Vol. 2 No. 3 (2025)

Research Articles

Bargaining Power and Market Turning of Export-Oriented Firms in the Context of Anti-Globalization

Published 2025-03-31

  • Zhanlingyan Guo
    • ,
  • Yuzhong Zhou

Zhanlingyan Guo
Shandong Youth Politics College School of Politics and Public Administration, Jinan 250103, China

Yuzhong Zhou
Shandong Youth Politics College School of Politics and Public Administration, Jinan 250103, China

Abstract

Against the background of reverse globalization and the new development pattern, to address the market strategy choice problem of Chinese export-oriented enterprises, this paper takes the supply chain bargaining power as the entry point to construct a theoretical framework of corporate bargaining power and market steering. It argues that bargaining power leads to the dif-ferentiated market steering behavior of Chinese export-oriented enterprises. Based on the above logic, the analysis of empirical data from Chinese ex-portoriented firms from 2009 to 2020 reveals that: corporate bargaining power has a positive relationship with the market steering of export-oriented firms; the impact of bargaining power on the market steering of export-ori-ented firms is enhanced in both cases of a larger institutional distance ratio and non-state-owned firms. The findings of this paper enrich the research results on reverse internationalization of firms and are also instructive for the dual-cycle strategy currently being implemented by the Chinese gov-ernment.

Keywords

firms' bargaining power, Export-Oriented Firms, Market Shifts, Reverse Globalization

PDF

References

  1. Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of Financial Economics, 77(1), 57–116. https://doi.org/10.1016/j.jfineco.2004.02.010
  2. Bao, Q., Dan, J., & Wang, Y. (2023). Domestic trade networks, geographical distance and supplier localization. Economic Research, 6, 102–118.
  3. Chao, M. C.-H., & Kumar, V. (2009). The impact of institutional distance on the international diversity-performance relationship. Journal of World Business, 44(1), 93–103. https://doi.org/10.1016/j.jwb.2008.05.002
  4. Chen, J., & Zheng, H.-Q. (2020). Financing constraints, customer bargaining power and corporate social responsibility. Accounting Research, 8, 50–63.
  5. Ding, Y. (2022). Research on home country market migration driving mechanism of export-oriented manufacturing enterprises (Master’s thesis, Zhejiang Gongshang University). CNKI. https://doi.org/10.27462/d.cnki.ghzhc.2022.001216
  6. Dong, W.-Y., & Wu, C.-Q. (2021). Economic policy uncertainty and foreign capital withdrawal: An empirical analysis based on listed companies in China. Wuhan Finance, 2, 35–43.
  7. Fu, T., & Yang, C. (2018). Analysis of market turning and industrial upgrading paths: An example of export-oriented furniture industry in the Pearl River Delta. Geography Research, 7, 1460–1474.
  8. Greenwood, R., Díaz, A. M., Li, S. X., & Lorente, J. C. (2010). The multiplicity of institutional logics and the heterogeneity of organizational responses. Organization Science, 21(2), 521–539. https://doi.org/10.1287/orsc.1090.0452
  9. Hu, H., Hong, H., Xiao, L., & Liu, W. (2017). Tax incentives and R&D investment: The mediating role of property rights nature regulation and cost stickiness. Research Management, 6, 135–143. https://doi.org/10.19571/j.cnki.1000-2995.2017.06.016
  10. Huang, C.-M., & Song, Y.-F. (2019). An empirical study on the impact of supply chain concentration on firms’ R&D investment intensity: The moderating role of property rights nature. Research and Development Management, 3, 13–26. https://doi.org/10.13581/j.cnki.rdm.2019.03.002
  11. Hur, J., Parinduri, R. A., & Riyanto, Y. E. (2011). Cross-border M&A inflows and quality of country governance: Developing versus developed countries. Pacific Economic Review, 16(5), 638–655. https://doi.org/10.1111/j.1468-0106.2011.00560.x
  12. Lee, K., Szapiro, M., & Mao, Z. (2018). Correction to: From global value chains (GVC) to innovation systems for local value chains and knowledge creation. The European Journal of Development Research, 30(3), 575. https://doi.org/10.1057/s41287-018-0156-1
  13. Li, F. (2022). Large country qualities and general laws of double cycle linkages: A trade perspective. World Economic Studies, 5, 102–116. https://doi.org/10.13516/j.cnki.wes.2022.05.005
  14. Liu, C. P. (2019). Research on the problem of utilizing and cultivating domestic markets. Academic Research, 10, 76–84.
  15. Liu, L.-H., & Huang, J.-S. (2022). Strong domestic market supports the construction of new development pattern: Mechanism and path? New Horizons, 4, 114–120.
  16. Luo, Y., & Witt, M. A. (2021). Springboard MNEs under de-globalization. Journal of International Business Studies, 52(8), 1396–1408. https://doi.org/10.1057/s41267-021-00426-1
  17. Ouyang, Y. L., & Tang, L. X. (2023). Market scale advantage research: Theoretical logic and prospect. Finance and Trade Economics, 9, 91–107. https://doi.org/10.19795/j.cnki.cn11-1166/f.20230905.004
  18. Sun, P., Li, F., & Gu, L. (2014). Can commercial credit be an effective financing channel for enterprises: An analysis based on investment perspective. Economics (Quarterly), 4, 1637–1652. https://doi.org/10.13821/j.cnki.ceq.2014.04.017
  19. Tan, H., & Yang, M. (2021). The new liability of origin in global decoupling. Management and Organization Review, 17(3), 624–629. https://doi.org/10.1017/mor.2021.37
  20. Tang, Y. (2009). Supplier and distributor bargaining power and firm performance: Empirical evidence from listed companies in China’s manufacturing industry from 2005 to 2007. China Industrial Economics, 10, 67–76. https://doi.org/10.19581/j.cnki.ciejournal.2009.10.006
  21. Tsang, H.-Y. (1994). Development of export-oriented enterprises and gradual founding of China’s multinational corporations. Machinery Management Development, 3, 1–3. https://doi.org/10.16525/j.cnki.cn14-1134/th.1994.03.001
  22. Wang, Y.-C., Zuo, N.-Z., & Xie, X. (2020). How can mixed ownership reform improve the competitiveness of state-owned enterprises? Economic and Management Research, 4, 49–61. https://doi.org/10.13502/j.cnki.issn1000-7636.2020.04.005
  23. Wu, X., & Zhang, Y. (2019). Do overseas mergers and acquisitions enhance industrial technological innovation performance: The dual moderating role of institutional distance. Nankai Management Review, 1, 4–16.
  24. Xiao, J., Liu, M., & Hong, R. L. (2021). A study of property insurance demand of export-dependent firms: Empirical evidence from Chinese manufacturing firms. Management Review, 6, 65–75. https://doi.org/10.14120/j.cnki.cn11-5057/f.2021.06.006
  25. Xu, C. J. (2011). Bargaining power and capital structure of real estate firms: An empirical study based on panel data of listed companies. Nanjing Social Science, 6, 64–71. https://doi.org/10.15937/j.cnki.issn1001-8263.2011.06.017
  26. Xu, L., & Wang, R. (2013). Factor intensity, bargaining power and firm transformation pressure: A study based on questionnaire data in China’s coastal areas. Industrial Economics Review, 2, 69–80. https://doi.org/10.14007/j.cnki.cjpl.2013.02.009
  27. Xu, L., Wang, Y., Liu, N., & Zhang, S. (2019). Local government environmental regulation and firm relocation behavior: A cost perspective based on a database sample of Chinese industrial firms. Finance and Economics Theory and Practice, 4, 81–87. https://doi.org/10.16339/j.cnki.hdxbcjb.2019.04.035
  28. You, W. (2019). Research on property insurance needs of export-oriented enterprises (Master’s thesis, Jinan University). CNKI. https://doi.org/10.27167/d.cnki.gjinu.2019.001392
  29. Zhai, H., & Lewis. (2023). Can digital transformation improve firms’ bargaining power? An information seeking and customer switching cost perspective. Journal of Zhongnan University of Economics and Law, 6, 29–41. https://doi.org/10.19639/j.cnki.issn1003-5230.2023.0052
  30. Zhang, Z. (2023). Bargaining power, business credit and corporate performance: An analysis based on the perspective of financing constraints. Journal of Shanxi University of Finance and Economics, 3, 98–111. https://doi.org/10.13781/j.cnki.1007-9556.2023.03.008
  31. Zhou, Z., & Lei, L. (2024). Does the adjustment of economic growth target promote capital mobility: Based on the perspective of cross-regional investment of enterprises. Nankai Management Review, 1, 168–180.
  32. Xie, E., Huang, Y., Peng, M. W., & Zhuang, G. (2016). Resources, aspirations, and emerging multinationals. Journal of Leadership & Organizational Studies, 23(2), 144–161. https://doi.org/10.1177/1548051815623720