p1187
- ISSN
0143-2095
- Publication type
Article
- DOI
10.1002/smj.347