Privately owned Nigerian banks hold 94% of banking assets in Nigeria, the world's second largest share of local ownership, and the share had grown over time while it declined around the world. Theoretical explanations for the dominance of local firms related to liabilities of foreignness do not...

Environmental hostility is posited to halt firms' development and growth. This leads to the expectations that foreign firms that developed their capabilities in more munificent environments and are able to draw on resources via their global network to compensate for local scarcity would emerge...

Privately-owned Nigerian banks hold 94% of Nigeria banking assets, the world's second largest share of local ownership. Theoretical explanations for the dominance of local firms related to liabilities of foreignness do not explain this phenomenon, suggesting that foreign banks do not experience...