Hybrid ownership and internationalization of emerging market firms: An institution-based view

Tega D. Ogbuigwe, Hongzhi Gao, Eldrede Kahiya and Richa Chugh

International Business Review, 2025, vol. 34, issue 6

Abstract: The emergence of hybrid ownership structures and their impact on outward foreign direct investment activities is a critical but under-investigated phenomenon in international business. In this study, we carve out three sequential components of hybrid ownership that capture the intra-organizational elements of hybrid firms: the typology of hybridization, degree of hybridization, and nature of hybridization. Grounded in the context of emerging market firms (EMFs), our study adopts the institution-based view to elaborate on how hybrid ownership benefits EMFs’ internationalization. We contend that, as a micro-level institutional strategy, hybridization generates resource and legitimacy benefits, and safeguards operational autonomy to allow EMFs to navigate the ‘liability of emergingness’ in internationalization. Our study offers a conceptual framework and propositions that provide nuance on hybridization and the internationalization of EMFs.

Keywords: Emerging markets; Entry mode; Hybrid ownership; Internationalization; State ownership (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1016/j.ibusrev.2025.102501

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