Service firms such as banks and hotels typically locate multiple foreign affiliates in the same host country. Often, these location patterns occur in waves with early movers followed by latecomers; for example, the early entries of Japanese banks into the U.S. market in the 1970s and 1980s were...

It is generally understood that firm strategy is linked to both internal firm resources and external, competitive industry forces. More recently, studies have suggested that firm strategy is also influenced by the formal and informal institutions of the institutional environment. Culture and...