Purpose

This paper aims to determine whether policy uncertainty caused by institutional decay in countries with populist rulers influences the internationalization decision of emerging market firms (EMFs).

Design/methodology/approach

The study used binary logit analysis on firms from Latin American countries undertaking cross-border greenfield investment projects.

Findings

The results suggest that internationalization decision is demotivated by policy uncertainty generated by populist chief executives and promoted by that of political parties.

Originality/value

This study uses populist rhetoric to describe policy uncertainty due to chief executives and ruling parties, which influences internationalization decision by increasing anticipated transaction costs. This inquiry identifies populism as a variable that influences EMFs to internationalize, while empirically testing the claim of theoretical scholarship that populism reconfigured the sociopolitical and institutional forces that shape the world’s business. This study further advances institutional theory by offering a fresh perspective on the influence of home instead of host-country institutions on the internationalization motivation of firms due to institutional decay caused by populist regimes.

中文翻译：

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民粹主义对新兴市场企业国际化的影响

目的

本文旨在确定民粹主义统治国家的制度衰退所造成的政策不确定性是否会影响新兴市场企业（EMF）的国际化决策。

设计/方法论/途径

该研究对拉丁美洲国家开展跨境绿地投资项目的公司进行了二元逻辑分析。

发现

结果表明，国际化决策受到民粹主义首席执行官产生并由政党推动的政策不确定性的影响。

原创性/价值

本研究使用民粹主义言论来描述首席执行官和执政党造成的政策不确定性，这些不确定性通过增加预期交易成本来影响国际化决策。这项调查将民粹主义确定为影响电磁场国际化的一个变量，同时实证检验了理论学术的主张，即民粹主义重新配置了塑造世界商业的社会政治和制度力量。这项研究进一步推进了制度理论，为民粹主义政权造成的制度衰退所带来的母国制度（而非东道国制度）对企业国际化动机的影响提供了新的视角。