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Institutional Factors, Firm-specific Capabilities, Internationalization and Performance - A Test Based on Chinese Manufacturing Firms
중국기업의 국제화와 기업성과에 대한 실증연구: 기업 특정적 역량과 본국 제도적 요인의 조절효과를 중심으로

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dc.contributor.advisor이동기-
dc.contributor.author션지아-
dc.date.accessioned2017-07-13T07:27:04Z-
dc.date.available2017-07-13T07:27:04Z-
dc.date.issued2016-02-
dc.identifier.other000000132846-
dc.identifier.urihttp://hdl.handle.net/10371/119379-
dc.description학위논문 (박사)-- 서울대학교 대학원 : 경영학과 경영학전공, 2016. 2. 이동기.-
dc.description.abstractThe relationship between internationalization and performance is one of the most important and fundamental issues within the IB literature. However, in spite of the efforts and large amount of studies carried out during the past few decades, a limited consensus has been reached, and mixed findings have been reported. Related research is largely based on developed economies using an asset-exploiting perspective, which assumes the possession of competitive firm-specific advantages is a prerequisite condition for firm internationalization. Few studies have integrated institutional contexts into the internationalization-performance framework.
In this study, we argue that the relationship formed between internationalization and performance in an emerging-economy context is different from the conventional wisdom used by the asset-exploration perspective. The unique idiosyncrasies of emerging economies, especially institutional factors should be taken into consideration.
This study makes an attempt to examine the relationship between internationalization and performance based on emerging economy enterprises (EMEs), which provides a unique research setting and sheds new light on this relationship. The results, based on a longitudinal sample of manufacturing firms in China during the period 2007~2013, reveals a U-shaped relationship between internationalization and performance. In other words, Chinese manufacturing firms initially suffer from performance degradation when expanding into international markets up to a certain point, and recover with a higher degree of internationalization leading to benefits and a superior performance.
In addition, we also tested the moderating effects of firm-specific capabilities and institutional factors on the relationship. Unlike firms from developed economies, we found that firm-specific capabilities (R&D and marketing capabilities) have no significant, or even a negative moderating effect on the internationalization-performance relationship. The high context-dependent nature of marketing knowledge, immature global strategy, and relative incompetence of EMEs are possible explanations. On the other hand, our results provide evidence that the institutional context plays an important role on the internationalization and performance relationship. The results show that the internationalization-performance relationship varies greatly depending on the governance structure. State-owned enterprise (SOEs) and firms with relatively dispersed ownership tend to perform better from internationalization.
Findings in this paper also indicate that the effects of internationalization on performance are stronger in Eastern regions within a given nation, where the degree of marketization is higher and institutional environment is well-developed. Furthermore, the results show strong support for the positive moderating effect of an industrial-specific policy, suggesting that firms in industries with a supportive policy perform better than firms in other industries. This again emphasizes the role governments play in firms’ internationalization strategies. The incentives and special treatment largely enhances the competitive advantage of EMEs in global markets.
In sum, the findings of this research provide support that firms from emerging economies such as China are different from those of developed countries. It also, highlights the important role of institutional factors play in driving EMEs to be profitable during internationalization.
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dc.description.tableofcontentsCHAPTER 1. INTRODUCTION 1
1.1 Research Background and Motivation 1
1.2 Research Objective and Contribution 4
1.3 Overview of Chinese Firm Going Global 7
1.4 Research Organization 10

CHAPTER 2. LITERATURE REVIEW 12
2.1 Theories of International Diversification 12
2.1.1 Monopolistic Advantage Theory 12
2.1.2 Internalization Theory 13
2.1.3 The Eclectic Paradigm 15
2.2 Theoretical Approaches 17
2.2.1 The Benefit and Cost of Internationalization 17
2.2.2 Asset-exploitation & Resource-based Perspective 18
2.2.3 Asset-exploration & Organizational Learning Perspective 20
2.2.4 Incremental vs Accelerated Internationalization 22
2.2.5 Institutional-based Perspective on Internationalization 26
2.3 Internationalization of Firms in Emerging Countries 27
2.4 Debate on the Internationalization-performance Relationship 30

CHAPTER 3. HYPOTHESIS DEVELOPMENT 39
3.1 Internationalization and Performance in Chinas Context 39
3.2 The Moderating Effect of Firm-specific Capabilities 42
3.2.1 Investment in Research and Development 44
3.2.2 Investment in Marketing 46
3.3 The Moderating Effect of Institutional Factors 49
3.3.1 State Ownership 50
3.3.2 Ownership Concentration 54
3.3.3 Location-specific Institutional Variation 57
3.3.4 Industry-specific Policy 60

CHAPTER 4. DATA AND METHODS 63
4.1 Data and Sample 63
4.2 Variables and Methods 66
4.2.1 Dependent Variable 66
4.2.2 Independent Variables 66
4.2.3 Control Variables 70
4.3 Model Specification 72

CHAPTER 5. RESULTS 74
5.1 Descriptive Statistics 74
5.2 Regression Results 75
5.3 Moderating Effect Analysis 82
5.4 Robustness Tests 90

CHAPTER 6. DISCUSSION 92
6.1 Findings and Analysis 92
6.2 Reverse Causality 98

CHAPTER 7. CONCLUSION 100
7.1 Summary and Contributions 100
7.2 Managerial and Practical Implications 103
7.3 Limitation and Future Research 104

REFERENCES 107

국문초록 121
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dc.formatapplication/pdf-
dc.format.extent1646845 bytes-
dc.format.mediumapplication/pdf-
dc.language.isoko-
dc.publisher서울대학교 대학원-
dc.subjectinternationalization-
dc.subjectfirm performance-
dc.subjectinstitutional factor-
dc.subjectfirm-specific capability-
dc.subjectgovernance structure-
dc.subjectemerging market firms-
dc.subject.ddc658-
dc.titleInstitutional Factors, Firm-specific Capabilities, Internationalization and Performance - A Test Based on Chinese Manufacturing Firms-
dc.title.alternative중국기업의 국제화와 기업성과에 대한 실증연구: 기업 특정적 역량과 본국 제도적 요인의 조절효과를 중심으로-
dc.typeThesis-
dc.contributor.AlternativeAuthorJIA SHEN-
dc.description.degreeDoctor-
dc.citation.pages122-
dc.contributor.affiliation경영대학 경영학과-
dc.date.awarded2016-02-
Appears in Collections:
College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Theses (Ph.D. / Sc.D._경영학과)
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