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The impact of institutions on the entrepreneurial orientation-performance relationship 制度对创业导向-绩效关系的影响
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-08-11 DOI: 10.1002/gsj.1418
William Wales, Galina Shirokova, Tatiana Beliaeva, Evelyn Micelotta, Louis Marino

Research summary

In this study, we theorize how regulatory, normative, and cognitive institutions moderate the entrepreneurial orientation (EO)-performance relationship. We test our hypotheses using data from entrepreneurial ventures in 31 countries. In countries with well-developed legal and financial institutions and where entrepreneurship is normatively supported, entrepreneurs achieve higher returns from an entrepreneurial strategic posture. Institutions positively moderate this relationship through increased resource access, a critical element for innovative entrepreneurial strategies. The effect of institutions is further moderated by the stage of economic development. We advance our understanding of EO by exploring country-level institutional boundary conditions to its value and extend institutional theory through evidence of its moderating effects and interactions with economic development.

Managerial summary

A country's institutional environment influences the extent to which firms benefit from being entrepreneurially orientated (EO). Based on data from 31 countries, we show that entrepreneurs receive higher returns from an entrepreneurial strategic posture in countries where institutions—legal and financial systems, entrepreneurship education, and cultural support for entrepreneurship—are more developed. Well-developed institutions increase returns from EO indirectly by enhancing the ability of firms to access the resources needed to experiment and generate value from their strategic orientation. The influence of institutions on the EO-performance relationship further depends upon the stage of economic development of a country, with institutional impact being more pronounced within “efficiency-driven” economies compared to more developed “innovation-driven” economies.

在本研究中,我们理论化了监管制度、规范制度和认知制度如何调节创业取向与绩效的关系。我们使用来自31个国家的创业企业的数据来检验我们的假设。在法律和金融机构发达的国家以及在规范上支持企业家精神的国家,企业家从企业家战略姿态中获得更高的回报。机构通过增加资源获取来积极调节这种关系,资源获取是创新创业战略的关键因素。经济发展阶段进一步缓和了制度的作用。我们通过探索国家层面的制度边界条件来促进对经济绩效的理解,并通过其调节作用和与经济发展的相互作用的证据来扩展制度理论。一个国家的制度环境影响企业从创业导向(EO)中获益的程度。基于31个国家的数据,我们发现,在法律和金融体系、创业教育和对创业的文化支持等制度更发达的国家,企业家从创业战略姿态中获得的回报更高。发达的制度通过提高企业获得实验所需资源的能力和从战略导向中产生价值的能力,间接地增加了EO的回报。制度对绩效关系的影响进一步取决于一国的经济发展阶段,在"效率驱动"的经济体中,制度的影响比在"创新驱动"的较发达经济体中更为明显。
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引用次数: 9
The dark side of informal institutions: How crime, corruption, and informality influence foreign firms' commitment 非正式制度的阴暗面:犯罪、腐败和非正式如何影响外国公司的承诺
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-08-07 DOI: 10.1002/gsj.1417
Juan Bu, Yadong Luo, Huan Zhang

Research Summary

This study focuses on three prevalent societal issues—crime, corruption, and informal sector—that constitute the dark side of informal institutions in developing countries. We argue that the dark side of informal institutions has the potential to impede foreign firms' desire and ability to commit to the host countries. The effects of these three forms on foreign firms differ depending on the type of local commitment. Analyzing the World Bank data of foreign firms in 36 developing countries, we find that (a) host country corruption is stronger in deterring foreign firms' long-term investment, (b) host country informality is stronger in obstructing foreign firms' innovation output, and (c) host country crime is stronger in undermining foreign firms' production capacity utilization. Our analysis also shows that host country's efficient regulatory institutions and foreign firms' non-market-seeking motive are two important countervailing forces that attenuate the negative effects of the dark side of informal institutions.

Managerial Summary

Foreign firms investing in developing countries need to deal with some illegal yet widespread practices in these countries. Specifically, crime, corruption, and informal sector represent the most prevalent and important societal issues that exert informal constraints on foreign firms. This study examines how the negative informal institutions influence foreign firms. Our cross-country analysis using the World Bank data shows that, among the three negative informal institutions, corruption has a stronger effect in deterring foreign firms' investment commitment, informal sector has a stronger effect in obstructing foreign firms' innovation commitment, and crime has a stronger effect in undermining foreign firms' production commitment. Moreover, these negative effects will be alleviated when the developing country has efficient regulatory institutions or when the foreign firm has a low market dependence on the developing country. Our findings provide implications for managers of multinational enterprises (MNEs) investing in developing countries and offer suggestions for policymakers on how to improve the institutional environment for foreign investment.

本研究聚焦于构成发展中国家非正式制度阴暗面的三个普遍的社会问题——犯罪、腐败和非正规部门。我们认为,非正式制度的阴暗面有可能阻碍外国公司对东道国作出承诺的愿望和能力。这三种形式对外国公司的影响取决于当地承诺的类型。通过分析世界银行在36个发展中国家的外国公司数据,我们发现(a)东道国的腐败在阻止外国公司的长期投资方面更强,(b)东道国的非正式行为在阻碍外国公司的创新产出方面更强,(c)东道国的犯罪在破坏外国公司的产能利用方面更强。分析还表明,东道国的有效监管制度和外国企业的非市场动机是两股重要的抵消力量,可以减弱非正式制度黑暗面的负面影响。在发展中国家投资的外国公司需要处理这些国家普遍存在的一些非法行为。具体来说,犯罪、腐败和非正规部门代表了对外国公司施加非正式限制的最普遍和最重要的社会问题。本研究探讨负面非正式制度如何影响外资企业。我们利用世界银行数据进行的跨国分析表明,在三种负面非正式制度中,腐败在阻碍外国企业投资承诺方面的作用更强,非正式部门在阻碍外国企业创新承诺方面的作用更强,犯罪在破坏外国企业生产承诺方面的作用更强。此外,当发展中国家拥有有效的监管机构或外国公司对发展中国家的市场依赖性较低时,这些负面影响将得到缓解。研究结果为在发展中国家投资的跨国企业管理者提供了启示,并为政策制定者提供了如何改善外国投资制度环境的建议。
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引用次数: 10
Founder and professional CEOs' performance differences across institutions: A meta-analytic study 不同机构创始人和职业ceo绩效差异:一项元分析研究
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-07-01 DOI: 10.1002/gsj.1414
Aten Zaandam, Dinesh Hasija, Alan E. Ellstrand, Michael E. Cummings

Research Summary

We examine the effect of institutions on performance differences between founder and professional CEOs. We do so by integrating an institutional perspective with findings from the literatures on CEOs' managerial discretion and cognition. Specifically, we theorize that in informal institutional environments characterized by high power distance and individualism and in formal institutional contexts characterized by low regulatory and political quality, differences in cognitive styles lead founders to enjoy performance advantages over professional CEOs. The results of our meta-analysis of 117 studies across 22 countries conducted between 1987 and 2020 support our predictions. We conclude by discussing the implications for research and policy regarding institutional development and the governance of entrepreneurial firms.

Managerial Summary

We develop a framework to examine the influence of the institutional environment on performance differences between founder and professional CEOs. Our results show that founder CEOs experience performance advantages across high discretionary institutional settings when compared with professional CEOs. Boards may use this information to guide their recommendations or decisions related to founder CEO succession or retention. Moreover, firms pursuing international strategies such as joint ventures may also use this information as one of their search criteria while shortlisting their potential prospect partners.

本研究考察了制度对创始人ceo和职业ceo绩效差异的影响。为此,我们将制度视角与有关ceo管理自由裁量权和认知的文献研究结果相结合。具体而言,我们的理论认为,在以高权力距离和个人主义为特征的非正式制度环境中,以及在以低监管和政治质量为特征的正式制度环境中,认知风格的差异导致创始人比职业ceo享有绩效优势。我们对1987年至2020年间在22个国家进行的117项研究进行的荟萃分析的结果支持了我们的预测。最后,我们讨论了制度发展和创业公司治理对研究和政策的影响。我们开发了一个框架来检验制度环境对创始人和职业ceo之间绩效差异的影响。我们的研究结果表明,与职业ceo相比,创始人ceo在高度自由裁量的制度设置中具有绩效优势。董事会可能会使用这些信息来指导其关于创始人CEO继任或留任的建议或决策。此外,追求国际战略的公司,如合资企业,在列出潜在的潜在合作伙伴名单时,也可能将这些信息作为搜索标准之一。
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引用次数: 6
The consequences of short-term institutional change in the rule of law for entrepreneurship 短期法治制度变革对创业的影响
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-06-23 DOI: 10.1002/gsj.1413
Tomasz Mickiewicz, Ute Stephan, Muntasir Shami

Research Summary

Past research views institutions as stable and slow to change and uses institutional differences to explain cross-national variation in entrepreneurship. This article introduces a new perspective to institutional theory, that of short-term institutional change. Integrating insights from cognitive science allows us to theorize not just about the significance of short-term institutional change but also about why and how deterioration versus improvements in institutions have distinct effects. We test how short-term institutional change impacts entrepreneurship in a cross-country multilevel study. We find that short-term change in the rule of law affects entrepreneurial entry and that institutional deterioration weighs heavier than institutional improvement. We argue and find that changes in the rule of law are more consequential for entrepreneurship compared to changes in business regulations.

Managerial Summary

It is known that the quality of institutions affects individuals' decisions to pursue entrepreneurship. Yet, we newly investigate effects of year-to-year changes in national institutions. Not only changes in business regulations matter, but also changes in more fundamental institutional aspects, especially in the rule of law. We find that institutional change has an impact because, on its basis, potential entrepreneurs form expectations about the future and therefore about the riskiness of their investment. Deteriorations compared to improvements in the rule of law are more consequential for entrepreneurship, consistent with the fact that losses loom larger than gains in human decisions.

过去的研究认为制度是稳定的,变化缓慢的,并利用制度差异来解释创业精神的跨国差异。本文为制度理论引入了一个新的视角,即短期制度变迁的视角。整合认知科学的见解使我们不仅可以对短期制度变革的重要性进行理论化,还可以对制度的恶化和改善为什么以及如何产生不同的影响进行理论化。我们在一项跨国多层次研究中检验了短期制度变迁对企业家精神的影响。我们发现,法治的短期变化会影响企业家的进入,制度的恶化比制度的改善更重要。我们论证并发现,与商业法规的变化相比,法治的变化对创业的影响更大。众所周知,制度的质量会影响个人追求创业的决定。然而,我们最近调查了国家机构逐年变化的影响。不仅商业法规的变化很重要,更根本的制度方面,特别是法治方面的变化也很重要。我们发现制度变革会产生影响,因为在制度变革的基础上,潜在的企业家形成了对未来的预期,从而形成了对投资风险的预期。与法治的改善相比,法治的恶化对企业家精神的影响更大,这与人类决策的损失大于收益这一事实是一致的。
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引用次数: 19
Location capabilities, institutional distance, and start-up survival 位置能力、机构距离和创业生存
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-06-14 DOI: 10.1002/gsj.1407
Carla V. Bustamante, Sharon F. Matusik, Jose Miguel Benavente

Research summary

Location considerations play a key role in shaping venture performance. Using data from the largest accelerator in the world, we examine the effects of institutional distance and location capabilities on international start-ups' survival rates. We find that international start-ups' survival is shaped by whether it internationalizes to a country with stronger or weaker institutions than those in its home country. Further, the interaction between the directionality of institutional distance and location capabilities is important such that ventures that develop location capabilities in contexts of positive institutional distance experience greater survival rates. Through this study, we make an important theoretical contribution at the intersection of institutional and resource based theory by developing more granular knowledge about institutional dynamics across home and host countries.

Managerial summary

Internationalizing into emerging countries poses immense challenges to start-ups. This study explores the factors that shape the survival rates of 268 start-ups that have internationalized in the context of a business-accelerator program. We find that their ability to survive is shaped by the difference between home and host-country institutions, in addition to start-up's location capabilities to engage with local resources in the host country. Developing location capabilities in the host country does not directly lead to increased survival rates. The value of developing location capabilities is affected by whether the venture is operating in a country with stronger or weaker institutions than those in start-ups' home country; ventures that develop location capabilities in contexts of positive institutional distance experience greater survival rates.

区位因素在塑造企业绩效方面发挥着关键作用。利用世界上最大的加速器的数据,我们研究了机构距离和位置能力对国际初创企业存活率的影响。我们发现,国际初创企业的生存取决于它是否国际化到一个比本国制度更强或更弱的国家。此外,制度距离的方向性和定位能力之间的相互作用很重要,因此,在积极的制度距离背景下发展定位能力的企业具有更高的存活率。通过这项研究,我们对母国和东道国的制度动态有了更细致的了解,从而在制度理论和资源理论的交叉领域做出了重要的理论贡献。国际化进入新兴国家对初创企业来说是巨大的挑战。本研究探讨了在企业加速器项目背景下,影响268家国际化初创企业存活率的因素。我们发现,它们的生存能力取决于母国和东道国机构之间的差异,以及初创企业利用东道国当地资源的定位能力。在东道国发展定位能力并不直接导致存活率的提高。发展定位能力的价值受到以下因素的影响:创业公司是在一个比初创企业所在国的制度更强还是更弱的国家开展业务;在积极的制度距离背景下发展定位能力的企业生存率更高。
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引用次数: 5
Disentangling the relationship between internationalization, incremental and radical innovation, and firm performance 国际化、渐进式创新和激进式创新与企业绩效之间的关系
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-06-09 DOI: 10.1002/gsj.1412
Joan Freixanet, Josep Rialp

Research Summary

This study examines the impact of firm internationalization on incremental and radical product innovation, and the effects of these innovation facets on sales growth. We use a sample of 1,064 Spanish manufacturers over the period 2008–2014. We find a positive relationship between higher international scope and greater ex-post radical innovation output, and an inverted U-shape relationship between export intensity and both innovation forms. We also find a positive relationship between incremental innovation and sales growth for performance leaders, and negative for performance laggards. Conversely, radical innovation boosts performance laggards' sales growth, but reduces that of performance leaders. The study supports and qualifies the learning-by-exporting effect, by identifying some firm-specific factors that shape the relationship between internationalization, innovation, and firm performance.

Managerial Summary

In this study, we examine the effect of a more intense and more geographically spread out international expansion in a firm's incremental and radical innovation performance. We argue that more internationalized firms may benefit from new knowledge and learning, which they may leverage to increase their incremental and radical product innovations. In turn, we posit that incremental product innovation may be beneficial for performance leaders, but useless for a turnaround of performance laggards. Conversely, radical innovation may be useful for performance laggards, but may disrupt the current position of performance leaders and lead to reduced sales growth. These results point to the importance for exporters to use their new knowledge and capabilities to develop innovation forms that are consistent with their position in the market.

本研究考察了企业国际化对渐进式和突破性产品创新的影响,以及这些创新方面对销售增长的影响。我们使用了2008-2014年期间1064家西班牙制造商的样本。研究发现,国际化程度越高,创新产出越高;出口强度与两种创新形式呈倒u型关系。我们还发现,业绩领先企业的增量创新与销售增长之间存在正相关关系,而业绩落后企业的增量创新与销售增长之间存在负相关关系。相反,激进创新促进了业绩落后者的销售增长,却降低了业绩领先者的销售增长。本研究通过识别影响国际化、创新和企业绩效之间关系的企业特有因素,支持并验证了出口学习效应。在本研究中,我们考察了更密集、地域分布更广的国际扩张对企业渐进式和突破性创新绩效的影响。我们认为,更多的国际化企业可能会从新的知识和学习中受益,它们可能会利用这些知识和学习来增加渐进式和激进式的产品创新。反过来,我们假设渐进式产品创新可能对绩效领导者有益,但对绩效落后者的转变毫无用处。相反,激进的创新可能对业绩落后的企业有用,但可能会破坏业绩领先企业目前的地位,导致销售增长下降。这些结果表明,出口商必须利用他们的新知识和能力来开发与他们在市场上的地位相一致的创新形式。
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引用次数: 24
International connectivity and the location of multinational enterprises' knowledge-intensive activities: Evidence from US metropolitan areas 国际连通性与跨国企业知识密集型活动的区位:来自美国大都市地区的证据
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-05-28 DOI: 10.1002/gsj.1404
Davide Castellani, Katiuscia Lavoratori, Alessandra Perri, Vittoria G. Scalera

Research summary

International connectivity is a multidimensional construct that plays a pivotal role in attracting the activities of multinational enterprises (MNEs) by facilitating intra-firm coordination and access to external resources. We conceptualize how the different dimensions of international connectivity determine the location of MNEs' knowledge-intensive activities, with a focus on Research and Development (R&D) laboratories and Headquarter units (HQ). By analyzing 3,101 greenfield investments of MNEs in US Metropolitan Statistical Areas, we show that R&D activities are attracted toward areas connected to the rest of the world by international networks of inventors. Moreover, we find that infrastructures which ensure the mobility of people across borders, and greater connectivity through advanced producer services are key location factors for HQ activities.

Managerial summary

The choice of where multinational enterprises (MNEs) locate their knowledge-intensive activities is a crucial decision for managers, with important implications for policymakers. It has become increasingly clear that MNEs value the extent to which individual locations are connected globally. We study this international connectivity and highlight that it is a multidimensional construct spanning knowledge, infrastructure, and producer service networks. This study shows that not every dimension of international connectivity is equally important for MNEs in locating different knowledge-intensive activities. Research and Development laboratories are attracted toward areas connected worldwide by international networks of inventors. Moreover, headquarter units are more likely to be established in locations featuring greater connectivity through the mobility of people and advanced producer services.

国际连通性是一个多维结构,通过促进企业内部协调和获取外部资源,在吸引跨国企业(MNEs)的活动方面发挥着关键作用。我们概念化了国际连通性的不同维度如何决定跨国公司知识密集型活动的位置,重点关注研发(R&D)实验室和总部(HQ)。通过分析跨国公司在美国大都市统计区的3101个绿地投资,我们发现研发活动被国际发明家网络吸引到与世界其他地区相连的地区。此外,我们发现,确保人员跨境流动的基础设施,以及通过先进的生产性服务加强互联互通,是总部活动的关键选址因素。选择跨国企业(MNEs)在哪里定位其知识密集型活动是管理者的一个关键决策,对政策制定者具有重要意义。越来越明显的是,跨国公司重视各个地点在全球范围内的联系程度。我们研究了这种国际连通性,并强调它是一个跨越知识、基础设施和生产者服务网络的多维结构。这项研究表明,对于跨国公司来说,在定位不同的知识密集型活动时,并非国际连通性的每个维度都同等重要。研究和开发实验室被吸引到由国际发明人网络连接的世界各地。此外,总部单位更有可能建立在通过人员流动和先进的生产性服务而具有更大连通性的地区。
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引用次数: 21
Financial hedging and operational flexibility as instruments to manage exchange-rate uncertainty in multinational corporations 跨国公司管理汇率不确定性的金融套期保值和业务灵活性
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-05-17 DOI: 10.1002/gsj.1406
Jan Hendrik Fisch, Harald Puhr

Research Summary

Literature that compares the advantages of financial hedging and operational flexibility as instruments to manage exchange-rate uncertainty presents inconsistent results. This study addresses such inconsistencies in two ways. First, it clarifies that the effects of financial hedging and operational flexibility are asymmetric. Financial hedging helps an MNC to reduce a negative effect of exchange-rate uncertainty on firm value, whereas operational flexibility allows an MNC to enhance a positive effect of exchange-rate uncertainty on firm value. Second, the study demonstrates that these effects are contextual to the MNC's subsidiary network. Depending on whether exchange-rate correlation in the subsidiary network is positive or negative, either financial hedging or operational flexibility is more effective than the other. Regressions on a sample of U.S. manufacturing firms support the predictions.

Managerial Summary

Multinational corporations face exchange-rate fluctuations in their subsidiary networks as a source of substantial uncertainty. MNCs can manage this uncertainty using financial hedging and operational flexibility. However, the literature is inconclusive on whether MNCs can use both instruments in equal measure. This study clarifies that financial hedging allows MNCs to limit negative consequences of exchange-rate uncertainty on their stock-market valuations. Operational flexibility, by contrast, gives MNCs the opportunity to exploit exchange-rate uncertainty and thereby to enhance their firm value. In addition, the study proposes that the effectiveness of financial hedging and operational flexibility depends on the individual MNC's subsidiary network configuration. Based on these findings, MNCs can identify the effective instrument for managing exchange-rate uncertainty.

比较金融对冲和操作灵活性作为管理汇率不确定性工具的优势的文献给出了不一致的结果。这项研究从两个方面解决了这种不一致。首先,阐明了财务套期保值与操作灵活性的影响是不对称的。金融对冲有助于跨国公司减少汇率不确定性对公司价值的负面影响,而经营灵活性则使跨国公司能够增强汇率不确定性对公司价值的积极影响。其次,研究表明,这些影响与跨国公司的子公司网络有关。根据子公司网络中的汇率相关性是正相关还是负相关,财务套期保值或经营灵活性中的任何一种都比另一种更有效。对美国制造业公司样本的回归分析支持了这一预测。跨国公司的子公司网络面临汇率波动,这是一个很大的不确定性来源。跨国公司可以利用财务对冲和操作灵活性来管理这种不确定性。然而,关于跨国公司是否可以同等程度地使用这两种工具,文献并没有定论。本研究表明,金融对冲使跨国公司能够限制汇率不确定性对其股票市场估值的负面影响。相比之下,经营灵活性使跨国公司有机会利用汇率的不确定性,从而提高公司价值。此外,研究还提出,财务套期保值的有效性和经营灵活性取决于跨国公司的子公司网络配置。基于这些发现,跨国公司可以确定管理汇率不确定性的有效工具。
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引用次数: 1
International diversification, legitimacy, and corporate social performance of extractive industry multinationals 采掘业跨国公司的国际多元化、合法性与企业社会绩效
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-05-11 DOI: 10.1002/gsj.1405
Peter J. Williamson, Pavlos C. Symeou, Stelios Zyglidopoulos

Research Summary

This article examines how different international diversification strategies impact the legitimacy challenges multinationals face and the way they manage their corporate and social responsibilities. Analyzing these questions in a sample of companies in extractive industries, we find that those who pursue resource-seeking investments that involve locating extraction operations overseas respond with the largest improvement in their corporate-level social performance (CSP). Those pursuing efficiency-seeking by establishing processing subsidiaries abroad increase their CSP less, with the smallest increase for those pursuing market-seeking through marketing and sales operations overseas. For each type of activity established overseas, the increase in CSP becomes greater the more developed the company's home country and the larger its international footprint, but is not dependent on the host country's level of development. These findings suggest that, in today's globalized world, the legitimacy challenges that result from subsidiaries' activities increasingly need to be managed at a global, corporate level.

Managerial Summary

This article investigates the relationships between different international diversification strategies, the different legitimacy challenges they create, and corporate-level social performance (CSP) responses. For multinationals operating in the extractive industries, we find important legitimacy spillovers from different types of subsidiary activities on the corporation, but these also vary, leading it to respond with differential increases in global CSP. These increases are greatest for resource-seeking diversification, involving the location of extractive activities abroad, moderate for efficiency-seeking diversification, involving the location of processing activities and least for market-seeking diversification, involving the location of marketing and sales activities. For each type of subsidiary activity, we also find that the increases in CSP are larger the more developed the company's home country and the larger its international footprint, but are not dependent on the host country's level of development. We show how these results extend existing theory and draw implications for management practice.

本文考察了不同的国际多元化战略如何影响跨国公司面临的合法性挑战,以及它们管理企业和社会责任的方式。通过对采掘业公司样本的分析,我们发现,那些寻求资源的投资,包括将开采业务设在海外的公司,其企业层面的社会绩效(CSP)的改善幅度最大。通过在海外设立加工子公司追求效率的企业CSP增加较少,通过海外营销和销售业务追求市场的企业CSP增加最少。对于在海外建立的每种类型的活动,CSP的增长越大,公司的母国越发达,其国际足迹越大,但不依赖于东道国的发展水平。这些发现表明,在当今全球化的世界中,子公司活动所带来的合法性挑战越来越需要在全球企业层面进行管理。本文研究了不同的国际多元化战略、它们所带来的不同合法性挑战以及企业层面的社会绩效(CSP)反应之间的关系。对于在采掘业经营的跨国公司,我们发现不同类型的子公司活动对公司产生了重要的合法性溢出效应,但这些溢出效应也各不相同,导致公司对全球CSP的不同增长做出反应。这些增长最大的是寻求资源的多样化,涉及在国外进行采掘活动;适度的是寻求效率的多样化,涉及加工活动的地点;最小的是寻求市场的多样化,涉及营销和销售活动的地点。对于每种类型的子公司活动,我们还发现,CSP的增长越大,公司的母国越发达,其国际足迹越大,但不依赖于东道国的发展水平。我们展示了这些结果如何扩展现有理论并为管理实践提供启示。
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引用次数: 0
International diversification, legitimacy, and corporate social performance of extractive industry multinationals 采掘业跨国公司的国际多元化、合法性和企业社会绩效
IF 7.6 2区 管理学 Q1 BUSINESS Pub Date : 2021-05-11 DOI: 10.17863/CAM.69849
Peter J. Williamson, P. Symeou, S. Zyglidopoulos
Research Summary: This article examines how different international diversification strategies impact the legitimacy challenges multinationals face and the way they manage their corporate and social responsibilities. Analyz-ing these questions in a sample of companies in extractive industries, we find that those who pursue resource-seeking investments that involve locating extraction operations overseas respond with the largest improvement in their corporate-level social performance (CSP). Those pursuing efficiency-seeking by establishing processing subsidiaries abroad increase their CSP less, with the smallest increase for those pursuing market-seeking through marketing and sales operations overseas. For each type of activity established overseas, the increase in CSP becomes greater the more developed the company's home country and the larger its international footprint, but is not dependent on the host country's level of development. These findings suggest that, in today's globalized world, the legitimacy challenges that result from subsidiaries' activities increasingly need to be managed at a global, corporate level. Managerial Summary: This article investigates the relationships between different international diversification strategies, the different legitimacy challenges they create, and corporate-level responses. For multinationals operating in the extractive industries, we find important legitimacy spillovers from different types of subsidiary activities on the corporation, but these also vary, leading it to respond with differential increases in global CSP. These increases are greatest for resource-seeking diversification, involving the location of extractive activities abroad, moderate for efficiency-seeking diversification, involving the location of processing activities and least for market-seeking diversification, involving the location of marketing and sales activities. For each type of subsidiary activity, we also find that the increases in CSP are larger the more developed the company's home country and the larger its international footprint, but are not dependent on the host coun-try's level of development. We show how these results extend existing theory and draw implications for management practice. We find ICCs of 0.31 (0.41) at the home-country level, 0.83 (0.85) at the firm level, and 0.9 (0.92) at the host-country level. Thus, conditional on the fixed-effects covariates, we con-clude (41%) of in SP (EP) 83% (85%) to the firms (which includes the countries), and 90% (92%) to the host countries (which includes the home countries and firms). The measurable contribution of the host country, firm, and home country to the expla-nation of the variation in our sample firms' SP (EP) further supports our of HLM.
研究综述:本文探讨了不同的国际多元化战略如何影响跨国公司面临的合法性挑战,以及它们管理企业和社会责任的方式。通过对采掘业公司样本中的这些问题进行分析,我们发现,那些寻求资源的投资,包括将采掘业务定位在海外的公司,其公司层面的社会绩效(CSP)得到了最大的改善。那些通过在国外设立加工子公司来追求效率的公司,其CSP的增长较少,而那些通过在海外营销和销售业务来追求市场的公司,CSP的增长最小。对于在海外开展的每种活动,CSP的增长幅度越大,公司所在国的发展程度越高,其国际足迹也越大,但这并不取决于东道国的发展水平。这些发现表明,在当今全球化的世界中,子公司活动带来的合法性挑战越来越需要在全球企业层面进行管理。管理摘要:本文研究了不同的国际多元化战略之间的关系,它们带来的不同合法性挑战,以及公司层面的应对措施。对于在采掘业经营的跨国公司,我们发现不同类型的子公司活动对公司产生了重要的合法性溢出效应,但这些溢出效应也各不相同,导致其对全球CSP的差异增长做出反应。这些增长最大的是寻求资源的多样化,包括开采活动在国外的地点,中等的是寻求效率的多样化,涉及加工活动的地点,最小的是寻求市场的多元化,涉及营销和销售活动的地点。对于每种类型的子公司活动,我们还发现,CSP的增长幅度越大,公司的母国越发达,其国际足迹越大,但这并不取决于东道国的发展水平。我们展示了这些结果是如何扩展现有理论并对管理实践产生启示的。我们发现,母国的ICCs为0.31(0.41),企业为0.83(0.85),东道国为0.9(0.92)。因此,在固定效应协变量的条件下,我们将SP(EP)中的(41%)83%(85%)计入企业(包括国家),90%(92%)计入东道国(包括母国和企业)。东道国、企业和母国对我们样本企业SP(EP)变化的解释所做出的可衡量的贡献进一步支持了我们的HLM。
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引用次数: 6
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Global Strategy Journal
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