Research Article
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How do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?

Year 2025, Issue: 71, 104 - 120, 27.06.2025
https://doi.org/10.26650/JECS2024-1549375

Abstract

The internationalization process entails challenges, and companies need to identify the best manner to reach social support and legitimacy in the host countries. Among the main challenges, cultural differences between the home and foreign country should be highlighted. Since legitimacy is achieved through consistent corporate behavior aligned with social norms and values, enterprises must identify and adapt to these cultural differences to succeed in the expansion process. Therefore, the main objective of this research is to identify the most critical barriers in the internationalization process as well as to provide solutions and guidelines for future enterprises that want to follow an international approach.

References

  • Adamczyk, M. (2017). The importance of cultural differences in international business. The Central European Review of Economics and Management, 1(2), 151-170. https://doi.org/10.29015/cerem.335 google scholar
  • Adler, N. (1980). Cultural synergy: The management of cross-cultural organizations. In W.W. Burke and D. Goodstein (Eds) Trends and Issues in OD: Current Theory and Practice (163-184). San Diego, California: University Associates. google scholar
  • Barley, S. R. and Tolbert, P. S. (1997). Institutionalization and Structuration: Studying the Links between Action and Institution. Organi^ zation Studies, 18(1), 93-117. https://doi.org/10.1177/017084069701800106 google scholar
  • Bitektine, A. and Haack, P. (2015). The “macro” and the “micro” of legitimacy: Toward a multilevel theory of the legitimacy process. google scholar
  • Academy of Management Review, 40(1), 49-75. doi:10.5465/amr.2013.0318 google scholar
  • Blanco-Gonzalez, A., Diéz-Martín, F., Cachón-Rodríguez, G. and Prado-Román, C. (2022). Contribution of social responsibility to the work involvement of employees. Corporate Social Responsibility and Environmental Management, 27(6), 2588-2598. https://doi.org/10. 1002/csr.1978 google scholar
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  • Buckley, P.J. (2015). The contribution of internalization theory to international business: New realities and unanswered questions. Journal of World Business, 51(1), 74-82. https://doi.org/10.1016/j.jwb.2015.08.012 google scholar
  • Casillas, J.C., & Acedo, F.J. (2012). Speed in the internationalization process of the firm. International Journal of Management Reviews, 15(1), 15-29. https://doi.org/10.1111/j.1468-2370.2012.00331.x google scholar
  • Creswell, J.W. (2014), Research Design: Qualitative, Quantitative, and Mixed Methods Approaches, Thousand Oaks, CA: Sage. google scholar
  • Dacin, T., Oliver, C. and Roy, J.-P. (2006). Legitimacy of strategic alliances: an institutional perspective. Strategic Management Journal, 28(2), 169-187. https://doi.org/10.1002/smj.577 google scholar
  • Deephouse, D.L. (1996). Is isomorphism legitimate? Academy of Management Journal, 39(4), 1024-1039. https://doi.org/10.2307/256722 google scholar
  • Deephouse, D. and Suchman, M. (2008). Legitimacy in organizational institutionalism. In The SAGE Handbook of Organizational Institutionalism http://dx.doi.org/10.4135/9781849200387.n2 google scholar
  • Díez-Martín, F., Blanco-González, A., & Díez-de-Castro, E. (2021). Measuring a scientifically multifaceted concept. The jungle of organizational legitimacy. European Research on Management and Business Economics, 27(1), 100131. doi:10.1016/j.iedeen.2020.10.001 google scholar
  • Feldberga, E. and Grike, K. (2015). Harmonization of intercultural barriers in international business: The case of Latvia and Norway. Procedia^Social and Behavioral Sciences, 213, 938-943. doi:10.1016/j.sbspro.2015.11.508 google scholar
  • Fitzpatrick, K.R., White, C.L., & Bier, L.M. (2020). C-suite perspectives on corporate diplomacy as a component of public diplomacy. Place Branding and Public Diplomacy, 16, 25-35. https://link.springer.com/article/10.1057/s41254-019-00123-9 google scholar
  • Glozer, S., Caruana, R., & Hibbert, S.A. (2019). The never-ending story: discursive legitimation in social media dialog. Organizational Studies, 40(5), 625–650. https://doi.org/10.1177/0170840617751006 google scholar
  • Hoffman, A.J. (2001). From Heresy to Dogma: An Institutional History of Corporate Environmentalism. California: Standford University Press; 2008. google scholar
  • Javadian, G., Figueroa-Armijos, M., Gupta, V. K., Modarresi, M., & Dobratz, C. (2021). Does it pay to act feminine? A cross-cultural study of gender stereotype endorsement and cognitive legitimacy in the evaluation of new ventures. International Journal of Gender and Entrepreneurship, 13(4), 330-352. https://doi.org/10.1108/IJGE-07-2020-0092 google scholar
  • Jiang, T., Yang, B., Yang, B., Wu, B., & Wan, G. (2022). How does liability of origin influence cross-border acquisition completion? Evidence from Chinese firms. Chinese Management Studies, 16(4), 857-884. https://doi.org/10.1108/CMS-02-2021-0079 google scholar
  • Johnson, J.S. (2015). Qualitative sales research: an exposition of grounded theory. Journal of Personal Selling and Sales Management, 35(3), 262-273, https://doi.org/10.1080/08853134.2014.954581 google scholar
  • Kostova, T., & Zaheer, S. (1999). Organizational legitimacy under conditions of complexity: The case of a multinational enterprise. Academy of Management Review, 24(1), 64-81. https://doi.org/10.2307/259037 google scholar
  • Lvina, E., Matveev, A., & Grishin, G. (2019). Transforming cultural barriers into assets: lessons learned from a global insurance broker. Review of International Comparative Management, 20(3), 226-240. http://dx.doi.org/10.24818/RMCI.2019.3.226 google scholar
  • Marschlich, S., & Ingenhoff, D. (2022). Public-private partnerships: How institutional linkages help to build organizational legitimacy in an international environment. Public Relations Review, 48(1), 102124. https://doi.org/10.1016/j.pubrev.2021.102124 google scholar
  • Mendy, J. and Rahman, M. (2018). Application of human resource management’s universal model: An examination of people versus institutions as barriers to internationalization for SMEs in a small developing country. International Business Theory and Appli^ cation, 61(2), 363-374. https://doi.org/10.1002/tie.21985 google scholar
  • Okoro, E. (2012). Cross-Cultural etiquette and communication in global business: Toward a strategic framework for managing corporate expansion. International Journal of Business and Management, 7(16), 130-138. http://dx.doi.org/10.5539/ijbm.v7n16p130 google scholar
  • Ozanne, J.L., & Saatcioglu, B. (2008). An interpretive examination of the development of cultural sensitivity in international business. Journal of International Business Studies, 39, 71-87. http://dx.doi.org/10.1057/palgrave.jibs.8400327 google scholar
  • Plaza-Casado, A., Blanco-González, A., Rivero-Gutiérrez, L., & Gómez-Martínez (2024). Does the legitimacy of countries influence the internationalization of emerging market multinationals. European Research on Management and Business Economics, 30(1), 100233. https://doi.org/10.1016/j.iedeen.2023.100233 google scholar
  • Preikschas, M.W., Cabanelas, P., Rüdiger, K. & Lampon, J.F. (2017). Value co-creation, dynamic capabilities and customer retention in industrial markets. Journal of Business and Industrial Marketing, 32(3), 409-420, https://doi.org/10.1108/JBIM-10-2014-0215 google scholar
  • Rivero-Gutiérrez, L., Cabanelas-Lorenzo, P., Díez-Martín, F. & Blanco-González, A. (2024). How can companies boost their legitimacy in international markets? A dynamic marketing capabilities approach. International Marketing Review, 41(1), 273-301. https://doi. org/10.1108/IMR-09-2022-0215 google scholar
  • Roy, A., Sekhar, C. and Vyas, V. (2016). Barriers to internationalization: A study of small and medium enterprises in India. Journal of International Entrepreneurship, 14, 513-538. https://doi.org/10.1007/s10843-016-0187-7 google scholar
  • Schembera, S. and Scherer, A. G. (2014). Organizational strategies in the context of legitimacy loss: Radical versus gradual responses to disclosed corruption. Strategic Organization, 15(3), 301-337. http://dx.doi.org/10.1177/1476127016685237 google scholar
  • Shenkar, O. (2001). Cultural distance revisited: toward a more rigorous conceptualization and measurement of cultural differences. google scholar
  • Journal of International Business Studies, 32, 519-535. doi:10.1057/palgrave.jibs.8490982 google scholar
  • Sonpar, K., Pazzaglia, F. and Kornijenko, J. (2010). The paradox and constraints of legitimacy. Journal of Business Ethics, 95, 1–21. http:// dx.doi.org/10.1007/s10551-009-0344-1 google scholar
  • Stahl, G.K., & Tung, R.L. (2015). Toward a more balanced treatment of culture in international business studies: The need for positive cross-cultural scholarship. Journal of International Business Studies, 46, 391–414 http://dx.doi.org/10.1057/jibs.2014.68 google scholar
  • Stenholm, P., Acs, Z. J., & Wuebkerd, R. (2013). Exploring country-level institutional arrangements on the rate and type of entrepreneurial activity. Journal of Business Venturing, 28(1), 176-193. https://doi.org/10.1016/j.jbusvent.2011.11.002 google scholar
  • Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610. doi: 10.2307/258788 google scholar
  • Suddaby, R., Bitektine, A. and Haack, P. (2016). Legitimacy. Academy of Management Annals, 11(1), 451-478. http://dx.doi.org/10.5465/ annals.2015.0101 google scholar
  • Susith, F. and Stewart, L. (2014). A theoretical framework for CSR practices: Integrating legitimacy theory, stakeholder theory and institutional theory. The Journal of Theoretical Accounting, 10(1), 149-178. google scholar
  • Tenzer, H. and Pudelko, M. (2017). Influence of language differences in power dynamics in multinational teams. Journal of World Business, 52(1), 45-61. https://doi.org/10.1016/j.jwb.2016.11.002 google scholar
  • Yang, Z., Su, C. and Fam, K.-S. (2012). Dealing with institutional distances in international marketing channels: Governance strategies that engender legitimacy and efficiency. Journal of Marketing, 76(3), 41-55. https://www.jstor.org/stable/41714488 google scholar
  • Yin, J., Rothlin, S., Li, X., Caccamo, M. (2013). Stakeholder perspectives on the corporate social responsibility (CSR) of multinational companies in China. Journal of International Business Ethics, 6 (1–2), 57. google scholar
  • Zamparini, A., Lurati, F., (2017). Being different and being the same: multimodal image projection strategies for a legitimate distinctive identity. Strategic Organization, 15 (1), 6–39. https://doi.org/10.1177/1476127016638811. google scholar
  • Zhang, J., Deephouse, D. L., van Gorp, D., & Ebbers, H. (2020). Individuals’ perceptions of the legitimacy of emerging market multinationals: Ethical foundations and construct validation. Journal of Business Ethics, 1-25. https://doi.org/10.1007/s10551-020-04599-x google scholar
Year 2025, Issue: 71, 104 - 120, 27.06.2025
https://doi.org/10.26650/JECS2024-1549375

Abstract

References

  • Adamczyk, M. (2017). The importance of cultural differences in international business. The Central European Review of Economics and Management, 1(2), 151-170. https://doi.org/10.29015/cerem.335 google scholar
  • Adler, N. (1980). Cultural synergy: The management of cross-cultural organizations. In W.W. Burke and D. Goodstein (Eds) Trends and Issues in OD: Current Theory and Practice (163-184). San Diego, California: University Associates. google scholar
  • Barley, S. R. and Tolbert, P. S. (1997). Institutionalization and Structuration: Studying the Links between Action and Institution. Organi^ zation Studies, 18(1), 93-117. https://doi.org/10.1177/017084069701800106 google scholar
  • Bitektine, A. and Haack, P. (2015). The “macro” and the “micro” of legitimacy: Toward a multilevel theory of the legitimacy process. google scholar
  • Academy of Management Review, 40(1), 49-75. doi:10.5465/amr.2013.0318 google scholar
  • Blanco-Gonzalez, A., Diéz-Martín, F., Cachón-Rodríguez, G. and Prado-Román, C. (2022). Contribution of social responsibility to the work involvement of employees. Corporate Social Responsibility and Environmental Management, 27(6), 2588-2598. https://doi.org/10. 1002/csr.1978 google scholar
  • Brouthers, K.D., & Hennart, J.-F. (2007). Boundaries of the firm: Insights from international entry mode research. Journal of Management, 33(3). http://dx.doi.org/10.1177/0149206307300817 google scholar
  • Buckley, P.J. (2015). The contribution of internalization theory to international business: New realities and unanswered questions. Journal of World Business, 51(1), 74-82. https://doi.org/10.1016/j.jwb.2015.08.012 google scholar
  • Casillas, J.C., & Acedo, F.J. (2012). Speed in the internationalization process of the firm. International Journal of Management Reviews, 15(1), 15-29. https://doi.org/10.1111/j.1468-2370.2012.00331.x google scholar
  • Creswell, J.W. (2014), Research Design: Qualitative, Quantitative, and Mixed Methods Approaches, Thousand Oaks, CA: Sage. google scholar
  • Dacin, T., Oliver, C. and Roy, J.-P. (2006). Legitimacy of strategic alliances: an institutional perspective. Strategic Management Journal, 28(2), 169-187. https://doi.org/10.1002/smj.577 google scholar
  • Deephouse, D.L. (1996). Is isomorphism legitimate? Academy of Management Journal, 39(4), 1024-1039. https://doi.org/10.2307/256722 google scholar
  • Deephouse, D. and Suchman, M. (2008). Legitimacy in organizational institutionalism. In The SAGE Handbook of Organizational Institutionalism http://dx.doi.org/10.4135/9781849200387.n2 google scholar
  • Díez-Martín, F., Blanco-González, A., & Díez-de-Castro, E. (2021). Measuring a scientifically multifaceted concept. The jungle of organizational legitimacy. European Research on Management and Business Economics, 27(1), 100131. doi:10.1016/j.iedeen.2020.10.001 google scholar
  • Feldberga, E. and Grike, K. (2015). Harmonization of intercultural barriers in international business: The case of Latvia and Norway. Procedia^Social and Behavioral Sciences, 213, 938-943. doi:10.1016/j.sbspro.2015.11.508 google scholar
  • Fitzpatrick, K.R., White, C.L., & Bier, L.M. (2020). C-suite perspectives on corporate diplomacy as a component of public diplomacy. Place Branding and Public Diplomacy, 16, 25-35. https://link.springer.com/article/10.1057/s41254-019-00123-9 google scholar
  • Glozer, S., Caruana, R., & Hibbert, S.A. (2019). The never-ending story: discursive legitimation in social media dialog. Organizational Studies, 40(5), 625–650. https://doi.org/10.1177/0170840617751006 google scholar
  • Hoffman, A.J. (2001). From Heresy to Dogma: An Institutional History of Corporate Environmentalism. California: Standford University Press; 2008. google scholar
  • Javadian, G., Figueroa-Armijos, M., Gupta, V. K., Modarresi, M., & Dobratz, C. (2021). Does it pay to act feminine? A cross-cultural study of gender stereotype endorsement and cognitive legitimacy in the evaluation of new ventures. International Journal of Gender and Entrepreneurship, 13(4), 330-352. https://doi.org/10.1108/IJGE-07-2020-0092 google scholar
  • Jiang, T., Yang, B., Yang, B., Wu, B., & Wan, G. (2022). How does liability of origin influence cross-border acquisition completion? Evidence from Chinese firms. Chinese Management Studies, 16(4), 857-884. https://doi.org/10.1108/CMS-02-2021-0079 google scholar
  • Johnson, J.S. (2015). Qualitative sales research: an exposition of grounded theory. Journal of Personal Selling and Sales Management, 35(3), 262-273, https://doi.org/10.1080/08853134.2014.954581 google scholar
  • Kostova, T., & Zaheer, S. (1999). Organizational legitimacy under conditions of complexity: The case of a multinational enterprise. Academy of Management Review, 24(1), 64-81. https://doi.org/10.2307/259037 google scholar
  • Lvina, E., Matveev, A., & Grishin, G. (2019). Transforming cultural barriers into assets: lessons learned from a global insurance broker. Review of International Comparative Management, 20(3), 226-240. http://dx.doi.org/10.24818/RMCI.2019.3.226 google scholar
  • Marschlich, S., & Ingenhoff, D. (2022). Public-private partnerships: How institutional linkages help to build organizational legitimacy in an international environment. Public Relations Review, 48(1), 102124. https://doi.org/10.1016/j.pubrev.2021.102124 google scholar
  • Mendy, J. and Rahman, M. (2018). Application of human resource management’s universal model: An examination of people versus institutions as barriers to internationalization for SMEs in a small developing country. International Business Theory and Appli^ cation, 61(2), 363-374. https://doi.org/10.1002/tie.21985 google scholar
  • Okoro, E. (2012). Cross-Cultural etiquette and communication in global business: Toward a strategic framework for managing corporate expansion. International Journal of Business and Management, 7(16), 130-138. http://dx.doi.org/10.5539/ijbm.v7n16p130 google scholar
  • Ozanne, J.L., & Saatcioglu, B. (2008). An interpretive examination of the development of cultural sensitivity in international business. Journal of International Business Studies, 39, 71-87. http://dx.doi.org/10.1057/palgrave.jibs.8400327 google scholar
  • Plaza-Casado, A., Blanco-González, A., Rivero-Gutiérrez, L., & Gómez-Martínez (2024). Does the legitimacy of countries influence the internationalization of emerging market multinationals. European Research on Management and Business Economics, 30(1), 100233. https://doi.org/10.1016/j.iedeen.2023.100233 google scholar
  • Preikschas, M.W., Cabanelas, P., Rüdiger, K. & Lampon, J.F. (2017). Value co-creation, dynamic capabilities and customer retention in industrial markets. Journal of Business and Industrial Marketing, 32(3), 409-420, https://doi.org/10.1108/JBIM-10-2014-0215 google scholar
  • Rivero-Gutiérrez, L., Cabanelas-Lorenzo, P., Díez-Martín, F. & Blanco-González, A. (2024). How can companies boost their legitimacy in international markets? A dynamic marketing capabilities approach. International Marketing Review, 41(1), 273-301. https://doi. org/10.1108/IMR-09-2022-0215 google scholar
  • Roy, A., Sekhar, C. and Vyas, V. (2016). Barriers to internationalization: A study of small and medium enterprises in India. Journal of International Entrepreneurship, 14, 513-538. https://doi.org/10.1007/s10843-016-0187-7 google scholar
  • Schembera, S. and Scherer, A. G. (2014). Organizational strategies in the context of legitimacy loss: Radical versus gradual responses to disclosed corruption. Strategic Organization, 15(3), 301-337. http://dx.doi.org/10.1177/1476127016685237 google scholar
  • Shenkar, O. (2001). Cultural distance revisited: toward a more rigorous conceptualization and measurement of cultural differences. google scholar
  • Journal of International Business Studies, 32, 519-535. doi:10.1057/palgrave.jibs.8490982 google scholar
  • Sonpar, K., Pazzaglia, F. and Kornijenko, J. (2010). The paradox and constraints of legitimacy. Journal of Business Ethics, 95, 1–21. http:// dx.doi.org/10.1007/s10551-009-0344-1 google scholar
  • Stahl, G.K., & Tung, R.L. (2015). Toward a more balanced treatment of culture in international business studies: The need for positive cross-cultural scholarship. Journal of International Business Studies, 46, 391–414 http://dx.doi.org/10.1057/jibs.2014.68 google scholar
  • Stenholm, P., Acs, Z. J., & Wuebkerd, R. (2013). Exploring country-level institutional arrangements on the rate and type of entrepreneurial activity. Journal of Business Venturing, 28(1), 176-193. https://doi.org/10.1016/j.jbusvent.2011.11.002 google scholar
  • Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610. doi: 10.2307/258788 google scholar
  • Suddaby, R., Bitektine, A. and Haack, P. (2016). Legitimacy. Academy of Management Annals, 11(1), 451-478. http://dx.doi.org/10.5465/ annals.2015.0101 google scholar
  • Susith, F. and Stewart, L. (2014). A theoretical framework for CSR practices: Integrating legitimacy theory, stakeholder theory and institutional theory. The Journal of Theoretical Accounting, 10(1), 149-178. google scholar
  • Tenzer, H. and Pudelko, M. (2017). Influence of language differences in power dynamics in multinational teams. Journal of World Business, 52(1), 45-61. https://doi.org/10.1016/j.jwb.2016.11.002 google scholar
  • Yang, Z., Su, C. and Fam, K.-S. (2012). Dealing with institutional distances in international marketing channels: Governance strategies that engender legitimacy and efficiency. Journal of Marketing, 76(3), 41-55. https://www.jstor.org/stable/41714488 google scholar
  • Yin, J., Rothlin, S., Li, X., Caccamo, M. (2013). Stakeholder perspectives on the corporate social responsibility (CSR) of multinational companies in China. Journal of International Business Ethics, 6 (1–2), 57. google scholar
  • Zamparini, A., Lurati, F., (2017). Being different and being the same: multimodal image projection strategies for a legitimate distinctive identity. Strategic Organization, 15 (1), 6–39. https://doi.org/10.1177/1476127016638811. google scholar
  • Zhang, J., Deephouse, D. L., van Gorp, D., & Ebbers, H. (2020). Individuals’ perceptions of the legitimacy of emerging market multinationals: Ethical foundations and construct validation. Journal of Business Ethics, 1-25. https://doi.org/10.1007/s10551-020-04599-x google scholar
There are 45 citations in total.

Details

Primary Language English
Subjects Sociology (Other)
Journal Section Research Articles
Authors

Alicia Blanco González 0000-0002-8509-7993

Pablo Menchen Atienza 0009-0003-0990-7434

Cristina Del Castillo Feito 0000-0002-7903-1365

Lourdes Rivero Gutiérrez 0000-0001-9562-8885

Publication Date June 27, 2025
Submission Date September 14, 2024
Acceptance Date March 12, 2025
Published in Issue Year 2025 Issue: 71

Cite

APA Blanco González, A., Menchen Atienza, P., Del Castillo Feito, C., Rivero Gutiérrez, L. (2025). How do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?. Journal of Economy Culture and Society(71), 104-120. https://doi.org/10.26650/JECS2024-1549375
AMA Blanco González A, Menchen Atienza P, Del Castillo Feito C, Rivero Gutiérrez L. How do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?. Journal of Economy Culture and Society. June 2025;(71):104-120. doi:10.26650/JECS2024-1549375
Chicago Blanco González, Alicia, Pablo Menchen Atienza, Cristina Del Castillo Feito, and Lourdes Rivero Gutiérrez. “How Do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?”. Journal of Economy Culture and Society, no. 71 (June 2025): 104-20. https://doi.org/10.26650/JECS2024-1549375.
EndNote Blanco González A, Menchen Atienza P, Del Castillo Feito C, Rivero Gutiérrez L (June 1, 2025) How do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?. Journal of Economy Culture and Society 71 104–120.
IEEE A. Blanco González, P. Menchen Atienza, C. Del Castillo Feito, and L. Rivero Gutiérrez, “How do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?”, Journal of Economy Culture and Society, no. 71, pp. 104–120, June 2025, doi: 10.26650/JECS2024-1549375.
ISNAD Blanco González, Alicia et al. “How Do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?”. Journal of Economy Culture and Society 71 (June 2025), 104-120. https://doi.org/10.26650/JECS2024-1549375.
JAMA Blanco González A, Menchen Atienza P, Del Castillo Feito C, Rivero Gutiérrez L. How do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?. Journal of Economy Culture and Society. 2025;:104–120.
MLA Blanco González, Alicia et al. “How Do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?”. Journal of Economy Culture and Society, no. 71, 2025, pp. 104-20, doi:10.26650/JECS2024-1549375.
Vancouver Blanco González A, Menchen Atienza P, Del Castillo Feito C, Rivero Gutiérrez L. How do Companies Adapt to Cultural Factors to Gain Legitimacy in International Markets ?. Journal of Economy Culture and Society. 2025(71):104-20.