Do foreign resources assist or impede internationalisation? Evidence from internationalisation of Indian multinational enterprises

Cross-border acquisitions (CBAs) by emerging country multinational enterprises (EMNEs) have attracted considerable scholarly attention in recent years. However, researchers have not yet thoroughly investigated the effects of combining external resources accessed from abroad with resources owned and possessed by the EMNE when undertaking acquisitions. Against the general supposition in the Resource Based View (RBV) that all resources facilitate acquisitions, the paper shows that external foreign resources can impede, as well as assist, cross-border acquisitions. Their effect depends on the nature of interactions between external and internally owned resources within the EMNE. This study offers managerial implications for EMNEs planning to use external resources to accelerate their internationalisation.