Business History Research Articles

Railroads and the Transformation of China by Elisabeth Köll

Reviewed by: Railroads and the Transformation of China by Elisabeth Köll Yongming Zhou Railroads and the Transformation of China by Elisabeth Köll. Cambridge, MA: Harvard University Press, 2019. Pp. xi + 396. $42.00 cloth, $42.00 e-book. This well-researched and well-written book provides, for the first time, a comprehensive inquiry into the history of railroads in China. The book covers more than one and a half centuries, from the last years of the Qing dynasty, through China’s republican and socialist eras, to the early twenty-first century, when high-speed railroads have become the symbol of the new era. Situating railroads in the matrix of China’s transformation to modernity, the book deals with economic, political, cultural, as well as social aspects of Chinese society that were affected by railroads or made to change in response to them. It presents an in-depth analysis of this important technology and institution through time. In accomplishing this ambitious undertaking, Elisabeth Köll treats the railroad as a new institution, which she uses as the main theme to organize her discussion. Following the Weberian definition of an institution “as a rational, profit-seeking economic organization with enforced regulations and a technical, operational entity divided between administrators and workers” (p. 7), Köll points out that one unique characteristic of the Chinese railroad is the influence of railroad bureaus (tielu ju 铁路局), an organizational and managerial institution that played a pivotal role from the republican years till today. To explain the long-lasting influence of the railroad-bureau system, Köll argues that “Chinese railroads absorbed institutional aspects of foreign management and operational practices while adapting to the political environment of fragmented central state power”; this adaptation in turn granted railroad bureaus “a surprising degree of regional autonomy” (p. 6). Using this central argumentative thread, Köll then traces the institutional history of railroad bureaus in different political and socioeconomic contexts. What makes this volume particularly informative and inspirational is that it adopts a broader perspective than a conventional business history does. Köll gives an excellent discussion on China’s temporal and spatial transformation after the arrival of railroads. Temporally speaking, the new technology required rigid punctuality in its operation. [End Page 381] And the creation of transregional train timetables led to the institutionalization of standard time zones. While the history of trains and time zones in the West is well studied, China’s setting up of five standard time zones in 1918 has often been overlooked. These zones comprised the central, midwestern, northeastern, and far-western regions, as well as Xinjiang and Tibet (p. 145). Indeed, it is curious that this significant undertaking has left little trace in existing studies of modern Chinese history. According to Köll, this neglect arises from the fact that most of China’s railroads at that time were located in the central time zone, which covered fourteen provinces, and so other time zones were less relevant. After the establishment of the People’s Republic in 1949, China adopted a single time zone with Beijing time as its new standard. It is thus no exaggeration to say that the railroad has caused fundamental temporal changes in modern China: it changed Chinese people’s perception of time as well as the way in which the Chinese state regulated standard time. The construction of railroads changed not only the local landscape but also the spatial configuration of a place, socially, economically, as well as culturally. On a micro level, Köll discusses the formation of rail compounds inhabited by railway workers, who shared a close-knit community with a common identity and subculture. This construction of common community started in the early twentieth century and further developed in the work-unit context of post-1949 China. Compared to other workers, railroad workers had specialized skills and thus enjoyed higher pay and social status. Köll discusses how the rail compounds became a social space marked with these workers’ unique identity. A specific illustrative example is the emergence of railway army corps (tiedao bing 铁道兵) in post-1949 China: “with a strong military identity and discipline united in dangerous construction work across the country, these railroad...

State of the Field: The Animating Tensions of Canadian Jewish Historiography

State of the Field:The Animating Tensions of Canadian Jewish Historiography David S. Koffman (bio) and Pierre Anctil (bio) On November 7, 2018, Prime Minister Justin Trudeau offered an apology for Canada's 1939 federal government decision to deny entry to the MS St. Louis, a German ocean liner that had carried 937 Jewish refugees. The ship would eventually return to Germany and 227 of its passengers would ultimately be caught in the Nazi death dragnet. The refusal of multiple countries to accept these refugees (Britain, France, Belgium and the Netherlands each accepted asylum seekers) helped solidify the Nazis' confidence that the western world didn't care much for the plight of Jews, already apparent at the Evian Conference a year prior. In Canada, the MS St. Louis became shorthand for the country's abysmal wartime record regarding Jewish refugees. Canada accepted the fewest Jews of any refugee-accepting nation in the world: all told, a meager 7,400 souls.1 Credit for the fact that Canadians remember the St. Louis episode and that Canada's prime minister would acknowledge its dismal Naziera policies on immigration and refugees, is largely due to the scholarly work of the Canadian Jewish historians Irving Abella and Harold Troper.2 None is Too Many became and remains essential reading for Canadian political leaders, academics, and public intellectuals. The book has been credited with influencing humanitarian and immigration policy decisions [End Page 403] since it was first published in 1983.3 (Curiously, it has not yet been translated into French.) Rarely have historians of Canadian Jewish life reached so far into Canadian national public consciousness, but the case allows us to see something of the impact that Canadian Jewish historical scholarship has had on Canadian life.4 This essay aims to introduce readers to the literatures of and debates within the field of Canadian Jewish history, a field we characterize as maturing, if segmented, and one that has remained publicly engaged since the 1980s. WIDE-ANGLE LENSES For a relatively small field, Canadian Jewish history has received an outsized share of attention. There have been several attempts to capture, qualify, and quantify output within the field. A 1992 annotated bibliography by Stuart Schoenfeld and Dwight Daignault5 was soon followed by Morton Weinfeld's sociological analysis of the features that distinguish Canadian Jewry from its American counterpart.6 Weinfeld predicted that the two Jewish communities would ultimately converge into one indistinguishable, continental Jewry. These two works complement Gerald Tulchinsky's 2008 Canada's Jews: A People's Journey, a synthesis of his two previous volumes.7 Until his death in 2017, Tulchinsky was widely [End Page 404] recognized as the preeminent historian of Canadian Jewish life. His long-standing interests in political, labor, and business history shaped his view, and that of others, of the Canadian Jewish past as a history that focused on the social life of Jews as the community developed an institutional grounding for self-preservation and defense. According to this view, immigrants and their descendants worked to integrate into local and national cultures, and to safeguard their interests in the realm of politics, both domestic and international. Other historians have treated areas that Tulchinsky's work ignored or deemphasized, including religious transformation and accommodation; developments in Jewish culture, language and letters; and the histories of non-Ashkenazi, non-Orthodox Jewries. Richard Menkis and Ira Robinson have published important studies on the history of Judaism. Menkis has worked on the history of Conservative and Reform Judaism;8 Robinson has published on the Eastern European rabbinate in Canada;9 and the two together cut an innovative path using sermons as sources for interrogating the ideological, contextual, and circulation of religious ideas.10 Yolande Cohen has published extensively on the Sephardi experience in Canada11 —a sub-field that remains understudied—and Rebecca Margolis, Pierre Anctil, and others have published works on the history of Yiddish culture in Canada.12 [End Page 405] Tulchinsky's efforts in writing wide-angle work have been emulated by others over the past decade and a half. One collection foregrounded studies of Canadian Jewish subjects from disciplines largely foreign to Tulchinsky's social history, including visual arts, literature...

İşletme Tarihi’nde Bir Araştırma Alanı Olarak Girişimcilik Kavramı: Kökenleri, Evrimi, Kültür ve Değerler Üzerindeki Etkisine Yönelik Bir Değerlendirme

Tarihin önemli olduğunu öne süren ya da mesleki bağımlılıklarının önemini vurgulayanbilim adamları tarafından işletme tarihinin gözden kaçırdığı bazı alanlar vardır.Bu makalenin amacı, bu araştırma alanları içinde en önemli örneklerden birini teşkileden girişimcilik kavramını tarihsel bağlamda ele almaktır. Bu amaçla bölüm girişimciliğintanımına kısa bir giriş yaparak başlamaktadır. İkinci bölümde yapılan literatürdeğerlendirmesine müteakip, üçüncü bölümde bir araştırma alanı olarak girişimcilikkavramı incelenmiştir. Dördüncü bölümde girişimciliğin tarihsel gelişiminin kökenlerive evrimi ele alınmıştır. Beşinci bölümde girişimciliğin kültür ve değerler üzerindekietkileri analiz edilmiştir. Altıncı bölümde ise çalışma genel bir değerlendirme yapılaraksonuçlandırılmıştır.

How to construct corporate identity and reputation. Is the ‘about us’ page a micro-genre?

Multimodal resources and digital multimedia technologies have been modifying and remodelling social practices in any field over the last decades. In business communication, histories of business, corporate vision and mission are today instantiated by the ‘About Us’ webpage, a sort of multimodal self-portrait or short autobiography created by the company itself. From a discursive perspective, this webpage typology has always been disregarded if compared with the crucial role played by the homepage that, according to the Usability guidelines, is to present the company, its business and market value. Only recently, web marketers have focused on the strategic function the undervalued ‘About Us’ page fulfils. It has revealed itself to be a goal-oriented sales page which focuses on highlighting the most relevant credentials of a company, its brand, and on making a strong impression on potential customers. Its aim is to remodel practices of Self presentation into practices of Self branding and this process takes place thanks to the co-deployment of different semiotic resources which, in turn, make use of different digital media technologies. This contribution will show how the specialized discourses of marketing and branding are translated, or rather transducted, into multimodal artefacts, the corporate ‘About Us’ pages, and how persuasive discursive strategies are embedded in a well-defined digital text pattern. Through the analysis of a small sample of corporate ‘About Us’ pages, we will demonstrate that these pages are the loci where business reputation and corporate identity can be constructed more effectively.

BİR YÖNETİM GURUSU OLARAK ALFRED D. CHANDLER VE İŞLETME TARİHİ ÜZERİNDEKİ ETKİLERİNE YÖNELİK ANALİTİK BİR DEĞERLENDİRME

ÖzAmaç: Bu makalenin amacı, modern işletme tarihinin babası kabul edilen Alfred D. Chandler, Jr.’ın işletme tarihi üzerindeki etkilerine yönelik analitik bir değerlendirme yapmaktır. Yöntem: Bu amaçla öncelikle işletme tarihinin doğuşu ve gelişimi genel olarak ele alınmıştır. Daha sonra Alfred Chandler’in hayatı, çalışmaları, işletme tarihine yaptığı katkıları, genellemelerine yönelik tartışmalar ve itirazlar üzerinde durulmuştur. Ardından Chandler’in tarihsel bakış açısının ve fikirlerinin uluslararası düzeyde popülerliğini değiştiren faktörler değerlendirilmiştir. Son bölümde Chandlerci perspektifin işletme tarihi üzerindeki kalıcı ve belirgin etkisi incelenerek çalışma sonuç bölümü ile sonlandırılmıştır.Bulgular: Chandler yanlısı paradigma zamanla parlaklığının çoğunu yitirmiş olsa da, ekonomik olarak bilgilendirilmiş işletme tarihinin yeni tarzı, dünya çapında artan bir şekilde ilgi çekmeye devam etmektedir.Sonuç: Her ne kadar genellemelerine yönelik tartışmalar ve itirazlar günümüzde de mevcut olsa da, Chandler’in bu alanda yaptığı çalışmalarla, özellikle strateji ve yapı arasındaki ilişki, merkez ve çevre sektörler arasındaki ayırım ve büyük işletmelerin ve yönetimin yeniliklerdeki rolü konusundaki genellemeleri nedeniyle bugün hala işletme tarihindeki merkezi rolünü koruduğu düşünülmektedir.

Liberalisation of telecommunications and broadening of the value chain in Southern Europe. Telefónica, 1982–2000

This article deals with the opening of telecommunications to competition and its determinants in Spain, a country seriously committed to the monopoly. It is framed in the general scenario of an accelerated technological change driven by new materials, components and transmission systems, a sharp regulatory change and an extension of the value chain with new products and services, in particular data, mobile telephony and cable. Such properties fit perfectly with the time axis chosen which comprises the two last decades of the 20th century and coincide with a phase in which the protagonist company is facing the challenge not only of liberalisation but also of a profound change in the parameters of the market. The study focuses on Telefónica's response to new regulatory and market requirements. Methodologically, it revolves around the multidisciplinary nature, which integrates the approach of the history of technology understood as a system (Thomas P. Hugues and Melvin Kranzberg) and the economic and business history (Nathan Rosenberg). The text is structured in four sections that examine the persistence of the monopoly of Telefonica and liberalisation, the axes of Telefónica's transformation through global and strategic plans and the broadening of the value chain, focussed on the cable market. Some preliminary historical and technical issues and key elements in the evolution of the sector are addressed. The text attends to the relations between the market structure inherited from the monopoly and the process, from which the advantages of Telefónica with the rest of the companies emanate. The research rests mainly on primary sources of the company studied, twice as valuable because they are difficult to access by researchers and perfectly determined to grasp the company's strategy, as well as on reports from major international institutions and secondary literature. The conclusion deals with the methodological consideration of the close link between supply and demand-related factors.

A Macro-Level Investigation of Transatlantic Controlling Shareholder’s Fiduciary Duty

Legal systems around the world apply various strategies to mitigating agency costs between controlling and minority shareholders. A systematic review of the transnational law on controlling shareholder's loyalty and care obligations reveals variant doctrinal choices. This study aims to uncover the evolution of these choices by employing a law-in-context methodology. Accordingly, it seeks to explain the differences in governance selections by exploring the cultural, historical, and socio-economic backgrounds of a particular legal system in which organizations and decisions are embodied. I conduct a macro-level inquiry that focuses on the cultural environment and business history development to understand the different doctrinal designs. In particular, I argue that those dissimilarities result from unique cultural-non-formal norms of corporate governance regarding the protection afforded to shareholders' interests, and they correspond to the historical development of the law of corporate groups across nations. As the macro-level investigation indicates, any initiative to globally converge corporate law and governance should be carried out with caution because it may distort the delicate normative equilibrium represented in a given jurisdiction.

“Casa Sportman – sempre imitada, nunca igualada”: estratégias de um empreendimento e dinâmicas de consumo (Rio de Janeiro; 1909-1922)

A despeito da intensidade das relações entre o esporte e o mundo dos negócios, no Brasil, poucos são os estudos históricos desenvolvidos acerca do tema. Tendo em conta essa lacuna, este artigo objetiva discutir a trajetória da pioneira empresa fluminense especializada na venda de produtos esportivos: a Casa Sportman. A intenção é debater, no seu primeiro momento de funcionamento, de 1909 a 1922, as estratégias adotadas por seu proprietário, Manoel da Silva Mattos, no intuito de inserir seu empreendimento na dinâmica de consumo que se estruturava no Rio de Janeiro das décadas iniciais do século XX. Como fontes, foram utilizados o Diário Oficial e periódicos. Adotou-se a Business History como alternativa de investigação.

Corporate Governance and the Feminization of Capital

Between 1900 and 1956, women increased from a small proportion of public company stockholders in the U.S. to the majority. In fact, by the 1929 stock market crash, women stockholders outnumbered men at some of America’s largest and most influential public companies, including AT&T, General Electric, and the Pennsylvania Railroad. This Article makes an original contribution to corporate law, business history, women’s history, socio-economics, and the study of capitalism by synthesizing information from a range of historical sources to reveal a forgotten and overlooked narrative of history, the feminization of capital—the transformation of American public company stockholders from majority-male to majority-female in the first half of the twentieth century, before the rise of institutional investing obscured the gender politics of corporate control. Corporate law scholarship has never before acknowledged that the early decades of the twentieth century, a transformational era in corporate law and theory, coincided with a major change in the gender of the stockholder class. Scholars have not considered the possibility that the sex of common stockholders, which was being tracked internally at companies, disclosed in annual reports, and publicly reported in the financial press, might have influenced business leaders’ views about corporate organization and governance. This Article considers the implications of this history for some of the most important ideas in corporate law theory, including the “separation of ownership and control,” shareholder “passivity,” stakeholderism, and board representation. It argues that early-twentieth-century gender politics helped shape foundational ideas of corporate governance theory, especially ideas concerning the role of shareholders. Outlining a research agenda where history intersects with corporate law’s most vital present-day problems, the Article lays out the evidence and invites the corporate law discipline to begin a conversation about gender, power, and the evolution of corporate law.

The atomic business: structures and strategies

Nuclear energy was one among business opportunities brought by the take off in science and technology after the Second World War. The narratives of the milestones of atomic history neglect the commercial, industrial and organizational aspects that made it possible. This paper concentrates on what makes the nuclear business exceptional (or not). We undertake an analysis of the nuclear supply business (designing, manufacturing and installing nuclear facilities) distinct from the analysis of the demand side (business operating nuclear power plants). We identify a continuing role of the state in civil nuclear businesses and a symbiotic relationship with private atomic business. And yet, for the most part the nuclear business applies the usual criteria of cost minimization and profit maximization within the boundaries of a non-perfectly competitive market. We argue that the development of civil nuclear projects is core not just to business history as a discipline but to post-war history.

Origins of disaster management: the British mine rescue system, c. 1900 to c. 1930

Disaster management is a neglected area of British business history. Industrial disasters led to significant loss of life and imposed considerable costs on firms involved. This article examines the emergence of a network of mine rescue stations across UK coalfields in the early twentieth century, making use of previously overlooked records of mine rescue station boards. Pioneering mine rescue stations were established in Yorkshire at coalowners’ initiative in 1901 and 1902, a few years before provision of rescue stations and breathing apparatus became mandatory. As well as rescue operations, these facilities were used to put out colliery fires and restore damaged mines. The involvement of coalowners in mine rescue also signalled that the industry was interested in miner safety at a time of growing unrest. The article concludes that there is scope for much more research into the early years of disaster management in the mines and in other industries.

Strategy and business history rejoined: How and why strategic management concepts took over business history

ABSTRACT Scholars at the intersection of business history and strategic management have argued for the relevance and importance of historical methods in the study of strategic management of organizations. We flip this argument and ask about the role of strategic management concepts in the study of business history. We analyze volumes of Business History and Business History Review and a representative sample of business history books using a comprehensive set of keywords, each related to a specific sub-discourse in strategic management. Our results show that as scientific communities, business history and strategic management have become increasingly similar in their conceptual overlap. This study contributes further nuance to the understanding of intellectual change across scientific communities, and the role of business history in the rise of management and organizational history.

The Prospects for Collaborative Research in Business History

After reflecting on the thematic evolution of business history as a field over the past 50 years, this revised presidential address invites readers to consider the potential payoffs of expanding the contexts in which business historians work together on research projects, as well as with colleagues from cognate fields and with students. In addition to charting the steady growth in collaborative research among business historians since 2000, the essay also identifies areas that especially lend themselves to this mode of historical inquiry, including comparative or transnational analysis that requires detailed knowledge of multiple societies, the development of oral history projects, and the use of data science techniques. It concludes by exploring the advantages of incorporating interdisciplinary research teams into curricular structures, using the example of the Bass Connections program at Duke University.

The ‘wine revolution’ in the United States, 1960–1980: Narratives and category creation

This article examines the creation of product categories as a cultural construct. Categories serve not simply to classify different products but also to signify one’s taste. To examine how categories became embedded with cultural meanings, this article takes an interdisciplinary approach: the narrative analysis which has been employed by a number of business historians and the production of culture perspective used in sociology. By using the case of the U.S. wine industry during the 1960s and 1970s, the article analyzes how the six facets proposed in the production of culture perspective – regulation, industry structure, organizational structure, occupational careers, technology, and markets – both constrained and promoted the constitution of a wine category and its dissemination. It argues that these two analytical frameworks help delineate the working of business practices in the dynamics of cultural systems without reducing culture or business to a static structure.

Cross-fertilising scenario planning and business history by process-tracing historical developments: Aiding counterfactual reasoning and uncovering history to come

Scenario planning is a tool for considering alternative futures and their potential impact. The article firstly addresses the paucity of history on management tools by discussing several important lineages in scenario planning’s evolution over time, and the emphasis placed on historical analysis by some specific variants therein. Secondly, it describes how causal analysis can be enhanced in scenario planning by process-tracing important historical developments. Thirdly, it outlines how a scenario planning that incorporates history in this way can assist historians to identify counterfactuals and understand the relative importance of alternative causes, thus enriching historical accounts. It can also enable business historians’ research on the relationship between businesses and their external environments, and on management decision-making. In concluding, scholars of scenario planning and business history are urged to open a mutually-beneficial dialogue. The article initiates this by setting out some ways in which they can cross-fertilise each other.

New companies\u2019 DNA: the heritage of the past industrial revolutions in digital transformation

This paper debates the ongoing processes of digital transformation enhanced by the 4th industrial revolution in successful companies which have a long time business history and an international presence. The aim is analyzing how what they have experienced and learned in the 2nd and 3rd industrial revolutions represents key elements that have shaped their DNA and continue to inspire their transformation to the point that the gradual radical change concept is preferred to the concept of disruption. Such learning processes are primary values to transfer in companies’ digital transformation in order to implement it efficiently and effectively creating new opportunities at an international level. The paper leverages on an explorative research based on the empirical setting of three international Italian manufacturing companies that have experienced challenges of the 2nd, 3rd and are now facing an important digital transformation process in a worldwide landscape. A qualitative constructive multiple case research design is conducted to evaluate the conceptual model and some considerations emerged from the analysis. The paper also benefits from 30 years of experience of one of the Authors as Business Development Director of big multinational companies accompanying many enterprises during their digital transformation. This study presents an interpretative framework that provides an exploration of main heritages coming from the past industrial revolutions according to three aspects: business drivers, supply view and entrepreneurial model. The emerged evidences can be taken as lessons by international manufacturing companies in order to implement digital transformation enhancing their international competitiveness.

Mozart und seine Subskription der drei Klavierkonzerte KV 413-415 von 1783

Abstract The research on the history of pricing strategies and decisions by companies and individuals has not received much attention up to now. This is surprising, as pricing is the most important profit driver, and thus an inquiry into the historic origins of price-related decisions by the early modern market operators can yield important insights for both historians and current practitioners on successful marketing strategies. The following article contributes to the research on business history by proposing, first of all, a framework for the conceptual definition between a revenue and a price model. Furthermore, it is shown that subscription-based revenue was generated as early as 1617. The revenue model of the subscription – an early antecedent of today’s crowdfunding scheme – will then be covered in detail by investigating the case of Wolfgang Amadeus Mozart’s piano concertos KV 413-415. The influential composer decided to appeal to a broader target group by using a subscription-based pricing scheme for these three piano concertos in 1783. The subscription however was unsuccessful, and the major reason for this failure as well as Mozart’s probable economic reasoning are elaborated. Finally, the rising modern market forc es, that steered the Viennese music market of the late 18th century towards modern*structures, made sure that market operators at that time tried to adapt to these forces by offering modern and innovative revenue and price models, such as highly differentiated, content-based and time-definite subscriptions.

Local Economic Zones For Economic Development

All countries, especially facing a posit COVID-19 disrupted world, are keen to promote economic development that will be resilient to future external shocks. Over the years many different forms of “development structure” have been attempted including Export Processing Zones, Special Economic Zones, Free Trade Zones, High Technology Zones, clusters and so and so forth. Whilst some of these have been very successful in themselves, others have not; and there is evidence that even if the zone is successful itself, there is no inevitable consequence that business in the nearby locality will benefit.This contribution establishes a “Post Pandemic” localised economic development framework based upon “Local Economic Zones”, where anchors drive local activity whilst being themselves strengthened to be competitive on a regional, pan regional and global level.The methodology focuses on developing and connecting what already exists, gap filling by (i) providing access to technology, finance and skills development through a gateway or anchor institution (possibly an “entrepreneurial university” that is local in character, but global in outlook and (ii) access to affordable working capital via a specific community currency and gateways to banks and capital markets through building accurate and accessible business histories and associated credit information.

The Role of History in International Business: Evidence, Research Practices, Methods and Theory

AbstractThis paper examines four aspects of the increasing role of history in international business – history as an underpinning for international business theory, history as evidence, history as a source of research practices and history as a source of research methods. International business has been successful in utilizing spatial comparisons. Theorists and empirical researchers can build on this by using temporal and counterfactual comparative analyses. A more critical approach to sources and attention to sequence and process is recommended. The conclusion suggests a research agenda making dynamics intrinsic to international business theory and empirics by focusing attention on the timing of key decisions.

Cultural Entrepreneurship in Corporate Governance Practice Diffusion: Framing of “Independent Directors” by U.S.-Listed Chinese Companies

Although the diversity of cultural expectations for different corporate governance practices has been acknowledged, our understanding of how companies use cultural differences to legitimize their governance practice choice and facilitate their resource acquisition remains limited. Building on the literature on cultural entrepreneurship, we theorize how foreign-listed firms engage in global framing in tailoring the description of their new governance practice to the host country investors. Our empirical study examines the relative emphasis of monitoring over resource-providing roles by the U.S.-listed Chinese companies’ independent directors when their roles are understood differently in the home and host countries. Our study finds that exposure to the alternative cultural repertoire of a host country via overseas education of board members and foreign institutional ownership enhance a firm’s organizational resources available to engage in global framing. The likelihood of global framing, however, is constrained by the home country’s institutional environment, which is characterized by local business history and connections to strong local resource providers such as the state. We also find that the effectiveness of global framing to obtain investor recognition in the host country is restricted when the company lacks the capacity to implement the declared role of independent director-as-monitor in its home country.