Using a historical lens to investigate sanctions against Apartheid South Africa, we found foreign multinational enterprises (MNEs) lost out repeatedly during sanctions, almost always to the local economic elite. When MNEs departed, they often sold their assets to the local economic elite to salvage some value. To ensure continued operations (and thus payments to them), MNE continued supporting buyers during the sanctions era. If MNEs repurchased their assets once sanctions ended, the local elite again benefited. Personal ties matter in institutionally weak contexts, and we make a contribution by using elite theory to interrogate with whom such ties are forged.

中文翻译：

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南非经济精英和种族隔离时代制裁期间和之后外国跨国公司资产所有权的变化


我们用历史的眼光来调查南非对种族隔离制度的制裁，发现外国跨国企业（MNE）在制裁期间屡屡遭受损失，而且几乎总是输给当地的经济精英。当跨国企业离开时，他们经常将资产出售给当地经济精英以挽救一些价值。为了确保持续运营（从而向他们付款），跨国公司在制裁期间继续支持买家。如果跨国企业在制裁结束后回购资产，当地精英将再次受益。在制度薄弱的背景下，个人关系很重要，我们通过使用精英理论来质疑与谁建立这种关系做出了贡献。