Managing Policy Reversals: Consequences for Firm Performance

References

• Allee T, Peinhardt C (2011) Contingent credibility: The impact of investment treaty violations on foreign direct investment. Internat. Organ. 65:401–432.Crossref, Google Scholar
• Arrfelt M, Wiseman RM, McNamara G, Hult GTM (2015) Examining a key corporate role: The influence of capital allocation competency on business unit performance. Strategic Management J. 36(7):1017–1034.Crossref, Google Scholar
• Banalieva ER, Eddleston KA, Zellweger TM (2015) When do family firms have an advantage in transitioning economies? Toward a dynamic institution-based view. Strategic Management J. 36(9):1358–1377.Crossref, Google Scholar
• Bach D, Blake DJ (2016) Frame or get framed: The critical role of issueframing in nonmarket management. Calif. Management Rev. 58(3):66–87.Crossref, Google Scholar
• Bajaj V (2012) Indian court cancels contentious wireless licenses. New York Times (February 2), https://www.nytimes.com/2012/02/03/business/global/india-supreme-court-cancels-2g-licenses.html.Google Scholar
• Beck T, Clarke G, Groff A, Keefer P, Walsh P (2001) New tools in comparative political economy: The database of political institutions. World Bank Econom. Rev. 15(1):165–176.Crossref, Google Scholar
• Berry H (2006) Shareholder valuation of foreign investment and expansion. Strategic Management J. 27(12):1123–1140.Crossref, Google Scholar
• Blake DJ (2013) Thinking ahead: Government time horizons and the legalization of international investment agreements. Internat. Organ. 67(4):797–827.Crossref, Google Scholar
• Blake DJ, Moschieri C (2017) Policy risk, strategic decisions and contagion effects: Firm-specific considerations. Strategic Management J. 38(3):732–750.Crossref, Google Scholar
• Bonardi J-P, Keim GD (2005) Corporate political strategies for widely salient issues. Acad. Management Rev. 30(3):555–576.Crossref, Google Scholar
• Bonardi J-P, Hillman AJ, Keim GD (2005) The attractiveness of political markets: Implications for firm strategy. Acad. Management Rev. 30(2):397–413.Crossref, Google Scholar
• Business Today (2017) 2G scam verdict: All 18 accused including A Raja acquitted, Congress seeks ex-CAG Vinod Rai's apology. Business Today (December 21), https://www.businesstoday.in/sectors/telecom/2g-scam-verdict-a-raja-kanimozhi-cag-vinod-rai-spectrum/story/266449.html.Google Scholar
• Chari MDR, David P (2012) Sustaining superior performance in an emerging economy: An empirical test in the Indian context. Strategic Management J. 33(2):217–229.Crossref, Google Scholar
• Cuervo-Cazurra A, Dau LA (2009a) Promarket reforms and firm profitability in developing countries. Acad. Management J. 52(6):1348–1368.Crossref, Google Scholar
• Cuervo-Cazurra A, Dau LA (2009b) Structural reform and firm exports. Management Internat. Rev. 49(4):479–507.Crossref, Google Scholar
• Dai L, Eden L, Beamish PW (2017) Caught in the crossfire: Dimensions of vulnerability and foreign multinationals’ exit from war‐afflicted countries. Strategic Management J. 38(7):1478–1498.Crossref, Google Scholar
• Dal Bó ED, Rossi MA (2007) Corruption and inefficiency: Theory and evidence from electric utilities. J. Public Econom. 91(5–6):939–962.Crossref, Google Scholar
• Davis R, Franks D (2014) Costs of company-community conflict in the extractive sector. Corporate Social Responsibility Initiative Report, Harvard Kennedy School, Cambridge, MA.Google Scholar
• de Figueiredo JM, Kim JJ (2004) When do firms hire lobbyists? The organization of lobbying at the Federal Communications Commission. Indust. Corporate Change 13(6):883–900.Crossref, Google Scholar
• de Figueiredo JM, Tiller EH (2001) The structure and conduct of corporate lobbying: How firms lobby the Federal Communications Commission. J. Econom. Management Strategy. 10(1):91–122.Crossref, Google Scholar
• Delios A, Henisz WJ (2003) Political hazards, experience, and sequential entry strategies: The international expansion of Japanese firms, 1980–1998. Strategic Management J. 24(11):1153–1164.Crossref, Google Scholar
• Dunning JH (2001) The eclectic (OLI) paradigm of international production: Past, present and future. Internat J. Econom. Bus. 8(2):173–190.Crossref, Google Scholar
• Economist, The (2012) India's telecom scandal: What a scandal says about government and business in India. The Economist (February 11), https://www.economist.com/business/2012/02/11/megahurts.Google Scholar
• Eggers JP (2012) All experience is not created equal: Learning, adapting, and focusing in product portfolio management. Strategic Management J. 33(3):315–335.Crossref, Google Scholar
• Feinberg SE, Gupta AK (2009) MNC subsidiaries and country risk: Internalization as a safeguard against weak external institutions. Acad. Management J. 52(2):381–399.Crossref, Google Scholar
• Financial Times (2012) Indian court revokes 122 mobile licenses. Financial Times (February 2), https://www.ft.com/content/460354c8-4d6e-11e1-bb6c-00144feabdc0.Google Scholar
• Fisman R, Svensson J (2007) Are corruption and taxation really harmful to growth? Firm level evidence. J. Developmental Econom. 83(1):63–75.Crossref, Google Scholar
• Fremeth AR, Shaver JM (2014) Strategic rationale for responding to extra‐jurisdictional regulation: Evidence from firm adoption of renewable power in the US. Strategic Management J. 35(5):629–651.Crossref, Google Scholar
• García-Canal E, Guillén MF (2008) Risk and the strategy of foreign location choice in regulated industries. Strategic Management J. 29(10):1097–1115.Crossref, Google Scholar
• Grant RM (2003) Strategic planning in a turbulent environment: Evidence from the oil majors. Strategic Management J. 24(6):491–517.Crossref, Google Scholar
• Hadani M, Bonardi JP, Dahan NM (2017) Corporate political activity, public policy uncertainty, and firm outcomes: A meta-analysis. Strategic Organ. 15(3):338–366.Crossref, Google Scholar
• Hamel G (1996) Strategy as revolution. Harvard Bus. Rev. 74(4):69–76.Google Scholar
• Harris C, Hodges J, Schur M, Shukla P (2003) Infrastructure projects: A review of canceled private projects. Public Policy for the Private Sector 35101, Note No. 252. World Bank, Washington, DC.Google Scholar
• Henisz WJ, Delios A (2001) Uncertainty, imitation, and plant location: Japanese multinational corporations, 1990-1996. Admin. Sci. Quart. 46(3):443–475.Crossref, Google Scholar
• Henisz WJ, Zelner BA (2005) Legitimacy, interest group pressures, and change in emergent institutions: The case of foreign investors and host country governments. Acad. Management Rev. 30(2):361–382.Crossref, Google Scholar
• Herbane B, Elliott D, Swartz EM (2004) Business continuity management: Time for a strategic role? Long Range Planning 37(5):435–457.Crossref, Google Scholar
• Hillman AJ, Hitt MA (1999) Corporate political strategy formulation: A model of approach, participation, and strategy decisions. Acad. Management Rev. 24(4):825–842.Crossref, Google Scholar
• Hillman A, Keim GD, Schuler D (2004) Corporate political activity: A review and research agenda. J. Management 30(6):837–857.Google Scholar
• Holburn GLF, Vanden Bergh RG (2002) Policy and process: A game-theoretic framework for the design of non-market strategy. Adv. Strategic Management. 19:33–66.Crossref, Google Scholar
• Holburn GLF, Vanden Bergh RG (2004) Influencing agencies through pivotal political institutions. J. Law Econom. Organ. 20(2):458–483.Crossref, Google Scholar
• Holburn GLF, Vanden Bergh RG (2008) Making friends in hostile environments: Political strategy in regulated industries. Acad. Management Rev. 33(2):521–540.Crossref, Google Scholar
• Holburn GLF, Zelner BA (2010) Political capabilities, policy risk, and international investment strategy: Evidence from the global electric power generation industry. Strategic Management J. 31(12):1290–1315.Crossref, Google Scholar
• Hoskisson RE, Eden L, Lau CM, Wright M (2000) Strategy in emerging economies. Acad. Management J. 43(3):249–267.Crossref, Google Scholar
• Jandhyala S (2013) Property rights and international investment in information technology services. Strateg. Management J. 34(7):877–889.Crossref, Google Scholar
• Jandhyala S, Weiner RJ (2014) Institutions sans frontières: International agreements and foreign investment. J. Internat. Bus. Stud. 45(6):649–669.Crossref, Google Scholar
• Jia N (2018) The “make and/or buy” decisions of corporate political lobbying: Integrating the economic efficiency and legitimacy perspectives. Acad. Management Rev. 43(2):307–326.Crossref, Google Scholar
• Joshi S (2010) 2G scam: Formula to compensate the exchequer under study. The Hindu (November 19), http://www.thehindu.com/news/national/2G-scam-formula-to-compensate-the-exchequer-under-study/article15697072.ece.Google Scholar
• Julio B, Yook Y (2012) Political uncertainty and corporate investment cycles. J. Finance 67(1):45–83.Crossref, Google Scholar
• Jensen NM (2003) Democratic governance and multinational corporations: Political regimes and inflows of foreign direct investment. Internat. Organ. 57(3):587–616.Crossref, Google Scholar
• Kim H, Kim H, Hoskisson RE (2010) Does market-oriented institutional change in an emerging economy make business-group-affiliated multinationals perform better? An institution-based view. J. Internat. Bus. Stud. 41(7):1141–1160.Crossref, Google Scholar
• Kobrin SJ (1987) Testing the bargaining hypothesis in the manufacturing sector in developing countries. Internat. Organ. 41(4):609–638.Crossref, Google Scholar
• Lee KH (2018) Cross-border mergers and acquisitions amid political uncertainty: A bargaining perspective. Strategic Management J. 39(11):2992–3005.Crossref, Google Scholar
• Levinthal DA, Wu B (2010) Opportunity costs and non-scale free capabilities: Profit maximization, corporate scope, and profit margins. Strategic Management J. 31(7):780–801.Crossref, Google Scholar
• Mellahi K, Frynas JG, Sun P, Siegel D (2016) A review of the nonmarket strategy literature: Toward a multi-theoretical integration. J. Management. 42(1):143–173.Crossref, Google Scholar
• Meyer KE, Nguyen HV (2005) Foreign investment strategies and sub-national institutions in emerging markets: Evidence from Vietnam. J. Management Stud. 42(1):63–93.Crossref, Google Scholar
• Meznar MB, Nigh D (1995) Buffer or bridge? Environmental and organizational determinants of public affairs activities in American firms. Acad. Management J. 38(4):975–996.Crossref, Google Scholar
• Natividad G, Rawley E (2016) Interdependence and performance: A natural experiment in firm scope. Strategy Sci. 1:12–31.Link, Google Scholar
• NDTV Profit (2012) Protect Telenor's India investment: Norway tells Pranab. NDTV Profit (April 10), https://www.ndtv.com/business/protect-telenor-s-india-investment-norway-tells-pranab-301590.Google Scholar
• North DC, Weingast BR (1989) Constitutions and commitment: The evolution of institutions governing public choice in seventeenth-century England. J. Econom. History 49(4):803–832.Crossref, Google Scholar
• Oliver C, Holzinger I (2008) The effectiveness of strategic political management: A dynamic capabilities framework. Acad. Management Rev. 33(2):496–520.Crossref, Google Scholar
• Optical Networks Daily (2012) Update on the messy situation in Indian telecoms. Optical Networks Daily (June 27), https://global.factiva.com/redir/default.aspx?P=sa&NS=16&AID=9ESS000700&an=OBSERV0020120627e86r0000c&cat=a&ep=ASI.Google Scholar
• Patashnik EM (2008) Reforms at Risk: What Happens After Major Policy Changes Are Enacted (Princeton University Press, Princeton, NJ).Google Scholar
• Patil S, Patil YS (2014) A review on outsourcing with a special reference to telecom operations. Procedia Soc. Behav. Sci. 133:400–416.Crossref, Google Scholar
• Penrose E (1959) The Theory of the Growth of the Firm (Oxford University Press, Oxford, UK).Google Scholar
• Persson T, Tabellini GE (2002) Political Economics: Explaining Economic Policy (MIT Press, Cambridge, MA).Google Scholar
• Philip JT (2010) 2G scam: Govt to pull up five telcos. Economic Times (November 18), https://economictimes.indiatimes.com/industry/telecom/2g-scam-govt-to-pull-up-five-telcos/articleshow/6944690.cms.Google Scholar
• Philip JT, SenA (2014) Bharti Airtel’s evolving outsourcing strategy. LiveMint (May 29), https://www.livemint.com/Companies/v0BPytPnOJMAalnMRWRDAM/Bharti-Airtels-evolving-outsourcing-strategy.html.Google Scholar
• Ramamurti R (2001) The obsolescing ‘bargaining model’? MNC-host developing country relations revisited. J. Internat. Bus. Stud. 32(1):23–39.Crossref, Google Scholar
• Ramanujam R (2003) The effects of discontinuous change on latent errors in organizations: The moderating role of risk. Acad. Management J. 46(5):608–617.Crossref, Google Scholar
• Reuters (2012) Telenor seeks payback from India in mobile license row. Reuters (March 27), https://www.reuters.com/article/us-telenor-india/telenor-seeks-payback-from-india-in-license-fight-idUSBRE82Q03B20120327.Google Scholar
• Roberts PW, McEvily S (2004) Product-line expansion and resource cannibalization. J. Econom. Behav. Organ. 57(1):49–70.Crossref, Google Scholar
• Rodrik D (1989) Credibility of trade reform—a policy maker’s guide. World Econom. 12(1):1–16.Crossref, Google Scholar
• Schoar A (2002) Effects of corporate diversification on productivity. J. Finance 57(6):2379–2404.Crossref, Google Scholar
• Shotts KW (2016) Political risk as a hold-up problem: Implications for integrated strategy. de Figueiredo JM, Lenox M, Oberholzer-Gee F, Vanden Bergh RG, eds. Strategy Beyond Markets, Advances in Strategic Management, vol. 34 (Emerald Group Publishing, Bingley, UK), 57–85.Google Scholar
• Simmons BA (2014) Bargaining over BITs, arbitrating awards: The regime for protection and promotion of international investment. World Politics 66(1):12–46.Crossref, Google Scholar
• Singh A (2017) 2G scam verdict: A. Raja, Kanimozhi, others acquitted for lack of evidence. LiveMint (December 22), https://www.livemint.com/Politics/N1pnhd32idh8adu4LdvYeL/2G-scam-verdict-Special-CBI-court-finds-A-Raja-not-guilty.html.Google Scholar
• Sood N (2017) India-US to scrap local content policy for solar equipment in Dec 2017. Business World (June 30), http://www.businessworld.in/article/India-US-To-Scrap-Local-Content-Policy-For-Solar-Equipment-In-Dec-2017/30-06-2017-121218/.Google Scholar
• Soule SA, Zylan Y (1997) Runaway train? The diffusion of state‐level reform in ADC/AFDC eligibility requirements, 1940–1967. Amer. J. Sociol. 103(3):733–762.Crossref, Google Scholar
• Spiller PT, Gely R (1992) Congressional control or judicial independence: The determinants of U.S. Supreme Court labor-relations decisions, 1949-1988. RAND J. Econom. 23(4):463–492.Crossref, Google Scholar
• Sukhtankar S (2015) The impact of corruption on consumer markets: Evidence from the allocation of second-generation wireless spectrum in India. J. Law Econom. 58(1):75–109.Crossref, Google Scholar
• Supreme Court of India (2012) Centre for Public Interest Litigation and others v. Union of India and others (writ petition (civil) no.423 of 2010). Judgment. February 2, 2012.Google Scholar
• Swanson EB, Ramiller NC (2004) Innovating mindfully with information technology. Management Inform. Systems Quart. 28(4):553–583.Crossref, Google Scholar
• Telecom Circle (2009) Snapshot: India telecom market, India subscriber database. Accessed April 21, 2014, http://www.telecomcircle.com/2009/06/india-telecom/.Google Scholar
• Thomas TK (2012) Unitech seeks to block Telenor’s new 2G venture. The Hindu Business Line (March 30), https://www.thehindubusinessline.com/info-tech/Unitech-seeks-to-block-Telenors-new-2G-venture/article20415231.ece.Google Scholar
• Times of India (2011) PM hits out at CAG on 2G, oil firms. Times of India (June 30), https://timesofindia.indiatimes.com/india/PM-hits-out-at-CAG-on-2G-oil-firms/articleshow/9045532.cms?referral=PM.Google Scholar
• Times of India (2012a) 2G verdict: A Raja ‘virtually gifted away important national asset’, says Supreme Court. Times of India (February 2), https://timesofindia.indiatimes.com/india/2G-verdict-A-Raja-virtually-gifted-away-important-national-asset-says-Supreme-Court/articleshow/11728003.cms?referral=PM.Google Scholar
• Times of India (2012b) Telenor readies legal, diplomatic fightback. Times of India (February 6), https://timesofindia.indiatimes.com/business/india-business/Telenor-readies-legal-diplomatic-fight-to-save-investment/articleshow/11773359.cms.Google Scholar
• Times of India (2012c) Norway minister meets Montek, lobbies to protect Telenor interest. Times of India (May 13), https://timesofindia.indiatimes.com/india/Norway-minister-meets-Montek-lobbies-to-protect-Telenor-interest/articleshow/13116272.cms.Google Scholar
• Times of India (2012d) Telenor, Unitech brace for fresh legal battle. Times of India (February 16), https://timesofindia.indiatimes.com/business/india-business/Telenor-Unitech-brace-for-fresh-legal-battle/articleshow/11906324.cms.Google Scholar
• TRAI (2010) Telecom subscription data as on 31st December 2009. Telecom Regulatory Authority of India Press Release No. 8/2010. Report, Telecom Regulatory Authority of India, New Delhi, India.Google Scholar
• TRAI (2012a) Annual report 2011-2012. Report, Telecom Regulatory Authority of India, New Delhi, India.Google Scholar
• TRAI (2012b) Highlights on telecom subscription data as on 31st October 2012. Telecom Regulatory Authority of India Press Release No. 231/2012. Report, Telecom Regulatory Authority of India, New Delhi, India.Google Scholar
• TRAI (2013) The Indian Telecom Services performance indicators, October–December 2012. Report, Telecom Regulatory Authority of India, New Delhi, India.Google Scholar
• Tripathy D (2012) Telenor says will fight Indian licence cancellation. Reuters (February 6), https://www.reuters.com/article/telenor-india/telenor-says-will-fight-indian-licence-cancellation-idINDEE81505Z20120206.Google Scholar
• Vaaler PM, McNamara G (2004) Crisis and competition in expert organizational decision making: Credit-rating agencies and their response to turbulence in emerging economies. Organ. Sci. 15(6):687–703.Link, Google Scholar
• Vachani S (1995) Enhancing the obsolescing bargain theory: A longitudinal study of foreign ownership of U.S. and European multinationals. J. Internat. Bus. Stud. 26(1):159–180.Crossref, Google Scholar
• Vernon R (1971) Sovereignty at Bay (Basic Books, New York).Google Scholar
• Vogel B, Barasia S (2011) How global telcos can profit from India’s wireless experience. Bain & Company (March 20), https://www.bain.com/insights/how-global-telcos-can-profit-from-indias-wireless-experience/.Google Scholar
• Vogus T, Welbourne TM (2003) Structuring for high reliability: HR practices and mindful processes in reliability-seeking organizations. J. Organ. Behav. 24(7):887–903.Crossref, Google Scholar
• Wells LT, Ahmed R (2007) Making Foreign Investment Safe (Oxford University Press, New York).Crossref, Google Scholar
• United Nations Conference on Trade and Development (2017) World Investment Report 2017: Investment and the Digital Economy (United Nations, Geneva).Google Scholar
• Zelner BA, Henisz WJ, Holburn GLF (2009) Contentious implementation and retrenchment in neoliberal policy reform: The global electric power industry, 1989–2001. Admin. Sci. Quart. 54(3):379–412.Crossref, Google Scholar
• Zylan Y, Soule SA (2000) Ending welfare as we know it (again): Welfare state retrenchment, 1989-1995. Soc. Forces 79(2):623–652.Crossref, Google Scholar