Journal of International Business Studies

, Volume 49, Issue 3, pp 303–323 | Cite as

A meta-analysis of the exchange hazards–interfirm governance relationship: An informal institutions perspective

  • Zhi Cao
  • Yuan Li
  • Jayanth Jayaram
  • Yi Liu
  • Fabrice Lumineau


The existing literature is ambiguous on how exchange hazards influence interfirm governance. Drawing on institutional theory, this study revisits this relationship by examining the moderating effects of national culture. By meta-analyzing 167 articles involving 38,183 interfirm relationships in 35 countries, we found support for the moderating effects of three facets of national culture: collectivism, power distance, and uncertainty avoidance. We discuss the implications of the findings for theory and practice.


uncertainty contractual governance relational governance national culture meta-analysis exchange hazards 


La littérature existante est ambiguë sur la manière dont les risques de l’échange influencent la gouvernance inter-firmes. Fondée sur la théorie institutionnelle, cette étude revisite cette relation en examinant les effets modérateurs de la culture nationale. En conduisant une méta-analyse de 167 articles impliquant 38.183 relations inter-firmes dans 35 pays, nous avons vérifié les effets modérateurs de trois facettes de la culture nationale : le collectivisme, la distance hiérarchique et le contrôle de l’incertitude. Nous discutons les implications de nos résultats pour la théorie et la pratique.


La literatura existente es ambigua en cómo los riesgos cambiarios influencia la gobernanza entre las empresas de la empresa. Con base en la teoría institucional, este estudio revisita esta relación examinando los efectos moderadores de la cultura nacional. Mediante el meta-análisis de 167 artículos que involucran 38.183 relaciones entre las empresas en 35 países, encontramos apoyo por los efectos moderadores de tres facetas de la cultura nacional: el colectivismo, la distancia de poder, y la evasión de la incertidumbre. Discutimos las implicaciones de los hallazgos para la teoría y la practica.


A literatura existente é ambígua sobre como os riscos de intercâmbio influenciam a governança entre firmas. Com base na teoria institucional, este estudo revisita essa relação examinando os efeitos moderadores da cultura nacional. Ao meta-analisar 167 artigos envolvendo 38.183 relações entre firmas em 35 países, encontramos suporte para os efeitos moderadores de três facetas da cultura nacional: coletivismo, distância de poder e evitação de incerteza. Discutimos as implicações das descobertas para a teoria e a prática.


现有的文献对交换风险如何影响企业治理是模糊的。本研究借鉴制度理论, 通过考察国家文化的调节作用来重新审视这一关系。我们通过对35个国家涉及38183个企业间关系的167篇文章进行统合分析, 发现对国家文化三个方面调节作用的支持: 集体主义、权力距离和不确定性回避。我们讨论这些研究发现对理论和实践的启示。



Dr. Yuan Li would like to acknowledge the financial support from the National Natural Science Foundation of China (71421002; 01-71711530045). Dr. Yi Liu would like to acknowledge the financial support from the National Natural Science Foundation grants of China (71572109), the Program for Changjiang Scholars and Innovative Research Team in University (IRT13030).


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Copyright information

© Academy of International Business 2018

Authors and Affiliations

  • Zhi Cao
    • 1
  • Yuan Li
    • 2
  • Jayanth Jayaram
    • 3
  • Yi Liu
    • 4
  • Fabrice Lumineau
    • 5
  1. 1.Wisconsin School of BusinessUniversity of Wisconsin-MadisonMadisonUSA
  2. 2.School of Economics and ManagementTongji UniversityShanghaiChina
  3. 3.Darla Moore School of BusinessUniversity of South CarolinaColumbiaUSA
  4. 4.Antai College of Economics & ManagementShanghai Jiao Tong UniversityShanghaiChina
  5. 5.Krannert School of ManagementPurdue UniversityWest LafayetteUSA

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