国外子公司多方面的所有权变更:对不同类型的负面绩效反馈的不同反应

IF 5.7 2区 管理学 Q1 BUSINESS Global Strategy Journal Pub Date : 2023-04-05 DOI:10.1002/gsj.1480
Wen Helena Li, Bin Guo, Vikas Kumar, Jinlong Gu, Wentao Hu
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引用次数: 0

摘要

研究摘要 通过整合绩效反馈理论和所有权管理文献,我们研究了母公司跨国公司(MNCs)如何根据各种愿望评估其外国子公司的不良绩效,并做出多方面的所有权变更决策。我们的研究结果表明,在所有权变更决策中,社会期望比历史期望更重要。当一家重点子公司相对于同行业或海外子公司表现不佳时,其母公司跨国公司倾向于改变其对外国子公司的所有权,且改变程度较高。然而,就所有权变化的方向而言,当外国子公司的业绩低于行业同行时,其所有权往往会减少,而当子公司的业绩低于海外子公司同行时,情况则恰恰相反。总之,我们扩展了现有的理论,这些理论淡化了愿望在所有权变化中的作用。 管理总结 有效管理海外子公司的所有权是跨国公司维持全球运营的关键。母公司管理者的一项重要任务是根据各种愿望来判断其海外子公司的不良业绩,并做出所有权变更决策。我们发现,当外国子公司的业绩低于其社会同行而不是低于其过去的业绩时,管理者会更加敏感。具体来说,当外国子公司的业绩与作为外部基准的行业同行或作为内部基准的海外子公司同行相比表现不佳时,母公司管理者倾向于在很大程度上改变所有权。此外,当子公司的业绩低于行业同行时,母公司经理人倾向于减少所有权,而当子公司的业绩低于海外子公司同行时,母公司经理人更倾向于增加所有权。
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The multifaceted ownership change of foreign subsidiaries: The diverse responses to different types of negative performance feedback

Research Summary

By integrating performance feedback theory and ownership management literature, we examine how parent multinational companies (MNCs) evaluate their foreign subsidiaries' poor performance against various aspirations and make multifaceted ownership change decisions. Our results show that social aspirations matter more than historical aspirations in ownership change decisions. When a focal subsidiary is underperforming relative to industry peers or overseas subsidiary peers, its parent MNC tends to change its ownership of foreign subsidiaries and by a high degree. However, regarding the direction of ownership change, a foreign subsidiary with performance below industry peers tends to experience an ownership decrease, whereas the opposite is true when a subsidiary's performance is below overseas subsidiary peers. Overall, we extend existing theories that downplay the role of aspirations in ownership changes.

Managerial Summary

Effective ownership management in foreign subsidiaries is key to sustaining the global operations of MNCs. An important task for parent managers is to make sense of the poor performance of their foreign subsidiaries against various aspirations and respond in terms of ownership change decisions. We find that managers are more sensitive when their foreign subsidiary's performance is below its social peers than below its past performance. Specifically, parent managers tend to change ownership to a large extent when their foreign subsidiary is poorly performed compared with its industry peers as an external benchmark or overseas subsidiary peers as an internal benchmark. Moreover, parent managers tend to reduce ownership when the subsidiary's performance is below industry peers, while are more likely to increase ownership when the performance is below its overseas subsidiary peers.

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来源期刊
CiteScore
14.20
自引率
11.80%
发文量
46
期刊介绍: The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.
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