Modeling the Evolutionary Sequence of International Joint Ventures

Choice of entry mode, strategic flexibility and performance of international strategy in hotel chains: an approach based on real options

“…Lastly, we find that the "financial results" of the international strategy is a consequence of the "image and access result", since the image of the company on an international scale and the degree of access obtained to the markets condition the international financial results. This must be taken into account when the long term strategic objectives of the company are proposed and agreed (Peterse et al, 2000;Lukas, 2007aLukas, , 2007bSwoboda et al, 2011).…”

“…It is possible to identify two types of result that reflect the international performance of a company: one is the "image and access results", which show its reputation and degree of access to international markets; and the other factor is the "financial results", which represents the financial output obtained by the chain and its degree of satisfaction with the existing global strategy. It should be stated, in addition, that the second factor is a consequence of the first, since the image possessed by a company at the international level and its degree of access to major markets condition the international financial performance of the company (Peterse et al, 2000;Lukas, 2007aLukas, , 2007bSwoboda et al, 2011). To the extent that the existence of real options and strategic flexibility facilitate a good strategic fit, and this in turn leads to better performance, we put forward our last three hypotheses:…”