Essays on Performance Feedback and Corporate Strategies of MNEs = 성과 피드백과 다국적기업들의 기업전략

다국어 초록 (Multilingual Abstract)

This dissertation seeks to advance the behavioral theory of the firm (BTOF) by examining the three critical issues of performance feedback and their implications for corporate strategies. First, it explores the varying influences of historical and social performance feedback on firms’ divestment strategies. Second, it bridges BTOF with the field of international business, focusing on the role of performance feedback in shaping the regionalization strategies of multinational enterprises (MNEs). Third, it extends BTOF by exploring how environmental performance feedback navigates MNEs’ FDI location decisions. The three studies following the introduction aim to provide their own theoretical and empirical contributions. Chapter 1 outlines the rationale behind the selection of the key issues. This is followed by three essays, each addressing one of the core topics.

국문 초록 (Abstract)

본 논문은 기업 행동 이론을 기반으로 성과 피드백과 기업 전략에 대한 세 가지 주요 주제를 다루었다. 첫번째 에세이는 역사적 열망수준과 사회적 열망수준의 차이에 주목하여, 부정적인 성과 피드백이 기업의 매각 전략에 미치는 영향이 열망수준의 유형에 따라 어떻게 달라지는지 탐구하였다. 두 번째 에세이는 성과 피드백이 다국적 기업의 지역화 전략 형성에 미치는 영향을 분석하였다. 세 번째 에세이는 환경 성과 피드백이 다국적 기업들의 해외 입지 선정 전략에 미치는 영향을 탐구하였다. 제1장에서는 주요 주제 선정의 근거를 설명하였다.

목차 (Table of Contents)

• ABSTRACT ...................................................................................................... I
• 국문 초록 ......................................................................................................... II
• TABLE OF CONTENTS ................................................................................ III
• LIST OF TABLES ........................................................................................ VII
• LIST OF FIGURES ........................................................................................ IX
• CHAPTER 1. INTRODUCTION ..................................................................... 1
• 1.1 The Type of Aspirations and Divestment Decisions ......................... 1
• 1.2 Performance Feedback in International Business Contexts............... 2
• 1.3 Environmental Performance Feedback and MNE Strategy ............... 3
• 1.4 References ......................................................................................... 6
• CHAPTER 2. PERFORMANCE BELOW ASPIRATIONS AND DIVESTMENT DECISIONS ........................................................................... 8
• 2.1 Abstract ............................................................................................. 8
• 2.2 Introduction ....................................................................................... 9
• 2.3 Theoretical Background .................................................................. 11
• 2.3.1 Firm Performance as a Major Driver of Divestment Decisions ..................................................................................... 11
• 2.3.2 BTOF and Performance relative to Aspiration ................... 12
• 2.3.3 Performance below Aspirations and Divestment ................ 13
• 2.3.4 Attribution Mechanisms Stemming from Historical and Social Aspirations ........................................................................ 14
• 2.3.5 Performance Shortfall, Aspirations, and Divestment ......... 15
• 2.3.6 The Moderating Role of External Market Uncertainty ....... 16
• 2.4 Methods ........................................................................................... 18
• 2.4.1 Data and Sample ................................................................. 18
• 2.4.2 Measures ............................................................................. 18
• 2.4.3 Analytical Approach ........................................................... 22
• 2.4.4 Results ................................................................................ 23
• 2.5 Discussions and Conclusion ............................................................ 30
• 2.5.1 Theoretical Implications ..................................................... 30
• 2.5.2 Limitations and Future Research ........................................ 31
• 2.6 References ....................................................................................... 33
• CHAPTER 3. PERFORMANCE FEEDBACK AND REGIONALIZATION OF MNES........................................................................................................ 37
• 3.1 Abstract ........................................................................................... 37
• 3.2 Introduction ..................................................................................... 38
• 3.3 Theoretical Background .................................................................. 41
• 3.3.1 Regional Dimension of MNE’s Internationalization .......... 41
• 3.3.2 Risks and Benefits of Intra-regional and Inter-regional FDI Expansions ................................................................................... 42
• 3.3.3 Learning from Performance Feedback ............................... 43
• 3.4 Hypotheses Development ................................................................ 44
• 3.4.1 Performance below Aspiration and Within-country FDI .... 44
• 3.4.2 Performance below Aspiration and Intra-regional FDI ...... 45
• 3.4.3 Performance below Aspiration and Inter-regional FDI ...... 46
• 3.4.4 The Role of Regional Institutional and Economic Diversity ..................................................................................................... 46
• 3.4.5 Regional Diversity and FDI Location Decision Following Performance Shortfall .................................................................. 48
• 3.5 Methods ........................................................................................... 51
• 3.5.1 Data and Sample ................................................................. 51
• 3.5.2 Measures ............................................................................. 52
• 3.5.3 Analytical Approach ........................................................... 57
• 3.5.4 Results ................................................................................ 57
• 3.5.5 Robustness Test .................................................................. 65
• 3.6 Discussions and Conclusion ............................................................ 69
• 3.6.1 Theoretical Implications ..................................................... 69
• 3.6.2 Limitations and Future Research ........................................ 70
• 3.7 References ....................................................................................... 71
• 3.8 Appendices ...................................................................................... 75
• A. Regional Classification for The Main Analyses ............................... 75
• B. Regional Classification for The Robustness Test ............................. 76
• CHAPTER 4. ENVIRONMENTAL PERFORMANCE FEEDBACK AND FDI LOCATION DECISIONS OF MNES ..................................................... 77
• 4.1 Abstract ........................................................................................... 77
• 4.2 Introduction ..................................................................................... 78
• 4.3 Theoretical Background .................................................................. 80
• 4.3.1 Environmental Regulation and FDI Location Decision ...... 80
• 4.3.2 Environmental Performance and FDI Location Decision ... 81
• 4.3.3 BTOF and Environmental Performance Feedback ............. 82
• 4.4 Hypotheses Development ................................................................ 84
• 4.4.1 Negative Environmental Performance Feedback and FDI Location Decision ........................................................................ 84
• 4.4.2 Positive Environmental Performance Feedback and FDI Location Decision ........................................................................ 85
• 4.4.4 Increasing Stakeholder Pressures and Negative Environmental Performance Feedback ........................................ 87
• 4.4.5 Increasing Stakeholder Pressures and Positive Environmental Performance Feedback ........................................ 88
• 4.5 Methods ........................................................................................... 88
• 4.5.1 Data and Sample ................................................................. 88
• 4.5.2 Measures ............................................................................. 89
• 4.5.3 Analytical Approach ........................................................... 92
• 4.5.4 Results ................................................................................ 93
• 4.5.5 Robustness test.................................................................... 98
• 4.6 Discussions and Conclusion .......................................................... 101
• 4.6.1 Theoretical Implications ................................................... 101
• 4.6.2 Limitations and Future Research ...................................... 102
• 4.7 References ..................................................................................... 103