Governance of global value chains after the Covid-19 pandemicA new wave of regionalization?
- José Pla-Barber 1
- Cristina Villar 1
- Rajneesh Narula 2
- 1 University of Valencia, Valencia, Spain
- 2 University of Reading, Reading, UK
ISSN: 2340-9444, 2340-9436
Datum der Publikation: 2021
Ausgabe: 24
Nummer: 3
Seiten: 204-213
Art: Artikel
Andere Publikationen in: Business Research Quarterly
Zusammenfassung
The disruption of the trade and investment activities of multinational enterprises as a consequence of the Covid-19 pandemic has reinvigorated the debate on the configuration of global value chains (GVCs) as well as the risks and challenges associated with offshoring. This article depicts how the pandemic might affect GVC configuration by driving a trend toward a more regional footprint in industries in which resilience and reliability are critical. Such a shift would create new opportunities for reshoring, and affect both the types of upgrading trajectories and the governance systems in value chains. The article also draws from the intersection of the global-strategy and value-chain fields to propose potential topics and avenues for further research related to these trends.
Bibliographische Referenzen
- Ancarani, A., Di Mauro, C., & Mascali, F. (2019). Backshoring strategy and the adoption of Industry 4.0: Evidence from Europe. Journal of World Business, 54(4), 360–371.
- Andersson, U., & Forsgren, M. (2000). In search of centre of excellence: Network embeddedness and subsidiary roles in multinational corporations. MIR: Management International Review, 40(4), 329–350.
- Bair, J. (2009). Frontiers of commodity chain research. Stanford University Press.
- Baldwin, R., & López-González, J. (2015). Supply-chain trade: A portrait of global patterns and several testable hypotheses. The World Economy, 38(11), 1682–1721.
- Barbieri, P., Boffelli, A., Elia, S., Fratocchi, L., Kalchschmidt, M., & Samson, D. (2020). What can we learn about reshoring after COVID-19? Operations Management Research, 133, 131–136.
- Barrientos, S., Knorringa, P., Evers, B., Visser, M., & Opondo, M. (2016). Shifting regional dynamics of global value chains: Implications for economic and social upgrading in African horticulture. Environment and Planning A, 48(7), 1266–1283.
- Buckley, P. J. (2009). Internalization thinking: From the multinational enterprise to the global factory. International Business Review, 18(3), 224–235.
- Buckley, P. J., & Ghauri, P. N. (2004). Globalization, economic geography and the strategy of multinational enterprises. Journal of International Business Studies, 35(2), 81–98.
- Cano-Kollmann, M., Cantwell, J., Hannigan, T. J., Mudambi, R., & Song, J. (2016). Knowledge connectivity: An agenda for innovation research in international business. Journal of International Business Studies, 47(3), 255–262.
- Cirilo, V., & Molero-Zayas, J. (2019). Digitalizing industry? Labor, technology and work organization: An introduction to the Forum. Journal of Industrial and Business Economics, 46:, 313–321.
- Dachs, B., Kinkel, S., & Jäger, A. (2019). Bringing it all back home? Backshoring of manufacturing activities and the adoption of Industry 4.0 technologies. Journal of World Business, 54(6), Article 101017.
- Daniels, B., Lund, S., Malik, Y., & Shao, E. (2021). CEO dialogue: Perspectives on reimagining industrial supply chains. Ed. McKinsey. https://www.mckinsey.com/business-functions/operations/our-insights/ceo-dialogue-perspectives-on-reimagining-industrial-supply-chains
- De Marchi, V., Di Maria, E., Krishnan, A., Ponte, S., & Barrientos, S. (2019). Environmental upgrading in global value chains. In S. Ponte, G. Gereffi, & G. Raj-Reichert (Eds.), Handbook on global value chains (pp. 310–323). Edward Elgar.
- De Marchi, V., Di Maria, E., & Ponte, S. (2014). Multinational firms and the management of global networks: Insights from global value chain studies. Orchestration of the Global Network Organization, 27, 463–486.
- Dindial, M., Clegg, J., & Voss, H. (2020). Between a rock and a hard place: A critique of economic upgrading in global value chains. Global Strategy Journal, 10(3), 473–495.
- Dyer, J. H., & Singh, H. (1998). The relational view: Cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review, 23(4), 660–679.
- Enderwick, P., & Buckley, P. J. (2020). Rising regionalization: Will the post-COVID-19 world see a retreat from globalization? Transnational Corporations Journal, 27. https://unctad.org/system/files/official-document/diaeia2020d2a5_en.pdf
- Frost, T. S., Birkinshaw, J. M., & Ensign, P. C. (2002). Centers of excellence in multinational corporations. Strategic Management Journal, 23(11), 997–1018.
- Gandoy, R., & Díaz-Mora, C. (2020). El futuro de las cadenas globales de valor: Club de exportadores e inversores [The future of Global Value Chains. Exporters and Investors Club]. Comité de reflexión sobre internacionalización [Reflection committee on internationalization].
- Gereffi, G. (1994). The organization of buyer-driven global commodity chains: How US retailers shape overseas production networks. In G. Gereffi & M. Korzeniewicz (Eds.), Commodity chains and global capitalism (pp. 95–122). Praeger.
- Gereffi, G. (2020). What does the COVID-19 pandemic teach us about global value chains? The case of medical supplies. Journal of International Business Policy, 3(3), 287–301.
- Gereffi, G., & Fernandez-Stark, K. (2011). Global value chain analysis: A primer. Center on Globalization, Governance & Competitiveness (CGGC), Duke University.
- Gereffi, G., Humphrey, J., & Sturgeon, T. (2005). The governance of global value chains. Review of International Political Economy, 12(1), 78–104.
- Giroud, A., & Mirza, H. (2015). Refining of FDI motivations by integrating global value chains’ considerations. The Multinational Business Review, 23(1), 67–79.
- Giuliani, E., Pietrobelli, C., & Rabellotti, R. (2005). Upgrading in global value chains: Lessons from Latin American clusters. World Development, 33(4), 549–573. Gölgeci, I., Yildiz, H. E., & Andersson, U. R. (2020). The rising tensions between efficiency and resilience in global value chains in the post-COVID-19 world. Transnational Corporations Journal, 27(2), 127–141.
- Golini, R., De Marchi, V., Boffelli, A., & Kalchschmidt, M. (2018). Which governance structures drive economic, environmental, and social upgrading? A quantitative analysis in the assembly industries. International Journal of Production Economics, 203, 13–23.
- Grant, R. M. (1996). Toward a knowledge-based theory of the firm. Strategic Management Journal, 17, 109–122.
- Hernández, V., & Pedersen, T. (2017). Global value chain configuration: A review and research agenda. Business Research Quarterly, 20(2), 137–150.
- Holm, D. B., Eriksson, K., & Johanson, J. (1999). Creating value through mutual commitment to business network relationships. Strategic Management Journal, 20(5), 467–486.
- Holm, U., & Pedersen, T. (2000). The emergence and impact of MNC centres of excellence: A subsidiary perspective. Palgrave Macmillan.
- Humphrey, J., & Schmitz, H. (2002). How does insertion in global value chains affect upgrading in industrial clusters? Regional Studies, 36(9), 1017–1027.
- Javorcik, B. (2020). Reshaping of global supply chains will take place, but it will not happen fast. Journal of Chinese Economic and Business Studies, 18(4), 321–325.
- Juergensen, J., Guimón, J., & Narula, R. (2020). European SMEs amidst the COVID-19 crisis: Assessing impact and policy responses. Journal of Industrial and Business Economics, 47(3), 499–510.
- Kano, L. (2018). Global value chain governance: A relational perspective. Journal of International Business Studies, 49(6), 684–705.
- Kano, L., Tsang, E. W., & Yeung, H. W. C. (2020). Global value chains: A review of the multi-disciplinary literature. Journal of International Business Studies, 51, 577–622.
- Kostova, T., Marano, V., & Tallman, S. (2016). Headquarters– subsidiary relationships in MNCs: Fifty years of evolving research. Journal of World Business, 51(1), 176–184.
- Larsen, M. M., Manning, S., & Pedersen, T. (2013). Uncovering the hidden costs of offshoring: The interplay of complexity, organizational design, and experience. Strategic Management Journal, 34(5), 533–552.
- Lawton, T., McGuire, S., & Rajwani, T. (2013). Corporate political activity: A literature review and research agenda. International Journal of Management Reviews, 15(1), 86– 105.
- Lechner, C., Lorenzoni, G., Guercini, S., & Gueguen, G. (2020). Supplier evolution in global value chains and the new brand game from an attention-based view. Global Strategy Journal, 10(3), 520–555.
- Loss, B., Timmer, M. P., & de Vries, G. J. (2015). How global are global value chains? A new approach to measure international fragmentation. Journal of Regional Science, 55(1), 66–92.
- McKinsey. (2020). Resetting supply chains for the next normal.
- Mellahi, K., Frynas, J. G., Sun, P., & Siegel, D. (2016). A review of the nonmarket strategy literature: Toward a multi-theoretical integration. Journal of Management, 42(1), 143–173.
- Miroudot, S. (2020). Reshaping the policy debate on the implications of COVID-19 for global supply chains. Journal of International Business Policy, 3(4), 430–442.
- Morgan, R. M., & Hunt, S. D. (1994). The commitment-trust theory of relationship marketing. The Journal of Marketing, 58(2), 20–38.
- Mudambi, R., & Puck, J. (2016). A global value chain analysis of the “regional strategy” perspective. Journal of Management Studies, 53(6), 1076–1093.
- Narula, R. (2018). Multinational firms and the extractive sectors in the 21st century: Can they drive development? Journal of World Business, 53(1), 85–91.
- Narula, R. (2019). Enforcing higher labor standards within developing country value chains: Consequences for MNEs and informal actors in a dual economy. Journal of International Business Studies, 50, 1622–1635.
- Narula, R. (2020). Policy opportunities and challenges from the COVID-19 pandemic for economies with large informal sectors. Journal of International Business Policy, 3(3), 302–310.
- Nohria, N., & Ghoshal, S. (1994). Differentiated fit and shared values: Alternatives for managing headquarters-subsidiary relations. Strategic Management Journal, 15(6), 491–502.
- Obadia, C., Vida, I., & Pla-Barber, J. (2017). Differential effects of bilateral norms on SMEs’ export relationships: A dynamic perspective. Journal of International Marketing, 25(3), 21–41.
- Organisation for Economic Co-Operation and Development. (2020, June 3). COVID-19 and global value chains: Policy options to build more resilient production networks. http:// www.oecd.org/coronavirus/policy-responses/covid-19-andglobal-value-chains-policy-options-to-build-more-resilientproduction-networks-04934ef4/
- Ouchi, W. G. (1980). Markets, bureaucracies and clan. Administrative Science Quarterly, 25, 129–142.
- Pananond, P. (2013). Where do we go from here? Globalizing subsidiaries moving up the value chain. Journal of International Management, 19(3), 207–219.
- Pananond, P., Gereffi, G., & Pedersen, T. (2020). An integrative typology of global strategy and global value chains: The management and organization of cross-border activities. Global Strategy Journal, 10(3), 421–443.
- Pérez, F., Candau, E., Pla-Barber, J., Solaz, M., & Villar, C. (2020). La competitividad española en las cadenas de valor globales [Spanish competitiveness in global value chains]. Ed. Fundación BBVA.
- Petricevic, O., & Teece, D. J. (2019). The structural reshaping of globalization: Implications for strategic sectors, profiting from innovation, and the multinational enterprise. Journal of International Business Studies, 50(9), 1487–1512.
- Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Harper and Row.
- Pisano, G. P., & Shih, W. C. (2012). Producing prosperity: Why America needs a manufacturing renaissance. Harvard Business Press.
- Pla-Barber, J., Botella-Andreu, A., & Villar, C. (2021). Intermediate units in multinational corporations: A resource dependency view on coordinative versus entrepreneurial roles. International Business Review, 30(1), Article 101773.
- Pla-Barber, J., Linares, E., & Ghauri, P. N. (2019). The choice of offshoring operation mode: A behavioural perspective. Journal of Business Research, 103, 570–580.
- Pla-Barber, J., Villar, C., & Ghauri, P. (2020). The internationalization of SMEs: Building models for long-term development. Business Research Quarterly, 23(2), 88–90.
- Ponte, S., & Sturgeon, T. (2014). Explaining governance in global value chains: A modular theory-building effort. Review of International Political Economy, 21(1), 195– 223.
- Rugman, A. M., Li, J., & Oh, C. H. (2009). Are supply chains global or regional? International Marketing Review, 26(4/5), 384–395.
- Rugman, A. M., & Verbeke, A. (2004). A perspective on regional and global strategies of multinational enterprises. Journal of International Business Studies, 35(1), 3–18.
- Ryan, P., Buciuni, G., Giblin, M., & Andersson, U. (2020). Subsidiary upgrading and global value chain governance in the multinational enterprise. Global Strategy Journal, 10(3), 496–519.
- Shih, W. (2020, March 19). Is it time to rethink globalized supply chains? MIT Sloan Management Review. https://sloanreview. mit.edu/article/is-it-time-to-rethink-globalized-supply-chains/
- Strange, R., & Zucchella, A. (2017). Industry 4.0, global value chains and international business. Multinational Business Review, 25(3), 174–184.
- Tate, W. L., Ellram, L. M., Schoenherr, T., & Petersen, K. J. (2014). Global competitive conditions driving the manufacturing location decision. Business Horizons, 57(3), 381–390.
- Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18, 509–533.
- United Nations Conference on Trade and Development. (2020). World investment report: International production beyond the pandemic. https://unctad.org/system/files/official-document/wir2020_en.pdf
- Vahlne, J. E., & Johanson, J. (2021). Coping with complexity by making trust an important dimension in governance and coordination. International Business Review, 30(2), Article 101798.
- Williamson, O. E. (1986). Economic organization: Firms, markets and policy control. New York University Press.
- Zajac, E. J., & Olsen, C. P. (1993). From transaction cost to transactional value analysis: Implications for the study of interorganizational strategies. Journal of Management Studies, 30(1), 131–145.
- Zeng, R., Grøgaard, B., & Steel, P. (2018). Complements or substitutes? A meta-analysis of the role of integration mechanisms for knowledge transfer in the MNE network. Journal of World Business, 53(4), 415–432.
- Zhan, J. X. (2021). GVC transformation and a new investment landscape in the 2020s: Driving forces, directions, and a forward-looking research and policy agenda. Journal of International Business Policy, 4, 206–220.