Turkish multinationals : market entry and post-acquisition strategy PDF
Preview Turkish multinationals : market entry and post-acquisition strategy
PALGRAVE STUDIES OF INTERNATIONALIZATION IN EMERGING MARKETS Turkish Multinationals Market Entry and Post-Acquisition Strategy Yuksel Ayden, Mehmet Demirbag, and Ekrem Tatoglu Palgrave Studies of Internationalization in Emerging Markets Series editors Marin Marinov Aalborg University Aalborg, Denmark Svetla Marinova Aalborg University Aalborg, Denmark Emerging market nations such as Russia, Brazil, China, South Africa and India as well as Eastern European territories, are in the process of changes and growth that require specific study and attention. The international business strategies employed in these territories target new opportunities, the study of which provides scholars the opportunity to evolve interna- tional business theory. Covering three main themes - international business, management and marketing – Palgrave Studies of Internationalization in Emerging Markets will encompass a multiplicity of topics. Examining the new ways in which firms from emerging economies develop and implement their internationalization strategy, as well as their management and marketing strategies, the series will encompass specific issues such as social entre- preneurship, operations and regional specifics of internationalization. Looking closer at the specifics underlying the development of emerging market nations and their firms, this series aims to shed light on the cur- rent and future issues associated with the challenges and opportunities offered by the varying contexts of emerging markets. More information about this series at http://www.springer.com/series/15456 Yuksel Ayden • Mehmet Demirbag Ekrem Tatoglu Turkish Multinationals Market Entry and Post-Acquisition Strategy Yuksel Ayden Mehmet Demirbag Fatih University University of Essex Buyukcekmece, Turkey Southend-on-Sea, UK Ekrem Tatoglu Ibn Haldun University Basaksehir, Turkey Palgrave Studies of Internationalization in Emerging Markets ISBN 978-3-319-57293-2 ISBN 978-3-319-57294-9 (eBook) DOI 10.1007/978-3-319-57294-9 Library of Congress Control Number: 2017948168 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and trans- mission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Olga Kozyrina / Alamy Stock Vector Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Preface In line with the growing interest in companies from emerging markets, we conducted this study with the expectation that the Turkish experience could make an original contribution to the growing body of research on emerging markets. We were driven by the belief that a country like Turkey, which is at the easternmost part of the West and the western- most part of the East, is an interesting case study. In order to provide an all-inclusive picture of the phenomenon under investigation, we utilized several theoretical perspectives as research lenses. Therefore, this study not only includes a trip among the stories of several Turkish multina- tionals from different sectors, but also reviews prominent theoretical per- spectives from international business and strategy. Each company case offers unique experiences as well as sharing similarities with the others. Throughout our work, we have seen that there are different routes to suc- cess in the global business world. We have examined our findings in the light of theoretical perspectives and presented them in our study. These findings are scattered throughout the chapters of the book. It has not always been easy to carry out this study. It was a challenge to prepare the theoretical part of our book and present the extant litera- ture in a proper structure without getting lost in the theoretical jungle of the field. It was also a challenge to examine the significant amount of qualitative data we collected from the field and to discuss them in appro- priate chapters. The interviews we conducted with successful leaders and v vi Preface executives in their organizations and industries provided valuable insights and were very informative. We wish to thank the interviewees for their valuable support. Conducting the study is one matter, but preparing the book for pub- lication is another. For this stage of the process, we would like to thank Professor Marin A. Marinov and Professor Svetla T. Marinova, the edi- tors of the Palgrave Studies of Internationalization in Emerging Markets series, for their encouragement and guidance. We would like to thank Liz Barlow and Lucy Kidwell from Palgrave Macmillan, who have worked with us since the beginning of the project. Our long and exhausting research has been transformed into this book with their persistent help and guidance. We dedicate this work to our families, who continuously support and inspire us in our professional endeavors. Aalborg, Denmark Yuksel Ayden Mehmet Demirbag Ekrem Tatoglu Contents 1 Introduction 1 2 Internationalization of the Turkish Business Environment: Historical Evolution and New Realities 11 3 Theoretical Perspectives on Emerging Country Multinationals 33 4 Characteristics and Patterns of Turkish MNEs’ Internationalization 67 5 M arket Entry Strategies of Turkish MNEs 127 6 Post-Acquisition Strategies of Turkish MNEs 169 7 Synthesis and New Directions for Research 187 vii viii Contents Appendix A: Case Firms 213 Appendix B: Research Methodology 231 Index 239 List of Abbreviations BKT Banka Kombetare Tregtare BRIC Brazil, Russia, India, and China CBRT Central Bank of the Republic of Turkey CEO Chief Executive Officer CIS Commonwealth of Independent States DC MNE Developed Country Multinational Enterprise EC MNE Emerging Country Multinational Enterprise EFQM European Foundation for Quality Management EMENACIS Europe, Middle East and North Africa, and Commonwealth of Independent States EU European Union FDI Foreign Direct Investment FMCG Fast Moving Consumer Goods FSA Firm-Specific Advantage GDP Gross Domestic Product GLP Good Laboratory Practices GMP Good Manufacturing Practices IFDI Inward Foreign Direct Investment IMF International Monetary Fund Ind.BV Industry-Based View Inst.BV Institution-Based View IPM Internationalization Process Model ISI Import Substitution Industrialization ix
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