International diversification and firm performance: The S-CURVE hypothesis

• 成果类型: Article
• 署名作者: Lu, JW; Beamish, PW
• 署名单位: National University of Singapore; Western University (University of Western Ontario)
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/20159604
• 发表日期: 2004
• 页码: 598-609
• 关键词: PRODUCT DIVERSIFICATION; corporate; INVESTMENT; governance; INNOVATION; expansion; strategy; LIMITS; MULTINATIONALITY; diversity

摘要

A proposed theoretical framework for the study of multinationality and performance includes both benefits and costs of geographic expansion over different phases of internationalization. Data on 1,489 Japanese firms over 12 years show a consistent horizontal X S-shaped X relationship between multinationality and performance. Further, firms investing more heavily in intangible assets, such as technology and advertising, achieved greater profitability gains from growth in foreign direct investment. Our framework and findings highlight complexity and temporal dynamics.