Turkish multinationals : market entry and post-acquisition strategy

252 Pages·2018·2.74 MB·English

by  Ayden

PALGRAVE STUDIES OF
INTERNATIONALIZATION
IN EMERGING MARKETS
Turkish Multinationals
Market Entry and
Post-Acquisition Strategy
Yuksel Ayden, Mehmet Demirbag, and Ekrem Tatoglu
Palgrave Studies of Internationalization in
Emerging Markets
Series editors
Marin Marinov
Aalborg University
Aalborg, Denmark
Svetla Marinova
Aalborg University
Aalborg, Denmark
Emerging market nations such as Russia, Brazil, China, South Africa and
India as well as Eastern European territories, are in the process of changes
and growth that require specific study and attention. The international
business strategies employed in these territories target new opportunities,
the study of which provides scholars the opportunity to evolve interna-
tional business theory.
Covering three main themes - international business, management
and marketing – Palgrave Studies of Internationalization in Emerging
Markets will encompass a multiplicity of topics. Examining the new ways
in which firms from emerging economies develop and implement their
internationalization strategy, as well as their management and marketing
strategies, the series will encompass specific issues such as social entre-
preneurship, operations and regional specifics of internationalization.
Looking closer at the specifics underlying the development of emerging
market nations and their firms, this series aims to shed light on the cur-
rent and future issues associated with the challenges and opportunities
offered by the varying contexts of emerging markets.
More information about this series at
http://www.springer.com/series/15456
Yuksel Ayden • Mehmet Demirbag
Ekrem Tatoglu
Turkish
Multinationals
Market Entry and Post-Acquisition
Strategy
Yuksel Ayden Mehmet Demirbag
Fatih University University of Essex
Buyukcekmece, Turkey Southend-on-Sea, UK
Ekrem Tatoglu
Ibn Haldun University
Basaksehir, Turkey
Palgrave Studies of Internationalization in Emerging Markets
ISBN 978-3-319-57293-2 ISBN 978-3-319-57294-9 (eBook)
DOI 10.1007/978-3-319-57294-9
Library of Congress Control Number: 2017948168
© The Editor(s) (if applicable) and The Author(s) 2018
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Preface
In line with the growing interest in companies from emerging markets,
we conducted this study with the expectation that the Turkish experience
could make an original contribution to the growing body of research
on emerging markets. We were driven by the belief that a country like
Turkey, which is at the easternmost part of the West and the western-
most part of the East, is an interesting case study. In order to provide an
all-inclusive picture of the phenomenon under investigation, we utilized
several theoretical perspectives as research lenses. Therefore, this study
not only includes a trip among the stories of several Turkish multina-
tionals from different sectors, but also reviews prominent theoretical per-
spectives from international business and strategy. Each company case
offers unique experiences as well as sharing similarities with the others.
Throughout our work, we have seen that there are different routes to suc-
cess in the global business world. We have examined our findings in the
light of theoretical perspectives and presented them in our study. These
findings are scattered throughout the chapters of the book.
It has not always been easy to carry out this study. It was a challenge
to prepare the theoretical part of our book and present the extant litera-
ture in a proper structure without getting lost in the theoretical jungle
of the field. It was also a challenge to examine the significant amount of
qualitative data we collected from the field and to discuss them in appro-
priate chapters. The interviews we conducted with successful leaders and
v
vi Preface
executives in their organizations and industries provided valuable insights
and were very informative. We wish to thank the interviewees for their
valuable support.
Conducting the study is one matter, but preparing the book for pub-
lication is another. For this stage of the process, we would like to thank
Professor Marin A. Marinov and Professor Svetla T. Marinova, the edi-
tors of the Palgrave Studies of Internationalization in Emerging Markets
series, for their encouragement and guidance. We would like to thank Liz
Barlow and Lucy Kidwell from Palgrave Macmillan, who have worked
with us since the beginning of the project. Our long and exhausting
research has been transformed into this book with their persistent help
and guidance.
We dedicate this work to our families, who continuously support and
inspire us in our professional endeavors.
Aalborg, Denmark Yuksel Ayden
Mehmet Demirbag
Ekrem Tatoglu
Contents
1 Introduction 1
2 Internationalization of the Turkish Business
Environment: Historical Evolution and New Realities 11
3 Theoretical Perspectives on Emerging Country
Multinationals 33
4 Characteristics and Patterns of Turkish MNEs’
Internationalization 67
5 M arket Entry Strategies of Turkish MNEs 127
6 Post-Acquisition Strategies of Turkish MNEs 169
7 Synthesis and New Directions for Research 187
vii
viii Contents
Appendix A: Case Firms 213
Appendix B: Research Methodology 231
Index 239
List of Abbreviations
BKT Banka Kombetare Tregtare
BRIC Brazil, Russia, India, and China
CBRT Central Bank of the Republic of Turkey
CEO Chief Executive Officer
CIS Commonwealth of Independent States
DC MNE Developed Country Multinational Enterprise
EC MNE Emerging Country Multinational Enterprise
EFQM European Foundation for Quality Management
EMENACIS Europe, Middle East and North Africa, and Commonwealth of
Independent States
EU European Union
FDI Foreign Direct Investment
FMCG Fast Moving Consumer Goods
FSA Firm-Specific Advantage
GDP Gross Domestic Product
GLP Good Laboratory Practices
GMP Good Manufacturing Practices
IFDI Inward Foreign Direct Investment
IMF International Monetary Fund
Ind.BV Industry-Based View
Inst.BV Institution-Based View
IPM Internationalization Process Model
ISI Import Substitution Industrialization
ix