Why Do Subsidiaries Divest? The Role of Subsidiary Performance, Slack Resources, and Sunk Costs

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-06-30 DOI:10.21315/aamj2023.28.1.5

Chen Lu-Jui, Lee Wen-Ruey, Hsu Yu-Hsuan

引用次数: 0

Abstract

Subsidiaries are important in the global strategy of multinational enterprises (MNEs). However, in the face of uncertainty and competition, the decision to divest a subsidiary from a market becomes a critical decision for MNEs. This study suggests that the factors for divesting subsidiaries are related not only to the performance of the subsidiary but also to slack resources and sunk costs. It analysed 254 subsidiaries in Taiwan and found that the better the subsidiary’s performance is, the less it would decide to divest from the market. Additionally, it was found that the subsidiary with slack resources would be a moderating variable with a positive impact. In addition, the presence of sunk costs reinforces the positive effect of slack resources on the relationship between subsidiary performance and the non-divestment of the subsidiary. Overall, this study points to the significance of subsidiary performance on decision-making and explains the influence of slack resources and sunk costs.

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子公司为何剥离?子公司绩效、闲置资源和沉没成本的作用

子公司在跨国企业的全球战略中占有重要地位。然而，面对不确定性和竞争，从市场上剥离子公司的决定成为跨国公司的关键决定。研究表明，剥离子公司的因素不仅与子公司的业绩有关，还与闲置资源和沉没成本有关。它分析了台湾的254家子公司，发现子公司的业绩越好，决定退出市场的次数就越少。此外，研究发现，资源闲置的子公司将是一个具有积极影响的调节变量。此外，沉没成本的存在强化了闲置资源对子公司业绩和子公司不撤资之间关系的积极影响。总体而言，本研究指出了子公司绩效对决策的重要性，并解释了闲置资源和沉没成本的影响。

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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.