References
Adeoye, A. (2023). Power infrastructure and retail operations in Nigeria. Journal of African Business, 24(2), 145–162. Adegoke, A., & Agbola, T. (2019). Retail restructuring and employment in Nigeria. African Development Review, 31(4), 512–526. Adenikinju, A. F. (2005). Analysis of the cost of infrastructure failures in a developing economy: The case of electricity sector in Nigeria. African Economic Research Consortium Research Paper 148. African Development Bank. (2019). Nigeria power sector recovery program: Assessment report. AfDB. Aizenman, J., & Marion, N. (2004). The merits of horizontal versus vertical FDI in the presence of uncertainty. Journal of International Economics, 62(1), 125–148. Alexander, N., & Doherty, A. M. (2009). International retail divestment: A conceptual framework. International Journal of Retail & Distribution Management, 37(2), 127–145. American Psychological Association. (2020). Publication manual of the American Psychological Association (7th ed.). Asiedu, E. (2006). Foreign direct investment in Africa: The role of natural resources, market size, government policy, institutions and political instability. World Economy, 29(1), 63–77. Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. Baron, R. A. (1995). Nonmarket strategy, political risk, and firm performance. Journal of Management Studies, 32(5), 573–593. Baron, R. A. (2007). Behavioral and cognitive factors in entrepreneurship: Entrepreneurs as the active element in new venture creation. Strategic Entrepreneurship Journal, 1(1-2), 167– 182. Beach, D., & Pedersen, R. B. (2019). Process tracing methods: Foundations and guidelines (2nd ed.). University of Michigan Press. Bekaert, G., Harvey, C. R., & Lundblad, C. (2005). Does financial liberalization spur growth? Journal of Financial Economics, 77(1), 3–55. Belderbos, R., & Zou, J. (2009). Real options and foreign affiliate divestments: A portfolio perspective. Journal of International Business Studies, 40(4), 600–620. Berry, H. (2013). When do firms divest foreign operations? Organization Science, 24(1), 266– 286. Boddewyn, J. J., & Doh, J. P. (2011). Global strategy and the collaboration of MNEs, NGOs, and governments for the provisioning of collective goods in emerging markets. Global Strategy Journal, 1(3-4), 345–361. Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2), 27–40. Buckley, P. J., & Casson, M. (1976). The future of the multinational enterprise. Macmillan. Burt, S., Davies, K., & Dawson, J. (2008). The internationalization of retailing. In N. Alexander & A. Doherty (Eds.), International retailing (pp. 1–22). Oxford University Press. BusinessDay Nigeria. (2020, August 5). Shoprite investors cheer sale of troubled Nigerian unit. https://businessday.ng Central Bank of Nigeria. (2015). List of 41 items not valid for foreign exchange. CBN Circular. Central Bank of Nigeria. (2018). Annual report and statement of accounts. CBN. Central Bank of Nigeria. (2018–2021). Statistical Bulletin. CBN. Chikweche, T., & Fletcher, R. (2012). Branding at the base of pyramid: A cross-country empirical analysis. International Marketing Review, 29(6), 637–656. Creswell, J. W., & Creswell, J. D. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). Sage Publications. Cuervo-Cazurra, A., & Genc, M. (2008). Transforming disadvantages into advantages: Developing-country MNEs in the least developed countries. Journal of International Business Studies, 39(6), 957–979. Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton University Press. Dunning, J. H. (1980). Toward an eclectic theory of international production: Some empirical tests. Journal of International Business Studies, 11(1), 9–31. Eden, L., & Miller, S. R. (2004). Distance matters: Liability of foreignness, institutional distance and ownership strategy. Advances in International Management, 16, 187–221. Escribano, A., Guasch, J. L., & Pena, J. (2010). Assessing the impact of infrastructure quality on firm productivity in Africa. World Bank Policy Research Working Paper 5191. Essien, E. E., & Bassey, U. E. (2021). Liability of foreignness and performance of multinational firms in Nigeria. Journal of International Business and Economics, 21(2), 45–62. Gaur, A. S., & Lu, J. W. (2007). Ownership strategies and survival of foreign subsidiaries: Impacts of institutional distance and experience. Journal of Management, 33(1), 84–110. Gaur, A. S., Delios, A., & Singh, K. (2007). Institutional environments, staffing strategies, and subsidiary performance. Journal of Management, 33(4), 611–636. Gereffi, G., Humphrey, J., & Sturgeon, T. (2005). The governance of global value chains. Review of International Political Economy, 12(1), 78–104. Halaszovich, T. F. (2020). Institutional voids and foreign retail entry in Sub-Saharan Africa. International Business Review, 29(3), 101673. Henisz, W. J., & Zelner, B. A. (2010). The dynamic political economy of corporate political strategy: Market and nonmarket capabilities. Strategic Management Journal, 31(6), 652– 674. Humphrey, J. (2007). The supermarket revolution in developing countries: Tidal wave or tough competitive struggle? Journal of Economic Geography, 7(4), 433–450. Humphrey, J., & Memedovic, O. (2006). Global value chains in the agrifood sector. UNIDO Working Paper. Hymer, S. H. (1960). The international operations of national firms: A study of direct foreign investment. MIT Press. International Food Policy Research Institute. (2020). Retail modernization and food prices in Nigeria [Discussion Paper 01950]. IFPRI. Johanson, J., & Vahlne, J. E. (1977). The internationalization process of the firm—A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23–32. Johanson, J., & Vahlne, J. E. (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of International Business Studies, 40(9), 1411–1431. Johnston, M. P. (2014). Secondary data analysis: A method of which the time has come. Qualitative and Quantitative Methods in Libraries, 3(3), 619–626. Khanna, T., & Palepu, K. (1997). Why focused strategies may be wrong for emerging markets. Harvard Business Review, 75(4), 41–51. Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, 55(2), 867–891. Kose, M. A., Prasad, E., Rogoff, K., & Wei, S. J. (2009). Financial globalization: A reappraisal. IMF Staff Papers, 56(1), 8–62. Kostova, T. (1999). Transnational transfer of strategic organizational practices: A contextual perspective. Academy of Management Review, 24(2), 308–324. Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2018). International economics: Theory and policy (11th ed.). Pearson. Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4), 481–498. Mair, J., & Marti, I. (2009). Entrepreneurship in and around institutional voids: A case study from Bangladesh. Journal of Business Venturing, 24(5), 419–435. Makhetha, M. (2019). Retail divestment in emerging markets: A study of South African firms. African Journal of Management, 5(3), 210–229. McKinsey Global Institute. (2019). Africa’s retail market: Growth potential and challenges. McKinsey & Company. National Bureau of Statistics. (2018–2021). Retail sector reports. NBS. National Bureau of Statistics. (2021). Nigerian GDP Report Q2 2021. NBS. North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press. Oladipo, O. A., & Iyoha, M. A. (2020). Exchange rate volatility and firm performance in Nigeria. Journal of Economics and Finance, 44(3), 456–472. Petersen, B., & Pedersen, T. (2002). Coping with liability of foreignness: Danish firms’ home market advantage. Journal of International Management, 8(2), 123–142. Ragin, C. C. (2014). The comparative method: Moving beyond qualitative and quantitative strategies. University of California Press. Reardon, T., & Gulati, A. (2008). The supermarket revolution in developing countries [Policy Brief 2]. IFPRI. Reardon, T., Timmer, C. P., & Minten, B. (2012). Supermarket revolution in Asia and emerging development strategies to include small farmers. Proceedings of the National Academy of Sciences, 109(31), 12332–12337. Rodrik, D. (2008). Second-best institutions. American Economic Review, 98(2), 100–104. Rugman, A. M., & Verbeke, A. (2001). Subsidiary-specific and multinational-specific advantages in multinational enterprises. Management International Review, 41(3), 233–250. Saunders, M., Lewis, P., & Thornhill, A. (2019). Research methods for business students (8th ed.). Pearson. Scott, W. R. (1995). Institutions and organizations. Sage Publications. Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226. Shoprite Holdings Limited. (2018–2021). Integrated annual reports. Cape Town: Shoprite Holdings. Shoprite Holdings Limited. (2020). Integrated annual report 2020. Cape Town: Shoprite Holdings. Trigeorgis, L. (1996). Real options: Managerial flexibility and strategy in resource allocation. MIT Press. Trigeorgis, L., & Reuer, J. J. (2017). Real options theory in strategic management. Strategic Management Journal, 38(1), 42–63. Williamson, O. E. (1985). The economic institutions of capitalism. Free Press. World Bank. (2018). Enterprise Survey: Nigeria. World Bank. World Bank. (2020). Doing Business 2020: Comparing business regulation in 190 economies. Washington, DC: World Bank. World Bank. (2021). Rwanda economic update: Harnessing the digital economy. World Bank. Yin, R. K. (2018). Case study research and applications: Design and methods (6th ed.). Sage Publications. Zaheer, S. (1995). Overcoming the liability of foreignness. Academy of Management Journal, 38(2), 341–363. Zaheer, S., & Mosakowski, E. (1997). The dynamics of the liability of foreignness: A global study of accounts receivable. Strategic Management Journal, 18(6), 439–464.
