国家投资组合多样性与企业的投资组合调整决策:行为学视角

IF 5.9 1区 管理学 Q1 BUSINESS
Guus Hendriks , Arjen H.L. Slangen , Pursey P.M.A.R. Heugens
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引用次数: 0

摘要

从行为学的角度,我们探讨了企业国家投资组合中的环境多样性如何影响管理者通过国外进入和退出来调整投资组合的决策。我们认为,国家投资组合的多样性会使企业的行为失误和协调成本呈指数级增长,这对管理者来说是一个痛苦信号,因此管理者会越来越多地限制企业进入国外市场,并越来越多地退出国外市场。运用绩效反馈理论,我们还认为,管理者将投资组合多样性带来的行为失误和协调成本解释为一种痛苦信号的倾向,以及他们因此种多样性而限制进入和退出的倾向,取决于他们公司的绩效是低于还是高于他们的期望。利用文化、行政、地理和经济组合多样性的衡量标准,我们对 24 个国家 232 家零售商在 2001-2007 年期间的所有海外进入和退出进行了面板数据分析,结果支持了我们的观点。我们的研究结果表明,从行为角度解释企业全部国际活动的变化具有重要价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Country portfolio diversity and firms’ portfolio adjustment decisions: A behavioral perspective

Taking a behavioral perspective, we explore how environmental diversity in a firm’s country portfolio shapes managers’ decisions to adjust the portfolio through foreign entries and exits. We argue that country portfolio diversity causes firms to exponentially incur behavioral failures and coordination costs that serve as a distress signal to managers, who therefore increasingly restrict foreign entries and increasingly undertake foreign exits as a function of such diversity. Applying performance feedback theory, we also argue that managers’ tendency to interpret behavioral failures and coordination costs from portfolio diversity as a distress signal – and, hence, their tendency to restrict entries and undertake exits as a function of such diversity – depends on whether their firm performs below or above their aspirations. Using measures of cultural, administrative, geographic and economic portfolio diversity, we find support for our ideas in a panel data analysis of all foreign entries and exits by 232 retailers from 24 countries over the period 2001–2007. Our findings illustrate the value of applying a behavioral lens to explain changes in a firm’s full set of international activities.

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来源期刊
CiteScore
14.10
自引率
6.90%
发文量
95
审稿时长
62 days
期刊介绍: The International Business Review (IBR) stands as a premier international journal within the realm of international business and proudly serves as the official publication of the European International Business Academy (EIBA). This esteemed journal publishes original and insightful papers addressing the theory and practice of international business, encompassing a broad spectrum of topics such as firms' internationalization strategies, cross-border management of operations, and comparative studies of business environments across different countries. In essence, IBR is dedicated to disseminating research that informs the international operations of firms, whether they are SMEs or large MNEs, and guides the actions of policymakers in both home and host countries. The journal warmly welcomes conceptual papers, empirical studies, and review articles, fostering contributions from various disciplines including strategy, finance, management, marketing, economics, HRM, and organizational studies. IBR embraces methodological diversity, with equal openness to papers utilizing quantitative, qualitative, or mixed-method approaches.
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