Pla-Ba be , José; Villa , C is ina; Mesa Callejas, Ramón Ja ie ; Bo ella And eu, Ana
A icle
FDI spillo e s on Colombian mul ila inas: Upg ading
capabili ies h ough indi ec ies and humbleness
BRQ Business Resea ch Qua e ly
P o ided in Coope a ion wi h:
Asociación Cien í ica de Economía y Di ección de Emp esas (ACEDE), Mad id
Sugges ed Ci a ion: Pla-Ba be , José; Villa , C is ina; Mesa Callejas, Ramón Ja ie ; Bo ella And eu, Ana
(2025) : FDI spillo e s on Colombian mul ila inas: Upg ading capabili ies h ough indi ec ies and
humbleness, BRQ Business Resea ch Qua e ly, ISSN 2340-9444, Sage Publishing, London, Vol. 28,
Iss. 3, pp. 750-765,
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In oduc ion
Fo eign di ec in es men (FDI) spillo e s play a pi o al
ole in ac ing as condui s o ans e ing ad anced man-
agemen p ac ices, inno a i e echnologies, and supe io
o ganiza ional skills (Meye & Sinani, 2009; Villa e al.,
2020). These spillo e s acili a e a dynamic exchange o
knowledge and expe ise, allowing domes ic i ms o ele-
a e hei ope a ional e iciencies, s a egic capabili ies,
and compe i i e posi ioning in global ma ke s (Buckley
e al., 2002). Mo eo e , on a na ional scale, FDI spillo e s
a e iden i ied as essen ial a enues o eme ging economies
o close he de elopmen gap wi h hei mo e ad anced
coun e pa s, hus p omo ing economic g ow h and acili-
a ing indus ial ad ancemen (Cas ellani e al., 2024;
Meye & Sinani, 2009).
Despi e he ex ensi e esea ch on he impac o FDI in
eme ging ma ke s, he ocus has p edominan ly been on
Asian economies, pa icula ly China (e.g., Fu, 2012; Gu &
Lu, 2011; Kim e al., 2022; Liang, 2017; Liu & Buck, 2007;
Zhang e al., 2010). This egion’s global economic signi i-
cance and appeal o mul ina ional co po a ions ha e been
well documen ed (Luo & Tung, 2007). Howe e , explo ing
less examined egions like La in Ame ica can o e al e na-
i e insigh s, gi en he dis inc economic, poli ical, and
social landscapes ha may in luence FDI spillo e mecha-
nisms di e en ly han in Asia (Finchels ein e al., 2022).
The di e si y in economic s uc u es, ma ke openness,
egula o y en i onmen s, and cul u al nuances in La in
Ame ican coun ies sugges s ha he e ec s o FDI spillo-
e s could a y signi ican ly, wa an ing a ailo ed analysis
(Aguile a e al., 2017; Cue o-Cazu a, 2016; Cue o-
Cazu a e al., 2018; Mo is e al., 2023).
Building on his p emise, ou a icle adop s a quali a-
i e me hodology g ounded in he concep o “con ex ual-
ized explana ion” (Welch e al., 2020). This app oach
FDI spillo e s on Colombian Mul ila inas:
Upg ading capabili ies h ough indi ec
ies and humbleness
José Pla-Ba be 1, C is ina Villa 1, Ramón Ja ie Mesa Callejas2,
and Ana Bo ella And eu1
Abs ac
This s udy examines how Colombian Mul ila inas le e age spillo e s om o eign di ec in es men s o enhance hei
capabili ies and expand in e na ionally. Employing a quali a i e, explo a o y mul i-case s udy app oach g ounded in in e -
o ganiza ional lea ning heo y, we ind ha indi ec ies, h ough ica ious lea ning ia obse a ion and emula ion, a e
pi o al in acili a ing he acquisi ion o new knowledge. This lea ning is key o Mul ila inas o imp o e hei echnological
and o ganiza ional capabili ies locally, he eby s eng hening hei posi ion in global ma ke s. In addi ion, ou analysis
e eals ha he challenges inhe en o he Colombian con ex encou age a dis inc i e in e na ionaliza ion model
cha ac e ized by humili y and collabo a i e pa ne ships. These indings o e ac ionable insigh s o manage s aiming o
le e age in e na ional spillo e s o capabili y de elopmen and global g ow h.
JEL CLASSIFICATION: M16; M21; M14
Keywo ds
Spillo e s, channels, ies, ica ious lea ning, pa ne ing, Mul ila inas
1Facul y o Economics, Uni e si y o Valencia, Valencia, Spain
2Facul y o Economics, Uni e si y o An ioquia, Medellín, Colombia
Co esponding au ho :
José Pla-Ba be , Facul y o Economics, Uni e si y o Valencia, A .
Ta onge s, s/n, 46022 Valencia, Spain.
Email: [email p o ec ed]
1262793BRQ0010.1177/23409444241262793BRQ Business Resea ch Qua e lyPla-Ba be e al.
esea ch-a icle2024
Regula Pape
Pla-Ba be e al. 751
posi s ha case s udies can yield causal explana ions ha
p ese e, a he han diminish, he ichness o he con ex
(Tsui, 2006). Recognizing he impo ance o con ex in
shaping heo e ical jus i ica ions, ecen academic wo k
highligh s he need o documen hese spillo e s ac oss
a ious se ings o in igo a e esea ch in in e na ional
business (Delios, 2017).
Th ough his lens, we explo e FDI spillo e s in op
Colombian Mul ila inas, selec ed due o hei supe io
abso p i e capaci y ela i e o domes ic i ms (Cohen &
Le in hal, 1990), a c i ical de e minan o ecei ing
knowledge spillo e bene i s. By ocusing on his con ex ,
we aim o elucida e how op- ie i ms in a La in Ame ican
coun y le e age hei ad anced abso p i e capaci ies o
capi alize on FDI spillo e s, he eby o e ing insigh s in o
he success ul ans e and in eg a ion o knowledge.
Based on an explo a o y mul iple-case s udy o 12
Colombian Mul ila inas, ou esea ch in es iga es he p i-
ma y channels h ough which hese i ms acqui e knowl-
edge om mul ina ional companies. I examines he
impac o his lea ning p ocess on hei compe i i e capa-
bili ies, including p oduc echnology, o ganiza ional p o-
cesses, and in e na ional expansion s a egies. In doing so,
we un eil he “black box” o spillo e e ec s om a man-
age ial pe spec i e, an a ea ha p io quan i a i e esea ch
has la gely o e looked.
Ou con ibu ion o he li e a u e is wo old. Fi s , con-
cep ually, ou quali a i e app oach enables us o empha-
size lea ning ou comes and disce n be ween wo c ucial
dimensions: he channels o mechanisms acili a ing spill-
o e s and he ac ual e ec s o hese spillo e s (Ja o cik,
2004). We con end ha exis ing esea ch o en con la es
hese dimensions, p ima ily due o he limi a ions o quan-
i a i e economic me hodologies, which may o e simpli y
he complex na u e o spillo e s and hei dynamics wi hin
i ms (Rojec & Knell, 2018). By adop ing an in e -o gani-
za ional pe spec i e, we can shed ligh on he a ious
channels (e.g., di ec and indi ec ies) acili a ing knowl-
edge ans e s among ac o s and hei con ibu ion o spill-
o e ou comes, pa icula ly in gene a ing unique
capabili ies ha enhance compe i i eness ac oss local and
global ma ke s (Gi oud & Sco -Kennel, 2009). Mo eo e ,
esea ch examining he impac o FDI on indigenous i ms’
in e na ional compe i i eness beyond p oduc i i y o
expo s, excep o some no able examples by (Fu, 2012)
and He nández and Nie o (2016), emains sca ce. Ou
app oach ex ends beyond p oduc inno a ion o encom-
pass o ganiza ional p ocesses and in e na ionaliza ion,
o e ing a comp ehensi e iew o hese e ec s.
Consequen ly, we can obse e hei eal impac , p o iding
a mo e nuanced unde s anding compa ed wi h s udies ha
ely on p oxies o quan i y po en ial e ec s.
Second, on a heo e ical le el, we en ich he ele an
spillo e heo y by si ua ing i wi hin he La in Ame ican
con ex (Tsui, 2006). Ou app oach applies exis ing heo y
o an unde explo ed con ex , iden i ying po en ial mis-
ma ches be ween he con ex and es ablished heo y. This
p ocess os e s heo y-building by ecognizing and aluing
he signi icance o con ex ual dispa i ies. Ou s udy sug-
ges s ha indi ec ies also po en ially acili a e lea ning
and bols e compe i i eness. This e ec is pa icula ly el-
e an o la ecome eme ging-ma ke mul ina ional i ms
such as Mul ila inas, which may lack di ec in e ac ions o
alue-chain linkages wi h o eign MNEs. Fu he mo e, he
cha ac e is ics o he ins i u ional con ex in Colombia
ha e shaped a leade ship s yle g ounded in humili y and
endu ing pa ne ships. These ac o s, in u n, in luence
i ms’ connec ions wi h o eign MNEs, capaci y o capa-
bili y enhancemen a home and ab oad, and in e na ionali-
za ion p ocesses (Cue o-Cazu a e al., 2020).
The emainde o he a icle is o ganized as ollows.
The nex sec ion begins by in oducing ce ain heo e ical
ideas cen al o he spillo e analysis. The ea e , we dis-
cuss ou me hodological design, including he ame o
he in es iga ion and he da a collec ion. We hen analyze
ou s udy’s indings and discuss hei implica ions. Finally,
we conclude ou s udy and de elop sugges ions o u u e
esea ch.
Concep ual backg ound
In e o ganiza ional lea ning pe spec i e:
channels and e ec s
A close look a he spillo e li e a u e e eals he impo -
ance o in e ac ions be ween domes ic and o eign i ms
in gene a ing spillo e e ec s (Pe i & Pe u o, 2016;
Villa e al., 2020). S udies on in e -o ganiza ional lea n-
ing posi ha in e ac ions encompass complex pa e ns o
in o ma ion exchange, such ha knowledge p ospec s and
lea ning usually depend on he ype o connec ions, he
incen i es o he pa ne s, and he ype o esou ce being
sha ed (B uneel e al., 2010; Gula i e al., 2000; Lane &
Luba kin, 1998). T ans e ing speci ic esou ces— o
example, know-how—en ails a signi ican aci dimen-
sion, as i equi es ace- o- ace con ac and olun a y
exposu e o expe ience-based knowledge ela ed o a i-
ous business p ac ices and p oblem solu ions. As he
e ec s o FDI on domes ic i ms depend on he esou ces
ans e ed, many wo ks in he IB ield posi ha spillo-
e s ocus on a ansac ional, collabo a i e ela ionship
in ol ing o mal and di ec con ac , ha is, alliances o
alue-chain linkages (Fe nhabe & Li, 2013; Gi oud &
Sco -Kennel, 2009). In hese cases, he MNE ypically
p o ides aining and echnical se ices, and hese in e -
ac ions be ween pa ne s can upg ade lea ning in local
i ms.
Howe e , i ms can also lea n ica iously h ough obse -
a ion and emula ion (P ashan ham & Dhana aj, 2015).
Compa ed wi h o mal and di ec ies, his s udy s esses he
752 Business Resea ch Qua e ly 28(3)
ole o “indi ec ies” as mechanisms o lea ning h ough
obse a ion. This logic is based on he ype o knowledge
ans e each ie suppo s. Rela ionships and ne wo ks a e
impo an mechanisms o lea ning and acqui ing expe i-
ence, bu no all ies lead o he same le el o knowledge
sha ing: “. . . di ec ies p o ide esou ce-sha ing and in o -
ma ion spillo e bene i s, bu indi ec ies p o ide only he
la e ” (Ahuja, 2000, p. 448). The basic s ance is ha indi-
ec ies p o ide bene i s h ough explici , obse able in o -
ma ion exchanged in o mally h ough local ade shows,
con e ences, semina s, and communica ion wi h pe sonnel
om nea by companies o esea ch cen e s (Fe nhabe &
Li, 2013). Fo i ms wi h limi ed access o di ec ies, indi-
ec ies can p o ide in o ma ion ha supplemen s he exis -
ing in o ma ion base. They se e as an e ec i e way o
ac o s o enjoy he bene i s o ne wo k size wi hou paying
ne wo k main enance cos s (Ahuja, 2000). I should be
no ed ha al hough hese connec ions ha e been assigned a
a ie y o names, such as “ ies,” “ ela ionships,” and “link-
ages,” we use he e m “ ies,” which is mo e aligned wi h
he p ope ies o s a egic ne wo ks as o in e -o ganiza-
ional lea ning (Ahuja, 2000; McE ily & Zahee , 1999).
Such concep ualiza ion o ies o e s insigh s o e isi
he channels and e ec s in classic spillo e s udies. A com-
p ehensi e economic li e a u e e iew by C espo e al.
(2009) concluded ha FDI spillo e s could occu mainly
h ough ou majo channels: demons a ion/imi a ion, labo
mobili y, compe i ion, and backwa d and o wa d linkages
wi h domes ic i ms. Among hese, he mos ci ed a e he
imi a ion e ec (local i ms copying echnologies b ough
by MNE) and he compe i ion e ec (when an MNE’s en y
leads o an inc ease in compe i ion in he hos coun y and
local i ms need o ei he use hei exis ing esou ces mo e
e icien ly o sea ch o new echnologies) (Villa e al.,
2020). Howe e , one pe sis en p oblem in his s eam o
li e a u e is he unclea use o he concep s o “channels”
and “spillo e s,” which ails o add ess he di e ence
be ween he mechanisms o channels h ough which he
spillo e s occu and he measu able e ec s on ou pu . Fo
ins ance, labo mobili y is o en conside ed bo h a mecha-
nism (Gö g & G eenaway, 2004) and a spillo e e ec
(C espo e al., 2009). In ou iew, his ambiguous concep u-
aliza ion is p oblema ic—spillo e s should always be indi-
ec owing o hei na u e; “indi ec ” o “di ec ” should e e
o he channel o mechanism a he han he spillo e i sel .
This p oblem e lec s ha he li e a u e on spillo e s is
oo ed in mac o-le el agg ega e s udies om he ield o
economics, whe e di ec and indi ec e ec s a e di icul o
sepa a e due o me hodological issues (Kokko, 1996).
Conce ning he e ec s o hese spillo e s on i ms’ s a-
egic capabili ies, li le empi ical e idence exis s on
aspec s beyond echnological dimensions. Many empi ical
s udies p o ide e idence on he di usion o supe io p o-
duc ion- ela ed echnologies om o eign MNEs o local
pa ne i ms (Kokko, 1996; Liang, 2017). In ac , much o
he li e a u e uses he e ms “p oduc i i y” and “ echnol-
ogy” spillo e in e changeably (Buckley e al., 2002).
Howe e , i has been sugges ed ha spillo e s migh also
ake he o m o ma ke ing, dis ibu ion, human capi al, o
managemen skills (C espo e al., 2009; Fu, 2012). As
MNEs o en possess s onge asse s, hey can pa e he way
o local i ms o en e he same expo ma ke s by ei he
c ea ing he necessa y anspo in as uc u e o dissemi-
na ing in o ma ion on ma ke condi ions, such as p oduc -
design and consume p e e ences, ma ke ing s a egies, o
e en ma ke access spillo e s i hey acili a e indigenous
i ms’ expansion in o eign ma ke s (Buckley e al., 2002;
Gö g & G eenaway, 2004). By adop ing a quali a i e
app oach, we aim o p o ide e idence on he channels ha
can lead o di e en spillo e s om compe i i eness
upg ades in Colombian Mul ila inas.
Ou con ex : esea ch on Mul ila inas
Ou esea ch con ex is based on Colombian Mul ila inas.
Mul ila inas a e mul ina ionals om La in Ame ica o any
size wi h alue-added ope a ions ab oad a he p oduc ion-
plan le el and wi h b anches, anchises, o any o he ype
o p esence in capi al- ecei ing coun ies (Cue o-Cazu a,
2008). In ecen yea s, he e has been inc easing a en ion
in in e na ional business esea ch o s udying Mul ila inas
(e.g., Aguile a e al., 2017; Blanco e al., 2023; He mans &
Bo da Reyes, 2020; He mans e al., 2024; Lopez-Mo ales,
2018). These i ms can se e as a labo a o y o iden i ying
new issues ha s udies o i ms in o he egions ha e
missed o ha e no analyzed in dep h. Compa ed wi h o he
eme ging ma ke mul ina ionals, Mul ila inas ha e been
conside ed la ecome s in he global ma ke due o a combi-
na ion o his o ical, economic, and s a egic ac o s
(Cue o-Cazu a e al., 2020). His o ically, La in Ame ican
coun ies ha e g appled wi h poli ical ins abili y, economic
u moil, and social challenges, c ea ing an un a o able
en i onmen o in e na ional expansion. These na ions
ha e also expe ienced une en economic de elopmen , lim-
i ing he esou ces and expe ience Mul ila inas could d aw
upon compa ed wi h es ablished global playe s and Asian
mul ina ionals (Ramamu i & Singh, 2009). Some
Mul ila inas we e also isk-a e se, p io i izing he es ab-
lishmen o a solid domes ic p esence be o e en u ing in o
iskie in e na ional ma ke s (Velez-Ocampo e al., 2021).
Collec i ely, hese ac o s ha e con ibu ed o he pe cep-
ion o Mul ila inas as la ecome s eme ging ma ke mul i-
na ionals. Howe e , as La in Ame ican economies con inue
o de elop and s abilize, Mul ila inas will likely play a
mo e signi ican ole in he global business a ena, albei
wi h hei unique challenges and oppo uni ies.
Among hese Mul ila inas, Colombian i ms ha e dem-
ons a ed ema kable p og ess in hei in e na ional p es-
ence du ing he las wo decades. Du ing he 1990s,
Colombia implemen ed impo an s uc u al e o ms due
Pla-Ba be e al. 753
o ma ke libe aliza ion and a o able economic condi-
ions. Mo eo e , he coun y began o o e incen i es and
p o ec ion o o eign in es o s and quickly became an
a ac i e a ge . In addi ion, he inancial a ing o
Colombian i ms imp o ed, signaling ha Colombia was
o e coming he s igma o being apped in his o ical con-
lic s, co up ion, and d ug a icking (Gonzalez-Pe ez
e al., 2020). The coun y’s pe cei ed poli ical s abili y and
po en ial g ow h led o eign i ms o a massi e and agg es-
si e p ocess o acqui ing many Colombian companies in
se e al key indus ies o he local economy ( ood, e ail-
ing, ene gy, inancial se ices, elecommunica ions, e c.).
Consequen ly, Colombia expe ienced he highes le els o
FDI in i s his o y, becoming one o he op inwa d FDI
des ina ions in La in Ame ica and an impo an sou ce o
FDI o he egion (Uni ed Na ions Con e ence on T ade
and De elopmen [UNCTAD], 2019). Nowadays, bo h
Colombian companies and socie y, in gene al, ha e man-
aged o o e come he coun y-o -o igin liabili ies, and he
coun y now se es as a benchma k in he egion (Bos on
Consul ing G oup [BCG], 2018).
Despi e he impo ance o Colombian Mul ila inas, ew
published esea ch s udies exis on his opic. On one hand,
mos o his esea ch examines hese companies’ speci ic
in e nal a ibu es (e.g., hie a chical s uc u e, pa e nalis ic
leade ship s yles, loyal y and pe sonal bonds be ween
supe iso s and subo dina es, and amily-owned business)
(BCG, 2018). On he o he hand, o he au ho s (González
Pé ez & Velez-Ocampo, 2014; Velez-Ocampo & González
Pé ez, 2015; Velez-Ocampo e al., 2021) depic he speci i-
ci ies o hei p ocess o in e na ionaliza ion based on he
p e alence o o ganic g ow h, he exploi a ion o na u al
ma ke s a e consolida ing a home and he adap a ion o
o eign ma ke s. As a as we know, ou a icle is he i s
o deal wi h how hese Mul ila inas ha e lea ned om o -
eign mul ina ionals and how his lea ning ein o ced hei
capabili ies o compe e a home and ab oad.
Me hodology
We ollow a me hodological app oach ying o econcile
heo y and con ex by gene a ing “con ex ualized explana-
ions” (Welch e al., 2020). We employ an abduc i e
app oach, le e aging exis ing heo y as a sou ce o inspi a-
ion o unco e new pa e ns ele an o ou con ex
(Al esson & Sköldbe g, 2017). This me hodology is pa -
ially deduc i e, d awing inspi a ion om heo y, and pa -
ially induc i e, in luenced by da a.
We es ic ed ou case s udies o op Colombian mul i-
na ional companies o con ol o con ex and limi he
in luence o o he economic a iables. Acqui ing a ep e-
sen a i e sample o Colombian Mul ila inas posed a chal-
lenge due o he absence o consolida ed o icial da abases.
To o e come his limi a ion, we compiled a comp ehen-
si e in en o y ea u ing he 50 mos p ominen Colombian
mul ina ional en e p ises based on hei expe ience and
in e na ional sales.
Ou compila ion s a egy encompassed wo p ima y c i-
e ia. Fi s , we included all Colombian Mul ila inas ea u ed
in he Mul ila inas anking c a ed by Ame ica Economica
in 2016 (10 companies). This app oach was emb aced as
hese i ms exhibi ed he highes deg ees o globaliza ion
ega ding o eign sales, asse s, and employees. Second, we
comple ed his lis by including he la ges Colombian i ms
in he Dine o magazine anking in 2017. Gi en he po en ial
non-mul ina ional s a us o some companies wi hin his la -
e g oup, we u ned o seconda y sou ces such as websi es,
specialized publica ions, and epo s o alida e his in o -
ma ion. When a company ailed o mee he mul ina ional
equi emen s, we p oceeded o he nex candida e on he lis .
This cu a ed lis o 50 companies ensu ed ha he en i ies
we app oached o pa icipa e in he s udy we e mul ina ion-
als wi h ex ensi e global expe ience.
The op execu i es o 12 o hese Colombian Mul i-
la inas ag eed o pa icipa e in he s udy, ep esen ing 28%
o he Colombian i ms in en o ied. We in o med all pa -
icipa ing companies ha disclosing hei names would
enhance he s udy’s eliabili y and impac . Rema kably,
each company consen ed o his eques wi hou hesi a ion.
These companies belonged o di e en sec o s and had
a ious deg ees o in e na ional expe ience, allowing o
sample a ia ion. The numbe o cases in ou s udy i s
wi h Eisenha d ’s (1989) iew ha 4–10 cases a e usually
adequa e o achie ing heo e ical sa u a ion in compa a-
i e case-s udy analyses.
Da a collec ion
We used di e en da a-collec ion s a egies and da a
sou ces o ensu e cons uc alidi y (Gibbe & Ruig ok,
2010). Da a collec ion, which ook place in 2017 and 2018,
mainly in ol ed s uc u ed in e iews wi h he p esiden s
and op manage s o he pa icipa ing companies. We con-
duc ed wo ace- o- ace in e iews in each company, each
las ing be ween 60 and 120 min. To ensu e a be e unde -
s anding o he i m, we accompanied his da a collec ion
wi h co po a e documen s, especially annual epo s, web
pages, and in o ma ion om p ess eleases. The analysis
o his documen a ion allowed us o iangula e he in o -
ma ion, which ul ima ely con ibu ed o comple ing and
imp o ing he eliabili y o he s udy (Gibbe & Ruig ok,
2010). The in e iews ollowed a ca e ully p epa ed p o o-
col ha included a mix u e o speci ic and open-ended
ques ions. The in e iews we e ini ially ca ied ou in
Spanish and subsequen ly ansla ed in o English using a
me hodology akin o ha o Blanco e al. (2023). Once he
ca ego iza ion p ocess was inalized and ou da a s uc u e
was es ablished, he undamen al componen s o he analy-
sis—encompassing ca ego ies and quo a ions—we e sub-
jec ed o a ho ough ansla ion in o English by a skilled
754 Business Resea ch Qua e ly 28(3)
ansla o specialized in he ele an domain. To ensu e
accu acy and ideli y, a esea che om Colombia, no
a ilia ed wi h he au ho ing eam, conduc ed a back ans-
la ion, e ealing a lack o disc epancies o di e gences in
he examined ansla ed ma e ial. Fou een in e iews
we e conduc ed wi h he o ganiza ions’ p esiden s, while
he emainde we e conduc ed wi h op execu i es, such as
ice p esiden s, CEOs, and in e na ional business manag-
e s. Some no es we e aken du ing he in e iews, and all
in e iews we e eco ded and ansc ibed. We ook ca e o
a oid in luencing esponden s’ answe s by sha ing ou
knowledge and unde s anding o he li e a u e on he opic.
In he inal s ep, we summa ized all he in o ma ion in
he o m o case epo s, ex ensi ely using ci a ions om
he in e iews and documen s o ensu e a high le el o
accu acy (Langley, 1999). Each epo was sen o each
in e iewee o ac ual e i ica ion in he second in e iew,
and in e iewees we e asked o commen on o add o he
epo s. Table 1 p o ides gene al in o ma ion on he pa ici-
pa ing i ms, de ails on he esponden s’ posi ions, and
in o ma ion on he da e and du a ion o he in e iews.
Da a analysis s a egy
We de eloped s a egies o da a analysis om bo h p i-
ma y and seconda y sou ces, and we emphasized using
ables and diag ams o p esen , eco d, o ganize, and man-
age da a in an accessible and a ac i e way. Fu he mo e,
he da a collec ed in he in e iews we e ansla ed in o
ca ego ies o make compa isons and possible con as s so
ha da a could be o ganized concep ually and display he
in o ma ion acco ding o some pa e n o eme gen egu-
la i y (S auss & Co bin, 2008). This p ocess also acili-
a ed he syn hesis o he empi ical indings and hei
ela ionships wi h he heo e ical concep s in he li e a u e
(Gioia e al., 2013).
We ca ied ou an i e a i e p ocess o abs ac ion h ough
which we mo ed om he expe ience o manage s as s a ed
in hei own wo ds ( i s -o de codes) o heo y elabo a ion
h ough second-o de hemes and agg ega e dimensions
(Magnani & Gioia, 2023). This p ocess allows us o mo e
om da a owa d heo y and om eali y owa d abs ac-
ion. Fi s , each esea che independen ly ead h ough he
en i e da ase and c ea ed an ini ial se o i s -o de codes.
All di e ences in codes and coding ules we e discussed
un il a consensus was eached. These i s -o de codes ep-
esen he companies’ eali ies and manage s’ expe iences
ela ed o o eign mul ina ionals’ in luence on hei s a e-
gic capabili ies. Second, we g ouped he i s -o de codes
in o i e second-o de hemes ha we e ele an o ou
esea ch objec i e. These concep s we e mo e abs ac and
ep esen ed he heo e ical dimensions ha helped simpli y
he in o ma ion in he codes: di ec ies, indi ec ies, inno-
a ion and echnology, o ganiza ional p ocesses, and in e -
na ionaliza ion. Thi d, we a i ed a he second le el o
abs ac ion by agg ega ing he second-o de hemes in o
he mo e gene al concep s: (1) he channels h ough which
spillo e s occu ed and (2) he spillo e e ec s. This b oad
scope allows us o obse e ypes o spillo e s ha canno
be de ec ed when adop ing he quan i a i e pe spec i e
commonly seen in he li e a u e.
Figu e 1 p esen s he p og ession om aw da a o heo-
e ical hemes and concep s, o ming he amewo k o
ou discussion.
Findings and discussion
Channels: di ec e sus indi ec ies
The ela ionships es ablished be ween domes ic and o -
eign i ms dese e special a en ion in a emp s o iden i y
he e ec s o FDI spillo e s on local i ms (Gi oud, 2012;
Ja o cik, 2008). In his ega d, he su eyed i ms empha-
sized wo ela ional channels o knowledge ans e :
di ec and indi ec ies.
Di ec ies. Di ec ies acili a e he ans e o know-how,
which equi es ace- o- ace con ac in ha i encompasses
an impo an aci componen (Kogu & Zande , 1992).
While mul ina ionals ha e a s ong incen i e o p e en
knowledge leakage o hei compe i o s, hey may wan o
ans e expe ise and know-how o hei pa ne s (Ja o -
cik, 2008). The e o e, he di ec ie dimension included
s a emen s e e ing o ela ions wi h supplie s, cus ome s,
sha eholde s, s a , and o he ac o s ha led o he sha ing
o esou ces and know-how. Some o hese ies we e based
on supply chains o alliances (Jind a e al., 2009). O he
in e es ing cases a ose when esponden s e e ed o he
know-how p o ided by o he in e nal g oups, such as o -
eign sha eholde s and pa ne s o s a membe s p e i-
ously employed by o he mul ina ionals.
Th ee ou o he 12 companies men ion he impo ance
o lea ning h ough alliances. Fo example, he P esiden
o Nu esa, which has signed wo equi y join en u es
wi h he Mi subishi g oup in Malaysia, a co ee p oduce
(Dan Ka e), and a dis ibu o (O ien al Co ee Alliance
SDN),1 indica ed:
We a e a limi ed company wi h app oxima ely 14,000
sha eholde s. Se en pe cen o ou sha eholde s a e no
Colombian— hey a e sha eholde s om o he coun ies who
ha e ques ions and ecommenda ions, and we lea n om
hem. . . . Mo eo e , ou g oup has signed s a egic alliances
wi h leading companies, such as Mi subishi. . . . This allows
o o he o ms o lea ning h ough alliances, as in cases wi h
equi y pa icipa ion. . . . Compe i ion and alliances a e he
p ima y sou ces o lea ning om he mul ina ionals wi h
which we compe e. (Nu esa G oup, P esiden )
A pa allel case is ha o he Familia g oup. On i s Boa d
o Di ec o s, he G oup has had i s pa ne , he Swedish
mul ina ional company SCA, since 1985, when Familia
became one o he i s Colombian i ms o pa ne wi h an
Pla-Ba be e al. 755
Table 1. P o ile o companies su eyed and summa y o in e iews.
Company Sec o Type Ci y o
o igin
Yea o
c ea ion
Employees
(2018)
Ope a ing
income
(mil €, 2018)
Yea o
i s FDI
Numbe
o o eign
coun ies
Main o eign
coun ies
In e iewee Da e o in e iew Leng h o
in e iew
(min)
A gos G oup Cons uc ion P i a e Medellín 1934 14,000 3,817.184 2005 18 Ecuado , Hondu as, Panama, Dominican Republic,
Pue o Rico, Venezuela, USA
P esiden No embe 2, 2017
Decembe 21, 2017
60
60
Colce amica Cons uc ion P i a e Bogo á 1950 15,000 290.673 1994 50 Mexico, Panama, Gua emala, USA CEO Sep embe 28, 2017
June 6, 2018
100
60
Emp esa de
Ene gía de Bogo á
Ene gy Public Bogo á 1896 600 1,088.799 2002 3 Pe ú, Gua emala, B azil P esiden June 7, 2018
Sep embe 25, 2018
120
60
EPM G oup Public se ices Public Medellín 1955 7,300 4,350.538 2010 3 Mexico, Gua emala, El Sal ado S a egy Vice P esiden No embe 4, 2017
Decembe 21, 2017
60
70
Familia G oup Pape - ela ed p oduc s P i a e Medellín 1958 3,500 466.782 2006 20 A gen ina, Boli ia, Chile, Ecuado , Pe ú, Pue o
Rico, Dominican Republic
S a egy Vice P esiden No embe 9, 2017
Decembe 22. 2017
110
80
ISA Ene gy Public Medellín 1967 3,900 1,930.536 2001 7 Pe ú, B azil, Chile, USA P esiden No embe 22, 2017
Ma ch 31, 2018
120
60
Nu esa G oup Food and be e age P i a e Sonsón 1920 32,000 2,408.682 1995 14 Chile, Pe ú, Ecuado , Panama, Gua emala, México,
USA
P esiden Sep embe 14, 2017
Ma ch 30, 2018
100
70
O bis G oup Chemical p oduc s P i a e Medellín 1921 5,000 394.699 1994 16 Mexico, Ecuado , Venezuela, Cos a Rica, Panama P esiden No embe 2, 2017
Ma ch 31, 2018
110
60
Pos obón Food and be e age P i a e Medellín 1904 12,000 466.782 1967 19 Cos a Rica, Mexico, Canada, Spain, Ne he lands,
Ge many
In e na ional Di ision
Manage
Ma ch 31, 2018
June 7, 2018
100
80
P oca ecol Food and be e age P i a e Bogo á 2002 1,790 81.071 2005 13 Chile, Cos a Rica, Panama, Ecuado , Boli ia, Pe u,
Pa aguay, Spain, USA
P esiden Decembe 13, 2017
June 6, 2018
115
60
Su a G oup Finance and insu ance P i a e Medellín 1944 59,000 3,361.095 2011 9 México, Chile, Dominican Republic, Panamá,
A gen ina, U uguay, B azil
P esiden Oc obe 14, 2017
Decembe 21, 2017
60
60
To o Tex ile and clo hing P i a e Bogo á 1987 7,000 124.641 1992 35 Mexico, Gua emala, Cos a Rica, Boli ia, Chile,
Ecuado , Pe u, Spain, UK
In e na ional Di ision
Manage
Ap il 28, 2018
June 6, 2018
120
60
Sou ce: Own elabo a ion based on in o ma ion ob ained om he in e iewee and companies’ ins i u ional epo s and web pages. Ope a ing income ( u no e ) was e ie ed om he O bis da abase (Bu eau an Dijk, accessed
Feb ua y 2020).
756 Business Resea ch Qua e ly 28(3)
in e na ional indus ial g oup.2 The ice-p esiden o
Familia ema ked:
Mul ina ionals can en e Colombia e y easily, so we compe e
wi h he la ges mul ina ionals in he wo ld: P oc e and
Gamble, Kimbe ly Cla k, Johnson and Johnson, and CMPC.
These companies p esen al e na i es, inno a ions, and
p oposals . . . on p oduc s, communica ion, packaging, and
ma ke in oduc ions. The e o e, we mus lea e he ma ke i
we do no ollow he same pa h. We a e no hei supplie s,
and he Boa d, especially ou o eign pa ne s, has o ced us
o ake hese s eps. (Familia G oup, Vice P esiden )
In simila e ms, he P esiden o Emp esa de Ene gía de
Bogo a (EEB) s a ed:
In 1997, ou company was s a e-owned, and we we e expe-
iencing a majo c isis. A ha ime, i was decided o p i a ize
pa o i . Endesa, he Spanish elec ici y mul ina ional, en e ed
he capi al o ou subsidia ies Emgesa and Codensa, wi h a
48.5% s ake. This alliance p o ided impo an lea nings,
especially in he manage ial and inancial aspec s. Mo eo e ,
we lea ned how o manage s a egic alliances wi h o eign
pa ne s and o hink o in e na ionaliza ion as a s a egic
op ion o ou company. We ha e aken ad an age o all his
lea ning la e in he expansion o ou g oup. (EEB, P esiden )
In ac , EEB ecen ly signed a new ag eemen wi h he
Spanish mul ina ional Red Eléc ica o en e B azil by pu -
chasing he B azilian company A go Ene gia, one o he
coun y’s mos consolida ed companies.3
Indi ec ies. Because no all i ms can be pa o he ne -
wo k o access he esou ce sha ing a ising om in e ac-
ion wi h MNEs (know-how, human capi al, e c.), indi ec
ies play a ele an ole in dissemina ing he bene i s o
FDI o a b oade pool o domes ic i ms. Indi ec connec-
ions o e accessible oppo uni ies in he o m o explici
in o ma ion ha can be sha ed in si ua ions o he han
business pa ne ships. Fo example, as p oposed in he li -
e a u e, he compe i ion e ec among domes ic and mul i-
na ional i ms can indi ec ly induce local i ms o imp o e
upda ing p oduc ion echnologies and echniques o
become mo e p oduc i e (Gö g & G eenaway, 2004). In
addi ion, he imi a ion e ec occu s i he e a e indi ec
ela ionships be ween MNEs and local i ms, and domes ic
i ms lea n supe io p oduc ion echnologies and o he
knowledge om MNEs (Rojec & Knell, 2018). Fo exam-
ple, a endance a ade ai s has been men ioned as an
impo an way o c ea e sha ed knowledge and solu ions.
O he se ings, such as in o ma ion o a, indus y associa-
ions, and sys ema ic ollow-up in e ac ions, we e also
highligh ed as oppo uni ies o be a en i e o o he i ms’
s a egies (G eenaway e al., 2004). This ype o ie does
no en ail o mal esou ce-sha ing bene i s bu can p o ide
access o in o ma ion, knowledge, and expe ience om
o he ac o s (Ahuja, 2000).
Fo eign i ms inc ease local compe i ion by in using
new echnologies in o he domes ic ma ke . These p es-
su es indi ec ly o ce domes ic i ms o speed up new ech-
nology adop ion and inc ease hei manage ial e o s o
Spillo e
e ec s
Channels
Di ec ies
Indi ec ies
P oduc inno a ion and
echnology
In e na ionaliza ion
S a emen s abou imp o emen s in coo dina ion, o ganiza ional p ocesses and business models:
MNEs and la ge, obus companies usually de elop models ha allow hem o op imize esou ces, such
as co po a e s uc u es o good go e nance, social esponsibili y p og ams aligned wi h he business
model. All his ype o ac o s ha ake place a global le el gene a e a lea ning o us (Pos obón,
In e na ional Business Manage )
S a emen s abou imp o emen s in p oduc inno a ion and echnology:
unde s and he di ec ion in which he indus y is mo ing, o make decisions ega ding upda es and o adjus
, CEO)
S a emen s abou knowledge ans e om obse a ion, mee ings in indus y o a, ade ai s, e c.:
do
(O bis G oup, P esiden )
S a emen s abou imp o emen s in o eign ma ke knowledge and eadiness o expand ab oad:
We y o a oid his mis ake ha big mul ina ionals make when hey acqui e companies. We a e humble
and y o in eg a e he local cul u es and p ocesses in o he cul u e o Nu esa, espec ing he local eams
and he local b ands
S a emen s abou knowledge ans e om business pa ne s, o eign boa d membe s, employees, e c.:
membe o he G oup in Malaysia) - lows o o he o ms o
, P esiden )
O ganiza ional p ocesses
Figu e 1. Da a s uc u e.
Pla-Ba be e al. 757
imp o e e iciency unde his ad e se scena io (C espo
e al., 2009). This seems he case wi h he a i al o
S a bucks and compe i o s in he co ee business, such as
Dunkin Donu s o K ispy K eme in Colombia. The
P esiden o P oca ecol (owne o he Juan Valdez b and,
he leading domes ic company in he co ee sec o ) decla ed
in a p ess in e iew ha new playe s had no a ec ed hem
bu , on he con a y, had o ced hem o imp o e s anda ds:
“The en ance o new compe i o s o he ele ance o a
S a bucks has o ced us o be be e . They ha e o ced us o
imp o e s anda ds, o be mo e lexible and inno a e
as e .”4 In ou in e iew, he also s essed he impo ance o
obse ing compe i o s’ p ac ices, p oduc s, and p ocesses,
a ype o in o ma ion p o ided by indi ec connec ions:
When we a el, we analyze he iconic s o es o S a bucks,
obse e hei de elopmen , and examine whe e hei ma ke is
going . . . ou employees isi such s o es, ake no es and
pho os. In elligence abou he compe i ion is ga he ed in any
coun y. We s udy hei bes p ac ices and hei consume s’
p e e ences wi h g ea discipline. (P oca ecol, P esiden )
In he same ein, he P esiden o Nu esa G oup also
ema ked on he impo ance o hese indi ec ies:
Ou mul ina ional compe i o s, such as Nes le o Unile e ,
we e he main sou ce o lea ning . . . ou company now goes
o o he coun ies as a mul ina ional, and he companies o
ha coun y look a ou company in such a way ha hey s a
o imi a e i . (Nu esa G oup, P esiden )
Indi ec lea ning based on obse a ions is o en acili-
a ed by a ending ade ai s o associa ion mee ings. As
he To o In e na ional Business Manage men ioned,
“Much lea ning occu s a in e na ional ai s, whe e you
can see wha he compe i o s a e doing.” The ISA G oup
P esiden s a ed, “Th ough ai s and pa icipa ion in busi-
ness associa ions, we ha e seen new p oduc ends, design
. . .” Mos o he in e iewees ema ked on his issue:
A he poin o sale, in a el and a ai s, one can unde s and
new de elopmen s and endencies wi hou di ec communica ion
wi h ou compe i o s. The inno a ion comes o us—o en, he
supplie s in o m us abou new possibili ies in machine y o aw
ma e ials . . . Fai s, poin s o sale, and ips a e di e en op ions
h ough which he ma ke allows o in o ma ion ans e , bu
no in a di ec way. (Familia G oup, Vice P esiden )
We a end in e na ional ai s o see wha is being de eloped.
Apa om a ending hem o sell, we go o know wha o
an icipa e. (Pos obón, In e na ional Business Manage )
Indi ec lea ning can also esul om o he business
mee ings acili a ed by guilds and in e -indus y e en s.
The P esiden o A gos G oup, a company ha was
included in he Dow Jones Sus ainabili y Index (DJSI) as
he second mos sus ainable cemen company in he wo ld
in 2018,5 e e ed o his poin :
A gos G oup is pa o in e na ional o ganiza ions, such as he
In e na ional Sus ainabili y Fo um, in which 200 companies
wo ldwide pa icipa e and p esen bes p ac ices on
sus ainabili y, al e na i e uels, enewable ene gies, and o he
aspec s. In hose spaces, you sha e expe iences wi h la ge
mul ina ionals om di e en sec o s, such as Unile e , Coca-
Cola, IBM, and Monsan o. In his sense, hese ypes o o a a e
essen ial o ans e ing and exchanging bes p ac ices . . .
They a e no a enas o compe i ion bu ocused on he gene al
in e es o he o ganiza ions, sus ainabili y, social esponsibili y,
and co po a e go e nance . . . Fo ins ance, when you join a
eam c ea ed by a sus ainable de elopmen o ganiza ion, you
can access he e o s o many companies om di e en
sec o s. (A gos G oup, P esiden )
In sum, he 12 companies men ioned ha indi ec chan-
nels p o ide aluable in o ma ion and p o ide access o
new knowledge o all dimensions. As such, hey cons i u e
a use ul ins umen ha p o ides i ms wi h be e in o -
ma ion on hei po en ial.
Con ex ualized explana ion: indi ec ies as condui s o in o -
ma ion in Mul ila inas. Ou esea ch ex ends he heo y o
in e -o ganiza ional lea ning o add ess he unique chal-
lenges and oppo uni ies Mul ila inas aces. We begin by
unde sco ing he pi o al ye o en unde app ecia ed ole o
indi ec ies as channels o in o ma ion low, signi ican ly
in luencing a i m’s s a egic decisions. While p e ious
s udies ha e no ed he impo ance o di ec and e ical
in e ac ions in enhancing capabili ies (Jind a e al., 2009),
he e has been limi ed in es iga ion in o how hese dynam-
ics may a y ac oss di e en con ex s.
The smalle echnological gap be ween local and o eign
i ms in ad anced economies acili a es di ec collabo a ions
(Gi oud & Sco -Kennel, 2009; Zhang e al., 2010). Howe e ,
he scena io is ma kedly di e en in La in Ame ica. Mul ila inas
o en s uggle o o m pa ne ships wi h es ablished MNCs due
o hei nascen echnological and manage ial capabili ies. This
challenge is exace ba ed by hei s a us as la ecome s o he
global ma ke , necessi a ing signi ican in es men in knowl-
edge acquisi ion and capaci y building o each in e na ional
s anda ds. Fu he mo e, he socio-economic landscape in La in
Ame ica, cha ac e ized by poli ical ins abili y, egula o y
unce ain ies, and social inequali ies, adds laye s o complexi y
o o ming di ec ies wi h o eign MNCs. In addi ion, a p e a-
len cul u e o isk a e sion limi s hese i ms’ willingness o
pu sue bold in e na ional collabo a ion s a egies, cu ailing
po en ial g ow h and lea ning oppo uni ies.
Gi en hese challenges, he easibili y o di ec lea n-
ing, which ypically necessi a es co-loca ion, is es ic ed
o a selec g oup o domes ic i ms ha ha e al eady con-
solida ed hei posi ions o es ablish connec ions wi h
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