Unpacking the Impact of OFDI Speed and Rhythm on Innovation Performance: Evidence from Chinese Firms

ABSTRACT In this study, we focus on the temporal behaviors – speed and rhythm – of outward foreign direct investment (OFDI) by emerging multinational enterprises (EMNEs) and examine the effect of such behaviors on innovation performance. Using a learning perspective, we argue that OFDI speed has an inverted U-shaped effect on EMNEs’ innovation performance, whereas the relationship between the uneven rhythm of OFDI and innovation performance is negative. The results, based on OFDI panel data of 1,092 Chinese firms, support our predictions that a moderate OFDI speed and a more regular pattern of OFDI expansion provide sources of competitiveness and contribute to firms’ innovation performance. 摘要 本研究以新兴跨国企业对外直接投资的时间行为(包括速度和节奏)为研究对象，考察了这种行为对创新绩效的影响。本研究从学习视角出发提出对外直接投资速度对新兴市场国家创新绩效的影响呈倒U型，而对外直接投资节奏的不均匀性与创新绩效呈负相关。基于385家中国企业1092个对外直接投资的面板数据，研究结果支持了我们的预测，即适度的对外直接投资速度和更有规律的对外直接投资扩张模式能够提供竞争力来源并促进企业创新绩效。