Firm-specific assets, multinationality, and financial performance: a meta-analytic review and theoretical integration
Date
2011
Authors
Kirca, A.H.
Hult, G.T.M.
Roth, K.
Cavusgil, S.T.
Perryy, M.Z.
Akedeniz, M.B.
Deligonul, S.Z.
Mena, J.A.
Pollitte, W.A.
Hoppner, J.J.
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Journal article
Citation
Academy of Management Journal, 2011; 54(1):47-72
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Abstract
Through a meta-analysis of 120 independent samples reported in 111 studies, we test the predictions of internalization theory in the context of the multinationality-performance relationship. Findings indicate that multinationality provides an efficient organizational form that enables firms to transfer their firm-specific assets to generate higher returns in international markets. In addition, the results delineate the conditions under which firm-specific assets have the strongest impact on the multinationality-performance relationship. Meta-analytic evidence also suggests that multinationality has intrinsic value above and beyond the intangible assets that firms possess, given analyses controlling for firms' international experience, age, size, and product diversification.
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Copyright 2011 Academy of Management