An investigation of the impact of intellectual capital on entrepreneurial performance: A moderated mediation analysis on global firms

IF 5.9 2区 管理学 Q1 MANAGEMENT
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Abstract

The stability of multinational corporations is under threat due to the intensifying turbulence of global competition, which prevents intellectual capital from actively promoting performance. To meet the challenges brought by diverse and tumultuous environmental contexts, multinationals urgently need to develop new approaches that will resolve risks at headquarters and mitigate the adverse effects of the crisis on cross-border business operations. Building on the resource-based theory and dynamic capabilities theory, this research aims to seek possible solutions that would optimize the structure of intellectual capital in various subsidiary regions so as to maximize their effectiveness in sustaining parent company performance in the presence of turmoil. Taking listed multinational corporations (MNCs) as the research subject, this paper explored the impact of intellectual capital of foreign subsidiaries on their parent company performance through the mediating and moderating dynamics of slack resources and institutional distance respectively. Furthermore, we explored the above mechanism by comparing a developed-economy MNC and a developing-economy MNC contexts. Through investigating a dataset of 1237 listed foreign subsidiaries during the period 2012 to 2021, we found that foreign subsidiaries' intellectual capital behaved in largely different mechanisms comparing developed and developing economies such that, subsidiaries' intellectual capital in developed economies was found to be contributing to parent company performance, whereas, subsidiaries' intellectual capital in developing economies fail to play a positive role on parent company performance. Meanwhile, the results showed that, absorbed slack played an indirect-only mediating role on the relationship between subsidiaries' intellectual capital and parent company performance in developing countries, and unabsorbed slack resources played a competitive mediating role for the full sample. Whereas, institutional distance fails to play moderate role in the effect of foreign subsidiaries' intellectual capital on parent company performance. Our study has implications for MNCs in the post-COVID era. It can help them minimize external threat and develop strategies and measures to maximize the structure of intellectual capital in different host locations, thereby enhancing their multinational performance.

智力资本对创业绩效影响的调查:对全球企业的调节中介分析
由于全球竞争动荡加剧,知识资本无法积极促进业绩,跨国公司的稳定性受到威胁。为了应对多样化和动荡的环境背景带来的挑战,跨国公司迫切需要开发新的方法来化解总部的风险,减轻危机对跨国业务运营的不利影响。本研究以基于资源的理论和动态能力理论为基础,旨在寻求可能的解决方案,优化各子公司所在地区的知识资本结构,从而最大限度地发挥其在动荡环境下维持母公司绩效的作用。本文以上市跨国公司为研究对象,分别通过松弛资源和制度距离的中介和调节作用,探讨了国外子公司智力资本对母公司绩效的影响。此外,我们还通过比较发达经济体跨国公司和发展中经济体跨国公司的背景,探讨了上述机制。通过对2012-2021年期间1237家上市外资子公司的数据集进行研究,我们发现外资子公司的智力资本在发达经济体和发展中经济体中的表现机制存在较大差异,如发达经济体中子公司的智力资本对母公司绩效有促进作用,而发展中经济体中子公司的智力资本对母公司绩效没有起到积极作用。同时,研究结果表明,在发展中国家,被吸收的闲置资源对子公司智力资本与母公司绩效之间的关系起着间接中介作用,而在全部样本中,未被吸收的闲置资源起着竞争中介作用。而制度距离未能在外国子公司智力资本对母公司绩效的影响中发挥适度作用。我们的研究对后经济全球化时代的跨国公司具有启示意义。它可以帮助跨国公司最大限度地减少外部威胁,制定战略和措施,最大限度地优化不同东道国的知识资本结构,从而提高跨国公司的绩效。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
自引率
9.80%
发文量
67
审稿时长
81 days
期刊介绍: The Journal of International Management is devoted to advancing an understanding of issues in the management of global enterprises, global management theory, and practice; and providing theoretical and managerial implications useful for the further development of research. It is designed to serve an audience of academic researchers and educators, as well as business professionals, by publishing both theoretical and empirical research relating to international management and strategy issues. JIM publishes theoretical and empirical research addressing international business strategy, comparative and cross-cultural management, risk management, organizational behavior, and human resource management, among others.
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