FDI modes of MNE in the context of asymmetric interdependence: data based on Chinese listed MNEs

With the advent of de-globalization, international economic and trade cooperation and conflict have had an increasingly profound impact on the internationalization strategies of China multinational enterprises (CMNEs). Therefore, we examine the role of asymmetric interdependence on CMNEs' FDI modes and explore the moderating role of innovation capacity. We test our framework using multi-source secondary cross-border investment data from 854 listed Chinese MNEs. It is found that CMNEs entering host countries that are more economically dependent for their home countries prefer the entry mode of cross-border M&A to greenfield investment. Moreover, we find that the innovative capacity of MNEs negatively moderates the relationship between asymmetric interdependence and cross-border M&As. These findings suggest that asymmetric interdependence in international economic trade affects CMNEs' internationalization strategies in a multifaceted manner.