Internationalization in Emerging Economies: An Assessment and Propositions on Export Diversification Tendency in Emerging and Developed Countries

Yıl 2024, Cilt: 10 Sayı: 2, 334 - 352, 31.07.2024

Özlem Özen

https://doi.org/10.31592/aeusbed.1434971

Öz

This study explores export diversification in emerging economies within the frame of the relevant literature. In these economies, firms operate in uncertain and risky environments where labor, product and capital markets are inefficient. Firms in these economies internationalize to create sustainable competitive advantage. In such economies, one of the common ways of internationalization is export in early stages of the process. Firms internationalize by expanding existing products, creating new products or new markets. Firms in such economies target developed or other emerging economies with different product diversification strategies. Accordingly, firms’ export performance in developed and other emerging economies differs depending on various strategies, such as product diversification, cost leadership, branding. In market diversification, there have been opposite views about emerging economy firms’ expansion into other emerging economies with similar institutional environments and developed ones which are rich in terms of resources. Although the literature is rich in terms of export diversification, studies on whether emerging economy firms tend to expand their activities into developed ones or other emerging economies through various strategies and where they perform better in terms of exports, are limited. Therefore, this paper discusses emerging economy firms’ export diversification in developed and other emerging economies. In this regard, it aims to advance the understanding on export diversification in emerging economies by providing propositions that can be investigated in future research.

Anahtar Kelimeler

Internationalization, Export, Emerging economies, Export diversification

Gelişmekte Olan Ekonomilerde Uluslararasılaşma: Gelişmekte Olan ve Gelişmiş Ülkelerde İhracat Çeşitlendirmesi Eğilimi Üzerine Değerlendirme ve Önermeler

Öz

Bu çalışma ilgili yazın doğrultusunda gelişmekte olan ekonomilerdeki firmaların ihracat çeşitlendirmesini ele almaktadır. Gelişmekte olan ekonomilerdeki firmalar emek, sermaye ve ürün pazarlarının zayıf, risk ve belirsizliğin yüksek olduğu çevrelerde faaliyet göstermektedirler. Bu ekonomilerdeki firmalar sürdürülebilir rekabet avantajı yaratmak amacı ile uluslararası faaliyette bulunmaktadırlar. Bu ekonomilerde uluslararasılaşma sürecinin erken aşamalarında en çok kullanılan yöntemlerden birisi ihracattır. Firmalar, mevcut ürünlerle pazar paylarını artırarak, ürün ya da pazarlarını çeşitlendirerek ihracat faaliyetinde bulunmaktadırlar. Firmaların ihracat faaliyetini genişletirken başvurduğu ürün çeşitlendirmesinin gelişmekte olan ve gelişmiş ülkelerde farklılaştığı ileri sürülmektedir. Ürün çeşitlendirme, maliyet liderliği, markalaşma gibi farklı stratejilerle dış pazarlara açılan firmaların, gelişmiş ve diğer gelişmekte olan ekonomilerde ihracat performansı farklılaşmaktadır. Firmaların pazar çeşitlendirmesinde, kurumsal çevrelerine benzer özellikler gösteren diğer gelişmekte olan ekonomilerde ya da fırsat ve kaynakların daha çok bulunduğu gelişmiş ülkelerde ihracat faaliyeti göstereceğine ilişkin farklı görüşler bulunmaktadır. Yazında ihracat çeşitlendirmesine ilişkin çalışmalar bulunmasına rağmen, gelişmekte olan ekonomilerdeki firmaların çeşitli stratejilerle gelişmiş ya da gelişmekte olan diğer ekonomilere eğilimlerine ve elde edilen ihracat performansının bu ekonomi gruplarındaki farklılaşma durumuna ilişkin araştırmalar kısıtlıdır. Bu nedenle bu çalışma, firmaların uluslararasılaşma yöntemlerinden olan ihracatın, diğer gelişmekte olan ya da gelişmiş ekonomilerde çeşitlendirmesini tartışmaktadır. Bu doğrultuda, ilerideki çalışmalarda araştırılabilecek önermeler sunarak, gelişmekte olan ekonomilerdeki ihracat çeşitlendirmesi ile ilgili anlayışı ilerletmeyi amaçlamaktadır.

Anahtar Kelimeler

Uluslararasılaşma, İhracat, Gelişmekte olan ekonomiler, İhracat çeşitlendirmesi

Kaynakça

• Acaravcı, A. ve Kargı, G. (2015). Türkiye’de ihracatın çeşitlendirilmesi ve ekonomik büyüme. Uluslararası Ekonomi ve Yenilik Dergisi, 1(1), 1-16. https://doi.org/10.20979/ueyd.182891
• Ahmad, M. and Jabeen, G. (2023). Relating economic openness and export diversification to eco-efficiency: Is green innovation critical? International Journal of Finance & Economics, 29(3), 3203-3225. https://doi.org/10.1002/ijfe.2825
• Aitken, B., Hanson, G. H. and Harrison, A. E. (1997). Spillovers, foreign investment, and export behavior. Journal of International Economics, 43(1-2), 103-132. https://doi.org/10.1016/S0022-1996(96)01464-X
• Akar, G. ve Ay, A. (2019). Ürün ve ülke açısından ihracat çeşitlendirmesi: Türkiye üzerine bir değerlendirme. Gümüşhane Üniversitesi Sosyal Bilimler Enstitüsü̈ Elektronik Dergisi, 10(1), 116-127. https://dergipark.org.tr/tr/pub/gumus/issue/44146/460996
• Aldan, A. and Çulha, O. Y. (2016). The role of the extensive margin in export of Turkey: A comparative analysis. Central Bank Review, 16(2), 59-64. https://doi.org/10.1016/j.cbrev.2016.05.002
• Amurgo-Pacheco, A. and Pierola, M. D. (2008). Patterns of export diversification in developing countries: Intensive and extensive margins. World Bank Policy Research Working Paper 4473, Washington, DC. https://doi.org/10.1596/1813-9450-4473
• Artopoulos, A., Friel, D. and Hallak, J. C. (2013). Export emergence of differentiated goods from developing countries: Export pioneers and business practices in Argentina. Journal of Development Economics, 105, 19-35. https://doi.org/10.1016/j.jdeveco.2013.07.001
• Aulakh, P. S., Kotabe, M. and Teegen, H. (2000). Export strategies and performance of firms from emerging economies: Evidence from Brazil, Chile and Mexico. Academy of Management Journal, 43(3), 342-361. https://doi.org/10.2307/1556399
• Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
• Brenton, P. and Newfarmer, R. (2007). Watching more than the Discovery channel: Export cycles and diversification in development. World Bank Policy Research Working Paper 4302, Washington, DC. https://doi.org/10.1596/1813-9450-4302
• Brouthers, L. E., O’Donell, E. and Hadjimarcou, J. (2005). Generic product strategies for emerging market exports into triad nation markets: A mimetic isomorphism approach. Journal of Management Studies, 42(1), 225-245. https://doi.org/10.1111/j.1467-6486.2005.00495.x
• Brouthers, L. E. and Xu, K. (2002). Product stereotypes, strategy and performance satisfaction: The case of chinese exporters. Journal of International Business Studies, 33(4), 657-677. https://doi.org/10.1057/palgrave.jibs.8491038
• Cadot, O., Carrere, C. and Strauss-Kahn, V. (2011). Export diversification: What is behind the hump? The Review of Economics and Statistics, 93(2), 590-605. https://doi.org/10.1162/REST_a_00078
• Canh, N. P. and Thanh, S. D. (2022). The dynamics of export diversification, economic complexity and economic growth cycles: Global evidence. Foreign Trade Review, 57(3) 234-260. https://doi.org/10.1177/00157325209704
• Cuervo-Cazurra, A. and Genc, M. (2008). Transforming disadvantages into advantages: developing-country MNEs in the least developed countries. Journal of International Business Studies, 39(6), 957-979. https://doi.org/10.1057/palgrave.jibs.8400390
• Çınar, Y. ve Göksel, T. (2010). İhracatta bölgesel çeşitlendirme ve istikrar. Ankara Üniversitesi SBF Dergisi, 65(2), 29-57. https://doi.org/10.1501/SBFder_0000002169
• Damijan, J. P., Polanec, S. and Prasnikar, J. (2004). Self-selection, export market heterogeneity and productivity improvements: Firm level evidence from Slovenia. LICOS Discussion Paper, 148, Katholieke Universiteit Leuven, LICOS Centre for Transition Economics, Leuven. Retrieved from https://www.econstor.eu/handle/10419/74889 in 10.11.2022.
• Dawar, N. and Frost, T. (1999). Competing with giants: Survival strategies for local companies in emerging markets. Harvard Business Review, 77(2), 119-129.
• Del Sol, P. and Kogan, J. (2007). Regional competitive advantage based on pioneering economic reforms: the case of Chilean FDI. Journal of International Business Studies, 38(6), 901-927. https://doi.org/10.1057/palgrave.jibs.8400299
• Dunning, J. H. (1980). Toward an eclectic theory of international production: Some empirical tests. Journal of International Business Studies, 11(1), 9-31. https://doi.org/10.1057/palgrave.jibs.8490593
• Dunning, J. H. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19(1), 1-31. https://doi.org/10.1057/palgrave.jibs.8490372
• Dunning, J. H. (2001). The eclectic (OLI) paradigm of international production: Past, present and future. International Journal of the Economics of Business, 8(2), 173-190. https://doi.org/10.1080/13571510110051441
• Ekmen, S. and Erlat, G. (2013). Export diversification and competitiveness: Intensive and extensive margins of Turkey. Ekonomik Yaklaşım, 24(88), 35-64. 10.5455/ey.35201
• Estrin, S., K. E., Meyer, Wright, M. and Foliano, F. (2008). Export propensity and intensity of subsidiaries in emerging economies. International Business Review, 17(5), 574-586. https://doi.org/10.1016/j.ibusrev.2008.04.002
• Evenett, S. J. and Venables, A. J. (2002). Export growth in developing countries: Market entry and bilateral trade flows. Retrieved from https://users.nber.org/~confer/2002/si2002/venables.pdf in 10.11.2022.
• Filatotchev, I., Liu, X., Buck, T. and Wright, M. (2009). The export orientation and export performance of high-technology SMEs in emerging markets: The effects of knowledge transfer by returnee entrepreneurs. Journal of International Business Studies, 40(6), 1005-1021. https://doi.org/10.1057/jibs.2008.105
• Funke, M. and Ruhwedel, R. (2001). Export variety and export performance: Empirical evidence from East Asia. Journal of Asian Economics, 12(4), 493-505. https://doi.org/10.1016/S1049-0078(01)00100-2
• Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B. and Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, 41(3), 397-418. https://doi.org/10.1057/jibs.2009.47
• Haddoud, M. Y., Jones, P. and Newbery, R. (2021). Export intention in developing countries: A configuration approach to managerial success factors. Journal of Small Business Management, 59(1), 107-135. https://doi.org/10.1111/jsbm.12470
• Haini, H., Loon, P. W. and Li, P. L. (2023). Can export diversification promote export upgrading? Evidence from an oil-dependent economy. Resources Policy, 80, 103292. https://doi.org/10.1016/j.resourpol.2022.103292
• Herzer, D. and Nowak-Lehnmann D. F. (2006). What does export diversification do for growth? An econometric analysis. Applied Economics, 38(15), 1825-1838. https://doi.org/10.1080/00036840500426983
• Hitt, M. A., Hoskisson, R. E. and Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4), 767-798. https://doi.org/10.5465/256948
• Hoskisson, R.E., Eden, L., Lau, C. M. and Wright, M. (2000). Strategy in emerging economies. The Academy of Management Journal, 43(3), 249-267. https://doi.org/10.5465/1556394
• Hoskisson, R. E., Wright, M., Filatotchev, I. and Peng, M. W. (2013). Emerging multinationals from mid-range economies: The influence of institutions and factor markets. Journal of Management Studies, 50(7), 1295-1321. https://doi.org/10.1111/j.1467-6486.2012.01085.x
• Hummels, D. and Klenow, P. J. (2005). The variety and quality of a nation's exports. The American Economic Review, 95(3), 704-723. 10.1257/0002828054201396
• Johanson, J. and Vahlne, J. E. (1977). The internationalization process of the firm- a model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23-32. http://www.jstor.org/stable/254397
• Johanson, J. and Vahlne, J. E. (1990). The mechanism of internationalisation. International Marketing Review, 7(4), 11-24. https://doi.org/10.1108/02651339010137414
• Johanson, J. and Vahlne, J. E. (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of International Business Studies, 40(9), 1411-1431. https://doi.org/10.1057/jibs.2009.24
• Johanson, J. and Wiedersheim-Paul, F. (1975). The internationalization of the firm - four Swedish cases. Journal of Management Studies, 12(3), 305-323. https://doi.org/10.1111/j.1467-6486.1975.tb00514.x
• Jongwanich, J. (2020). Export diversification, margins and economic growth at industrial level: Evidence from Thailand. The World Economy, 43(10), 2674-2722. https://doi.org/10.1111/twec.12921
• Khanna, T. and Palepu, K. (1997). Why focused strategies may be wrong for emerging markets. Harvard Business Review, 75(4), 41-51.
• Kim, T. Y., Delios, A. and Xu, D. (2010). Organizational geography, experiential learning and subsidiary exit: Japanese foreign expansions in China, 1979-2001. Journal of Economic Geography, 10(4), 579-597. https://doi.org/10.1093/jeg/lbq014
• Koed-Madsen, T. (1989). Successful export marketing management: Some empirical evidence. International Marketing Review, 6(4), 41-57. https://doi.org/10.1108/EUM0000000001518
• Lectard, P. and Rougier, E. (2018). Can developing countries gain from defying comparative advantage? Distance to comparative advantage, export diversification and sophistication, and the dynamics of specialization. World Development, 102, 90-110. https://doi.org/10.1016/j.worlddev.2017.09.012
• Lee, C. C., Xing, W., Wu, W. and Lee, C. C. (2023). Export diversification and the green economy: the key role of economic risk. Technological and Economic Development of Economy, 29(2), 717-740. https://doi.org/10.3846/tede.2023.18532
• Lee, C. C., Yuan, Z. and Ho, S. J. (2022). How does export diversification affect income inequality? International evidence. Structural Change and Economic Dynamics, 63, 410-421. https://doi.org/10.1016/j.strueco.2022.06.010
• Lee, D. and Zhang, H. (2022). Export diversification in low-income countries and small states: Do country size and income level matter? Structural Change and Economic Dynamics, 60, 250-265. https://doi.org/10.1016/j.strueco.2021.11.017
• Li, D., Wang, X., Xu, Y. and Ren, Y. (2022). Analysis of export diversification and impact of globalisation on income inequality: Evidence from Asian countries. Global Economic Review, 51(3), 195-215. https://doi.org/10.1080/1226508X.2022.2120518
• Luo, Y. and Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4), 481-498. https://doi.org/10.1057/palgrave.jibs.8400275
• Mathews, J. A. (2002). Competitive advantages of the latecomer firm: A resource-based account of industrial catch-up strategies. Asia Pacific Journal of Management, 19(4), 467-488. https://doi.org/10.1023/A:1020586223665
• Mathews, J. A. (2006a). Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23(1), 5-27. https://doi.org/10.1007/s10490-006-6113-0
• Mathews, J. A. (2006b). Catch-up strategies and the latecomer effect in industrial development. New Political Economy, 11(3), 313-335. https://doi.org/10.1080/13563460600840142
• Meyer, K. E. and Peng, M. W. (2016). Theoretical foundations of emerging economy business research. Journal of International Business Studies, 47(1), 3-22. https://doi.org/10.1057/jibs.2015.34
• Mora, J. and Olabisi, M. (2023). Economic development and export diversification: The role of trade costs. International Economics, 173, 102-118. https://doi.org/10.1016/j.inteco.2022.11.002
• Nguyen, C. P. and Schinckus, C. (2023). How do countries deal with global uncertainty? Domestic ability to absorb shock through the lens of the economic complexity and export diversification. Quality & Quantity, 57(3), 2591-2618. https://doi.org/10.1007/s11135-022-01478-7
• Pananond, P. and Zeithaml, C. P. (1998). The international expansion process of MNEs from developing countries: A case study of Thailand’s CP Group. Asia Pacific Journal of Management, 15(2), 163-184. https://doi.org/10.1023/A:1015485413835
• Rehman, F. U. and Sohag, K. (2023). Does transport infrastructure spur export diversification and sophistication in the G-20 economies? An application of CS-ARDL. Applied Economics Letters, 30(14), 1861-1865. https://doi.org/10.1080/13504851.2022.2083554
• Saboori, B., Zaibet, L. and Boughanmi, H. (2022). Export diversification, energy consumption, economic growth and environmental degradation: evidence from Oman. International Journal of Ambient Energy, 43(1), 8486-8504. https://doi.org/10.1080/01430750.2022.2091026
• Saleem, R., Nasreen, S. and Azam, S. (2022). Role of financial inclusion and export diversification in determining green growth: evidence from SAARC economies. Environmental Science and Pollution Research, 29(40), 60327-60340. https://doi.org/10.1007/s11356-022-20096-2
• Sarin, V., Mahapatra, S. K. and Sood, N. (2022). Export diversification and economic growth: A review and future research agenda. Journal of Public Affairs, 22(3), e2524. https://doi.org/10.1002/pa.2524
• Shinkle, G. A. and Kriauciunas, A. P. (2010). Institutions, size and age in transition economies: Implications for export growth. Journal of International Business Studies, 41(2), 267-286. https://doi.org/10.1057/jibs.2009.9
• Tallman, S. and Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management Journal, 39(1), 179-196. https://doi.org/10.5465/256635
• Tesfom, G. and Lutz, C. (2006). A classification of export marketing problems of small and medium sized manufacturing firms in developing countries. International Journal of Emerging Markets, 1(3), 262-281. https://doi.org/10.1108/17468800610674480
• Tesfom, G., Lutz, C. and Ghauri, P. (2004). Comparing export marketing channels: developed versus developing countries. International Marketing Review, 21(4/5), 409-422. https://doi.org/10.1108/02651330410547117
• Türkcan, K. ve Pişkin, E. (2016). Ticaret anlaşmalarının Türkiye’nin ihracat dinamiğine etkisi: Yaygın ve yoğun ticaret. Ekonomik Yaklaşım, 27(99), 17-55. 10.5455/ey.35921
• Türkiye İstatistik Kurumu (TÜİK). (2022). Dış ticaret istatistikleri. https://data.tuik.gov.tr/Kategori/GetKategori?p=dis-ticaret-104vedil=1 adresinden 10.11.2022 tarihinde erişilmiştir.
• Vahlne, J. E. and Johanson, J. (2017). From internationalization to evolution: The Uppsala model at 40 years. Journal of International Business Studies, 48(9), 1087-1102. https://doi.org/10.1057/s41267-017-0107-7
• Wang, T. and Libaers, D. (2016). Nonmimetic knowledge and innovation performance: Empirical evidence from developing countries. Journal of Product Innovation Management, 33(5), 570-588. https://doi.org/10.1111/jpim.12306
• Wright, M., Filatotchev, I., Buck, T. and Bishop, K. (2002). Foreign partners in the former Soviet Union. Journal of World Business, 37(3), 165-179. https://doi.org/10.1016/S1090-9516(02)00075-5
• Wright, M., Filatotchev, I., Hoskisson, R. E. and Peng, M. W. (2005). Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1), 1-33. https://doi.org/10.1111/j.1467-6486.2005.00487.x
• Xu, D. and Meyer, K. E. (2013). Linking theory and context: ‘Strategy research in emerging economies’ after Wright et al. (2005). Journal of Management Studies, 50(7), 1322-1346. https://doi.org/10.1111/j.1467-6486.2012.01051.x
• Yaşar, E. ve Akalın, G. (2021). İhracat ürün çeşitlendirmesi ihracat performansını etkilemekte midir: Türkiye Örneği. Gaziantep University Journal of Social Sciences, 20(2), 493-505. https://doi.org/10.21547/jss.882615
• Young, M. N., Tsai, T., Wang, X., Liu, S. and Ahlstrom, D. (2014). Strategy in emerging economies and the theory of the firm. Asia Pacific Journal of Management, 31(2), 331-354. https://doi.org/10.1007/s10490-014-9373-0
• Zarach, Z. H. and Parteka, A. (2023). Export diversification and dependence on natural resources. Economic Modelling, 126, 106436. https://doi.org/10.1016/j.econmod.2023.106436
• Zhang, L. X., Lai, M. T., Chang, T., Ranjbar, O. and Saboori, B. (2023). Measuring the export diversification of creative products’ basket and identifying its drivers: cross-country evidence. Applied Economics Letters, 1-5. https://doi.org/10.1080/13504851.2023.2219883
• Zhao, S., Liu, X., Andersson, U. and Shenkar, O. (2022). Knowledge management of emerging economy multinationals. Journal of World Business, 57(1), 101255, https://doi.org/10.1016/j.jwb.2021.101255