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Internationalization and firm performance: moderating role of multi-stakeholder initiatives

国际化 业务 跨国公司 利益相关者 企业社会责任 利益相关者理论 内生性 产业组织 责任 实证研究 国际商务 独创性 经验证据 营销 经济 公共关系 会计 国际贸易 财务 政治学 管理 计量经济学 法学 创造力 认识论 哲学
作者
Sang‐Bum Park
出处
期刊:The Multinational Business Review [Emerald Publishing Limited]
卷期号:31 (4): 518-544 被引量:8
标识
DOI:10.1108/mbr-10-2022-0168
摘要

Purpose Previous scholars have assumed that multinational enterprises (MNEs) can reduce the liability of foreignness and increase profitability by investing in corporate social responsibility (CSR). However, empirical validation of this assumption has rarely been attempted. This study aims to provide empirical evidence that the adoption of multi-stakeholder initiatives, which are globally recognized as signals of CSR, helps MNEs increase profits from internationalization. Design/methodology/approach Fixed effect models, which address model misspecification problems, and instrumental variable estimation, which controls for the endogeneity in firms’ choice of internationalization, offer empirical evidence supporting the moderating effects of global multi-stakeholder initiatives on the relationship between internationalization and firm performance. Findings This study examines the moderating role of multi-stakeholder initiatives in the relationship between internationalization and firm performance, drawing on signaling and stakeholder theories. The results suggest that the signaling effect of multi-stakeholder initiatives can help MNEs overcome the liability of foreignness and, therefore, profit from overseas markets. Originality/value Although the internationalization–firm performance relationship has been a subject of debate in the field of international business, the role of firms’ stakeholder engagement in this relationship has been largely overlooked in previous studies. In this study, the authors explore the impact of multi-stakeholder initiatives on the internationalization–firm performance relationship. Our primary contention is that multi-stakeholder initiatives have moderating effects on this relationship by reducing the liability of foreignness experienced by MNEs in host countries. Furthermore, the findings suggest that active engagement in multi-stakeholder initiatives significantly contributes to the financial success of MNEs as they internationalize.

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