(The) impact of market seeking and strategic-asset seeking internationalization of emerging multinationals on innovation performance : the moderating effects of formal and informal political resources = 신흥국 다국적 기업의 시장추구 및 전략추구 국제화 전략이 기업 혁신에 미치는 영향 : 정식 및 비정식 정부자원의 조절효과를 중심으로

다국어 초록 (Multilingual Abstract)

Abstract
Emerging multinational companies represented by China seek advanced technological resources in the international market through international expansion in order to achieve the goal of sustaining competitive advantage. Internationalization has become an important strategy for companies in emerging economies to quickly catch up and innovate. Since the internationalization of multinational corporations in emerging economies has only begun to appear and gradually increase in recent years, most of the existing studies on the relationship between corporate internationalization and parent company innovation performance take multinational corporations in developed countries as samples. However, there is still controversy as to whether the internationalization strategy really contributes to the improvement of the innovation performance of multinational corporations. In addition, the existing research on the relationship between internationalization and innovation performance has reached different conclusions, which also drives scholars to further explore the moderating effect of contextual factors on the two.
Based on the above background, this research takes 2009-2019 listed companies in China as the research object, with strategic management, international business, and economics related research as the starting point, and explores in detail the core issues of the impact of corporate internationalization on innovation performance. Specifically, this study takes the internationalization model as the characteristic variable of corporate internationalization, defines exports as market-seeking internationalization, and foreign direct investment as strategic asset-seeking internationalization, and deeply analyzes the impact of these two internationalization models on innovation performance. Mechanism. And for the first time, from the perspective of political resources, it examines the adjustment mechanism of
two different types of political resources, state-owned holdings and political connections of senior management, on the relationship between corporate internationalization and innovation performance. The main contents of this research are as follows:
(1) Literature review and theoretical development. Through a theoretical review of the impact of internationalization on innovation in strategic management, international business and economics, the impact of corporate internationalization models on corporate performance, and the theoretical analysis of the role of state-owned holding and senior management’s political connection on the relationship between the two And empirical research review.
(2) Model construction and empirical testing of the relationship between corporate internationalization and innovation performance. A theoretical analysis of the relationship between corporate internationalization mode and innovation performance, as well as the adjustment effect of formal and informal political resources on the relationship between the two, is carried out, and the research hypothesis of this article is proposed.
(3) Research conclusions, enlightenment and prospects. Summarize the main research conclusions of this article, and draw realistic enlightenment based on these research conclusions, and give policy recommendations. Explains the contribution and limitations of the research in this article, and proposes space for future improvement and research development.
Based on the above empirical research, this paper mainly draws the following conclusions:
(1) Enterprise internationalization has a positive impact on innovation performance.
(2) The effect of enterprise internationalization on innovation performance is regulated by formal and informal political resources. The empirical research of this paper shows that the basic direction of the moderating effects of state-owned holding and political connections of executives on the relationship between internationalization and innovation performance is the same. This
shows that the effect of internationalization of Chinese multinational enterprises on innovation does not exist in a vacuum, but depends on certain institutional factors. When enterprises are state-owned, strategic asset-seeking internationalization can promote innovation performance better, that is to say, state-owned enterprises are more conducive to improving innovation performance through strategic asset-based internationalization than non-state-owned enterprises. On the contrary, non-state-owned enterprises are more conducive to improving innovation performance through market efficiency internationalization than state-owned enterprises.
The above research conclusions deepen the understanding of the process of corporate innovation by internationalization, and make this research have a certain exploratory significance. Specifically, this research has been deepened and expanded in the following three aspects:
(1)It enriches the theoretical research on internationalization strategy and innovation performance of multinational corporations
The relationship between internationalization and innovation performance of emerging market multinational companies may show completely different characteristics from developed countries. Taking Chinese companies as a sample, explore the relationship and influence mechanism between corporate internationalization and parent company innovation performance in the context of developing countries. It can further enrich and perfect the theoretical research on the internationalization and innovation of multinational corporations.
(2) Expanded the theoretical boundary of the impact of internationalization on corporate innovation performance.
First of all, this research focuses on the influence mechanism of different modes of corporate internationalization on innovation performance, thus making up for the shortcomings caused by previous studies that did not classify internationalization behavior; The impact of innovation performance is different due to the regulation of formal and non-political political resources.
This research finding adds a theoretical explanation of how corporate internationalization affects the boundary conditions of corporate innovation, which will help future research to further explore the internal mechanism of corporate internationalization affecting innovation performance. Finally, the current research on the relationship between internationalization and innovation performance is mainly concentrated in developed countries (Greenaway and Yu, 2004; Salomon and Shaver, 2005). The relationship between innovation performance has been tested, which can further expand the theoretical boundary of the relationship between internationalization and innovation.
(3) Enriched the research of institutional perspective
This research has made contributions to related research in the field of institutional theory. This research cuts from the perspective of political resources, expands the research boundary of R&D internationalization and innovation in the Chinese context, and enriches the micro-institutional perspective of corporate internationalization models and technological innovation. This article not only focuses on political resources, a key micro-institutional context factor that affects the internationalization of multinational companies in the emerging economy, but also divides them into corporate state-owned equity and senior management political connections based on the nature and mechanism of political resources. Exploring the influence mechanism and effect difference of the two types of political resources on the internationalization and innovation activities of enterprises is a good supplement to the research on the contextual factors of the relationship between the internationalization strategy and innovation performance of multinational enterprises.
Keywords: Emerging multinationals， Market-seeking internationalization, Strategic-asset seeking internationalization, Innovation performance, Political resources

목차 (Table of Contents)

• Abstract I
• 1 Introduction 1
• 1.1 Research background and significance 1
• 1.1.1 Realistic background 1
• 1.1.2 Theoretical background 9
• 1.2 Research questions 14
• 1.3 Definition of related concepts 17
• 1.3.1 Corporate Internationalization 17
• 1.3.2 Innovation performance 19
• 1.3.3 Political resources 20
• 1.4 Research design 22
• 1.4.1 Technical Route 22
• 1.4.2 Chapter Arrangement 24
• 1.4.3 Research methods 26
• 1.5 Innovations in this article 28
• 1.6 Summary of this chapter 29
• 2 Literature review 30
• 2.1 Theoretical perspective on the influence of corporate internationalization on innovation 30
• 2.1.1 The Resource View Theory of Enterprise Internationalization Promoting Innovation 30
• 2.2 Overview of research on corporate internationalization 32
• 2.2.1 The concept of corporate internationalization 32
• 2.2.2 The impact of corporate internationalization on innovation performance 35
• 2.2.3 Empirical research on the relationship between corporate internationalization mode and corporate performance 41
• 2.3 Summary of research on political resources 45
• 2.3.1 Overview of state-owned holdings 45
• 2.3.2 Summary of senior management political connections 47
• 2.3.3 The adjustment effect of political resources on the relationship between corporate internationalization and innovation performance 48
• 2.3.4 Research summary 49
• 3 Theoretical basis 51
• 3.1.1 Resource-based view 53
• 3.1.2 Springboard Theory 56
• 3.1.3 Internalization Theory 58
• 3.1.4 Technology Seeking Theory 59
• 4 Research on the Impact of Enterprise Internationalization on Innovation Performance 60
• 4.1 The theoretical model of the impact of enterprise internationalization on innovation performance 60
• 4.1.1 Enterprise Internationalization and Innovation Performance 60
• 4.1.2 Regulatory role of formal and informal political resources 64
• 4.1.3 The conceptual model of the impact of corporate internationalization on innovation performance 73
• 5 Empirical research 74
• 5.1 Sample selection and data sources 74
• 5.2 Variable definition and measurement 75
• 5.2.1 Dependent variable 75
• 5.2.2 Independent variables 76
• 5.2.3 Moderating variables 77
• 5.2.4 Control variables 78
• 5.3 Empirical results and analysis 79
• 5.3.1 Main analysis methods 79
• 5.3.2 Empirical results and analysis 80
• 5.3.3 Further discussion 83
• 5.4 Summary of this chapter 86
• 6 Research conclusions and enlightenment 88
• 6.1 Research conclusion 88
• 6.2 Research Contributions and Enlightenment 91
• 6.2.1 Theoretical contribution 92
• 6.2.2 Research Implications 95
• 6.3 Research limitations and prospects 96
• References 99
• LIST OF FIGURES
• Figure 1.1 Export sales income of Chinese enterprises 7
• Figure 1.2 China's Foreign Direct Investment Flows from 2002 to 2019 8
• Figure 1.3 Share of State-owned Enterprises and Non-state-owned Enterprises in China from 2006 to 2019 8
• Figure 1.4 Distribution of Registered Types of Domestic Enterprises in the Stock of China's Foreign Non-financial Direct Investment at the End of 2019 9
• Figure 1.5: Thesis Research Ideas and Technical Roadmap 23
• Figure 1.6 Chapter Arrangement of the Article 25
• Figure 4.1 Conceptual model of the impact of enterprise internationalization on innovation performance 73
• LIST OF TABLES
• Table 2.1 Hierarchical classification of entry modes 36
• Table 2.2 An Empirical Study on the Relationship between Corporate Internationalization Mode and Corporate Performance 40
• Table 2.3 Classification of the nature of the company (proportion of state-owned holdings) 47
• Table 3.1 Summary of Research Results of Resource Outlook 56
• Table 5.1 Variable definition 79
• Table 5.2 Panel Poisson regression results of main effects and moderating effects 83
• Table 5.3 Descriptive statistics and correlation coefficients 83