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Lookup NU author(s): Dr Irene ChuORCiD
This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0).
EMNEs from Africa are missing in global places and spaces, and Africapitalism is also meagrely representedwithin the capillaries of international investments, relative to the opportunities offered by globalisation andAfrica’s rich natural resource endowment. Using the Penrosian MNE growth theory, we investigate how Africanfirms’ managerial competence and entrepreneurial behaviours can be enhanced by engaging foreign executivedirectors during pre, early and post-internationalisation. We conduct our analysis by using data from 157companies domiciled in 17 African countries. Our results show that whilst access to liquidity, foreign managerialknow-how, and experience are key drivers of early foreign listing of African EMNEs, these factors have less effecton corporate outcomes during the 3rd and 5th year without the moderating effect of foreign executive directors.We contribute to the international business and international entrepreneurship literature by showing that AfricanEMNEs can succeed in global spaces if they leverage the expertise of foreign executive directors as they bringidiosyncratic industry and market knowledge during early internationalisation. EMNEs intending to interna-tionalise must use a polycentric governing board structure to reflect the intended destination country. Our resultsimply that early listing on the international stock markets is among the key strategies latecomers use to enter aglobal game they are just learning to play
Author(s): Adams K, Attah-Boakye R, Yu H, Chu I, Ishaque M
Publication type: Article
Publication status: Published
Journal: Journal of Business Research
Year: 2023
Volume: 158
Print publication date: 01/03/2023
Online publication date: 06/01/2023
Acceptance date: 04/01/2023
Date deposited: 14/02/2023
ISSN (print): 0148-2963
ISSN (electronic): 1873-7978
Publisher: Elsevier
URL: https://doi.org/10.1016/j.jbusres.2023.113660
DOI: 10.1016/j.jbusres.2023.113660
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