Institutional Environment |
Formed by formal and informal institutions, and its regulatory, normative and cultural-cognitive pillars that defines the "rules of the games" and can determine the more or less attractiveness to the economic activity in certain markets. |
Williamson (1985)Williamson, O. (1985). The Economic Institutions of Capitalism. New York: Free Press.; North (1990)North, D. (1990). Institutions, Institutional Change, and Economic Performance. New York: Cambridge University Press.; Scott (1995Scott, W. (1995). Institutions and Organizations. Thousand Oaks: Sage., 2001)Scott, W. (2001). Institutions and organizations: ideas and interests. Thousand Oaks: Sage.; Peng (2006)Peng, M. (2006). Global Strategy. Cincinnati: South-Western Thomson.; Mathews (2006)Mathews, J. (2006). Dragon multinationals: new players in 21st century globalization. Asia Pacific Journal of Management. 23(1), 5-27. https://doi.org/10.1007/s10490-006-6113-0 https://doi.org/10.1007/s10490-006-6113-...
; Cuervo-Cazurra (2016)Cuervo-Cazurra, A. (2016). Multilatinas as sources of new research insights: The learning and escape drivers of international expansion. Journal of Business Research. 69, 1963–1972. https://doi.org/10.1016/j.jbusres.2015.10.142 https://doi.org/10.1016/j.jbusres.2015.1...
; Bruton et al. (2014)Bruton, G; Lau, C; Obloj, K. (2014). Institutions, resources and firm strategies: a comparative analysis of entrepreneurial firms in three transitional economies. European Journal of International Management. 8(6), 697-720. https://doi.org/10.1504/EJIM.2014.064905 https://doi.org/10.1504/EJIM.2014.064905...
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Political Risk |
Corresponds to the level of market reliability based on the actions of the local government. This would be one of the main determinants for the perception of institutional distance by the entrepreneur. |
De Villa et al. (2018)De Villa, M; Rajwani, T; Lawton, T; Mellahi, K. (2018). To engage or not to engage with host governments: Corporate political activity and host country political risk. Global Strategy Journal. 9(2), 1-35. https://doi.org/10.1002/gsj.1205 https://doi.org/10.1002/gsj.1205...
; Oliver and Holzinger, (2008)Oliver, C; Holzinger, I. (2008). The effectiveness of strategic regulatory management: A dynamic capabilities framework. Academy of Management Review. 33, 496–520. https://doi.org/10.5465/amr.2008.31193538 https://doi.org/10.5465/amr.2008.3119353...
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Incentives and Constraints |
Related to the behavior of the institutions on a given nation capable to create incentives or contraints with tax and normative incentives or bureaucracy and corruption that can influence the market attractiveness in different ways. |
Adams, Régibeaue and Rockett, (2014)Adams, L; Regibeau, P; Rockett, K. (2014). Incentives to create jobs: Regional subsidies, national trade policy and foreign direct investment. Journal of Public Economics. 111, 102–119. https://doi.org/10.1016/j.jpubeco.2013.12.015 https://doi.org/10.1016/j.jpubeco.2013.1...
; Vézina (2010)Vézina, P. (2010). Race-to-the-bottom tariff cutting. Graduate Institute of International and Development Studies. Working Paper. Retrieved from: https://www.econstor.eu/handle/10419/77418 https://www.econstor.eu/handle/10419/774...
; Tavares-Lehmann (2016)Tavares-Lehmann, A. (2016). Types of Investment Incentives. In Tavares-Lehmann, A; Toledano, P; Johnson, L; Sachs, L. (Eds.), Rethinking Investment Incentives. New York: Columbia University Press.
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Foreign Direct Investment |
This type of investment is characterized by the capital contribution of foreign companies in a given market. The factors described above tend to determine the levels of direct investment in a country or region. |
Weeler and Mody (1991); Buckley and Ghauri (2015)Buckley, P; Pervez Ghauri, P. (2015). International Business Strategy: Theory and Practice. London: Routledge.
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Foreign Market Entry Modes |
Entry modes are the ways in which it is possible for companies to start their business in other markets and may envolve lower or higher levels of resource commitment and control over operations. |
Farok and Sumit (1998)Farok, J; Sumit, K. (1998). Modal Choice in a World of Alliances: Analyzing Organizational Forms in the International Hotel Sector. Journal of International Business Studies. 29(2), 325-356. https://doi.org/10.1057/palgrave.jibs.8490039 https://doi.org/10.1057/palgrave.jibs.84...
; Pla-Barber et al. (2011); Andreu, Claver and Quer (2017); Aliouche and Schlentrich (2010)Aliouche, E; Schlentrich, U. (2010). A Model of Optimal International Market Expansion: The Case of US Hotel Chains Expansion into China. New Developments in the Theory of Networks. 135-154. https://doi.org/10.1007/978-3-7908-2615-9_9 https://doi.org/10.1007/978-3-7908-2615-...
; Alon et al. (2012)Alon, I; Ni, L; Wang, Y. (2021). Examining the determinants of hotel chain expansion through international franchising. International Journal of Hospitality Management. 21(2), 379-386. https://doi.org/10.1016/j.ijhm.2011.06.009 https://doi.org/10.1016/j.ijhm.2011.06.0...
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Hotel Industry Investment Choices |
Has to do with the investment pattern observed in the hotel industry, which in recent years has adopted less risky options in addition to the presence of large real estate investment funds with diverse capital origins. |
Cypriano and Gándara (2011)Cypriano, P; Gândara, J. (2011) Renovação hoteleira em Salvador: estratégias de diversificação, inovação e competitividade. Alicante: Universidad de Alicante, Instituto Universitario de Investigaciones Turísticas.; Canteras (2009)Canteras, D (2009). Brazilian Hotels and Global Recession. Retrieved from: https://www.hotelnewsresource.com/article36927.html https://www.hotelnewsresource.com/articl...
; Boyen and Ogasavara (2013)Boyen, M; Ogasavara, M. (2014). Internationalization patterns of multinational lodging firms in Brazil. Tourism and Hospitality Research. 13(4), 181-200. https://doi.org/10.1177/1467358414525623 https://doi.org/10.1177/1467358414525623...
; Contractor and Kundu (1998)Contractor, F; Kundu, S. (1998). Modal choice in a world of alliances: analyzing organizational forms in the international hotel sector. Journal of International Business Studies. 29(2), 325–358. https://doi.org/10.1057/palgrave.jibs.8490039 https://doi.org/10.1057/palgrave.jibs.84...
; Markunas (2016)Markunas, J. (2016). Brazil Hotel Industry 2016 and Beyond. Retrieved from: http://www.hospitalityadvance.com/brazil-hotel-Industry-snapshot.pdf http://www.hospitalityadvance.com/brazil...
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Strategic Planning |
These are designed and planned business actions using tested models that bring greater reliability and predictability to the investment decision. |
Cavusgil, Knight and Resenberger, (2009)Cavusgil, T; Knight, G; Resenberger, J. (2009). Negócios Internacionais: Estratégia, Gestão e Novas Realidades. London: Pearson.; Kotler and Keller (2007)Kotler, P; Keller, K. (2007) Administração de Marketing. London: Pearson.
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Mega events and Tourism |
Has to do with the positive correlation found between hosting mega sporting events and the national and international tourism arrivals. The impacts on tourism generated by the destination image can often be seen as part of the event's intangible legacy. |
Hall, (1994)Hall, C. (1994). Hallmark tourist events: Impacts, management and planning. London: Bellhaven Press.; Preuss, (2004); Solberg and Preuss, (2006)Solberg, H; Preuss, H. (2006). Major sport events and long-term tourism impacts. Journal of Sport Management. 21, 215-236. https://doi.org/10.1123/jsm.21.2.213 https://doi.org/10.1123/jsm.21.2.213...
; Singh and Zhou (2015)Singh, N; Zhou, H. (2015). Transformation of Tourism in Beijing after the 2008 Summer Olympics: An Analysis of the Impacts in 2014. International Journal of Tourism Research. 18(4), 277-285. https://doi.org/10.1002/jtr.2045 https://doi.org/10.1002/jtr.2045...
; Rocha and Fink (2017)Rocha, C; Fink, J. (2017). Attitudes toward attending the 2016 Olympic Games and visiting Brazil after the games. Tourism Management Perspectives. 22, 17-26. https://doi.org/10.1016/j.tmp.2017.01.001 https://doi.org/10.1016/j.tmp.2017.01.00...
; Fourie and Santana-Gallego, (2011)Fourie, J; Santana-Gallegob, M. (2011). The impact of mega-sport events on tourist arrivals. Tourism Management. 32(6), 1364-1370. https://doi.org/10.1016/j.tourman.2011.01.011 https://doi.org/10.1016/j.tourman.2011.0...
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