Moderator Effect of Innovation on the Relationship between Internationalization and Performance in Brazilian and European Companies
DOI:
https://doi.org/10.17524/repec.v15i3.2880Keywords:
Internationalization; Financial performance; Innovation.Abstract
Objective: To analyzes the moderating effect of innovation on the relationship between internationalization and financial performance.
Method: The sample gathers 1,840 companies listed on Brasil, Bolsa, Balcão (B3) and NYSE Euronext during the period of 2014-2018. Tests for difference of means were performed and linear regression models with panel data via systemic generalized moments method (GMM-Sys) were estimated.
Results: Estimates indicate that the degree of internationalization alone does not assure high financial performance in Brazilian companies, while in European companies it influences return on assets (ROA) negatively. Moreover, in both contexts, the individual moderating effect of the two variables of innovation, exploration (R&D) and exploitation (Capex), could not be identified. However, a positive and significant effect of ambidextrous innovation activities in the relationship between internationalization and financial performance was verified. Evidence of the effect of internationalization on financial performance in both Brazilian and European companies is confirmed when enhanced by the simultaneous engagement of innovation activities.
Contributions: This study contributes to a recent investigative line, which verifies the effect of intervening variables in the internationalization-performance relationship. It contributes to the analysis of this relationship in companies from emerging markets, a much and still needed research focus as a way of gaining a better understanding of business opportunities in adverse institutional conditions and how to seize them.
References
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Guillen, M. F. (2000). Business groups in emerging economies: A resource-based view. Academy of Management Journal, 43(3), 362-380.
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Hejazi, W., & Santor, E. (2010). Foreign asset risk exposure, DOI, and performance: An analysis of Canadian banks. Journal of International Business Studies, 41, 845-860.
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Khanna, T., & Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22(1), 45-74.
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Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
Bae, S. C., Park, B. J. C., & Wang, X. (2008). Multinationality, R&D intensity, and firm performance: evidence from U.S. Manufacturing Firms. Multinational Business Review, 16(1), 53-78.
Baregheh, A., Rowley, J., & Sambrook, S. (2009). Towards a multidisciplinary definition of innovation. Management Decision, 47(8), 1323-1339.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Bartlett, C. A., Ghoshal, S., & Birkinshaw, J. (2004). Preparing for the future: evolution of the transnational. The strategy reader, 2nd ed. Malden: Blackwell publishing.
Bausch, A., & Krist, M. (2007). The effect of context-related moderators on the internationalization-performance relationship: evidence from meta-analysis. Management International Review, 47, 319-347.
Becheikh, N., Landry, R., & Amara, N. (2006). Lessons from innovation empirical studies in the manufacturing sector: a systematic review of the literature from 1993-2003. Technovation, 26, 644-664.
Bernal, P., Maicas, J. P., & Vargas, P. (2018). Exploration, exploitation and innovation performance: Disentangling the evolution of industry. Industry and Innovation, 26, 1-26.
Block, F. L., & Keller, M. R. (2015). State of innovation: the US government's role in technology development. Routledge.
Brida, J. G., Driha, O., Ramón-Rodriguez, A. B., & Such-Devesa, M. J. (2016). The inverted-U relationship between the degree of internationalization and the performance: The case of Spanish hotel chains. Tourism Management Perspectives, 17, 72-81.
Brito, E. P. Z., Brito, L. A. L., & Morganti, F. (2009). Innovation and corporate performance: profit or growth?. RAE eletrônica, 8(1), Art. 6, 1-24.Buckley, P., & Casson, M. (1998). Analyzing foreign market entry strategies: extending the internalization approach. Journal of International Business Studies, 29, 539-561.
Cao, Q., Gedajlovic, E., & Zhang, H. (2009). Unpacking organizational ambidexterity: dimensions, contingencies, and synergistic effects. Organization Science, 20(4), 781-796.
Campbell, J. T., Eden, L., & Miller, S. R. (2012). Multinationals and corporate social responsibility in host countries: Does distance matter? Journal of International Business Studies, 43(1), 84-106.
Chang, J. (2007). International expansion path, speed, product diversification and performance among emerging-market MNEs: Evidence from Asia-Pacific multinational companies. Asian Business & Management, 6(4), 331-353.
Chang, S. J., & Rhee, J. H. (2011). Rapid FDI expansion and firm performance. Journal of International Business Studies, 42(8), 979-994.
Chen, H., & Hsu, C.-W. (2010). Internationalization, resource allocation and firm performance. Industrial Marketing Management, 39, 1103-1110.
Chen, S., & Tan, H. (2012). Region effects in the internationalization-performance relationship in Chinese firms. Journal of World Business, 47(1), 73-80.
Contractor, F. J., Kumar, V., & Kundu, S. K. (2007). Nature of the relationship between international expansion and performance: The case of emerging market firms. Journal of World Business, 42(4), 401-417.
Contractor, F., Kundu, S., & Hsu, C.-C. (2003). A three-stage theory of international expansion: the link between multinationality and performance in the service sector. Journal of International Business Studies, 34, 5-18.
Dess, G. G., & Picken, J. C. (2000). Changing roles: Leadership in the 21st century. Organizational Dynamics, 28(3), 18-34.
Dudley, E. (2012). Capital structure and large investment projects. Journal of Corporate Finance, 18(5), 1168-1192.
Dunning, J. H. (1988). The eclectic paradigm of international production: a restatement and some possible extensions. Journal of International Business Studies, 19(1), 1-31.
Fahy, J. (2002). A resource-based analysis of sustainable competitive advantage in a global environment. International Business Review, 11(1), 57-77.
Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative science quarterly, 128-152.
Garbe, J.-N., & Richter, N. F. (2009). Causal analysis of the internationalization and performance relationship based on neural networks: Advocating the transnational structure. Journal of International Management, 15(4), 413-431.
Gaur, A. S., & Kumar, V. (2009). International diversification, business group affiliation and firm performance: empirical evidence from India*. British Journal of Management, 20(2), 172-186.
Geiger, S., & Makri, M. (2006). Exploration and exploitation innovation processes: The role of organizational slack in R & D intensive firms. The Journal of High Technology Management Research, 17, 97-108.
Gilsing, V., & Nooteboom, B. (2006). Exploration and exploitation in innovation systems: The case of pharmaceutical biotechnology. Research Policy, 35(1), 1-23.
Guillen, M. F. (2000). Business groups in emerging economies: A resource-based view. Academy of Management Journal, 43(3), 362-380.
Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). Effects of innovation types on firm performance. International Journal of Production Economics, 133(2), 662-676.
Gupta, A. K., Smith, K. G., & Shalley, C. E. (2006). The Interplay between Exploration and Exploitation. The Academy of Management Journal, 49(4), 693-706.
Heavey, C., & Simsek, Z. (2017). Distributed cognition in top management teams and organizational ambidexterity: The influence of transactive memory systems. Journal of Management, 43(3), 919-945.
He, Z.-L., & Wong, P. (2004). Exploration vs. Exploitation: An Empirical Test of the Ambidexterity Hypothesis. Organization Science, 15(4), 481-494.
Hejazi, W., & Santor, E. (2010). Foreign asset risk exposure, DOI, and performance: An analysis of Canadian banks. Journal of International Business Studies, 41, 845-860.
Hitt, M. A., Bierman, L., Uhlenbruck, K., & Shimizu, K. (2006). The importance of resources in the internationalization of professional service firms: the good, the bad, and the ugly. The Academy of Management Journal, 49(6), 1137-1157.
Hymer, S. H. (1976). International operations of national firms. MIT press. Internationalization and firm performance: Meta-analytic review and future research directions | Semantic Scholar. ([s.d.]). Recuperado 10 de fevereiro de 2020, de https://www.semanticscholar.org/paper/Internationalization-and-firm-performance%3A-review-Ruigrok-Wagner/a3756c65c3b449882da878d4d5416a5d24f368c2
Jain, N. K., Celo, S., & Kumar, V. (2019). Internationalization speed, resources and performance: Evidence from Indian software industry. Journal of Business Research, 95, 26-37.
Junni, P., Sarala, R. M., Taras, V., & Tarba, S. Y. (2013). Organizational ambidexterity and performance: A meta-analysis. Academy of Management Perspectives, 27(4), 299-312.
Karrer, D., & Fleck, D. (2015). Organizing for ambidexterity: A paradox-based typology of ambidexterity-related organizational states. Brazilian Administration Review, 12(4), 365-383.
Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867-891.
Khanna, T., & Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22(1), 45-74.
Kirca, A. H., Roth, K., Hult, G. T. M. & Cavusgil, S. T. (2012). The role of context in themultinationality‐performance relationship: A meta‐analytic review.. Global Strategy Journal, 2(2), 108-121.
Kotabe, M., Srinivasan, S. S., & Aulakh, P. S. (2002). Multinationality and firm performance: The moderating role of R&D and marketing capabilities. Journal of International Business Studies, 33(1), 79-97.
Kumar, M. S. (2009). The relationship between product and international diversification: The effects of short-run constraints and endogeneity. Strategic Management Journal, 30(1), 99-116.
Lev, B. (2001). Intangibles: management, measurement, and reporting. Brookings Institution Press.
Levinthal, D. A., & March, J. G. (1993). The myopia of learning. Strategic Management Journal, 14(S2), 95-112.
Li, L. (2007). Multinationality and performance: A synthetic review and research agenda. International Journal of Management Reviews, 9(2), 117-139.
Lin, W.-T., Liu, Y., & Cheng, K.-Y. (2011). The internationalization and performance of a firm: Moderating effect of a firm’s behavior. Journal of International Management, 17(1), 83-95.
Loncan, T., & Nique, W. M. (2010). Degree of internationalization and performance: Evidence from emerging Brazilian multinational firms. Journal of Globalization, Competitiveness & Governability, 4(1), 40-51.
Lu, J. W., & Beamish, P. W. (2004). International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal, 47(4), 598-609.
Lu, J. W., & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6-7), 565-586.
Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4), 481-498.
March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71-87.
Marcos, C., Nascimento, J. C., Nez, E., & Kroenke, A. (2018). Economic-finacial performance and the degree of internationalization of companies listed on the new Market of B3 . Revista Contabilidade e Controladoria, 10(2), 91-105.
Mathews, J. A. (2006). Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23(1), 5-27.
Michel, A., & Shaked, I. (1986). Multinational corporations vs. domestic corporations: financial performance and characteristics. Journal of International Business Studies, 17(3), 89-100.
Miller, S. R., Lavie, D., & Delios, A. (2016). International intensity, diversity, and distance: Unpacking the internationalization-performance relationship. International Business Review, 25(4), 907–920.
Muzychenko, O., & Liesch, P. W. (2015). International opportunity identification in the internationalisation of the firm. Journal of World Business, 50(4), 704-717.
Nachum, L. (2004). Geographic and industrial diversification of developing country firms. Journal of Management Studies, 41(2), 273-294.
Oliveira, T., Thomas, M., & Espadanal, M. (2014). Assessing the determinants of cloud computing adoption: an analysis of the manufacturing and services sectors. Information & Management, 51(5), 497-510.
Oyadomari, J. C. T., de Mendonça Neto, O. R., Cardoso, R. L., & Dultra-de-Lima, R. G. (2013). Innovation Inductors Factors And Management Control Practices Maintenance: An Exploratory Study. Revista Universo Contabil, 9(2), 125.
Pattnaik, C., & Elango, B. (2009). The impact of firm resources on the internationalization and performance relationship: a study of indian manufacturing firms. Multinational Business Review, 17, 69-88.
Reuer, J. J., & Miller, K. D. (1997). Agency costs and the performance implications of international joint venture internalization. Strategic Management Journal, 18(6), 425-438.
Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The stata journal, 9(1), 86-136.
Rugman, Alan M. 1976. “Risk Reduction by International Diversification”. Journal of International Business Studies 7(2):75–80.
Rugman, A., & Oh, C. H. (2010). Does the regional nature of multinationals affect multinationality and performance relationship? International Business Review, 19, 479-488.
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2021-09-30
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Albuquerque Filho, A. R., André da Rocha Garcia, E. ., Carvalho de Vasconcelos, A. ., & Carneiro Lima, A. . (2021). Moderator Effect of Innovation on the Relationship between Internationalization and Performance in Brazilian and European Companies. Journal of Education and Research in Accounting (REPeC), 15(3). https://doi.org/10.17524/repec.v15i3.2880
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