In this paper we report on a composite index of international patent systems strength for 48 developing and industrialized countries annually from 1998 to 2011. Building upon earlier indices we develop a conceptual framework informed by transaction cost theory and derive measures which emphasize the importance of enforcement-related aspects of the patent system of countries. Findings reveal harmonization of the regulative aspects of patent protection internationally in the post-TRIPs era but not of overall national patent systems. The index should inform studies on the relationship between national patent systems and a range of international business and other phenomena.

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The aim of the study is to investigate two relatively underexplored factors, namely, the R&D (research and development) capabilities of target firms and the strength of intellectual property (IP) institutions in target economies, that influences the choice of equity ownership in cross border acquisitions (CBAs) undertaken by multinational enterprises (MNEs) from BRICS (Brazil, Russia, India, China and South Africa) economies. They developed the key hypothesis on foreign market entry through CBAs by incorporating insights from transaction costs economics, the resource‐based view and institutional theory to investigate the determinants of full versus partial equity ownership. Using logistic regression estimation methods to a sample of 111 CBA deals of BRICS MNEs in 22 European countries, it was found that BRICS MNEs were likely to pursue full rather than partial acquisition mode when target firms have high R&D capabilities. However, the greater the degree of strength of IP institutions in target economies and higher the target firms’ R&D capabilities, the more likely it is for BRICS MNEs to undertake partial, rather than, full acquisition mode. They provided interesting theoretical insights and managerial implications that might underlie some of the key findings on CBAs by emerging market MNEs.