Purpose

In this research, we explore the adverse impact of foreign ownership on operational security, a critical operational implication of the liability of foreignness (LOF).

Design/methodology/approach

The empirical analysis is based on a multi-country dataset from the World Bank Enterprises Survey, which contains detailed firm-level information from over 8,902 firms in 82 emerging market countries. We perform a series of robustness checks to further confirm our findings.

Findings

We find that a high ratio of foreign ownership is associated with an increased likelihood of security breaches and higher security costs. Our results also indicate that high levels of host countries’ institutional quality and firms’ local embeddedness can mitigate such vulnerability in operational security.

Originality/value

This study is one of the first to uncover the critical operational implication of the LOF, indicating that a high ratio of foreign ownership exposes firms to operational security challenges.

中文翻译：

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外国人的责任和运营安全：来自新兴市场的证据

目的

在这项研究中，我们探讨了外资所有权对运营安全的不利影响，这是外资责任（LOF）的一个关键运营影响。

设计/方法论/途径

实证分析基于世界银行企业调查的多国数据集，其中包含来自 82 个新兴市场国家超过 8,902 家企业的详细企业层面信息。我们进行了一系列稳健性检查以进一步证实我们的发现。

发现

我们发现，较高的外资所有权比例与安全漏洞的可能性增加和安全成本较高有关。我们的研究结果还表明，东道国高水平的制度质量和企业的当地嵌入性可以减轻运营安全方面的此类脆弱性。

原创性/价值

这项研究是首次揭示 LOF 的关键运营影响的研究之一，表明高比例的外资所有权使企业面临运营安全挑战。