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1.
•  This paper shows that the role of managerial incentives is highlighted by a relatively complex relationship between technological competence and international diversification. By studying a sample of Standard & Poor’s 500 member firms, we explore the relationships between technological competence, managerial pay, and international diversification.
•  Results indicated a curvilinear relationship (an inverted U-shape) between technological competence and international diversification.
•  In line with agency theory, contingent pay (stock options and bonuses) was positively related to international diversification.
•  Beyond these direct effects, both contingent and non-contingent pay (cash compensation) moderated the relationship between technological competence and international diversification.
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2.
•  We investigate the effect of product diversity and geographic diversity on the performance of SMEs, using an integration of the upper echelons literature with the product and geographic diversification literature.
•  We propose an inverted U shaped relationship between product (geographic) diversification (PD/GD) and the performance of SMEs. We also propose that effect of PD and GD is contingent on one another and the TMT experience.
•  We find that both PD and GD have an inverted U shaped relationship with the SME performance. Further, PD and GD interact positively to enhance each other’s value in affecting firm performance. TMT experience also enhances the value of PD and GD for firm performance.
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3.
•  Recognizing that country-specific resources are generally difficult to imitate or diffuse across national boundaries, we propose that home country conditions are key determinants of firms’ strategic choices. By embracing insights from both institutional economics and resource-based view, we identify two country-level environmental constituents – domestic market size and legal institutions – to examine how these resources influence multinational firms’ international diversification strategies. We further propose that home country legal institutions moderate the link between geographic diversification and firm performance.
•  These hypotheses are tested with historical data on 435 multinational firms based in 13 developed economies. Results suggest that a multinational firm’s degree of international diversification has a U-shaped relationship with the size of the firm’s domestic market; firms from civil law countries are more likely to pursue international diversification than their counterparts from common law countries; and the effect of international diversification on firm performance was more pronounced among MNCs from civil law countries.
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4.
Abstract and Key Results
  After thirty years of research on the relationship between internationalization and firm performance, findings on direction and magnitude are still contradictory. This paper quantitatively reviews prior research in an attempt to reconcile the fragmented results.
  We address the question if and how internationalization relates to firm performance by integrating findings from 36 studies (41 samples, N = 7,792) using the method of meta-analysis.
  We find empirical support for a significant positive relationship at the aggregate level. Equally important, meta-analysis reveals that the relationship is moderated by R&D intensity, product diversification, country of origin, and firm age and size.
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5.
Abstract and Key Results
•  We explore the differences in international strategy between multinational enterprises (MNEs) in services and manufacturing, especially in terms of their international diversification, as measured by their sales and asset dispersion.
•  Our longitudinal data show that the largest MNEs in services have a much stronger home-region orientation than manufacturing MNEs. Large MNEs in the services sector average 83.9 percent of their sales in their home region, which is significantly higher than large manufacturing firms at 65.6 percent.
•  We explore the possible reasons for the relative lack of globalization of services firms. The two main reasons are: the difficulty of adapting separately upstream activities and downstream activities in high distance host environments, and the difficulty of selecting activity locations as a function of supply side criteria.
•  We offer a refinement of regional strategy theory applicable to services MNEs.
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6.
Abstract and Key Results
▪  In this paper I test the theory that internal capital markets are a motivation for both corporate diversification and vertical integration. I use a sample of 1560 firms from 39 countries.
▪  Using this data I also test theories about vertical integration and capital market development. I also test agency cost and taxation theories of diversification and vertical integration.
▪  I find a significant and negative relationship between corporate diversification and capital market development
▪  I find a significant and positive relationship between vertical integration and capital market development.
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7.
•  In a broad sense, corporate governance is about how firms should be governed so that they are run effectively and efficiently. This paper takes a broad perspective on corporate governance mechanisms and considers possible synergies between corporate governance and international business (IB) research.
•  We summarize the papers included in this Focused Issue, and draw out their main contributions to the literature. In so doing, we compare and contrast the four theoretical perspectives concerning corporate governance and IB adopted in the five papers: i.e. transaction cost economics, the resource-based view, agency theory, and institutional theory.
•  Finally, we highlight five research themes (international diversification, business groups, entry modes, subsidiary mandates, and new international ownership structures) where future work explicitly addressing governance issues may prove fruitful.
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8.
•  We explore the role of foreign direct investment and (its relationship to) clusters for the competitiveness (and catching-up) of small(er) developing countries.
•  We suggest that while size per se need not matter, small(er) developing countries need to explicitly account for any liabilities of smallness when devising and implementing strategies for competitiveness and catching-up.
•  We claim that international strategic management scholarship can add insights on this important issue, by complementing extant literature and contributions by international trade and economic development scholarship.
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9.
–  This paper provides a formal model of Edith Penrose’s Theory of the Growth of the Firm which has important implications for the strategy of multinational enterprises.
–  The model provides an analysis of the trade-off between product diversification and foreign market penetration. It also can account for the speed of entry into foreign markets.
–  Formalizing Penrose’s Theory of the Growth of the Firm provides an account of internationalization incorporating geographical expansion patterns, sequential decision making and learning.
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10.
Abstract and Key Results
•  This study discusses the underlying reasons for the variant nature of the relationship between multinationality and firm performance in the context of service firms.
•  To date, this line of research has mostly used evidence from manufacturing firms, despite the ever-increasing contribution of service firms to national and global economies.
•  We conduct an exploratory study using case analyses of large European retail banks. We argue that the nature of the multinationality-performance relationship for services is moderated by industry characteristics, market-based factors and firm-specific factors.
•  We conclude that the shape of the curve depicting the multinationality-performance relationship of retail banks experiences substantial variations on a single case level.
•  Our exploratory study of retail banks shows that the multinationality-performance relationship varies significantly depending on banks’ strategic decisions regarding branch network configurations, product portfolios, branding strategies, organizational architecture (HQ-subsidiary relationship), and social networks. Any generalization of the relationship is difficult and prone to error.
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11.
Abstract and Key Results
•  This study revisits the “national cultural distance paradox” based on a sample of Japanese foreign direct investment (FDI) in 53 countries and regions over 30 years. Earlier studies on cultural distance assumed linear relationships and showed mixed results. We examine nonlinear relationships between cultural distance (CD) and entry mode and between CD and performance.
•  Results suggest that there is a nonlinear (inverted U-shape) relationship between CD and the choice of a joint venture as the preferred market entry mode, and between CD and performance.
•  We also found that the relationship between CD and performance is moderated by entry mode choice: the nonlinear relationship between CD and performance is stronger for joint ventures than for wholly owned subsidiaries.
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12.
Abstract and Key Results
  Researchers have recently suggested that on average the relationship between internationalization and performance will be S-shaped. In this study, we test this pattern investigating 87 Swiss multinational companies in manufacturing industries over an 8-year period (1998–2005; N = 696).
  Large Swiss companies cover the full range of internationalization, with many measuring over 90 percent foreign sales-to-total sales. This allows for a unique test of performance levels at very high degrees of internationalization.
  We find that in the case of Swiss MNCs the S-curve is shifted to the right, and preceded by an initial stage of increasing performance.
  We find that companies operating at extreme (very high) degrees of internationalization face lower average performance and higher average performance variation.
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13.
Abstract and Key Results
•  Using a dataset of 139 R&D laboratories located in 21 countries, this study empirically tests whether a fit among R&D laboratory mission and national culture impacts R&D performance.
•  Specifically, we assume that some cultures possess a natural advantage when it comes to capability augmenting tasks, while other cultures are better suited to host capability exploiting tasks.
•  Where the mission of the laboratory is capability exploiting, our results support a positive effect of culture-mission alignment. However, no relationship between mission-culture alignment and performance can be found in case of capability augmenting laboratories.
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14.
•  The role of networks and international commitment in the formation of internationalisation strategies has not yet been explored in international research. The present paper investigates these relationships in a sample of 206 Norwegian exporters.
•  This article suggests that access to networks and commitment play significant roles in the formation of internationalisation strategies. Implications for management and research are discussed.
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15.
•  The main objectives of the study are to investigate the regional competitive orientation of British exporting SMEs, to explore the relationship between the firm’s level of geographic diversification and its organizational characteristics and to assess the nature of the international (geographic) diversification/export performance nexus.  相似文献   

16.
Abstract and Key Results
•  This paper introduces innovation, competition and regulatory change as dominant themes in international business.
•  These themes represent focussed trajectories for future research despite diversity in their causes, processes and consequences and the interactions between them which reflect the increasingly complex environment in which managers operate.
•  This diversity and the significant interactions between the three areas pose a challenge to scholars, with current research both shedding light on particular aspects and on the interactions between the elements in applied settings as demonstrated by the contributions to this focused issue.
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17.
•  This paper revisits the mainstream academic perspective on the relationship between multinationality and performance (MP). We argue that most, if not all, past empirical work on this international management topic is flawed from a conceptual perspective since there is no valid theoretical rationale that would predict a generalizable MP relationship.
•  We suggest that useful empirical work on the MP linkage requires prior analysis of the key parameters underlying the substance of the multinationality concept in specific empirical settings. We revisit the MP relationship, and elaborate on three key parameters underlying the substance of the multinationality concept: Variety of strategic motivations for FDI, environmental complexity resulting from bundles of discrete FDI decisions, and organizational complexity.
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18.
•  Analyzing the nature of competitive interaction among multinational firms in the tire industry, we find that the histories of the interactions between particular rivals matter.
•  The decision to enter a new foreign market in the era of global consolidation is related to the identities of rivals in the market, characteristics of the firm and the market, and the extent of past competitive interactions with the international pioneering firm.
•  Results suggest that, in an oligopolistic environment, aspects of multimarket competition are important to foreign direct investment decisions.
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19.
Abstract and Key Results
•  This paper focuses on the overall themes of the issue to examine the interrelationships between innovation, competition and regulatory change in international business.
•  It provides a synthesis by highlighting recent interlinked developments in two contrasting industries dominated by large multinationals — pharmaceuticals and automotives, with specific reference to cars.
•  This industry based assessment highlights the technical, economic and regulatory forces that have together changed the business environment, innovation processes and nature of competition in the pharmaceutical and automotive industries.
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20.
The dynamics of Japanese firm growth in U.S. Industries: The Penrose effect   总被引：1，自引：1，他引：0  
–  This paper proposes that multinational firms that are more capable in developing new managerial resources are less vulnerable to the Penrose effect in the process of international expansion.
–  We hypothesize that firms were more capable to achieve growth in consecutive time periods when they send more expatriates to the local operations and when they have greater home experience before entering into the local market.
–  The empirical results based on a sample of Japanese investments in the United States support our arguments.
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