دانلود رایگان مقاله انگلیسی سیستم های سازمانی ملی، مالکیت خارجی و عملکرد شرکت: مورد کشور های مورد مطالعه - الزویر 2018

ABSTRACT

We analyse the relationship between institutional systems (configurations of countries with similar institutional characteristics) and firm performance. We use a large sample of firms from understudied countries to explore whether the performance impact of these configurations is the same (“equifinality”), whether this holds across different measures of firm performance (“Tversky effect”), and whether some institutional configurations better support foreign-owned firms. We find that it is possible to rank institutional systems according to their impact on firm performance, but the ranking differs according to the performance measure. Although foreign ownership on average confers performance advantages, the magnitude of the impact depends on the configuration. Our findings contribute to the understanding of the importance of institutional similarities across countries, and to the implications of these similarities for the theory of the MNE.

6. Conclusions

In summary, we propose and find evidence for the argument that national institutional systems provide an additional and significant explanation of the firm performance in understudied countries. We do not observe equifinality in that some configurations are more supportive of positive firm performance than others. Moreover, the degree to which configurations impact firm performance depends on the performance measure chosen; we use two key measures – productivity and exporting. Thus, we find configurations to be important, but their effects to be context dependent. Finally, we provide evidence that one mechanism contributing to the heterogeneous impact of configurations on firm performance is that some configurations are better able to support the FSAs of foreign-owned firms. Our analysis indicates that the traditional focus on the interaction of firm and country effects as joint determinants of FOE performance may have to be augmented to include configuration-specific advantages.