Title: An Analysis on the Influence of Enterprise Internationalization on Performance: A Case of China’s Listed Manufacturing Enterprises
Author: Cheng Mingshuang
Advisor: รศ. ดร.ไชยนันท์ ปัญญาศิริ – Assoc. Prof. Dr. Chaiyanant Panyasiri
Degree: ปรัชญาดุษฎีบัณฑิต สาขาวิชาการจัดการ – Doctor of Philosophy Program in Management
Major: ปร.ด. การจัดการ – Ph.D. in Management
Faculty: บัณฑิตวิทยาลัย (Graduate School)
Academic year: 2567 (2024)
Published: Journal of Arts Management Vol.8 No.4 October-December 2024, pp.404-426 | วารสารศิลปการจัดการ ปีที่ 8 ฉบับที่ 4 ตุลาคม–ธันวาคม 2567 หน้า 404-426 Click PDF
Abstract
This study aims to examine the influence of internationalization on enterprise performance concerning Chinese listed manufacturing enterprises and to investigate how institutional distance, overseas experience of top management team(TMT), and R&D intensity moderate the influence.
Panel data of 1089 Chinese manufacturing enterprises listed from 2005 to 2021 are obtained and a fixed effect model is conducted to empirically study the data. This research subdivides the degree of internationalization(DOI) into degree of breadth(DOB) and degree of commitment(DOC), represented by number of countries with overseas subsidiaries(NCOS) and foreign sales to total sales(FSTS) respectively as independent variables, while using revenue on assets(ROA) as the dependent variable.
The findings reveal that internationalization has a U-shaped influence on the performance. This suggests that enterprises may face challenges during the initial stages of internationalization, leading to a decline in performance; however, as internationalization deepens, enterprises gradually adapt to foreign markets and optimize resource allocation, resulting in performance improvement. Formal institutional distance negatively moderates the U-shaped influence, while informal institutional distance does not exhibit moderating effect. Overseas experience of TMT and R&D intensity positively moderate the U-shaped influence. The research findings would serve as a valuable resource for governments in formulating effective policies and for enterprise in adjusting strategies to achieve better internationalization performance.
Keywords: Internationalization, Enterprise Performance, Institutional Distance, Overseas Experience of TMT, R&D Intensity
An Analysis on the Influence of Enterprise Internationalization on Performance: A Case of China’s Listed Manufacturing Enterprises / –
6419200005 – Cheng Mingshuang 2567 (2024) An Analysis on the Influence of Enterprise Internationalization on Performance: A Case of China’s Listed Manufacturing Enterprises วิทยานิพนธ์ (Thesis), Advisor: รศ. ดร.ไชยนันท์ ปัญญาศิริ – Assoc. Prof. Dr. Chaiyanant Panyasiri, ปริญญาเอก (Doctorate Degree), บัณฑิตวิทยาลัย (Graduate School), ปรัชญาดุษฎีบัณฑิต สาขาวิชาการจัดการ – Doctor of Philosophy Program in Management, ปร.ด. การจัดการ – Ph.D. in Management, Bangkok: Siam University