Chinese multinationals' fast internationalization: Financial performance advantage in one region, disadvantage in another

• 成果类型: Article
• 署名作者: Kim, Heechun; Wu, Jie; Schuler, Douglas A.; Hoskisson, Robert E.
• 署名单位: University of Calgary; University of Macau; Rice University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-019-00279-9
• 发表日期: 2020
• 页码: 1076-1106
• 关键词: internationalization speed; fast-mover (dis)advantages; home regionalization; financial performance; Chinese multinational enterprises

摘要

Our study reveals the financial performance implications of the speed at which Chinese multinational enterprises (CMNEs) expand into intra-regional versus inter-regional host countries. In doing so, we propose a framework that integrates internationalization speed and home regionalization literatures. Using data from 767 publicly listed CMNEs from the years 2002 to 2014, we discover that the faster the intra-regional internationalization, the better the firm's financial performance, whereas faster inter-regional internationalization demonstrates a poorer financial performance. We also find that fast-mover CMNEs' technological and marketing resources are valuable in intra-regional host countries, but vulnerable in inter-regional host countries. We discuss the implications of these findings for studies of the Uppsala internationalization process model and regional MNEs.