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Jaguar Firms: Tropic Dwellers, Camouflage Masters, and Solitary Predators

Published online by Cambridge University Press:  23 July 2021

Juan Velez-Ocampo Open the ORCID record for Juan Velez-Ocampo [Opens in a new window] ,
Maria Alejandra Gonzalez-Perez Open the ORCID record for Maria Alejandra Gonzalez-Perez [Opens in a new window]  and
Kit I Sin
Juan Velez-Ocampo*
Affiliation:
Universidad de Antioquia, Colombia
Maria Alejandra Gonzalez-Perez
Affiliation:
Universidad EAFIT, Colombia
Kit I Sin
Affiliation:
Ruta N, Colombia
*
Corresponding author: Juan Velez-Ocampo ([email protected])
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Abstract

Within the last two decades, the international expansion of Latin American companies has undergone remarkable growth. This phenomenon has attracted scholarly attention, however, most of the available research is focused on companies that have already engaged in foreign direct investment (FDI), meanwhile, Latin American firms in pre-FDI stages remain mostly understudied. This article uses an explanatory case study design to analyze the corporate reputation and decision-making process related to international expansion of a set of ten Latin American companies. Both archival and primary data were used in the individual and cross-case analyses stages for 22 months. Our study identifies and establishes analytical generalizations when examining and contrasting the findings with the previously revised theoretical frameworks. More specifically, we identified that these companies exhibit similarities with the behavior of Jaguars, the Latin American wild feline; especially because of (i) their preference to remain in their regional market to exploit current capabilities and advantages, and eventually enter developed markets to upgrade capabilities and surpass strong competitors at home; (ii) their strategies to disguise their country of origin and lack of experience when operating internationally; and (iii) their solitary behavior and reluctance to engage in partnerships and/or strategic alliances unless they have a specific interest in building legitimacy and enhancing reputation.

摘要

在过去的二十年里，拉丁美洲公司的国际扩张经历了显著增长，已引发学界关注。然而，现有研究大多探究已从事对外直接投资的公司，而那些处于对外直接投资前期的拉丁美洲公司还未被探究。本文采用解释性案例研究设计，分析了与十家拉丁美洲公司国际扩张相关的企业声誉和决策过程。在单个案例和跨案例分析阶段使用了22个月的档案和原始数据。在检验并与先前修订的理论框架进行对比的过程中，我们的研究发现并建立了分析性的结论。更具体地说，我们发现这些公司表现出与拉丁美洲野生猫科动物——美洲豹有相似的行为；主要是因为他们具有以下特征：(i)他们倾向于留在自身所在的区域市场，利用现有的能力和优势，最终进入发达市场以提高能力，并超过区域内强大的竞争对手；(ii)他们的策略是掩饰自己的来源国，且缺乏国际运营经验；(iii)他们单独行动，不愿形成合作伙伴关系和/或战略联盟，除非他们对建立合法性和提高声誉方面特别感兴趣。

Аннотация

В течение последних двух десятилетий значительно возросла международная экспансия латиноамериканских компаний. Это явление привлекает внимание ученых, однако большая часть доступных исследований сосредоточена на компаниях, которые уже принимают участие в прямых иностранных инвестициях (ПИИ), в то время как латиноамериканские компании, которые находятся на этапе до ПИИ, в основном остаются недостаточно изученными. В этой статье применяется метод пояснительного тематического исследования для анализа корпоративной репутации и процесса принятия решений, которые связаны с международной экспансией группы из десяти латиноамериканских компаний. На разных этапах индивидуального и перекрестного анализа использовались как архивные, так и первичные данные в течение 22 месяцев. Наша работа выявляет и проводит аналитические обобщения при изучении и сопоставлении результатов с ранее доступными теоретическими выводами. В частности, мы обнаружили, что эти компании демонстрируют сходство с поведением ягуаров, латиноамериканских диких животных из семейства кошачьих, особенно принимая во внимание следующие причины: (i) предпочтение оставаться на своем региональном рынке, чтобы использовать текущие возможности и преимущества и со временем выйти на развитые рынки для совершенствования своего потенциала, с целью превзойти сильных конкурентов дома; (ii) стратегия скрывать страну своего происхождения и отсутствие опыта работы на международном уровне; и (iii) уединенное поведение и нежелание вступать в партнерства и/или стратегические союзы, если они не имеют особого интереса в укреплении легитимности и улучшении репутации.

Resumen

En las últimas dos décadas, la expansión internacional de las empresas latinoamericanas ha experimentado un notable crecimiento. Este fenómeno ha atraído la atención de los estudiosos, sin embargo, la mayoría de las investigaciones disponibles se centran en las empresas que ya han realizado inversión extranjera directa (IED), mientras que las empresas latinoamericanas en etapas previas a la IED siguen siendo poco estudiadas. Este artículo utiliza un diseño de estudio de caso explicativo para analizar la reputación corporativa y el proceso de toma de decisiones relacionado con la expansión internacional de un conjunto de diez empresas latinoamericanas. Se utilizaron tanto datos de archivo como datos primarios en las etapas de análisis individual y de casos cruzados durante 22 meses. Nuestro estudio identifica y establece generalizaciones analíticas al examinar y contrastar los hallazgos con los marcos teóricos previamente revisados. Más concretamente, identificamos que estas empresas presentan similitudes con el comportamiento de los jaguares, el felino salvaje latinoamericano; especialmente por (i) su preferencia por permanecer en su mercado regional para explotar las capacidades y ventajas actuales, y eventualmente entrar en los mercados desarrollados para mejorar las capacidades y rebasar a los competidores fuertes en su lugar de origen; (ii) sus estrategias para disfrazar su país de origen y su falta de experiencia cuando operan internacionalmente; y (iii) su comportamiento solitario y su reticencia a participar en asociaciones y/o alianzas estratégicas a menos que tengan un interés específico en construir legitimidad y mejorar la reputación.

Keywords

corporate reputationemerging markets firms (EMFs)international expansioninternationalizationLatin America企业声誉新兴市场企业国际扩张国际化拉丁美洲корпоративная репутациякомпании из развивающихся странмеждународная экспансияинтернационализацияЛатинская Америкаreputación corporativaempresas de mercados emergentes expansión internacionalinternacionalizaciónAmérica Latina
Type
Article
Information
Management and Organization Review , Volume 17 , Issue 5 , December 2021 , pp. 885 - 917
Copyright
Copyright © The Author(s), 2021. Published by Cambridge University Press on behalf of The International Association for Chinese Management Research

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Footnotes

ACCEPTED BY Deputy Editor Gerald McDermott

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