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Governance solutions for uncertain environments: The case of United States export channels to transitional economies ( Корпоративное управление в условиях неопределенности: на примере экспортных каналов из США в страны с переходной экономикой)

Опубликовано на портале: 25-12-2003
Подтип: PhD
Тематические разделы: Менеджмент, Маркетинг

This study attempts to answer the following research question: As the Eastern European markets develop, what forms of governance are conducive to the best performance of the export channel, considering the environmental uncertainty and the interdependence between the parties? The study specifically captures the shift from arm's length governance to non-market forms of governance (relationalism and unilateral governance) that occurs as a result of growing integration of activities between the two parties. The empirical analysis used structural equation modeling (SEM) on Lisrel 8.12 software. The results provide overall support for the hypothesized relationships. Moreover, the results are consistent across the two tested models suggesting that the study's findings are robust. Essentially, emergence of bilateral or unilateral governance is predicted by a complex interplay of environmental characteristics and dependence relationships. It appears that high volatility inhibits both bilateral and unilateral governance. The parties maintain the relationship at arm's length as the unpredictability of the market makes it difficult to measure performance and consequently to implement a system of incentives that is both equitable and effective. When coping with regulatory complexity, the dyad relies on a specialization mechanism: the local importer deals directly with the public officials while the exporter uses unilateral incentives to control and motivate the local importer. Both unilateral and bilateral governance forms were found to strongly predict performance in the export relationship. However, governance forms are not total mediators between environmental characteristics and performance. A chi-square difference test and the subsequent interpretation of modification indices revealed a significant direct path between Demand Munificence and Performance in both models. While similar unmediated effects were uncovered for interdependence magnitude and asymmetry, the various interdependence measures used in the two models in this study largely confirm the results of previous studies in terms of governance implications. Furthermore, this study confirms the need to avoid overall measures of environmental uncertainty because they confound the specific effects of each individual dimension. For example, in terms of predictors of unilateral governance, market volatility was found to have a negative impact, regulatory complexity to have a positive impact, while demand munificence has no impact at all.