臺大管理論叢 NTU Management Review VOL.29 NO.1

109 NTU Management Review Vol. 29 No. 1 Apr. 2019 markets full of institutional voids, business-grouped firms characterized by strong and long-term commitments will outperform standalone firms. They suggest that the ties between firms within business groups will reduce the transactions costs and provide reliable access to capital, human, reputational and technological resources that are difficult to obtain in the economies full of institutional voids. Those ties exist not only within business groups but also in the connections with suppliers, collaborators and others who provide managerial and technological supports (Miller and Isabelle Le, 2006). Hypothesis 3a: When a firm enters a host country full of institutional voids, the likelihood of undertaking the exploitative learning with its internal stakeholders will be intensified. Hypothesis 3b: When a firm enters a host country full of institutional voids, the likelihood of undertaking the exploratory learning with its external stakeholders will be mitigated. We herewith summarize the hypotheses in Figure 2 with the predicted signs of causal paths indicated. Figure 2 Research Hypotheses and Predicted Signs Notes: The predicted sign each of the causal paths is: Hypothesis 1a: γ 11 > γ 21 ; Hypothesis 1b: γ 22 > γ 12 ; Hypothesis 2a: β 11 > β 21 ; Hypothesis 2b: β 22 > β 12 ; Hypothesis 3a: β’ 11 > β 11 ; Hypothesis 3b: β 22 > β’ 22 . Institutional Voids (IV) Market- expansion (ME) Technology -acquisition (TA) Exploitation (EPOI) Exploration (EPOR) Internal Stakeholders (ISTK) External Stakeholders (ESTK) γ 11 β 11 βʼ 11 βʼ 21 βʼ 12 βʼ 22 β 21 γ 21 γ 12 γ 22 β 22 β 12